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Murphy Oil corporate report

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30 July 2019

Murphy Oil corporate report

Report summary

Murphy has transformed its portfolio. Its JV with Petrobras in Deepwater GoM combined with the acquisition of LLOG Bluewater assets has propelled it to a position among the top five companies in the region by operated daily production. It has also made a spirited return to conventional exploration, a move which could address its longer-term growth challenges. But its actions have failed to impress investors. Delivering in GoM and monetizing its high-profile basin entries will be critical if it is to address its discounted rating. In this report we analyse Murphy’s competitive position, strategic drivers and opportunities for business development.

Table of contents

  • SWOT Analysis
  • Recent strategic moves
  • Strategic positioning
    • 1. Managing its expanded deepwater GoM position
    • 2. Financial health: cash flow set to sore
    • 2.1 Deepwater GoM assets underpin strong outlook
    • 2.2 Returning value to shareholders– still a core objective
    • 3. Conventional exploration points to transformational potential
    • 4.1 Renewed focus on the Eagle Ford will accelerate growth
    • 4.2 Scalable onshore Canada position

Tables and charts

This report includes 43 images and tables including:

  • Share price performance
  • Murphy market premium price sensitivity
  • Evolution of market premium / discount to WM base-case NPV,10
  • Strategic fit of international assets
  • Remaining NPV 10 by resource theme
  • Benchmark: Indexed production growth
  • Murphy drilling inventory and asset-level breakevens
  • Benchmark: Deewater GoM production outlook
  • Benchmark: Deepwater GoM new project returns
  • Murphy: year end net debt outlook
  • Murphy: cash flow by country
  • Benchmark: combined shareholder returns
  • Benchmark: Conventional reserves discovered (2016-2018)
  • Top countries for prospective resources (YTF) to 2035
  • Benchmark: Eagle Ford Cum 180 oil per lateral length
  • Benchmark: Eagle Ford running room
  • Benchmark: Tupper Montney remaining resource and well breakeven
  • Benchmark: Duverney remaining resource and well breakeven
  • Upstream EV vs. Upstream NPV,10
  • Upstream portfolio sensitivities vs. NPV,10
  • Current NPV,10 vs. Future NPV,10
  • Base case upstream NPV,10
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • New project returns
  • Reported development costs
  • Reported and WM forecast production
  • Liquid vs. Gas
  • Liquid production
  • Gas production
  • Total reserves; Wood Mackenzie commercial
  • Total reserves: reported vs. Wood Mackenzie
  • Total reserves: reported vs Wood Mackenzie
  • Reserve life: reported vs Wood Mackenzie
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Valuation assumptions
  • Foreign exchange rate assumptions

What's included

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    XLSX 1021.03 KB

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    Murphy Oil corporate report

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  • Document

    Murphy Oil corporate report

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