Murphy Oil Corporation Announces Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Production Guidance for the First Quarter of 2018 and Production and Capital Expenditures Guidance for the Year 2018
January 31, 2018 at 10:30 pm
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Murphy Oil Corporation announced unaudited consolidated earnings and operating results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total revenues of $541,585,000 compared to $481,550,000 a year ago. Operating income from continuing operations was $19,894,000 compared to loss of $60,063,000 a year ago. Income from continuing operations before income taxes was $2,375,000 compared to loss of $80,055,000 a year ago. Loss from continuing operations was $284,761,000 or $1.65 per basic and diluted share compared to $62,780,000 or $0.36 per basic and diluted share a year ago. Net loss was $286,791,000 or $1.66 per basic and diluted share compared to $63,922,000 or $0.37 per basic and diluted share a year ago. Net cash provided by continuing operations activities was $310,107,000 compared to $320,445,000 a year ago. Property additions and dry hole costs was $303,250,000 compared to $145,280,000 a year ago. Adjusted income was $13 million or $0.08 per diluted share compared to loss of $26.9 million or $0.16 per diluted share a year ago. EBITDA (Non-GAAP) was $288.6 million compared to $221 million a year ago. EBITDAX (Non-GAAP) was $334.1 million compared to $239 million a year ago.
For the year, the company reported total revenues of $2,225,129,000 compared to $1,811,238,000 a year ago. Operating income from continuing operations was $321,573,000 compared to loss of $407,836,000 a year ago. Income from continuing operations before income taxes was $71,802,000 compared to loss of $493,115,000 a year ago. Loss from continuing operations was $310,936,000 or $1.81 per basic and diluted share compared to $273,943,000 or $1.59 per basic and diluted share a year ago. Net loss was $311,789,000 or $1.81 per basic and diluted share compared to $275,970,000 or $1.60 per basic and diluted share a year ago. Net cash provided by continuing operations activities was $1,129,675,000 compared to $600,795,000 a year ago. Property additions and dry hole costs was $1,009,667,000 compared to $926,948,000 a year ago. Adjusted loss was $22 million or $0.13 per diluted share compared to $230.1 million or $1.34 per diluted share a year ago. EBITDA (Non-GAAP) was $1,211.3 million compared to $804.2 million a year ago. EBITDAX (Non-GAAP) was $1,334.1 million compared to $906.1 million a year ago.
Production in the fourth quarter 2017 averaged 168,000 barrels of oil equivalent per day (Mboepd). Production was impacted in the quarter due to the following temporary factors: delayed production recovery following Hurricane Harvey along with shut-ins for offset operator fracs in the Eagle Ford Shale of 900 barrels of oil equivalent per day (boepd); unplanned downtime at the non-operated Habanero field, which is shut-in due to a fire at the Enchilada facility, and unplanned downtime at the non-operated Hibernia field for a combined total of 900 boepd; and the impacts from Typhoon Tembin and Tropical Storm Kai Tak in Malaysia of 800 boepd.
For the year, the company reported total net hydrocarbons produced equivalent barrels per day of 163,536 compared to 175,654 a year ago. Total net hydrocarbons sold equivalent barrels per day was 162,524 compared to 174,593 a year ago.
The company is planning 2018 capital expenditures to be $1,056 million which assumes an oil price of $50 to $55 per barrel WTI and a Henry Hub natural gas price of $2.90 to $3.00 per Mcf. Production for the full year 2018 production to be in the range of 166 to 170 Mboepd. North America onshore unconventional production represents 57% of full year guidance.
Production for the first quarter 2018 is estimated to be in the range of 164 to 168 Mboepd. Total net sales is expected in the range of 161,000 BOEPD to 165,000 BOEPD.
Murphy Oil Corporation is an independent oil and gas exploration and production company. The Company is engaged in both onshore and offshore operations and properties. The Companyâs geographic segments include the United States, Canada, and all other countries. It produces crude oil, natural gas and natural gas liquids primarily in the United States and Canada and explores for crude oil, natural gas and natural gas liquids in targeted areas worldwide. In the United States, it produces crude oil, natural gas liquids and natural gas primarily from fields in the Gulf of Mexico and in the Eagle Ford Shale area of South Texas. It holds rights to approximately 133 thousand gross acres in South Texas in the Eagle Ford Shale unconventional oil and natural gas play. In Canada, it holds working interests in Tupper Montney (100% owned), Kaybob Duvernay (operated) and two non-operated offshore assets: the Hibernia and Terra Nova fields, located offshore Newfoundland in the Jeanne dâArc Basin.
Murphy Oil Corporation Announces Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Production Guidance for the First Quarter of 2018 and Production and Capital Expenditures Guidance for the Year 2018