Murphy Oil Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Provides Production and Earnings Guidance for the First Quarter of 2012; Provides Production and Capital Expenditure Guidance for the Full Year 2012; Provides Capital Expenditure Guidance for the Year 2013 and 2015
January 25, 2012 at 05:30 pm EST
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Murphy Oil Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported loss of $113.9 million or $0.59 per diluted share compared to net income of $174.1 million or $0.90 per diluted share in the fourth quarter of 2010. Results in the fourth quarter 2011 were significantly below 2010 primarily due to a $368.6 million impairment charge for the Azurite field in the Republic of the Congo. Loss from continuing operations was $113.3 million or $0.59 per diluted share compared with income from continuing operations of $149.5 million or $0.77 per diluted share a year ago. Revenues were $6,817.51 million compared with $5,564.1 million a year ago. Excluding the impairment, income for the fourth quarter of 2011 was $254.7 million, $1.31 per diluted share.
For the year, the company's net income was $872.7 million or $4.49 per diluted share compared to $798.1 million or $4.13 per diluted share in 2010. Income from continuing operations for the year was $740.9 million or $3.81 per diluted share compared with $779.6 million or $4.03 per diluted share a year ago. Revenues were $27,745.55 million compared with $20,169.72 million a year ago. Capital expenditures for 2011 totaled just under $3 billion.
The company anticipates total worldwide production volumes of 195,000 barrels of oil equivalent per day in the first quarter of 2012. The company expects net income in the first quarter to range between $1.30 and $1.40 per diluted share.
The company anticipates a full-year 2012 production rate of about 200,000 barrel equivalents per day. For 2012, announced budgeted capital expenditures of $3.5 billion.
For the year 2013, the company expects capital expenditures of $430 million to drill 45 wells.
For the year 2015, the company expects capital expenditures of $300 million and the company is assuming about $3 million, $3.5 million a year in CapEx.
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 Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Provides Production and Earnings Guidance for the First Quarter of 2012; Provides Production and Capital Expenditure Guidance for the Full Year 2012; Provides Capital Expenditure Guidance for the Year 2013 and 2015