Murphy Oil Announces Startup of the Tupper West Gas Plant
EL DORADO, Ark., Feb 23, 2011 (BUSINESS WIRE) --
Murphy Oil Corporation (NYSE:MUR) announced today that its wholly owned subsidiary, Murphy Oil Company Ltd., has commenced operation at the Tupper West natural gas processing facility in northeastern British Columbia.
The Tupper West gas plant, with a capacity of 180 million cubic feet per day, is located 20 kilometers west of Dawson Creek, British Columbia, and is 39 kilometers from the Tupper Main facility, which started production in December 2008. Murphy holds a 100% working interest in the Tupper West plant and adjoining acreage.
David M. Wood, Murphy's President and Chief Executive Officer, commented, "We are very pleased to bring this project onstream ahead of schedule and on budget. This is another important growth milestone for our Canadian business." Wood added, "Ramp up of this low-cost Montney gas play adds to our growing production profile and is a key component of our North American resource portfolio."
Production from the Tupper West area is expected to contribute over 85 million cubic feet per day in 2011 with year-end exit rates projected to be over 120 million cubic feet per day.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.These statements, which express management's current views concerning future events or results, are subject to inherent risks and uncertainties.Factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements include, but are not limited to, the volatility and level of crude oil and natural gas prices, the level and success rate of our exploration programs, our ability to maintain production rates and replace reserves, customer demand for our products, political and regulatory instability, and uncontrollable natural hazards.For further discussion of risk factors, see Murphy's 2009 Annual Report on Form 10-K on file with the U.S. Securities and Exchange Commission.Murphy undertakes no duty to publicly update or revise any forward-looking statements.
SOURCE: Murphy Oil Corporation
Murphy Oil Corporation Investor/Media: Barry Jeffery, 870-864-6501