$72 million net loss reported in 4Q by Murphy Oil

Arkansas-based Murphy Oil Corporation reported it suffered a $72 million net loss or 46 cents a share in the fourth quarter ending December 31, 2019.

Adjusted net income was $25 million or 16 cents per diluted share. As previously announced, Murphy closed the Malaysia asset divestiture in the third quarter for $2.0 billion in cash proceeds.

The company stated its adjusted EBITDA was $404 million or $22.94 per barrel of oil equivalent sold. Murphy extended its debt maturity profile by issuing $550 million of 5.875 percent senior notes due 2027. Proceeds were used to repurchase $521 million in senior notes due 2022.

The company also reported it managed to increase average daily oil production from continuing operations by 66 percent with total average daily production increased by 41 percent over the 2018 levels.

Murphy also reported it drilled successful exploration wells in Vietnam, Gulf of Mexico and offshore Mexico.

Source: Murphy news release