2021 Proved Reserves - Preliminary *
| ||||
Category
|
Net Oil
(MMBBL)
|
Net NGLs
(MMBBL)
|
Net Gas (BCF)
|
Net Equiv. (MMBOE)
|
Proved Developed (PD)
|
177
|
28
|
1,191
|
403
|
Proved Undeveloped (PUD)
|
98
|
10
|
1,125
|
296
|
Total Proved
|
275
|
38
|
2,316
|
699
|
* Proved reserves exclude noncontrolling interest and are based on preliminary year-end 2021 third-party audited volumes using SEC pricing. Numbers may not add exactly due to rounding.
|
2022 CAPEX by Quarter ($ MMs)
| ||||
1Q 2022E
|
2Q 2022E
|
3Q 2022E
|
4Q 2022E
|
FY 2022E
|
$270
|
$255
|
$190
|
$150
|
$865
|
2022 Capital Expenditure Guidance
| ||
Area
|
Percent of Total CAPEX
|
Total CAPEX $ MMs
|
Gulf of Mexico
|
38
|
$330
|
US Onshore
|
25
|
$220
|
Canada Onshore
|
16
|
$140
|
Exploration
|
9
|
$75
|
Canada Offshore
|
8
|
$70
|
Other
|
4
|
$30
|
2022 Onshore Wells Online
| |||||
1Q 2022
|
2Q 2022
|
3Q 2022
|
4Q 2022
|
2022 Total
| |
Eagle Ford Shale
|
-
|
23
|
4
|
-
|
27
|
Kaybob Duvernay
|
3
|
-
|
-
|
-
|
3
|
Tupper Montney
|
-
|
10
|
10
|
-
|
20
|
Non-Op Eagle Ford Shale
|
9
|
-
|
7
|
16
|
32
|
Non-Op Placid Montney
|
-
|
-
|
-
|
-
|
-
|
Three Months Ended December 31, |
Year Ended December 31, | |||||
(Thousands of dollars, except per share amounts)
| 2021 | 2020 | 2021 | 2020 | ||
Revenues and other income | ||||||
Revenue from sales to customers | $ | 762,310 | 440,082 | $ | 2,801,215 | 1,751,709 |
(Loss) gain on derivative instruments | (26,056) | (116,841) | (525,850) | 202,661 | ||
Gain on sale of assets and other income | 2,699 | 6,965 | 23,916 | 12,971 | ||
Total revenues and other income | 738,953 | 330,206 | 2,299,281 | 1,967,341 | ||
Costs and expenses | ||||||
Lease operating expenses | 135,838 | 121,793 | 539,546 | 600,076 | ||
Severance and ad valorem taxes | 8,997 | 5,881 | 41,212 | 28,526 | ||
Transportation, gathering and processing | 49,832 | 45,620 | 187,028 | 172,399 | ||
Exploration expenses, including undeveloped lease amortization | 19,204 | 24,793 | 69,044 | 86,479 | ||
Selling and general expenses | 36,124 | 35,862 | 121,950 | 140,243 | ||
Restructuring expenses | - | 3,615 | - | 49,994 | ||
Depreciation, depletion and amortization | 179,733 | 218,088 | 795,105 | 987,239 | ||
Accretion of asset retirement obligations | 11,759 | 10,923 | 46,613 | 42,136 | ||
Impairment of assets | 25,000 | - | 196,296 | 1,206,284 | ||
Other (benefit) expense | (37,564) | 19,231 | 21,052 | 16,274 | ||
Total costs and expenses | 428,923 | 485,806 | 2,017,846 | 3,329,650 | ||
Operating income (loss) from continuing operations | 310,030 | (155,600) | 281,435 | (1,362,309) | ||
Other income (loss) | ||||||
Interest income and other (loss) | (5,312) | (7,196) | (16,771) | (17,303) | ||
Interest expense, net | (43,374) | (44,546) | (221,773) | (169,423) | ||
Total other loss | (48,686) | (51,742) | (238,544) | (186,726) | ||
Income (loss) from continuing operations before income taxes | 261,344 | (207,342) | 42,891 | (1,549,035) | ||
Income tax expense (benefit) | 56,636 | (44,851) | (5,862) | (293,741) | ||
Income (loss) from continuing operations | 204,708 | (162,491) | 48,753 | (1,255,294) | ||
(Loss) from discontinued operations, net of income taxes | (625) | (244) | (1,225) | (7,151) | ||
Net income (loss) including noncontrolling interest | 204,083 | (162,735) | 47,528 | (1,262,445) | ||
Less: Net income (loss) attributable to noncontrolling interest | 35,683 | 9,201 | 121,192 | (113,668) | ||
NET INCOME (LOSS) ATTRIBUTABLE TO MURPHY | $ | 168,400 | (171,936) | $ | (73,664) | (1,148,777) |
INCOME (LOSS) PER COMMON SHARE - BASIC | ||||||
Continuing operations | $ | 1.09 | (1.11) | $ | (0.47) | (7.43) |
Discontinued operations | - | - | (0.01) | (0.05) | ||
Net income (loss) | $ | 1.09 | (1.11) | $ | (0.48) | (7.48) |
INCOME (LOSS) PER COMMON SHARE - DILUTED | ||||||
Continuing operations | $ | 1.08 | (1.11) | $ | (0.47) | (7.43) |
Discontinued operations | - | - | (0.01) | (0.05) | ||
Net income (loss) | $ | 1.08 | (1.11) | $ | (0.48) | (7.48) |
Cash dividends per Common share | $ | 0.125 | 0.125 | 0.50 | 0.625 | |
Average Common shares outstanding (thousands) | ||||||
Basic | 154,457 | 153,599 | 154,291 | 153,507 | ||
Diluted | 156,586 | 153,599 | 154,291 | 153,507 |
Three Months Ended December 31, |
Year Ended December 31, | |||||
(Thousands of dollars)
| 2021 | 2020 | 2021 | 2020 | ||
Operating Activities
| ||||||
Net income (loss) including noncontrolling interest | $ | 204,083 | (162,735) | $ | 47,528 | (1,262,445) |
Adjustments to reconcile net income (loss) to net cash provided by continuing operations activities | ||||||
Loss from discontinued operations | 625 | 244 | 1,225 | 7,151 | ||
Depreciation, depletion and amortization | 179,733 | 218,088 | 795,105 | 987,239 | ||
Dry hole and previously suspended exploration costs | (560) | 12,844 | 17,339 | 21,099 | ||
Amortization of undeveloped leases | 5,053 | 4,792 | 18,925 | 26,743 | ||
Accretion of asset retirement obligations | 11,759 | 10,923 | 46,613 | 42,136 | ||
Impairment of assets | 25,000 | - | 196,296 | 1,206,284 | ||
Deferred income tax expense (benefit) | 61,003 | (46,294) | (4,146) | (278,042) | ||
Mark to market (gain) loss on contingent consideration | (41,964) | 15,693 | 63,147 | (13,783) | ||
Mark to market (gain) loss on derivative instruments | (116,384) | 173,773 | 112,113 | 69,310 | ||
Noncash restructuring expense | - | - | - | 17,565 | ||
Long-term non-cash compensation | 21,302 | 11,358 | 63,382 | 46,558 | ||
Net decrease (increase) in noncash working capital | 1,127 | (5,766) | 118,457 | (32,027) | ||
Other operating activities, net | (19,897) | (8,243) | (53,821) | (35,080) | ||
Net cash provided by continuing operations activities | 330,880 | 224,677 | 1,422,163 | 802,708 | ||
Investing Activities | ||||||
Property additions and dry hole costs | (106,249) | (111,084) | (670,479) | (759,809) | ||
Proceeds from sales of property, plant and equipment | 465 | 13,750 | 270,503 | 13,750 | ||
Property additions for King's Quay FPS | - | (38,025) | (17,734) | (112,961) | ||
Net cash required by investing activities | (105,784) | (135,359) | (417,710) | (859,020) | ||
Financing Activities | ||||||
Borrowings on revolving credit facility | - | - | 165,000 | 450,000 | ||
Repayment of revolving credit facility | - | - | (365,000) | (250,000) | ||
Retirement of debt | (150,000) | - | (876,358) | (12,225) | ||
Debt issuance, net of cost | - | - | 541,913 | (613) | ||
Early redemption of debt cost | (2,579) | - | (39,335) | - | ||
Distributions to noncontrolling interest | (36,637) | - | (137,517) | (43,673) | ||
Cash dividends paid | (19,308) | (19,199) | (77,204) | (95,989) | ||
Withholding tax on stock-based incentive awards | (236) | - | (5,209) | (7,094) | ||
Capital lease obligation payments | (160) | (181) | (803) | (695) | ||
Net cash (required) provided by financing activities | (208,920) | (19,380) | (794,513) | 39,711 | ||
Effect of exchange rate changes on cash and cash equivalents | (59) | 2,594 | 638 | 2,009 | ||
Net increase in cash and cash equivalents | 16,117 | 90,970 | 210,578 | 3,846 | ||
Cash and cash equivalents at beginning of period | 505,067 | 219,636 | 310,606 | 306,760 | ||
Cash and cash equivalents at end of period | $ | 521,184 | 310,606 | $ | 521,184 | 310,606 |
Three Months Ended December 31, |
Year Ended December 31, | |||||
(Millions of dollars, except per share amounts)
| 2021 | 2020 | 2021 | 2020 | ||
Net income (loss) attributable to Murphy (GAAP) | $ | 168.4 | (171.9) | $ | (73.7) | (1,148.8) |
Discontinued operations loss | 0.6 | 0.2 | 1.2 | 7.2 | ||
Income (loss) from continuing operations | 169.0 | (171.7) | (72.5) | (1,141.6) | ||
Adjustments (after tax): | ||||||
Impairment of assets | 23.5 | - | 151.5 | 854.2 | ||
Mark-to-market (gain) loss on derivative instruments | (91.9) | 137.3 | 88.6 | 54.8 | ||
Asset retirement obligation (gains) | - | (2.2) | (53.6) | (2.2) | ||
Mark-to-market (gain) loss on contingent consideration | (33.1) | 12.4 | 49.9 | (10.9) | ||
Early redemption of debt cost | 2.7 | - | 34.6 | - | ||
Tax benefits on investments in foreign areas | (8.9) | - | (8.9) | - | ||
Unutilized rig charges | 0.2 | 2.3 | 6.9 | 12.7 | ||
Charges related to Kings Quay transaction | - | - | 3.9 | - | ||
Foreign exchange loss (gain) | 0.4 | 2.8 | (0.7) | 1.1 | ||
Restructuring expenses | - | 2.8 | - | 38.3 | ||
Inventory loss | - | 2.8 | - | 6.6 | ||
(Gain) loss on extinguishment of debt | - | - | - | (4.2) | ||
Seal insurance proceeds | - | - | - | (1.3) | ||
Total adjustments after taxes | (107.1) | 158.2 | 272.2 | 949.1 | ||
Adjusted income (loss) from continuing operations attributable to Murphy | $ | 61.9 | (13.5) | $ | 199.7 | (192.5) |
Adjusted income (loss) from continuing operations per average diluted share | $ | 0.40 | (0.09) | $ | 1.29 | (1.25) |
Three Months Ended December 31, 2021 |
Year Ended December 31, 2021 | |||||||
(Millions of dollars) |
Pretax
|
Tax
|
Net
|
Pretax
|
Tax
|
Net
| ||
Exploration & Production:
| ||||||||
United States
| $ | (41.7) | 8.8 | (32.9) | $ | 76.8 | (16.1) | 60.7 |
Canada | - | - | - | 99.4 | (25.1) | 74.3 | ||
Other International
| 18.0 | (8.9) | 9.1 | 18.0 | (8.9) | 9.1 | ||
Total E&P
| (23.7) | (0.1) | (23.8) | 194.2 | (50.1) | 144.1 | ||
Corporate:
| (105.4) | 22.1 | (83.3) | 162.0 | (33.9) | 128.1 | ||
Total adjustments
| $ | (129.1) | 22.0 | (107.1) | $ | 356.2 | (84.0) | 272.2 |
Three Months Ended December 31, |
Year Ended December 31, | |||||
(Millions of dollars, except per barrel of oil equivalents sold)
| 2021 | 2020 | 2021 | 2020 | ||
Net income (loss) attributable to Murphy (GAAP) | $ | 168.4 | (171.9) | $ | (73.7) | (1,148.8) |
Income tax expense (benefit) | 56.6 | (44.9) | (5.9) | (293.7) | ||
Interest expense, net | 43.4 | 44.5 | 221.8 | 169.4 | ||
Depreciation, depletion and amortization expense ¹ | 172.2 | 207.6 | 760.6 | 932.6 | ||
EBITDA attributable to Murphy (Non-GAAP) | $ | 440.6 | 35.3 | $ | 902.8 | (340.5) |
Impairment of assets ¹ | 25.0 | - | 196.3 | 1,072.5 | ||
Mark-to-market (gain) loss on derivative instruments | (116.4) | 173.8 | 112.1 | 69.3 | ||
Asset retirement obligation (gains) | - | (2.8) | (71.8) | (2.8) | ||
Mark-to-market (gain) loss on contingent consideration | (41.9) | 15.7 | 63.2 | (13.8) | ||
Accretion of asset retirement obligations ¹ | 10.3 | 10.9 | 41.1 | 42.1 | ||
Unutilized rig charges | 0.2 | 2.8 | 8.7 | 16.0 | ||
Discontinued operations loss | 0.6 | 0.2 | 1.2 | 7.2 | ||
Foreign exchange loss (gain) | 0.5 | 3.2 | (1.0) | 0.7 | ||
Restructuring expenses | - | 3.6 | - | 50.0 | ||
Inventory loss | - | 3.5 | - | 8.3 | ||
Seal insurance proceeds | - | - | - | (1.7) | ||
Adjusted EBITDA attributable to Murphy (Non-GAAP) | $ | 318.9 | 246.2 | $ | 1,252.6 | 907.3 |
Total barrels of oil equivalents sold from continuing operations attributable to Murphy (thousands of barrels) | 13,939 | 13,711 | 57,476 | 60,189 | ||
Adjusted EBITDA per barrel of oil equivalents sold | $ | 22.88 | 17.96 | $ | 21.79 | 15.07 |
Three Months Ended December 31, |
Year Ended December 31, | |||||
(Millions of dollars, except per barrel of oil equivalents sold)
| 2021 | 2020 | 2021 | 2020 | ||
Net income (loss) attributable to Murphy (GAAP) | $ | 168.4 | (171.9) | $ | (73.7) | (1,148.8) |
Income tax expense (benefit) | 56.6 | (44.9) | (5.9) | (293.7) | ||
Interest expense, net | 43.4 | 44.5 | 221.8 | 169.4 | ||
Depreciation, depletion and amortization expense ¹ | 172.2 | 207.6 | 760.6 | 932.6 | ||
EBITDA attributable to Murphy (Non-GAAP) | 440.6 | 35.3 | 902.8 | (340.5) | ||
Exploration expenses | 19.2 | 24.8 | 69.0 | 86.5 | ||
EBITDAX attributable to Murphy (Non-GAAP) | 459.8 | 60.1 | 971.8 | (254.0) | ||
Impairment of assets ¹ | 25.0 | - | 196.3 | 1,072.5 | ||
Mark-to-market (gain) loss on derivative instruments | (116.4) | 173.8 | 112.1 | 69.3 | ||
Asset retirement obligation (gains) | - | (2.8) | (71.8) | (2.8) | ||
Mark-to-market (gain) loss on contingent consideration | (41.9) | 15.7 | 63.2 | (13.8) | ||
Accretion of asset retirement obligations ¹ | 10.3 | 10.9 | 41.1 | 42.1 | ||
Unutilized rig charges | 0.2 | 2.8 | 8.7 | 16.0 | ||
Discontinued operations loss | 0.6 | 0.2 | 1.2 | 7.2 | ||
Foreign exchange loss (gain) | 0.5 | 3.2 | (1.0) | 0.7 | ||
Restructuring expenses | - | 3.6 | - | 50.0 | ||
Inventory loss | - | 3.5 | - | 8.3 | ||
Seal insurance proceeds | - | - | - | (1.7) | ||
Adjusted EBITDAX attributable to Murphy (Non-GAAP) | $ | 338.1 | 271.0 | $ | 1,321.6 | 993.8 |
Total barrels of oil equivalents sold from continuing operations attributable to Murphy (thousands of barrels) | 13,939 | 13,711 | 57,476 | 60,189 | ||
Adjusted EBITDAX per barrel of oil equivalents sold | $ | 24.26 | 19.77 | $ | 22.99 | 16.51 |
Three Months Ended December 31, 2021 |
Three Months Ended December 31, 2020 | |||||
(Millions of dollars)
| Revenues |
Income (Loss) | Revenues |
Income (Loss) | ||
Exploration and production | ||||||
United States 1,2
| $ | 633.1 | 284.5 | $ | 341.2 | (2.6) |
Canada | 127.1 | 21.6 | 100.6 | - | ||
Other ² | 4.9 | (11.0) | - | (12.6) | ||
Total exploration and production | 765.1 | 295.1 | 441.8 | (15.2) | ||
Corporate ² | (26.1) | (90.4) | (111.6) | (147.3) | ||
Continuing operations | 739.0 | 204.7 | 330.2 | (162.5) | ||
Discontinued operations, net of tax | - | (0.6) | - | (0.2) | ||
Total including noncontrolling interest | $ | 739.0 | 204.1 | $ | 330.2 | (162.7) |
Net income (loss) attributable to Murphy | 168.4 | (171.9) |
Year Ended December 31, 2021 |
Year Ended December 31, 2020 | |||||
(Millions of dollars)
| Revenues |
Income (Loss) | Revenues |
Income (Loss) | ||
Exploration and production | ||||||
United States 1,2
| $ | 2,337.5 | 766.3 | $ | 1,411.8 | (1,014.3) |
Canada 2
| 476.3 | (16.1) | 345.8 | (35.0) | ||
Other 2
| 4.9 | (33.5) | 1.8 | (85.6) | ||
Total exploration and production | 2,818.7 | 716.7 | 1,759.4 | (1,134.9) | ||
Corporate ² | (519.4) | (668.0) | 207.9 | (120.3) | ||
Continuing operations | 2,299.3 | 48.7 | 1,967.3 | (1,255.2) | ||
Discontinued operations, net of tax | - | (1.2) | - | (7.2) | ||
Total including noncontrolling interest | $ | 2,299.3 | 47.5 | $ | 1,967.3 | (1,262.4) |
Net loss attributable to Murphy | (73.7) | (1,148.8) |
(Millions of dollars) |
United
States 1
|
Canada
|
Other
|
Total
| |
Three Months Ended December 31, 2021 | |||||
Oil and gas sales and other operating revenues | $ | 633.1 | 127.1 | 4.9 | 765.1 |
Lease operating expenses | 103.1 | 36.3 | (3.6) | 135.8 | |
Severance and ad valorem taxes | 9.0 | - | - | 9.0 | |
Transportation, gathering and processing | 36.0 | 13.8 | - | 49.8 | |
Depreciation, depletion and amortization | 139.9 | 35.8 | 0.7 | 176.4 | |
Accretion of asset retirement obligations | 9.4 | 2.3 | - | 11.7 | |
Impairments of assets | - | - | 18.0 | 18.0 | |
Exploration expenses | |||||
Dry holes and previously suspended exploration costs | (0.6) | - | - | (0.6) | |
Geological and geophysical | 5.1 | - | 2.7 | 7.8 | |
Other exploration | 1.1 | 0.2 | 5.7 | 7.0 | |
5.6 | 0.2 | 8.4 | 14.2 | ||
Undeveloped lease amortization | 3.2 | - | 1.8 | 5.0 | |
Total exploration expenses | 8.8 | 0.2 | 10.2 | 19.2 | |
Selling and general expenses | 5.5 | 4.5 | 1.9 | 11.9 | |
Other | (34.1) | 1.5 | (1.0) | (33.6) | |
Results of operations before taxes | 355.5 | 32.7 | (21.3) | 366.9 | |
Income tax provisions (benefits) | 71.0 | 11.1 | (10.3) | 71.8 | |
Results of operations (excluding Corporate segment) | $ | 284.5 | 21.6 | (11.0) | 295.1 |
Three Months Ended December 31, 2020 | |||||
Oil and gas sales and other operating revenues | $ | 341.2 | 100.6 | - | 441.8 |
Lease operating expenses | 90.4 | 31.0 | 0.4 | 121.8 | |
Severance and ad valorem taxes | 5.6 | 0.3 | - | 5.9 | |
Transportation, gathering and processing | 32.3 | 13.3 | - | 45.6 | |
Restructuring expenses | 1.2 | - | - | 1.2 | |
Depreciation, depletion and amortization | 159.9 | 51.9 | 0.8 | 212.6 | |
Accretion of asset retirement obligations | 9.5 | 1.5 | - | 11.0 | |
Exploration expenses | |||||
Dry holes and previously suspended exploration costs | 12.8 | - | - | 12.8 | |
Geological and geophysical | - | - | 1.9 | 1.9 | |
Other exploration | 0.7 | 0.1 | 4.5 | 5.3 | |
13.5 | 0.1 | 6.4 | 20.0 | ||
Undeveloped lease amortization | 2.4 | 0.1 | 2.3 | 4.8 | |
Total exploration expenses | 15.9 | 0.2 | 8.7 | 24.8 | |
Selling and general expenses | 8.0 | 3.9 | 1.6 | 13.5 | |
Other | 20.5 | 0.2 | 0.4 | 21.1 | |
Results of operations before taxes | (2.1) | (1.7) | (11.9) | (15.7) | |
Income tax (benefits) provisions | 0.5 | (1.7) | 0.7 | (0.5) | |
Results of operations (excluding Corporate segment) | $ | (2.6) | - | (12.6) | (15.2) |
(Millions of dollars)
|
United
States 1
|
Canada
|
Other
|
Total
| |
Year Ended December 31, 2021 | |||||
Oil and gas sales and other operating revenues | $ | 2,337.5 | 476.3 | 4.9 | 2,818.7 |
Lease operating expenses | 406.4 | 136.3 | (3.2) | 539.5 | |
Severance and ad valorem taxes | 39.6 | 1.6 | - | 41.2 | |
Transportation, gathering and processing | 126.5 | 60.5 | - | 187.0 | |
Depreciation, depletion and amortization | 616.5 | 163.8 | 1.8 | 782.1 | |
Accretion of asset retirement obligations | 36.9 | 9.7 | - | 46.6 | |
Impairment of assets | - | 171.3 | 18.0 | 189.3 | |
Exploration expenses | |||||
Dry holes and previously suspended exploration costs | 17.3 | - | - | 17.3 | |
Geological and geophysical | 7.8 | - | 4.0 | 11.8 | |
Other exploration | 5.3 | 0.4 | 15.3 | 21.0 | |
30.4 | 0.4 | 19.3 | 50.1 | ||
Undeveloped lease amortization | 11.1 | 0.2 | 7.6 | 18.9 | |
Total exploration expenses | 41.5 | 0.6 | 26.9 | 69.0 | |
Selling and general expenses | 20.5 | 16.5 | 6.6 | 43.6 | |
Other | 99.4 | (66.2) | (2.2) | 31.0 | |
Results of operations before taxes | 950.2 | (17.8) | (43.0) | 889.4 | |
Income tax provisions (benefits) | 183.9 | (1.7) | (9.5) | 172.7 | |
Results of operations (excluding Corporate segment) | $ | 766.3 | (16.1) | (33.5) | 716.7 |
Year Ended December 31, 2020 | |||||
Oil and gas sales and other operating revenues | $ | 1,411.8 | 345.8 | 1.8 | 1,759.4 |
Lease operating expenses | 476.9 | 121.6 | 1.6 | 600.1 | |
Severance and ad valorem taxes | 27.2 | 1.3 | - | 28.5 | |
Transportation, gathering and processing | 127.7 | 44.7 | - | 172.4 | |
Restructuring expenses | 1.2 | - | - | 1.2 | |
Depreciation, depletion and amortization | 749.4 | 213.2 | 2.3 | 964.9 | |
Accretion of asset retirement obligations | 36.6 | 5.6 | - | 42.2 | |
Impairment of assets | 1,152.5 | - | 39.7 | 1,192.2 | |
Exploration expenses | |||||
Dry holes and previously suspended exploration costs | 21.1 | - | - | 21.1 | |
Geological and geophysical | 9.4 | 0.1 | 6.0 | 15.5 | |
Other exploration | 5.0 | 0.5 | 17.6 | 23.1 | |
35.5 | 0.6 | 23.6 | 59.7 | ||
Undeveloped lease amortization | 17.2 | 0.4 | 9.2 | 26.8 | |
Total exploration expenses | 52.7 | 1.0 | 32.8 | 86.5 | |
Selling and general expenses | 24.6 | 17.1 | 7.1 | 48.8 | |
Other | 21.5 | (2.3) | 1.8 | 21.0 | |
Results of operations before taxes | (1,258.5) | (56.4) | (83.5) | (1,398.4) | |
Income tax (benefits) provisions | (244.2) | (21.4) | 2.1 | (263.5) | |
Results of operations (excluding Corporate segment) | $ | (1,014.3) | (35.0) | (85.6) | (1,134.9) |
Three Months Ended December 31, |
Year Ended December 31, | |||||
(Dollars per barrel of oil equivalents sold)
| 2021 | 2020 | 2021 | 2020 | ||
Continuing operations
| ||||||
United States - Eagle Ford Shale
| ||||||
Lease operating expense
| $ | 10.45 | 9.49 | $ | 8.96 | 9.08 |
Severance and ad valorem taxes
| 2.79 | 1.97 | 2.91 | 2.06 | ||
Depreciation, depletion and amortization (DD&A) expense
| 26.21 | 28.07 | 27.59 | 26.22 | ||
United States - Gulf of Mexico
| ||||||
Lease operating expense | $ | 10.90 | 9.65 | $ | 10.63 | 11.95 |
Severance and ad valorem taxes | 0.06 | - | 0.07 | - | ||
DD&A expense
| 9.13 | 12.27 | 9.51 | 13.48 | ||
Canada - Onshore
| ||||||
Lease operating expense
| $ | 6.75 | 4.83 | $ | 6.20 | 4.63 |
Severance and ad valorem taxes
| - | 0.07 | 0.09 | 0.07 | ||
DD&A expense
| 6.77 | 9.91 | 7.64 | 9.93 | ||
Canada - Offshore
| ||||||
Lease operating expense | $ | 14.22 | 22.44 | $ | 13.04 | 17.86 |
DD&A expense
| 11.77 | 14.12 | 12.80 | 12.01 | ||
Total oil and gas continuing operations
| ||||||
Lease operating expense | $ | 9.21 | 8.39 | $ | 8.86 | 9.34 |
Severance and ad valorem taxes
| 0.61 | 0.41 | 0.68 | 0.44 | ||
DD&A expense
| 12.19 | 15.03 | 13.05 | 15.36 | ||
Total oil and gas continuing operations - excluding noncontrolling interest
| ||||||
Lease operating expense 1
| $ | 9.02 | 8.21 | $ | 8.65 | 9.10 |
Severance and ad valorem taxes
| 0.64 | 0.43 | 0.71 | 0.47 | ||
DD&A expense
| 12.36 | 15.14 | 13.23 | 15.49 |
Three Months Ended December 31, |
Year Ended December 31, | |||||
(Millions of dollars)
| 2021 | 2020 | 2021 | 2020 | ||
Capital expenditures for continuing operations | ||||||
Exploration and production | ||||||
United States | $ | 99.7 | 129.1 | $ | 573.5 | 650.8 |
Canada | 15.5 | 5.3 | 82.6 | 121.9 | ||
Other | 18.9 | 7.9 | 34.0 | 40.6 | ||
Total | 134.1 | 142.3 | 690.1 | 813.3 | ||
Corporate | 8.4 | 4.0 | 21.1 | 13.3 | ||
Total capital expenditures - continuing operations 1
| 142.5 | 146.3 | 711.2 | 826.6 | ||
Charged to exploration expenses 2
| ||||||
United States | 5.6 | 13.5 | 30.4 | 35.5 | ||
Canada | 0.2 | 0.1 | 0.4 | 0.6 | ||
Other | 8.4 | 6.4 | 19.3 | 23.6 | ||
Total charged to exploration expenses - continuing operations | 14.2 | 20.0 | 50.1 | 59.7 | ||
Total capitalized | $ | 128.3 | 126.3 | $ | 661.1 | 766.9 |
(Millions of dollars) | December 31, 2021 | December 31, 2020 | |
Assets | |||
Cash and cash equivalents | $ | 521.2 | 310.6 |
Assets held for sale | 15.5 | 327.7 | |
Other current assets | 344.2 | 362.0 | |
Property, plant and equipment - net | 8,127.9 | 8,269.0 | |
Other long-term assets | 1,296.1 | 1,351.5 | |
Total assets | $ | 10,304.9 | 10,620.8 |
Liabilities and Equity | |||
Liabilities associated with assets held for sale | $ | - | 14.4 |
Other current liabilities | 1,164.3 | 701.9 | |
Long-term debt | 2,465.4 | 2,988.1 | |
Other long-term liabilities | 2,354.4 | 2,522.3 | |
Total equity 1,2
| 4,320.8 | 4,394.1 | |
Total liabilities and equity | $ | 10,304.9 | 10,620.8 |
Three Months Ended December 31, |
Year Ended December 31, | ||||
Barrels per day unless otherwise noted | 2021 | 2020 | 2021 | 2020 | |
Continuing operations | |||||
Net crude oil and condensate | |||||
United States | Onshore | 22,993 | 21,875 | 25,655 | 26,420 |
Gulf of Mexico 1
| 57,191 | 56,648 | 60,717 | 64,680 | |
Canada | Onshore | 4,462 | 7,241 | 5,312 | 7,888 |
Offshore | 3,020 | 4,170 | 3,765 | 4,893 | |
Other | 294 | - | 256 | 85 | |
Total net crude oil and condensate - continuing operations | 87,960 | 89,934 | 95,705 | 103,966 | |
Net natural gas liquids | |||||
United States | Onshore | 5,238 | 4,620 | 5,092 | 5,248 |
Gulf of Mexico 1
| 3,819 | 4,522 | 4,176 | 4,978 | |
Canada | Onshore | 990 | 1,325 | 1,117 | 1,315 |
Total net natural gas liquids - continuing operations | 10,047 | 10,467 | 10,385 | 11,541 | |
Net natural gas - thousands of cubic feet per day | |||||
United States | Onshore | 30,982 | 24,799 | 28,565 | 27,985 |
Gulf of Mexico 1
| 54,364 | 60,909 | 61,240 | 66,105 | |
Canada | Onshore | 279,906 | 255,933 | 277,790 | 260,683 |
Total net natural gas - continuing operations | 365,252 | 341,641 | 367,595 | 354,773 | |
Total net hydrocarbons - continuing operations including NCI 2,3
| 158,882 | 157,341 | 167,356 | 174,636 | |
Noncontrolling interest | |||||
Net crude oil and condensate - barrels per day | (7,999) | (7,841) | (8,623) | (9,962) | |
Net natural gas liquids - barrels per day | (248) | (335) | (303) | (416) | |
Net natural gas - thousands of cubic feet per day 2
| (2,457) | (2,968) | (3,236) | (3,843) | |
Total noncontrolling interest | (8,657) | (8,671) | (9,465) | (11,019) | |
Total net hydrocarbons - continuing operations excluding NCI 2,3
| 150,226 | 148,671 | 157,891 | 163,617 |
Three Months Ended December 31, |
Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Weighted average Exploration and Production sales prices | ||||||||
Continuing operations | ||||||||
Crude oil and condensate - dollars per barrel | ||||||||
United States | Onshore | $ | 76.28 | 40.26 | $ | 66.90 | $ | 36.54 |
Gulf of Mexico 1
| 74.73 | 42.94 | 66.93 | 39.15 | ||||
Canada 2
| Onshore | 73.30 | 39.52 | 61.79 | 32.42 | |||
Offshore | 80.40 | 45.54 | 71.39 | 39.40 | ||||
Natural gas liquids - dollars per barrel | ||||||||
United States | Onshore | 34.63 | 14.81 | 26.97 | 11.67 | |||
Gulf of Mexico 1
| 35.71 | 15.61 | 29.14 | 10.84 | ||||
Canada 2
| Onshore | 51.02 | 23.23 | 40.18 | 18.54 | |||
Natural gas - dollars per thousand cubic feet | ||||||||
United States | Onshore | 5.40 | 2.63 | 3.83 | 1.95 | |||
Gulf of Mexico 1
| 5.02 | 2.46 | 3.67 | 2.04 | ||||
Canada 2
| Onshore | 2.70 | 2.32 | 2.43 | 1.79 |
Volumes (MMcf/d) | Price/Mcf | Remaining Period | ||||
Area | Commodity | Type | Start Date | End Date | ||
Montney | Natural Gas | Fixed price forward sales | 186 | C$2.36 | 1/1/2022 | 1/31/2022 |
Montney | Natural Gas | Fixed price forward sales | 176 | C$2.34 | 2/1/2022 | 4/30/2022 |
Montney | Natural Gas | Fixed price forward sales | 205 | C$2.34 | 5/1/2022 | 5/31/2022 |
Montney | Natural Gas | Fixed price forward sales | 247 | C$2.34 | 6/1/2022 | 10/31/2022 |
Montney | Natural Gas | Fixed price forward sales | 266 | C$2.36 | 11/1/2022 | 12/31/2022 |
Montney | Natural Gas | Fixed price forward sales | 269 | C$2.36 | 1/1/2023 | 3/31/2023 |
Montney | Natural Gas | Fixed price forward sales | 250 | C$2.35 | 4/1/2023 | 12/31/2023 |
Montney | Natural Gas | Fixed price forward sales | 162 | C$2.39 | 1/1/2024 | 12/31/2024 |
Montney | Natural Gas | Fixed price forward sales | 45 | US$2.05 | 1/1/2022 | 12/31/2022 |
Montney | Natural Gas | Fixed price forward sales | 25 | US$1.98 | 1/1/2023 | 10/31/2024 |
Montney | Natural Gas | Fixed price forward sales | 15 | US$1.98 | 11/1/2024 | 12/31/2024 |
Commodity | Type |
Volumes (Bbl/d) |
Price (USD/Bbl) | Remaining Period | ||
Area | Start Date | End Date | ||||
United States | WTI ¹ | Fixed price derivative swap | 20,000 | $44.88 | 1/1/2022 | 12/31/2022 |
Volumes (Bbl/d) |
Average Put (USD/Bbl) |
Average Call (USD/Bbl) | Remaining Period | ||||
Area | Commodity | Type | Start Date | End Date | |||
United States | WTI ¹ | Derivative collars | 25,000 | $63.24 | $75.20 | 1/1/2022 | 12/31/2022 |
Oil BOPD |
NGLs BOPD |
Gas MCFD |
Total BOEPD | |
Production - net | ||||
U.S. - Eagle Ford Shale | 20,600 | 4,100 | 23,300 | 28,600 |
- Gulf of Mexico excluding NCI | 45,500 | 3,500 | 55,800 | 58,300 |
Canada - Tupper Montney | - | - | 243,200 | 40,500 |
- Kaybob Duvernay and Placid Montney | 4,600 | 900 | 16,100 | 8,200 |
- Offshore | 3,100 | - | - | 3,100 |
Other | 300 | - | - | 300 |
Total net production (BOEPD) - excluding NCI 1
| 136,000 to 142,000 | |||
Exploration expense ($ millions) | $41 | |||
FULL YEAR 2022 GUIDANCE | ||||
Total net production (BOEPD) - excluding NCI 2
| 164,000 to 172,000 | |||
Capital expenditures - excluding NCI ($ millions) 3
| $840 to $890 | |||
¹ Excludes noncontrolling interest of MP GOM of 7,800 BOPD of oil, 300 BOPD of NGLs, and 2,700 MCFD gas. | ||||
² Excludes noncontrolling interest of MP GOM of 7,900 BOPD of oil, 300 BOPD of NGLs, and 2,700 MCFD gas. | ||||
³ Excludes noncontrolling interest of MP GOM of $33 MM. |
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Murphy Oil Corporation published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 11:42:16 UTC.