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Murphy Oil remains on track for first-half 2022 first production target from King’s Quay

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Murphy Oil Corporation has announced its financial and operating results for the fourth quarter ended December 31, 2020, including a net loss attributable to Murphy of $172 million, or $1.11 net loss per diluted share. Adjusted net loss, which excludes discontinued operations and other one-off items, was $14 million, or $0.09 net loss per diluted share.

As part of this, it said it remains on track for first-half 2022 first production target from its King’s Quay development.

 

It said fourth quarter production averaged 149 thousand barrels of oil equivalent per day (MBOEPD) with 55 percent oil and 62 percent liquids. Production was impacted by two equipment issues in the Gulf of Mexico late in the quarter, totaling approximately 3,700 BOEPD of unplanned downtime. The repairs are ongoing, with a return to full production expected during the first quarter 2021. Our onshore assets were able to offset the impact of the subsea matters due to strong well performance.

Production for the full year averaged 164 MBOEPD and consisted of 57 percent oil and 64 percent liquids volumes. For more information visit www.murphyoilcorp.com