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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.
A variety of factors exist that may actually cause results to differ.
For further discussion of risk factors, see Murphy's 2020 annual report on Form 10-K on file with the SEC.
On Slide 2, as we kick off our quarterly call and investor meetings, we would like to remind our investors of our story.
Our ongoing execution in our three producing areas continues to show outstanding results, while progressing our offshore long-term projects and expansion of the Tupper Montney.
Our competitive advantage of executing in offshore, again, is illustrated by the outstanding progress on our Khaleesi/Mormont, Samurai, and King's Quay projects.
We also maintained strong cash flow that easily covers our planned spending for 2021 and supports shareholders through our long-standing dividend.
Further, we were able to increase our cash position this quarter by nearly 190 million, which allows us to accelerate our delevering plans.
Our ongoing meaningful level board and management ownership highlight our personal interest in the company's long-term success.
Our three priorities are simply to delever, execute, and explore and I'm pleased with the progress we've made on all fronts in the second quarter and this year.
After our initial delevering event, we repaid our revolver in full in Quarter 1.
We stated our goal of reducing long-term debt by $200 million by year-end 2021.
We recently announced the redemption of 150 million of 6.875% senior notes due in 2024.
And now today, we're able to increase increased our delevering goal to 300 million assuming a $65 oil price for the remainder of 2021.
Additional cash flow has been accomplished, not only through stronger oil prices, but also ongoing operational excellence as we've achieved less operated downtime offshore while experiencing the benefits of our optimization efforts and upgrades completed over the previous 18 months.
Along with continuing to bring on our onshore wells online, below budget, and ahead of schedule.
As a result of this work, production from every single asset was above the midpoint of guidance this quarter, with all onshore operations exceeding the high end of the guidance range.
Additionally, we produced 100,000 barrels of oil per day in the second quarter, topping our guide by 5%.
Offshore, our Gulf of Mexico projects remains on budget and on schedule.
We also remain focused on advancing our exploration program.
We participated in the drilling in Brunei in the second quarter with the Jagus SubThrust-1X exploration well along with the spudding with non-operated Silverback well in the Gulf of Mexico.
In the fourth quarter, we participated in the drilling of the cut-throat exploration well in Brazil.
On our sustainability report on Slide 4, our report has been published on our website and includes expanded disclosures to share our sustainability efforts and further align us with multiple international standards, such as the UN sustainable development goals, and five reporting principles outlined in sustainability reporting guidance for our industry.
We've now established a goal of zero routine flaring by 2030 and obtained third-party assurance of our 2020 scope one and scope two greenhouse gas emissions.
Additionally, we have revised and strengthened our climate change position instituted a human rights policy advanced our diversity equity inclusion efforts.
Statistical highlights include receiving a 47% reduction in scope one and scope two greenhouse gas emissions since 2016 and a 10% decrease in greenhouse gas emissions from 2020 -- from 2019 to 2020, excuse me.
Building upon our current top quartile, low carbon emission intensity for oil-weighted peers we are continuing the internal work to reduce our environmental footprint and advance the energy transition while protecting and supporting our people and the communities in which we work.
On Slide 5, our second-quarter production volumes of 171,000 barrels of oil equivalent per day were 4% above our guidance midpoint for the quarter.
Accrued capex for the quarter was $198 million, revenue of near 700 million, which is the highest in a year was achieved through strong realized pricing of $65.53 per barrel for oil.
I'll start with Slide 6.
In the second quarter, we reported a net loss of $63 million or $0.41 per diluted share.
After adjusting for certain after-tax items, such as 103 million non-cash mark-to-market loss on crude oil derivatives and a $49 million non-cash mark-to-market loss on contingent consideration, we reported adjusted net income of $91 million or $0.59 per diluted share.
Cash from operations for the quarter totaled $449 million, including the noncontrolling interest.
After accounting for net property additions of $203 million, we achieved positive adjusted cash flow of $246 million.
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 through 2024.
Our 2021 capex plan is heavily weighted toward the first half of the year with 198 million total accrued capex in the second quarter.
While slightly above our previous guide, this was due to timing adjustments of non-operated activity and has no impact on our annual capex.
Overall, our ongoing disciplined spending has led us to tighten our capex guidance for the year, now ranging from 685 million to $715 million, with $700 million maintained as the midpoint.
As we established on our last earnings call, capex will step down for the remainder of the year.
With the shift in Eagle Ford Shale spending, our fourth quarter capex is forecast lower than previously.
Approximately 63% has already been spent in the Eagle Ford Shale as of June 30th, and 66% has been spent in the Gulf of Mexico, while 76% of onshore Canada capex has been spent by that date.
We continue to proactively manage our supply chain exposure, particularly with our long-lead items.
Since 60% of our 2021 capital plan is complete, and key contracts are in place for the remaining plan, we have minimal near-term supply chain risk to our capital spending.
Our third-quarter production guidance range of 162 to 170,000 a barrels of oil equivalent per day includes 4,100 barrels of oil equivalent per day of assumed Gulf of Mexico storm downtime.
Additionally, we are adjusting our full-year production guidance range to 157.5 thousand barrels of oil equivalent per day to 165.5 thousand barrels of oil equivalent per day, which includes fourth-quarter impacts of 1,300 barrels of oil equivalent per day for assumed Gulf of Mexico storm downtime and 7,900 barrels of oil equivalent per day for net planned offshore downtime.
On Slide 9, in the second quarter, we brought online three operated and 29 gross non-operated wells in the Eagle Ford Shale, 10 wells are brought online in the Tupper Montney, that wraps up our activity in offshore Canada for the year.
Our U.S. onshore drilling program is nearly complete with just four operated Eagle Ford wells planned to come online in the fourth quarter.
Our Eagle Ford Shale wells produced 42,000 barrels equivalent per day in the second quarter in process of 75% oil and 88% liquids.
For the remainder of the year, we plan to drill and complete 4 wells in the fourth quarter, I just mentioned, in our Catarina acreage, all within our planned annual capex of $170 million.
The team continues to execute and generate efficiencies as evidenced of our 25% improvement in our rate of penetration completion cost per lateral foot since 2019.
Overall, we've achieved a 40% reduction in completion costs in four years.
Through strict focus on nonproductive time.
And making operational improvements, our average per well drilling and completion costs has improved to 4.7 million from 6.3 million in 2018.
As a result, we are now achieving well payouts of approximately nine months on our 2021 program at oil prices averaging nearly $62 per barrel in the first half of this year.
On Slide 11, as Austin Chalk, one of our four Eagle Ford wells we plan to drill and bring online in the fourth quarter is targeted for the Austin Chalk formation.
Overall, our recent Karnes Austin Chalk wells have nicely outperformed our average type curve.
Additionally, other public operators near our Catarina acreage in the western portion of our Eagle Ford Shale acreage have reported strong Austin Chalk results from their recent wells.
We're excited to drill this well and highlight potential derisk another 100-plus Austin Chalk locations in our portfolio in that area.
On Slide 12, the Tupper Montney, we produced 248 million cubic feet per day in the second quarter.
10 wells are brought online, which completes all well activity for the year.
Costs continue to decrease here as well.
we've seen a 24% reduction in drilling and completion costs since 2017 while achieving a total well cost of just 4.4 million in 2021, compared to 5.5 million in 2019.
The -- In particular, our completion cost per lateral foot have improved 25% since 2019 through lower nonproductive time, optimized wireline operations, enhanced water handling, and natural gas-powered frac pumps.
Further, our average pumping average per day has increased more than 50% since 2017 from almost 12 hours to 18 hours per day, the ability to lower our cost per well by nearly $1 million will add significant value to our Tupper Montney project and represents the tremendous work of our drilling and completions team in that area.
As to our Gulf of Mexico project done extremely well, -- On Slide 14, Murphy continues to progress as scheduled with major Gulf of Mexico projects, Samurai No.
3 well was drilled in the quarter, and we're now drilling the Khaleesi 3 well.
Our next well is Samurai 4, which is planned for later in the third quarter before we begin completions work on all seven wells that make up the Khaleesi/Mormont, Samurai development.
The team has been able to maintain the schedule and capital plan for this project, and we still anticipate flowing first oil in the King's Quay in the first act next year.
Completions work on the final producing well of our non-operated St. Malo waterflood project is set to wrap up within the week and thereby completing rig activity on this project for the remainder of the year.
We're pleased that a project this size has remained on schedule and highlight and completing the rig work for the remainder of '21 provides further certainty on our capital spending.
As to King's Quay, the second quarter saw completion of the construction of the King's Quay floating production system, the FPS is now sailed away from Korea and is headed to the Texas Coast, where final work will be accomplished at the shore-based private placement in the Gulf in early 2022.
This team has done an incredible job on this project not only remaining on schedule, but also keeping everyone safe and healthy through the pandemic.
We're excited to see this come to fruition.
This is yet another example of our industry-leading offshore execution ability.
In Brunei, on Slide 17, in the quarter, we participated in the drilling of discovery well in Block CA1 in Brunei with the Jagus SubThrust-1X well for a total cost of Murphy of just $2.8 million at approximately an 8% working interest.
Post this well, we reclassified our working interest in Block CA-1 of Brunei has not held for sale any longer.
Partners are assessing development appraisal plans.
We're evaluating seismic data, further prospectivity.
This exploration in the Gulf of Mexico in the second quarter on Page 18, and drilling was commenced at the Chevron-operated sale back prospect in the Gulf, which we anticipate finishing this month.
Our participation provides access to 12 blocks with potential for attractive play opening trend and is adjacent to the large position Murphy holds with our partners.
On Slide 19, in Brazil, cited about our non-operated exploration position in Sergipe-Alagoas Basin and the additional optionality and resource potential that provides our company.
Murphy along with the operator, ExxonMobil, and partners planned to spud the cut through one well in the fourth quarter of 2021 and approximate net cost of Murphy of just $15 million.
On Slide 21 on to our capital program.
I'm pleased with our excellent production results this quarter and our oil production exceeded by 5% has remained consistent in our ever-improving operations and operated offshore and in the Eagle Ford Jail.
We remain on track with our full-year production at our midpoint of 161.5 thousand barrels equivalent per day with 55% oil weighting.
We remain very disciplined on our capital spending with no intention to change our plans for the remainder of the year.
As such, we affirm the 700 million midpoint of capex for 2021 and have announced today that we're tightening the range around this midpoint.
On Slide 22, as we remain focused on our strategy of delevering, executing, and exploring, we note that our long-term plan remains unchanged.
Our continued execution and capital discipline laid in maintaining our capital spend of 600 million from '21 through 2024 with a production CAGR of approximately 6% through that period.
Of course, we're trending well in our current oil weighting and are above the plan for 2021 at 55%.
Assuming an average long-term WTI price of $60 per barrel, Murphy is able to -- will be able to cut its debt in half to less than 1.4 billion by the end of '24 while maintaining a quarterly dividend payment to shareholders.
We note that this plan accelerates using an average price of $70 per oil in '23, enabling us to reach the debt reduction by just mid-2023.
Beyond delevering, we remain focused on our exploration program and portfolio of over 1 billion barrels of oil equivalent and net risked resource potential.
Long term, once our major Gulf projects are complete, we'll have significant optionality when making capital allocation decisions, and we'll look to what's best for Murphy and our shareholders and stakeholders at that time.
While we have many options, we'll seek to balance increased asset development with funding exploration success and potential A&D and execute additional debt repurchases and return more cash to shareholders.
Throughout the remainder of '21 and longer term, we are steadfast and focused on our priorities of delevering, executing, and exploring.
We decided to accelerate our long-term debt reduction goal for 2021 to 300 million from 200 million, assuming an oil price of $65 for the rest of the year, and look forward to achieving our goal of 1.4 billion in long-term debt reduction by '24 with a long-term average price of $60 per barrel.
We're able to accomplish this in part by disciplined spending, but also continued execution of our major Gulf of Mexico projects ahead of first oil next year as well as keeping everyone safe and healthy while protecting the environment in which we're operating.
Lastly, we're excited with the recent exploration success in Brunei.
I look forward to drilling wells with operating partners in the Gulf and Brazil this year while planning for next year's exploration campaign.
Murphy could not have achieved this successful second quarter without the effort of all of our employees who continue operating with excellence in every single department.

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q2 adjusted earnings per share $0.59 excluding items.
q2 loss per share $0.41.
production for q3 2021 is estimated to be in range of 162 to 170 mboepd and includes assumed storm downtime of 4,100 boepd.
murphy oil - tightened 2021 capital expenditures guidance to $685 to $715 million while adjusting fy 2021 production guidance to 157.5 to 165.5 mboepd.
full year production is forecast to be comprised of about 55 percent oil and 61 percent total liquids volumes.

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