Murphy Oil Earnings Call Insights: Congo Production and Earnings Guidance

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?

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.