EL DORADO, Arkansas, January 23, 2012 - Murphy
Oil Corporation (NYSE:MUR) announced today that its
wholly owned subsidiary, Murphy West Africa, Ltd. will
take a non-cash charge to earnings of approximately
$370 million in the fourth quarter 2011 related to its
Azurite field located offshore Republic of the Congo as
the result of an asset impairment due to lower than
expected production rates and ultimate oil recovery
from the field.
This press release contains forward-looking
statements as defined in the Private Securities
Litigation Reform Act of 1995. These statements, which
express management's current views concerning
future events or results, are subject to inherent risks
and uncertainties. Factors that could cause actual
results to differ materially from those expressed or
implied in our forward-looking statements include, but
are not limited to, the volatility and level of crude
oil and natural gas prices, the level and success rate
of our exploration programs, our ability to maintain
production rates and replace reserves, customer demand
for our products, political and regulatory instability,
and uncontrollable natural hazards. For further
discussion of risk factors, see Murphy's 2010
Annual Report on Form 10-K on file with the U.S.
Securities and Exchange Commission. Murphy undertakes
no duty to publicly update or revise any
forward-looking statements.
For More Information
Barry Jeffery
Investor/ Media Relations
P.O. Box 7000
El Dorado, AR 71731-7000
(870) 864-6501
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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.