Jul. 16, 2014, 3:42 PM
- Western energy companies are being told they could face China's wrath if they explore in areas now claimed by Vietnam under international maritime law, putting a freeze on some projects.
- Exxon (NYSE:XOM), whose business exposure in China is more limited than some competitors, has pledged to move ahead on exploration off Vietnam, as has Murphy Oil (NYSE:MUR), but Shell (RDS.A, RDS.B), Chevron (NYSE:CVX), Talisman Energy (NYSE:TLM) and Harvest Natural Resources (NYSE:HNR) are among firms that have held off drilling in disputed areas despite promising prospects off the Vietnamese coast.
- China earlier said it had finished drilling in the area for now and was withdrawing a drilling rig from the waters, but left the door open to future exploration there.
Jun. 30, 2014, 8:34 AM
- Murphy Oil (MUR) reportedly has agreed to sell its Milford Haven refinery in Wales to oil entrepreneur Gary Klesch for an unknown sum.
- The plant, which can produce 135K bbl/day, is currently not buying crude oil but recycling oil products to keep it operational; it was expected to be closed, as refineries in Europe are being squeezed by high crude prices and low refining margins due to weak demand.
Jun. 25, 2014, 7:17 PM
- The decision to allow two Texas companies to export condensates looks like a win for Eagle Ford Shale crude producers at the expense of refiners and companies planning to build processing plants along the Gulf coast.
- Today's selloff in refiners reflected concern that the groups will lose some of their competitive edge if condensate exports become common: Valero Energy (NYSE:VLO), the largest U.S. refiner, dropped 8.3%, PBF tumbled 10.7%, PSX fell 4.2%, and HFC slid 6.7%.
- Oppenheimer notes that PXD, DVN, MRO, COP and MUR produce the most Eagle Ford condensate, and could benefit if U.S. condensate prices close some of the gap with European prices; EOG, the largest Eagle Ford producer, produces little condensate and likely benefits little from the lifting of the condensate ban.
- Investor reaction toward Gulf Coast gathering and processing MLPs such as EPD, MMP, KMP and NGLS was more muted, since plans to build splitters in Texas may be undermined by even modest rule changes in the crude export ban that allow Eagle Ford producers to sell condensate after running it from the wellhead to their own nearby - and much cheaper - distillation towers.
May 15, 2014, 7:40 AM
- Murphy Oil (MUR) is said to be looking to sell as much as 30% of its stake in its Malaysian oil and gas assets for ~$2B, with the first round of bids due in June.
- Oil and gas production in Malaysia and off the country's coastline accounts for more than 40% of MUR's output.
- MUR apparently wants to shift focus closer to home, including its Eagle Ford Shale operations in Texas and offshore exploration in the Gulf of Mexico.
May 5, 2014, 5:42 PM
- Talisman Energy (TLM) and Statoil (STO) are considering selling their joint venture in the Eagle Ford basin, which could fetch more than $4B, Bloomberg reports.
- TLM is said to have solicited offers last year for its 50% interest in the JV and couldn’t find a buyer in part because STO wasn’t ready to exit.
- The report speculates that a sale could draw interest from large exploration companies such as Encana (ECA), Murphy Oil (MUR) and Devon Energy (DVN) that want to acquire more oil-producing properties.
Apr. 30, 2014, 5:22 PM
- Murphy Oil Corporation (MUR): Q1 Preliminary EPS of $0.96 beats by $0.02.
Apr. 25, 2014, 10:14 AM
- Canadian Oil Sands (COSWF -4.4%) announces an unplanned maintenance-related outage at Syncrude Coker 8-1, prompting it to lower its estimate for 2014 Syncrude production to 95M-105M barrels.
- National Bank downgrades shares to Underperform from Sector Perform, saying the outage could mean Q2 production will get hit especially hard since the timing could overlap with planned maintenance of another upgrader.
- Other owners of Syncrude include Imperial Oil (IMO), Suncor (SU), Murphy Oil (MUR), Sinopec (SNP) and Cnooc (CEO).
Apr. 4, 2014, 10:18 AM
- Phillips 66 (PSX +0.5%) says it is giving up its search for a buyer for its Whitegate refinery in Ireland - the only fuel-making plant on the island - after nearly a year of shopping.
- European refineries are struggling because fuel demand in the region is down amid a sluggish economy, plus there’s increasing competition from plants in the Middle East, Asia and even the U.S.
- PSX will maintain its 71K bbl/day refinery to meet existing customer contracts even though it doesn’t have the benefit of the company’s 11 plants in the U.S. with nearby cheap crude oil from North Dakota and Texas.
- At the same time, Murphy Oil (MUR +0.8%) warns it may shut or seek other alternatives for its Milford Haven refinery in Wales after talks with a potential buyer fell through; MUR has spent three years trying to unload the plant.
- Milford Haven is one of just seven remaining oil refineries in the U.K., which had 18 refineries in the 1970s.
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
- Murphy Oil (MUR): Q4 Preliminary EPS of $0.96 misses by $0.16.
Jan. 29, 2014, 12:10 AM| Jan. 29, 2014, 12:10 AM | 5 Comments
Jan. 28, 2014, 5:35 PM
Murphy Oil Corp. is a holding company, which engages in the exploration and production of oil and gas. It operates through the following geographical segments: United States, Canada, Malaysia, and Republic of the Congo. Its products include oil and gas liquids, natural gas, and synthetic oil.... More
Sector: Basic Materials
Industry: Oil & Gas Refining & Marketing
Country: United States
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