Murphy Oil

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Murphy Oil Corporation
Public company
Traded as
IndustryPetroleum industry
PredecessorCH Murphy & Co.
Founded1944; 75 years ago (1944)
FounderCharles H. Murphy Sr.
HeadquartersEl Dorado, Arkansas, United States
Key people
Claiborne P. Deming, Chairman
Roger Jenkins, CEO[1]
ProductsPetroleum
Natural gas
Production output
175.6 thousand barrels of oil equivalent (1,074,000 GJ) per day[1]
RevenueDecrease $1.809 billion (2016)[1]
Increase -$0.273 billion (2016)[1]
Increase -$0.275 billion (2016)[1]
Total assetsDecrease $10.295 billion (2016)[1]
Total equityDecrease $4.916 billion (2016)[1]
Number of employees
1,294 (2016)[1]
Websitemurphyoilcorp.com
Murphy Oil Co., El Dorado, AR IMG 2604.JPG

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[edit]

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 crude 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[edit]

The company was founded in 1944 as CH Murphy & Co by Charles H. Murphy Sr. and incorporated in Louisiana in 1950.[1]

In 2003, the company acquired acreage offshore Republic of Congo.[2]

In 2004, the company sold oil fields in Western Canada for US$633 million.[3]

In July 2011, the company sold its refinery in Superior, Wisconsin to Calumet for $214 million.[4]

In September 2011, the company sold its refinery in Meraux, Louisiana to Valero Energy for $325 million.[5]

In August 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.[6][7]

In 2016, the company sold its 5% stake in Syncrude Canada Ltd., a joint venture located about 25 miles north of Fort McMurray, Alberta, for C$937 million.[8]

In 2017, the company acquired acreage offshore Brazil.[9]

El Dorado Promise[edit]

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.[10][11]

References[edit]

  1. ^ a b c d e f g h i j k l m n o Murphy Oil Corporation 2016 Form 10-K Annual Report
  2. ^ "Murphy Oil Acquires Acreage Offshore Republic of Congo" (Press release). Business Wire. May 13, 2003.
  3. ^ "Company to Sell Most Canadian Gas and Oil Fields". Reuters. The New York Times. April 9, 2004.
  4. ^ "Murphy Oil to sell Superior refinery to Calumet". Reuters. July 26, 2011.
  5. ^ "Valero Energy to Purchase Murphy's Meraux Refinery" (Press release). Business Wire. September 1, 2011.
  6. ^ "Murphy Oil Corporation Completes Spin-off of Murphy USA Inc" (Press release). Business Wire. August 30, 2013.
  7. ^ "Murphy Oil completes spinoff of downstream unit". Oil & Gas Journal. August 30, 2013.
  8. ^ "MURPHY OIL CORPORATION CLOSES SYNCRUDE DIVESTITURE" (Press release). Globe Newswire. June 24, 2016.
  9. ^ "Murphy Oil Corporation Announces Strategic Entry into Deep Water Brazil" (Press release). Business Wire. September 27, 2017.
  10. ^ "Arkansas: Oil Company Promises Millions in Scholarships". New York Times. January 23, 2007.
  11. ^ El Dorado Promise

External links[edit]