Murphy Oil Corporation announced unaudited consolidated earnings and operating results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total revenues of $541,585,000 compared to $481,550,000 a year ago. Operating income from continuing operations was $19,894,000 compared to loss of $60,063,000 a year ago. Income from continuing operations before income taxes was $2,375,000 compared to loss of $80,055,000 a year ago. Loss from continuing operations was $284,761,000 or $1.65 per basic and diluted share compared to $62,780,000 or $0.36 per basic and diluted share a year ago. Net loss was $286,791,000 or $1.66 per basic and diluted share compared to $63,922,000 or $0.37 per basic and diluted share a year ago. Net cash provided by continuing operations activities was $310,107,000 compared to $320,445,000 a year ago. Property additions and dry hole costs was $303,250,000 compared to $145,280,000 a year ago. Adjusted income was $13 million or $0.08 per diluted share compared to loss of $26.9 million or $0.16 per diluted share a year ago. EBITDA (Non-GAAP) was $288.6 million compared to $221 million a year ago. EBITDAX (Non-GAAP) was $334.1 million compared to $239 million a year ago.

For the year, the company reported total revenues of $2,225,129,000 compared to $1,811,238,000 a year ago. Operating income from continuing operations was $321,573,000 compared to loss of $407,836,000 a year ago. Income from continuing operations before income taxes was $71,802,000 compared to loss of $493,115,000 a year ago. Loss from continuing operations was $310,936,000 or $1.81 per basic and diluted share compared to $273,943,000 or $1.59 per basic and diluted share a year ago. Net loss was $311,789,000 or $1.81 per basic and diluted share compared to $275,970,000 or $1.60 per basic and diluted share a year ago. Net cash provided by continuing operations activities was $1,129,675,000 compared to $600,795,000 a year ago. Property additions and dry hole costs was $1,009,667,000 compared to $926,948,000 a year ago. Adjusted loss was $22 million or $0.13 per diluted share compared to $230.1 million or $1.34 per diluted share a year ago. EBITDA (Non-GAAP) was $1,211.3 million compared to $804.2 million a year ago. EBITDAX (Non-GAAP) was $1,334.1 million compared to $906.1 million a year ago.

Production in the fourth quarter 2017 averaged 168,000 barrels of oil equivalent per day (Mboepd). Production was impacted in the quarter due to the following temporary factors: delayed production recovery following Hurricane Harvey along with shut-ins for offset operator fracs in the Eagle Ford Shale of 900 barrels of oil equivalent per day (boepd); unplanned downtime at the non-operated Habanero field, which is shut-in due to a fire at the Enchilada facility, and unplanned downtime at the non-operated Hibernia field for a combined total of 900 boepd; and the impacts from Typhoon Tembin and Tropical Storm Kai Tak in Malaysia of 800 boepd.

For the year, the company reported total net hydrocarbons produced – equivalent barrels per day of 163,536 compared to 175,654 a year ago. Total net hydrocarbons sold – equivalent barrels per day was 162,524 compared to 174,593 a year ago.

The company is planning 2018 capital expenditures to be $1,056 million which assumes an oil price of $50 to $55 per barrel WTI and a Henry Hub natural gas price of $2.90 to $3.00 per Mcf. Production for the full year 2018 production to be in the range of 166 to 170 Mboepd. North America onshore unconventional production represents 57% of full year guidance.

Production for the first quarter 2018 is estimated to be in the range of 164 to 168 Mboepd. Total net sales is expected in the range of 161,000 BOEPD to 165,000 BOEPD.