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Murphy Oil Corp.
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Category: Exploration & Production
Subcategory: A-B
Company profile
Murphy Oil is an oil and gas exploration and production company with refining and marketing operations in North America and the U.K. Co.'s exploration and production business explores for and produces crude oil, natural gas and natural gas liquids worldwide. Co.'s refining and marketing businesses are located in the U.S. and the U.K., and primarily consist of operations that refine crude oil and other feedstocks into petroleum products such as gasoline and distillates, buy and sell crude oil and refined products, and transport and market petroleum products. As of Dec 31 2004, estimated net proved reserves were 202.8 million barrels of oil and 268.8 billion cubic ft. of natural gas.
Services
Murphy’s refining and marketing operations are conducted through wholly-owned subsidiaries including Murphy Oil USA, Inc. based in El Dorado, Arkansas, and Murco Petroleum Ltd., a U.K. subsidiary serviced by Murphy Eastern Oil Company, based in London, England. Petroleum products are marketed through extensive product distribution systems under the Murphy USA and SPUR brands in the U.S. and under the Murco and Jet brands in the U.K.
Our downstream operations include a 125,000 barrel-a-day refinery in Meraux, Louisiana, which produces refined petroleum products for distribution in the Gulf Coast market, and a 35,000 barrel-a-day refinery in Superior, Wisconsin, which serves the Upper Midwest. Operations in the United Kingdom are centered on a 108,000 barrel-a-day refinery in Milford Haven, Wales, in which we have an effective 30% interest.
Murphy’s marketing collaboration with Wal-Mart continues to grow at an impressive rate. Presently over 890 high-volume retail gasoline stations are operating in Wal-Mart parking areas throughout the Southeast and Upper Midwest regions, giving Murphy a unique niche in the U.S. marketplace. The capital cost per unit is extraordinarily low because no real estate is purchased nor is a convenience store built. Additionally, high-volume sales result in very low operating costs giving us a distinct competitive advantage. The program should continue to expand during 2006 as the program ramps up at a faster pace with over 130 additional sites slated for construction.
Products
Murphy Oil's focus is finding oil and natural gas, and that is primarily done through an exploration program that is centered on deepwater Gulf of Mexico and international prospects. In addition to our exploration opportunities in North America, we believe there are many opportunities for significant oil and gas discoveries in other parts of the globe, as evidenced by the level of our exploration activities offshore Malaysia and Congo.
During 2004, Murphy allocated 86% of its capital expenditures to upstream operations as we continued to fund our deepwater drilling programs in Malaysia, the Gulf of Mexico and offshore Congo; the completion of the West Patricia Phase II development offshore Sarawak, Malaysia, and the Front Runner development in the Gulf of Mexico; and the continued Phase III expansion at Syncrude, the world's largest synthetic crude oil operation. As anticipated, production volumes ramped up at our deepwater developments at Medusa and Habanero in the deepwater Gulf. Front Runner was placed onstream in early December, 2004. For the full year, our worldwide production averaged over 120,000 barrels of oil equivalent a day.
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