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.