0000717423-19-000039.txt : 20190712 0000717423-19-000039.hdr.sgml : 20190712 20190711215628 ACCESSION NUMBER: 0000717423-19-000039 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20190711 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190712 DATE AS OF CHANGE: 20190711 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MURPHY OIL CORP /DE CENTRAL INDEX KEY: 0000717423 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 710361522 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08590 FILM NUMBER: 19951983 BUSINESS ADDRESS: STREET 1: 300 PEACH STREET STREET 2: PO BOX 7000 CITY: EL DORADO STATE: AR ZIP: 71731-7000 BUSINESS PHONE: 8708626411 MAIL ADDRESS: STREET 1: 300 PEACH STREET STREET 2: PO BOX 7000 CITY: EL DORADO STATE: AR ZIP: 71731-7000 FORMER COMPANY: FORMER CONFORMED NAME: NEW MURPHY OIL CORP /DE DATE OF NAME CHANGE: 19831115 8-K 1 a8-kclosingmalaysiasale.htm 8-K 8-K Closing Malaysia Sale


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 11, 2019 (July 10, 2019)
MURPHY OIL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
 
1-8590
 
71-0361522
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(I.R.S. Employer Identification No.)
 
300 Peach Street
P.O. Box 7000, El Dorado AR
 
 
71730-7000
 
 
(Address of principal executive offices)
 
 
(Zip Code)
 
 
 
(870)
862-6411
 
 
 
 
Registrant’s telephone number, including area code
 
 
 
Not applicable
 
 
(Former Name or Former Address, if Changed Since Last Report)
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[  ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 
[  ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 
[  ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
 Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, $1.00 Par Value
MUR
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).                         Emerging growth company [  ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                            [  ]





Item 2.01.   Completion of Acquisition or Disposition of Assets
On July 10, 2019, Murphy Oil Corporation (“Murphy Oil”) announced its subsidiary closed the sale to divest the fully issued share capital of the entities primarily conducting Murphy’s operations in Malaysia to a subsidiary of PTT Exploration and Production Public Company Limited (“PTTEP”). The transaction was previously announced on March 21, 2019, with an effective economic valuation date of January 1, 2019. After closing adjustments, Murphy received proceeds of approximately US$2.035 billion, and expects to report a gain on the sale of approximately $1.0 billion. Murphy does not anticipate tax liabilities related to the transaction.
Item 8.01.   Other Events
On July 10, 2019, Murphy Oil issued a press release announcing the completion of the sale of its Malaysia assets. The full text of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 8.01.
Item 9.01.  Financial Statements and Exhibits
(b) Pro Forma Financial Information
The unaudited pro forma condensed consolidated balance sheet of Murphy Oil dated as of March 31, 2019 and the unaudited pro forma condensed consolidated statements of operations of Murphy Oil for the three months ended March 31, 2019 and for the year ended December 31, 2018 are filed as Exhibit 99.2 to this Current Report on Form 8-K.






Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
MURPHY OIL CORPORATION
Date: July 11, 2019

 
 
By:
/s/ Christopher D. Hulse
 

Christopher D. Hulse
 

Vice President and Controller





Exhibit Index



EX-99.1 2 exhibit991-closingmalaysia.htm EXHIBIT 99.1 Exhibit991-ClosingMalaysiaSalePressRelease
EXHIBIT 99.1

murphylogo1.jpg

NEWS RELEASE
MURPHY OIL CORPORATION ANNOUNCES CLOSE OF MALAYSIA PORTFOLIO, EXECUTES $300 MILLION SHARE REPURCHASE PROGRAM

EL DORADO, Arkansas, July 10, 2019 – Murphy Oil Corporation (NYSE: MUR) (“Murphy”) announced its subsidiary closed the sale to divest the fully issued share capital of the entities primarily conducting Murphy’s operations in Malaysia to a subsidiary of PTT Exploration and Production Public Company Limited (“PTTEP”). The transaction was previously announced on March 21, 2019, with an effective economic valuation date of January 1, 2019. After closing adjustments, Murphy will receive proceeds of approximately US$2.035 billion, and expects to report a gain on the sale of approximately $1.0 billion. Murphy does not anticipate tax liabilities related to the transaction.
“We would like to congratulate PTTEP on the purchase of their new asset. As our talented and committed Malaysia team transitions to their new owner, I am confident they will diligently work to ensure continued success in the country. Also, I would like to thank our long-term partners PETRONAS, PETRONAS Carigali and Pertamina. They too have diligently worked to ensure our long-term success in the region,” stated Roger W. Jenkins, President and Chief Executive Officer.
SHARE REPURCHASE PROGRAM UPDATE
Murphy also announced today that it has completed $300 million in share repurchases as of the end of the second quarter, which is part of a previously authorized and disclosed $500 million program. Murphy purchased 11.4 million shares outstanding, a 6.6 percent reduction from 173.6 million shares outstanding as of April 30, 2019, at an average price of $26.34 per share. The current share repurchase program expires year-end 2020.
“Murphy remains committed to spending within cash flow while investing in our new Gulf of Mexico assets. We continue to strongly support our shareholders with industry-leading dividend and share buybacks this year. Murphy’s recent transactions further align our high-margin and oil-

1


EXHIBIT 99.1

weighted production, with approximately 90 percent of oil volumes expected to receive premium realizations to WTI,” stated Jenkins. “We have repositioned our portfolio with multiple successful transactions while maintaining our strong balance sheet and liquidity position. Following our three major transactions over the last nine months, we are now set up for a transformed future with no revolver borrowings and liquidity of more than $2.0 billion.”
ABOUT MURPHY OIL CORPORATION
Murphy Oil Corporation is a global independent oil and natural gas exploration and production company. The company’s diverse resource base includes production from North America onshore plays in the Eagle Ford Shale, Kaybob Duvernay, Tupper Montney and Placid Montney, as well as offshore Gulf of Mexico, Canada and Southeast Asia. Additional information is available on the company’s website www.murphyoilcorp.com.
Investor Contacts:
Kelly Whitley, kelly_whitley@murphyoilcorp.com, 281-675-9107
Bryan Arciero, bryan_arciero@murphyoilcorp.com, 832-319-5374
Megan Larson, megan_larson@murphyoilcorp.com, 281-675-9470

2

EX-99.2 3 exhibit992-closingmalaysia.htm EXHIBIT 99.2 Exhibit992-ClosingMalaysiaSaleProFormas
EXHIBIT 99.2

MURPHY OIL CORPORATION
UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
 
On March 21, 2019, Murphy Oil Corporation announced that a subsidiary had signed a sale and purchase agreement to divest the fully issued share capital of its two primary Malaysian subsidiaries, Murphy Sabah Oil Co., Ltd. and Murphy Sarawak Oil Co., Ltd., to a subsidiary of PTT Exploration and Production Public Company Limited (PTTEP). PTTEP has paid Murphy $2.035 billion in an all-cash transaction at closing after customary closing adjustments. Up to $100 million bonus payment contingent upon certain future exploratory drilling results prior to October 2020 is payable.

The transaction has an effective date of January 1, 2019, and closed on July 10, 2019.
We derived the unaudited pro forma consolidated financial statements from the historical consolidated financial statements of the Company for the respective periods.  The unaudited pro forma consolidated financial statements of operations for the years ended December 31, 2018, 2017, and 2016 and three months ended March 31, 2019 give effect to the sale as if the transaction occurred on January 1, 2016.  The unaudited pro forma consolidated balance sheet as of March 31, 2019 gives effect to the sale as if the transaction occurred on March 31, 2019.
The pro forma adjustments are based on available information and certain assumptions that we believe are reasonable as of the date of this Current Report on Form 8-K.  Assumptions underlying the pro forma adjustments related to the transaction are described in the accompanying notes. The pro forma adjustments reflected herein are based on management’s expectations regarding the transaction.  The unaudited pro forma consolidated financial statements are presented for illustrative purposes only and do not purport to indicate the results of operations of future periods or the results of operations that actually would have been realized had the transaction been consummated on the dates or for the periods presented.
The unaudited pro forma consolidated financial statements should not be relied upon as an indication of operating results that the Company would have achieved if the transactions contemplated herein had taken place on the specified date. In addition, future results may vary significantly from the results reflected in the unaudited pro forma consolidated statements of operations and should not be relied on as an indication of the future results the Company will have after the completion of the transactions noted in these unaudited pro forma consolidated financial statements.
The unaudited pro forma consolidated financial statements should be read in conjunction with the audited December 31, 2018 consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K filed on February 27, 2019 and the unaudited March 31, 2019 consolidated financial statements contained in the Company’s Quarterly Report on Form 10-Q filed May 2, 2019.

1


EXHIBIT 99.2

MURPHY OIL CORPORATION
Unaudited Pro Forma Consolidated Balance Sheet
As of March 31, 2019
 
 
 
 
 
 
 
 
 
 
 Murphy Oil
 
 Pro Forma
 
 Murphy Oil
(in thousands)
 
Historical
 
Adjustments
 
Adjusted
ASSETS
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
286,281

 
2,035,012

 (a)
2,321,293

Accounts receivable, less allowance for doubtful accounts of $1,605 in 2019 and 2018
 
 
349,768

 
 
 
349,768

Inventories
 
 
77,278

 
 
 
77,278

Prepaid expenses
 
 
45,349

 
 
 
45,349

Assets held for sale
 
 
1,879,568

 
(1,861,223
)
 (b)
18,345

Total current assets
 
 
2,638,244

 
173,789

 
2,812,033

Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization of $8,359,120 in 2019 and $8,070,487 in 2018
 
 
8,559,143

 
 
 
8,559,143

Operating lease assets
 
 
618,123

 
 
 
618,123

Deferred income taxes
 
 
124,679

 
 
 
124,679

Deferred charges and other assets
 
 
42,928

 
 
 
42,928

Total assets
 
 $
11,983,117

 
173,789

 
12,156,906

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
Current maturities of long-term debt
 
$
679

 
 
 
679

Accounts payable
 
 
475,559

 
 
 
475,559

Income taxes payable
 
 
15,450

 
 
 
15,450

Other taxes payable
 
 
14,283

 
 
 
14,283

Operating lease liabilities
 
 
155,534

 
 
 
155,534

Other accrued liabilities
 
 
157,031

 
 
 
157,031

Liabilities associated with assets held for sale
 
 
819,694

 
(819,433
)
 (b)
261

Total current liabilities
 
 
1,638,230

 
(819,433
)
 
818,797

Long-term debt, including capital lease obligation
 
 
3,110,098

 
 
 
3,110,098

Asset retirement obligations
 
 
783,495

 
 
 
783,495

Deferred credits and other liabilities
 
 
471,099

 
 
 
471,099

Non-current operating lease liabilities
 
 
468,427

 
 
 
468,427

Deferred income taxes
 
 
185,091

 
 
 
185,091

Equity
 
 
 
 
 
 
 
Cumulative Preferred Stock, par $100, authorized 400,000 shares, none issued
 
 

 
 
 

Common Stock, par $1.00, authorized 450,000,000 shares, issued 195,083,364 shares in 2019 and 195,076,924 shares in 2018
 
 
195,083

 
 
 
195,083

    Capital in excess of par value
 
 
924,904

 
 
 
924,904

    Retained earnings
 
 
5,627,081

 
993,222

 (c)
6,620,303

    Accumulated other comprehensive loss
 
 
(580,999
)
 
 
 
(580,999
)
    Treasury stock
 
 
(1,217,293
)
 
 
 
(1,217,293
)
Murphy Shareholders' Equity
 
 
4,948,776

 
993,222

 
5,941,998

    Noncontrolling interest
 
 
377,901

 
 
 
377,901

Total equity
 
 
5,326,677

 
993,222

 
6,319,899

Total liabilities and shareholders’ equity
 
 $
11,983,117

 
173,789

 
12,156,906


2


EXHIBIT 99.2

MURPHY OIL CORPORATION
Unaudited Pro Forma Consolidated Statement of Operations
For the Three Months Ended March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 (a)
 
 
 
 Murphy Oil
 
 Pro Forma
 
 Murphy Oil
(in thousands)
Historical
 
Adjustments
 
Adjusted
Revenues
 
 
 
 
 
 
     Revenue from sales to customers
$
590,550

 
 
 
590,550

     Gain on sale of assets and other income
 
454

 
 
 
454

Total revenues
 
591,004

 

 
591,004

Costs and expenses
 
 
 
 
 
 
     Lease operating expenses
 
131,696

 
 
 
131,696

     Severance and ad valorem taxes
 
10,097

 
 
 
10,097

     Exploration expenses, including undeveloped lease amortization
 
32,538

 
 
 
32,538

     Selling and general expenses
 
63,360

 
 
 
63,360

     Depreciation, depletion and amortization
 
229,406

 
 
 
229,406

     Accretion of asset retirement obligations
 
9,340

 
 
 
9,340

     Other expense
 
30,005

 
 
 
30,005

Total costs and expenses
 
506,442

 

 
506,442

Operating income from continuing operations
 
84,562

 

 
84,562

Other income (loss)
 
 
 
 
 
 
     Interest and other income (loss)
 
(4,748
)
 
 
 
(4,748
)
     Interest expense, net
 
(46,069
)
 
 
 
(46,069
)
Total other loss
 
(50,817
)
 

 
(50,817
)
Income (loss) from continuing operations before income taxes
 
33,745

 
 
 
33,745

Income tax expense
 
10,822

 
 
 
10,822

Income from continuing operations
 
22,923

 

 
22,923

Income (loss) from discontinued operations, net of income taxes
 
49,846

 
(57,189
)
 
(7,343
)
Net income including noncontrolling interest
 
72,769

 
(57,189
)
 
15,580

Less: Net income attributable to noncontrolling interest
 
32,587

 

 
32,587

NET INCOME (LOSS) ATTRIBUTABLE TO MURPHY
$
40,182

 
(57,189
)
 
(17,007
)
 
 
 
 
 
 
 
INCOME (LOSS) PER COMMON SHARE – BASIC
 
 
 
 
 
 
     Continuing operations
$
(0.06
)
 
 
 
(0.06
)
     Discontinued operations
 
0.29

 
 
 
(0.04
)
         Net income (loss)
$
0.23

 
 
 
(0.10
)
 
 
 
 
 
 
 
INCOME (LOSS) PER COMMON SHARE – DILUTED
 
 
 
 
 
 
     Continuing operations
$
(0.06
)
 
 
 
(0.06
)
     Discontinued operations
 
0.29

 
 
 
(0.04
)
         Net income (loss)
$
0.23

 
 
 
(0.10
)
 
 
 
 
 
 
 
Cash dividends per Common share
 
0.25

 
 
 
0.25

 
 
 
 
 
 
 
Average Common shares outstanding (thousands)
 
 
 
 
 
 
     Basic
 
173,341

 
 
 
173,341

     Diluted
 
174,491

 
 
 
174,491


3


EXHIBIT 99.2

MURPHY OIL CORPORATION
Unaudited Pro Forma Consolidated Statement of Operations
For the Year Ended December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 (a)
 
 
 
 Murphy Oil
 
 Pro Forma
 
 Murphy Oil
(in thousands)
Historical
 
Adjustments
 
Adjusted
Revenues
 
 
 
 
 
 
     Revenue from sales to customers
$
2,586,627

 
(853,547
)
 
1,733,080

     Loss on crude contracts
 
(41,975
)
 
 
 
(41,975
)
     Gain on sale of assets and other income
 
25,951

 
(698
)
 
25,253

Total revenues
 
2,570,603

 
(854,245
)
 
1,716,358

Costs and expenses
 
 
 
 
 
 
     Lease operating expenses
 
555,894

 
(202,062
)
 
353,832

     Severance and ad valorem taxes
 
52,072

 
 
 
52,072

     Exploration expenses, including undeveloped lease amortization
 
103,977

 
(2,165
)
 
101,812

     Selling and general expenses
 
216,024

 
(10,832
)
 
205,192

     Depreciation, depletion and amortization
 
971,901

 
(196,287
)
 
775,614

     Accretion of asset retirement obligations
 
44,559

 
(17,440
)
 
27,119

     Impairment of assets
 
20,000

 
 
 
20,000

     Redetermination expense
 
11,332

 
(11,332
)
 

     Other expense (benefit)
 
(34,873
)
 
3

 
(34,870
)
Total costs and expenses
 
1,940,886

 
(440,115
)
 
1,500,771

Operating income from continuing operations
 
629,717

 
(414,130
)
 
215,587

Other income (loss)
 
 
 
 
 
 
     Interest and other income (loss)
 
(15,775
)
 
23,549

 
7,774

     Interest expense, net
 
(181,604
)
 
1,245

 
(180,359
)
Total other loss
 
(197,379
)
 
24,794

 
(172,585
)
Income from continuing operations before income taxes
 
432,338

 
(389,336
)
 
43,002

Income tax expense (benefit)
 
9,330

 
(135,466
)
 
(126,136
)
Income from continuing operations
 
423,008

 
(253,870
)
 
169,138

Loss from discontinued operations, net of income taxes
 
(3,522
)
 

 
(3,522
)
Net income including noncontrolling interest
 
419,486

 
(253,870
)
 
165,616

Less: Net income attributable to noncontrolling interest
 
8,392

 

 
8,392

NET INCOME ATTRIBUTABLE TO MURPHY
$
411,094

 
(253,870
)
 
157,224

 
 
 
 
 
 
 
INCOME (LOSS) PER COMMON SHARE – BASIC
 
 
 
 
 
 
     Continuing operations
$
2.39

 
 
 
0.92

     Discontinued operations
 
(0.01
)
 
 
 
(0.01
)
         Net income
$
2.38

 
 
 
0.91

 
 
 
 
 
 
 
INCOME (LOSS) PER COMMON SHARE – DILUTED
 
 
 
 
 
 
     Continuing operations
$
2.37

 
 
 
0.91

     Discontinued operations
 
(0.01
)
 
 
 
(0.01
)
         Net income
$
2.36

 
 
 
0.90

 
 
 
 
 
 
 
Cash dividends per Common share
 
1.00

 
 
 
1.00

 
 
 
 
 
 
 
Average Common shares outstanding (thousands)
 
 
 
 
 
 
     Basic
 
172,974

 
 
 
172,974

     Diluted
 
174,209

 
 
 
174,209


4


EXHIBIT 99.2

MURPHY OIL CORPORATION
Unaudited Pro Forma Consolidated Statement of Operations
For the Year Ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 (a)
 
 
 
 Murphy Oil
 
 Pro Forma
 
 Murphy Oil
(in thousands)
Historical
 
Adjustments
 
Adjusted
Revenues
 
 
 
 
 
 
     Revenue from sales to customers
$
2,078,548

 
(778,084
)
 
1,300,464

     Gain on crude contracts
 
9,566

 
 
 
9,566

     Gain on sale of assets and other income
 
137,015

 
(3,057
)
 
133,958

Total revenues
 
2,225,129

 
(781,141
)
 
1,443,988

Costs and expenses
 
 
 
 
 
 
     Lease operating expenses
 
468,323

 
(168,903
)
 
299,420

     Severance and ad valorem taxes
 
43,618

 
 
 
43,618

     Exploration expenses, including undeveloped lease amortization
 
122,834

 
(2,445
)
 
120,389

     Selling and general expenses
 
203,573

 
(15,368
)
 
188,205

     Depreciation, depletion and amortization
 
957,719

 
(205,841
)
 
751,878

     Accretion of asset retirement obligations
 
42,590

 
(17,308
)
 
25,282

     Redetermination expense
 
15,000

 
(15,000
)
 

     Other expense
 
30,706

 
(8,377
)
 
22,329

Total costs and expenses
 
1,884,363

 
(433,242
)
 
1,451,121

Operating income (loss) from continuing operations
 
340,766

 
(347,899
)
 
(7,133
)
Other income (loss)
 
 
 
 
 
 
     Interest and other income (loss)
 
(87,181
)
 
(10,316
)
 
(97,497
)
     Interest expense, net
 
(181,783
)
 
3,520

 
(178,263
)
Total other loss
 
(268,964
)
 
(6,796
)
 
(275,760
)
Income (loss) from continuing operations before income taxes
 
71,802

 
(354,695
)
 
(282,893
)
Income tax expense
 
382,738

 
(112,616
)
 
270,122

Loss from continuing operations
 
(310,936
)
 
(242,079
)
 
(553,015
)
Loss from discontinued operations, net of income taxes
 
(853
)
 
 
 
(853
)
Net loss including noncontrolling interest
 
(311,789
)
 
(242,079
)
 
(553,868
)
Less: Net income attributable to noncontrolling interest
 

 

 

NET INCOME ATTRIBUTABLE TO MURPHY
$
(311,789
)
 
(242,079
)
 
(553,868
)
 
 
 
 
 
 
 
INCOME (LOSS) PER COMMON SHARE – BASIC
 
 
 
 
 
 
     Continuing operations
$
(1.81
)
 
 
 
(3.21
)
     Discontinued operations
 

 
 
 

         Net income (loss)
$
(1.81
)
 
 
 
(3.21
)
 
 
 
 
 
 
 
INCOME (LOSS) PER COMMON SHARE – DILUTED
 
 
 
 
 
 
     Continuing operations
$
(1.81
)
 
 
 
(3.21
)
     Discontinued operations
 

 
 
 

         Net income (loss)
$
(1.81
)
 
 
 
(3.21
)
 
 
 
 
 
 
 
Cash dividends per Common share
 
1.00

 
 
 
1.00

 
 
 
 
 
 
 
Average Common shares outstanding (thousands)
 
 
 
 
 
 
     Basic
 
172,524

 
 
 
172,524

     Diluted
 
172,524

 
 
 
172,524



5


EXHIBIT 99.2

MURPHY OIL CORPORATION
Unaudited Pro Forma Consolidated Statement of Operations
For the Year Ended December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 (a)
 
 
 
 Murphy Oil
 
 Pro Forma
 
 Murphy Oil
(in thousands)
Historical
 
Adjustments
 
Adjusted
Revenues
 
 
 
 
 
 
     Revenue from sales to customers
$
1,862,891

 
(751,257
)
 
1,111,634

     Loss on crude contracts
 
(63,412
)
 
 
 
(63,412
)
     Gain on sale of assets and other income
 
11,759

 
(2,181
)
 
9,578

Total revenues
 
1,811,238

 
(753,438
)
 
1,057,800

Costs and expenses
 
 
 
 
 
 
     Lease operating expenses
 
559,360

 
(168,470
)
 
390,890

     Severance and ad valorem taxes
 
43,826

 
(5
)
 
43,821

     Exploration expenses, including undeveloped lease amortization
 
101,861

 
(4,746
)
 
97,115

     Selling and general expenses
 
246,277

 
(23,379
)
 
222,898

     Depreciation, depletion and amortization
 
1,054,081

 
(228,991
)
 
825,090

     Accretion of asset retirement obligations
 
46,742

 
(16,336
)
 
30,406

     Impairment of assets
 
95,088

 
 
 
95,088

     Redetermination expense
 
39,100

 
(39,100
)
 

     Other expense (benefit)
 
13,806

 
(23,653
)
 
(9,847
)
Total costs and expenses
 
2,200,141

 
(504,680
)
 
1,695,461

Operating loss from continuing operations
 
(388,903
)
 
(248,758
)
 
(637,661
)
Other income (loss)
 
 
 
 
 
 
     Interest and other income (loss)
 
43,958

 
(7,962
)
 
35,996

     Interest expense, net
 
(148,170
)
 
7,876

 
(140,294
)
Total other loss
 
(104,212
)
 
(86
)
 
(104,298
)
Income (loss) from continuing operations before income taxes
 
(493,115
)
 
(248,844
)
 
(741,959
)
Income tax expense (benefit)
 
(219,172
)
 
(82,554
)
 
(301,726
)
Loss from continuing operations
 
(273,943
)
 
(166,290
)
 
(440,233
)
Loss from discontinued operations, net of income taxes
 
(2,027
)
 
 
 
(2,027
)
Net loss including noncontrolling interest
 
(275,970
)
 
(166,290
)
 
(442,260
)
Less: Net income attributable to noncontrolling interest
 

 

 

NET LOSS ATTRIBUTABLE TO MURPHY
$
(275,970
)
 
(166,290
)
 
(442,260
)
 
 
 
 
 
 
 
INCOME (LOSS) PER COMMON SHARE – BASIC
 
 
 
 
 
 
     Continuing operations
$
(1.59
)
 
 
 
(2.56
)
     Discontinued operations
 
(0.01
)
 
 
 
(0.01
)
         Net income (loss)
$
(1.60
)
 
 
 
(2.57
)
 
 
 
 
 
 
 
INCOME (LOSS) PER COMMON SHARE – DILUTED
 
 
 
 
 
 
     Continuing operations
$
(1.59
)
 
 
 
(2.56
)
     Discontinued operations
 
(0.01
)
 
 
 
(0.01
)
         Net income (loss)
$
(1.60
)
 
 
 
(2.57
)
 
 
 
 
 
 
 
Cash dividends per Common share
 
1.00

 
 
 
1.00

 
 
 
 
 
 
 
Average Common shares outstanding (thousands)
 
 
 
 
 
 
     Basic
 
172,173

 
 
 
172,173

     Diluted
 
172,173

 
 
 
172,173


6


EXHIBIT 99.2

MURPHY OIL CORPORATION
Notes to Unaudited Pro Forma Condensed Consolidated
Financial Statements
1. Basis of Pro Forma Presentation

The accompanying unaudited pro forma financial statements for Murphy Oil Corporation (the Company) were prepared in accordance with Article 11 of Regulation S-X and are based on the historical consolidated financial information of Murphy Oil Corporation. The consolidated financial information has been adjusted in the accompanying pro forma financial statements to give effect to the disposition of certain assets and liabilities of the Company’s two primary Malaysian subsidiaries.
The unaudited pro forma consolidated financial statements of operations for the years ended December 31, 2018, 2017, and 2016 and three months ended March 31, 2019 give effect to the sale as if the transaction occurred on January 1, 2016.  The unaudited pro forma consolidated balance sheet as of March 31, 2019 gives effect to the sale as if the transaction occurred on March 31, 2019.
2. Adjustments to the Pro Forma Consolidated Balance Sheet

Explanations of the adjustments to the pro forma consolidated balance sheet are as follows:
 
(a)
To reflect the consummation of the transaction for gross cash consideration of $2,127.0 million, less $92.0 million of estimated closing adjustments.
 
(b)
To reflect the disposition of certain assets and liabilities of the Company’s two primary Malaysian subsidiaries.
 
(c)
To reflect the estimated gain on sale.
3. Adjustments to the Pro Forma Combined Statements of Income

Explanations of the adjustments to the pro forma consolidated statements of operations are as follows: 
(a)
To remove the historical results of operations of the Company’s two primary Malaysian subsidiaries.


7

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