EL DORADO, Ark.--(BUSINESS WIRE)--Feb. 26, 2009--
Murphy Oil Corporation (NYSE:MUR) announced the adjustment of 2008
results by $31.1 million due to the expensing of a well drilled on the
Abalone Deep prospect in Block AC/P36, offshore Western Australia. The
well, completed after the Company’s preliminary earnings release on
January 28, 2009, encountered non-commercial quantities of natural gas
and is being plugged and abandoned.
Because the Company has not filed its year-end financial statements with
the Securities and Exchange Commission (SEC), accounting rules require
that unsuccessful drilling costs incurred through December 31, 2008 be
included in the 2008 financial statements that will be filed with the
SEC on Form 10-K. The remainder of the Abalone Deep well costs incurred
after December 31, 2008 will be expensed in the first quarter of 2009.
Murphy owns 40% with partners Finder Exploration (40%) and PTTEP
Australia Offshore (20%).
The forward-looking statements reflected in this release are made in
reliance upon the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. No assurance can be given that the
results discussed herein will be attained, and certain important factors
that may cause actual results to differ materially are contained in
Murphy’s January 15, 1997 Form 8-K report on file with the U.S.
Securities and Exchange Commission.
Source: Murphy Oil Corporation
Murphy Oil Corporation
Dory Stiles, 870-864-6496