Murphy Oil

Murphy Oil Corporation
Public
Traded as
Industry Petroleum industry
Founded Louisiana, United States
Headquarters El Dorado, Arkansas
Key people
 Claiborne P. Deming (Chairman)
Roger Jenkins (CEO)[1]
Products Petroleum
Natural gas
Production output
 175.6 thousand barrels of oil equivalent (1,074,000 GJ) per day[1]
Revenue Decrease US$1.809 billion (2016)[1]
Increase -US$0.273 billion (2016)[1]
Increase -US$0.275 billion (2016)[1]
Total assets Decrease US$10.295 billion (2016)[1]
Total equity Decrease US$4.916 billion (2016)[1]
Number of employees
 1,294 (2016)[1]
Website murphyoilcorp.com

Murphy Oil Corporation is a petroleum and natural gas exploration company headquartered in El Dorado, Arkansas. The company also has operating offices in Houston, Texas, Calgary, Alberta, and Kuala Lumpur, Malaysia.[1]

Current operations

As of December 31, 2016, the company had 684 million barrels of oil equivalent (4.18×109 GJ) of estimated proved reserves, of which 48% was petroleum, 48% was natural gas, and 5% was natural gas liquids.[1]

The company's developed reserves are in the United States, Canada, and Malaysia. The company also has undeveloped reserves in Australia, Brunei, Vietnam, Namibia, Indonesia, Equatorial Guinea, and Spain.[1]

In the United States, the company's reserves are primarily in the Eagle Ford Shale area of South Texas and in the deepwater Gulf of Mexico.[1]

The company's Canadian operations are mostly heavy oil projects in the Western Canadian Sedimentary Basin.[1]

Of the company's 2016 production of 175.6 thousand barrels of oil equivalent (1,074,000 GJ) per day, 59% was petroleum, 5% was natural gas liquids, and 36% was natural gas.[1]

History

The company was originally incorporated in Louisiana in 1950.[1]

In 2004, the company sold oil fields in Western Canada for US$633 million.[2]

In 2013, the company distributed 100% of the shares in its retail marketing gasoline station chain, Murphy USA, to its shareholders via a corporate spin-off.[3]

In 2016, the company sold its 5% stake in Syncrude Canada Ltd., a joint venture located about 25 miles north of Fort McMurray, Alberta. The company received received net cash proceeds of C$937 million (US$739.1 million).[4]

El Dorado Promise

In January 2007, Murphy announced that it would set aside $50 million to ensure that every student graduating from the El Dorado, Arkansas school system would be able to afford college. The scholarship, which requires that students spend a certain number of years in the El Dorado school system and maintain a 2.0 grade point average while in college, pays tuition and all mandatory fees for students, up to the highest annual rate charged by an Arkansas public university. Scholarship amounts are paid based on length of attendance in the El Dorado Public School District. For example, graduates who attend all 13 years at El Dorado Public Schools will receive 100% of the scholarship.[5][6]

References

  1. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Murphy Oil Corporation 2016 Form 10-K Annual Report
  2. ↑ "Company to Sell Most Canadian Gas and Oil Fields". Reuters. New York Times. April 9, 2004.
  3. ↑ "MURPHY OIL CORPORATION COMPLETES SPIN-OFF OF MURPHY USA INC." (Press release). Business Wire. August 30, 2013.
  4. ↑ Lauren Krugel (April 27, 2016). "Suncor snags majority control of Syncrude with $937M Murphy Oil deal". CTV News.
  5. ↑ "Arkansas: Oil Company Promises Millions in Scholarships". New York Times. January 23, 2007.
  6. ↑ El Dorado Promise
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