Murphy Oil Corporation Announces Second Quarter 2017 Financial and Operating Results
Operating and financial highlights for the second quarter 2017 include:
- Produced volumes of 163 Mboepd, on track to achieve full year production guidance
- Invested
$201 million on capital expenditures, in line with$890 million annual capital program - Achieved decade-low lease operating expense of
$7.63 per boe - Completed Murphy record well in the Kaybob Duvernay achieving an IP30 rate approaching 1,800 boepd
- Committed to increase
Tupper Montney natural gas volumes by 200 MMcfd by 2020 through additional firm transport capacity onTransCanada Corporation’s pipeline system - Executed pacesetter wells in the
Eagle Ford Shale , drilling two wells averaging 4.5 days - Drilled discovery well in
Vietnam Block 11-2/11 in theNam Con Son Basin and signed an application for Block 15-2 in theCuu Long Basin
SECOND QUARTER 2017 FINANCIAL RESULTS
Murphy recorded a net loss from continuing operations of
Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations totaled
“We continue to successfully execute on our 2017 plan. We have stabilized production levels and maintained high uptime performance across all our operated assets while employing data analytics to drive down unit operating costs to their lowest levels in a decade. We drilled a record setting well in the Kaybob Duvernay while successfully progressing the delineation of the asset, drilled a discovery well offshore
FINANCIAL POSITION
As of
REGIONAL OPERATIONS SUMMARY
North American Onshore
The North American onshore business produced over 86 Mboepd in the second quarter, with 51 percent liquids. Second quarter 2017 operating expenses were
During the quarter the company brought 11 wells online employing a new slick water completion style, with tighter cluster spacing, higher sand concentrations, and finer mesh sand. Of the 11 wells, eight outperformed their pre-drill initial production estimate for the first 30 days (IP30) by over 30 percent. In response to the improved results, the company will continue using this completion technique more widely across the field with the expectation of achieving higher production that should lead to additional resource recovery over the long-term.
The two
For the second half of 2017, the company expects to bring 46 wells online, of which 24 will be in the third quarter, all in the prolific Karnes and Catarina areas. This will bring the number of online wells to 78 in 2017, as compared to the previously guided 72, with full year production averaging nearly 50 Mboepd. As a result of accelerating the completion schedule, the six additional wells are planned to come online late in the fourth quarter.
Murphy plans to increase
Kaybob Duvernay – Production in the quarter averaged over 3,500 barrels of oil equivalent per day (boepd), a 24 percent increase from first quarter 2017, with 58 percent liquids. During the second quarter, the 04-32 two well pad in the oil window was brought online with an average pad IP30 over 1,300 boepd and 75 percent liquids. One well reached peak production of over 2,000 boepd and recorded an IP30 approaching 1,800 boepd. Early in the third quarter, three wells were brought online at the 11-18 pad that are delineating the transition between the oil and condensate windows. These wells had a cumulative peak production rate upwards of 3,000 boepd. The company will continue to modify completion designs and test well placement, lateral length, frac design, and flow-back strategy.
For the remainder of 2017, the company expects to drill nine wells and bring online two wells. The two online wells will test the condensate window as part of the ongoing appraisal and de-risking of the play. This will bring the full year wells drilled to 16 and wells online to ten. The current well results, along with learnings from the play and low royalty rates, continue to point to long-term value creation and production growth in this low-cost entry asset.
Offshore
The offshore business produced 77 Mboepd for the second quarter, with 71 percent liquids.
In the
PRODUCTION AND CAPITAL EXPENDITURE GUIDANCE
Production for the third quarter 2017 is estimated in the range of 156 to 158 Mboepd. Third quarter guidance is below second quarter production due to pre-planned downtime work at our
“Our high-margin offshore assets continue to provide valuable cash flow which is being used to grow our short-cycle North American Onshore portfolio. Our financial discipline is paying off as we have a healthy balance sheet with appropriate leverage, allowing us to weather the continued commodity price volatility. Our 2017 plan is delivering value by paying a competitive dividend yield, providing upside optionality through enhancing our exploration portfolio and growing onshore production,” Jenkins added.
CONFERENCE CALL AND WEBCAST SCHEDULED FOR
Murphy will host a conference call to discuss second quarter 2017 financial and operating results on
FINANCIAL DATA
Summary financial data, operating statistics and a summary balance sheet for the second quarter 2017 with comparisons to the same period from the previous year are contained in the following schedules. Additionally, a schedule indicating the impacts of items affecting comparability of results between periods and schedules comparing EBITDA and EBITDAX between periods are included with these schedules as well as guidance for the third quarter.
ABOUT
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “expressed confidence”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events or results, are subject to inherent risks and uncertainties. Factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement include, but are not limited to, increased volatility or deterioration in the level of crude oil and natural gas prices, deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves, reduced customer demand for our products due to environmental, regulatory, technological or other reasons, adverse foreign exchange movements, political and regulatory instability in the markets where we do business, natural hazards impacting our operations, any other deterioration in our business, markets or prospects, any failure to obtain necessary regulatory approvals, any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices, and adverse developments in the U.S. or global capital markets, credit markets or economies in general. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the
NON-GAAP FINANCIAL MEASURES
This news release contains certain non-GAAP financial measures that management believes are good tools for internal use and the investment community in evaluating Murphy Oil Corporation’s overall financial performance. These non-GAAP financial measures are broadly used to value and compare companies in the crude oil and natural gas industry, although not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for financial measures prepared in accordance with GAAP, and should therefore be considered only as supplemental to such GAAP financial measures. Please see the attached schedules for reconciliations of the differences between the non-GAAP financial measures used in this news release and the most directly comparable GAAP financial measures.
RESERVE REPORTING TO THE SECURITIES EXCHANGE COMMISSION
The
MURPHY OIL CORPORATION SUMMARIZED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Thousands of dollars, except per share amounts) |
|||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Revenues | |||||||||||||||||||
Sales and other operating revenues | $ | 509,613 | 411,217 | 1,054,271 | 840,311 | ||||||||||||||
Gain (loss) on sale of assets | (1,334 | ) | 3,809 | 130,648 | 3,831 | ||||||||||||||
Interest and other income (loss) | (33,782 | ) | 22,436 | (45,803 | ) | 23,615 | |||||||||||||
Total revenues | 474,497 | 437,462 | 1,139,116 | 867,757 | |||||||||||||||
Costs and expenses | |||||||||||||||||||
Lease operating expenses | 111,179 | 156,530 | 233,321 | 315,633 | |||||||||||||||
Severance and ad valorem taxes | 10,742 | 13,439 | 21,955 | 26,076 | |||||||||||||||
Exploration expenses | 20,201 | 37,128 | 48,864 | 64,044 | |||||||||||||||
Selling and general expenses | 57,332 | 67,113 | 111,587 | 140,620 | |||||||||||||||
Depreciation, depletion and amortization | 234,992 | 255,239 | 471,146 | 541,388 | |||||||||||||||
Accretion of asset retirement obligations | 10,428 | 12,346 | 20,984 | 24,471 | |||||||||||||||
Impairment of assets | – | – | – | 95,088 | |||||||||||||||
Interest expense | 46,261 | 35,058 | 91,951 | 67,119 | |||||||||||||||
Interest capitalized | (1,116 | ) | (608 | ) | (2,209 | ) | (2,449 | ) | |||||||||||
Other expense (benefit) | 6,377 | (7,516 | ) | 8,534 | (7,932 | ) | |||||||||||||
Total costs and expenses | 496,396 | 568,729 | 1,006,133 | 1,264,058 | |||||||||||||||
Income (loss) from continuing operations before income taxes | (21,899 | ) | (131,267 | ) | 132,983 | (396,301 | ) | ||||||||||||
Income tax expense (benefit) | (4,545 | ) | (134,172 | ) | 92,842 | (199,721 | ) | ||||||||||||
Income (loss) from continuing operations | (17,354 | ) | 2,905 | 40,141 | (196,580 | ) | |||||||||||||
Income (loss) from discontinued operations, net of income taxes | (217 | ) | 25 | 752 | 708 | ||||||||||||||
NET INCOME (LOSS) | $ | (17,571 | ) | 2,930 | 40,893 | (195,872 | ) | ||||||||||||
INCOME (LOSS) PER COMMON SHARE – BASIC | |||||||||||||||||||
Continuing operations | $ | (0.10 | ) | 0.02 | 0.23 | (1.14 | ) | ||||||||||||
Discontinued operations | - | – | 0.01 | – | |||||||||||||||
Net income (loss) | $ | (0.10 | ) | 0.02 | 0.24 | (1.14 | ) | ||||||||||||
INCOME (LOSS) PER COMMON SHARE – DILUTED | |||||||||||||||||||
Continuing operations | $ | (0.10 | ) | 0.02 | 0.23 | (1.14 | ) | ||||||||||||
Discontinued operations | - | – | 0.01 | – | |||||||||||||||
Net income (loss) | $ | (0.10 | ) | 0.02 | 0.24 | (1.14 | ) | ||||||||||||
Cash dividends per Common share | 0.25 | 0.35 | 0.50 | 0.70 | |||||||||||||||
Average Common shares outstanding (thousands) | |||||||||||||||||||
Basic | 172,558 | 172,197 | 172,482 | 172,150 | |||||||||||||||
Diluted | 172,558 | 172,800 | 173,017 | 172,150 | |||||||||||||||
MURPHY OIL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Thousands of dollars) |
||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Operating Activities | ||||||||||||||||||||
Net income (loss) | $ | (17,571 | ) | 2,930 | 40,893 | (195,872 | ) | |||||||||||||
Adjustments to reconcile net loss to net cash provided by continuing operations activities: |
||||||||||||||||||||
Income from discontinued operations | 217 | (25 | ) | (752 | ) | (708 | ) | |||||||||||||
Depreciation, depletion and amortization | 234,992 | 255,239 | 471,146 | 541,388 | ||||||||||||||||
Impairment of assets | – | – | – | 95,088 | ||||||||||||||||
Amortization of deferred major repair costs | – | 1,796 | – | 3,798 | ||||||||||||||||
Dry hole costs | (1,000 | ) | 14,339 | 1,904 | 14,270 | |||||||||||||||
Amortization of undeveloped leases | 10,349 | 14,950 | 20,306 | 25,419 | ||||||||||||||||
Accretion of asset retirement obligations | 10,428 | 12,346 | 20,984 | 24,471 | ||||||||||||||||
Deferred income tax expense (benefit) | (25,403 | ) | (230,518 | ) | 33,130 | (316,201 | ) | |||||||||||||
Pretax (gains) losses from disposition of assets | 1,334 | (3,809 | ) | (130,648 | ) | (3,831 | ) | |||||||||||||
Net (increase) decrease in noncash operating working capital | (837 | ) | 17,554 | 42,581 | (86,793 | ) |
1 |
|||||||||||||
Other operating activities, net | 73,440 | (14,736 | ) | 91,918 | 12,349 | |||||||||||||||
Net cash provided by continuing operations activities | 285,949 | 70,066 | 591,462 | 113,378 | ||||||||||||||||
Investing Activities | ||||||||||||||||||||
Property additions and dry hole costs | (220,023 | ) | (394,558 | ) | (431,654 | ) | (604,587 | ) | ||||||||||||
Proceeds from sales of property, plant and equipment | 206 | 1,153,292 | 64,303 | 1,153,325 | ||||||||||||||||
Purchases of investment securities2 | – | (601,941 | ) | (212,661 | ) | (651,218 | ) | |||||||||||||
Proceeds from maturity of investment securities2 | 170,983 | 614,395 | 284,193 | 701,378 | ||||||||||||||||
Other investing activities, net | – | 14,018 | – | (7,640 | ) | |||||||||||||||
Net cash (required) provided by investing activities | (48,834 | ) | 785,206 | (295,819 | ) | 591,258 | ||||||||||||||
Financing Activities | ||||||||||||||||||||
Repayments of debt | – | (971,000 | ) | – | (600,000 | ) | ||||||||||||||
Capital lease obligation payments | (2,323 | ) | (2,482 | ) | (11,983 | ) | (5,172 | ) | ||||||||||||
Withholding tax on stock-based incentive awards | (1,273 | ) | (86 | ) | (7,081 | ) | (1,138 | ) | ||||||||||||
Cash dividends paid | (43,142 | ) | (60,268 | ) | (86,278 | ) | (120,535 | ) | ||||||||||||
Net cash required by financing activities | (46,738 | ) | (1,033,836 | ) | (105,342 | ) | (726,845 | ) | ||||||||||||
Cash Flows from Discontinued Operations | ||||||||||||||||||||
Operating activities | – | 2,873 | – | 5,185 | ||||||||||||||||
Changes in cash included in current assets held for sale | – | (2,873 | ) | – | (5,185 | ) | ||||||||||||||
Net change in cash and cash equivalents of discontinued operations | – | – | – | – | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (7,743 | ) | 22,984 | (4,611 | ) | 6,509 | ||||||||||||||
Net increase in cash and cash equivalents | 182,634 | (155,580 | ) | 185,690 | (15,700 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 875,853 | 423,063 | 872,797 | 283,183 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 1,058,487 | 267,483 | 1,058,487 | 267,483 | |||||||||||||||
1 | 2016 balance includes payments for deepwater rig contract exit of $261.8 million. | |
2 | Investments are Canadian government securities with maturities greater than 90 days at the date of acquisition. | |
MURPHY OIL CORPORATION SCHEDULE OF ADJUSTED LOSS (Unaudited) (Millions of dollars, except per share amounts) |
|||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Net income (loss) | $ | (17.6 | ) | 2.9 | 40.9 | (195.9 | ) | ||||||||||||
Discontinued operations loss (income) | 0.2 | – | (0.8 | ) | (0.7 | ) | |||||||||||||
Income (loss) from continuing operations | (17.4 | ) | 2.9 | 40.1 | (196.6 | ) | |||||||||||||
Adjustments: | |||||||||||||||||||
Mark-to-market (gain) loss on crude oil derivative contracts | (14.7 | ) | 38.6 | (40.7 | ) | 51.9 | |||||||||||||
Foreign exchange losses (gains) | 31.1 | (19.5 | ) | 42.7 | (21.3 | ) | |||||||||||||
Gain on sale of assets | – | (51.9 | ) | (96.0 | ) | (47.9 | ) | ||||||||||||
Deferred tax on undistributed foreign earnings | 5.8 | – | 60.4 | – | |||||||||||||||
Income tax benefits associated with Montney midstream divestiture | – | (20.9 | ) | – | (20.9 | ) | |||||||||||||
Tax benefits on investments in foreign areas | (21.1 | ) | (9.4 | ) | (32.9 | ) | (9.4 | ) | |||||||||||
Oil Insurance Limited dividends | (2.8 | ) | (2.2 | ) | (2.8 | ) | (2.2 | ) | |||||||||||
Impairments of assets | – | – | – | 68.9 | |||||||||||||||
Restructuring charges | – | – | – | 6.2 | |||||||||||||||
Total adjustments after taxes | (1.7 | ) | (65.3 | ) | (69.3 | ) | 25.3 | ||||||||||||
Adjusted loss | (19.1 | ) | (62.4 | ) | (29.2 | ) | (171.3 | ) | |||||||||||
Adjusted loss per diluted share | $ | (0.11 | ) | (0.36 | ) | (0.17 | ) | (1.00 | ) | ||||||||||
Non-GAAP Financial Measures
Presented above is a reconciliation of Net income (loss) to Adjusted loss. Adjusted loss excludes certain items that management believes affect the comparability of results between periods. Management believes this is important information to provide because it is used by management to evaluate the Company's operational performance and trends between periods and relative to its industry competitors. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company's financial results. Adjusted loss is a non-GAAP financial measure and should not be considered a substitute for Net income (loss) as determined in accordance with accounting principles generally accepted in
Note: Amounts shown above as reconciling items between Net income (loss) and Adjusted loss are presented net of applicable income taxes based on the statutory rate applicable by jurisdiction. The 2017 pretax and income tax impacts for adjustments shown above are as follows by area of operations.
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2017 | June 30, 2017 | |||||||||||||||||||||||||
Pretax | Tax | Net | Pretax | Tax | Net | |||||||||||||||||||||
Exploration & Production: | ||||||||||||||||||||||||||
United States | (22.6 | ) | 7.9 | (14.7 | ) | (62.6 | ) | 21.9 | (40.7 | ) | ||||||||||||||||
Canada | – | – | – | (132.4 | ) | 36.4 | (96.0 | ) | ||||||||||||||||||
Other International | – | (21.1 | ) | (21.1 | ) | – | (32.9 | ) | (32.9 | ) | ||||||||||||||||
Total E&P | (22.6 | ) | (13.2 | ) | (35.8 | ) | (195.0 | ) | 25.4 | (169.6 | ) | |||||||||||||||
Corporate: | 31.1 | 3.0 | 34.1 | 44.5 | 55.8 | 100.3 | ||||||||||||||||||||
Total adjustments | 8.5 | (10.2 | ) | (1.7 | ) | (150.5 | ) | 81.2 | (69.3 | ) | ||||||||||||||||
Income taxes are presented based on the estimated statutory tax effect each adjustment item had on taxes in the applicable tax jurisdiction.
MURPHY OIL CORPORATION SCHEDULE OF EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA) (Unaudited) (Millions of dollars, except per barrel of oil equivalents sold) |
|||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Income (loss) from continuing operations | $ | (17.4) | 2.9 | 40.1 | (196.6) | ||||||||||
Income tax expense (benefit) | (4.6) | (134.2) | 92.9 | (199.7) | |||||||||||
Interest expense | 46.3 | 35.1 | 92.0 | 67.1 | |||||||||||
Interest capitalized | (1.1) | (0.6) | (2.2) | (2.4) | |||||||||||
Depreciation, depletion and amortization expense | 235.0 | 255.2 | 471.1 | 541.4 | |||||||||||
Impairments of long-lived assets | – | – | – | 95.1 | |||||||||||
Earnings before interest, taxes, depreciation and amortization (EBITDA) |
$ | 258.2 | 158.4 | 693.9 | 304.9 | ||||||||||
Total barrels of oil equivalents sold (thousands of barrels) | 14,578.5 | 15,198.9 | 29,335.9 | 32,744.5 | |||||||||||
EBITDA per barrel of oil equivalents sold | $ | 17.71 | 10.42 | 23.65 | 9.31 | ||||||||||
Non-GAAP Financial Measures
Presented above is a reconciliation of Income (loss) from continuing operations to Earnings before interest, taxes, depreciation and amortization (EBITDA). Management believes EBITDA is important information to provide because it is used by management to evaluate the Company's operational performance and trends between periods and relative to its industry competitors. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company's financial results. EBITDA is a non-GAAP financial measure and should not be considered a substitute for Net income (loss) or Cash provided by operating activities as determined in accordance with accounting principles generally accepted in
EBITDA for the six months ended
EBITDA for the three months and six months periods ended
MURPHY OIL CORPORATION SCHEDULE OF EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AMORTIZATION AND EXPLORATION (EBITDAX) (Unaudited) (Millions of dollars, except per barrel of oil equivalents sold) |
|||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Income (loss) from continuing operations | $ | (17.4 | ) | 2.9 | 40.1 | (196.6 | ) | ||||||||||||
Income tax expense (benefit) | (4.6 | ) | (134.2 | ) | 92.9 | (199.7 | ) | ||||||||||||
Interest expense | 46.3 | 35.1 | 92.0 | 67.1 | |||||||||||||||
Interest capitalized | (1.1 | ) | (0.6 | ) | (2.2 | ) | (2.4 | ) | |||||||||||
Depreciation, depletion and amortization expense | 235.0 | 255.2 | 471.1 | 541.4 | |||||||||||||||
Exploration expenses | 20.2 | 37.1 | 48.8 | 64.0 | |||||||||||||||
Impairment of long-lived assets | – | – | – | 95.1 | |||||||||||||||
Earnings before interest, taxes, depreciation, amortization and exploration expenses (EBITDAX) |
$ | 278.4 | 195.5 | 742.7 | 368.9 | ||||||||||||||
Total barrels of oil equivalents sold (thousands of barrels) | 14,578.5 | 15,198.9 | 29,335.9 | 32,744.5 | |||||||||||||||
EBITDAX per barrel of oil equivalents sold | $ | 19.10 | 12.86 | 25.32 | 11.27 | ||||||||||||||
Non-GAAP Financial Measures
Presented above is a reconciliation of Income (loss) from continuing operations to Earnings before interest, taxes, depreciation, amortization and exploration (EBITDAX). Management believes EBITDAX is important information to provide because it is used by management to evaluate the Company's operational performance and trends between periods and relative to its industry competitors. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company's financial results. EBITDAX is a non-GAAP financial measure and should not be considered a substitute for Net income (loss) or Cash provided by operating activities as determined in accordance with accounting principles generally accepted in
EBITDAX for the six months ended
EBITDAX for the three months and six months periods ended
MURPHY OIL CORPORATION FUNCTIONAL RESULTS OF OPERATIONS (Unaudited) (Millions of dollars) |
||||||||||||||||||||||
Three Months Ended June 30, 2017 |
Three Months Ended June 30, 2016 |
|||||||||||||||||||||
Revenues |
Income (Loss) |
Revenues |
Income (Loss) |
|||||||||||||||||||
Exploration and production | ||||||||||||||||||||||
United States | $ | 239.5 | 8.0 | 143.6 | (65.7 | ) | ||||||||||||||||
Canada | 88.2 | 5.2 | 77.4 | 55.3 | ||||||||||||||||||
Malaysia | 176.5 | 47.7 | 190.5 | 47.7 | ||||||||||||||||||
Other | – | 7.2 | (0.1 | ) | (5.1 | ) | ||||||||||||||||
Total exploration and production | 504.2 | 68.1 | 411.4 | 32.2 | ||||||||||||||||||
Corporate and other | (29.7 | ) | (85.5 | ) | 26.1 | (29.3 | ) | |||||||||||||||
Revenue/income from continuing operations | 474.5 | (17.4 | ) | 437.5 | 2.9 | |||||||||||||||||
Discontinued operations, net of tax | – | (0.2 | ) | – | – | |||||||||||||||||
Total revenues/net income (loss) | $ | 474.5 | (17.6 | ) | 437.5 | 2.9 | ||||||||||||||||
Six Months Ended June 30, 2017 |
Six Months Ended June 30, 2016 |
|||||||||||||||||||||
Revenues |
Income (Loss) |
Revenues |
Income (Loss) |
|||||||||||||||||||
Exploration and production | ||||||||||||||||||||||
United States | $ | 500.8 | 31.0 | 318.3 | (131.4 | ) | ||||||||||||||||
Canada | 306.1 | 105.8 | 183.5 | (31.9 | ) | |||||||||||||||||
Malaysia | 373.9 | 106.3 | 338.8 | 70.1 | ||||||||||||||||||
Other | – | 0.1 | – | (31.2 | ) | |||||||||||||||||
Total exploration and production | 1,180.8 | 243.2 | 840.6 | (124.4 | ) | |||||||||||||||||
Corporate and other | (41.7 | ) | (203.1 | ) | 27.2 | (72.2 | ) | |||||||||||||||
Revenue/income from continuing operations | 1,139.1 | 40.1 | 867.8 | (196.6 | ) | |||||||||||||||||
Discontinued operations, net of tax | – | 0.8 | – | 0.7 | ||||||||||||||||||
Total revenues/net income (loss) | $ | 1,139.1 | 40.9 | 867.8 | (195.9 | ) | ||||||||||||||||
MURPHY OIL CORPORATION OIL AND GAS OPERATING RESULTS (Unaudited) THREE MONTHS ENDED JUNE 30, 2017 AND 2016 |
||||||||||||||||||||||||||
Canada | ||||||||||||||||||||||||||
United | Conven- | Syn- | ||||||||||||||||||||||||
(Millions of dollars) | States | tional | thetic | Malaysia | Other | Total | ||||||||||||||||||||
Three Months Ended June 30, 2017 | ||||||||||||||||||||||||||
Oil and gas sales and other revenues | $ | 239.5 | 88.2 | – | 176.5 | – | 504.2 | |||||||||||||||||||
Lease operating expenses | 44.3 | 25.5 | – | 41.4 | – | 111.2 | ||||||||||||||||||||
Severance and ad valorem taxes | 10.4 | 0.3 | – | – | – | 10.7 | ||||||||||||||||||||
Depreciation, depletion and amortization | 135.5 | 46.0 | – | 48.3 | 1.0 | 230.8 | ||||||||||||||||||||
Accretion of asset retirement obligations | 4.2 | 1.9 | – | 4.3 | – | 10.4 | ||||||||||||||||||||
Exploration expenses | ||||||||||||||||||||||||||
Dry holes | (1.0 | ) | – | – | – | – | (1.0 | ) | ||||||||||||||||||
Geological and geophysical | 0.6 | – | – | – | 0.1 | 0.7 | ||||||||||||||||||||
Other | 2.0 | 0.1 | – | – | 8.1 | 10.2 | ||||||||||||||||||||
1.6 | 0.1 | – | – | 8.2 | 9.9 | |||||||||||||||||||||
Undeveloped lease amortization | 10.2 | 0.1 | – | – | – | 10.3 | ||||||||||||||||||||
Total exploration expenses | 11.8 | 0.2 | – | – | 8.2 | 20.2 | ||||||||||||||||||||
Selling and general expenses | 16.6 | 7.0 | – | 3.3 | 5.0 | 31.9 | ||||||||||||||||||||
Other expenses | 3.6 | – | – | 2.8 | – | 6.4 | ||||||||||||||||||||
Results of operations before taxes | 13.1 | 7.3 | – | 76.4 | (14.2 | ) | 82.6 | |||||||||||||||||||
Income tax provisions (benefits) | 5.1 | 2.1 | – | 28.7 | (21.4 | ) | 14.5 | |||||||||||||||||||
Results of operations (excluding corporate overhead and interest) |
$ | 8.0 | 5.2 | – | 47.7 | 7.2 | 68.1 | |||||||||||||||||||
Three Months Ended June 30, 2016 | ||||||||||||||||||||||||||
Oil and gas sales and other revenues | $ | 143.6 | 61.6 | 15.8 | 190.5 | (0.1 | ) | 411.4 | ||||||||||||||||||
Lease operating expenses | 54.5 | 25.0 | 31.8 | 45.2 | – | 156.5 | ||||||||||||||||||||
Severance and ad valorem taxes | 11.0 | 1.1 | 1.3 | – | – | 13.4 | ||||||||||||||||||||
Depreciation, depletion and amortization | 146.6 | 45.9 | 3.1 | 54.0 | 1.6 | 251.2 | ||||||||||||||||||||
Accretion of asset retirement obligations | 4.3 | 2.8 | 1.2 | 4.0 | – | 12.3 | ||||||||||||||||||||
Exploration expenses | ||||||||||||||||||||||||||
Dry holes | (0.8 | ) | – | – | 4.5 | 10.7 | 14.4 | |||||||||||||||||||
Geological and geophysical | 0.3 | – | – | 0.2 | – | 0.5 | ||||||||||||||||||||
Other | 1.0 | 0.1 | – | – | 6.2 | 7.3 | ||||||||||||||||||||
0.5 | 0.1 | – | 4.7 | 16.9 | 22.2 | |||||||||||||||||||||
Undeveloped lease amortization | 13.7 | 1.0 | – | – | 0.2 | 14.9 | ||||||||||||||||||||
Total exploration expenses | 14.2 | 1.1 | – | 4.7 | 17.1 | 37.1 | ||||||||||||||||||||
Selling and general expenses | 12.7 | 8.1 | 0.2 | 5.0 | 9.1 | 35.1 | ||||||||||||||||||||
Other expenses (benefits) | (0.1 | ) | 1.6 | – | 0.9 | (9.9 | ) | (7.5 | ) | |||||||||||||||||
Results of operations before taxes | (99.6 | ) | (24.0 | ) | (21.8 | ) | 76.7 | (18.0 | ) | (86.7 | ) | |||||||||||||||
Income tax provisions (benefits) | (33.9 | ) | (27.4 | ) | (73.7 | ) | 29.0 | (12.9 | ) | (118.9 | ) | |||||||||||||||
Results of operations (excluding corporate overhead and interest) |
$ | (65.7 | ) | 3.4 | 51.9 | 47.7 | (5.1 | ) | 32.2 | |||||||||||||||||
MURPHY OIL CORPORATION OIL AND GAS OPERATING RESULTS (Unaudited) SIX MONTHS ENDED JUNE 30, 2017 AND 2016 |
||||||||||||||||||||||||||
Canada | ||||||||||||||||||||||||||
United | Conven- | Syn- | ||||||||||||||||||||||||
(Millions of dollars) | States | tional | thetic | Malaysia | Other | Total | ||||||||||||||||||||
Six Months Ended June 30, 2017 | ||||||||||||||||||||||||||
Oil and gas sales and other revenues | $ | 500.8 | 306.1 | – | 373.9 | – | 1,180.8 | |||||||||||||||||||
Lease operating expenses | 92.2 | 48.1 | – | 93.0 | – | 233.3 | ||||||||||||||||||||
Severance and ad valorem taxes | 21.1 | 0.9 | – | – | – | 22.0 | ||||||||||||||||||||
Depreciation, depletion and amortization | 273.8 | 90.5 | – | 96.2 | 1.9 | 462.4 | ||||||||||||||||||||
Accretion of asset retirement obligations | 8.4 | 3.9 | – | 8.7 | – | 21.0 | ||||||||||||||||||||
Exploration expenses | ||||||||||||||||||||||||||
Dry holes | (1.3 | ) | – | – | 3.2 | – | 1.9 | |||||||||||||||||||
Geological and geophysical | 0.9 | 0.1 | – | – | 4.6 | 5.6 | ||||||||||||||||||||
Other | 4.0 | 0.1 | – | – | 17.0 | 21.1 | ||||||||||||||||||||
3.6 | 0.2 | – | 3.2 | 21.6 | 28.6 | |||||||||||||||||||||
Undeveloped lease amortization | 19.0 | 1.3 | – | – | – | 20.3 | ||||||||||||||||||||
Total exploration expenses | 22.6 | 1.5 | – | 3.2 | 21.6 | 48.9 | ||||||||||||||||||||
Selling and general expenses | 32.2 | 14.2 | – | 5.7 | 9.9 | 62.0 | ||||||||||||||||||||
Other expenses | 0.7 | – | – | 7.8 | – | 8.5 | ||||||||||||||||||||
Results of operations before taxes | 49.8 | 147.0 | – | 159.3 | (33.4 | ) | 322.7 | |||||||||||||||||||
Income tax provisions (benefits) | 18.8 | 41.2 | – | 53.0 | (33.5 | ) | 79.5 | |||||||||||||||||||
Results of operations (excluding corporate overhead and interest) |
$ | 31.0 | 105.8 | – | 106.3 | 0.1 | 243.2 | |||||||||||||||||||
Six Months Ended June 30, 2016 | ||||||||||||||||||||||||||
Oil and gas sales and other revenues | $ | 318.3 | 119.2 | 64.3 | 338.8 | – | 840.6 | |||||||||||||||||||
Lease operating expenses | 110.0 | 42.7 | 69.8 | 93.1 | – | 315.6 | ||||||||||||||||||||
Severance and ad valorem taxes | 21.4 | 2.2 | 2.5 | – | – | 26.1 | ||||||||||||||||||||
Depreciation, depletion and amortization | 315.3 | 90.8 | 16.5 | 108.1 | 3.0 | 533.7 | ||||||||||||||||||||
Accretion of asset retirement obligations | 8.6 | 5.4 | 2.4 | 8.1 | – | 24.5 | ||||||||||||||||||||
Impairment of assets | – | 95.1 | – | – | – | 95.1 | ||||||||||||||||||||
Exploration expenses | ||||||||||||||||||||||||||
Dry holes | (0.5 | ) | – | – | 4.1 | 10.7 | 14.3 | |||||||||||||||||||
Geological and geophysical | 0.6 | 2.9 | – | 0.5 | 4.3 | 8.3 | ||||||||||||||||||||
Other | 2.1 | 0.4 | – | – | 13.5 | 16.0 | ||||||||||||||||||||
2.2 | 3.3 | – | 4.6 | 28.5 | 38.6 | |||||||||||||||||||||
Undeveloped lease amortization | 22.7 | 2.3 | – | – | 0.4 | 25.4 | ||||||||||||||||||||
Total exploration expenses | 24.9 | 5.6 | – | 4.6 | 28.9 | 64.0 | ||||||||||||||||||||
Selling and general expenses | 35.2 | 15.7 | 0.5 | 8.4 | 19.2 | 79.0 | ||||||||||||||||||||
Other expenses (benefits) | 0.1 | – | – | 0.9 | (8.9 | ) | (7.9 | ) | ||||||||||||||||||
Results of operations before taxes | (197.2 | ) | (138.3 | ) | (27.4 | ) | 115.6 | (42.2 | ) | (289.5 | ) | |||||||||||||||
Income tax provisions (benefits) | (65.8 | ) | (58.5 | ) | (75.3 | ) | 45.5 | (11.0 | ) | (165.1 | ) | |||||||||||||||
Results of operations (excluding corporate overhead and interest) |
$ | (131.4 | ) | (79.8 | ) | 47.9 | 70.1 | (31.2 | ) | (124.4 | ) | |||||||||||||||
MURPHY OIL CORPORATION PRODUCTION-RELATED EXPENSES (Dollars per barrel of oil equivalents sold) |
|||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
United States – Eagle Ford Shale | |||||||||||||||
Lease operating expense | $ | 7.95 | 9.32 | 7.92 | 8.57 | ||||||||||
Severance and ad valorem taxes | 2.49 | 2.58 | 2.53 | 2.27 | |||||||||||
Depreciation, depletion and amortization (DD&A) expense | 25.47 | 25.29 | 25.90 | 25.10 | |||||||||||
United States – Gulf of Mexico | |||||||||||||||
Lease operating expense | $ | 8.60 | 9.37 | 9.78 | 8.93 | ||||||||||
DD&A expense | 22.60 | 24.54 | 21.61 | 24.08 | |||||||||||
Canada – Conventional operations | |||||||||||||||
Lease operating expense | $ | 5.70 | 6.14 | 5.53 | 5.06 | ||||||||||
Severance and ad valorem taxes | 0.08 | 0.27 | 0.10 | 0.26 | |||||||||||
DD&A expense | 10.26 | 11.28 | 10.42 | 10.80 | |||||||||||
Canada – Synthetic oil operations* | |||||||||||||||
Lease operating expense | $ | – | 112.81 | – | 41.15 | ||||||||||
Severance and ad valorem taxes | – | 4.76 | – | 1.46 | |||||||||||
DD&A expense | – | 10.89 | – | 9.72 | |||||||||||
Malaysia – Sarawak | $ | ||||||||||||||
Lease operating expense | 4.85 | 4.42 | 5.59 | 6.25 | |||||||||||
DD&A expense | 8.02 | 9.43 | 7.90 | 9.60 | |||||||||||
Malaysia – Block K | |||||||||||||||
Lease operating expense | $ | 16.37 | 13.38 | 16.59 | 12.95 | ||||||||||
DD&A expense | 14.76 | 12.05 | 13.56 | 12.35 | |||||||||||
Total oil and gas operations | |||||||||||||||
Lease operating expense | $ | 7.63 | 10.30 | 7.95 | 9.64 | ||||||||||
Severance and ad valorem taxes | 0.74 | 0.88 | 0.75 | 0.80 | |||||||||||
DD&A expense | 15.82 | 16.53 | 15.77 | 16.30 | |||||||||||
Total oil and gas operations – excluding synthetic oil operations | |||||||||||||||
Lease operating expense | $ | 7.63 | 8.36 | 7.95 | 7.92 | ||||||||||
Severance and ad valorem taxes | 0.74 | 0.81 | 0.75 | 0.76 | |||||||||||
DD&A expense | 15.82 | 16.63 | 15.77 | 16.66 | |||||||||||
* The Company sold its 5% non-operated interest in
MURPHY OIL CORPORATION OTHER FINANCIAL DATA (Unaudited) (Millions of dollars) |
|||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Capital expenditures | |||||||||||||||||||
Exploration and production | |||||||||||||||||||
United States | $ | 124.3 | 35.2 | 222.7 | 100.7 | ||||||||||||||
Canada | 47.8 | 240.9 | 2 | 136.0 | 273.5 | 2 | |||||||||||||
Malaysia | 9.3 | 14.4 | 11.1 | 41.9 | |||||||||||||||
Other | 16.1 | 16.0 | 41.4 | 26.8 | |||||||||||||||
Total | 197.5 | 306.5 | 411.2 | 442.9 | |||||||||||||||
Corporate | 3.0 | 12.3 | 3.8 | 20.7 | |||||||||||||||
Total capital expenditures | 200.5 | 318.8 | 415.0 | 463.6 | |||||||||||||||
Charged to exploration expenses1 | |||||||||||||||||||
United States | 1.6 | 0.5 | 3.6 | 2.2 | |||||||||||||||
Canada | 0.1 | 0.1 | 0.2 | 3.3 | |||||||||||||||
Malaysia | – | 4.7 | 3.2 | 4.6 | |||||||||||||||
Other | 8.2 | 16.9 | 21.6 | 28.5 | |||||||||||||||
Total charged to exploration expenses | 9.9 | 22.2 | 28.6 | 38.6 | |||||||||||||||
Total capitalized | $ | 190.6 | 296.6 | 386.4 | 425.0 | ||||||||||||||
1 Excludes amortization of undeveloped leases of | $ | 10.3 | 14.9 | 20.3 | 25.4 |
2 Includes costs of
MURPHY OIL CORPORATION | ||||||||||
CONDENSED BALANCE SHEET (Unaudited) | ||||||||||
(Millions of dollars) | ||||||||||
June 30, 2017 |
December 31, 2016 |
|||||||||
Assets |
||||||||||
Cash and cash equivalents | $ | 1,058.5 | 872.8 | |||||||
Canadian government securities | 40.1 | 111.5 | ||||||||
Other current assets | 442.0 | 574.8 | ||||||||
Property, plant and equipment – net | 8,164.1 | 8,316.2 | ||||||||
Other long-term assets | 432.1 | 420.6 | ||||||||
Total assets | $ | 10,136.8 | 10,295.9 | |||||||
Liabilities and Stockholders' Equity |
||||||||||
Current maturities of long-term debt | $ | 559.2 | 569.8 | |||||||
Other current liabilities | 798.5 | 932.6 | ||||||||
Long-term debt* | 2,367.1 | 2,422.8 | ||||||||
Other long-term liabilities | 1,434.3 | 1,454.0 | ||||||||
Total stockholders' equity | 4,977.7 | 4,916.7 | ||||||||
Total liabilities and stockholders' equity | $ | 10,136.8 | 10,295.9 | |||||||
* Includes a capital lease on production equipment of
MURPHY OIL CORPORATION STATISTICAL SUMMARY |
|||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
Net crude oil and condensate produced – barrels per day | 89,033 | 98,995 | 92,300 | 111,235 | |||||||||||||
United States – Eagle Ford Shale | 33,195 | 34,563 | 33,397 | 38,550 | |||||||||||||
– Gulf of Mexico | 11,329 | 12,564 | 11,844 | 13,331 | |||||||||||||
Canada – onshore | 3,051 | 950 | 2,470 | 540 | |||||||||||||
– offshore | 8,199 | 7,217 | 9,053 | 8,020 | |||||||||||||
– heavy1 | – | 2,200 | 303 | 2,759 | |||||||||||||
– synthetic1 | – | 3,093 | – | 9,326 | |||||||||||||
Malaysia – Sarawak | 13,176 | 13,944 | 13,346 | 13,490 | |||||||||||||
– Block K | 20,083 | 24,464 | 21,887 | 25,219 | |||||||||||||
Net crude oil and condensate sold – barrels per day | 86,851 | 96,918 | 88,361 | 108,054 | |||||||||||||
United States – Eagle Ford Shale | 33,195 | 34,563 | 33,397 | 38,550 | |||||||||||||
– Gulf of Mexico | 11,329 | 12,564 | 11,844 | 13,331 | |||||||||||||
Canada – onshore | 3,051 | 950 | 2,470 | 540 | |||||||||||||
– offshore | 8,938 | 7,315 | 8,463 | 8,348 | |||||||||||||
– heavy1 | – | 2,200 | 303 | 2,759 | |||||||||||||
– synthetic1 | – | 3,093 | – | 9,326 | |||||||||||||
Malaysia – Sarawak | 13,495 | 9,666 | 13,486 | 11,712 | |||||||||||||
– Block K | 16,843 | 26,567 | 18,398 | 23,488 | |||||||||||||
Net natural gas liquids produced – barrels per day | 9,374 | 8,883 | 9,145 | 9,058 | |||||||||||||
United States – Eagle Ford Shale | 6,921 | 6,751 | 6,884 | 6,988 | |||||||||||||
– Gulf of Mexico | 880 | 1,468 | 996 | 1,347 | |||||||||||||
Canada | 457 | 164 | 359 | 88 | |||||||||||||
Malaysia – Sarawak | 1,116 | 500 | 906 | 635 | |||||||||||||
Net natural gas liquids sold – barrels per day | 8,902 | 9,339 | 9,140 | 9,550 | |||||||||||||
United States – Eagle Ford Shale | 6,921 | 6,751 | 6,884 | 6,988 | |||||||||||||
– Gulf of Mexico | 880 | 1,468 | 996 | 1,347 | |||||||||||||
Canada | 457 | 164 | 359 | 88 | |||||||||||||
Malaysia – Sarawak | 644 | 956 | 901 | 1,127 | |||||||||||||
Net natural gas sold – thousands of cubic feet per day | 386,700 | 364,582 | 387,457 | 373,864 | |||||||||||||
United States – Eagle Ford Shale | 34,835 | 36,113 | 34,583 | 37,203 | |||||||||||||
– Gulf of Mexico | 11,625 | 16,779 | 11,868 | 20,094 | |||||||||||||
Canada | 220,171 | 204,753 | 218,641 | 207,288 | |||||||||||||
Malaysia – Sarawak | 112,993 | 96,057 | 114,767 | 97,155 | |||||||||||||
– Block K | 7,076 | 10,880 | 7,598 | 12,124 | |||||||||||||
Total net hydrocarbons produced – equivalent barrels per day2 | 162,857 | 168,642 | 166,021 | 182,604 | |||||||||||||
Total net hydrocarbons sold – equivalent barrels per day2 | 160,203 | 167,021 | 162,077 | 179,915 | |||||||||||||
1 The Company sold the Seal area heavy oil field in
2 Natural gas converted on an energy equivalent basis of 6:1.
MURPHY OIL CORPORATION STATISTICAL SUMMARY (Continued) |
|||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Weighted average sales prices | |||||||||||||||||||||
Crude oil and condensate – dollars per barrel | |||||||||||||||||||||
United States – Eagle Ford Shale | $ | 48.11 | $ | 43.95 | $ | 48.38 | $ | 38.93 | |||||||||||||
– Gulf of Mexico | 47.44 | 43.41 | 47.34 | 39.00 | |||||||||||||||||
Canada1 – onshore | 42.04 | 39.35 | 43.98 | 33.74 | |||||||||||||||||
– offshore | 48.93 | 44.51 | 50.07 | 36.82 | |||||||||||||||||
– heavy2 | – | 18.03 | 25.12 | 11.83 | |||||||||||||||||
– synthetic2 | – | 45.78 | – | 35.58 | |||||||||||||||||
Malaysia – Sarawak3 | 48.89 | 47.22 | 51.72 | 41.74 | |||||||||||||||||
– Block K3 | 50.44 | 46.53 | 50.59 | 41.97 | |||||||||||||||||
Natural gas liquids – dollars per barrel | |||||||||||||||||||||
United States – Eagle Ford Shale | $ | 14.14 | $ | 11.21 | $ | 15.27 | $ | 9.65 | |||||||||||||
– Gulf of Mexico | 14.93 | 11.89 | 17.29 | 10.59 | |||||||||||||||||
Canada1 | 22.50 | 30.18 | 22.32 | 29.38 | |||||||||||||||||
Malaysia – Sarawak3 | 52.68 | 34.62 | 51.05 | 35.65 | |||||||||||||||||
Natural gas – dollars per thousand cubic feet | |||||||||||||||||||||
United States – Eagle Ford Shale | $ | 2.59 | $ | 1.38 | $ | 2.56 | $ | 1.43 | |||||||||||||
– Gulf of Mexico | 2.62 | 1.46 | 2.59 | 1.62 | |||||||||||||||||
Canada1 | 2.06 | 1.33 | 2.08 | 1.44 | |||||||||||||||||
Malaysia – Sarawak3 | 3.57 | 3.29 | 3.49 | 3.52 | |||||||||||||||||
– Block K3 | 0.24 | 0.23 | 0.25 | 0.25 | |||||||||||||||||
1 U.S. dollar equivalent.
2 The Company sold the Seal area heavy oil field in
3 Prices are net of payments under the terms of the respective production sharing contracts.
MURPHY OIL CORPORATION COMMODITY HEDGE POSITIONS AS OF JUNE 30, 2017 |
|||||||||||||||||||||||
Volumes | Price | Remaining Period | |||||||||||||||||||||
Area | Commodity | Type | (Bbl/d) | (USD/Bbl) | Start Date | End Date | |||||||||||||||||
United States | WTI | Fixed price derivative swap | 22,000 | $50.41 | 7/1/2017 | 12/31/2017 | |||||||||||||||||
Volumes | Price | Remaining Period | |||||||||||||||||||||
Area | Commodity | Type | (MMcf/d) | (Mcf) | Start Date | End Date | |||||||||||||||||
Montney | Natural Gas | Fixed price forward sales | 124 | C$2.97 | 7/1/2017 | 12/31/2017 | |||||||||||||||||
Montney | Natural Gas | Fixed price forward sales | 59 | C$2.81 | 1/1/2018 | 12/31/2020 | |||||||||||||||||
Montney | Natural Gas | Fixed price forward sales | 20 | US $3.51 | * | 11/1/2017 | 3/31/2018 | ||||||||||||||||
*Title transfer at
MURPHY OIL CORPORATION THIRD QUARTER 2017 GUIDANCE |
|||||||||||||
Liquids | Gas | ||||||||||||
BOPD | MCFD | ||||||||||||
Production – net | |||||||||||||
U.S. – Eagle Ford Shale | 42,000 | 31,500 | |||||||||||
– Gulf of Mexico | 9,500 | 10,500 | |||||||||||
Canada – Tupper Montney | – | 213,000 | |||||||||||
– Kaybob Duvernay and Placid Montney | 4,000 | 18,000 | |||||||||||
– Offshore | 8,000 | – | |||||||||||
Malaysia – Sarawak | 11,500 | 95,500 | |||||||||||
– Block K | 19,500 | 6,500 | |||||||||||
Total net production (BOEPD) | 156,000 - 158,000 | ||||||||||||
Total net sales (BOEPD) |
157,000 - 160,000 |
||||||||||||
Realized oil prices ($ per barrel): | |||||||||||||
Malaysia – Sarawak | $50.71 | ||||||||||||
– Block K | $51.26 | ||||||||||||
Realized natural gas price ($ per MCF): | |||||||||||||
Malaysia – Sarawak | $3.75 | ||||||||||||
Exploration expense ($ millions) | $42.0 | ||||||||||||
FULL YEAR 2017 GUIDANCE | |||||||||||||
Total production (BOEPD) | 163,000 – 167,000 | ||||||||||||
Capital expenditures ($ millions) | $890.0 | ||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20170802006390/en/
Source:
Murphy Oil Corporation
Investors:
Kelly Whitley, 281-675-9107
kelly_whitley@murphyoilcorp.com
or
Amy Garbowicz, 281-675-9201
amy_garbowicz@murphyoilcorp.com
or
Emily McElroy, 870-864-6324
emily_mcelroy@murphyoilcorp.com