Profile: Murphy Oil Corp (MUR.N)
5 Dec 2016
Murphy Oil Corporation, incorporated on June 29, 1964, is an oil and gas exploration and production company. The Company's exploration and production business explores for and produces crude oil, natural gas and natural gas liquids across the world. The Company's exploration and production activities are subdivided into four geographic segments, including the United States, Canada, Malaysia and all other countries. The Company's principal exploration and production activities are conducted in the United States by Murphy Exploration & Production Company-USA (Murphy Expro USA), in Malaysia, Australia, Brunei, Vietnam, and Namibia by Murphy Exploration & Production Company-International (Murphy Expro International) and its subsidiaries, and in Western Canada and offshore Eastern Canada by Murphy Oil Company Ltd. (MOCL) and its subsidiaries. The Company's crude oil, condensate and natural gas liquids production averages to approximately 136,634 barrels per day.
In the United States, the Company has production of crude oil, natural gas liquids and natural gas from fields in the Eagle Ford Shale area of South Texas and in the deepwater Gulf of Mexico. The Company produces approximately 70,675 barrels of crude oil and gas liquids per day and approximately 87 million cubic feet (MMCF) of natural gas per day in the United States. The Company holds rights to approximately 157,000 gross acres in South Texas in the Eagle Ford Shale unconventional oil and gas play. The Company's total oil and natural gas production in the Eagle Ford area is over 54,900 barrels per day and approximately 38 MMCF per day, respectively. The Company's proved reserves in the Eagle Ford Shale area totaled to approximately 207.9 million barrels of crude oil, over 32.1 million barrels of natural gas liquids and over 166 billion cubic feet of natural gas. The Company holds approximately 70% interest in Dalmatian in DeSoto Canyon Blocks 4, 48 and 134, over 60% interest in Medusa in Mississippi Canyon Blocks 538/582, and approximately 62.5% working interests in the Front Runner field in Green Canyon Blocks 338/339 and the Thunder Hawk field in Mississippi Canyon Block 734. The Company has total proved reserves for Gulf of Mexico fields of approximately 34.2 million barrels of oil and gas liquids, and over 66 billion cubic feet of natural gas. The Company's total the United States proved reserves are approximately 238.9 million barrels of crude oil, over 35.4 million barrels of natural gas liquids and over 232 billion cubic feet of natural gas.
In Canada, the Company holds one heavy oil area and one natural gas area in the Western Canadian Sedimentary Basin (WCSB). In addition, the Company owns interests in approximately three non-operated assets-the Hibernia and Terra Nova field's offshore Newfoundland in the Jeanne d'Arc Basin and Syncrude Canada Ltd. (Syncrude) in northern Alberta. The Company has approximately 101 thousand net acres of Montney mineral rights, which includes the Tupper natural gas producing area located in northeast British Columbia. The Company has approximately 267 thousand net acres of mineral rights in the Seal field located in the Peace River oil sands area of northwest Alberta. Daily production in the WCSB averages to approximately 5,456 barrels of heavy oil and approximately 197 MMCF of natural gas. Total WCSB proved liquids and natural gas reserves, excluding Syncrude, are approximately 4.6 million barrels and 894 billion cubic feet, respectively. The Company has a 6.5% working interest in Hibernia, while at Terra Nova the Company's working interest is 10.475%. The Company has an oil production of over 4,400 barrels of oil per day at Hibernia and over 3,000 barrels per day at Terra Nova. Total proved oil reserves at Hibernia and Terra Nova are approximately 16.3 million barrels and 7.4 million barrels, respectively. The Company owns a 5% interest in Syncrude, a joint venture located over 25 miles north of Fort McMurray, Alberta. Total proved synthetic oil reserves for Syncrude is approximately 114.8 million barrels.
In Malaysia, the Company has interests in approximately eight separate production sharing contracts (PSCs). The Company serves as the operator of all these areas other than the unitized Kakap-Gumusut field. The Company has a 59.5% interest in oil and natural gas discoveries made in two shallow-water blocks, SK 309 and SK 311, offshore Sarawak. Approximately 15,900 barrels of oil and gas liquids per day is produced at Blocks SK 309/311. Total net natural gas sales volume offshore Sarawak is over 122 MMCF per day. Total proved reserves of liquids and natural gas for Blocks SK 309/311 are 13.3 million barrels and approximately 203 billion cubic feet, respectively. The Company has interests in approximately three Block K discovered fields, which include Kikeh, Kakap and Siakap North. Total gross acreage held by the Company in Block K is approximately 82,000 acres. Production volumes at Kikeh averages to approximately 14,700 barrels of oil per day. Kakap oil production is totaled to over 7,000 net barrels of oil per day. The Company also has an interest in deepwater Block H offshore Sabah. Total gross acreage held by the Company in Block H is approximately 15.99 million acres. Total natural gas proved reserves for Block H were approximately 311 billion cubic feet. The Company has a 42% interest in a gas holding area covering approximately 2,000 gross acres in Block P. The Company has working interest in Block SK 314A, which includes approximately 1.12 million gross acres. The Company has interest in offshore Block SK 2C, which includes approximately 1.08 million gross acres. The Company has interests in gas holding agreements for Kenarong and Pertang discoveries made in Block PM 311 located offshore peninsular Malaysia.
In Australia, the Company holds approximately eight offshore exploration permits and serves as operator of six of them. The Company has working interest and operatorship in Block AC/P36 in the Browse Basin. The Company holds 100% working interest in the WA-476-P permit in the Carnarvon Basin. Murphy holds working interest and operatorship of the WA-481-P in the Perth Basin, offshore Western Australia, which covers approximately 4.30 million gross acres. The Company has non-operated working interest in permit WA-408-P in the Browse Basin, which comprises approximately 417 thousand gross acres. The Company has working interest in permit EPP43 in the Ceduna Basin, offshore South Australia, which cover approximately 4.08 million gross acres. The Company holds interests in AC/P57 and AC/P58 in the Vulcan Sub Basin, offshore Western Australia, which covers approximately 82 thousand and 692 thousand gross acres, respectively. Its AC/P59 covers approximately 300 thousand gross acres.
In Brunei, the Company has working interests in Block CA-1 and Block CA-2. The CA-1 and CA-2 blocks cover approximately 1.44 million and 1.49 million gross acres, respectively. In Vietnam, the Company has interests in Blocks 144 and 145, which cover approximately 6.55 million gross acres and are located in the outer Phu Khanh Basin. The Company also holds interests in Block 11-2/11, Block 13-03 and 15-1/05. In Indonesia, the Company has interests in approximately two exploration licenses in Indonesia and serves as operator of these concessions. It holds interests in Wokam II block, Semai IV block and Semai II block. In Equatorial Guinea, the Company holds working interest in block W, which is located offshore mainland Equatorial Guinea and encompasses approximately 557 thousand gross acres with water depths ranging from 1,200 to 2,000 meters. In Namibia, the Company holds working interest and operatorship of Blocks 2613 A/B, which encompasses approximately 2,734 thousand gross acres with water depths ranging from 400 to 2,500 meters. In Cameroon, the Company holds working interest and operatorship of the Ntem concession, which is situated in the Douala Basin offshore Cameroon, encompasses approximately 573 thousand gross acres, with water depths ranging from 300 to 1,900 meters. In Suriname, the Company holds working interest and operatorship of Block 48 offshore Suriname, which encompasses approximately 794 thousand gross acres with water depths ranging from 1,000 to 3,000 meters.
Murphy Oil Corp
300 Peach St
PO Box 7000
EL DORADO AR 71731-7000
Company Web Links
- BRIEF-Murphy Oil entered into an amendment of its existing revolving credit facility
- BRIEF-Murphy Oil upsizes offering of $550 mln of senior notes due 2024
- BRIEF-Murphy Oil announces offering of $500 mln senior notes
- BRIEF-Murphy Oil Corp announces intent to enter into new credit facility
- BRIEF-Murphy Oil cuts quarterly cash dividend