Murphy Oil Inches Higher on Drilling Update

By
A A A

Murphy Oil Corp. ( MUR ) is up 0.2% after releasing results of its recent drilling offshore Republic of the Congo in the Mer Profonde Nord (MPN) permit and entry into a new block offshore Australia.

The company reports that its Opale Marine - 1 well in the MPN Block was unsuccessful and has been plugged and abandoned. The total net cost of the well is estimated at $48 million and will be expensed in Q4 2012. As a result of the Opale Marine - 1 well outcome, MUR will also take a noncash charge of $29 million in the quarter to write off the Titane Marine - 1 well which was drilled in October 2010 and had been suspended pending results of additional exploratory drilling on the block.

In another exploration focus area, MUR has expanded its position in the Browse Basin offshore Australia by picking up a 20% working interest in Block WA-408-P where drilling is expected to begin in December this year. This gas-prospective block directly offsets Block AC/P 36, in which Murphy holds a 50% working interest.

MUR is trading at $57.77 in a 52-week range of $43.29 - $65.60. Shares have increased 11% in the last 12 months.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: MUR

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

Most Active by Volume

48,099,947
  • $16.09 ▲ 0.50%
40,277,806
  • $102.50 ▲ 0.24%
40,236,499
  • $19.57 ▲ 2.35%
31,092,510
  • $49.75 ▲ 0.65%
30,795,218
  • $34.92 ▲ 0.78%
29,910,855
  • $3.63 ▲ 0.83%
24,019,154
  • $13.06 ▼ 0.38%
23,753,906
  • $74.82 ▲ 1.31%
As of 8/29/2014, 04:04 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com