Murphy Oil executives release 2015 numbers showing their Eagle Ford operations have remained resilient and exceed expectations.
In a press release last week, Murphy Oil announced a net loss of $587.1 million for 2015. The company’s full year volumes were 200,753 boepd in the fourth quarter and 207,903 boepd for full-year 2015.
Eagle Ford Highlights for 2015
The Eagle Ford Shale outperformed company expectations for 2015, with highlights including:
- Q4 production averaged over 57,000 boepd with 27 operated wells brought online.
- Full-year 2015 production averaged over 61,200 boepd with 136 operated wells brought online.
- Eagle Ford Shale had a fourth quarter operating expense of just under $8.50 per BOE. And we expect this to be a reasonable run rate going forward.
For 2016, Murphy is planning 2016 capital expenditures for operations to be $825.0 million with approximately 41 percent will be allocated toward the Eagle Ford Shale. This $340 million will be targeted primarily for drilling and completions in the Eagle Ford. The company also announced plans to drill a second Austin Chalk well in the first quarter of 2016.
Murphy Oil End of Year 2015 Highlights
- Produced volumes of 200,753 boepd in the fourth quarter and 207,903 boepd for full-year 2015
- Spent $2.19 billion capital in 2015, $0.11 billion below guidance of $2.3 billion
- Recorded total proved reserve replacement of 123 percent in 2015, including 10 percent Malaysian sell-down in first quarter 2015
- Achieved first production at Dalmatian South #2 in the Gulf of Mexico
- Delivered 136 Eagle Ford Shale wells during 2015, with 648 operated wells at year-end
- Reduced lease operating expense per barrel by over 18 percent year-over-year
- Lowered G&A expense by approximately 16 percent year-over-year