Abstract: A hydraulic pumping unit is provided that is especially adapted for use for pumping oil from a well, and that provides for independent upstroke and downstroke speed control of the well sucker rod. The pumping unit includes a load sensing, pressure and flow compensated pump that is destroked under no load conditions, a pumping cylinder including a polished rod coupled to the sucker rod, and a unique hydraulic valving assembly that couples the hydraulic fluid pump with the pumping cylinder. The hydraulic valving assembly includes a cylinder control module for independent control of the rates at which the polished rod is raised and lowered, and a signal control module for indicating the upper and lower limits of polished rod travel within the pumping cylinder. The cylinder control module provides for soft turnaround of the polished rod, thereby guarding against stretching of the sucker rod and subsequent degradation of the unit's pumping capacity.