$MUR Murphy Oil says returning to offshore expl
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Posted On: 08/10/2018 11:00:00 AM
$MUR
Murphy Oil says returning to offshore exploration
Murphy Oil (NYSE:MUR) has returned to offshore exploration and has several offshore wells to spud around the world in H2 2018, CEO Roger Jenkins said during today's earnings conference call.
"We're building a nice portfolio, to where we can drill 2-3 wells [in the Gulf] every year," Jenkins said on the call. "Our exploration strategy has changed so much... We've implemented a focused new strategy."
MUR plans to spud the deepwater King Cake prospect later in Q3, which contains an estimated mean 50M boe of gross resource potential; in Q4, it plans to spud the LDT prospect offshore Vietnam, with 30M boe of mean gross resource potential, and drill the Palenque prospect offshore Mexico, with a projected 200M boe of mean gross resource potential.
In Q2, MUR produced 171K boe/day worldwide (53% oil), up 5% Y/Y and 2% Q/Q, as crude oil output totaled 90K bbl/day, up 1% Y/Y and 2% Q/Q
Murphy Oil says returning to offshore exploration
Murphy Oil (NYSE:MUR) has returned to offshore exploration and has several offshore wells to spud around the world in H2 2018, CEO Roger Jenkins said during today's earnings conference call.
"We're building a nice portfolio, to where we can drill 2-3 wells [in the Gulf] every year," Jenkins said on the call. "Our exploration strategy has changed so much... We've implemented a focused new strategy."
MUR plans to spud the deepwater King Cake prospect later in Q3, which contains an estimated mean 50M boe of gross resource potential; in Q4, it plans to spud the LDT prospect offshore Vietnam, with 30M boe of mean gross resource potential, and drill the Palenque prospect offshore Mexico, with a projected 200M boe of mean gross resource potential.
In Q2, MUR produced 171K boe/day worldwide (53% oil), up 5% Y/Y and 2% Q/Q, as crude oil output totaled 90K bbl/day, up 1% Y/Y and 2% Q/Q
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