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According to the Oil & Gas Journal website, May 7, Murphy Oil Company lost US$287 million in the first quarter of 2021 and a net loss of US$416.
After deducting a total of US$297 million in after-tax expenses (mainly including non-operating Terra Nova assets of US$128 million in non-cash asset impairment, crude oil derivatives contracts of US$121 million in unrealized non-cash market value losses and US$29 million in early debt repayment costs ), the adjusted net income is 10 million U.
Starting from the end of 2020, the company's debt for the quarter has been reduced by $233 million, a decrease of 8%.
President and Chief Executive Officer Roger W.
Wang Lei is an excerpt from Oil & Gas Journal
The original text is as follows:
Murphy Oil posts first quarter net loss of $287 million
Murphy Oil Corp.
Excluding total after-tax charges of $297 million, comprised primarily of $128 million of non-cash asset impairments on the non-operated Terra Nova asset, $121 million unrealized non-cash mark-to-market losses on crude oil derivative contracts and $29 million cost of early redemption of debt, adjusted net income was $10 million.
The company reduced debt by $233 million, or 8%, for the quarter from year-end 2020.
"Murphy is off to a great start for the year, completing strategic financial transactions that delevered our balance sheet and extended our maturity profile.
