Murphy Oil Corporation Announces Strategic Acquisition of Floating Production Storage and Offloading Vessel in Gulf of America
Murphy Oil (NYSE: MUR) has announced the acquisition of the BW Pioneer floating production storage and offloading vessel (FPSO) from BW Offshore for a gross purchase price of $125 million. The transaction includes an initial $100 million payment due by Q1 2025, with the remaining balance due by Q2 2025.
The company reaffirmed its 2025 capital expenditure guidance range of $1,135-1,285 million, with Q1 CAPEX at $425 million. The FPSO will continue supporting operations at the Cascade and Chinook fields in the Gulf of America, with BW Offshore providing operations and maintenance services under a new five-year contract.
The strategic acquisition is expected to reduce annual operating costs by $60 million, with a two-year payback period. The FPSO, which has been in service since 2009, features a storage capacity of 600,000 barrels of oil and processing capacity of 80,000 barrels per day. The transaction will increase net proved developed reserves by approximately 8 million barrels of oil equivalent.
Murphy Oil (NYSE: MUR) ha annunciato l'acquisizione della nave di produzione, stoccaggio e scarico galleggiante BW Pioneer (FPSO) da BW Offshore per un prezzo di acquisto lordo di 125 milioni di dollari. La transazione include un pagamento iniziale di 100 milioni di dollari previsto entro il primo trimestre del 2025, con il saldo rimanente dovuto entro il secondo trimestre del 2025.
L'azienda ha confermato la sua guida sugli investimenti in conto capitale per il 2025, che si attesta tra 1.135 e 1.285 milioni di dollari, con un CAPEX del primo trimestre pari a 425 milioni di dollari. L'FPSO continuerà a supportare le operazioni nei campi Cascade e Chinook nel Golfo d'America, con BW Offshore che fornirà servizi di operazione e manutenzione sotto un nuovo contratto di cinque anni.
Si prevede che questa acquisizione strategica riduca i costi operativi annuali di 60 milioni di dollari, con un periodo di recupero di due anni. L'FPSO, in servizio dal 2009, ha una capacità di stoccaggio di 600.000 barili di petrolio e una capacità di lavorazione di 80.000 barili al giorno. La transazione aumenterà le riserve sviluppate nette provate di circa 8 milioni di barili di petrolio equivalente.
Murphy Oil (NYSE: MUR) ha anunciado la adquisición del buque de producción, almacenamiento y descarga flotante BW Pioneer (FPSO) de BW Offshore por un precio de compra bruto de 125 millones de dólares. La transacción incluye un pago inicial de 100 millones de dólares que se debe realizar antes del primer trimestre de 2025, con el saldo restante a vencer en el segundo trimestre de 2025.
La compañía reafirmó su guía de gastos de capital para 2025, que oscila entre 1.135 y 1.285 millones de dólares, con un CAPEX del primer trimestre de 425 millones de dólares. El FPSO seguirá apoyando las operaciones en los campos Cascade y Chinook en el Golfo de América, con BW Offshore proporcionando servicios de operación y mantenimiento bajo un nuevo contrato de cinco años.
Se espera que esta adquisición estratégica reduzca los costos operativos anuales en 60 millones de dólares, con un período de recuperación de dos años. El FPSO, que ha estado en servicio desde 2009, cuenta con una capacidad de almacenamiento de 600.000 barriles de petróleo y una capacidad de procesamiento de 80.000 barriles por día. La transacción aumentará las reservas desarrolladas netas probadas en aproximadamente 8 millones de barriles de petróleo equivalente.
머피 오일 (NYSE: MUR)은 BW 오프쇼어로부터 BW 파이오니어 부유식 생산 저장 및 하역선(FPSO)을 1억 2500만 달러의 총 구매 가격으로 인수한다고 발표했습니다. 이 거래에는 2025년 1분기까지 지불해야 할 초기 1억 달러가 포함되어 있으며, 나머지 잔액은 2025년 2분기까지 지급해야 합니다.
회사는 2025년 자본 지출 가이던스를 11억 3천5백만 달러에서 12억 8천5백만 달러로 재확인했으며, 1분기 CAPEX는 4억 2천5백만 달러입니다. FPSO는 미국 만의 캐스케이드 및 치누크 유전에서의 운영을 계속 지원하며, BW 오프쇼어는 새로운 5년 계약에 따라 운영 및 유지 보수 서비스를 제공합니다.
이 전략적 인수는 연간 운영 비용을 6천만 달러 줄일 것으로 예상되며, 회수 기간은 2년입니다. 2009년부터 서비스 중인 FPSO는 60만 배럴의 석유 저장 용량과 하루 8만 배럴의 처리 용량을 갖추고 있습니다. 이 거래는 약 800만 배럴의 석유 등가물로 순 확정 개발 매장량을 증가시킬 것입니다.
Murphy Oil (NYSE: MUR) a annoncé l'acquisition du navire de production, de stockage et de déchargement flottant BW Pioneer (FPSO) auprès de BW Offshore pour un prix d'achat brut de 125 millions de dollars. La transaction comprend un paiement initial de 100 millions de dollars dû d'ici le premier trimestre 2025, le solde restant devant être réglé d'ici le deuxième trimestre 2025.
L'entreprise a réaffirmé sa prévision d'investissement en capital pour 2025, qui se situe entre 1,135 et 1,285 milliard de dollars, avec un CAPEX au premier trimestre de 425 millions de dollars. Le FPSO continuera de soutenir les opérations dans les champs Cascade et Chinook dans le Golfe d'Amérique, BW Offshore fournissant des services d'exploitation et de maintenance dans le cadre d'un nouveau contrat de cinq ans.
Cette acquisition stratégique devrait réduire les coûts d'exploitation annuels de 60 millions de dollars, avec une période de retour sur investissement de deux ans. Le FPSO, en service depuis 2009, a une capacité de stockage de 600 000 barils de pétrole et une capacité de traitement de 80 000 barils par jour. La transaction augmentera les réserves prouvées développées nettes d'environ 8 millions de barils d'équivalent pétrole.
Murphy Oil (NYSE: MUR) hat den Erwerb des schwimmenden Produktions-, Lager- und Entladegefäßes BW Pioneer (FPSO) von BW Offshore zu einem Brutto-Kaufpreis von 125 Millionen Dollar bekannt gegeben. Die Transaktion umfasst eine anfängliche Zahlung von 100 Millionen Dollar, die bis zum ersten Quartal 2025 fällig ist, während der verbleibende Restbetrag bis zum zweiten Quartal 2025 zu zahlen ist.
Das Unternehmen hat seine Prognose für die Investitionsausgaben 2025 in einer Spanne von 1.135 bis 1.285 Millionen Dollar bestätigt, wobei die CAPEX im ersten Quartal 425 Millionen Dollar beträgt. Das FPSO wird weiterhin die Operationen in den Feldern Cascade und Chinook im Golf von Amerika unterstützen, während BW Offshore im Rahmen eines neuen fünfjährigen Vertrags Betriebs- und Wartungsdienstleistungen bereitstellt.
Der strategische Erwerb wird voraussichtlich die jährlichen Betriebskosten um 60 Millionen Dollar senken, mit einer Amortisationszeit von zwei Jahren. Das FPSO, das seit 2009 im Einsatz ist, hat eine Lagerkapazität von 600.000 Barrel Öl und eine Verarbeitungsfähigkeit von 80.000 Barrel pro Tag. Die Transaktion wird die nachgewiesenen entwickelten Reserven um etwa 8 Millionen Barrel Öläquivalent erhöhen.
- Annual operating cost reduction of $60 million
- Two-year payback period independent of oil price
- Increases net proved developed reserves by 8 million barrels of oil equivalent
- Purchase price already included in 2025 CAPEX guidance
- Enables cost-advantaged tie-backs for future exploration prospects
- Significant upfront capital expenditure of $125 million
- Aging asset (in service since 2009)
- Continued dependence on BW Offshore for operations and maintenance
Insights
Murphy Oil's $125 million acquisition of the BW Pioneer FPSO vessel represents a strategically sound capital allocation decision with compelling economics. The transaction's
The financial structure is particularly advantageous, with payments split between
Beyond immediate cost savings, the acquisition increases Murphy's proved developed reserves by 8 million barrels of oil equivalent – enhancing the company's resource base without additional exploration risk. The continued five-year operational agreement with BW Offshore maintains operational continuity and specialized expertise while capturing ownership economics.
The transaction transforms what was likely a high-cost leasing arrangement into an owned asset, potentially creating significant long-term value through production optimization at existing fields and by enabling cost-effective tie-backs for future exploration prospects in the Wilcox trend. This vertical integration strengthens Murphy's operational control while maintaining flexibility through the ongoing service agreement with BW Offshore.
Murphy Oil's acquisition of the BW Pioneer FPSO represents excellent infrastructure positioning in the Gulf of America. This vessel – the first FPSO approved for Gulf operations – offers substantial processing capacity of 80,000 barrels of oil per day and storage capacity of 600,000 barrels, providing Murphy with significant operational flexibility and reduced dependence on third-party infrastructure.
The FPSO's strategic location supporting the Cascade and Chinook fields (Walker Ridge 206, 250, 469, and 425) is particularly advantageous as it sits within the prolific Wilcox trend, enabling future tie-backs from both operated and non-operated exploration prospects. This positions Murphy to leverage existing infrastructure for future discoveries, substantially reducing development timelines and costs for new production.
Converting from leasing to ownership while maintaining BW Offshore's operational expertise through the five-year service contract represents optimal risk management. Murphy gains the economic benefits of ownership while ensuring operational continuity through an experienced operator with established safety protocols.
The vessel's 2009 conversion date indicates it's approaching mid-life for typical FPSO assets. However, the compelling economics suggest Murphy has factored maintenance requirements into their valuation. The acquisition effectively secures critical production infrastructure at an attractive price point, with the
Reduces Annual Operating Costs by Approximately
The gross purchase price is
The FPSO will remain at its current location, supporting operations at the Cascade field (Walker Ridge 206 and 250) and Chinook field (Walker Ridge 469 and 425) in the Gulf of America. BW Offshore will continue to provide operations and maintenance services under a new five-year reimbursable contract.
“I am pleased to announce this value-creating transaction with BW Offshore, a top FPSO operator with a strong safety culture, and I look forward to continuing our partnership. By acquiring the FPSO and restructuring our contract, we will achieve a material reduction in operating costs of nearly
The first FPSO approved for operations in the Gulf of America, the BW Pioneer has been in service since its conversion in 2009. The vessel has a storage capacity of approximately 600,000 barrels of oil and processing capacity of approximately 80,000 barrels of oil per day.
ABOUT MURPHY OIL CORPORATION
As an independent oil and natural gas exploration and production company, Murphy Oil Corporation believes in providing energy that empowers people by doing right always, staying with it and thinking beyond possible. Murphy challenges the norm, taps into its strong legacy and uses its foresight and financial discipline to deliver inspired energy solutions. Murphy sees a future where it is an industry leader who is positively impacting lives for the next 100 years and beyond. Additional information can be found on the company’s website at www.murphyoilcorp.com.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “expressed confidence”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the company’s future operating results or activities and returns or the company's ability and decisions to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other ESG (environmental/social/governance) matters, make capital expenditures or pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; geopolitical concerns; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the
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Investor Contacts:
InvestorRelations@murphyoilcorp.com
Kelly Whitley, 281-675-9107
Megan Larson, 281-675-9470
Kyle Sahni, 281-675-9369
Beth Heller, 281-675-9363
Source: Murphy Oil Corporation
FAQ
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