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Murphy Chopping Spending by 62% for 2016; 4Q Results
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Murphy Oil Corporation has detailed its preliminary 4Q15 and Full-Year 2015 results as well as its 2016 outlook.
2016 Capital Expenditure & Production GuidanceMurphy is planning 2016 capital expenditures for operations to be $825.0 million, which is approximately 62 percent lower than the $2.19 billion spent in 2015. Approximately, 45 percent will be allocated toward offshore, 41 percent will be allocated toward the Eagle Ford Shale and 14 percent will be allocated toward Canada onshore. At this time, the capital program for 2016 remains under review for additional downward revisions should lower commodity prices persist.
Production for the first quarter 2016 is estimated in the range of 190,000 - 194,000 boepd with full-year 2016 production to be in the range of 180,000 to 185,000…
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