Murphy raises guidance on earnings - October 05, 2003

Providing coverage of Alaska and northern Canada's oil and gas industryOctober 2003

Vol. 8, No. 40

Week of October 05, 2003

Murphy raises guidance on earnings

Petroleum News

Murphy Oil should post income before special items for the 2003 third quarter of $10-to $13 million or 60 cents to 70 cents per share, the company said Sept. 25.

Production during the quarter was estimated to average 119,000 barrels per day of oil equivalent, with production from the West Patricia field in Malaysia offsetting continued decline in Canadian natural gas production.

Murphy said it expects to take $30-to $33 million in dry hole charges in the third quarter, depending on the outcome of its Wau prospect to be drilled offshore Malaysia. The company said it also would take a pre-tax charge of about $8 million for costs associated with a fire at one of its refineries.

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