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$MUR 1Q15 10-Q: Long-term debt was $2,591.7MM, up $74.0MM compared to Dec. 31, 2014. Cash and cash equivalents were $981.0MM. During 1Q15, MUR completed second phase of the sale of 30% of its oil and gas assets in Malaysia and received net cash proceeds of $417.2MM. Combined net cash proceeds received to date from the 30% sale totaled $1.88Bil.
$MUR announced that its wholly owned Brazilian subsidiary, Murphy Brazil Exploração E Produção De Petróleo E Gás Ltda. has entered into a farm-in agreement with Queiroz Galvão Exploração e Produção S.A. to acquire a 20% working interest in Blocks SEAL-M-351 and SEAL-M-428, located in the deep water Sergipe-Alagoas Basin, offshore Brazil.
Energy company $MUR said it will offer $550MM of senior notes pursuant to an effective shelf registration statement filed with the SEC. The notes will mature in 2025. The company plans to use proceeds from the offering to redeem its 2.5% notes due December.
$MUR's per well cost estimate in Vietnam are two wells which are approx. $20-25MM the company's share. Additionally, the well in Mexico next year is setup for also about $20-25MM spend. The company added that the working interest in Vietnam is 60% and $MUR is carrying part of the cost for its partner, paying them around 80%.
$MUR commented that it is looking closely at Montney, as its drilling has improved and has a good recovery per well. Additionally, OpEx is good in the $0.60 range. $MUR is also looking to build with a midstream partner an additional 200MM a day plants. The company is looking at about $100MM of additional capital to build up the new plants.
$MUR swung to a profit in 1Q17 from a loss last year, on higher revenue as well as lower costs and expenses. Net income was $58.46MM or $0.34 per share compared to a loss of $198.8MM or $1.16 per share last year. Revenue grew to $664.62MM from $430.3MM. Adjusted loss per share narrowed to $0.06 from $0.66.
$MUR expects 2017 CapEX to be $890MM which assumes a West Texas Intermediate oil price of $52 per barrel and Henry Hub natural gas price of $3.10 per thousand cubic feet. Production for 1Q17 is estimated in the range of 166-170 Mboepd with FY17 production to be in the range of 162-168 Mboepd.
For 4Q16, $MUR's production averaged 168,000 barrels of oil equivalent per day (Mboepd). The company added that stronger production compared to previous quarterly guidance is attributed to shorter downtime and better well performance following the planned Kikeh and Sarawak turnarounds.
Independent oil and natural gas exploration and production company $MUR posted narrower 4Q16 net loss of $63.92MM or $0.37 loss per share compared to a net loss of $587.1MM or $3.41 loss per share a year ago. Revenues for the quarter fell 23.13% to $505.83MM from $658.09MM. Adjusted loss per share was $0.16.
Subsea Integration Alliance announced industry's first deepwater integrated subsea engineering, procurement, construction, installation and commissioning (EPCIC) multiphase boosting system award. This award, by Murphy Exploration & Production Company USA, a subsidiary of $MUR, is for industry's longest deepwater subsea multiphase boosting tieback.
$MUR expects FY16 production to be in the range of 174-175 Mboepd and 4Q16 production in the range of 162-164 Mboepd. FY16 capital spending is expected to be at $620MM, excluding $206.7MM related to the acquisition cost of the Kaybob Duvernay and Placid Montney JV.