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Murphy Cuts Production Forecast

The company blames problems at the Terra Nova field off the coast of Canada.
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Murphy Oil

(MUR) - Get Murphy Oil Corporation Report

lowered its first-quarter and full-year production guidance, mainly because of problems at the Terra Nova field off the eastern coast of Canada.

Production for the quarter and for 2006 will be about 110,000 barrels of oil equivalent a day, Murphy said Wednesday. Besides the setback from the Terra Nova field, Murphy's forecast for Gulf of Mexico production is also lower and includes continued downtime for a nonoperated field that remains partly offline following Hurricane Katrina.

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Dry-hole charges for the first quarter will probably total $27 million to $58 million.

Shares of Murphy ended regular trading up 30 cents at $47.79.