(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 | ||||||
(d) | Exhibits | ||||
MURPHY OIL CORPORATION | ||||||||
Date: January 25, 2024 | ||||||||
By: | /s/ Paul D. Vaughan | |||||||
Paul D. Vaughan | ||||||||
Vice President and Controller |
Exhibit No. | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
2023 Proved Reserves – Preliminary * | |||||||||||||||||
Category | Net Oil (MMBBL) | Net NGLs (MMBBL) | Net Gas (BCF) | Net Equiv. (MMBOE) | |||||||||||||
Proved Developed (PD) | 175 | 25 | 1,275 | 413 | |||||||||||||
Proved Undeveloped (PUD) | 87 | 12 | 1,276 | 311 | |||||||||||||
Total Proved | 262 | 37 | 2,551 | 724 | |||||||||||||
* Proved reserves exclude NCI and are based on preliminary year-end 2023 third-party audited volumes using SEC pricing. |
2024 CAPEX by Quarter ($ MMs) | |||||||||||||||||
1Q 2024E | 2Q 2024E | 3Q 2024E | 4Q 2024E | FY 2024E | |||||||||||||
$285 | $265 | $270 | $150 | $970 |
2024 Capital Expenditure Guidance | ||||||||
Area | Total CAPEX $ MMs | Percent of Total CAPEX | ||||||
Onshore | ||||||||
Eagle Ford Shale | $320 | 33 | ||||||
Kaybob Duvernay / Tupper Montney | $130 | 13 | ||||||
Offshore | ||||||||
Gulf of Mexico | $300 | 31 | ||||||
Hibernia / Terra Nova | $25 | 3 | ||||||
Other Offshore | $45 | 5 | ||||||
Exploration | ||||||||
Exploration | $120 | 12 | ||||||
Other | ||||||||
Other | $30 | 3 |
2024 Onshore Wells Online | |||||||||||||||||
1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | 2024 Total | |||||||||||||
Eagle Ford Shale | - | 7 | 12 | - | 19 | ||||||||||||
Kaybob Duvernay | - | 3 | - | - | 3 | ||||||||||||
Tupper Montney | - | 13 | - | - | 13 | ||||||||||||
Non-Op Eagle Ford Shale | 4 | - | 4 | 10 | 18 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
(Thousands of dollars, except per share amounts) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenues and other income | |||||||||||||||||||||||
Revenue from production | $ | 834,683 | 936,715 | $ | 3,376,639 | 4,038,451 | |||||||||||||||||
Sales of purchased natural gas | 7,587 | 49,404 | 72,215 | 181,689 | |||||||||||||||||||
Total revenue from sales to customers | 842,270 | 986,119 | 3,448,854 | 4,220,140 | |||||||||||||||||||
(Loss) on derivative instruments | — | (11,756) | — | (320,410) | |||||||||||||||||||
Gain on sale of assets and other income | 1,928 | 856 | 11,293 | 32,932 | |||||||||||||||||||
Total revenues and other income | 844,198 | 975,219 | 3,460,147 | 3,932,662 | |||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Lease operating expenses | 196,713 | 196,455 | 784,391 | 679,342 | |||||||||||||||||||
Severance and ad valorem taxes | 7,645 | 9,672 | 42,787 | 57,012 | |||||||||||||||||||
Transportation, gathering and processing | 57,677 | 60,492 | 232,985 | 212,711 | |||||||||||||||||||
Costs of purchased natural gas | 4,289 | 46,733 | 51,682 | 171,991 | |||||||||||||||||||
Exploration expenses, including undeveloped lease amortization | 82,287 | 60,989 | 234,776 | 133,197 | |||||||||||||||||||
Selling and general expenses | 42,908 | 41,114 | 117,306 | 131,121 | |||||||||||||||||||
Depreciation, depletion and amortization | 212,772 | 202,316 | 861,602 | 776,817 | |||||||||||||||||||
Accretion of asset retirement obligations | 11,863 | 11,518 | 46,059 | 46,243 | |||||||||||||||||||
Other operating expense | 25,197 | 21,792 | 46,530 | 137,518 | |||||||||||||||||||
Total costs and expenses | 641,352 | 651,081 | 2,418,118 | 2,345,952 | |||||||||||||||||||
Operating income from continuing operations | 202,846 | 324,138 | 1,042,029 | 1,586,710 | |||||||||||||||||||
Other loss | |||||||||||||||||||||||
Other (loss) income | (9,631) | (6,804) | (8,587) | 14,310 | |||||||||||||||||||
Interest expense, net | (23,678) | (34,657) | (112,373) | (150,759) | |||||||||||||||||||
Total other loss | (33,309) | (41,461) | (120,960) | (136,449) | |||||||||||||||||||
Income from continuing operations before income taxes | 169,537 | 282,677 | 921,069 | 1,450,261 | |||||||||||||||||||
Income tax expense | 29,108 | 61,890 | 195,921 | 309,464 | |||||||||||||||||||
Income from continuing operations | 140,429 | 220,787 | 725,148 | 1,140,797 | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | (723) | (162) | (1,467) | (2,078) | |||||||||||||||||||
Net income including noncontrolling interest | 139,706 | 220,625 | 723,681 | 1,138,719 | |||||||||||||||||||
Less: Net income attributable to noncontrolling interest | 23,421 | 21,227 | 62,122 | 173,672 | |||||||||||||||||||
NET INCOME ATTRIBUTABLE TO MURPHY | $ | 116,285 | 199,398 | $ | 661,559 | 965,047 | |||||||||||||||||
INCOME (LOSS) PER COMMON SHARE – BASIC | |||||||||||||||||||||||
Continuing operations | $ | 0.76 | 1.28 | $ | 4.27 | 6.23 | |||||||||||||||||
Discontinued operations | — | — | (0.01) | (0.01) | |||||||||||||||||||
Net income | $ | 0.76 | 1.28 | $ | 4.26 | 6.22 | |||||||||||||||||
INCOME (LOSS) PER COMMON SHARE – DILUTED | |||||||||||||||||||||||
Continuing operations | $ | 0.75 | 1.26 | $ | 4.23 | 6.14 | |||||||||||||||||
Discontinued operations | — | — | (0.01) | (0.01) | |||||||||||||||||||
Net income | $ | 0.75 | 1.26 | $ | 4.22 | 6.13 | |||||||||||||||||
Cash dividends per common share | $ | 0.275 | 0.250 | $ | 1.100 | 0.825 | |||||||||||||||||
Average common shares outstanding (thousands) | |||||||||||||||||||||||
Basic | 153,754 | 155,460 | 155,234 | 155,277 | |||||||||||||||||||
Diluted | 155,289 | 157,675 | 156,646 | 157,475 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
(Thousands of dollars) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operating Activities | |||||||||||||||||||||||
Net income including noncontrolling interest | $ | 139,706 | 220,625 | $ | 723,681 | 1,138,719 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by continuing operations activities | |||||||||||||||||||||||
Depreciation, depletion and amortization | 212,772 | 202,316 | 861,602 | 776,817 | |||||||||||||||||||
Deferred income tax expense | 27,719 | 78,974 | 179,823 | 286,079 | |||||||||||||||||||
Unsuccessful exploration well costs and previously suspended exploration costs | 61,970 | 46,861 | 169,795 | 82,085 | |||||||||||||||||||
Contingent consideration payment | — | — | (139,574) | — | |||||||||||||||||||
Long-term non-cash compensation | 19,451 | 31,634 | 61,953 | 89,246 | |||||||||||||||||||
Accretion of asset retirement obligations | 11,863 | 11,518 | 46,059 | 46,243 | |||||||||||||||||||
Amortization of undeveloped leases | 2,710 | 2,649 | 10,925 | 13,300 | |||||||||||||||||||
Mark-to-market (gain) loss on contingent consideration | — | (20,166) | 7,113 | 78,285 | |||||||||||||||||||
Mark-to-market (gain) on derivative instruments | — | (76,081) | — | (214,788) | |||||||||||||||||||
Loss from discontinued operations | 723 | 162 | 1,467 | 2,078 | |||||||||||||||||||
Loss (gain) from sale of assets | — | 972 | (12) | (17,899) | |||||||||||||||||||
Other operating activities, net | 22,679 | 7,908 | (74,716) | (34,193) | |||||||||||||||||||
Net (increase) decrease in non-cash working capital | 43,428 | (5,854) | (99,361) | (65,728) | |||||||||||||||||||
Net cash provided by continuing operations activities | 543,021 | 501,518 | 1,748,755 | 2,180,244 | |||||||||||||||||||
Investing Activities | |||||||||||||||||||||||
Property additions and dry hole costs | (163,720) | (184,593) | (1,066,015) | (985,461) | |||||||||||||||||||
Acquisition of oil and natural gas properties | (12,805) | (2,936) | (35,578) | (128,538) | |||||||||||||||||||
Proceeds from sales of property, plant and equipment | — | 6,657 | 102,913 | 4,528 | |||||||||||||||||||
Net cash required by investing activities | (176,525) | (180,872) | (998,680) | (1,109,471) | |||||||||||||||||||
Financing Activities | |||||||||||||||||||||||
Borrowings on revolving credit facility | 300,000 | 100,000 | 600,000 | 400,000 | |||||||||||||||||||
Repayment of revolving credit facility | (300,000) | (100,000) | (600,000) | (400,000) | |||||||||||||||||||
Retirement of debt | (249,500) | (201,674) | (498,175) | (647,707) | |||||||||||||||||||
Early redemption of debt cost | — | (2,876) | — | (8,295) | |||||||||||||||||||
Repurchase of common stock | (74,999) | — | (150,022) | — | |||||||||||||||||||
Contingent consideration payment | — | — | (60,243) | (81,742) | |||||||||||||||||||
Cash dividends paid | (42,321) | (38,865) | (170,978) | (128,219) | |||||||||||||||||||
Distributions to noncontrolling interest | (9,330) | (37,765) | (29,382) | (183,038) | |||||||||||||||||||
Withholding tax on stock-based incentive awards | (44) | (294) | (14,276) | (17,631) | |||||||||||||||||||
Capital lease obligation payments | (165) | (161) | (622) | (636) | |||||||||||||||||||
Issue costs of debt facility | — | (14,353) | (20) | (14,353) | |||||||||||||||||||
Net cash required by financing activities | (376,359) | (295,988) | (923,718) | (1,081,621) | |||||||||||||||||||
Net cash required by discontinued operations | — | — | — | (14,500) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (832) | 1,307 | (1,246) | (3,873) | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (10,695) | 25,965 | (174,889) | (29,221) | |||||||||||||||||||
Cash and cash equivalents at beginning of period | 327,769 | 465,998 | 491,963 | 521,184 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 317,074 | 491,963 | $ | 317,074 | 491,963 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
(Millions of dollars, except per share amounts) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net income attributable to Murphy (GAAP) 1 | $ | 116.3 | 199.4 | $ | 661.6 | 965.0 | |||||||||||||||||
Discontinued operations loss | 0.7 | 0.2 | 1.5 | 2.1 | |||||||||||||||||||
Net income from continuing operations attributable to Murphy | 117.0 | 199.6 | 663.1 | 967.1 | |||||||||||||||||||
Adjustments 2: | |||||||||||||||||||||||
Write-off of previously suspended exploration well | — | 22.7 | 17.1 | 22.7 | |||||||||||||||||||
Asset retirement obligation losses | 16.9 | 30.8 | 16.9 | 30.8 | |||||||||||||||||||
Foreign exchange loss (gain) | 11.1 | 5.7 | 10.9 | (23.0) | |||||||||||||||||||
Mark-to-market (gain) loss on contingent consideration | — | (20.2) | 7.1 | 78.3 | |||||||||||||||||||
Mark-to-market (gain) on derivative instruments | — | (76.0) | — | (214.7) | |||||||||||||||||||
Loss (gain) on sale of assets | — | 0.7 | — | (14.5) | |||||||||||||||||||
Early redemption of debt cost | — | 3.5 | — | 10.3 | |||||||||||||||||||
Total adjustments, before taxes | 28.0 | (32.8) | 52.0 | (110.1) | |||||||||||||||||||
Income tax expense (benefit) related to adjustments | (5.0) | 6.5 | (6.4) | 23.8 | |||||||||||||||||||
Total adjustments after taxes | 23.0 | (26.3) | 45.6 | (86.3) | |||||||||||||||||||
Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) | $ | 140.0 | 173.3 | $ | 708.7 | 880.8 | |||||||||||||||||
Adjusted net income from continuing operations per average diluted share (Non-GAAP) | $ | 0.90 | 1.10 | $ | 4.52 | 5.59 |
Three Months Ended December 31, 2023 | Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||||
(Millions of dollars) | Pretax | Tax | Net | Pretax | Tax | Net | |||||||||||||||||||||||||||||
Exploration & Production: | |||||||||||||||||||||||||||||||||||
United States | $ | 10.8 | (2.2) | 8.6 | $ | 17.9 | (3.7) | 14.2 | |||||||||||||||||||||||||||
Other | 6.1 | — | 6.1 | 23.2 | — | 23.2 | |||||||||||||||||||||||||||||
Corporate | 11.1 | (2.8) | 8.3 | 10.9 | (2.7) | 8.2 | |||||||||||||||||||||||||||||
Total adjustments | $ | 28.0 | (5.0) | 23.0 | $ | 52.0 | (6.4) | 45.6 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
(Millions of dollars) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net income attributable to Murphy (GAAP) 1 | $ | 116.3 | 199.4 | $ | 661.6 | 965.0 | |||||||||||||||||
Income tax expense | 29.1 | 61.9 | 195.9 | 309.5 | |||||||||||||||||||
Interest expense, net | 23.7 | 34.7 | 112.4 | 150.8 | |||||||||||||||||||
Depreciation, depletion and amortization expense 2 | 206.0 | 195.7 | 836.7 | 748.2 | |||||||||||||||||||
EBITDA attributable to Murphy (Non-GAAP) | $ | 375.1 | 491.7 | $ | 1,806.6 | 2,173.5 | |||||||||||||||||
Accretion of asset retirement obligations 2 | 10.6 | 10.2 | 41.0 | 40.9 | |||||||||||||||||||
Write-off of previously suspended exploration well | — | 22.7 | 17.1 | 22.7 | |||||||||||||||||||
Asset retirement obligation losses | 16.9 | 30.8 | 16.9 | 30.8 | |||||||||||||||||||
Foreign exchange loss (gain) | 11.1 | 5.7 | 10.8 | (23.0) | |||||||||||||||||||
Mark-to-market (gain) loss on contingent consideration | — | (20.2) | 7.1 | 78.3 | |||||||||||||||||||
Mark-to-market (gain) on derivative instruments | — | (76.0) | — | (214.7) | |||||||||||||||||||
Discontinued operations loss | 0.7 | 0.2 | 1.5 | 2.1 | |||||||||||||||||||
Loss (gain) on sale of assets 2 | — | 0.7 | — | (14.5) | |||||||||||||||||||
Adjusted EBITDA attributable to Murphy (Non-GAAP) | $ | 414.4 | 465.8 | $ | 1,901.0 | 2,096.1 | |||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
(Millions of dollars) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net income attributable to Murphy (GAAP) 1 | $ | 116.3 | 199.4 | $ | 661.6 | 965.0 | |||||||||||||||||
Income tax expense | 29.1 | 61.9 | 195.9 | 309.5 | |||||||||||||||||||
Interest expense, net | 23.7 | 34.7 | 112.4 | 150.8 | |||||||||||||||||||
Depreciation, depletion and amortization expense 2 | 206.0 | 195.7 | 836.7 | 748.2 | |||||||||||||||||||
EBITDA attributable to Murphy (Non-GAAP) | 375.1 | 491.7 | 1,806.6 | 2,173.5 | |||||||||||||||||||
Exploration expenses 2 | 82.0 | 61.0 | 204.6 | 133.2 | |||||||||||||||||||
EBITDAX attributable to Murphy (Non-GAAP) | 457.1 | 552.7 | 2,011.2 | 2,306.7 | |||||||||||||||||||
Accretion of asset retirement obligations 2 | 10.6 | 10.2 | 41.0 | 40.9 | |||||||||||||||||||
Asset retirement obligation losses | 16.9 | 30.8 | 16.9 | 30.8 | |||||||||||||||||||
Foreign exchange loss (gain) | 11.1 | 5.7 | 10.8 | (23.0) | |||||||||||||||||||
Mark-to-market (gain) loss on contingent consideration | — | (20.2) | 7.1 | 78.3 | |||||||||||||||||||
Mark-to-market (gain) on derivative instruments | — | (76.0) | — | (214.7) | |||||||||||||||||||
Discontinued operations loss | 0.7 | 0.2 | 1.5 | 2.1 | |||||||||||||||||||
Loss (gain) on sale of assets 2 | — | 0.7 | — | (14.5) | |||||||||||||||||||
Adjusted EBITDAX attributable to Murphy (Non-GAAP) | $ | 496.4 | $ | 504.1 | $ | 2,088.5 | $ | 2,206.6 | |||||||||||||||
Three Months Ended December 31, 2023 | Three Months Ended December 31, 2022 | |||||||||||||
(Millions of dollars) | Revenues | Income (Loss) | Revenues | Income (Loss) | ||||||||||
Exploration and production | ||||||||||||||
United States 1 | $ | 726.1 | 199.8 | $ | 802.0 | 296.0 | ||||||||
Canada | 114.1 | 6.8 | 180.6 | 22.9 | ||||||||||
Other | 3.9 | (15.5) | 4.3 | (23.5) | ||||||||||
Total exploration and production | 844.1 | 191.1 | 986.9 | 295.4 | ||||||||||
Corporate | 0.1 | (50.7) | (11.7) | (74.6) | ||||||||||
Continuing operations | 844.2 | 140.4 | 975.2 | 220.8 | ||||||||||
Discontinued operations, net of tax | — | (0.7) | — | (0.2) | ||||||||||
Total including noncontrolling interest | $ | 844.2 | 139.7 | $ | 975.2 | 220.6 | ||||||||
Net income attributable to Murphy | 116.3 | 199.4 |
Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||
(Millions of dollars) | Revenues | Income (Loss) | Revenues | Income (Loss) | ||||||||||
Exploration and production | ||||||||||||||
United States 1 | $ | 2,928.3 | 905.1 | $ | 3,461.2 | 1,521.9 | ||||||||
Canada | 517.5 | 41.6 | 762.9 | 134.2 | ||||||||||
Other | 11.0 | (65.5) | 23.0 | (77.0) | ||||||||||
Total exploration and production | 3,456.8 | 881.2 | 4,247.1 | 1,579.1 | ||||||||||
Corporate | 3.4 | (156.0) | (314.4) | (438.3) | ||||||||||
Continuing operations | 3,460.2 | 725.2 | 3,932.7 | 1,140.8 | ||||||||||
Discontinued operations, net of tax | — | (1.5) | — | (2.1) | ||||||||||
Total including noncontrolling interest | $ | 3,460.2 | 723.7 | $ | 3,932.7 | 1,138.7 | ||||||||
Net income attributable to Murphy | 661.6 | 965.0 |
(Millions of dollars) | United States 1 | Canada | Other | Total | ||||||||||
Three Months Ended December 31, 2023 | ||||||||||||||
Oil and gas sales and other operating revenues | $ | 726.1 | 106.6 | 3.9 | 836.6 | |||||||||
Sales of purchased natural gas | — | 7.6 | — | 7.6 | ||||||||||
Lease operating expenses | 158.3 | 38.0 | 0.5 | 196.8 | ||||||||||
Severance and ad valorem taxes | 7.3 | 0.3 | — | 7.6 | ||||||||||
Transportation, gathering and processing | 37.9 | 19.9 | — | 57.8 | ||||||||||
Costs of purchased natural gas | — | 4.3 | — | 4.3 | ||||||||||
Depreciation, depletion and amortization | 174.2 | 35.2 | 0.7 | 210.1 | ||||||||||
Accretion of asset retirement obligations | 9.8 | 1.9 | 0.1 | 11.8 | ||||||||||
Exploration expenses | ||||||||||||||
Dry holes and previously suspended exploration costs | 62.2 | — | (0.2) | 62.0 | ||||||||||
Geological and geophysical | 4.0 | — | 6.5 | 10.5 | ||||||||||
Other exploration | 1.1 | 0.1 | 5.8 | 7.0 | ||||||||||
67.3 | 0.1 | 12.1 | 79.5 | |||||||||||
Undeveloped lease amortization | 1.9 | — | 0.8 | 2.7 | ||||||||||
Total exploration expenses | 69.2 | 0.1 | 12.9 | 82.2 | ||||||||||
Selling and general expenses | 4.0 | 5.2 | 3.6 | 12.8 | ||||||||||
Other | 17.1 | 3.6 | 7.3 | 28.0 | ||||||||||
Results of operations before taxes | 248.3 | 5.7 | (21.2) | 232.8 | ||||||||||
Income tax provisions | 48.5 | (1.1) | (5.7) | 41.7 | ||||||||||
Results of operations (excluding Corporate segment) | $ | 199.8 | 6.8 | (15.5) | 191.1 | |||||||||
Three Months Ended December 31, 2022 | ||||||||||||||
Oil and gas sales and other operating revenues | $ | 802.0 | 131.2 | 4.3 | 937.5 | |||||||||
Sales of purchased natural gas | — | 49.4 | — | 49.4 | ||||||||||
Lease operating expenses | 154.5 | 41.7 | 0.3 | 196.5 | ||||||||||
Severance and ad valorem taxes | 9.3 | 0.3 | — | 9.6 | ||||||||||
Transportation, gathering and processing | 42.2 | 18.3 | — | 60.5 | ||||||||||
Costs of purchased natural gas | — | 46.7 | — | 46.7 | ||||||||||
Depreciation, depletion and amortization | 167.4 | 30.8 | 1.0 | 199.2 | ||||||||||
Accretion of asset retirement obligations | 9.2 | 2.3 | — | 11.5 | ||||||||||
Exploration expenses | ||||||||||||||
Dry holes and previously suspended exploration costs | 23.5 | — | 23.4 | 46.9 | ||||||||||
Geological and geophysical | 4.6 | 0.1 | 0.4 | 5.1 | ||||||||||
Other exploration | 1.6 | 0.1 | 4.6 | 6.3 | ||||||||||
29.7 | 0.2 | 28.4 | 58.3 | |||||||||||
Undeveloped lease amortization | 2.0 | — | 0.6 | 2.6 | ||||||||||
Total exploration expenses | 31.7 | 0.2 | 29.0 | 60.9 | ||||||||||
Selling and general expenses | 6.3 | 7.8 | (4.3) | 9.8 | ||||||||||
Other | 15.9 | 5.9 | 2.1 | 23.9 | ||||||||||
Results of operations before taxes | 365.5 | 26.6 | (23.8) | 368.3 | ||||||||||
Income tax provisions | 69.5 | 3.7 | (0.3) | 72.9 | ||||||||||
Results of operations (excluding Corporate segment) | $ | 296.0 | 22.9 | (23.5) | 295.4 |
(Millions of dollars) | United States 1 | Canada | Other | Total | ||||||||||
Year Ended December 31, 2023 | ||||||||||||||
Oil and gas sales and other operating revenues | $ | 2,928.3 | 445.3 | 11.0 | 3,384.6 | |||||||||
Sales of purchased natural gas | — | 72.2 | — | 72.2 | ||||||||||
Lease operating expenses | 630.7 | 151.8 | 1.9 | 784.4 | ||||||||||
Severance and ad valorem taxes | 41.4 | 1.4 | — | 42.8 | ||||||||||
Transportation, gathering and processing | 157.0 | 76.0 | — | 233.0 | ||||||||||
Costs of purchased natural gas | — | 51.7 | — | 51.7 | ||||||||||
Depreciation, depletion and amortization | 706.0 | 142.2 | 2.3 | 850.5 | ||||||||||
Accretion of asset retirement obligations | 37.8 | 7.8 | 0.4 | 46.0 | ||||||||||
Exploration expenses | ||||||||||||||
Dry holes and previously suspended exploration costs | 153.1 | — | 16.7 | 169.8 | ||||||||||
Geological and geophysical | 6.6 | 0.1 | 19.4 | 26.1 | ||||||||||
Other exploration | 6.8 | 0.3 | 20.9 | 28.0 | ||||||||||
166.5 | 0.4 | 57.0 | 223.9 | |||||||||||
Undeveloped lease amortization | 8.1 | 0.1 | 2.7 | 10.9 | ||||||||||
Total exploration expenses | 174.6 | 0.5 | 59.7 | 234.8 | ||||||||||
Selling and general expenses | 11.8 | 16.5 | 9.4 | 37.7 | ||||||||||
Other | 31.2 | 16.8 | 8.9 | 56.9 | ||||||||||
Results of operations before taxes | 1,137.8 | 52.8 | (71.6) | 1,119.0 | ||||||||||
Income tax provisions (benefits) | 232.7 | 11.2 | (6.1) | 237.8 | ||||||||||
Results of operations (excluding Corporate segment) | $ | 905.1 | 41.6 | (65.5) | 881.2 | |||||||||
Year Ended December 31, 2022 | ||||||||||||||
Oil and gas sales and other operating revenues | $ | 3,461.0 | 581.4 | 22.8 | 4,065.2 | |||||||||
Sales of purchased natural gas | 0.2 | 181.5 | — | 181.7 | ||||||||||
Lease operating expenses | 522.7 | 155.1 | 1.5 | 679.3 | ||||||||||
Severance and ad valorem taxes | 55.7 | 1.3 | — | 57.0 | ||||||||||
Transportation, gathering and processing | 142.2 | 70.5 | — | 212.7 | ||||||||||
Costs of purchased natural gas | 0.2 | 171.8 | — | 172.0 | ||||||||||
Depreciation, depletion and amortization | 617.0 | 141.5 | 5.4 | 763.9 | ||||||||||
Accretion of asset retirement obligations | 36.5 | 9.6 | 0.1 | 46.2 | ||||||||||
Exploration expenses | ||||||||||||||
Dry holes and previously suspended exploration costs | 23.0 | — | 59.1 | 82.1 | ||||||||||
Geological and geophysical | 8.3 | 0.3 | 1.8 | 10.4 | ||||||||||
Other exploration | 7.5 | 0.5 | 19.3 | 27.3 | ||||||||||
38.8 | 0.8 | 80.2 | 119.8 | |||||||||||
Undeveloped lease amortization | 8.7 | 0.2 | 4.4 | 13.3 | ||||||||||
Total exploration expenses | 47.5 | 1.0 | 84.6 | 133.1 | ||||||||||
Selling and general expenses | 20.4 | 21.9 | 2.2 | 44.5 | ||||||||||
Other | 126.3 | 12.4 | 3.1 | 141.8 | ||||||||||
Results of operations before taxes | 1,892.7 | 177.8 | (74.1) | 1,996.4 | ||||||||||
Income tax provisions | 370.8 | 43.6 | 2.9 | 417.3 | ||||||||||
Results of operations (excluding Corporate segment) | $ | 1,521.9 | 134.2 | (77.0) | 1,579.1 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
(Dollars per barrel of oil equivalents sold) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
United States – Onshore | |||||||||||||||||||||||
Lease operating expense | $ | 12.73 | 11.26 | $ | 12.48 | 10.94 | |||||||||||||||||
Severance and ad valorem taxes | 2.39 | 2.96 | 3.26 | 4.26 | |||||||||||||||||||
Depreciation, depletion and amortization (DD&A) expense | 26.24 | 25.50 | 26.29 | 25.55 | |||||||||||||||||||
United States – Offshore1 | |||||||||||||||||||||||
Lease operating expense | $ | 15.06 | 14.63 | $ | 14.46 | 13.19 | |||||||||||||||||
Severance and ad valorem taxes | 0.05 | 0.07 | 0.06 | 0.07 | |||||||||||||||||||
DD&A expense | 12.18 | 11.07 | 11.72 | 10.12 | |||||||||||||||||||
Canada – Onshore | |||||||||||||||||||||||
Lease operating expense | $ | 5.67 | 7.69 | $ | 5.89 | 6.75 | |||||||||||||||||
Severance and ad valorem taxes | 0.05 | 0.06 | 0.06 | 0.06 | |||||||||||||||||||
DD&A expense | 5.31 | 5.67 | 5.60 | 6.20 | |||||||||||||||||||
Canada – Offshore | |||||||||||||||||||||||
Lease operating expense | $ | 11.66 | 14.21 | $ | 12.30 | 14.20 | |||||||||||||||||
DD&A expense | 8.94 | 10.55 | 9.47 | 12.25 | |||||||||||||||||||
Total E&P continuing operations | |||||||||||||||||||||||
Lease operating expense | $ | 11.24 | 11.90 | $ | 11.18 | 10.65 | |||||||||||||||||
Severance and ad valorem taxes | 0.44 | 0.59 | 0.61 | 0.89 | |||||||||||||||||||
DD&A expense2 | 12.00 | 12.06 | 12.12 | 11.98 | |||||||||||||||||||
Total oil and gas continuing operations – excluding noncontrolling interest | |||||||||||||||||||||||
Lease operating expense | $ | 11.00 | 11.74 | $ | 10.99 | 10.50 | |||||||||||||||||
Severance and ad valorem taxes | 0.45 | 0.61 | 0.63 | 0.93 | |||||||||||||||||||
DD&A expense2 | 12.05 | 12.13 | 12.20 | 12.09 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
(Millions of dollars) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Exploration and production | |||||||||||||||||||||||
United States1 | $ | 193.7 | 199.8 | $ | 837.7 | 877.4 | |||||||||||||||||
Canada | 35.5 | 33.4 | 206.1 | 209.3 | |||||||||||||||||||
Other | 14.5 | 24.3 | 70.2 | 74.8 | |||||||||||||||||||
Total | 243.7 | 257.5 | 1,114.0 | 1,161.5 | |||||||||||||||||||
Corporate | 8.7 | 7.8 | 24.1 | 21.7 | |||||||||||||||||||
Total capital expenditures - continuing operations2 | 252.4 | 265.3 | 1,138.1 | 1,183.2 | |||||||||||||||||||
Charged to exploration expenses3 | |||||||||||||||||||||||
United States1 | 67.3 | 29.8 | 166.5 | 38.8 | |||||||||||||||||||
Canada | 0.1 | 0.1 | 0.4 | 0.8 | |||||||||||||||||||
Other | 12.1 | 28.4 | 57.0 | 80.2 | |||||||||||||||||||
Total charged to exploration expenses - continuing operations | 79.5 | 58.3 | 223.9 | 119.8 | |||||||||||||||||||
Total capitalized | $ | 172.9 | 207.0 | $ | 914.2 | 1,063.4 |
(Thousands of dollars) | December 31, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 317,074 | 491,963 | ||||||||
Accounts receivable, net | 343,992 | 391,152 | |||||||||
Inventories | 54,454 | 54,513 | |||||||||
Prepaid expenses | 36,674 | 34,697 | |||||||||
Total current assets | 752,194 | 972,325 | |||||||||
Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization | 8,225,197 | 8,228,016 | |||||||||
Operating lease assets | 745,185 | 946,406 | |||||||||
Deferred income taxes | 435 | 117,889 | |||||||||
Deferred charges and other assets | 43,686 | 44,316 | |||||||||
Total assets | $ | 9,766,697 | 10,308,952 | ||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Current maturities of long-term debt, finance lease | $ | 723 | 687 | ||||||||
Accounts payable | 446,891 | 543,786 | |||||||||
Income taxes payable | 21,007 | 26,544 | |||||||||
Other taxes payable | 29,339 | 22,819 | |||||||||
Operating lease liabilities | 207,840 | 220,413 | |||||||||
Other accrued liabilities | 140,745 | 443,585 | |||||||||
Total current liabilities | 846,545 | 1,257,834 | |||||||||
Long-term debt, including finance lease obligation | 1,328,352 | 1,822,452 | |||||||||
Asset retirement obligations | 904,051 | 817,268 | |||||||||
Deferred credits and other liabilities | 309,605 | 304,948 | |||||||||
Non-current operating lease liabilities | 551,845 | 742,654 | |||||||||
Deferred income taxes | 276,646 | 214,903 | |||||||||
Total liabilities | 4,217,044 | 5,160,059 | |||||||||
Equity | |||||||||||
Common Stock, par $1.00 | 195,101 | 195,101 | |||||||||
Capital in excess of par value | 880,297 | 893,578 | |||||||||
Retained earnings | 6,546,079 | 6,055,498 | |||||||||
Accumulated other comprehensive loss | (521,117) | (534,686) | |||||||||
Treasury stock | (1,737,566) | (1,614,717) | |||||||||
Murphy Shareholders' Equity | 5,362,794 | 4,994,774 | |||||||||
Noncontrolling interest | 186,859 | 154,119 | |||||||||
Total equity | 5,549,653 | 5,148,893 | |||||||||
Total liabilities and equity | $ | 9,766,697 | 10,308,952 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
(Barrels per day unless otherwise noted) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net crude oil and condensate | ||||||||||||||||||||||||||
United States - Onshore | 22,277 | 22,521 | 24,070 | 24,437 | ||||||||||||||||||||||
United States - Offshore 1 | 71,360 | 74,406 | 73,473 | 65,411 | ||||||||||||||||||||||
Canada - Onshore | 2,443 | 3,344 | 2,937 | 4,005 | ||||||||||||||||||||||
Canada - Offshore | 3,741 | 2,643 | 3,020 | 2,812 | ||||||||||||||||||||||
Other | 258 | 654 | 250 | 700 | ||||||||||||||||||||||
Total net crude oil and condensate | 100,079 | 103,568 | 103,750 | 97,365 | ||||||||||||||||||||||
Net natural gas liquids | ||||||||||||||||||||||||||
United States - Onshore | 4,699 | 4,924 | 4,617 | 5,181 | ||||||||||||||||||||||
United States - Offshore 1 | 5,195 | 5,150 | 5,924 | 4,597 | ||||||||||||||||||||||
Canada - Onshore | 610 | 785 | 681 | 903 | ||||||||||||||||||||||
Total net natural gas liquids | 10,504 | 10,859 | 11,222 | 10,681 | ||||||||||||||||||||||
Net natural gas – thousands of cubic feet per day | ||||||||||||||||||||||||||
United States - Onshore | 26,730 | 29,104 | 25,863 | 29,050 | ||||||||||||||||||||||
United States - Offshore 1 | 65,714 | 68,282 | 70,239 | 63,380 | ||||||||||||||||||||||
Canada - Onshore | 393,805 | 300,756 | 369,906 | 310,230 | ||||||||||||||||||||||
Total net natural gas | 486,249 | 398,142 | 466,008 | 402,660 | ||||||||||||||||||||||
Total net hydrocarbons - including NCI 2,3 | 191,625 | 180,784 | 192,640 | 175,156 | ||||||||||||||||||||||
Noncontrolling interest | ||||||||||||||||||||||||||
Net crude oil and condensate – barrels per day | (6,296) | (6,614) | (6,210) | (7,452) | ||||||||||||||||||||||
Net natural gas liquids – barrels per day | (255) | (249) | (220) | (280) | ||||||||||||||||||||||
Net natural gas – thousands of cubic feet per day | (2,368) | (1,992) | (2,089) | (2,468) | ||||||||||||||||||||||
Total noncontrolling interest 2,3 | (6,946) | (7,195) | (6,778) | (8,143) | ||||||||||||||||||||||
Total net hydrocarbons - excluding NCI 2,3 | 184,679 | 173,589 | 185,862 | 167,013 | ||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Crude oil and condensate – dollars per barrel | |||||||||||||||||||||||
United States - Onshore | $ | 78.81 | 83.06 | $ | 76.96 | 96.00 | |||||||||||||||||
United States - Gulf of Mexico 1 | 79.38 | 82.11 | 77.38 | 94.21 | |||||||||||||||||||
Canada - Onshore 2 | 72.16 | 80.75 | 72.84 | 89.88 | |||||||||||||||||||
Canada - Offshore 2 | 84.49 | 87.47 | 84.20 | 107.47 | |||||||||||||||||||
Other 2 | 94.24 | 101.20 | 86.60 | 94.37 | |||||||||||||||||||
Natural gas liquids – dollars per barrel | |||||||||||||||||||||||
United States - Onshore | 19.47 | 24.20 | 19.69 | 33.85 | |||||||||||||||||||
United States - Gulf of Mexico 1 | 21.67 | 25.90 | 21.94 | 36.01 | |||||||||||||||||||
Canada - Onshore 2 | 24.87 | 48.99 | 35.87 | 55.65 | |||||||||||||||||||
Natural gas – dollars per thousand cubic feet | |||||||||||||||||||||||
United States - Onshore | 2.33 | 4.70 | 2.26 | 6.04 | |||||||||||||||||||
United States - Gulf of Mexico 1 | 2.65 | 6.25 | 2.78 | 6.97 | |||||||||||||||||||
Canada - Onshore 2 | 2.02 | 2.96 | 2.06 | 2.76 |
Volumes (MMcf/d) | Price/MCF | Remaining Period | ||||||||||||||||||||||||||||||||||||
Area | Commodity | Type 1 | Start Date | End Date | ||||||||||||||||||||||||||||||||||
Canada | Natural Gas | Fixed price forward sales | 162 | C$2.39 | 1/1/2024 | 12/31/2024 | ||||||||||||||||||||||||||||||||
Canada | Natural Gas | Fixed price forward sales | 25 | US$1.98 | 1/1/2024 | 10/31/2024 | ||||||||||||||||||||||||||||||||
Canada | Natural Gas | Fixed price forward sales | 15 | US$1.98 | 11/1/2024 | 12/31/2024 |
Oil BOPD | NGLs BOPD | Gas MCFD | Total BOEPD | ||||||||||||||||||||
Production – net | |||||||||||||||||||||||
U.S. – Eagle Ford Shale | 19,400 | 4,400 | 24,400 | 27,900 | |||||||||||||||||||
– Gulf of Mexico excluding NCI | 59,500 | 4,700 | 56,500 | 73,600 | |||||||||||||||||||
Canada – Tupper Montney | — | — | 327,100 | 54,500 | |||||||||||||||||||
– Kaybob Duvernay and Placid Montney | 2,000 | 400 | 7,000 | 3,600 | |||||||||||||||||||
– Offshore | 7,200 | — | — | 7,200 | |||||||||||||||||||
Other | 200 | — | — | 200 | |||||||||||||||||||
Total net production (BOEPD) - excluding NCI 1 | 163,000 to 171,000 | ||||||||||||||||||||||
Exploration expense ($ millions) | $24 | ||||||||||||||||||||||
FULL YEAR 2024 GUIDANCE | |||||||||||||||||||||||
Total net production (BOEPD) - excluding NCI 2 | 180,000 to 188,000 | ||||||||||||||||||||||
Capital expenditures – excluding NCI ($ millions) 3 | $920 to $1,020 | ||||||||||||||||||||||
¹ Excludes noncontrolling interest of MP GOM of 6,300 BOPD of oil, 300 BOPD of NGLs, and 2,500 MCFD gas. | |||||||||||||||||||||||
² Excludes noncontrolling interest of MP GOM of 6,400 BOPD of oil, 300 BOPD of NGLs, and 2,500 MCFD gas. | |||||||||||||||||||||||
³ Excludes noncontrolling interest of MP GOM of $22 million. |
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