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Murphy to Drill Zero Wells in Q2; Focused on Preserving Capital
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Murphy Oil Corporation announced its preliminary financial and operating results for the first quarter ended March 31, 2016.
Key Points: Murphy revised the 2016 planned capital expenditures to $580.0 million, a $245.0 million decrease from the previously announced $825.0 million Eagle Ford - Production in the first quarter of 2016 averaged over 56,000 boepd with 13 operated wells brought online (compared to 45 in Q1 2015). Well costs decreased to average $4.2 million across the play, just over a 25 percent decrease from first quarter 2015. In direct response to lower oil prices and the company's desire to preserve capital, the 2016 Eagle Ford drilling program is focused on an efficient drilling plan to hold leases. It is expected that the remaining 15 wells to be brought online in…- ✓ Full news archive — U.S., Canada & international coverage
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