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Murphy Oil: 'Disappointed, but Not Surprised' by Leasing Moratorium

oil_gas_production

Industry Segment: Production | Word Count: 783 Words

SUGAR LAND--February 9, 2021--Researched by Industrial Info Resources (Sugar Land, Texas)--Like other oil and gas producers, Murphy Oil Corporation (NYSE:MUR) (Houston, Texas) endured a fairly brutal 2020, emerging somewhat worse for the wear. The company reported a full-year 2020 net loss of $1.15 billion, compared with net income of $1.15 billion in 2019. Nevertheless, the company is intent on growing its operations, planning capital expenditures (capex) of between $675 million and $725 million this year, with full-year production to be in the range of 155,000 to 165,000 barrels of oil equivalent per day. This compares with capex of $760 million in 2020 and average production of 164,000 barrels per day (BBL/d) in 2020. In the company's recent earnings conference call with industry analysts, executives spoke of recent actions taken by the new U.S. presidential administration and what the company expects in the future.

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