Apr. 3, 2014, 7:49 AM
- Murphy Oil (MUR) and OMV (OMVJF) team up to enter an exploration project offshore Namibia, acquiring a combined 65% interest in two exploration blocks from Brazil's Cowan Petroleum.
- MUR will become operator of the joint venture with a 40% stake in each block.
- OMV says offshore Namibia offers great exploration potential as it is largely unexplored yet with all the elements of an effective hydrocarbon system.
Mar. 25, 2014, 4:34 PM
- Memorial Production Partners (MEMP) agrees to acquire Eagle Ford oil and gas properties from Alta Mesa Holdings for $173M.
- The acquired properties consist of 15,200 gross acres and interests in 117 wells currently producing ~1,650 boe/day (80% oil, 10% natural gas liquids, 10% natural gas) net to MEMP; Murphy Oil (MUR) is the primary operator of the acquired properties.
- The deal is structured so that MEMP gradually will acquire the all of the seller's working and net revenue interest in the 117 producing wells over three years.
- MEMP updates 2014 guidance for annual production of 67B-69B cfe, adjusted EBITDA $303M-$311M, distributable cash flow $158M$166M, DCF coverage 1.15x-1.25x, maintenance capex $81M, growth capex $50M-$80M.
Mar. 19, 2014, 3:26 PM
- Oil and gas companies pledged ~$872M for drilling rights in the Gulf of Mexico during today's high-stakes auction that demonstrated plenty of enthusiasm for offshore development in both shallow and deep water.
- BP, which had been forced to sit out the last three auctions under a government contract suspension, won 24 of its 31 bids for drilling leases in the central Gulf, including territory near its failed Macondo well.
- The highest single bid came from Freeport McMoRan (FCX), which pledged $69M and beat out five other companies for the rights to drill a tract in the Atwater Valley leasing area, home to at least five discoveries.
- FCX won 16 of its 17 bids with a $321M price tag, more than three times as much as the next-biggest spender, Chevron (CVX), which scored $103M in high bids; Murphy Oil (MUR) was no. 3 with 16 bids totaling nearly $50M.
- Cobalt Energy (CIE) was the most aggressive bidder, winning 44 of 46 offers worth $26M.
Mar. 6, 2014, 8:52 AM
- Murphy Oil (MUR) is set to take a significant stake in one or two blocks off Namibia as it nears a farm-in deal with Brazil's Cowan Oil & Gas, according to Upstream.
- MUR reportedly will acquire a 45% stake and take over operatorship from Cowan, Austria's OMV will get a 20% share, leaving Cowan also with 20% and state player Namcor at 15%.
- The deal is said to have already been approved by the country’s Ministry of Mines and Energy.
Feb. 14, 2014, 4:34 AM
- Murphy Oil (MUR) is thinking about following some of its U.S. peers and selling Asian oil and gas assets worth as much as $3B, Reuters reports.
- One possible deal is the sale of 30% of Murphy's operations in Malaysia; the company also has interests in Vietnam, Indonesia, Brunei and Australia.
- Murphy has been inspired by the strong demand for assets that Newfield Exploration and Hess sold in auctions last year.
Jan. 29, 2014, 5:36 PM
Jan. 29, 2014, 12:10 AM| Jan. 29, 2014, 12:10 AM | 5 Comments
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Jan. 7, 2014, 5:53 PM
- Murphy Oil (MUR) increases its Q4 production guidance to 205K boe/day from 199M boe/day due to a further shift of the shut-in work on the Kikeh FPSO for the tie of the new Siakap North-Petai field offshore Malaysia until later this month; the revised tie-in schedule is due to weather and execution delays experienced in Q4 2013.
- The shift in the tie-in work into 2014 along with Kikeh-related mechanical repairs is expected to reduce 2014 production to 235K-240K boe/day vs. earlier guidance of 240K-245K.
Nov. 4, 2013, 8:49 AM
- One bidder remains as a possible buyer for Murphy Oil's (MUR) 130K bbl/day Milford Haven refinery in Wales but the process is close to collapse, Reuters reports, the latest British plant to face closure amid lower demand and competition from newer refineries elsewhere in the world.
- Many analysts believe the plant is likely to be turned into a storage terminal.
Oct. 30, 2013, 6:21 PM
- Murphy Oil's (MUR) Q3 results are its first since completing the spinoff of its U.S. fuel-making and distribution business into a new firm.
- Unadjusted Q3 earnings jumped 26% Y/Y but fell short of estimates; MUR did not provide a revenue figure.
- Total production rose 14%, totaling ~207K boe/day, exceeding the company's outlook issued last month; it sees Q4 total production of ~199K boe/day.
- Oil production climbed 31%, while average realized oil prices added 0.7%; natural gas volume fell 8.7%, though average North America gas sales prices rose 15%.
Oct. 30, 2013, 5:59 PM
Oct. 4, 2013, 2:12 PM
- As Gulf coast states prepare for the advance of tropical storm Karen, BP says it is shutting in all of its oil and natural gas production in the deepwater Gulf of Mexico, and Anadarko (APC) says it has removed all workers and shut in all production at its eastern Gulf facilities.
- Last year, BP produced 214K bbl/day from the Gulf, making it the largest producer in the region.
- Shell (RDS.A, RDS.B), Exxon (XOM), Chevron (CVX), Marathon Oil (MRO) and Murphy Oil (MUR) are all removing non-essential workers from their offshore facilities.
- Seven major refineries with a combined capacity of 1.8M bbl/day - ~10% of the U.S. total - are in Karen's path; Phillips 66 (PSX) and Valero (VLO) say they're continuing to monitor the storm's progress.
- Crude oil price gains remain subdued, as WTI +0.2% to $103.50/bbl and Brent +0.1% to $109.07.
- ETFs: OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI, BNO, UOIL, DOIL.
Sep. 10, 2013, 9:48 AM
- Murphy Oil (MUR -0.5%) raises its Q3 production guidance, now expecting 198K boe/day vs. earlier guidance of 190K; production for FY 2013 remains unchanged at 203K boe/day.
- The upward adjustment is attributed to a shift in the timing of the planned shutdown of the Kikeh FPSO vessel for the tie-in of the new Siakap North-Petai field; the scheduled outage initially planned to be completed within Q3 has shifted into Q4 due to the timing of SNP pipeline installations.
Sep. 3, 2013, 12:46 PM
Sep. 3, 2013, 11:31 AM
- Murphy Oil (MUR -13%) completes the spinoff of its U.S. retail marketing business into an independent public company, Murphy USA, which begins trading today on the NYSE under the ticker MUSA.
- To complete the spinoff, MUR shareholders received one common share of MUSA for every four shares of MUR stock.
- Andrew Clyde will be president and CEO of the new company, which will include more than 1,100 retail outlets, seven product distribution terminals and two ethanol production facilities in North Dakota and Texas.
- Howard Weil upgrades shares to Outperform and raises its target to $76 from $69, seeing increased upside based on valuation versus peers and a new management team focused on stock price appreciation.
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