$MUR
MURPHY OIL CORP

2012 Form 10-K Financial Statement

#000119312513082919 Filed on February 28, 2013

View on sec.gov

Income Statement

Concept 2012 2011 Q4 2011 Q3
Revenue $4.620B $6.801B $7.220B
YoY Change 7.97% 4.51% 38.84%
Cost Of Revenue $1.115B $5.759B $6.240B
YoY Change 10.4% 20.08% 40.92%
Gross Profit $3.505B $1.036B $979.8M
YoY Change 8.01% 34.77% 26.97%
Gross Profit Margin 75.87% 15.23% 13.57%
Selling, General & Admin $249.5M $79.20M $72.86M
YoY Change 19.5% 13.47% 14.03%
% of Gross Profit 7.12% 7.65% 7.44%
Research & Development $381.0M $185.5M $85.50M
YoY Change -22.09% 67.42% 37.9%
% of Gross Profit 10.87% 17.91% 8.73%
Depreciation & Amortization $1.253B $296.3M $271.3M
YoY Change 29.89% 12.58% -0.5%
% of Gross Profit 35.75% 28.61% 27.69%
Operating Expenses $249.5M $569.5M $72.86M
YoY Change 19.5% 20.02% 14.03%
Operating Profit $3.255B $466.1M $906.9M
YoY Change 7.22% 58.59% 28.13%
Interest Expense $54.11M -$10.60M $17.33M
YoY Change -3.09% 146.51% 35.9%
% of Operating Profit 1.66% -2.27% 1.91%
Other Income/Expense, Net $10.97M $25.77M
YoY Change -66.77%
Pretax Income $54.28M $86.50M $526.7M
YoY Change -24.66% -69.78% 49.33%
Income Tax $561.5M $204.4M $179.4M
% Of Pretax Income 1034.58% 236.3% 34.06%
Net Earnings $970.9M -$113.9M $406.1M
YoY Change 11.25% -165.42% 100.21%
Net Earnings / Revenue 21.02% -1.67% 5.62%
Basic Earnings Per Share $5.01 -$0.59 $2.10
Diluted Earnings Per Share $4.99 -$0.59 $2.09
COMMON SHARES
Basic Shares Outstanding 193.9M shares 193.5M shares
Diluted Shares Outstanding 194.7M shares 194.4M shares

Balance Sheet

Concept 2012 2011 Q4 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.063B $1.046B $1.773B
YoY Change 1.63% -9.2% 62.21%
Cash & Equivalents $947.0M $513.9M $1.279B
Short-Term Investments $116.0M $532.0M $494.0M
Other Short-Term Assets $440.0M $180.0M $268.0M
YoY Change 144.44% 6.51% 65.43%
Inventory $752.0M $667.0M $639.0M
Prepaid Expenses $93.40M
Receivables $1.853B $1.554B $1.781B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.109B $3.448B $4.461B
YoY Change 19.17% -2.91% 29.04%
LONG-TERM ASSETS
Property, Plant & Equipment $13.01B $10.48B $10.34B
YoY Change 24.22% 1.03% 5.01%
Goodwill $41.86M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $359.0M $173.5M $651.0M
YoY Change 107.51% -36.23% 67.78%
Total Long-Term Assets $13.41B $10.69B $11.03B
YoY Change 25.48% 0.08% 7.34%
TOTAL ASSETS
Total Short-Term Assets $4.109B $3.448B $4.461B
Total Long-Term Assets $13.41B $10.69B $11.03B
Total Assets $17.52B $14.14B $15.49B
YoY Change 23.94% -0.67% 12.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.803B $1.941B $2.793B
YoY Change 44.41% -13.27% 21.81%
Accrued Expenses $336.0M $310.0M
YoY Change 8.39% -2.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $350.0M $350.0M
YoY Change -100.0%
Total Short-Term Liabilities $3.409B $2.825B $3.464B
YoY Change 20.67% -3.62% 25.87%
LONG-TERM LIABILITIES
Long-Term Debt $2.245B $249.6M $975.0M
YoY Change 798.0% -73.42% -4.79%
Other Long-Term Liabilities $1.382B $439.6M $934.0M
YoY Change 31.0% -53.77% 6.14%
Total Long-Term Liabilities $3.627B $689.2M $1.909B
YoY Change 177.93% -63.54% 0.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.409B $2.825B $3.464B
Total Long-Term Liabilities $3.627B $689.2M $1.909B
Total Liabilities $8.581B $3.514B $6.603B
YoY Change 60.09% -41.76% 14.52%
SHAREHOLDERS EQUITY
Retained Earnings $7.461B
YoY Change
Common Stock $193.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.848M
YoY Change
Treasury Stock Shares 186.0K shares
Shareholders Equity $8.942B $8.778B $8.888B
YoY Change
Total Liabilities & Shareholders Equity $17.52B $14.14B $15.49B
YoY Change 23.94% -0.67% 12.8%

Cashflow Statement

Concept 2012 2011 Q4 2011 Q3
OPERATING ACTIVITIES
Net Income $970.9M -$113.9M $406.1M
YoY Change 11.25% -165.42% 100.21%
Depreciation, Depletion And Amortization $1.253B $296.3M $271.3M
YoY Change 29.89% 12.58% -0.5%
Cash From Operating Activities $3.056B $268.7M $958.8M
YoY Change 42.46% -71.04% 27.3%
INVESTING ACTIVITIES
Capital Expenditures -$3.542B -$758.2M -$617.6M
YoY Change 45.56% 15.56% 14.35%
Acquisitions $0.00
YoY Change
Other Investing Activities -$11.09M $488.7M $419.4M
YoY Change 38.56% -676.3% 432.91%
Cash From Investing Activities -$3.317B -$269.5M -$198.3M
YoY Change 105.5% -63.63% -57.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $250.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 685.7M -769.5M -263.8M
YoY Change -225.06% 547.18% 11.26%
NET CHANGE
Cash From Operating Activities 3.056B 268.7M 958.8M
Cash From Investing Activities -3.317B -269.5M -198.3M
Cash From Financing Activities 685.7M -769.5M -263.8M
Net Change In Cash 424.6M -770.3M 496.7M
YoY Change -2555.29% -1234.46% 809.71%
FREE CASH FLOW
Cash From Operating Activities $3.056B $268.7M $958.8M
Capital Expenditures -$3.542B -$758.2M -$617.6M
Free Cash Flow $6.598B $1.027B $1.576B
YoY Change 44.11% -35.16% 21.89%

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CY2011 mur Market Price Per Common Share Quarter Year High
MarketPricePerCommonShareQuarterYearHigh
77.48
CY2011 mur Market Price Per Common Share Quarter Year Low
MarketPricePerCommonShareQuarterYearLow
42.10
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0
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69.46
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CY2012 dei Trading Symbol
TradingSymbol
MUR
CY2012 dei Entity Registrant Name
EntityRegistrantName
MURPHY OIL CORP /DE
CY2012 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012 dei Amendment Flag
AmendmentFlag
false
CY2012 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012 dei Document Type
DocumentType
10-K
CY2012 dei Document Period End Date
DocumentPeriodEndDate
2012-12-31
CY2012 dei Entity Central Index Key
EntityCentralIndexKey
0000717423
CY2012 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2012 dei Current Fiscal Year End Date
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In March 2010, the United States Congress enacted a health care reform law. Along with other provisions, the law (a) eliminates the tax free status of federal subsidies to companies with qualified retiree prescription drug plans that are actuarially equivalent to Medicare Part D plans beginning in 2013; (b) imposes a 40% excise tax on high-cost health plans as defined in the law beginning in 2018; (c) eliminates lifetime or annual coverage limits and required coverage for preventative health services beginning in September 2010; and (d) imposed a fee of $2 (subsequently adjusted for inflation) for each person covered by a health insurance policy beginning in September 2010.
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<div> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">NATURE OF BUSINESS &#x2013; Murphy Oil Corporation is an international oil and gas company that conducts its business through various operating subsidiaries. The Company produces oil and/or natural gas in the United States, Canada, the United Kingdom, Malaysia and Republic of the Congo and conducts oil and natural gas exploration activities worldwide. The Company has an interest in a Canadian synthetic oil operation. Murphy markets petroleum products under various brand names and to unbranded wholesale customers in the United States and United Kingdom. It owns two ethanol production facilities in the United States and one petroleum refinery in the United Kingdom. In 2011, the Company sold two U.S. petroleum refineries and certain associated marketing assets. The Company has announced its intention to sell the U.K. refining and marketing assets and to separate its U.S. downstream subsidiary into an independent publicly held company. The Company has also announced that it has entered into agreements to sell its U.K. oil and gas assets.</font></p> </div>
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CY2012 us-gaap Dividends Payable Date Of Record Day Month And Year
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<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">USE OF ESTIMATES &#x2013; In preparing the financial statements of the Company in conformity with U.S. generally accepted accounting principles, management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Actual results may differ from the&#xA0;estimates.</font></p> </div>
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CY2012 mur Results Of Operations Costs And Expenses
ResultsOfOperationsCostsAndExpenses
3098100000
CY2012 mur Increase Decrease Due To Purchases And Sales Of Minerals In Place
IncreaseDecreaseDueToPurchasesAndSalesOfMineralsInPlace
-347400000
CY2012 mur Results Of Operations Revenue
ResultsOfOperationsRevenue
4608100000
CY2012 mur Development Costs Incurred During Period
DevelopmentCostsIncurredDuringPeriod
3299000000
CY2012 mur Total Cost Benefits Incurred
TotalCostBenefitsIncurred
4413700000
CY2012 mur Excise And Sales Taxes Collected
ExciseAndSalesTaxesCollected
2721270000
CY2012 mur Asset Retirement Obligation Accretion Expense Accrued
AssetRetirementObligationAccretionExpenseAccrued
39341000
CY2012 mur Costs Benefits From Reduction In Working Interests
CostsBenefitsFromReductionInWorkingInterests
0
CY2012 mur Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
1375577000
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
311600000
CY2011Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.39
CY2011Q2 mur Market Price Per Common Share Quarter Year High
MarketPricePerCommonShareQuarterYearHigh
77.48
CY2011Q2 mur Market Price Per Common Share Quarter Year Low
MarketPricePerCommonShareQuarterYearLow
62.53
CY2012 mur Market Price Per Common Share Quarter Year Low
MarketPricePerCommonShareQuarterYearLow
43.65
CY2012 mur Federal Excise Tax Rate
FederalExciseTaxRate
0.40 pure
CY2012Q2 mur Market Price Per Common Share Quarter Year Low
MarketPricePerCommonShareQuarterYearLow
43.65
CY2011Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
347300000
CY2011Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.09
CY2012 mur Market Price Per Common Share Quarter Year High
MarketPricePerCommonShareQuarterYearHigh
64.76
CY2012 mur Income Tax Reconciliation Effect Of Foreign Operations
IncomeTaxReconciliationEffectOfForeignOperations
108077000
CY2012 mur Antidilutive Securities Excluded From Computation Of Earnings Per Share Weighted Average Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareWeightedAveragePrice
64.72
CY2012 mur Exploration Costs Charged To Expense
ExplorationCostsChargedToExpense
251100000
CY2011Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
229500000
CY2011Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.38
CY2011Q1 us-gaap Sales Revenue Net
SalesRevenueNet
6236000000
CY2011Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
393200000
CY2011Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.39
CY2011Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.19
CY2011Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.275
CY2011Q1 us-gaap Net Income Loss
NetIncomeLoss
268900000
CY2011Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.18
CY2011Q1 mur Market Price Per Common Share Quarter Year High
MarketPricePerCommonShareQuarterYearHigh
76.11
CY2011Q1 mur Market Price Per Common Share Quarter Year Low
MarketPricePerCommonShareQuarterYearLow
65.74
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.49
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
6953900000
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
465600000
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.50
CY2012Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.45
CY2012Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.2750
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
290100000
CY2012Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.44
CY2012Q1 mur Market Price Per Common Share Quarter Year High
MarketPricePerCommonShareQuarterYearHigh
64.76
CY2012Q1 mur Market Price Per Common Share Quarter Year Low
MarketPricePerCommonShareQuarterYearLow
55.82
CY2012Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
291300000
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.52
CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
7146800000
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
488000000
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.52
CY2012Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.50
CY2012Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.2750
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
295400000
CY2012Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.50
CY2012Q2 mur Market Price Per Common Share Quarter Year High
MarketPricePerCommonShareQuarterYearHigh
57.12
CY2011Q3 us-gaap Sales Revenue Net
SalesRevenueNet
7194400000
CY2011Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
526700000
CY2011Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.10
CY2011Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.80
CY2011Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.275
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
406100000
CY2011Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.79
CY2011Q3 mur Market Price Per Common Share Quarter Year High
MarketPricePerCommonShareQuarterYearHigh
69.71
CY2011Q3 mur Market Price Per Common Share Quarter Year Low
MarketPricePerCommonShareQuarterYearLow
44.05
CY2012Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
228900000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.16
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
7130600000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
406700000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.17
CY2012Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.18
CY2012Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.3125
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
226700000
CY2012Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.17
CY2012Q3 mur Market Price Per Common Share Quarter Year High
MarketPricePerCommonShareQuarterYearHigh
56.24
CY2012Q3 mur Market Price Per Common Share Quarter Year Low
MarketPricePerCommonShareQuarterYearLow
48.80
CY2011Q4 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-117900000
CY2011Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.59
CY2011Q4 us-gaap Sales Revenue Net
SalesRevenueNet
6800900000
CY2011Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
86500000
CY2011Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.59
CY2011Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.61
CY2011Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.275
CY2011Q4 us-gaap Net Income Loss
NetIncomeLoss
-113900000
CY2011Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.61
CY2011Q4 mur Market Price Per Common Share Quarter Year High
MarketPricePerCommonShareQuarterYearHigh
58.67
CY2011Q4 mur Market Price Per Common Share Quarter Year Low
MarketPricePerCommonShareQuarterYearLow
42.10
CY2012Q4 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
162400000
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.82
CY2012Q4 us-gaap Sales Revenue Net
SalesRevenueNet
7385000000
CY2012Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
262700000
CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.82
CY2012Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.84
CY2012Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
2.8125
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
158700000
CY2012Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.84
CY2012Q4 mur Market Price Per Common Share Quarter Year High
MarketPricePerCommonShareQuarterYearHigh
63.74
CY2012Q4 mur Market Price Per Common Share Quarter Year Low
MarketPricePerCommonShareQuarterYearLow
54.97

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