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Murphy Oil Announces Preliminary Quarterly Earnings

Stocks in this article: MUR

Worldwide production totaled 181,558 barrels of oil equivalent per day in the 2012 third quarter, up from 174,801 barrels of oil equivalent per day in the 2011 quarter. Crude oil, condensate and gas liquids production was 105,796 barrels per day in the 2012 quarter compared to 96,437 barrels per day in 2011. Higher oil volume produced in the 2012 quarter was mostly attributable to the Eagle Ford Shale area and the Kikeh field; development drilling operations are ongoing in the Eagle Ford Shale and new wells have been brought on production at Kikeh. These increases were partially offset by lower production in 2012 at Terra Nova, offshore Newfoundland, where the field was shut-in for maintenance during the quarter, and at the Azurite field, offshore Republic of the Congo, primarily due to a well that was offline awaiting a fourth quarter rig workover. Natural gas sales volumes averaged 454 million cubic feet per day in the 2012 quarter, down from 470 million cubic feet per day in the prior year’s quarter. Lower gas volumes were produced in 2012 at the Tupper area in British Columbia, where voluntary shut-ins have occurred and development activities have been deferred due to depressed North American natural gas sales prices. Additionally, gas sales volumes were lower offshore

Sarawak, Malaysia mainly due to maintenance at the third party onshore receiving facilities. U.S. natural gas sales volumes rose in the third quarter 2012 due to higher production at Eagle Ford Shale properties.

The average sales price for the Company’s crude oil, condensate and gas liquids was $96.09 per barrel in the 2012 third quarter, compared to $95.95 per barrel in the 2011 quarter. Natural gas sales prices in North America averaged $2.61 per thousand cubic feet (MCF) in the 2012 quarter, down significantly from the $4.20 per MCF realized during the 2011 quarter. Natural gas sold from fields offshore Sarawak, Malaysia averaged $7.59 per MCF in the 2012 quarter compared to $7.54 per MCF a year ago.

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