Murphy Oil Corporation announced preliminary financial and operating results for the fourth quarter and full-year ended December 31, 2015. The net loss of $587.1 million, or $3.41 per diluted share, includes a non-cash impairment of oil and natural gas properties of $192.2 million, or $123.5 million net of taxes, as a result of further declines in market prices for future production since the end of third quarter. The net loss from continuing operations in the fourth quarter of 2015 was $583.2 million, or $3.39 per diluted share. The company reported an adjusted loss, which excludes both the results of discontinued operations and certain other items that affect comparability of results between periods, of $130.5 million, or $0.76 per diluted share in the fourth quarter of 2015. Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations in the fourth quarter 2015 totaled a negative $122.0 million, or $6.41 per barrel of oil equivalent (boe) sold, inclusive of the impact of the aforementioned $282.0 million in deepwater rig exit costs. Earnings before interest, taxes, depreciation, amortization and exploration expenses (EBITDAX) in the fourth quarter 2015 totaled $97.1 million, or $5.10 per boe sold.

Fourth quarter 2015 production averaged nearly 200,800 barrels of oil equivalent per day (boepd), slightly ahead of its 199,000 boepd guidance, primarily due to higher natural gas production from the Montney area in Western Canada and higher production in Malaysia for Sarawak natural gas

For the year-ended December 31, 2015, Murphy reported a net loss of $2,270.8 million, or $13.03 per diluted share which includes non-cash impairments of oil and natural gas properties totaling $2,493.2 million, or $1,660.0 million net of taxes. EBITDA from continuing operations for the full-year 2015 totaled $948.1 million, or $12.38 per boe sold. EBITDAX for the same period totaled $1,419.0 million, or $18.53 per boe sold. Both EBITDA and EBITDAX were greatly impacted by a 47% decrease in Brent and WTI oil prices between the comparative periods and the Deepwater rig contract exit costs. The company spent $2.19 billion as compared to original CapEx plan of $2.3 billion.

Production for the full-year 2015 averaged 207,903 boepd. Details for 2015 production can be found in the attached schedules.

Murphy is planning 2016 capital expenditures for operations to be $825.0 million, which is approximately 62% lower than the $2.19 billion spent in 2015. Approximately, 45% will be allocated toward offshore, 41% will be allocated toward the Eagle Ford Shale and 14% will be allocated toward Canada onshore. At this time, the capital program for 2016 remains under review for additional downward revisions should lower commodity prices persist.

Production for the first quarter 2016 is estimated in the range of 190,000 - 194,000 boepd with full-year 2016 production to be in the range of 180,000 to 185,000 boepd.