Murphy cuts budget by 62%

I don’t know whether they mean Malaysia opns, or worldwide opns.

Dateline 2016-01-27, Asia Oil & Gas:

Sarawak gas project operator, US-based Murphy Oil Corp., reported net loss of US$2.27 billion for 2015, plus cuts budget by more than half.

The company plans to reduce capital expenditure this year to $825.0 million, approximately 62% lower than the $2.19 billion spent in 2015.

About 45% will be allocated towards offshore spending, 41% towards Eagle Ford Shale and 14% for onshore work in Canada.

Production for Q1 2016 is estimated in the range of 190,000-194,000 boe/d with full year production to be between 180,000-185,000 boe/d.

“We remain focused on driving down operating and G&A costs across all segments of our business,” said Roger W. Jenkins, president and CEO of Murphy. “The cost reductions better positions the company to weather the anticipated ‘lower for longer’ commodity price environment.”

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