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2015-12-11 19:15:00

MURPHY CUTS 60%

MURPHY CUTS 60%

Murphy Oil Corp. is expected to cut its budget for 2016 by more than half to below $1 billion, according to a Raymond James & Associates Inc. energy update on Dec. 9.

"At yesterday's analyst dinner, Murphy guided—to our knowledge, for the first time—to less than $1 billion of capital spending in 2016," RJA reported. "This compares to $2.3 billion in 2015, so a nearly 60% cut. This is one of the steepest 2016 spending cuts we've seen across oil and gas producers."

The financial services firm says, as a result, Murphy anticipates a 7% drop in its production guidance when comparing its 2016 average from the fourth-quarter 2015 run-rate.

"A better comp is [fourth-quarter 2016] vs. [fourth-quarter 2015], which management didn't spell out, but assuming a linear trajectory, there would be a 12-15% decline by yearend 2016," RJA said.

The company's Eagle Ford production "will take the brunt," RJA said, with plans to average 1.75 rigs, down from 3 in the fourth quarter. Murphy's oil and natural gas production from the play in 2014 was 51,300 b/d and 33 MMcfd, respectively.

Murphy operates four fields in the Eagle Ford: Karnes with 62% interest, Tilden 94%, Catarina 100%, and Nueces 86%.

ogj.com

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2Q2015 USA LOOSES

 

 

 

Tags: MURPHY, OIL

Chronicle:

MURPHY CUTS 60%
November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

MURPHY CUTS 60%
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

MURPHY CUTS 60%
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

MURPHY CUTS 60%
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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