Murphy Oil announces Q3 operating results
Murphy Oil announced its Q3 financial and operating results, during which the onshore business produced approximately 109,000 barrels of oil equivalent per day (mboepd), including 29% liquids volumes.
Eagle Ford Shale production averaged 32 mboepd with 72% oil volumes and 86% liquids volumes. Murphy brought online five operated Tilden wells as planned, in addition to three non-operated Karnes wells and nine non-operated Tilden wells.
During the third quarter, natural gas production at Tupper Montney averaged 429 million cu ft/day (mmcfd), which exceeded guidance by approximately 11 mmcfd primarily due to stronger well performance. Production at Kaybob Duvernay averaged mboepd with 73% liquids volumes. Candian production averaged 8 mboepd, consisting of 100% oil. Excluding NCI, Murphy Oil’s offshore business produced approximately 75 mboepd, which included 81% oil.
Gulf of Mexico production averaged approximately 67 mboepd, consisting of 79% oil. As previously announced, Murphy brought online the operated Mormont #3 (Green Canyon 478) well and concluded workovers in the Neidermeyer, Dalmatian and non-operated Kodiak fields. Also during the quarter, the company spud the operated Mormont #4 (Green Canyon 478) well and Murphy’s operating partner began water injection at the St. Malo waterflood project.
Moving on to exploration, Murphy drilled the Sebastian #1 (Mississippi Canyon 387) exploration well in the US Gulf of Mexico. The well encountered non-commercial hydrocarbons and has been plugged and abandoned. Approximately $12 million of the net well cost was expensed in Q3. Murphy holds a 26.8% working interest in the well.
In Vietnam, Murphy as operator spud the Hai Su Vang-1X (Block 15-2/17) exploration well, initiating its two-well Vietnam exploration program. Murphy holds a 40% working interest in the well. Following this well, the company will spud the Lac Da Hong-1X (Block 15-1/05) exploration well as operator with a 40% working interest.
