Murphy Oil Earnings Call Insights: Congo Production and Earnings Guidance

| + More Articles
  • Like on Facebook
  • Share on Google+
  • Share on LinkedIn

Murphy Oil Corporation (NYSE:MUR) recently reported its fourth quarter earnings and discussed the following topics in its earnings conference call.

Congo Production

Leo Mariani – RBC Capital Markets: Just a question here on Congo. Do you guys expect to get some production on that asset? In the first quarter you kind of mentioned writing it off couple of your blocks. I previously thought that you guys were planning on hitting some stales in the first quarter, is that still accurate?

Investors are making great returns as markets roar higher. Join the party. Click here to discover our Feature Stock Pick now!

Roger W. Jenkins – EVP and COO: Yes it is. Leo, it’s Roger. We are going to continue to produce the asset. It’s time – we have a long-term lease obligation there and while we did impair the book value et cetera, we are continuing to operate and probably we’ll do so through this year.

Leo Mariani – RBC Capital Markets: I think you guys incurred decent chunk of cost in the fourth quarter in the Congo, do you expect to continue to see significant cost there, I think maybe you guys are trying to do some workover to boost that production. Any color you have around that would be helpful?

Roger W. Jenkins – EVP and COO: That workover is unsuccessful and I see very little spend in Congo going forward outside of normal OpEx this time.

More Articles About:

To contact the reporter on this story: To contact the editor responsible for this story:

Yahoo Finance, Harvard Business Review, Market Watch, The Wall St. Journal, Financial Times, CNN Money, Fox Business