Murphy sees 25% growth in EBITDA in Q4
US firm Murphy Oil increased its EBITDA by 25% year/year in the fourth quarter to $338mn, helping it swing back to a net profit of $168mn, versus a $172mn loss a year earlier, the company said on January 27.
Strong operational execution and disciplined spending in 2021 allowed the company to achieve its goal of repaying $300mn in long-term debt, while it also built up its cash position thanks to higher realised oil prices, Murphy said.
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“I am proud of the accomplishments our organisation achieved in 2021. We produced more oil than originally planned, with less capital, while also lowering our total debt by 17%. We had our best year on record for protecting the environment. Also, we have been able to maintain the schedule on our major Gulf of Mexico projects despite the continued headwinds of a pandemic and significant hurricane,” said CEO Roger Jenkins.
Fourth quarter production was within the guidance range, averaging 150,000 barrels of oil equivalent/day, of which 60% was liquids and the rest gas. Production for the full year averaged 158,000 boe/d and consisted of 62% liquids and 38% gas.
Murphy confirmed it achieved its long-term debt reduction goal of $300mn for the second half of 2021, while also reducing total debt by $530mn, or 17%, since the end of 2020. The King's Quay oil project in the Gulf of Mexico is still on track to start production in the second quarter, it said.