About Murphy Exploration & Production Company - USA

Irish name, American focus. Murphy Exploration & Production - USA, a subsidiary of integrated oil giant Murphy Oil, is engaged in oil and gas exploration and production, primarily in the Eagle Ford shale play in South Texas, as well as in oil and gas fields located in the Gulf of Mexico, and onshore in Louisiana. Murphy Exploration & Production - USA reported proved reserves of 214.7 million barrels of oil and 185 billion cu. ft. of natural gas in 2013. The Eagle Ford play accounted for 185.3 million barrels of proved oil reserves and 104 billion cubic feet of proved natural gas reserves.

Geographic Reach

Murphy Oil's oil and natural gas assets include six operated fields and five non-operated fields in the US in seven producing fields in the deepwater Gulf of Mexico.

Operations

In 2013 Murphy Exploration & Production - USA produced 48,400 barrels of oil per day and 53 million cu. ft. of natural gas per day (about 36% of the parent company’s total worldwide oil and 13% of its gas production volumes).

Murphy Oil  got 31% of its total production in the US from Gulf of Mexico fields (and two-thirds of that from three fields -- Medusa, Front Runner, and Thunder Hawk).

US proved oil reserves were revised upwards in 2013 thanks to  better well performance in the Eagle Ford Shale area in South Texas, conversion of proved wet gas reserves to proved oil reserves that include natural gas liquids, and minor additoons to several fields in the Gulf of Mexico. US proved natural gas reserves saw negative revisions due to the conversion of proved wet gas reserves to proved residual gas reserves.

Financial Performance

There are no separate financials for the company; however Murphy Oil reported that US oil, gas liquids, and natural gas revenues grew by 74% in 2013, thanks to higher volumes and an increase in liquids and gas prices, partially offset by lower oil prices.

Oil production increased from 26,090 barrels per day in 2012 to 48,387 barrels per day in 2013. The 85% jump in volume came from  drilling and other operations in the Eagle Ford Shale.

Murphy Exploration & Production Company – USA accounted for about 34% of its parent company's total revenues in 2013.

Strategy

Once focused on the deepwater Gulf of Mexico, Murphy Exploration & Production - USA has found the Eagle Ford Shale to been its most lucrative oil patch in recent years. The company has acquired rights to 182,000,000 gross acres in the Eagle Ford Shale unconventional oil and gas play, and had ten active drilling rigs operating in the play in 2013. It stays active in the Gulf of Mexico, however, with two to three exploration wells per year.

The parent company's development expenditures in 2013 included $1.5 billion for the drilling and completion program in the Eagle Ford Shale, compared to $230.9 million for fields in the Gulf of Mexico (including Dalmatian which starts up in 2014); $157 million for synthetic oil operations; and $140 million for heavy oil at Seal in Western Canada.

Company Background

Murphy Exploration & Production - USA first moved into the deepwater Gulf of Mexico in 1996. The Medusa and Habanero fields were both placed onstream in 2003.

At the Murphy-operated Thunder Hawk field (37.5%) located in Mississippi Canyon in the Gulf of Mexico, the company and its and partners are developing a stand-alone semi-submersible floating production unit with a production capacity of 45,000 barrels a day. The first oil from the platform is scheduled to come online in 2009.

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Murphy Exploration & Production Company - USA

9805 Katy Fwy Ste G200
Houston, TX 77024-1269
Phone: 1 (281) 599-8145
www.murphyoilcorp.com/ep/us

Stats

  • Employer Type: Subsidiary
  • Senior Vice President Business Development And Planning: Dan Hanchera
  • Vice President, W Hemp Exp And New Ventures: Ron Manz
  • Director: Kevin Smith

Major Office Locations

  • Houston, TX

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