Murphy Oil Corporation Announces Earnings and Operating Results for the Fourth Quarter and Earnings Results for the Full Year Ended December 31, 2016; Provides Production Guidance for the First Quarter of 2017 and Production and Capital Expenditure Guidance for the Full Year 2017
January 25, 2017 at 05:34 pm EST
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Murphy Oil Corporation announced earnings and operating results for the fourth quarter and earnings results for the full year ended December 31, 2016. For the quarter, the company incurred a net loss of $64 million, or $0.37 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 $27 million, or $0.16 per diluted share. Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations totaled $221 million, or $14.24 per barrel of oil equivalent (boe) sold. Earnings before interest, taxes, depreciation, amortization and exploration expenses (EBITDAX) totaled $239 million, or $15.40 per boe sold.
The company incurred a net loss of $276 million, or $1.60 per diluted share, for the full year 2016. 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 $230 million, or $1.34 per diluted share. EBITDA from continuing operations totaled $804 million, or $12.59 per boe sold. EBITDAX totaled $906 million, or $14.18 per boe sold. Production for full year 2016 averaged 176 Mboepd. The company spent $605 million on capital investments for full year, excluding acquisitions.
Production in the fourth quarter 2016 averaged 168,000 barrels of oil equivalent per day (Mboepd). Stronger production compared to previous quarterly guidance is attributed to shorter downtime and better well performance following the planned Kikeh and Sarawak turnarounds, in addition to stronger well results from new wells brought online in the Catarina area of the Eagle Ford Shale.
Production for the first quarter 2017 is estimated in the range of 166 to 170 Mboepd.
The company is planning 2017 capital expenditures to be $890 million which assumes a West Texas Intermediate oil price of $52 per barrel and Henry Hub natural gas price of $3.10 per thousand cubic feet. Production for the full year 2017 production to be in the range of 162 to 168 Mboepd.
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 Earnings and Operating Results for the Fourth Quarter and Earnings Results for the Full Year Ended December 31, 2016; Provides Production Guidance for the First Quarter of 2017 and Production and Capital Expenditure Guidance for the Full Year 2017
MURPHY OIL CORPORATION 
