Murphy Oil Raises Production Outlook Following Petrobras GoM JV Closing

Murphy Oil Corp. (NYSE: MUR) on Dec. 3 raised its fourth-quarter and full-year production forecast, following the closing of a deal to form a Gulf of Mexico (GoM) joint venture (JV) with Brazil’s state-run Petroleo Brasileiro SA.

The E&P based in El Dorado, Ark., now expects to produce about 176,000 barrels of oil equivalent per day (boe/d) in the fourth quarter, up from the previously expected range of 167,000 to 169,000 boe/d.

Murphy also raised its full-year capex outlook by about 4% to $1.23 billion and said it expects to use some of the cash flow from the new assets to accelerate activity in the oil-rich Eagle Ford region.