Apr. 03. - Murphy Oil Announces Results At Well In The Deepwater Gulf of Mexico

Source Press Release
Company Murphy Oil Corporation 
Tags Upstream Activities
Date April 22, 2003

Murphy Oil Corporation announced the RunfortheRoses well, located in Green Canyon Blocks 735/736, encountered non-commercial quantities of hydrocarbons. The well was drilled to a total depth of 22,715 feet and was plugged and abandoned. Murphy owned a 50% working interest in the well, but paid 33% of the drilling costs. Pre-tax dry hole costs for the well were approximately $5.5 million net to Murphy, and of that amount, approximately $3 million will be charged to expense in the first quarter, with the remainder to be expensed in the second quarter. Previous first quarter earnings guidance of $.70-.75 a share did not include any charges for the RunfortheRoses well.

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