UNITED STATES
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 27, 2005
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 or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition
The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition.”
On April 27, 2005, Murphy Oil Corporation issued a press release announcing its earnings for the first quarter that ended on March 31, 2005. The full text of this press release is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
| (c) | Exhibits |
| 99.1 | A news release dated April 27, 2005 announcing earnings for the first quarter that ended on March 31, 2005 is attached hereto 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 hereunto duly authorized.
| MURPHY OIL CORPORATION | ||
| By: | /s/ John W. Eckart | |
| John W. Eckart | ||
| Controller | ||
Date: April 27, 2005
Exhibit Index
| 99.1 | Press release dated April 27, 2005, as issued by Murphy Oil Corporation. |
Exhibit 99.1
MURPHY OIL ANNOUNCES EARNINGS
EL DORADO, Arkansas, April 27, 2005 – Murphy Oil Corporation (NYSE: MUR) announced today that net income in the first quarter of 2005 was $113.2 million ($1.20 per diluted share) compared to net income of $98.2 million ($1.05 per diluted share) in the first quarter of 2004. Net income in the prior year’s first quarter included income from discontinued operations of $17.5 million ($.19 per share) related to results of certain conventional oil and gas properties in Western Canada that were sold in the second quarter of last year. First quarter income from continuing operations was $113.2 million ($1.20 per share) in 2005 and $80.7 million ($.86 per share) in 2004. The improvement in 2005 results was mostly attributable to higher exploration and production earnings and lower net corporate costs.
Murphy’s income from continuing exploration and production operations was $124.9 million in the first quarter of 2005 compared to $101.2 million in the same quarter of 2004. Higher realized sales prices for crude oil and natural gas and higher crude oil sales volumes were the primary reasons for improved earnings. Partially offsetting the improvements in prices and volumes were higher exploration expenses, which increased from $49.1 million in the 2004 period to $70.3 million in 2005. The increase in exploration expense in 2005 was primarily caused by two dry holes in the Republic of Congo following a discovery at the Azurite Marine #1 well in January 2005. In the United States, higher exploration costs for 3-D seismic and leasehold amortization was mostly offset by lower deepwater Gulf of Mexico dry holes costs. The first quarter of 2004 included a $15.4 million after-tax gain on disposal of the Simsboro and Sligo onshore natural gas properties in the United States. The Company’s worldwide crude oil and condensate sales prices averaged $39.90 per barrel for the current quarter compared to $30.95 per barrel in the first quarter of 2004. Total crude oil and gas liquids production from continuing operations was 108,738 barrels per day in the first quarter of 2005 compared to 95,128 barrels per day in the 2004 quarter. The 14% increase in crude oil volumes in the 2005 period was mostly attributable to higher production from the Medusa and Front Runner fields in the deepwater Gulf of Mexico. The Company recommenced sales of its current oil production from Block 16 in Ecuador in the first quarter 2005, but has thus far achieved no settlement with the other owners related to the Company’s entitlement of approximately 1.5 million barrels
withheld by the operator in 2004 during a dispute over Murphy’s new transportation and marketing arrangement. North American natural gas sales prices averaged $6.71 per thousand cubic feet (MCF) in the most recent quarter compared to $5.88 per MCF in the same quarter of 2004. Natural gas sales volumes from continuing operations of 112 million cubic feet per day in the first quarter of 2005 were down from 124 million cubic feet per day in the 2004 period, primarily due to Viosca Knoll Block 783 production in the Gulf of Mexico being offline much of the just completed quarter following damages incurred in 2004 from Hurricane Ivan.
Murphy’s refining and marketing operations incurred a loss of $5.5 million in the 2005 quarter compared to a loss of $6.4 million in the 2004 quarter. The Company’s North American operations lost $8.3 million in the first quarter of 2005 and $10.5 million in the 2004 period. The smaller loss was primarily due to better performance and margins at the Meraux refinery. However, margins for the Company’s U.S. retail gasoline system were lower and were hurt by rising wholesale gasoline prices during much of the current period. Refining and marketing operations in the U.K. earned $2.8 million in the first quarter of 2005, down from a $4.1 million profit in the same quarter of 2004, with the weaker results based on operating margins that also were squeezed by higher crude prices during the 2005 period.
Corporate functions reflected a loss of $6.2 million in the 2005 quarter compared to a loss of $14.1 million in the first quarter 2004. The 2005 period included higher interest income related to a settlement of U.S. tax matters, higher gains on foreign exchange, and lower net interest expense due to a combination of less outstanding debt and higher interest capitalized on development projects. These favorable variances were partially offset by more administrative costs, primarily for stock-based compensation associated with a higher Company-share price in the 2005 period.
Claiborne P. Deming, President and Chief Executive Officer, commented, “The Company’s financial results continue to benefit from strong oil and gas prices that have carried over into the second quarter. Our exploration drilling program in Malaysia in the second quarter includes wildcats in Block SK 311 in shallow water and Block K in deepwater. Drilling in the Republic of Congo will recommence in the third quarter when the rig again becomes available. Production and sales volumes are expected to average about 126,000 barrels of oil equivalent per day in the second quarter. Thus far in April, we have realized much stronger U.S. downstream margins, so we are optimistic that this will lead to better overall results in our downstream business for the full second quarter. We
currently expect earnings in the second quarter to be between $1.80 and $2.00 per share. Results could vary based on commodity prices, drilling results, timing of oil sales, and refining and marketing margins.”
The public is invited to access the Company’s conference call to discuss first quarter 2005 results on Thursday, April 28, at 12:00 p.m. CDT either via the Internet through the Investor Relations section of Murphy’s website at http://www.murphyoilcorp.com/ir or via the telephone by dialing 1-800-218-4007. The telephone reservation number for the call is 11028320. 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 2 at 1-800-405-2236.
Summary financial data and operating statistics for the first quarter 2005 with comparisons to 2004 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, 2005 |
Three Months Ended March 31, 2004 |
||||||||||||
| Revenues |
Income |
Revenues |
Income |
||||||||||
| Exploration and production |
|||||||||||||
| United States |
$ | 182.7 | 61.9 | 131.3 | 36.5 | ||||||||
| Canada |
155.6 | 55.4 | 142.5 | 53.6 | |||||||||
| United Kingdom |
40.3 | 17.0 | 38.4 | 13.8 | |||||||||
| Ecuador |
20.3 | 5.2 | 16.4 | 2.9 | |||||||||
| Malaysia |
62.1 | 9.7 | 25.6 | (4.0 | ) | ||||||||
| Other |
.9 | (24.3 | ) | 1.0 | (1.6 | ) | |||||||
| 461.9 | 124.9 | 355.2 | 101.2 | ||||||||||
| Refining and marketing |
|||||||||||||
| North America |
1,758.4 | (8.3 | ) | 1,187.8 | (10.5 | ) | |||||||
| United Kingdom |
195.0 | 2.8 | 132.8 | 4.1 | |||||||||
| 1,953.4 | (5.5 | ) | 1,320.6 | (6.4 | ) | ||||||||
| 2,415.3 | 119.4 | 1,675.8 | 94.8 | ||||||||||
| Intersegment transfers elimination |
(11.0 | ) | — | (18.4 | ) | — | |||||||
| 2,404.3 | 119.4 | 1,657.4 | 94.8 | ||||||||||
| Corporate |
10.6 | (6.2 | ) | 2.3 | (14.1 | ) | |||||||
| Revenues/income from continuing operations |
2,414.9 | 113.2 | 1,659.7 | 80.7 | |||||||||
| Discontinued operations, net of taxes |
— | — | — | 17.5 | |||||||||
| Total revenues/net income |
$ | 2,414.9 | 113.2 | 1,659.7 | 98.2 | ||||||||
MURPHY OIL CORPORATION
CONTINUING OIL AND GAS OPERATING RESULTS (Unaudited)
| (Millions of dollars) |
United States |
Canada |
United Kingdom |
Ecuador |
Malaysia |
Other |
Synthetic Oil – Canada |
Total | |||||||||||
| Three Months Ended March 31, 2005 |
|||||||||||||||||||
| Oil and gas sales and other operating revenues |
$ | 182.7 | 118.8 | 40.3 | 20.3 | 62.1 | .9 | 36.8 | 461.9 | ||||||||||
| Production expenses |
24.0 | 13.9 | 3.7 | 5.7 | 6.8 | — | 20.6 | 74.7 | |||||||||||
| Depreciation, depletion and amortization |
26.3 | 31.8 | 5.9 | 4.5 | 12.3 | — | 2.9 | 83.7 | |||||||||||
| Accretion of asset retirement obligations |
1.1 | .8 | .4 | — | .1 | .1 | .1 | 2.6 | |||||||||||
| Exploration expenses |
|||||||||||||||||||
| Dry holes |
15.6 | — | — | — | 15.0 | 20.7 | — | 51.3 | |||||||||||
| Geological and geophysical |
8.1 | .3 | — | — | 1.6 | — | — | 10.0 | |||||||||||
| Other |
.7 | .1 | .1 | — | — | 1.1 | — | 2.0 | |||||||||||
| 24.4 | .4 | .1 | — | 16.6 | 21.8 | — | 63.3 | ||||||||||||
| Undeveloped lease amortization |
5.8 | .8 | — | — | — | .4 | — | 7.0 | |||||||||||
| Total exploration expenses |
30.2 | 1.2 | .1 | — | 16.6 | 22.2 | — | 70.3 | |||||||||||
| Selling and general expenses |
4.2 | 2.3 | .9 | .1 | 2.1 | 2.6 | .2 | 12.4 | |||||||||||
| Income tax expenses |
35.0 | 22.2 | 12.3 | 4.8 | 14.5 | .3 | 4.2 | 93.3 | |||||||||||
| Results of operations (excluding corporate overhead and interest) |
$ | 61.9 | 46.6 | 17.0 | 5.2 | 9.7 | (24.3 | ) | 8.8 | 124.9 | |||||||||
| Three Months Ended March 31, 2004 |
|||||||||||||||||||
| Oil and gas sales and other operating revenues |
$ | 131.3 | 103.1 | 38.4 | 16.4 | 25.6 | 1.0 | 39.4 | 355.2 | ||||||||||
| Production expenses |
17.9 | 9.2 | 6.4 | 7.9 | 2.7 | — | 19.7 | 63.8 | |||||||||||
| Depreciation, depletion and amortization |
16.9 | 25.9 | 7.3 | 2.9 | 5.3 | — | 2.7 | 61.0 | |||||||||||
| Accretion of asset retirement obligations |
.9 | .7 | .7 | — | .1 | .1 | .1 | 2.6 | |||||||||||
| Exploration expenses |
|||||||||||||||||||
| Dry holes |
28.6 | — | — | — | 13.4 | .1 | — | 42.1 | |||||||||||
| Geological and geophysical |
1.3 | .7 | — | — | .1 | .2 | — | 2.3 | |||||||||||
| Other |
.4 | .2 | .1 | — | — | .1 | — | .8 | |||||||||||
| 30.3 | .9 | .1 | — | 13.5 | .4 | — | 45.2 | ||||||||||||
| Undeveloped lease amortization |
3.3 | .6 | — | — | — | — | — | 3.9 | |||||||||||
| Total exploration expenses |
33.6 | 1.5 | .1 | — | 13.5 | .4 | — | 49.1 | |||||||||||
| Selling and general expenses |
5.8 | 2.4 | .8 | .1 | 1.3 | 2.2 | .2 | 12.8 | |||||||||||
| Income tax expenses (benefits) |
19.7 | 20.9 | 9.3 | 2.6 | 6.7 | (.1 | ) | 5.6 | 64.7 | ||||||||||
| Results of operations (excluding corporate overhead and interest) |
$ | 36.5 | 42.5 | 13.8 | 2.9 | (4.0 | ) | (1.6 | ) | 11.1 | 101.2 | ||||||||
MURPHY OIL CORPORATION
SUMMARIZED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Thousands of dollars, except per share amounts)
| Three Months Ended March 31, |
|||||||
| 2005 |
2004* |
||||||
| Revenues |
$ | 2,414,872 | 1,659,694 | ||||
| Costs and expenses |
|||||||
| Crude oil and product purchases |
1,789,544 | 1,178,887 | |||||
| Operating expenses |
203,643 | 168,410 | |||||
| Exploration expenses |
70,295 | 49,149 | |||||
| Selling and general expenses |
36,305 | 30,681 | |||||
| Depreciation, depletion and amortization |
104,754 | 80,196 | |||||
| Accretion of asset retirement obligations |
2,639 | 2,507 | |||||
| Interest expense |
12,036 | 14,288 | |||||
| Interest capitalized |
(7,567 | ) | (4,252 | ) | |||
| 2,211,649 | 1,519,866 | ||||||
| Income from continuing operations before income taxes |
203,223 | 139,828 | |||||
| Income tax expense |
90,070 | 59,132 | |||||
| Income from continuing operations |
113,153 | 80,696 | |||||
| Income from discontinued operations, net of tax |
— | 17,543 | |||||
| Net income |
$ | 113,153 | 98,239 | ||||
| Per Common share – Basic |
|||||||
| Continuing operations |
$ | 1.23 | .88 | ||||
| Discontinued operations |
— | .19 | |||||
| Net income |
$ | 1.23 | 1.07 | ||||
| Per Common share – Diluted |
|||||||
| Continuing operations |
$ | 1.20 | .86 | ||||
| Discontinued operations |
— | .19 | |||||
| Net income |
$ | 1.20 | 1.05 | ||||
| Cash dividends per Common share |
$ | .225 | .20 | ||||
| Average Common shares outstanding (thousands) |
|||||||
| Basic |
92,124 | 91,926 | |||||
| Diluted |
93,903 | 93,173 | |||||
* Reclassified to conform to 2005 presentation.
MURPHY OIL CORPORATION
SUMMARIZED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Thousands of dollars)
| Three Months Ended March 31, |
|||||||
| 2005 |
2004 |
||||||
| Operating Activities |
|||||||
| Income from continuing operations |
$ | 113,153 | 80,696 | ||||
| Adjustments to reconcile income from continuing operations to net cash provided by operating activities |
|||||||
| Depreciation, depletion and amortization |
104,754 | 80,196 | |||||
| Provisions for major repairs |
7,164 | 7,612 | |||||
| Expenditures for major repairs and asset retirement obligations |
(10,095 | ) | (6,358 | ) | |||
| Dry holes |
51,282 | 42,104 | |||||
| Amortization of undeveloped leases |
6,982 | 3,907 | |||||
| Accretion of asset retirement obligations |
2,639 | 2,507 | |||||
| Deferred and noncurrent income tax charges |
119 | 8,787 | |||||
| Pretax gains from disposition of assets |
(311 | ) | (29,207 | ) | |||
| Net (increase) decrease in operating working capital other than cash and cash equivalents |
(57,296 | ) | 75,243 | ||||
| Other |
(11,769 | ) | 205 | ||||
| Net cash provided by continuing operations |
206,622 | 265,692 | |||||
| Net cash provided by discontinued operations |
— | 40,183 | |||||
| Net cash provided by operating activities |
206,622 | 305,875 | |||||
| Investing Activities |
|||||||
| Property additions and dry holes |
(259,328 | ) | (195,516 | ) | |||
| Proceeds from sale of assets |
583 | 37,140 | |||||
| Proceeds from maturities of marketable securities |
17,892 | — | |||||
| Other – net |
(276 | ) | (893 | ) | |||
| Investing activities of discontinued operations |
— | (15,837 | ) | ||||
| Net cash required by investing activities |
(241,129 | ) | (175,106 | ) | |||
| Financing Activities |
|||||||
| Decrease in notes payable |
(9,640 | ) | (60,534 | ) | |||
| Decrease in nonrecourse debt of a subsidiary |
— | (7,879 | ) | ||||
| Proceeds from exercise of stock options and employee stock purchase plans |
337 | 926 | |||||
| Cash dividends paid |
(20,748 | ) | (18,394 | ) | |||
| Net cash used in financing activities |
(30,051 | ) | (85,881 | ) | |||
| Effect of exchange rate changes on cash and cash equivalents |
(7,103 | ) | 73 | ||||
| Net (decrease) increase in cash and cash equivalents |
(71,661 | ) | 44,961 | ||||
| Cash and cash equivalents at January 1 |
535,525 | 252,425 | |||||
| Cash and cash equivalents at March 31 |
$ | 463,864 | 297,386 | ||||
MURPHY OIL CORPORATION
OTHER FINANCIAL DATA
(Unaudited, except for December 31, 2004)
(Millions of dollars)
| March 31, 2005 |
Dec. 31, 2004 | ||||
| Total assets |
$ | 5,488,740 | 5,458,243 | ||
| Total current assets |
1,568,835 | 1,629,363 | |||
| Total current liabilities |
1,167,051 | 1,204,991 | |||
| Long-term debt |
|||||
| Notes payable |
597,776 | 597,735 | |||
| Nonrecourse debt |
15,485 | 15,620 | |||
| Stockholders’ equity |
2,728,557 | 2,649,156 | |||
| Three Months Ended March 31, | |||||
| 2005 |
2004 | ||||
| Capital expenditures |
|||||
| Exploration and production |
|||||
| United States |
$ | 60.1 | 59.4 | ||
| Canada |
54.4 | 54.5 | |||
| Malaysia |
81.8 | 45.3 | |||
| Other international |
39.7 | 5.1 | |||
| 236.0 | 164.3 | ||||
| Refining and marketing |
|||||
| North America |
32.6 | 32.3 | |||
| International |
1.5 | 1.8 | |||
| 34.1 | 34.1 | ||||
| Corporate |
1.3 | .3 | |||
| Total capital expenditures |
271.4 | 198.7 | |||
| Charged to exploration expenses* |
|||||
| United States |
24.4 | 30.3 | |||
| Canada |
.4 | .9 | |||
| Malaysia |
16.6 | 13.5 | |||
| Other international |
21.9 | .5 | |||
| Total charged to exploration expenses |
63.3 | 45.2 | |||
| Total capitalized |
$ | 208.1 | 153.5 | ||
*Excludes amortization of undeveloped leases of $7.0 million in 2005 and $3.9 million in 2004.
MURPHY OIL CORPORATION
STATISTICAL SUMMARY
| Three Months Ended March 31, | ||||
| 2005 |
2004 | |||
| Net crude oil, condensate and gas liquids produced – barrels per day |
108,738 | 102,426 | ||
| Continuing operations |
108,738 | 95,128 | ||
| Crude oil and condensate |
||||
| United States |
32,596 | 18,608 | ||
| Canada – light |
182 | 228 | ||
| – heavy |
10,953 | 4,381 | ||
| – offshore |
25,003 | 28,879 | ||
| – synthetic |
7,795 | 12,527 | ||
| United Kingdom |
8,659 | 11,570 | ||
| Ecuador |
7,644 | 7,805 | ||
| Malaysia |
15,181 | 10,420 | ||
| Natural gas liquids |
||||
| United States |
220 | 97 | ||
| Canada |
462 | 503 | ||
| United Kingdom |
43 | 110 | ||
| Discontinued operations |
— | 7,298 | ||
| Net crude oil, condensate and gas liquids sold – barrels per day |
108,894 | 101,478 | ||
| Continuing operations |
108,894 | 94,180 | ||
| Crude oil and condensate |
||||
| United States |
32,596 | 18,608 | ||
| Canada – light |
182 | 228 | ||
| – heavy |
10,953 | 4,381 | ||
| – offshore |
24,145 | 30,486 | ||
| – synthetic |
7,795 | 12,527 | ||
| United Kingdom |
8,225 | 11,573 | ||
| Ecuador |
8,441 | 7,625 | ||
| Malaysia |
15,875 | 8,045 | ||
| Natural gas liquids |
||||
| United States |
220 | 97 | ||
| Canada |
462 | 503 | ||
| United Kingdom |
— | 107 | ||
| Discontinued operations |
— | 7,298 | ||
| Net natural gas sold – thousands of cubic feet per day |
112,502 | 212,555 | ||
| Continuing operations |
112,502 | 124,160 | ||
| United States |
90,798 | 98,515 | ||
| Canada |
11,851 | 14,564 | ||
| United Kingdom |
9,853 | 11,081 | ||
| Discontinued operations |
— | 88,395 | ||
| Total net hydrocarbons produced – equivalent barrels per day1,2 |
127,488 | 115,821 | ||
| Total net hydrocarbons sold – equivalent barrels per day1,2 |
127,644 | 114,873 | ||
1Natural gas converted on an energy equivalent basis of 6:1.
2Continuing operations only.
MURPHY OIL CORPORATION
STATISTICAL SUMMARY (Continued)
| Three Months Ended March 31, | |||||
| 2005 |
2004 | ||||
| Weighted average sales prices |
|||||
| Crude oil and condensate – dollars per barrel (1) |
|||||
| United States |
$ | 42.35 | 31.77 | ||
| Canada (2) – light |
46.92 | 33.59 | |||
| – heavy |
14.68 | 16.63 | |||
| – offshore |
43.61 | 31.54 | |||
| – synthetic |
52.48 | 34.56 | |||
| United Kingdom |
47.72 | 31.61 | |||
| Ecuador |
26.77 | 23.68 | |||
| Malaysia |
43.31 | 34.82 | |||
| Natural gas liquids – dollars per barrel (1) |
|||||
| United States |
$ | 31.92 | 27.36 | ||
| Canada (2) |
36.55 | 28.43 | |||
| United Kingdom |
— | 25.86 | |||
| Natural gas – dollars per thousand cubic feet |
|||||
| United States (1) |
$ | 6.79 | 5.97 | ||
| Canada (2) |
6.10 | 5.29 | |||
| United Kingdom (2) |
5.48 | 4.72 | |||
| Refinery inputs – barrels per day |
182,304 | 170,888 | |||
| North America |
143,742 | 135,035 | |||
| United Kingdom |
38,562 | 35,853 | |||
| Petroleum products sold – barrels per day |
357,044 | 301,718 | |||
| North America |
318,410 | 266,630 | |||
| Gasoline |
210,838 | 183,480 | |||
| Kerosine |
10,874 | 8,307 | |||
| Diesel and home heating oils |
68,630 | 58,522 | |||
| Residuals |
23,194 | 13,076 | |||
| Asphalt, LPG and other |
4,874 | 3,245 | |||
| United Kingdom |
38,634 | 35,088 | |||
| Gasoline |
10,436 | 12,472 | |||
| Kerosine |
2,833 | 3,294 | |||
| Diesel and home heating oils |
17,509 | 12,944 | |||
| Residuals |
4,332 | 4,142 | |||
| LPG and other |
3,524 | 2,236 | |||
(1) Includes intracompany transfers at market prices.
(2) U.S. dollar equivalent.