 | |
 Murphy Oil's Houston office, currently the global headquarters | |
| Company type | Public company |
|---|---|
| Industry | Petroleum industry |
| Predecessor | CH Murphy & Co. |
| Founded | 1944; 81 years ago (1944) |
| Founder | Theodosia Murphy Nolan, Bertie Murphy Deming Smith, and Charles H. Murphy Sr.[1] |
| Headquarters | Houston, Texas,United States |
Key people | Claiborne P. Deming, Chairman Roger Jenkins, CEO |
| Products | Petroleum Natural gas |
Production output | 167.356 thousandbarrels of oil equivalent (1,023,860 GJ) per day (2021) |
| Revenue |  $2.801 billion (2021) |
| -$73.7 million (2021) | |
| Total assets |  $10.305 billion (2021) |
| Total equity | $4.157 billion (2021) |
Number of employees | 696 (2021) |
| Website | www |
| Footnotes / references [2] | |
Murphy Oil Corporation is an American energy company engaged inhydrocarbon exploration headquartered inHouston, Texas.[2]
The company is ranked 625th on theFortune 500[3] and 1860th on theForbes Global 2000.[4]
As of December 31, 2020, the company had 714.9 millionbarrels of oil equivalent (4.374×109 GJ) of estimated proved reserves, of which 51% waspetroleum, 42% wasnatural gas, and 7% wasnatural gas liquids.[2]
The company's developed reserves are in theUnited States andCanada. The company also has undeveloped reserves inAustralia,Brazil,Brunei,Mexico, andVietnam.[2]
In the United States, the company's reserves are primarily in theEagle Ford Group area ofSouth Texas and in the deepwaterGulf of Mexico.[2]
The company's Canadian operations are mostlyheavy crude oil projects in theWestern Canadian Sedimentary Basin.[2] Murphy’s East Coast Canada assets are located offshoreNewfoundland in two producing oil fields in theJeanne d'Arc Basin. The company holds a 6.5% non-operated working interest inHibernia and 18% non-operated working interest inTerra Nova.[5]
Of the company's 2020 production of 174.636 thousandbarrels of oil equivalent (1,068,400 GJ) per day, 59% waspetroleum, 5% wasnatural gas liquids, and 36% wasnatural gas.[2]
Throughout 2018 Murphy Oil along with 91 otherFortune 500 companies had "paid an effective federal tax rate of 0% or less" as a result of Donald Trump´sTax Cuts and Jobs Act of 2017.[6]
The company was founded in 1944 as CH Murphy & Co by Charles H. Murphy Sr. and incorporated in Louisiana in 1950.[2]
Mason Houghland opened the first Spur gas station inOld Hickory, Tennessee in 1928. AfterWilhelm von Opel invested in the company, it became a chain, with 275 locations and annual sales of $40 million. In 1957, an appeals court ruled that von Opel's sonFritz von Opel was not entitled to the share of Spur Oil Company his father had owned. Houghland bought the shares and Equitable Securities handled thepublic offering. Equitable arranged the merger of Spur Oil Company with Murphy shortly after Houghland's death in 1959.[7][8]
In 1960, Murphy set upMurco Petroleum in the United Kingdom.
Murphy entered the Malaysia market in 1999 after a purchase of three offshore blocks, solidifying its position as a player in the offshore development space. The first discovery in this area, the West Patricia prospect, was announced in 2001 and followed by a significant discovery in the Kikeh in 2002 (went into production by 2007).[9]
In 2003, the company acquired acreage offshoreRepublic of Congo.[10]
In 2004, the company sold oil fields inWestern Canada for US$633 million.[11]
In July 2011, the company sold its refinery inSuperior, Wisconsin, to Calumet for $214 million.[12]
In September 2011, the company sold its refinery inMeraux, Louisiana, toValero Energy for $325 million.[13]
In August 2013, the company distributed 100% of the shares in its retail marketing gasoline station chain,Murphy USA, to its shareholders via acorporate spin-off.[14][15]
In 2016, the company sold its 5% stake in Syncrude Canada Ltd., a joint venture located about 25 miles north ofFort McMurray, Alberta, for C$937 million.[16]
In 2017, the company acquired acreage offshore Brazil.[17]
Throughout 2018 Murphy Oil along with 91 otherFortune 500 companies had "paid an effective federal tax rate of 0% or less" as a result of Donald Trump´sTax Cuts and Jobs Act of 2017.[6]
In July 2019, Murphy sold its assets in Malaysia toPTT Exploration and Production for $2.035 billion.[18]
In May 2020, the company relocated toHouston and closed several offices.[19]
From 2024 to 2029, the company plans to allocate 10% of its budget to exploration. In 2024, the company's capital budget ranges from $920 million to $1.02 billion (up 6% from 2023). The exploration budget will reach $120 million, and projects will include two exploration wells inVietnam and two more in theGulf of Mexico.[20] Also in 2024, the company plans to allocate about $300 million for development drilling and field development projects, including operated and non-operatedsubsea tiebacks.[21]
In January 2007, Murphy announced that it would set aside $50 million to ensure that every student graduating from theEl Dorado, Arkansas, school system would be able to afford college. The scholarship, which requires that students spend a certain number of years in the El Dorado school system and maintain a 2.0grade point average while in college, pays tuition and all mandatory fees for students, up to the highest annual rate charged by an Arkansas public university. Scholarship amounts are paid based on length of attendance in the El Dorado Public School District. For example, graduates who attend all 13 years at El Dorado Public Schools will receive 100% of the scholarship.[22][23]
In August 2005, duringHurricane Katrina, an oil storage tank at the Murphy Oil refinery in Meraux, Louisiana, floated off its foundation and released more than one million gallons of crude oil into Meraux andChalmette. A class-action lawsuit against Murphy Oil ended in a settlement in 2009; the company was required to pay $330 million to 6,200 claimants, including owners of about 1,800 affected residential properties inSt. Bernard Parish, Louisiana.[24][25][26]
In 2007, following abenzene leak in Louisiana, Murphy Oil was fined $395,313 in civil penalties plus $1.5 million for cleanup costs by theUS EPA. The case was settled in April 2019.[24][27]
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| National | |
