Murphy Oil Ups E&P Budget....
EL DORADO, Ark.--(BUSINESS WIRE)--Dec. 13, 1999--Murphy Oil Corporation (NYSE:MUR) announced today a capital program of $457 million in 2000, up 18% from projected capital expenditures in 1999. Claiborne P. Deming, President and Chief Executive Officer, noted, "We continue to have an excellent array of investment opportunities across all segments of our business. Riding the momentum of 1999 drilling successes, Murphy's exploration budget is expected to increase over 75% in 2000 to in excess of $150 million, primarily targeted at the deepwater Gulf of Mexico. Development expenditures of $181 million will be highlighted by continued spending at Terra Nova, the next major oil field offshore Canada, which is slated for an early 2001 start-up and will provide Murphy over 12,000 barrels a day of new oil production. Finally, funds of $120 million approved for refining, marketing and transportation operations reflect an increase of approximately 24%, mostly attributable to our ongoing Wal-Mart program. There are currently 145 stations in operation in the southeastern U.S., and plans include the construction of 150 additional stations in 2000, including those to be built in a new geographical area - the recently awarded Upper Midwest"
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