December 1999 - Murphy Oil Announces 2000 Capital Program

Source Annual Report
Company Murphy Oil Corporation 
Tags Strategy - Corporate
Date December 31, 1999

Murphy Oil Corporation has announced a capital program of $457 million in 2000, up 18% from projected capital expenditures in 1999.  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.

Downstream operations will have 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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