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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Murphy Oil Corp | NYSE:MUR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.33 | 0.75% | 44.48 | 45.31 | 44.39 | 44.56 | 1,391,566 | 00:17:46 |
(Mark One)
|
|||||
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 71-0361522 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||
9805 Katy Fwy, Suite G-200 | 77024 | |||||||
Houston, | Texas | (Zip Code) | ||||||
(Address of principal executive offices) | ||||||||
(281)
|
675-9000
|
|||||||
(Registrant’s telephone number, including area code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Stock, $1.00 Par Value | MUR | New York Stock Exchange |
Large accelerated filer
|
☒ |
Accelerated filer
|
☐ |
Non-accelerated filer
|
☐ |
Smaller reporting company
|
☐ |
Emerging growth company
|
☐ |
Page | ||||||||
(Thousands of dollars)
|
September 30,
2020 |
December 31,
2019 |
|||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 219,636 | 306,760 | ||||||||
Accounts receivable, less allowance for doubtful accounts of $1,605 in 2020 and 2019
|
279,149 | 426,684 | |||||||||
Inventories | 67,856 | 76,123 | |||||||||
Prepaid expenses | 58,099 | 40,896 | |||||||||
Assets held for sale | 108,916 | 123,864 | |||||||||
Total current assets | 733,656 | 974,327 | |||||||||
Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization of $11,102,285 in 2020 and $9,333,646 in 2019
|
8,592,834 | 9,969,743 | |||||||||
Operating lease assets | 765,484 | 598,293 | |||||||||
Deferred income taxes | 347,053 | 129,287 | |||||||||
Deferred charges and other assets | 30,324 | 46,854 | |||||||||
Total assets | $ | 10,469,351 | 11,718,504 | ||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 295,398 | 602,096 | ||||||||
Income taxes payable | 17,813 | 19,049 | |||||||||
Other taxes payable | 23,755 | 18,613 | |||||||||
Operating lease liabilities | 100,169 | 92,286 | |||||||||
Other accrued liabilities | 157,574 | 197,447 | |||||||||
Liabilities associated with assets held for sale | 14,677 | 13,298 | |||||||||
Total current liabilities | 609,386 | 942,789 | |||||||||
Long-term debt, including capital lease obligation | 2,987,057 | 2,803,381 | |||||||||
Asset retirement obligations | 856,856 | 825,794 | |||||||||
Deferred credits and other liabilities | 635,980 | 613,407 | |||||||||
Non-current operating lease liabilities | 686,516 | 521,324 | |||||||||
Deferred income taxes | 179,511 | 207,198 | |||||||||
Total liabilities | 5,955,306 | 5,913,893 | |||||||||
Equity | |||||||||||
Cumulative Preferred Stock, par $100, authorized 400,000 shares, none issued
|
— | — | |||||||||
Common Stock, par $1.00, authorized 450,000,000 shares, issued 195,100,628 shares in 2020 and 195,089,269 shares in 2019
|
195,101 | 195,089 | |||||||||
Capital in excess of par value | 936,318 | 949,445 | |||||||||
Retained earnings | 5,560,673 | 6,614,304 | |||||||||
Accumulated other comprehensive loss | (657,995) | (574,161) | |||||||||
Treasury stock | (1,690,661) | (1,717,217) | |||||||||
Murphy Shareholders' Equity | 4,343,436 | 5,467,460 | |||||||||
Noncontrolling interest | 170,609 | 337,151 | |||||||||
Total equity | 4,514,045 | 5,804,611 | |||||||||
Total liabilities and equity | $ | 10,469,351 | 11,718,504 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(Thousands of dollars, except per share amounts)
|
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Revenues and other income | |||||||||||||||||||||||
Revenue from sales to customers | $ | 425,324 | 750,337 | 1,311,627 | 2,060,127 | ||||||||||||||||||
(Loss) gain on crude contracts | (5,290) | 63,247 | 319,502 | 121,163 | |||||||||||||||||||
Gain on sale of assets and other income | 1,831 | 3,493 | 6,006 | 10,283 | |||||||||||||||||||
Total revenues and other income | 421,865 | 817,077 | 1,637,135 | 2,191,573 | |||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Lease operating expenses | 124,491 | 147,632 | 478,283 | 416,460 | |||||||||||||||||||
Severance and ad valorem taxes | 6,781 | 13,803 | 22,645 | 36,972 | |||||||||||||||||||
Transportation, gathering and processing | 41,322 | 54,305 | 126,779 | 128,748 | |||||||||||||||||||
Exploration expenses, including undeveloped lease amortization | 12,092 | 12,358 | 61,686 | 75,570 | |||||||||||||||||||
Selling and general expenses | 28,509 | 55,366 | 104,381 | 176,258 | |||||||||||||||||||
Restructuring expenses | 4,982 | — | 46,379 | — | |||||||||||||||||||
Depreciation, depletion and amortization | 231,603 | 325,562 | 769,151 | 819,270 | |||||||||||||||||||
Accretion of asset retirement obligations | 10,778 | 10,587 | 31,213 | 29,824 | |||||||||||||||||||
Impairment of assets | 219,138 | — | 1,206,284 | — | |||||||||||||||||||
Other (benefit) expense | 20,224 | (29,000) | (2,957) | 26,442 | |||||||||||||||||||
Total costs and expenses | 699,920 | 590,613 | 2,843,844 | 1,709,544 | |||||||||||||||||||
Operating (loss) income from continuing operations | (278,055) | 226,464 | (1,206,709) | 482,029 | |||||||||||||||||||
Other (loss) | |||||||||||||||||||||||
Interest and other (loss) | (5,177) | (4,418) | (10,107) | (18,134) | |||||||||||||||||||
Interest expense, net | (45,182) | (44,930) | (124,877) | (145,095) | |||||||||||||||||||
Total other (loss) | (50,359) | (49,348) | (134,984) | (163,229) | |||||||||||||||||||
(Loss) income from continuing operations before income taxes | (328,414) | 177,116 | (1,341,693) | 318,800 | |||||||||||||||||||
Income tax (benefit) expense | (62,584) | 18,782 | (248,890) | 38,719 | |||||||||||||||||||
(Loss) income from continuing operations | (265,830) | 158,334 | (1,092,803) | 280,081 | |||||||||||||||||||
(Loss) income from discontinued operations, net of income taxes | (778) | 953,368 | (6,907) | 1,027,632 | |||||||||||||||||||
Net (loss) income including noncontrolling interest | (266,608) | 1,111,702 | (1,099,710) | 1,307,713 | |||||||||||||||||||
Less: Net (loss) income attributable to noncontrolling interest | (23,055) | 22,700 | (122,869) | 86,257 | |||||||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO MURPHY | $ | (243,553) | 1,089,002 | (976,841) | 1,221,456 | ||||||||||||||||||
(LOSS) INCOME PER COMMON SHARE – BASIC | |||||||||||||||||||||||
Continuing operations | $ | (1.58) | 0.85 | (6.31) | 1.16 | ||||||||||||||||||
Discontinued operations | (0.01) | 5.94 | (0.05) | 6.14 | |||||||||||||||||||
Net (loss) income | $ | (1.59) | 6.79 | (6.36) | 7.30 | ||||||||||||||||||
(LOSS) INCOME PER COMMON SHARE – DILUTED | |||||||||||||||||||||||
Continuing operations | $ | (1.58) | 0.84 | (6.31) | 1.16 | ||||||||||||||||||
Discontinued operations | (0.01) | 5.92 | (0.05) | 6.11 | |||||||||||||||||||
Net (loss) income | $ | (1.59) | 6.76 | (6.36) | 7.27 | ||||||||||||||||||
Cash dividends per Common share | 0.125 | 0.25 | 0.50 | 0.75 | |||||||||||||||||||
Average Common shares outstanding (thousands) | |||||||||||||||||||||||
Basic | 153,596 | 160,366 | 153,480 | 167,310 | |||||||||||||||||||
Diluted | 153,596 | 160,980 | 153,480 | 168,105 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(Thousands of dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net (loss) income including noncontrolling interest | $ | (266,608) | 1,111,702 | (1,099,710) | 1,307,713 | ||||||||||||||||||
Other comprehensive (loss) income, net of tax | |||||||||||||||||||||||
Net (loss) gain from foreign currency translation | 28,323 | (17,128) | (39,520) | 36,927 | |||||||||||||||||||
Retirement and postretirement benefit plans | 3,726 | 2,761 | (45,219) | 8,277 | |||||||||||||||||||
Deferred loss on interest rate hedges reclassified to interest expense | 297 | 585 | 905 | 1,756 | |||||||||||||||||||
Other comprehensive (loss) income | 32,346 | (13,782) | (83,834) | 46,960 | |||||||||||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (234,262) | 1,097,920 | (1,183,544) | 1,354,673 |
Nine Months Ended
September 30, |
|||||||||||
(Thousands of dollars) | 2020 | 2019 | |||||||||
Operating Activities | |||||||||||
Net (loss) income including noncontrolling interest | $ | (1,099,710) | 1,307,713 | ||||||||
Adjustments to reconcile net (loss) income to net cash provided by continuing operations activities: | |||||||||||
Loss (income) from discontinued operations | 6,907 | (1,027,632) | |||||||||
Depreciation, depletion and amortization | 769,151 | 819,270 | |||||||||
Previously suspended exploration costs | 8,255 | 12,901 | |||||||||
Amortization of undeveloped leases | 21,951 | 21,680 | |||||||||
Accretion of asset retirement obligations | 31,213 | 29,824 | |||||||||
Impairment of assets | 1,206,284 | — | |||||||||
Noncash restructuring expense | 17,565 | — | |||||||||
Deferred income tax (benefit) expense | (231,748) | 50,597 | |||||||||
Mark to market (gain) loss on contingent consideration | (29,476) | 512 | |||||||||
Mark to market (gain) loss on crude contracts | (104,463) | (100,076) | |||||||||
Long-term non-cash compensation | 35,200 | 60,567 | |||||||||
Net decrease (increase) in noncash operating working capital | (26,261) | 40,257 | |||||||||
Other operating activities, net | (26,837) | (62,386) | |||||||||
Net cash provided by continuing operations activities | 578,031 | 1,153,227 | |||||||||
Investing Activities | |||||||||||
Property additions and dry hole costs | (648,725) | (995,509) | |||||||||
Property additions for King's Quay FPS | (74,936) | (13,637) | |||||||||
Acquisition of oil and gas properties | — | (1,212,949) | |||||||||
Proceeds from sales of property, plant and equipment | — | 19,072 | |||||||||
Net cash required by investing activities | (723,661) | (2,203,023) | |||||||||
Financing Activities | |||||||||||
Borrowings on revolving credit facility | 450,000 | 1,575,000 | |||||||||
Repayment of revolving credit facility | (250,000) | (1,900,000) | |||||||||
Cash dividends paid | (76,790) | (125,437) | |||||||||
Distributions to noncontrolling interest | (43,673) | (97,510) | |||||||||
Early retirement of debt | (12,225) | — | |||||||||
Withholding tax on stock-based incentive awards | (7,094) | (6,991) | |||||||||
Debt issuance, net of cost | (613) | — | |||||||||
Capital lease obligation payments | (514) | (510) | |||||||||
Repurchase of common stock | — | (405,938) | |||||||||
Net cash (required) provided by financing activities | 59,091 | (961,386) | |||||||||
Cash Flows from Discontinued Operations 1
|
|||||||||||
Operating activities | (1,202) | 74,361 | |||||||||
Investing activities | 4,494 | 1,985,202 | |||||||||
Financing activities | — | (4,914) | |||||||||
Net cash provided by discontinued operations | 3,292 | 2,054,649 | |||||||||
Cash transferred from discontinued operations to continuing operations | — | 2,083,565 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (585) | 2,593 | |||||||||
Net increase (decrease) in cash and cash equivalents | (87,124) | 74,976 | |||||||||
Cash and cash equivalents at beginning of period | 306,760 | 359,923 | |||||||||
Cash and cash equivalents at end of period | $ | 219,636 | 434,899 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(Thousands of dollars)
|
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Cumulative Preferred Stock – par $100, authorized 400,000 shares, none issued
|
$ | — | — | — | — | ||||||||||||||||||
Common Stock – par $1.00, authorized 450,000,000 shares, issued 195,100,628 shares at September 30, 2020 and 195,083,364 shares at September 30, 2019
|
|||||||||||||||||||||||
Balance at beginning of period | 195,101 | 195,083 | 195,089 | 195,077 | |||||||||||||||||||
Exercise of stock options | — | — | 12 | 6 | |||||||||||||||||||
Balance at end of period | 195,101 | 195,083 | 195,101 | 195,083 | |||||||||||||||||||
Capital in Excess of Par Value | |||||||||||||||||||||||
Balance at beginning of period | 931,429 | 933,944 | 949,445 | 979,642 | |||||||||||||||||||
Exercise of stock options, including income tax benefits | — | — | (156) | (123) | |||||||||||||||||||
Restricted stock transactions and other | (409) | — | (33,649) | (38,732) | |||||||||||||||||||
Share-based compensation | 5,298 | 7,365 | 20,678 | 25,041 | |||||||||||||||||||
Adjustments to acquisition valuation | — | — | — | (24,519) | |||||||||||||||||||
Balance at end of period | 936,318 | 941,309 | 936,318 | 941,309 | |||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||
Balance at beginning of period | 5,823,426 | 5,677,248 | 6,614,304 | 5,513,529 | |||||||||||||||||||
Net (loss) income for the period | (243,553) | 1,089,002 | (976,841) | 1,221,456 | |||||||||||||||||||
Sale and leaseback gain recognized upon adoption of ASC 842, net of tax impact | — | — | — | 116,768 | |||||||||||||||||||
Cash dividends | (19,200) | (39,934) | (76,790) | (125,437) | |||||||||||||||||||
Balance at end of period | 5,560,673 | 6,726,316 | 5,560,673 | 6,726,316 | |||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||
Balance at beginning of period | (690,341) | (549,045) | (574,161) | (609,787) | |||||||||||||||||||
Foreign currency translation (loss) gain, net of income taxes | 28,323 | (17,128) | (39,520) | 36,927 | |||||||||||||||||||
Retirement and postretirement benefit plans, net of income taxes | 3,726 | 2,761 | (45,219) | 8,277 | |||||||||||||||||||
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes | 297 | 585 | 905 | 1,756 | |||||||||||||||||||
Balance at end of period | (657,995) | (562,827) | (657,995) | (562,827) | |||||||||||||||||||
Treasury Stock | |||||||||||||||||||||||
Balance at beginning of period | (1,691,070) | (1,517,217) | (1,717,217) | (1,249,162) | |||||||||||||||||||
Purchase of treasury shares | — | (106,014) | — | (405,938) | |||||||||||||||||||
Awarded restricted stock, net of forfeitures | 409 | — | 26,556 | 31,869 | |||||||||||||||||||
Balance at end of period – 41,502,003 shares of Common Stock in 2020 and 37,853,330 shares of Common Stock in 2019, at cost
|
(1,690,661) | (1,623,231) | (1,690,661) | (1,623,231) | |||||||||||||||||||
Murphy Shareholders’ Equity | 4,343,436 | 5,676,650 | 4,343,436 | 5,676,650 | |||||||||||||||||||
Noncontrolling Interest | |||||||||||||||||||||||
Balance at beginning of period | 204,937 | 358,532 | 337,151 | 368,343 | |||||||||||||||||||
Acquisition closing adjustments | — | (3,328) | — | (7,920) | |||||||||||||||||||
Net (loss) income attributable to noncontrolling interest | (23,055) | 22,700 | (122,869) | 86,257 | |||||||||||||||||||
Distributions to noncontrolling interest owners | (11,273) | (28,734) | (43,673) | (97,510) | |||||||||||||||||||
Balance at end of period | 170,609 | 349,170 | 170,609 | 349,170 | |||||||||||||||||||
Total Equity | $ | 4,514,045 | 6,025,820 | 4,514,045 | 6,025,820 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||
(Thousands of dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net crude oil and condensate revenue | ||||||||||||||||||||||||||
United States
|
Onshore | $ | 86,498 | 219,515 | 272,284 | 547,756 | ||||||||||||||||||||
Offshore | 216,918 | 398,518 | 714,143 | 1,090,462 | ||||||||||||||||||||||
Canada
|
Onshore | 32,358 | 31,758 | 67,268 | 88,730 | |||||||||||||||||||||
Offshore | 19,173 | 28,407 | 54,864 | 115,686 | ||||||||||||||||||||||
Other
|
— | 1,933 | 1,806 | 7,908 | ||||||||||||||||||||||
Total crude oil and condensate revenue
|
354,947 | 680,131 | 1,110,365 | 1,850,542 | ||||||||||||||||||||||
Net natural gas liquids revenue | ||||||||||||||||||||||||||
United States
|
Onshore | 6,766 | 5,557 | 16,145 | 22,497 | |||||||||||||||||||||
|
Offshore | 4,765 | 8,414 | 13,255 | 18,184 | |||||||||||||||||||||
Canada
|
Onshore | 2,780 | 2,751 | 6,090 | 8,987 | |||||||||||||||||||||
Total natural gas liquids revenue
|
14,311 | 16,722 | 35,490 | 49,668 | ||||||||||||||||||||||
Net natural gas revenue | ||||||||||||||||||||||||||
United States
|
Onshore | 4,529 | 5,848 | 14,177 | 20,762 | |||||||||||||||||||||
Offshore | 9,827 | 15,879 | 35,487 | 29,575 | ||||||||||||||||||||||
Canada
|
Onshore | 41,710 | 31,757 | 116,108 | 109,580 | |||||||||||||||||||||
Total natural gas revenue
|
56,066 | 53,484 | 165,772 | 159,917 | ||||||||||||||||||||||
Total revenue from contracts with customers | 425,324 | 750,337 | 1,311,627 | 2,060,127 | ||||||||||||||||||||||
(Loss) gain on crude contracts | (5,290) | 63,247 | 319,502 | 121,163 | ||||||||||||||||||||||
Gain on sale of assets and other income | 1,831 | 3,493 | 6,006 | 10,283 | ||||||||||||||||||||||
Total revenue and other income | $ | 421,865 | 817,077 | 1,637,135 | 2,191,573 |
(Thousands of dollars) | 2020 | 2019 | |||||||||
Beginning balance at January 1 | $ | 217,326 | 207,855 | ||||||||
Additions pending the determination of proved reserves | 9,941 | 86,025 | |||||||||
Capitalized exploratory well costs charged to expense | (39,408) | (13,145) | |||||||||
Balance at September 30 | $ | 187,859 | 280,735 |
September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
(Thousands of dollars) | Amount | No. of Wells | No. of Projects | Amount | No. of Wells | No. of Projects | |||||||||||||||||||||||||||||
Aging of capitalized well costs: | |||||||||||||||||||||||||||||||||||
Zero to one year | $ | 8,000 | 1 | — | 64,711 | 5 | 5 | ||||||||||||||||||||||||||||
One to two years | 54,334 | 5 | 5 | 63,615 | 1 | 1 | |||||||||||||||||||||||||||||
Two to three years | — | — | — | 27,500 | 1 | — | |||||||||||||||||||||||||||||
Three years or more | 125,525 | 6 | — | 124,909 | 5 | — | |||||||||||||||||||||||||||||
$ | 187,859 | 12 | 5 | 280,735 | 12 | 6 |
Nine Months Ended | |||||
(Thousands of dollars) | September 30, 2020 | ||||
U.S. | $ | 1,152,515 | |||
Other Foreign | 39,709 | ||||
Corporate | 14,060 | ||||
$ | 1,206,284 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(Thousands of dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Revenues | $ | — | 972,737 | 4,074 | 1,328,110 | ||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Lease operating expenses | — | 6,262 | — | 127,138 | |||||||||||||||||||
Depreciation, depletion and amortization | — | (1) | — | 33,697 | |||||||||||||||||||
Other costs and expenses | 778 | 11,079 | 10,981 | 81,560 | |||||||||||||||||||
(Loss) income before taxes | (778) | 955,397 | (6,907) | 1,085,715 | |||||||||||||||||||
Income tax expense | — | 2,029 | — | 58,083 | |||||||||||||||||||
(Loss) income from discontinued operations | $ | (778) | 953,368 | (6,907) | 1,027,632 |
(Thousands of dollars) |
September 30,
2020 |
December 31,
2019 |
|||||||||
Current assets | |||||||||||
Cash | $ | 29,420 | 25,185 | ||||||||
Accounts receivable | 425 | 4,834 | |||||||||
Inventories | 406 | 406 | |||||||||
Prepaid expenses and other | 831 | 1,882 | |||||||||
Property, plant, and equipment, net | 68,393 | 82,116 | |||||||||
Deferred income taxes and other assets | 9,441 | 9,441 | |||||||||
Total current assets associated with assets held for sale | $ | 108,916 | 123,864 | ||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 5,481 | 3,702 | ||||||||
Current maturities of long-term debt (finance lease) | 728 | 705 | |||||||||
Taxes payable | 1,510 | 1,411 | |||||||||
Long-term debt (finance lease) | 6,702 | 7,240 | |||||||||
Asset retirement obligation | 256 | 240 | |||||||||
Total current liabilities associated with assets held for sale | $ | 14,677 | 13,298 | ||||||||
Nine Months Ended
September 30, |
|||||||||||
(Thousands of dollars) | 2020 | 2019 | |||||||||
Net (increase) decrease in operating working capital, excluding cash and cash equivalents: | |||||||||||
(Increase) decrease in accounts receivable ¹ | $ | 251,706 | (128,698) | ||||||||
Decrease in inventories | 4,747 | 4,398 | |||||||||
(Increase) in prepaid expenses | (17,400) | (3,745) | |||||||||
Increase (decrease) in accounts payable and accrued liabilities ¹ | (264,078) | 165,224 | |||||||||
Increase (decrease) in income taxes payable | (1,236) | 3,078 | |||||||||
Net (increase) decrease in noncash operating working capital | $ | (26,261) | 40,257 | ||||||||
Supplementary disclosures: | |||||||||||
Cash income taxes paid, net of refunds | $ | (12,559) | (4,563) | ||||||||
Interest paid, net of amounts capitalized of $5.9 million in 2020 and $0.2 million in 2019
|
139,651 | 137,116 | |||||||||
Non-cash investing activities: | |||||||||||
Asset retirement costs capitalized ² | $ | 6,342 | 48,203 | ||||||||
(Increase) decrease in capital expenditure accrual | 74,742 | (52,659) |
Three Months Ended September 30, | |||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
(Thousands of dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Service cost | $ | 1,664 | 2,064 | 342 | 421 | ||||||||||||||||||
Interest cost | 4,827 | 7,151 | 612 | 945 | |||||||||||||||||||
Expected return on plan assets | (5,773) | (6,455) | — | — | |||||||||||||||||||
Amortization of prior service cost (credit) | 149 | 248 | — | (98) | |||||||||||||||||||
Recognized actuarial loss | 5,690 | 3,516 | (24) | — | |||||||||||||||||||
Net periodic benefit expense | $ | 6,557 | 6,524 | 930 | 1,268 | ||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
(Thousands of dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Service cost | $ | 5,996 | 6,188 | 1,235 | 1,261 | ||||||||||||||||||
Interest cost | 16,381 | 21,402 | 2,200 | 2,833 | |||||||||||||||||||
Expected return on plan assets | (18,414) | (19,285) | — | — | |||||||||||||||||||
Amortization of prior service cost (credit) | 515 | 741 | — | (293) | |||||||||||||||||||
Recognized actuarial loss | 14,223 | 10,538 | (24) | — | |||||||||||||||||||
Net periodic benefit expense | 18,701 | 19,584 | 3,411 | 3,801 | |||||||||||||||||||
Other - curtailment | 586 | — | (1,825) | — | |||||||||||||||||||
Other - special termination benefits | 8,435 | — | — | — | |||||||||||||||||||
Total net periodic benefit expense | $ | 27,722 | 19,584 | 1,586 | 3,801 |
Nine Months Ended
September 30, |
|||||||||||
(Thousands of dollars) | 2020 | 2019 | |||||||||
Compensation charged against income before tax benefit | $ | 17,542 | 39,884 | ||||||||
Related income tax benefit recognized in income | 2,278 | 6,204 |
Three Months Ended September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(Weighted-average shares) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Basic method | 153,596,109 | 160,365,705 | 153,479,654 | 167,310,202 | |||||||||||||||||||
Dilutive stock options and restricted stock units ¹ | — | 614,333 | — | 795,025 | |||||||||||||||||||
Diluted method | 153,596,109 | 160,980,038 | 153,479,654 | 168,105,227 |
Three Months Ended September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Antidilutive stock options excluded from diluted shares | 2,111,068 | 2,903,768 | 2,305,973 | 3,016,361 | |||||||||||||||||||
Weighted average price of these options | $ | 38.54 | $ | 44.65 | $ | 40.15 | $ | 45.38 |
2020 | 2019 | ||||||||||
Three months ended September 30, | 19.1% | 10.6% | |||||||||
Nine months ended September 30, | 18.6% | 12.1% |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(Thousands of dollars) | Asset (Liability) Derivatives | Asset (Liability) Derivatives | ||||||||||||||||||||||||
Type of Derivative Contract | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||||
Commodity | Accounts receivable | $ | 93,774 | Accounts payable | $ | (33,364) |
Gain (Loss) | Gain (Loss) | |||||||||||||||||||||||||||||||
(Thousands of dollars) | Statement of Operations Location | Three Months Ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||
Type of Derivative Contract | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||
Commodity | (Loss) gain on crude contracts | $ | (5,290) | 63,247 | $ | 319,502 | 121,163 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Thousands of dollars) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative contracts | $ | — | 93,774 | — | 93,774 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
$ | — | 93,774 | — | 93,774 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative contracts | $ | — | — | — | — | — | 33,364 | — | 33,364 | |||||||||||||||||||||||||||||||||||||||||
Nonqualified employee savings plans | 16,169 | — | — | 16,169 | 17,035 | — | — | 17,035 | ||||||||||||||||||||||||||||||||||||||||||
Contingent consideration | — | — | 117,311 | 117,311 | — | — | 146,787 | 146,787 | ||||||||||||||||||||||||||||||||||||||||||
$ | 16,169 | — | 117,311 | 133,480 | 17,035 | 33,364 | 146,787 | 197,186 |
(Thousands of dollars) |
Foreign
Currency Translation Gains (Losses) |
Retirement
and Postretirement Benefit Plan Adjustments |
Deferred
Loss on Interest Rate Derivative Hedges |
Total | |||||||||||||||||||
Balance at December 31, 2019 | $ | (353,252) | (218,015) | (2,894) | (574,161) | ||||||||||||||||||
Components of other comprehensive income (loss): | |||||||||||||||||||||||
Before reclassifications to income and retained earnings | (39,520) | (55,707) | — | (95,227) | |||||||||||||||||||
Reclassifications to income | — | 10,488 | ¹ | 905 | ² | 11,393 | |||||||||||||||||
Net other comprehensive income (loss) | (39,520) | (45,219) | 905 | (83,834) | |||||||||||||||||||
Balance at September 30, 2020 | $ | (392,772) | (263,234) | (1,989) | (657,995) |
Total Assets at September 30, 2020 | Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||
(Millions of dollars) |
External
Revenues |
Income
(Loss) |
External
Revenues |
Income
(Loss) |
||||||||||||||||||||||||||||
Exploration and production ¹ | ||||||||||||||||||||||||||||||||
United States | $ | 7,028.0 | 330.8 | (172.6) | 656.8 | 170.8 | ||||||||||||||||||||||||||
Canada | 2,155.5 | 96.3 | (8.6) | 95.0 | (9.1) | |||||||||||||||||||||||||||
Other | 264.1 | — | (11.7) | 1.9 | (3.7) | |||||||||||||||||||||||||||
Total exploration and production | 9,447.6 | 427.1 | (192.9) | 753.7 | 158.0 | |||||||||||||||||||||||||||
Corporate | 1,002.1 | (5.2) | (72.9) | 63.4 | 0.3 | |||||||||||||||||||||||||||
Assets/revenue/income (loss) from continuing operations | 10,449.7 | 421.9 | (265.8) | 817.1 | 158.3 | |||||||||||||||||||||||||||
Discontinued operations, net of tax | 19.7 | — | (0.8) | — | 953.4 | |||||||||||||||||||||||||||
Total | $ | 10,469.4 | 421.9 | (266.6) | 817.1 | 1,111.7 | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||
External
Revenues |
Income
(Loss) |
External
Revenues |
Income
(Loss) |
|||||||||||||||||||||||||||||
Exploration and production ¹ | ||||||||||||||||||||||||||||||||
United States | $ | 1,070.6 | (1,011.7) | 1,734.3 | 420.0 | |||||||||||||||||||||||||||
Canada | 245.2 | (35.0) | 323.8 | (7.5) | ||||||||||||||||||||||||||||
Other | 1.8 | (73.0) | 7.9 | (35.4) | ||||||||||||||||||||||||||||
Total exploration and production | 1,317.6 | (1,119.7) | 2,066.0 | 377.1 | ||||||||||||||||||||||||||||
Corporate | 319.5 | 26.9 | 125.6 | (97.0) | ||||||||||||||||||||||||||||
Assets/revenue/income (loss) from continuing operations | 1,637.1 | (1,092.8) | 2,191.6 | 280.1 | ||||||||||||||||||||||||||||
Discontinued operations, net of tax | — | (6.9) | — | 1,027.6 | ||||||||||||||||||||||||||||
Total | $ | 1,637.1 | (1,099.7) | 2,191.6 | 1,307.7 |
(Thousands of dollars) |
Three Months Ended
September 30, 2020 |
Nine Months Ended
September 30, 2020 |
||||||
Severance | $ | 2,635 | 22,502 | |||||
Pension and termination benefit charges | — | 10,913 | ||||||
Contract exit costs and other | 2,347 | 12,964 | ||||||
Restructuring charges | $ | 4,982 | 46,379 |
(Thousands of dollars) | |||||
Restructuring accruals | $ | 28,814 | |||
Utilizations | (19,635) | ||||
Liability at September 30, 2020 | $ | 9,179 |
Income (Loss) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(Millions of dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Exploration and production | $ | (192.9) | 158.0 | (1,119.7) | 377.1 | ||||||||||||||||||
Corporate and other | (72.9) | 0.3 | 26.9 | (97.0) | |||||||||||||||||||
(Loss) income from continuing operations | (265.8) | 158.3 | (1,092.8) | 280.1 | |||||||||||||||||||
Discontinued operations ¹ | (0.8) | 953.4 | (6.9) | 1,027.6 | |||||||||||||||||||
Net (loss) income including noncontrolling interest | $ | (266.6) | 1,111.7 | (1,099.7) | 1,307.7 |
Income (Loss) | |||||||||||||||||||||||
Three Months Ended
September 30, |
Nine Months Ended September 30, | ||||||||||||||||||||||
(Millions of dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Exploration and production | |||||||||||||||||||||||
United States | $ | (172.6) | 170.8 | (1,011.7) | 420.0 | ||||||||||||||||||
Canada | (8.6) | (9.1) | (35.0) | (7.5) | |||||||||||||||||||
Other | (11.7) | (3.7) | (73.0) | (35.4) | |||||||||||||||||||
Total | $ | (192.9) | 158.0 | (1,119.7) | 377.1 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(Millions of dollars, except per barrel of oil equivalents sold)
|
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net (loss) income attributable to Murphy (GAAP) | $ | (243.6) | 1,089.0 | (976.8) | 1,221.5 | ||||||||||||||||||
Income tax (benefit) expense | (62.6) | 18.8 | (248.9) | 38.7 | |||||||||||||||||||
Interest expense, net | 45.2 | 44.9 | 124.9 | 145.1 | |||||||||||||||||||
Depreciation, depletion and amortization expense ¹ | 219.7 | 308.3 | 725.1 | 766.4 | |||||||||||||||||||
EBITDA attributable to Murphy (Non-GAAP) | (41.3) | 1,461.0 | (375.7) | 2,171.7 | |||||||||||||||||||
Impairment of assets ¹ | 186.5 | — | 1,072.5 | — | |||||||||||||||||||
Mark-to-market loss (gain) on crude oil derivative contracts | 69.3 | (49.2) | (104.5) | (100.1) | |||||||||||||||||||
Mark-to-market loss (gain) on contingent consideration | 14.0 | (28.4) | (29.5) | 0.5 | |||||||||||||||||||
Restructuring expenses | 5.0 | — | 46.4 | — | |||||||||||||||||||
Accretion of asset retirement obligations | 10.8 | 10.6 | 31.2 | 29.8 | |||||||||||||||||||
Unutilized rig charges | 5.2 | — | 13.2 | — | |||||||||||||||||||
Discontinued operations loss (income) | 0.8 | (953.4) | 6.9 | (1,027.6) | |||||||||||||||||||
Inventory loss | — | — | 4.8 | — | |||||||||||||||||||
Foreign exchange losses (gains) | 0.8 | 0.8 | (2.5) | 6.4 | |||||||||||||||||||
Business development transaction costs | — | 4.1 | — | 24.4 | |||||||||||||||||||
Write-off of previously suspended exploration wells | — | — | — | 13.2 | |||||||||||||||||||
Seal insurance proceeds | (1.7) | (8.0) | (1.7) | (8.0) | |||||||||||||||||||
Adjusted EBITDA attributable to Murphy (Non-GAAP) | $ | 249.4 | 437.5 | 661.1 | 1,110.3 | ||||||||||||||||||
Total barrels of oil equivalents sold from continuing operations attributable to Murphy (thousands of barrels) | 14,166 | 17,745 | 46,478 | 45,511 | |||||||||||||||||||
Adjusted EBITDA per barrel of oil equivalents sold | $ | 17.61 | 24.65 | 14.22 | 24.40 |
(Millions of dollars) |
United
States 1
|
Canada | Other | Total | |||||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||||||||
Oil and gas sales and other operating revenues | $ | 330.8 | 96.3 | — | 427.1 | ||||||||||||||||||
Lease operating expenses | 91.5 | 32.6 | 0.4 | 124.5 | |||||||||||||||||||
Severance and ad valorem taxes | 6.4 | 0.3 | — | 6.7 | |||||||||||||||||||
Transportation, gathering and processing | 29.3 | 12.0 | — | 41.3 | |||||||||||||||||||
Depreciation, depletion and amortization | 166.2 | 59.6 | 0.5 | 226.3 | |||||||||||||||||||
Impairments of assets | 205.1 | — | — | 205.1 | |||||||||||||||||||
Accretion of asset retirement obligations | 9.4 | 1.4 | — | 10.8 | |||||||||||||||||||
Exploration expenses | |||||||||||||||||||||||
Dry holes and previously suspended exploration costs | 0.6 | — | — | 0.6 | |||||||||||||||||||
Geological and geophysical | 0.1 | — | (0.1) | — | |||||||||||||||||||
Other exploration | 0.6 | 0.1 | 3.6 | 4.3 | |||||||||||||||||||
1.3 | 0.1 | 3.5 | 4.9 | ||||||||||||||||||||
Undeveloped lease amortization | 4.9 | 0.1 | 2.3 | 7.3 | |||||||||||||||||||
Total exploration expenses | 6.2 | 0.2 | 5.8 | 12.2 | |||||||||||||||||||
Selling and general expenses | 5.3 | 3.4 | 1.6 | 10.3 | |||||||||||||||||||
Other | 22.5 | (1.5) | 2.5 | 23.5 | |||||||||||||||||||
Results of operations before taxes | (211.1) | (11.7) | (10.8) | (233.6) | |||||||||||||||||||
Income tax provisions (benefits) | (38.5) | (3.1) | 0.9 | (40.7) | |||||||||||||||||||
Results of operations (excluding Corporate segment) | $ | (172.6) | (8.6) | (11.7) | (192.9) | ||||||||||||||||||
| |||||||||||||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||||||||
Oil and gas sales and other operating revenues | $ | 656.8 | 95.0 | 1.9 | 753.7 | ||||||||||||||||||
Lease operating expenses | 116.2 | 31.2 | 0.2 | 147.6 | |||||||||||||||||||
Severance and ad valorem taxes | 13.4 | 0.4 | — | 13.8 | |||||||||||||||||||
Transportation, gathering and processing | 44.1 | 10.2 | — | 54.3 | |||||||||||||||||||
Depreciation, depletion and amortization | 253.5 | 65.3 | 0.6 | 319.4 | |||||||||||||||||||
Accretion of asset retirement obligations | 9.0 | 1.6 | — | 10.6 | |||||||||||||||||||
Exploration expenses | |||||||||||||||||||||||
Dry holes and previously suspended exploration costs | (0.1) | — | — | (0.1) | |||||||||||||||||||
Geological and geophysical | 0.2 | — | 0.2 | 0.4 | |||||||||||||||||||
Other exploration | 1.5 | 0.1 | 3.8 | 5.4 | |||||||||||||||||||
1.6 | 0.1 | 4.0 | 5.7 | ||||||||||||||||||||
Undeveloped lease amortization | 5.2 | 0.3 | 1.0 | 6.5 | |||||||||||||||||||
Total exploration expenses | 6.8 | 0.4 | 5.0 | 12.2 | |||||||||||||||||||
Selling and general expenses | 22.7 | 7.6 | 5.6 | 35.9 | |||||||||||||||||||
Other | (21.0) | (7.3) | 0.5 | (27.8) | |||||||||||||||||||
Results of operations before taxes | 212.1 | (14.4) | (10.0) | 187.7 | |||||||||||||||||||
Income tax provisions (benefits) | 41.3 | (5.3) | (6.3) | 29.7 | |||||||||||||||||||
Results of operations (excluding Corporate segment) | $ | 170.8 | (9.1) | (3.7) | 158.0 |
(Millions of dollars) |
United
States 1 |
Canada | Other | Total | |||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||
Oil and gas sales and other operating revenues | $ | 1,070.6 | 245.2 | 1.8 | 1,317.6 | ||||||||||||||||||
Lease operating expenses | 386.5 | 90.6 | 1.2 | 478.3 | |||||||||||||||||||
Severance and ad valorem taxes | 21.6 | 1.0 | — | 22.6 | |||||||||||||||||||
Transportation, gathering and processing | 95.4 | 31.4 | — | 126.8 | |||||||||||||||||||
Depreciation, depletion and amortization | 589.5 | 161.3 | 1.5 | 752.3 | |||||||||||||||||||
Impairment of assets | 1,152.5 | — | 39.7 | 1,192.2 | |||||||||||||||||||
Accretion of asset retirement obligations | 27.1 | 4.1 | — | 31.2 | |||||||||||||||||||
Exploration expenses | |||||||||||||||||||||||
Dry holes and previously suspended exploration costs | 8.3 | — | — | 8.3 | |||||||||||||||||||
Geological and geophysical | 9.4 | 0.1 | 4.1 | 13.6 | |||||||||||||||||||
Other exploration | 4.3 | 0.4 | 13.1 | 17.8 | |||||||||||||||||||
22.0 | 0.5 | 17.2 | 39.7 | ||||||||||||||||||||
Undeveloped lease amortization | 14.8 | 0.3 | 6.9 | 22.0 | |||||||||||||||||||
Total exploration expenses | 36.8 | 0.8 | 24.1 | 61.7 | |||||||||||||||||||
Selling and general expenses | 16.6 | 13.2 | 5.5 | 35.3 | |||||||||||||||||||
Other | 1.0 | (2.5) | 1.4 | (0.1) | |||||||||||||||||||
Results of operations before taxes | (1,256.4) | (54.7) | (71.6) | (1,382.7) | |||||||||||||||||||
Income tax provisions (benefits) | (244.7) | (19.7) | 1.4 | (263.0) | |||||||||||||||||||
Results of operations (excluding Corporate segment) | $ | (1,011.7) | (35.0) | (73.0) | (1,119.7) | ||||||||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||||||
Oil and gas sales and other operating revenues | $ | 1,734.3 | 323.8 | 7.9 | 2,066.0 | ||||||||||||||||||
Lease operating expenses | 308.3 | 107.1 | 1.1 | 416.5 | |||||||||||||||||||
Severance and ad valorem taxes | 36.0 | 1.0 | — | 37.0 | |||||||||||||||||||
Transportation, gathering and processing | 103.4 | 25.3 | — | 128.7 | |||||||||||||||||||
Depreciation, depletion and amortization | 618.6 | 181.6 | 2.9 | 803.1 | |||||||||||||||||||
Accretion of asset retirement obligations | 25.2 | 4.6 | — | 29.8 | |||||||||||||||||||
Exploration expenses | |||||||||||||||||||||||
Dry holes and previously suspended exploration costs | (0.2) | — | 13.1 | 12.9 | |||||||||||||||||||
Geological and geophysical | 16.1 | — | 8.1 | 24.2 | |||||||||||||||||||
Other exploration | 5.5 | 0.3 | 10.9 | 16.7 | |||||||||||||||||||
21.4 | 0.3 | 32.1 | 53.8 | ||||||||||||||||||||
Undeveloped lease amortization | 18.0 | 1.0 | 2.7 | 21.7 | |||||||||||||||||||
Total exploration expenses | 39.4 | 1.3 | 34.8 | 75.5 | |||||||||||||||||||
Selling and general expenses | 52.9 | 21.3 | 17.3 | 91.5 | |||||||||||||||||||
Other | 37.5 | (6.9) | 0.9 | 31.5 | |||||||||||||||||||
Results of operations before taxes | 513.0 | (11.5) | (49.1) | 452.4 | |||||||||||||||||||
Income tax provisions (benefits) | 93.0 | (4.0) | (13.7) | 75.3 | |||||||||||||||||||
Results of operations (excluding Corporate segment) | $ | 420.0 | (7.5) | (35.4) | 377.1 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||
Barrels per day unless otherwise noted | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||
Net crude oil and condensate | ||||||||||||||||||||||||||
United States | Onshore | 24,851 | 40,582 | 27,945 | 33,256 | |||||||||||||||||||||
Gulf of Mexico 1
|
56,517 | 70,583 | 67,377 | 64,266 | ||||||||||||||||||||||
Canada | Onshore | 9,595 | 7,101 | 8,106 | 6,503 | |||||||||||||||||||||
Offshore | 4,428 | 4,333 | 5,136 | 6,302 | ||||||||||||||||||||||
Other | — | 351 | 114 | 435 | ||||||||||||||||||||||
Total net crude oil and condensate - continuing operations | 95,391 | 122,950 | 108,678 | 110,762 | ||||||||||||||||||||||
Net natural gas liquids | ||||||||||||||||||||||||||
United States | Onshore | 5,489 | 5,582 | 5,459 | 5,621 | |||||||||||||||||||||
Gulf of Mexico 1
|
3,521 | 6,597 | 5,131 | 4,172 | ||||||||||||||||||||||
Canada | Onshore | 1,513 | 1,422 | 1,311 | 1,197 | |||||||||||||||||||||
Total net natural gas liquids - continuing operations | 10,523 | 13,601 | 11,901 | 10,990 | ||||||||||||||||||||||
Net natural gas – thousands of cubic feet per day | ||||||||||||||||||||||||||
United States | Onshore | 27,520 | 29,122 | 29,054 | 30,203 | |||||||||||||||||||||
Gulf of Mexico 1
|
53,046 | 72,897 | 67,850 | 44,029 | ||||||||||||||||||||||
Canada | Onshore | 260,895 | 296,883 | 262,279 | 267,205 | |||||||||||||||||||||
Total net natural gas - continuing operations | 341,461 | 398,902 | 359,183 | 341,437 | ||||||||||||||||||||||
Total net hydrocarbons - continuing operations including NCI 2,3
|
162,824 | 203,035 | 180,443 | 178,658 | ||||||||||||||||||||||
Noncontrolling interest | ||||||||||||||||||||||||||
Net crude oil and condensate – barrels per day | (9,298) | (10,322) | (10,674) | (11,215) | ||||||||||||||||||||||
Net natural gas liquids – barrels per day | (327) | (478) | (443) | (496) | ||||||||||||||||||||||
Net natural gas – thousands of cubic feet per day | (3,269) | (3,403) | (4,137) | (3,933) | ||||||||||||||||||||||
Total noncontrolling interest | (10,170) | (11,367) | (11,807) | (12,367) | ||||||||||||||||||||||
Total net hydrocarbons - continuing operations excluding NCI 2,3
|
152,654 | 191,668 | 168,636 | 166,292 | ||||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||||
Net crude oil and condensate – barrels per day | — | 1,748 | — | 16,331 | ||||||||||||||||||||||
Net natural gas liquids – barrels per day | — | 37 | — | 434 | ||||||||||||||||||||||
Net natural gas – thousands of cubic feet per day 2
|
— | 9,624 | — | 67,863 | ||||||||||||||||||||||
Total discontinued operations | — | 3,389 | — | 28,076 | ||||||||||||||||||||||
Total net hydrocarbons produced excluding NCI 2,3
|
152,654 | 195,057 | 168,636 | 194,367 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||
Barrels per day unless otherwise noted | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||
Net crude oil and condensate | ||||||||||||||||||||||||||
United States | Onshore | 24,851 | 40,582 | 27,945 | 33,256 | |||||||||||||||||||||
Gulf of Mexico 1
|
57,756 | 71,380 | 68,436 | 64,532 | ||||||||||||||||||||||
Canada | Onshore | 9,595 | 7,101 | 8,106 | 6,503 | |||||||||||||||||||||
Offshore | 4,757 | 4,945 | 5,290 | 6,523 | ||||||||||||||||||||||
Other | — | 309 | 104 | 415 | ||||||||||||||||||||||
Total net crude oil and condensate - continuing operations | 96,959 | 124,317 | 109,881 | 111,229 | ||||||||||||||||||||||
Net natural gas liquids | ||||||||||||||||||||||||||
United States | Onshore | 5,489 | 5,582 | 5,459 | 5,622 | |||||||||||||||||||||
Gulf of Mexico 1
|
3,521 | 6,597 | 5,131 | 4,172 | ||||||||||||||||||||||
Canada | Onshore | 1,513 | 1,422 | 1,311 | 1,197 | |||||||||||||||||||||
Total net natural gas liquids - continuing operations | 10,523 | 13,601 | 11,901 | 10,991 | ||||||||||||||||||||||
Net natural gas – thousands of cubic feet per day | ||||||||||||||||||||||||||
United States | Onshore | 27,520 | 29,122 | 29,054 | 30,203 | |||||||||||||||||||||
Gulf of Mexico 1
|
53,046 | 72,897 | 67,850 | 44,029 | ||||||||||||||||||||||
Canada | Onshore | 260,895 | 296,882 | 262,279 | 267,205 | |||||||||||||||||||||
Total net natural gas - continuing operations | 341,461 | 398,901 | 359,183 | 341,437 | ||||||||||||||||||||||
Total net hydrocarbons - continuing operations including NCI 2,3
|
164,392 | 204,402 | 181,646 | 179,126 | ||||||||||||||||||||||
Noncontrolling interest | ||||||||||||||||||||||||||
Net crude oil and condensate – barrels per day | (9,545) | (10,481) | (10,886) | (11,269) | ||||||||||||||||||||||
Net natural gas liquids – barrels per day | (327) | (478) | (443) | (496) | ||||||||||||||||||||||
Net natural gas – thousands of cubic feet per day 2
|
(3,269) | (3,403) | (4,137) | (3,933) | ||||||||||||||||||||||
Total noncontrolling interest | (10,417) | (11,526) | (12,019) | (12,421) | ||||||||||||||||||||||
Total net hydrocarbons - continuing operations excluding NCI 2,3
|
153,975 | 192,875 | 169,627 | 166,706 | ||||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||||
Net crude oil and condensate – barrels per day | — | 1,424 | — | 16,177 | ||||||||||||||||||||||
Net natural gas liquids – barrels per day | — | 32 | — | 395 | ||||||||||||||||||||||
Net natural gas – thousands of cubic feet per day 2
|
— | 9,624 | — | 67,863 | ||||||||||||||||||||||
Total discontinued operations | — | 3,060 | — | 27,883 | ||||||||||||||||||||||
Total net hydrocarbons sold excluding NCI 2,3
|
153,975 | 195,935 | 169,627 | 194,588 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Weighted average Exploration and Production sales prices | ||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||
Crude oil and condensate – dollars per barrel | ||||||||||||||||||||||||||
United States | Onshore | $ | 37.83 | 58.80 | 35.56 | 60.33 | ||||||||||||||||||||
Gulf of Mexico 1
|
40.82 | 60.69 | 38.08 | 61.90 | ||||||||||||||||||||||
Canada 2
|
Onshore | 36.65 | 48.61 | 30.29 | 49.98 | |||||||||||||||||||||
Offshore | 43.81 | 62.44 | 37.85 | 64.97 | ||||||||||||||||||||||
Other | — | 67.96 | 63.51 | 69.86 | ||||||||||||||||||||||
Natural gas liquids – dollars per barrel | ||||||||||||||||||||||||||
United States | Onshore | 13.39 | 10.82 | 10.78 | 14.66 | |||||||||||||||||||||
Gulf of Mexico 1
|
14.71 | 13.86 | 9.43 | 15.96 | ||||||||||||||||||||||
Canada 2
|
Onshore | 19.97 | 21.03 | 16.95 | 27.50 | |||||||||||||||||||||
Natural gas – dollars per thousand cubic feet | ||||||||||||||||||||||||||
United States | Onshore | 1.78 | 2.18 | 1.76 | 2.51 | |||||||||||||||||||||
Gulf of Mexico 1
|
2.01 | 2.37 | 1.91 | 2.46 | ||||||||||||||||||||||
Canada 2
|
Onshore | 1.74 | 1.16 | 1.62 | 1.50 | |||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||||
Crude oil and condensate – dollars per barrel | ||||||||||||||||||||||||||
Malaysia 3
|
Sarawak | — | — | — | 70.39 | |||||||||||||||||||||
Block K | — | 69.24 | — | 65.75 | ||||||||||||||||||||||
Natural gas liquids – dollars per barrel | ||||||||||||||||||||||||||
Malaysia 3
|
Sarawak | — | 54.11 | — | 48.23 | |||||||||||||||||||||
Natural gas – dollars per thousand cubic feet | ||||||||||||||||||||||||||
Malaysia 3
|
Sarawak | — | 3.69 | — | 3.60 | |||||||||||||||||||||
Block K | — | 0.23 | — | 0.24 |
Nine Months Ended
September 30, |
|||||||||||
(Millions of dollars) | 2020 | 2019 | |||||||||
Capital Expenditures | |||||||||||
Exploration and production | $ | 671.0 | 2,320.6 | ||||||||
Corporate | 9.3 | 8.5 | |||||||||
Total capital expenditures | $ | 680.3 | 2,329.1 |
Nine Months Ended
September 30, |
|||||||||||
(Millions of dollars) | 2020 | 2019 | |||||||||
Property additions and dry hole costs per cash flow statements | $ | 648.7 | 995.5 | ||||||||
Property additions King's Quay per cash flow statements | 74.9 | 13.6 | |||||||||
Acquisition of oil and gas properties | — | 1,226.1 | |||||||||
Geophysical and other exploration expenses | 26.8 | 36.6 | |||||||||
Capital expenditure accrual changes and other | (70.2) | 57.1 | |||||||||
Total capital expenditures | $ | 680.3 | 2,329.1 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
(Millions of dollars) | Amount | % | Amount | % | |||||||||||||||||||
Capital employed | |||||||||||||||||||||||
Long-term debt | $ | 2,987.1 | 40.7 | % | $ | 2,803.4 | 33.9 | % | |||||||||||||||
Murphy shareholders' equity | 4,343.4 | 59.3 | % | 5,467.5 | 66.1 | % | |||||||||||||||||
Total capital employed | $ | 7,330.5 | 100.0 | % | $ | 8,270.8 | 100.0 | % |
Commodity | Type |
Volumes
(Bbl/d) |
Price
(USD/Bbl) |
Remaining Period | ||||||||||||||||||||||||||||||||||
Area | Start Date | End Date | ||||||||||||||||||||||||||||||||||||
United States | WTI ¹ | Fixed price derivative swap | 45,000 | $56.42 | 10/1/2020 | 12/31/2020 | ||||||||||||||||||||||||||||||||
United States | WTI ¹ | Fixed price derivative swap | 18,000 | $43.31 | 1/1/2021 | 12/31/2021 |
Volumes
(MMcf/d) |
Price
(CAD/Mcf) |
Remaining Period | ||||||||||||||||||||||||||||||||||||
Area | Commodity | Type | Start Date | End Date | ||||||||||||||||||||||||||||||||||
Montney | Natural Gas | Fixed price forward sales at AECO | 59 | C$2.81 | 10/1/2020 | 12/31/2020 | ||||||||||||||||||||||||||||||||
Montney | Natural Gas | Fixed price forward sales at AECO | 96 | C$2.53 | 1/1/2021 | 12/31/2021 | ||||||||||||||||||||||||||||||||
Montney | Natural Gas | Fixed price forward sales at AECO | 71 | C$2.50 | 1/1/2022 | 12/31/2024 |
Volumes
(MMcf/d) |
Price
(USD/MMBtu) |
Remaining Period | ||||||||||||||||||||||||||||||||||||
Area | Commodity | Type | Start Date | End Date | ||||||||||||||||||||||||||||||||||
Montney | Natural Gas | Fixed price forward sales at Malin | 20 | $2.60 | 1/1/2021 | 12/31/2022 |
MURPHY OIL CORPORATION | ||||||||
(Registrant) | ||||||||
By | /s/ CHRISTOPHER D. HULSE | |||||||
Christopher D. Hulse | ||||||||
Vice President and Controller | ||||||||
(Chief Accounting Officer and Duly Authorized Officer) |
Exhibit
No. |
||||||||
101. INS | XBRL Instance Document | |||||||
101. SCH | XBRL Taxonomy Extension Schema Document | |||||||
101. CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101. DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101. LAB | XBRL Taxonomy Extension Labels Linkbase Document | |||||||
101. PRE | XBRL Taxonomy Extension Presentation Linkbase |
1 Year Murphy Oil Chart |
1 Month Murphy Oil Chart |
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