(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices, including zip code) |
Registrant’s telephone number, including area code | |||
Not applicable | |||
(Former Name or Former Address, if Changed Since Last Report) |
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)) |
Title of each class | Trading Symbol | Name of each exchange on which registered |
MURPHY OIL CORPORATION | ||
Date: May 6, 2020 | | |
By: | /s/ Christopher D. Hulse | |
| Christopher D. Hulse | |
| Vice President and Controller |
Exhibit No. | |
101. INS | XBRL Instance Document |
| |
101. SCH | XBRL Taxonomy Extension Schema Document |
| |
101. CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| |
101. DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| |
101. LAB | XBRL Taxonomy Extension Labels Linkbase Document |
| |
101. PRE | XBRL Taxonomy Extension Presentation Linkbase |
• | Delivered first quarter production of 186 thousand barrels of oil equivalent per day (MBOEPD), comprised of more than 110 thousand barrels of oil per day (MBOPD) and 66 percent liquids |
• | Received $42 million of cash crude oil hedge settlements for the quarter and recorded a $358 million non-cash mark-to-market gain on crude oil contracts |
• | Reduced cash flow volatility by entering into additional crude oil hedges of 20 MBOPD for May and June 2020 at an average price of $26.45 per barrel. Overall for full year 2020, Murphy will have an average of 48 MBOPD hedged at an average price of $54.35 per barrel |
• | Recorded $968 million non-cash impairment charge due to low commodity prices in first quarter 2020 |
• | Lowered planned capital expenditures further to a midpoint of $740 million, representing approximately a 50 percent reduction from the original 2020 capital budget |
• | Announced the closure of corporate headquarters in El Dorado, Arkansas and office in Calgary, Alberta |
• | Targeted $30 to $40 million reduction in operating expenses and approximately $50 million in cash G&A and related expenses in 2020 |
• | Decreased quarterly dividend by 50 percent to $0.50 per share annualized |
2020 Revised $740 Million Capital Expenditure Guidance | |
Area | Percent of Total CAPEX |
US Onshore | 27 |
Gulf of Mexico | 43 |
Canada Onshore | 16 |
Exploration | 8 |
Canada Offshore | 3 |
Other | 3 |
2020 Revised Onshore Wells Online | ||||||
1Q 2020 | 2Q 2020 | 3Q 2020 | 4Q 2020 | 2020 Total | ||
Eagle Ford Shale | 14 | 11 | 0 | 0 | 25 | |
Kaybob Duvernay | 11 | 5 | 0 | 0 | 16 | |
Tupper Montney | 0 | 0 | 0 | 0 | 0 | |
Non-Op Eagle Ford Shale | 0 | 5 | 0 | 0 | 5 | |
Non-Op Placid Montney | 4 | 6 | 0 | 0 | 10 |
Three Months Ended March 31, | ||||||
(Thousands of dollars, except per share amounts) | 2020 | 2019 | ||||
Revenues and other income | ||||||
Revenue from sales to customers | 600,558 | 629,354 | ||||
Gain on crude contracts | 400,672 | — | ||||
Gain on sale of assets and other income | 2,498 | 1,192 | ||||
Total revenues and other income | 1,003,728 | 630,546 | ||||
Costs and expenses | ||||||
Lease operating expenses | 209,148 | 131,696 | ||||
Severance and ad valorem taxes | 9,422 | 10,097 | ||||
Transportation, gathering and processing | 44,367 | 39,542 | ||||
Exploration expenses, including undeveloped lease amortization | 20,126 | 32,538 | ||||
Selling and general expenses | 36,772 | 63,360 | ||||
Depreciation, depletion and amortization | 306,102 | 229,406 | ||||
Accretion of asset retirement obligations | 9,966 | 9,340 | ||||
Impairment of assets | 967,530 | — | ||||
Other (benefit) expense | (45,188 | ) | 30,005 | |||
Total costs and expenses | 1,558,245 | 545,984 | ||||
Operating (loss) income from continuing operations | (554,517 | ) | 84,562 | |||
Other income (loss) | ||||||
Interest and other income (loss) | 241 | (4,748 | ) | |||
Interest expense, net | (41,097 | ) | (46,069 | ) | ||
Total other loss | (40,856 | ) | (50,817 | ) | ||
(Loss) income from continuing operations before income taxes | (595,373 | ) | 33,745 | |||
Income tax (benefit) expense | (91,533 | ) | 10,822 | |||
(Loss) income from continuing operations | (503,840 | ) | 22,923 | |||
(Loss) income from discontinued operations, net of income taxes | (4,862 | ) | 49,846 | |||
Net (loss) income including noncontrolling interest | (508,702 | ) | 72,769 | |||
Less: Net (loss) income attributable to noncontrolling interest | (92,598 | ) | 32,587 | |||
NET (LOSS) INCOME ATTRIBUTABLE TO MURPHY | (416,104 | ) | 40,182 | |||
(LOSS) INCOME PER COMMON SHARE – BASIC | ||||||
Continuing operations | (2.68 | ) | (0.06 | ) | ||
Discontinued operations | (0.03 | ) | 0.29 | |||
Net (loss) income | (2.71 | ) | 0.23 | |||
(LOSS) INCOME PER COMMON SHARE – DILUTED | ||||||
Continuing operations | (2.68 | ) | (0.06 | ) | ||
Discontinued operations | (0.03 | ) | 0.29 | |||
Net (loss) income | (2.71 | ) | 0.23 | |||
Cash dividends per Common share | 0.25 | 0.25 | ||||
Average Common shares outstanding (thousands) | ||||||
Basic | 153,313 | 173,341 | ||||
Diluted | 153,313 | 174,491 |
Three Months Ended March 31, | ||||||
(Thousands of dollars) | 2020 | 2019 | ||||
Operating Activities | ||||||
Net (loss) income including noncontrolling interest | (508,702 | ) | 72,769 | |||
Adjustments to reconcile net (loss) income to net cash provided by continuing operations activities: | ||||||
Loss (income) from discontinued operations | 4,862 | (49,846 | ) | |||
Depreciation, depletion and amortization | 306,102 | 229,406 | ||||
Previously suspended exploration costs | 97 | 13,251 | ||||
Amortization of undeveloped leases | 7,478 | 8,045 | ||||
Accretion of asset retirement obligations | 9,966 | 9,340 | ||||
Impairment of assets | 967,530 | — | ||||
Deferred income tax (benefit) charge | (81,373 | ) | 15,589 | |||
Mark to market (gain) loss on contingent consideration | (59,151 | ) | 13,530 | |||
Mark to market (gain) loss of crude contracts | (358,302 | ) | — | |||
Long-term non-cash compensation | 9,805 | 22,388 | ||||
Net decrease (increase) in noncash operating working capital | 107,827 | (98,505 | ) | |||
Other operating activities, net | (13,482 | ) | (18,770 | ) | ||
Net cash provided by continuing operations activities | 392,657 | 217,197 | ||||
Investing Activities | ||||||
Property additions and dry hole costs | (354,834 | ) | (270,338 | ) | ||
Property additions for King's Quay FPS | (21,296 | ) | — | |||
Net cash required by investing activities | (376,130 | ) | (270,338 | ) | ||
Financing Activities | ||||||
Borrowings on revolving credit facility | 170,000 | — | ||||
Debt issuance, net of cost | (613 | ) | — | |||
Early retirement of debt | (3,570 | ) | — | |||
Capital lease obligation payments | (168 | ) | (160 | ) | ||
Withholding tax on stock-based incentive awards | (7,094 | ) | (6,991 | ) | ||
Distributions to noncontrolling interest | (32,399 | ) | (18,437 | ) | ||
Cash dividends paid | (38,392 | ) | (43,398 | ) | ||
Net cash provided (required) by financing activities | 87,764 | (68,986 | ) | |||
Cash Flows from Discontinued Operations 1 | ||||||
Operating activities | (1,202 | ) | 123,469 | |||
Investing activities | 4,494 | (26,438 | ) | |||
Financing activities | — | (2,547 | ) | |||
Net cash provided by discontinued operations | 3,292 | 94,484 | ||||
Cash transferred from discontinued operations to continuing operations | — | 46,080 | ||||
Effect of exchange rate changes on cash and cash equivalents | (3,298 | ) | 2,405 | |||
Net increase (decrease) in cash and cash equivalents | 100,993 | (73,642 | ) | |||
Cash and cash equivalents at beginning of period | 306,760 | 359,923 | ||||
Cash and cash equivalents at end of period | 407,753 | 286,281 |
Three Months Ended March 31, | ||||||
(Millions of dollars, except per share amounts) | 2020 | 2019 | ||||
Net (loss) income attributable to Murphy (GAAP) | (416.1 | ) | 40.2 | |||
Discontinued operations loss (income) | 4.9 | (49.8 | ) | |||
(Loss) income from continuing operations | (411.2 | ) | (9.6 | ) | ||
Adjustments (after tax): | ||||||
Impairment of assets | 692.7 | — | ||||
Mark-to-market (gain) loss on crude oil derivative contracts | (283.1 | ) | — | |||
Mark-to-market (gain) loss on contingent consideration | (46.7 | ) | 10.7 | |||
Foreign exchange (gains) losses | (4.0 | ) | 2.4 | |||
Inventory loss | 3.8 | — | ||||
Unutilized rig charges | 2.8 | — | ||||
Business development transaction costs | — | 9.8 | ||||
Write-off of previously suspended exploration wells | — | 13.2 | ||||
Total adjustments after taxes | 365.5 | 36.1 | ||||
Adjusted (loss) income from continuing operations attributable to Murphy | (45.7 | ) | 26.5 | |||
Adjusted (loss) income from continuing operations per average diluted share | (0.30 | ) | 0.15 |
(Millions of dollars) | Three Months Ended March 31, 2020 | ||||||||
Pretax | Tax | Net | |||||||
Exploration & Production: | |||||||||
United States | 775.8 | (162.9 | ) | 612.9 | |||||
Other International | 39.7 | — | 39.7 | ||||||
Total E&P | 815.5 | (162.9 | ) | 652.6 | |||||
Corporate: | (363.0 | ) | 75.9 | (287.1 | ) | ||||
Total adjustments | 452.5 | (87.0 | ) | 365.5 |
Three Months Ended March 31, | ||||||
(Millions of dollars, except per barrel of oil equivalents sold) | 2020 | 2019 | ||||
Net (loss) income attributable to Murphy (GAAP) | (416.1 | ) | 40.2 | |||
Income tax (benefit) expense | (91.5 | ) | 10.8 | |||
Interest expense, net | 41.1 | 46.1 | ||||
Depreciation, depletion and amortization expense ¹ | 286.2 | 212.1 | ||||
EBITDA attributable to Murphy (Non-GAAP) | (180.3 | ) | 309.2 | |||
Impairment of assets ¹ | 866.4 | — | ||||
Mark-to-market (gain) loss on crude oil derivative contracts | (358.3 | ) | — | |||
Mark-to-market (gain) loss on contingent consideration | (59.2 | ) | 13.5 | |||
Accretion of asset retirement obligations | 10.0 | 9.3 | ||||
Discontinued operations loss (income) | 4.9 | (49.8 | ) | |||
Inventory loss | 4.8 | — | ||||
Foreign exchange (gains) losses | (4.7 | ) | 2.6 | |||
Unutilized rig charges | 3.5 | — | ||||
Business development transaction costs | — | 12.5 | ||||
Write-off of previously suspended exploration wells | — | 13.2 | ||||
Adjusted EBITDA attributable to Murphy (Non-GAAP) | 287.1 | 310.5 | ||||
Total barrels of oil equivalents sold from continuing operations attributable to Murphy (thousands of barrels) | 17,071 | 13,497 | ||||
Adjusted EBITDA per barrel of oil equivalents sold | 16.82 | 23.01 |
Three Months Ended March 31, | ||||||
(Millions of dollars, except per barrel of oil equivalents sold) | 2020 | 2019 | ||||
Net (loss) income attributable to Murphy (GAAP) | (416.1 | ) | 40.2 | |||
Income tax (benefit) expense | (91.5 | ) | 10.8 | |||
Interest expense, net | 41.1 | 46.1 | ||||
Depreciation, depletion and amortization expense 1 | 286.2 | 212.1 | ||||
EBITDA attributable to Murphy (Non-GAAP) | (180.3 | ) | 309.2 | |||
Exploration expenses | 20.1 | 32.5 | ||||
EBITDAX attributable to Murphy (Non-GAAP) | (160.2 | ) | 341.7 | |||
Impairment of assets ¹ | 866.4 | — | ||||
Mark-to-market (gain) loss on crude oil derivative contracts | (358.3 | ) | — | |||
Mark-to-market (gain) loss on contingent consideration | (59.2 | ) | 13.5 | |||
Accretion of asset retirement obligations | 10.0 | 9.3 | ||||
Discontinued operations loss (income) | 4.9 | (49.8 | ) | |||
Inventory loss | 4.8 | — | ||||
Foreign exchange (gains) losses | (4.7 | ) | 2.6 | |||
Unutilized rig charges | 3.5 | — | ||||
Business development transaction costs | — | 12.5 | ||||
Adjusted EBITDAX attributable to Murphy (Non-GAAP) | 307.2 | 329.8 | ||||
Total barrels of oil equivalents sold from continuing operations attributable to Murphy (thousands of barrels) | 17,071 | 13,497 | ||||
Adjusted EBITDAX per barrel of oil equivalents sold | 17.99 | 24.44 |
Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | ||||||||
(Millions of dollars) | Revenues | Income (Loss) | Revenues | Income (Loss) | |||||
Exploration and production | |||||||||
United States1 | $ | 511.5 | (696.0 | ) | 500.8 | 116.2 | |||
Canada | 89.7 | (6.9 | ) | 126.8 | 7.5 | ||||
Other | 1.8 | (52.3 | ) | 2.9 | (28.3 | ) | |||
Total exploration and production | 603.0 | (755.2 | ) | 630.5 | 95.4 | ||||
Corporate | 400.7 | 251.4 | — | (72.4 | ) | ||||
Revenue/income from continuing operations | 1,003.7 | (503.8 | ) | 630.5 | 23.0 | ||||
Discontinued operations, net of tax 2 | — | (4.9 | ) | — | 49.8 | ||||
Total revenues/net income (loss) including noncontrolling interest | $ | 1,003.7 | (508.7 | ) | 630.5 | 72.8 | |||
Net income attributable to Murphy | (416.1 | ) | 40.2 |
(Millions of dollars) | United States 1 | Canada | Other | Total | |||||
Three Months Ended March 31, 2020 | |||||||||
Oil and gas sales and other operating revenues | $ | 511.5 | 89.7 | 1.8 | 603.0 | ||||
Lease operating expenses | 178.2 | 30.6 | 0.3 | 209.1 | |||||
Severance and ad valorem taxes | 9.1 | 0.3 | — | 9.4 | |||||
Transportation, gathering and processing | 34.6 | 9.8 | — | 44.4 | |||||
Depreciation, depletion and amortization | 247.5 | 52.0 | 0.5 | 300.0 | |||||
Accretion of asset retirement obligations | 8.6 | 1.4 | — | 10.0 | |||||
Impairment of assets | 927.8 | — | 39.7 | 967.5 | |||||
Exploration expenses | |||||||||
Dry holes and previously suspended exploration costs | 0.1 | — | — | 0.1 | |||||
Geological and geophysical | 1.3 | — | 3.7 | 5.0 | |||||
Other exploration | 0.8 | 0.2 | 6.5 | 7.5 | |||||
2.2 | 0.2 | 10.2 | 12.6 | ||||||
Undeveloped lease amortization | 5.1 | 0.2 | 2.2 | 7.5 | |||||
Total exploration expenses | 7.3 | 0.4 | 12.4 | 20.1 | |||||
Selling and general expenses | 3.7 | 4.4 | 1.6 | 9.7 | |||||
Other | (45.7 | ) | 0.2 | (1.2 | ) | (46.7 | ) | ||
Results of operations before taxes | (859.6 | ) | (9.4 | ) | (51.5 | ) | (920.5 | ) | |
Income tax provisions (benefits) | (163.6 | ) | (2.5 | ) | 0.8 | (165.3 | ) | ||
Results of operations (excluding Corporate segment) | $ | (696.0 | ) | (6.9 | ) | (52.3 | ) | (755.2 | ) |
Three Months Ended March 31, 2019 | |||||||||
Oil and gas sales and other operating revenues | $ | 500.8 | 126.8 | 2.9 | 630.5 | ||||
Lease operating expenses | 92.4 | 39.0 | 0.3 | 131.7 | |||||
Severance and ad valorem taxes | 9.8 | 0.3 | — | 10.1 | |||||
Transportation, gathering and processing | 31.6 | 7.9 | — | 39.5 | |||||
Depreciation, depletion and amortization | 163.9 | 59.5 | 1.0 | 224.4 | |||||
Accretion of asset retirement obligations | 7.8 | 1.5 | — | 9.3 | |||||
Exploration expenses | |||||||||
Dry holes and previously suspended exploration costs | 0.1 | — | 13.1 | 13.2 | |||||
Geological and geophysical | 0.5 | — | 5.5 | 6.0 | |||||
Other exploration | 1.2 | 0.1 | 4.0 | 5.3 | |||||
1.8 | 0.1 | 22.6 | 24.5 | ||||||
Undeveloped lease amortization | 6.9 | 0.3 | 0.8 | 8.0 | |||||
Total exploration expenses | 8.7 | 0.4 | 23.4 | 32.5 | |||||
Selling and general expenses | 17.3 | 7.6 | 5.6 | 30.5 | |||||
Other | 30.6 | 0.2 | 0.3 | 31.1 | |||||
Results of operations before taxes | 138.7 | 10.4 | (27.7 | ) | 121.4 | ||||
Income tax provisions (benefits) | 22.5 | 2.9 | 0.6 | 26.0 | |||||
Results of operations (excluding Corporate segment) | $ | 116.2 | 7.5 | (28.3 | ) | 95.4 |
Three Months Ended March 31, | ||||||
(Dollars per barrel of oil equivalents sold) | 2020 | 2019 | ||||
Continuing operations | ||||||
United States – Eagle Ford Shale | ||||||
Lease operating expense | 10.47 | 12.92 | ||||
Severance and ad valorem taxes | 2.42 | 3.03 | ||||
Depreciation, depletion and amortization (DD&A) expense | 25.03 | 23.90 | ||||
United States – Gulf of Mexico | ||||||
Lease operating expense 1 | 15.03 | 8.11 | ||||
DD&A expense | 16.58 | 14.39 | ||||
Canada – Onshore | ||||||
Lease operating expense | 4.45 | 5.89 | ||||
Severance and ad valorem taxes | 0.06 | 0.06 | ||||
DD&A expense | 9.65 | 11.03 | ||||
Canada – Offshore | ||||||
Lease operating expense | 19.53 | 17.43 | ||||
DD&A expense | 12.09 | 13.70 | ||||
Total oil and gas continuing operations | ||||||
Lease operating expense 2 | 11.41 | 8.93 | ||||
Severance and ad valorem taxes | 0.51 | 0.68 | ||||
DD&A expense | 16.70 | 15.78 | ||||
Total oil and gas continuing operations – excluding noncontrolling interest | ||||||
Lease operating expense | 11.05 | 9.01 | ||||
Severance and ad valorem taxes | 0.55 | 0.75 | ||||
DD&A expense | 16.76 | 15.54 |
Three Months Ended March 31, | ||||||
(Millions of dollars) | 2020 | 2019 | ||||
Capital expenditures for continuing operations | ||||||
Exploration and production | ||||||
United States | 245.4 | 205.5 | ||||
Canada | 108.2 | 95.7 | ||||
Other | 20.9 | 41.3 | ||||
Total | 374.5 | 342.5 | ||||
Corporate | 3.5 | 4.1 | ||||
Total capital expenditures - continuing operations 1 | 378.0 | 346.6 | ||||
Charged to exploration expenses 2 | ||||||
United States | 2.2 | 1.8 | ||||
Canada | 0.2 | 0.1 | ||||
Other | 10.2 | 22.6 | ||||
Total charged to exploration expenses - continuing operations | 12.6 | 24.5 | ||||
Total capitalized | 365.4 | 322.1 |
(Millions of dollars) | March 31, 2020 | December 31, 2019 | ||||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 407.8 | 306.8 | |||
Accounts receivable | 597.2 | 426.7 | ||||
Inventories | 68.3 | 76.1 | ||||
Prepaid expenses | 50.6 | 40.9 | ||||
Assets held for sale | 88.4 | 123.9 | ||||
Total current assets | 1,212.4 | 974.3 | ||||
Property, plant and equipment, at cost | 8,956.3 | 9,969.7 | ||||
Operating lease assets | 797.3 | 598.3 | ||||
Deferred income taxes | 210.1 | 129.3 | ||||
Deferred charges and other assets | 29.7 | 46.9 | ||||
Total assets | $ | 11,205.8 | 11,718.5 | |||
LIABILITIES AND EQUITY | ||||||
Current liabilities | ||||||
Accounts payable | 554.6 | 602.1 | ||||
Income taxes payable | 19.4 | 19.0 | ||||
Other taxes payable | 13.5 | 18.6 | ||||
Operating lease liabilities | 109.5 | 92.3 | ||||
Other accrued liabilities | 155.3 | 197.4 | ||||
Liabilities associated with assets held for sale | 12.6 | 13.3 | ||||
Total current liabilities | 864.8 | 942.8 | ||||
Long-term debt, including capital lease obligation | 2,970.2 | 2,803.4 | ||||
Asset retirement obligations | 825.5 | 825.8 | ||||
Deferred credits and other liabilities | 550.7 | 613.4 | ||||
Non-current operating lease liabilities | 702.8 | 521.3 | ||||
Deferred income taxes | 193.6 | 207.2 | ||||
Total liabilities | 6,107.5 | 5,913.9 | ||||
Equity | ||||||
Common Stock, par $1.00 | 195.1 | 195.1 | ||||
Capital in excess of par value | 924.9 | 949.4 | ||||
Retained earnings | 6,159.8 | 6,614.3 | ||||
Accumulated other comprehensive loss | (702.0 | ) | (574.2 | ) | ||
Treasury stock | (1,691.7 | ) | (1,717.2 | ) | ||
Murphy Shareholders' Equity | 4,886.1 | 5,467.5 | ||||
Noncontrolling interest | 212.2 | 337.2 | ||||
Total equity | 5,098.3 | 5,804.6 | ||||
Total liabilities and equity | $ | 11,205.8 | 11,718.5 |
Three Months Ended March 31, | |||||||
Barrels per day unless otherwise noted | 2020 | 2019 | |||||
Continuing operations | |||||||
Net crude oil and condensate | |||||||
United States | Onshore | 31,033 | 25,880 | ||||
Gulf of Mexico 1 | 78,730 | 61,048 | |||||
Canada | Onshore | 6,833 | 6,457 | ||||
Offshore | 5,138 | 7,928 | |||||
Other | 344 | 507 | |||||
Total net crude oil and condensate - continuing operations | 122,078 | 101,820 | |||||
Net natural gas liquids | |||||||
United States | Onshore | 5,585 | 5,301 | ||||
Gulf of Mexico 1 | 6,670 | 2,760 | |||||
Canada | Onshore | 1,401 | 1,093 | ||||
Total net natural gas liquids - continuing operations | 13,656 | 9,154 | |||||
Net natural gas – thousands of cubic feet per day | |||||||
United States | Onshore | 31,962 | 29,279 | ||||
Gulf of Mexico 1 | 81,950 | 19,575 | |||||
Canada | Onshore | 266,848 | 254,904 | ||||
Total net natural gas - continuing operations | 380,760 | 303,758 | |||||
Total net hydrocarbons - continuing operations including NCI 2,3 | 199,194 | 161,600 | |||||
Noncontrolling interest | |||||||
Net crude oil and condensate – barrels per day | (12,020 | ) | (12,185 | ) | |||
Net natural gas liquids – barrels per day | (559 | ) | (554 | ) | |||
Net natural gas – thousands of cubic feet per day 2 | (5,091 | ) | (3,895 | ) | |||
Total noncontrolling interest | (13,428 | ) | (13,388 | ) | |||
Total net hydrocarbons - continuing operations excluding NCI 2,3 | 185,767 | 148,212 | |||||
Discontinued operations | |||||||
Net crude oil and condensate – barrels per day | — | 25,954 | |||||
Net natural gas liquids – barrels per day | — | 744 | |||||
Net natural gas – thousands of cubic feet per day 2 | — | 101,592 | |||||
Total discontinued operations | — | 43,630 | |||||
Total net hydrocarbons produced excluding NCI 2,3 | 185,767 | 191,842 |
Three Months Ended March 31, | |||||||||
2020 | 2019 | ||||||||
Weighted average Exploration and Production sales prices 1 | |||||||||
Continuing operations | |||||||||
Crude oil and condensate – dollars per barrel | |||||||||
United States | Onshore | $ | 46.46 | $ | 57.82 | ||||
Gulf of Mexico 2 | 47.07 | 59.63 | |||||||
Canada 3 | Onshore | 37.61 | 49.80 | ||||||
Offshore | 57.27 | 62.93 | |||||||
Other | 65.55 | 67.90 | |||||||
Natural gas liquids – dollars per barrel | |||||||||
United States | Onshore | 10.79 | 17.19 | ||||||
Gulf of Mexico 2 | 8.28 | 21.30 | |||||||
Canada 3 | Onshore | 15.96 | 35.19 | ||||||
Natural gas – dollars per thousand cubic feet | |||||||||
United States | Onshore | 1.85 | 2.87 | ||||||
Gulf of Mexico 2 | 2.01 | 2.54 | |||||||
Canada 3 | Onshore | 1.62 | 2.15 |
Commodity | Type | Volumes (Bbl/d) | Price (USD/Bbl) | Remaining Period | |||||||||||
Area | Start Date | End Date | |||||||||||||
United States | WTI ¹ | Fixed price derivative swap | 45,000 | $56.42 | 4/1/2020 | 4/30/2020 | |||||||||
United States | WTI | Fixed price derivative swap | 65,000 | $47.20 | 5/1/2020 | 6/30/2020 | |||||||||
United States | WTI | Fixed price derivative swap | 45,000 | $56.42 | 7/1/2020 | 12/31/2020 |
Volumes (MMcf/d) | Price (CAD/Mcf) | Remaining Period | |||||||||||
Area | Commodity | Type | Start Date | End Date | |||||||||
Montney | Natural Gas | Fixed price forward sales at AECO | 59 | C$2.81 | 4/1/2020 | 12/31/2020 | |||||||
Montney | Natural Gas | Fixed price forward sales at AECO | 25 | C$2.62 | 1/1/2021 | 12/31/2021 |
Cover Document |
May 06, 2020 |
---|---|
Entity Information [Line Items] | |
Amendment Flag | false |
Document Type | 8-K |
Document Period End Date | May 06, 2020 |
Entity Registrant Name | MURPHY OIL CORPORATION |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-8590 |
Entity Tax Identification Number | 71-0361522 |
Entity Address, Address Line One | 300 Peach Street, P.O. Box 7000 |
Entity Address, City or Town | El Dorado, |
Entity Address, State or Province | AR |
Entity Address, Postal Zip Code | 71730-7000 |
City Area Code | (870) |
Local Phone Number | 862-6411 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $1.00 Par Value |
Trading Symbol | MUR |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000717423 |
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