December 3, 2018 / 11:18 AM / 13 days ago

Murphy Oil raises full-year production outlook

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

The company 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 capital expenditure outlook by about 4 percent 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. (Reporting by Debroop Roy in Bengaluru; Editing by Shounak Dasgupta)

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