SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 30, 2003
MURPHY OIL CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware |
1-8590 |
71-0361522 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 200 Peach Street P.O. Box 7000, El Dorado, Arkansas |
71731-7000 | |
| (Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code 870-862-6411
Not applicable
(Former Name of Former Address, if Changed Since Last Report
Item 9. Regulation FD Disclosure and Item 12. Results of Operations and Financial Condition
On April 30, 2003, Murphy Oil Corporation released information regarding its results of operations for the quarter ended March 31, 2003. This Form 8-K is being furnished to report information pursuant to Item 9, Regulation FD Disclosure and Item 12, Results of Operations and Financial Condition. The full text of the press release is attached to this report as Exhibit 99.1.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| MURPHY OIL CORPORATION | ||
| /s/ John W. Eckart | ||
| Name: |
John W. Eckart | |
| Title: |
Controller | |
Date: April 30, 2003
Exhibit 99.1
MURPHY OIL ANNOUNCES EARNINGS
EL DORADO, Arkansas, April 30, 2003 — Murphy Oil Corporation (NYSE: MUR) announced today that income before a required accounting change in the first quarter of 2003 was $94.1 million, $1.02 per diluted share, compared to income of $2.3 million, $.03 per diluted share, in the first quarter of 2002. The current period includes a $20.1 million gain related to resolution of prior years’ income tax matters, which increased the Company’s income by $.22 per share. In the first quarter of 2003, the Company adopted Statement of Financial Accounting Standards No. 143, Accounting for Asset Retirement Obligations. Under this new standard, the Company recorded a cumulative, one-time, non-cash reduction of net income of $7 million, $.08 per share. The Company’s income excluding the tax gain and the accounting change was $74 million, $.80 per share.
Murphy’s income from exploration and production operations was $86.9 million in the first quarter of 2003 compared to $20.5 million in the same quarter of 2002. Higher sales prices for crude oil and natural gas and lower exploration expenses in Canada and Malaysia were the primary reasons for improved earnings. The Company’s worldwide crude oil and condensate sales prices averaged $26.87 per barrel for the current quarter compared to $19.76 per barrel in the first quarter of 2002. Total crude oil and gas liquids production was 74,984 barrels per day in the first quarter of 2003 compared to 74,292 barrels per day in the 2002 quarter. North American natural gas sales prices averaged $5.60 per thousand cubic feet (MCF) in the most recent quarter compared to $2.28 per MCF in the same quarter of 2002. Natural gas sales volumes declined from 309 million cubic feet per day in the first quarter of 2002 to 228 million cubic feet per day in the just completed quarter, primarily due to lower production from the Ladyfern field in western Canada and mature fields in the Gulf of Mexico. The Company’s 2003 hedging program reduced the average worldwide crude oil sales price and North American natural gas sales price by $3.54 per barrel and $.36 per MCF, respectively.
The Company’s refining and marketing operations incurred a loss of $3.5 million in the most recent quarter compared to a loss of $13.7 million in the 2002 quarter. The loss in the Company’s North American operations was approximately one-half of the loss in the first quarter of 2002, with the primary improvement coming from stronger retail marketing margins. Refining and marketing operations in the U.K. were profitable in the first quarter of 2003 after posting a loss in the same quarter of 2002.
Corporate functions, excluding the aforementioned resolution of income tax matters totaling $20.1 million, reflected a loss of $9.4 million in the 2003 quarter compared to a loss of $4.5 million in the first quarter 2002. The larger loss was primarily caused by higher retirement and medical expenses and lower income tax benefits in the current period.
Claiborne P. Deming, President and Chief Executive Officer, commented, “Despite weak downstream margins during much of the quarter, Murphy Oil’s consolidated earnings were the best since the second quarter of 2001. High oil prices experienced in the just completed quarter have softened and with the wind-down of the war in Iraq, I do not expect to see any significant crude oil price spikes in the near-term. Natural gas prices should hold up well in the medium term, because low storage levels will make it difficult to achieve storage needs by the start of the gas-burning season in the fall. Production is expected to average 120,000 barrels of oil equivalent per day in the second quarter. New production is set to come on at the West Patricia field in Malaysia in early May and Medusa should start up early in the third quarter. We are currently drilling the Cool Papa prospect in Green Canyon Block 380 (37.5%) and exploratory drilling in deepwater Malaysia could begin as early as May. We currently expect earnings in the second quarter
to be between $.50 and $.80 per share, with the wide range due to results of deepwater drilling in the Gulf of Mexico and Malaysia later in the quarter. Results could vary based on commodity prices, drilling results and timing of oil sales.”
The public is invited to access the Company’s conference call to discuss first quarter 2003 results on Thursday, May 1, at 12:00 p.m. CDT either via the Internet through the Investor Relations section of Murphy website at http://www.murphyoilcorp.com/ir or via the telephone by dialing 1-800-218-8862. The telephone reservation number for the call is 534535. Replays of the call will be available through the same address on the Murphy website, and a recording of the call will be available through May 5 by calling 1-800-405-2236.
Summary financial data and operating statistics for the first quarter 2003 with comparisons to 2002 are contained in the attached tables.
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.
####
MURPHY OIL CORPORATION
FUNCTIONAL RESULTS OF OPERATIONS (Unaudited)
(Millions of dollars)
| Three Months Ended March 31, 2003 |
Three Months Ended March 31, 2002* |
||||||||||||
| Revenues |
Income |
Revenues |
Income |
||||||||||
| Exploration and production |
|||||||||||||
| United States |
$ |
50.7 |
|
12.8 |
|
30.1 |
|
(2.8 |
) | ||||
| Canada |
|
181.6 |
|
55.8 |
|
120.6 |
|
17.8 |
| ||||
| United Kingdom |
|
58.2 |
|
19.1 |
|
45.5 |
|
13.2 |
| ||||
| Ecuador |
|
11.3 |
|
5.5 |
|
5.6 |
|
.8 |
| ||||
| Malaysia |
|
— |
|
(5.5 |
) |
— |
|
(8.0 |
) | ||||
| Other |
|
.7 |
|
(.8 |
) |
.6 |
|
(.5 |
) | ||||
|
|
302.5 |
|
86.9 |
|
202.4 |
|
20.5 |
| |||||
| Refining and marketing |
|||||||||||||
| North America |
|
909.5 |
|
(6.4 |
) |
489.9 |
|
(11.5 |
) | ||||
| United Kingdom |
|
122.3 |
|
2.9 |
|
80.7 |
|
(2.2 |
) | ||||
|
|
1,031.8 |
|
(3.5 |
) |
570.6 |
|
(13.7 |
) | |||||
|
|
1,334.3 |
|
83.4 |
|
773.0 |
|
6.8 |
| |||||
| Intersegment transfers elimination |
|
(13.0 |
) |
— |
|
(18.8 |
) |
— |
| ||||
|
|
1,321.3 |
|
83.4 |
|
754.2 |
|
6.8 |
| |||||
| Corporate |
|
1.0 |
|
10.7 |
|
1.0 |
|
(4.5 |
) | ||||
| Revenues/income from continuing operations |
|
1,322.3 |
|
94.1 |
|
755.2 |
|
2.3 |
| ||||
| Discontinued operations, net of taxes |
|
— |
|
— |
|
— |
|
.2 |
| ||||
| Revenues/income before cumulative effect of accounting change |
|
1,322.3 |
|
94.1 |
|
755.2 |
|
2.5 |
| ||||
| Cumulative effect of accounting change, net of taxes |
|
— |
|
(7.0 |
) |
— |
|
— |
| ||||
| Total revenues/net income |
$ |
1,322.3 |
|
87.1 |
|
755.2 |
|
2.5 |
| ||||
| * | Restated to conform to current presentation. |
MURPHY OIL CORPORATION
RECONCILIATION OF NET INCOME TO
INCOME BEFORE SPECIAL ITEMS (Unaudited)
(Millions of dollars)
| First Quarter 2003 |
||||||||||
| Income as Reported |
Special Items |
Income Before Special Items |
||||||||
| Exploration and production |
||||||||||
| United States |
$ |
12.8 |
|
12.8 |
| |||||
| Canada |
|
55.8 |
|
55.8 |
| |||||
| United Kingdom |
|
19.1 |
|
19.1 |
| |||||
| Ecuador |
|
5.5 |
|
5.5 |
| |||||
| Malaysia |
|
(5.5 |
) |
(5.5 |
) | |||||
| Other |
|
(0.8 |
) |
(0.8 |
) | |||||
|
|
86.9 |
|
86.9 |
| ||||||
| Refining and marketing |
||||||||||
| North America |
|
(6.4 |
) |
(6.4 |
) | |||||
| United Kingdom |
|
2.9 |
|
2.9 |
| |||||
|
|
(3.5 |
) |
(3.5 |
) | ||||||
| Corporate |
|
10.7 |
|
20.1 |
(a) |
(9.4 |
) | |||
| Income before cumulative effect of accounting change |
|
94.1 |
|
74.0 |
| |||||
| Cumulative effect of accounting change |
|
(7.0 |
) |
(7.0 |
)(b) |
— |
| |||
| Total |
$ |
87.1 |
|
13.1 |
|
74.0 |
| |||
| Diluted earnings per share |
$ |
0.94 |
|
0.80 |
| |||||
| (a) | Represents a benefit related to resolution of prior years' income tax matters. |
| (b) | Represents a one-time, noncash charge to adopt SFAS No. 143, Accounting for Asset Retirement Obligations, effective January 1, 2003. This one-time charge is required to recognize the effects of this accounting rule as if the Company had used this method since inception. |
| Note: | The Company's results of operations often include transactions which can affect underlying trends of operating results and comparability between years. Therefore, management uses a measure called "income before special items", which excludes those transactions. Although income before special items is a non-GAAP measure and is not considered to be an alternative to net income as reported under generally accepted accounting principles, this is the method used by management to evaluate the Company's operating results and, therefore, management believes that such information is useful to investors that want to compare the Company's earnings performance between periods. The Company has had settlements of income tax matters in the past and it may have such settlements in future periods. |
MURPHY OIL CORPORATION
CONTINUING OIL AND GAS OPERATING RESULTS (Unaudited)
| United States |
Canada |
United Kingdom |
Ecuador |
Malaysia |
Other |
Synthetic Oil – Canada |
Total | |||||||||||||
| (Millions of dollars) | ||||||||||||||||||||
| Three Months Ended March 31, 2003 |
||||||||||||||||||||
| Oil and gas sales and other operating revenues |
$ |
50.7 |
|
160.1 |
58.2 |
11.3 |
— |
|
.7 |
|
21.5 |
302.5 | ||||||||
| Production expenses |
|
7.8 |
|
19.3 |
11.5 |
4.2 |
— |
|
— |
|
14.4 |
57.2 | ||||||||
| Depreciation, depletion and amortization |
|
8.3 |
|
40.3 |
9.6 |
1.5 |
.2 |
|
.1 |
|
2.0 |
62.0 | ||||||||
| Accretion expense |
|
.8 |
|
1.2 |
.9 |
– |
— |
|
.1 |
|
.1 |
3.1 | ||||||||
| Exploration expenses |
||||||||||||||||||||
| Dry holes |
|
2.9 |
|
4.2 |
— |
– |
— |
|
— |
|
— |
7.1 | ||||||||
| Geological and geophysical |
|
3.6 |
|
1.5 |
— |
– |
4.4 |
|
— |
|
— |
9.5 | ||||||||
| Other |
|
.5 |
|
.5 |
.1 |
– |
— |
|
.1 |
|
— |
1.2 | ||||||||
|
|
7.0 |
|
6.2 |
.1 |
4.4 |
|
.1 |
|
— |
17.8 | ||||||||||
| Undeveloped lease amortization |
|
2.6 |
|
3.7 |
— |
– |
— |
|
— |
|
— |
6.3 | ||||||||
| Total exploration expenses |
|
9.6 |
|
9.9 |
.1 |
– |
4.4 |
|
.1 |
|
— |
24.1 | ||||||||
| Selling and general expenses |
|
4.6 |
|
4.1 |
1.1 |
.1 |
.9 |
|
1.6 |
|
.1 |
12.5 | ||||||||
| Income tax provisions (benefits) |
|
6.8 |
|
32.7 |
15.9 |
– |
— |
|
(.3 |
) |
1.6 |
56.7 | ||||||||
| Results of operations (excluding corporate overhead and interest) |
$ |
12.8 |
|
52.6 |
19.1 |
5.5 |
(5.5 |
) |
(.9 |
) |
3.3 |
86.9 | ||||||||
| Three Months Ended March 31, 2002* |
||||||||||||||||||||
| Oil and gas sales and other operating revenues |
$ |
30.1 |
|
98.9 |
45.5 |
5.6 |
— |
|
.6 |
|
21.7 |
202.4 | ||||||||
| Production expenses |
|
12.4 |
|
20.1 |
11.4 |
3.3 |
— |
|
— |
|
12.9 |
60.1 | ||||||||
| Depreciation, depletion and amortization |
|
8.8 |
|
34.8 |
9.8 |
1.3 |
.3 |
|
.1 |
|
2.1 |
57.2 | ||||||||
| Exploration expenses |
||||||||||||||||||||
| Dry holes |
|
5.0 |
|
12.4 |
— |
– |
5.7 |
|
— |
|
— |
23.1 | ||||||||
| Geological and geophysical |
|
2.0 |
|
7.8 |
— |
– |
.4 |
|
— |
|
— |
10.2 | ||||||||
| Other |
|
.4 |
|
.6 |
.2 |
– |
1.6 |
|
(.1 |
) |
— |
2.7 | ||||||||
|
|
7.4 |
|
20.8 |
.2 |
– |
7.7 |
|
(.1 |
) |
— |
36.0 | |||||||||
| Undeveloped lease amortization |
|
2.5 |
|
3.5 |
— |
– |
— |
|
— |
|
— |
6.0 | ||||||||
| Total exploration expenses |
|
9.9 |
|
24.3 |
.2 |
– |
7.7 |
|
(.1 |
) |
— |
42.0 | ||||||||
| Selling and general expenses |
|
3.9 |
|
3.3 |
.8 |
.2 |
— |
|
1.2 |
|
.1 |
9.5 | ||||||||
| Income tax provisions (benefits) |
|
(2.1 |
) |
3.0 |
10.1 |
– |
— |
|
(.1 |
) |
2.2 |
13.1 | ||||||||
| Results of operations (excluding corporate overhead and interest) |
$ |
(2.8 |
) |
13.4 |
13.2 |
.8 |
(8.0 |
) |
(.5 |
) |
4.4 |
20.5 | ||||||||
| * | Restated to conform to current presentation. |
MURPHY OIL CORPORATION
SUMMARIZED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Thousands of dollars, except per share amounts)
| Three Months Ended March 31, |
|||||||
| 2003 |
2002* |
||||||
| Revenues |
$ |
1,322,313 |
|
755,209 |
| ||
| Costs and expenses |
|||||||
| Crude oil and product purchases |
|
904,693 |
|
484,321 |
| ||
| Operating expenses |
|
154,013 |
|
128,362 |
| ||
| Exploration expenses |
|
24,150 |
|
42,021 |
| ||
| Selling and general expenses |
|
30,822 |
|
22,362 |
| ||
| Depreciation, depletion and amortization |
|
75,805 |
|
69,706 |
| ||
| Accretion on discounted liabilities |
|
3,115 |
|
— |
| ||
| Interest expense |
|
13,961 |
|
9,542 |
| ||
| Interest capitalized |
|
(9,536 |
) |
(4,817 |
) | ||
|
|
1,197,023 |
|
751,497 |
| |||
| Income from continuing operations before income taxes |
|
125,290 |
|
3,712 |
| ||
| Income tax expense |
|
31,185 |
|
1,381 |
| ||
| Income from continuing operations |
|
94,105 |
|
2,331 |
| ||
| Discontinued operations, net of tax |
|
— |
|
203 |
| ||
| Income before cumulative effect of change in accounting principle |
|
94,105 |
|
2,534 |
| ||
| Cumulative effect of change in accounting principle |
|
(6,993 |
) |
— |
| ||
| Net income |
$ |
87,112 |
|
2,534 |
| ||
| Per Common share—Basic |
|||||||
| Continuing operations |
$ |
1.03 |
|
0.03 |
| ||
| Discontinued operations |
|
— |
|
— |
| ||
| Cumulative effect of change in accounting principle |
|
(0.08 |
) |
— |
| ||
| Net income |
$ |
0.95 |
|
0.03 |
| ||
| Per Common share—Diluted |
|||||||
| Continuing operations |
$ |
1.02 |
|
0.03 |
| ||
| Discontinued operations |
|
— |
|
— |
| ||
| Cumulative effect of change in accounting principle |
|
(0.08 |
) |
— |
| ||
| Net income |
$ |
0.94 |
|
0.03 |
| ||
| Cash dividends per Common share |
$ |
.20 |
|
.1875 |
| ||
| Average Common shares outstanding (thousands) |
|||||||
| Basic |
|
91,738 |
|
91,018 |
| ||
| Diluted |
|
92,350 |
|
91,806 |
| ||
MURPHY OIL CORPORATION
SUMMARIZED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(Thousands of dollars)
| Three Months Ended March 31, |
|||||||
| 2003 |
2002 |
||||||
| Net income |
$ |
87,112 |
|
2,534 |
| ||
| Cash flow hedges |
|
(1,238 |
) |
(376 |
) | ||
| Foreign currency translation gain (loss) |
|
52,647 |
|
(4,996 |
) | ||
| Minimum pension liability adjustment |
|
(707 |
) |
— |
| ||
| Comprehensive income (loss) |
$ |
137,814 |
|
(2,838 |
) | ||
| * | Restated to conform to current presentation. |
MURPHY OIL CORPORATION
SUMMARIZED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Thousands of dollars)
| Three Months Ended March 31, |
|||||||
| 2003 |
2002 |
||||||
| Operating Activities |
|||||||
| Income from continuing operations |
$ |
94,105 |
|
2,331 |
| ||
| Adjustments to reconcile income from continuing operations to net cash provided by operating activities |
|||||||
| Depreciation, depletion and amortization |
|
75,805 |
|
69,706 |
| ||
| Provisions for major repairs |
|
6,410 |
|
4,579 |
| ||
| Expenditures for major repairs and dismantlement costs |
|
(3,780 |
) |
(2,104 |
) | ||
| Dry holes |
|
7,114 |
|
23,112 |
| ||
| Amortization of undeveloped leases |
|
6,332 |
|
6,062 |
| ||
| Accretion expense |
|
3,115 |
|
— |
| ||
| Deferred and noncurrent income tax benefits |
|
(14,898 |
) |
(264 |
) | ||
| Pretax gains from disposition of assets |
|
(24 |
) |
(5,736 |
) | ||
| Net (increase) decrease in operating working capital other than cash and cash equivalents |
|
44,272 |
|
(66,189 |
) | ||
| Other |
|
(5,905 |
) |
32 |
| ||
| Net cash provided by continuing operations |
|
212,546 |
|
31,529 |
| ||
| Net cash provided by discontinued operations |
|
— |
|
1,186 |
| ||
| Net cash provided by operating activities |
|
212,546 |
|
32,715 |
| ||
| Investing Activities |
|||||||
| Property additions and dry holes |
|
(183,281 |
) |
(204,613 |
) | ||
| Proceeds from sale of assets |
|
8,006 |
|
27,877 |
| ||
| Other—net |
|
30 |
|
(145 |
) | ||
| Investing activities of discontinued operations |
|
— |
|
(247 |
) | ||
| Net cash required by investing activities |
|
(175,245 |
) |
(177,128 |
) | ||
| Financing Activities |
|||||||
| Increase in notes payable |
|
42,024 |
|
156,992 |
| ||
| Decrease in nonrecourse debt of a subsidiary |
|
(9,056 |
) |
(4,051 |
) | ||
| Proceeds from exercise of stock options and employee stock purchase plans |
|
943 |
|
18,058 |
| ||
| Cash dividends paid |
|
(18,353 |
) |
(17,057 |
) | ||
| Other |
|
(72 |
) |
— |
| ||
| Net cash provided by financing activities |
|
15,486 |
|
153,942 |
| ||
| Effect of exchange rate changes on cash and cash equivalents |
|
(855 |
) |
(1,052 |
) | ||
| Net increase in cash and cash equivalents |
|
51,932 |
|
8,477 |
| ||
| Cash and cash equivalents at January 1 |
|
164,957 |
|
82,652 |
| ||
| Cash and cash equivalents at March 31 |
$ |
216,889 |
|
91,129 |
| ||
MURPHY OIL CORPORATION
OTHER FINANCIAL DATA
(Unaudited, except for December 31, 2002)
(Millions of dollars)
| March 31, 2003 |
Dec. 31, 2002 | ||||
| Working capital |
$ |
142.1 |
136.3 | ||
| Total assets |
|
4,244.3 |
3,885.8 | ||
| Long-term debt |
|||||
| Notes payable |
|
830.4 |
788.6 | ||
| Nonrecourse debt |
|
65.1 |
74.2 | ||
| Stockholders' equity |
|
1,714.4 |
1,593.6 | ||
| Three Months Ended March 31, | |||||
| 2003 |
2002 | ||||
| Capital expenditures |
|||||
| Continuing operations |
|||||
| Exploration and production |
|||||
| United States |
$ |
50.6 |
74.7 | ||
| Canada |
|
57.1 |
77.1 | ||
| Other |
|
35.7 |
25.1 | ||
|
|
143.4 |
176.9 | |||
| Refining and marketing |
|||||
| North America |
|
47.4 |
40.3 | ||
| International |
|
3.0 |
— | ||
|
|
50.4 |
40.3 | |||
| Corporate |
|
.2 |
.3 | ||
|
|
194.0 |
217.5 | |||
| Discontinued operations |
|
— |
.2 | ||
| Total capital expenditures |
|
194.0 |
217.7 | ||
| Charged to exploration expenses* |
|||||
| United States |
|
7.0 |
7.4 | ||
| Canada |
|
6.2 |
20.8 | ||
| Other international |
|
4.6 |
7.8 | ||
| Total charged to exploration expenses |
|
17.8 |
36.0 | ||
| Total capitalized |
$ |
176.2 |
181.7 | ||
| * | Excludes amortization of undeveloped leases of $6.3 million in 2003 and $6 million in 2002. |
MURPHY OIL CORPORATION
STATISTICAL SUMMARY
| Three Months Ended March 31, | ||||
| 2003 |
2002 | |||
| Net crude oil, condensate and gas liquids produced – barrels per day |
74,984 |
74,292 | ||
| Continuing operations |
74,984 |
73,130 | ||
| Crude oil and condensate |
||||
| United States |
3,175 |
4,644 | ||
| Canada – light |
1,960 |
2,912 | ||
| – heavy |
9,287 |
9,722 | ||
| – offshore |
27,792 |
19,759 | ||
| – synthetic |
9,343 |
11,342 | ||
| United Kingdom |
18,248 |
18,892 | ||
| Ecuador |
3,370 |
4,184 | ||
| Natural gas liquids |
||||
| United States |
144 |
379 | ||
| Canada |
1,474 |
1,157 | ||
| United Kingdom |
191 |
139 | ||
| Discontinued operations |
— |
1,162 | ||
| Net crude oil, condensate and gas liquids sold – barrels per day |
78,299 |
80,208 | ||
| Continuing operations |
78,299 |
79,046 | ||
| Crude oil and condensate |
||||
| United States |
3,175 |
4,689 | ||
| Canada – light |
1,960 |
2,912 | ||
| – heavy |
9,287 |
9,722 | ||
| – offshore |
29,807 |
21,436 | ||
| – synthetic |
9,343 |
11,342 | ||
| United Kingdom |
18,458 |
23,067 | ||
| Ecuador |
4,491 |
4,207 | ||
| Natural gas liquids |
||||
| United States |
144 |
334 | ||
| Canada |
1,474 |
1,157 | ||
| United Kingdom |
160 |
180 | ||
| Discontinued operations |
— |
1,162 | ||
| Net natural gas sold – thousands of cubic feet per day |
228,164 |
309,290 | ||
| Continuing operations |
228,164 |
305,737 | ||
| United States |
77,958 |
97,741 | ||
| Canada |
138,570 |
199,486 | ||
| United Kingdom |
11,636 |
8,510 | ||
| Discontinued operations |
— |
3,553 | ||
| Total net hydrocarbons produced – equivalent barrels per day* |
113,011 |
125,840 | ||
| Total net hydrocarbons sold – equivalent barrels per day* |
116,326 |
131,756 | ||
| * | Natural gas converted on an energy equivalent basis of 6:1. |
MURPHY OIL CORPORATION
STATISTICAL SUMMARY (Continued)
| Three Months Ended March 31, | ||||||
| 2003 |
2002 | |||||
| Weighted average sales prices |
||||||
| Crude oil and condensate – dollars per barrel (1) |
||||||
| United States |
$ |
24.78 |
(3) |
19.94 | ||
| Canada (2) – light |
|
29.69 |
|
17.86 | ||
| – heavy |
|
12.65 |
(3) |
13.39 | ||
| – offshore |
|
28.12 |
(3) |
21.95 | ||
| – synthetic |
|
25.63 |
(3) |
21.23 | ||
| United Kingdom |
|
32.46 |
|
20.73 | ||
| Ecuador |
|
27.88 |
|
14.84 | ||
| Natural gas liquids – dollars per barrel (1) |
||||||
| United States |
$ |
25.25 |
|
14.28 | ||
| Canada (2) |
|
26.90 |
|
11.23 | ||
| United Kingdom |
|
24.27 |
|
15.10 | ||
| Natural gas – dollars per thousand cubic feet |
||||||
| United States (1) |
$ |
6.30 |
(3) |
2.60 | ||
| Canada (2) |
|
5.20 |
(3) |
2.12 | ||
| United Kingdom (2) |
|
3.51 |
|
2.96 | ||
| Refinery inputs – barrels per day |
|
160,940 |
|
154,512 | ||
| North America |
|
124,778 |
|
117,729 | ||
| United Kingdom |
|
36,162 |
|
36,783 | ||
| Petroleum products sold – barrels per day |
|
228,261 |
|
191,318 | ||
| North America |
|
195,689 |
|
157,504 | ||
| Gasoline |
|
130,489 |
|
96,903 | ||
| Kerosine |
|
7,969 |
|
8,448 | ||
| Diesel and home heating oils |
|
37,687 |
|
35,725 | ||
| Residuals |
|
14,421 |
|
13,044 | ||
| Asphalt, LPG and other |
|
5,123 |
|
3,384 | ||
| United Kingdom |
|
32,572 |
|
33,814 | ||
| Gasoline |
|
10,001 |
|
12,848 | ||
| Kerosine |
|
2,546 |
|
2,656 | ||
| Diesel and home heating oils |
|
13,177 |
|
13,856 | ||
| Residuals |
|
4,506 |
|
2,812 | ||
| LPG and other |
|
2,342 |
|
1,642 | ||
| (1) | Includes intracompany transfers at market prices. |
| (2) | U.S. dollar equivalent. |
| (3) | Includes the effect of the Company's 2003 hedging program. |
10