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Text: Joining us is Roger Jenkins, president and chief executive officer; along with David Looney, executive vice president and chief financial officer; Eric Hambly, executive vice president, operations; and Tom Mireles, senior vice president, technical services.
Throughout today's call, production numbers, reserves and financial amounts are adjusted to exclude noncontrolling interest in the Gulf of Mexico.
As such, no assurances can be given that these events will occur or that the projections will be attained.
For further discussion of Risk Factors, see Murphy's 2020 annual report on Form 10-K on file with the SEC.
Turning to Slide 2.
I'd like to start with why Murphy Oil that illustrates our unique assets and abilities.
Murphy produces from primarily three sources: the Eagle Ford Shale, Gulf of Mexico and onshore Canada.
Unconventional Eagle Ford Shale and onshore Canada assets have complementary characteristics, which enables our onshore team to leverage shared capabilities and expertise.
Further, we have deep roots and successful deepwater operations in the Gulf of Mexico business, which provides a large portion of our revenue.
Murphy's exhibit unique ability to execute offshore projects faster than our peers with leading drilling and completion abilities and an average three year project time line from sanction to first oil.
Our leading offshore execution capability augments our high potential exploration portfolio.
Our assets achieve low carbon emissions intensity, which we believe will be in the top quartile as compared to our oil-weighted peers at the end of 2021.
They continue to generate high levels of cash flow, which are directed toward delevering our business and returning cash to our shareholders through our long term dividend.
Throughout all of this, our company has been supported by the multiple decade ownership of the founding Murphy family.
Also, our board and directors and management team maintain one of the industry's highest levels of ownership compared to our peers, and we all have personal interest in our company's long-term success.
Our three priorities this year are to delever, execute and explore.
Murphy has made significant progress on delevering and derisking our company in the first quarter, with the monetization of our share of King's Quay floating production system and issuing new senior notes, utilizing proceeds to fully repay our revolver and take out senior notes that were due in 2022.
Overall, we achieved a total of $233 million of debt reduction or 8% of our total debt since year-end 2020 from these transactions.
Our current strip prices are maintaining the goal of reducing debt by an additional $200 million in 2021 for a total 15% debt reduction this year.
Our execution ability remains topnotch with high levels of performance as our onshore business brought wells online ahead of schedule and under budget, while our operated and non-operated offshore projects remained on schedule.
Our oil production beat guidance by 7% this quarter while our Eagle Ford Shale assets, in particular, were 4% above guidance despite experiencing impacts from the winter storm in Texas.
Lastly, as we continue advancing our unique high potential exploration program.
We're excited for drilling the two upcoming non-operated wells.
The Silverback well was recently spud by Chevron in the Gulf of Mexico and later this year, we will turn our attention to the Cutthroat well in Brazil, Sergipe-Alagoas Basin with ExxonMobil.
I'm excited to discuss these three simple priorities with investors and analysts today.
On Slide 4, getting to the details of the quarter, Murphy produced an average of 155,000 barrels equivalent per day with approximately 63% liquids production.
Significantly, our oil production was 88,000 barrels per day, which beat our guidance of 82,000 barrels per day.
As shown in our 2021 quarterly well cadence, accrued capex with first quarter weighted and totaled $230 million net to Murphy.
This amount excludes King's Quay spending but includes our $20 million acquisition of an additional 3.5 working interest in the non-operated Lucius field.
Overall, we spent a third of our total capital plan for the year.
Commodity prices rebounded significantly in the first quarter with oil realizations averaging $58 per barrel, slightly above the WTI benchmark, which we haven't seen since before the pandemic.
Our natural gas realization prices averaged $2.55 per thousand cubic feet.
David Looney, to give a financial update.
For the quarter, we recorded a net loss of $287 million or $1.87 net loss per diluted share.
After adjusting for several one-off after tax items, such as a $128 million non-cash impairment charge on Terra Nova and a $121 million non-cash mark-to-market loss on crude oil derivatives, we reported adjusted net income of $10 million or $0.06 adjusted net income per diluted share.
Regarding Terra Nova, operations there have been off line since December of 2019.
We recorded the impairment charge during this quarter due to the current status of operating plans.
However, Murphy, other partners and stakeholders continue to evaluate options that could support a long-term production plan.
Cash from operations for the quarter totaled $238 million, including the noncontrolling interest.
After accounting for property additions of $258 million and proceeds from asset sales of $268 million, we achieved a positive adjusted cash flow of $248 million for the quarter.
On the hedging front, Murphy continues to protect its future cash flow in the Tupper Montney with additional fixed price forward sales contracts for a portion of production all the way through 2024.
As Roger mentioned, our 2021 capex plan is heavily weighted toward the first quarter with $230 million in total accrued capex or 33% of the annual total.
Approximately 44% of total Eagle Ford Shale capex for the year was spent in the first quarter, while nearly 40% and 35% of the annual planned capex were spent in the Gulf of Mexico and offshore Canada, respectively -- onshore Canada, I'm sorry, respectively.
This cadence will continue to stair-step down for the remainder of the year.
Overall, we're maintaining our capex plan of $675 million to $725 million for 2021.
However, we are tightening our production guidance range to 157,000 to 165,000 barrels of oil equivalent per day for the full year.
For the second quarter of 2021, we're forecasting a production range of 160,000 to 168,000 barrels of oil equivalent per day.
Importantly, our oil production is forecast at 95,000 barrels of oil per day for the second quarter.
As Roger mentioned, Murphy had several significant cash flow events occurring in the first -- during the first quarter.
So we've tried to simplify the ins and outs on Slide 7.
In addition to cash from operations, nearly covering our regular capex, we received funds of $268 million from monetizing the King's Quay floating production system.
We use these funds to pay off the $200 million outstanding on our revolving credit facility as well as $18 million in King's Quay capex that was incurred during the quarter.
We also issued $550 million of new senior notes, raising proceeds of $542 million.
This was used to pay off $576 million of 2022 notes.
Once you take into account the $34 million of early redemption cost related to the payoff of those notes and account for dividends and other amounts, we ended up with an $80 million cash deficit, which was covered from cash on hand.
At the end of the first quarter, we had $231 million of cash and equivalents available and had repaid a net $233 million or 8% of total debt, as Roger mentioned.
At current commodity prices, we have a goal to repurchase an additional $200 million of senior notes later this year for a total debt reduction of approximately 15% for the full-year 2021.
I'll be moving now to Slide 9, talking about our North American onshore business.
Murphy continues to enhance our onshore well execution with operated wells coming on line ahead of schedule in the first quarter due to enhancements in drilling and completion efficiencies.
Additionally, 16 non-operated Eagle Ford Shale wells came online at the end of the quarter, ahead of schedule.
Overall, we remain on track to bring online three remaining operated wells and 29 gross non-operated wells in the Eagle Ford Shale and 10 operated Tupper Montney wells in the next two quarters.
Our drilling and completion teams have worked hard to reduce the company's environmental impact by using clean-burning natural gas instead of diesel in drilling and completion activities, not only where emissions reduced, but Murphy saved $1.3 million in cost for the quarter, while bringing online 20 wells across North America onshore.
We utilized approximately 800,000 barrels of recycled water across our completions programs, which Tupper Montney completions consume nearly 75% recycled water, saving $3 million in disposal costs.
Further, we have reduced emissions with actions such as electrification of the third-party processing plant, which is secured power primarily from hydro in our Tupper Montney gas plant from the previous natural gas power supply.
On Slide 10, our Eagle Ford Shale production of 30,000 barrels equivalent per day exceeded the midpoint of our guidance for the quarter despite more than 2,000 barrel equivalent per day of impact from February winter storm.
Our first-quarter online wells, IP30 rate averaged 1,400 barrels of oil equivalent per day with the IP of the two best wells, reaching 2,000 barrels equivalents per day.
Along with stronger well results, Murphy significantly reduced our costs from previous years.
In 2018, our average well cost has dropped from approximately $6.3 million per well to now $4.5 million per well in first quarter of '21, with stand-alone completion costs down 40% during that period.
I'm proud of the work our team has done and the meaningful impact it is having on our company's bottom line.
As we work to derisk our Austin Chalk acreage in Karnes County, we're pleased to see the strong well results achieved in the first quarter and the potential they create for our Austin Chalk location count in the future.
Our Tier 2 wells have outperformed our Tier 1 type curve and achieved an average IP rate of 1,400 barrels equivalent per day, and our recent Tier 1 Austin Chalk wells continue to perform in line with the type curve.
Slide 11, on the Tupper Montney.
Murphy produced 234 million cubic feet per day in the first quarter in Tupper and brought online four wells as planned.
Our production was impacted in the quarter by a mechanical issue on one well as well as higher royalties.
Drilling and completion costs continue to improve for this asset as well with an approximate 28% reduction since 2017.
Average total well costs are now approximately $4.1 million in the first quarter of '21 as compared to $5.5 million in 2019.
Looking at our Gulf of Mexico projects on Slide 13.
Murphy's major projects in the Gulf continue to advance as planned.
The top hole sections have been drilled at all three wells as part of Khaleesi/Mormont, Samurai and the Samurai-3 well is currently drilling as the first well in the drilling campaign.
The project remains on track to achieve first oil in first half of 2022.
The non-operated St. Malo waterflood project is progressing as scheduled.
The first producer well is now in line, and the final well of the four well total campaign is currently being drilled by the operator.
On King's Quay, on Slide 14.
As previously announced, we closed the monetization of King's Quay floating production system in the first quarter.
Construction is now complete with the sail away to the Gulf of Mexico planned for the third quarter of 2021.
Moorings are currently being installed in the field in advancing this arrival, and the FPS remains on track for receiving first oil from Khaleesi/Mormont, Samurai in the first half of '22.
We're pleased that this construction is kept to schedule despite the global pandemic.
It is an integral piece of our Gulf of Mexico projects.
Murphy's industry-leading team is doing an exceptional job in executing this significant project.
We're excited to be partnered with Chevron as the operator for the Silverback prospect in the Gulf of Mexico, which commenced drilling in the second quarter of '21.
Our 10% non-operated working interest provides access to 12 blocks with potential for an attractive play-opening trend and is adjacent to a large position currently held by Murphy and our partners.
On Slide 17, our non-operated exploration position in Sergipe-Alagoas Basin in Brazil continues to progress and provides us further optionality.
Today, we're highlighting our view of the resource potential at 500 million to 1 billion barrels.
Again, illustrating what a significant opportunity Brazil is for our company.
Murphy, along with the operator, ExxonMobil and partners plan to spud the Cutthroat well in the second half of '21, which is approximately net cost to Murphy of $15 million.
We previously presented our long-range plan as far as our fourth-quarter earnings and highlight that the plan remains unchanged.
By maintaining average capex spend of $600 million annually, we forecast a production CAGR of approximately 6% through '24, with oil weighting averaging 50% and offshore production averaging 75,000 barrels equivalent per day.
This consistency leads to significant cash flow generation.
An average WTI price of $60 per barrel enables Murphy to reduce its total debt level to $1.4 billion by 2024 while maintaining a quarterly dividend to shareholders.
Further, we remain focused on executing our exploration program with a portfolio of more than 1 billion barrels of oil equivalent on a net risk resource basis.
After we have our debt levels, we have the option to reduce debt further toward $1 billion.
When debt reduction is behind us, we will do what is best for the company and shareholders based on market conditions while balancing increased asset development, funding exploration success, potential A&D opportunities and of course returning cash to shareholders.
On to Slide 20 on our focused priorities.
As we look ahead to the remainder of the year and beyond, we remain focused on our priorities of delevering, executing and exploring.
With current strip prices above $60 per barrel and strong production volumes, we're on target for an additional $200 million of debt repurchases later this year, resulting in a 15% reduction for all of '21.
By maintaining conservative capital spending, we project the total debt to be $1.4 billion by 2024, with potential for further reductions beyond that level.
Murphy is committed to operating safely, in particular, as we continue moving forward on our major offshore projects ahead of first oil in the first half of 2022.
Our onshore drilling and completions team have done a tremendous job improving our cost efficiencies and bringing wells online ahead of schedule, all while finding ways to cut emissions intensity and operate with minimal environmental impacts.
Lastly, looking forward with our partners to drill exploration wells in the Gulf and Brazil this year and we look forward to this year's campaign.
We've set a strong foundation for the remainder of the year of our future drilling campaigns with the work done to reduce costs and environmental impacts.
I'm pleased with all the hard work and your accomplishments.

user
compname reports q1 loss per share $1.87.
q1 loss per share $1.87.
q1 production averaged 155 thousand barrels of oil equivalent per day (mboepd) with 57 percent oil and 63 percent liquids.
onshore business produced approximately 80 mboepd in the first quarter.
maintains its 2021 capital expenditures (capex) guidance of $675 to $725 million.
qtrly adjusted income from continuing operations per average diluted share $0.06.

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