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Murphy Exploration & Production Company, a division of Murphy Oil Corporation, is headquartered in Houston, Texas. Murphy Oil Corporation is an international oil and gas company that conducts business through various operating subsidiaries. The company owns and operates oil and natural gas wells in North America, the North Sea, Ecuador, Malaysia, and the Congo, and runs 3 refineries. Murphy Oil also operates a growing retail marketing gasoline station chain on the parking lots of Wal-Mart Supercenters and at stand-alone locations in the United States.
Murphy Oil Corp. plans to sell its three refineries and exit the refining business. Murphy Oil has two refineries located in the United States and one in the United Kingdom. The company will concentrate on exploration and production and retail sales in the United States. Murphy Oil is also selling its UK retail business (reported in July 23, 2010 article in the Oil and Gas Journal).
Murphy Exploration & Production Company explores for oil and natural gas worldwide. While headquartered in Houston, Murphy E&P also maintains offices in Malaysia, England, Republic of the Congo, Indonesia, and Australia.
In the United States, Murphy Exploration & Production Company has production of oil and/or natural gas from five fields operated by the Company and four main fields operated by others. The U.S. producing fields (as of December 31, 2009) included seven in the deepwater Gulf of Mexico and two onshore in Louisiana. The Company’s primary focus in the U.S. is in the deepwater Gulf of Mexico, which is generally defined as water depths of 1,000 feet or more.
In 2009, Murphy Exploration and Production started production in the Gulf of Mexico with the Thunder Hawk oil field in which the company has a 37.5% stake. In addition, a discovery was made at Samurai in Gulf of Mexico. Murphy E&P holds a 1/3 stake in this discovery and will be drilling an appraisal well in 2010 to size the discovery and help choose development options.
Murphy Oil Corporation was originally incorporated in Louisiana in 1950 as Murphy Corporation. It was reincorporated in Delaware in 1964 as Murphy Oil Corporation. The company was reorganized in 1983 to operate primarily as a holding company for the two main businesses of Exploration and Production, and Refining and Marketing.
Murphy Oil Corporation’s common stock is traded on the New York Stock Exchange under the ticker symbol “MUR”. The company’s net income for 2009 totaled $837.6 million, or $4.35 per share. On December 31, 2009, Murphy had 8,369 employees, including 3,261 full-time and 5,108 part-time.
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