Murphy Oil Corporation
) has provided a new update on its third-quarter 2013 worldwide
production guidance. The company has increased its quarterly
production expectation to 198,000 barrels of oil equivalent per
day (boepd) from 190,000 boepd.
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In addition, Murphy Oil has presented its third-quarter 2013
sales guidance, which is same with the production level. As far
as Murphy Oil's full-year 2013 production guidance is concerned,
the company has reiterated the worldwide production level to
During the second-quarter 2013 earnings call, Murphy Oil
announced that the production and sales in third-quarter 2013 are
expected to be 190,000 boepd, down 9.2% sequentially and up 4.6%
year over year.
The sequential decrease in production was primarily due to the
planned downtime at Kikeh Floating Production Storage and
Offloading (FPSO) vessel at Murphy Oil's Siakap North/Petai
project. The company intends to close the project to connect with
the new Siakap North-Petai field. The planned shutdown is
expected to continue till Sep 2013.
Later, Murphy Oil has changed its previous plan and shifted the
timing of shutdown to the early fourth quarter of 2013 due to the
installation of Siakap North-Petai pipeline. Considering this
factor, the company has increased its latest production guidance
from the previous projection.
Murphy Oil's third-quarter 2013 worldwide production is expected
to increase from the year-ago level, primarily backed by strong
contribution from the Eagle Ford in the U.S. and the oil projects
Currently, Murphy Oil is focusing more on the exploration and
production (E&P) activities and expanding its operations
primarily in Australia, Malaysia, Atlantic Margin and Brunei.
This strategy propelled the company to spin-off its U.S. retail
marketing division. In addition, the company is in the process to
sell its entire U.K. properties.
Recently, Murphy Oil made a gas discovery in offshore Western
Australia's Browse Basin. The discovery of new prospects along
with the expansion of the existing assets will help the company
to offset its temporary production shortage, while increasing
Murphy Oil currently has a Zacks Rank #3 (Hold). However, other
stocks from the industry that are presently performing well
) with a Zacks Rank #1 (Strong Buy), and
), each with a Zacks Rank #2 (Buy).
Murphy Oil engages in the exploration, production, refining and
marketing of oil and gas in the U.S. and several international