=================================================================
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________
Commission File Number 1-8590
MURPHY OIL CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 71-0361522
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
200 PEACH STREET
P. O. BOX 7000, EL DORADO, ARKANSAS 71731-7000
(Address of principal executive offices) (Zip Code)
(501) 862-6411
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
/X/ Yes / / No
Number of shares of Common Stock, $1.00 par value, outstanding at
March 31, 1995 was 44,832,515.
=================================================================
<PAGE>
PART I - FINANCIAL INFORMATION
Murphy Oil Corporation and Consolidated Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Thousands of dollars)
<TABLE>
<CAPTION>
(Unaudited)
March 31, December 31,
1995 1994
----------- -----------
<S> <C> <C>
ASSETS
Current assets
Cash and cash equivalents $ 76,829 71,144
Accounts receivable, less allowance
for doubtful accounts of $5,642 in
1995 and $5,554 in 1994 209,483 244,241
Inventories
Crude oil and raw materials 80,259 71,541
Finished products 44,613 44,890
Materials and supplies 35,455 36,000
Prepaid expenses 36,564 36,357
Deferred income taxes 16,063 14,939
--------- ---------
Total current assets 499,266 519,112
Investments and noncurrent receivables 42,576 28,592
Property, plant, and equipment, at
cost less accumulated depreciation,
depletion, and amortization of
$2,401,153 in 1995 and $2,350,578
in 1994 1,738,486 1,722,661
Deferred charges and other assets 35,421 41,667
--------- ---------
$ 2,315,749 2,312,032
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current maturities of long-term
obligations $ 7,615 7,615
Accounts payable and accrued
liabilities 363,414 403,553
Income taxes 27,691 28,350
--------- ---------
Total current liabilities 398,720 439,518
Notes payable and other long-term
obligations 63,689 49,814
Nonrecourse debt of a subsidiary 135,342 122,638
Deferred income taxes 139,766 140,610
Reserve for dismantlement costs 144,324 138,894
Reserve for major repairs 3,987 3,244
Deferred credits and other liabilities 148,138 146,635
Stockholders' equity
Capital stock
Cumulative Preferred Stock, par $100,
authorized 400,000 shares, none
issued - -
Common Stock, par $1.00, authorized
80,000,000 shares, issued 48,775,314
shares 48,775 48,775
Capital in excess of par value 507,824 507,797
Retained earnings 822,032 820,568
Currency translation adjustments 7,136 (2,403)
Unamortized restricted stock awards (920) (993)
Treasury stock, 3,942,799 shares of
Common Stock in 1995, 3,942,868
shares in 1994, at cost (103,064) (103,065)
--------- ---------
Total stockholders' equity 1,281,783 1,270,679
--------- ---------
$ 2,315,749 2,312,032
========= =========
</TABLE>
See Notes to Consolidated Financial Statements, page 4.
The Exhibit Index is on page 10.
1
<PAGE>
Murphy Oil Corporation and Consolidated Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Thousands of dollars, except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
--------------------
1995 1994
------- -------
<S> <C> <C>
REVENUES
Sales $ 392,741 388,596*
Other operating revenues 15,053 11,167*
Interest, income from equity companies,
and other nonoperating revenues 13,367 2,938*
------- -------
Total revenues 421,161 402,701
------- -------
COSTS AND EXPENSES
Crude oil, products, and related
operating expenses 304,074 281,443*
Exploration expenses, including
undeveloped lease amortization 10,595 11,915
Selling and general expenses 17,607 16,678
Depreciation, depletion, and amortization 61,706 50,429
Interest expense 3,523 2,349
Interest capitalized (1,949) (1,231)
------- -------
Total costs and expenses 395,556 361,583
------- -------
Income before income taxes 25,605 41,118
Federal and state income taxes 2,900 17,322
Foreign income taxes 6,678 108
------- -------
NET INCOME $ 16,027 23,688
======= =======
Average Common shares outstanding 44,878,340 44,854,688
Net income per Common share $ .36 .53
======= =======
Cash dividends per Common share $ .325 .325
======= =======
*Restated to conform to 1995 presentation.
</TABLE>
See Notes to Consolidated Financial Statements, page 4.
2
<PAGE>
Murphy Oil Corporation and Consolidated Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Thousands of dollars)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------
1995 1994
------- -------
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 16,027 23,688
Adjustments to reconcile net income to
net cash provided by operating activities
Depreciation, depletion, and amortization 61,706 50,429
Expenditures for major repairs and
dismantlement costs (8,138) (924)
Exploratory expenditures charged against
income 7,698 9,287
Amortization of undeveloped leases 2,897 2,628
Deferred and noncurrent income tax
charges (benefits) (5,370) 5,301
Gains from disposition of assets (629) (264)
Other - net 7,776 7,711
------- -------
81,967 97,856
(Increase) decrease in operating working
capital other than cash and cash
equivalents (15,267) 41,705
Net recoveries on insurance claim to
repair hurricane damage 122 16,176
Other adjustments related to operating
activities 1,004 (11,148)
------- -------
Net cash provided by operating activities 67,826 144,589
------- -------
INVESTING ACTIVITIES
Capital expenditures requiring cash (75,520) (91,225)
Proceeds from sale of property, plant,
and equipment 1,023 960
Other - net (391) (499)
------- -------
Net cash required by investing activities (74,888) (90,764)
------- -------
FINANCING ACTIVITIES
Increase (decrease) in notes payable and
other long-term obligations 13,875 (9)
Increase in nonrecourse debt of a subsidiary 12,704 9,831
Dividends paid (14,563) (14,548)
------- -------
Net cash provided (required) by
financing activities 12,016 (4,726)
------- -------
Effect of exchange rate changes on cash
and cash equivalents 731 (402)
------- -------
Net increase in cash and cash equivalents 5,685 48,697
Cash and cash equivalents at January 1 71,144 141,225
------- -------
Cash and cash equivalents at March 31 $ 76,829 189,922
======= =======
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES
Cash income taxes paid, net of refunds $ (4,200) 731
======= =======
Interest paid, net of amounts capitalized $ (286) (332)
======= =======
</TABLE>
See Notes to Consolidated Financial Statements, page 4.
3
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
These notes are an integral part of the financial statements of
Murphy Oil Corporation and Consolidated Subsidiaries (Murphy/the
Company) on pages 1 through 3 of this report on Form 10-Q.
NOTE A - INTERIM FINANCIAL STATEMENTS
The consolidated financial statements of the Company presented
herein have not been audited by independent auditors, except for
the Consolidated Balance Sheet at December 31, 1994. In the
opinion of the Company's management, the unaudited financial
statements presented herein include all adjustments (consisting
only of normal, recurring accruals) necessary to present fairly
the Company's financial position at March 31, 1995, and the
results of operations and cash flows for the three-month periods
ended March 31, 1995 and 1994 in conformity with generally
accepted accounting principles.
Financial statements and notes to consolidated financial
statements included in this report on Form 10-Q should be read in
conjunction with the Company's 1994 Annual Report on Form 10-K,
as certain notes and other pertinent information have been
abbreviated in or omitted from this report.
Financial results for the three months ended March 31, 1995 are
not necessarily indicative of future results.
NOTE B - ENVIRONMENTAL CONTINGENCIES
The Company's worldwide operations are subject to numerous laws
and regulations designed to protect the environment and/or impose
remediation obligations. In addition, the Company may be
involved in personal injury claims, allegedly caused by exposure
to materials manufactured or used in the Company's operations.
The Company currently operates or has previously operated certain
sites or facilities, including refineries, oil and gas fields,
service stations, and terminals, for which known or potential
obligations for environmental remediation exist.
Under the Company's accounting policies, liabilities for
environmentally related obligations are recorded when such
obligations are probable and the cost can be reasonably
estimated. In instances where there is a range of reasonably
estimated costs, the Company will record the most likely amount,
or if no amount is most likely, the minimum of the range.
Amounts recorded as liabilities are reviewed quarterly and
adjusted as needed. Actual cash expenditures often occur a
number of years following recognition of the liabilities.
The Company's reserve for remediation obligations, which is
included in "Deferred Credits and Other Liabilities" in the
Consolidated Balance Sheets, contains certain amounts that are
based on anticipated regulatory approval of proposed remediation
processes involving a land farm, formerly used for disposal of
refinery waste, and closure of refinery water basins. If
regulatory authorities require more costly alternatives than the
proposed processes, future expenditures could increase by up to
an estimated $8 million above the amount reserved.
The Company has received notices from the U.S. Environmental
Protection Agency that it is a Potentially Responsible Party
(PRP) at four Superfund sites and has been assigned
responsibility by defendants at another Superfund site. In
addition, the Company is aware of one other site at which it
could be named as a PRP. The potential total cost to all parties
to perform necessary remediation work at these sites is
substantial. However, based on information currently available,
the Company is a "de minimus" party, with assigned or potentially
assigned responsibility of less than one percent at all but one
of the sites. At that site, the Company has not determined
either its potentially assigned responsibility percentage or its
potential total remediation cost. The Company has recorded a
reserve totaling $.1 million for Superfund sites, and due to
currently available information on one site and the minor
percentages involved on the other sites, the Company does not
expect that its related remediation costs will be material to its
financial condition. Additional information may become known in
the future that would alter this assessment, including any
requirement to bear a pro rata share of costs attributable to
nonparticipating PRP's or indications of additional
responsibility by the Company.
4
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTD.)
NOTE B - ENVIRONMENTAL CONTINGENCIES (CONTD.)
Although the Company is not aware of any environmental matters
that might have a material effect on its financial condition,
there is the possibility that additional expenditures could be
required at currently unidentified sites, and new or revised
regulatory requirements could necessitate additional expenditures
at known sites. Such expenditures could have a material impact
on the results of operations in a future period.
The Company believes that certain of its environmental
remediation obligations are covered by insurance; however, this
issue is the subject of ongoing litigation and no assurance can
be given that the Company's position will be sustained.
Therefore, the environmental liabilities recorded at March 31,
1995 have not been reduced for any possible insurance recoveries.
NOTE C - OTHER CONTINGENCIES
The Company's operations and earnings have been and may be
affected by various other forms of governmental action both in
the U.S. and throughout the world. Examples of such governmental
action include, but are by no means limited to: tax increases
and retroactive tax claims; restrictions on production; import
and export controls; price controls; currency controls;
allocation of supplies of crude oil and petroleum products and
other goods; expropriation of property; restrictions and
preferences affecting issuance of oil and gas or mineral leases;
laws and regulations intended for the promotion of safety; and
laws and regulations affecting the Company's relationships with
employees, suppliers, customers, stockholders, and others.
Because governmental actions are often motivated by political
considerations, may be taken without full consideration of their
consequences, and may be taken in response to actions of other
governments, it is not practical to attempt to predict the
likelihood of such actions, the form which such actions may take,
or the effect such actions may have on the Company.
In the normal course of its business activities, the Company is
required under certain contracts with various governmental
authorities and others to provide letters of credit that may be
drawn upon if the Company fails to perform under those contracts.
At March 31, 1995, the Company had contingent liabilities of
$21.8 million on outstanding letters of credit. Contingent
liability under a guaranty and pipeline throughput agreement was
$15 million at March 31, 1995.
5
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTD.)
NOTE D - BUSINESS SEGMENTS
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended
March 31, l995 March 3l, l994
------------------ ------------------
(Millions of dollars) Revenues Income Revenues** Income
-------- ------ -------- ------
<S> <C> <C> <C> <C>
Petroleum
Exploration and production*
United States............ $ 48.6 2.5 62.0 7.7
Canada................... 32.2 4.6 25.7 (.6)
United Kingdom........... 34.9 2.5 20.5 .6
Other international...... 12.3 3.5 2.9 .9
----- ---- ----- ----
128.0 13.1 111.1 8.6
----- ---- ----- ----
Refining, marketing, and transportation
United States ........... 229.3 (6.6) 210.0 8.7
Western Europe .......... 57.2 (2.0) 67.2 .7
Canada................... 6.0 1.8 6.5 1.7
----- ---- ----- ----
292.5 (6.8) 283.7 11.1
----- ---- ----- ----
420.5 6.3 394.8 19.7
Intrasegment transfers
elimination (34.7) (18.4)
----- ---- ----- ----
Total petroleum ....... 385.8 6.3 376.4 19.7
Farm, timber, and real
estate--United States ..... 22.0 4.7 23.4 7.3
Corporate and other ........ 2.4 (2.0) 2.9 (3.3)
----- ---- ----- ----
Revenues/income before
unusual or infrequently
occurring item ............ 410.2 9.0 402.7 23.7
Adjustment of estimates for
self-insured liabilities,
net of taxes............... 11.0 7.0 - -
----- ---- ----- ----
$421.2 16.0 402.7 23.7
===== ==== ===== ====
*Additional details are presented in the tables on page 9.
**Restated to conform to 1995 presentation.
</TABLE>
6
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Net income for the first quarter of 1995 was $16 million, $.36 a
share, compared to first quarter 1994 net income of $23.7
million, $.53 a share. The current quarter included a benefit of
$7 million, $.16 a share, from an adjustment of amounts
previously reserved relating to matters for which the Company is
self-insured.
The decline in income before unusual items in the first quarter
of 1995 was primarily due to severely depressed results from
refining, marketing, and transportation operations, lower sales
prices for U.S. and Canadian natural gas, and lower earnings from
farm, timber, and real estate operations. Partially offsetting
were the effects of increases in the sales prices and volumes of
crude oil and gas liquids and improved results from corporate
activities.
Earnings from exploration and production operations were $13.1
million in the current quarter, an improvement of 52 percent over
earnings a year ago of $8.6 million. U.S. operations earned $2.5
million, down from $7.7 million in the first quarter of 1994;
Canadian operations earned $4.6 million compared to a loss of $.6
million; U.K. operations earned $2.5 million, up from $.6
million; and other international operations earned $3.5 million
compared to $.9 million. The Company's crude oil and gas liquids
sales prices averaged $16.54 a barrel in the U.S. and $17.00 in
the U.K., increases of 29 percent and 22 percent, respectively.
In Canada, sales prices averaged $16.38 a barrel for light oil
and $12.51 for heavy oil, up 43 percent and 77 percent,
respectively. The average sales price for synthetic oil from
Murphy's interest in the Canadian Syncrude project was $17.22 a
barrel, up 31 percent from a year ago. Total crude oil and gas
liquids production averaged 56,166 barrels a day compared to
46,870 in the first quarter of 1994, an increase of 20 percent.
U.S. production increased seven percent, and U.K. production was
up 27 percent. In Canada, heavy oil production increased 26
percent, while production of synthetic oil was adversely affected
by a maintenance shutdown and averaged 7,660 barrels a day in the
first quarter of 1995 compared to 9,359 a year ago. Ecuadoran
production, which commenced in the second quarter of 1994,
averaged 5,396 barrels a day. Murphy's average natural gas sales
price in the U.S. was $1.51 per thousand cubic feet (MCF) in the
current quarter compared to $2.27 a year ago, a decrease of 33
percent. The average natural gas sales price in Canada declined
from $1.58 per MCF to $1.04, down 34 percent. Sales prices
averaged $2.46 per MCF in the U.K. and $2.82 in Spain, increases
of three percent and 20 percent, respectively. Total natural gas
sales were basically unchanged from a year ago and averaged 286
million cubic feet a day. Sales of natural gas in the U.S. were
affected by voluntary curtailments in response to low prices, and
averaged 206 million cubic feet a day compared to 225 million a
year ago. Exploration expenses totaled $10.6 million in the
current quarter compared to $11.9 million a year ago, including
$6.1 million and $5.6 million, respectively, in international
operations. The tables on page 9 provide additional details of
the results of exploration and production operations for the
first quarter of each year. During 1994, the Company logged and
cored a potentially producible natural gas accumulation in a well
drilled in the Gulf of Mexico on Mobile Block 908. The cost of
the well, $12.6 million, has been capitalized pending further
evaluation expected to occur during the second quarter of 1995.
Refining, marketing, and transportation operations lost $6.8
million in the first quarter of 1995 compared to earnings of
$11.1 million a year ago; the unfavorable change was primarily
the result of an unusually mild winter and higher crude oil
costs. U.S. operations lost $6.6 million, and U.K. operations
lost $2 million. A year ago, these areas earned $8.7 million and
$.7 million, respectively. Earnings from purchasing,
transporting, and reselling crude oil in Canada were $1.8 million
in the current quarter compared to $1.7 million in the first
quarter of 1994. Refinery crude runs were 150,451 barrels a day
compared to 151,394 in the first quarter of 1994. Refined
product sales were 153,535 barrels a day, down from 159,179 a
year ago.
Although timber prices showed continued strength, earnings from
farm, timber, and real estate operations of $4.7 million were
down 36 percent compared to the $7.3 million earned a year ago.
The current quarter was adversely affected by a reduction in the
amount of sawtimber harvested and by lower sales prices for
finished lumber. Harvested sawtimber declined from an
accelerated pace of 20.5 million board feet in the first quarter
of 1994 to 15.3 million in the current quarter, while the average
7
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTD.)
RESULTS OF OPERATIONS (CONTD.)
sales price was up 20 percent. Lumber prices and sawmill margins
were down 12 percent and 67 percent, respectively. Thirteen lots
were sold at the Chenal Valley development in western Little
Rock during the first quarter of 1995 compared to 43 a year ago.
Corporate functions improved slightly, with the current quarter
reflecting a loss of $2 million compared to $3.3 million in the
first quarter of 1994.
FINANCIAL CONDITION
Cash provided by operating activities was $67.8 million for the
first three months of 1995 compared to $144.6 million for the
same period in 1994. The 1995 amount included a benefit of $7
million from the unusual item previously reviewed. Changes in
operating working capital other than cash and cash equivalents
required cash of $15.3 million in the first quarter of 1995,
while such changes provided $41.7 million of cash in the 1994
period. The first quarter of 1994 also benefited from net
recoveries of $16.2 million on an insurance claim to repair 1992
hurricane damage. Cash provided by operating activities was
reduced by expenditures for refinery turnarounds and abandonment
of oil and gas properties totaling $8.1 million in the current
quarter compared to $.9 million a year ago. Predominant uses of
cash in both years were for capital expenditures (which,
including amounts expensed, are summarized in the following
table) and payment of dividends.
<TABLE>
<CAPTION>
-------------------------------------------------------
(Millions of dollars) 1995 1994
-------------------------------------------------------
<S> <C> <C>
Exploration and production. . . . . . . $53.6 66.9
Refining, marketing, and transportation 20.2 21.1
Farm, timber, and real estate . . . . . 1.2 1.3
Corporate and other . . . . . . . . . . .5 1.9
---- ----
$75.5 91.2
==== ====
</TABLE>
Working capital at March 31, 1995 was $100.5 million, up $21
million from December 31, 1994. This level of working capital
does not fully reflect the Company's liquidity position, because
the lower historical costs assigned to inventories under LIFO
accounting were $65.6 million below current costs at March 31,
1995.
At March 31, 1995, nonrecourse debt of a subsidiary was $135.3
million; the increase of $12.7 million that occurred during the
first three months of 1995 was attributable to financing the
development of the Hibernia oil field, offshore Newfoundland.
Notes payable and other long-term obligations of $63.7 million
increased $13.9 million. A summary of capital employed at March
31, 1995 and December 31, 1994 follows.
<TABLE>
<CAPTION>
------------------------------------------------------
1995 1994
------------------------------------------------------
(Millions of dollars) Amount % Amount %
------------------------------------------------------
<S> <C> <C> <C> <C>
Notes payable and other
long-term obligations. . $ 63.7 4 49.8 3
Nonrecourse debt of a
subsidiary . . . . . . . 135.3 9 122.6 9
Stockholders' equity. . . 1,281.8 87 1,270.7 88
------- --- ------- ---
$1,480.8 100 1,443.1 100
======= === ======= ===
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
OIL AND GAS OPERATING RESULTS
- -----------------------------------------------------------------
United Synthetic
(Millions of United King- Sub- Oil -
dollars) States Canada dom Other total Canada Total
- -----------------------------------------------------------------
THREE MONTHS ENDED
MARCH 31, 1995
- -----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Revenues $48.6 20.3 34.9 12.3 116.1 11.9 128.0
Production costs 14.0 5.8 8.7 3.4 31.9 8.2 40.1
Depreciation,
depletion, and
amortization 23.9 5.2 17.4 3.3 49.8 1.0 50.8
Exploration expenses
Dry hole costs .8 1.2 .7 - 2.7 - 2.7
Geological and
geophysical
costs 1.3 1.1 .2 .5 3.1 - 3.1
Other costs .6 .2 .4 .7 1.9 - 1.9
- -----------------------------------------------------------------
2.7 2.5 1.3 1.2 7.7 - 7.7
Undeveloped lease
amortization 1.8 .7 - .4 2.9 - 2.9
- -----------------------------------------------------------------
Total
exploration
expenses 4.5 3.2 1.3 1.6 10.6 - 10.6
- -----------------------------------------------------------------
Selling and
general expenses 3.5 1.3 .9 .4 6.1 - 6.1
Income tax
provisions
(benefits) .2 1.9 4.1 .1 6.3 1.0 7.3
- -----------------------------------------------------------------
Results of operations
(excludes corporate
overhead and
interest) $ 2.5 2.9 2.5 3.5 11.4 1.7 13.1
=================================================================
THREE MONTHS ENDED
MARCH 31, 1994*
- -----------------------------------------------------------------
Revenues $62.0 14.6 20.5 2.9 100.0 11.1 111.1
Production costs 13.2 6.0 7.4 1.1 27.7 10.3 38.0
Depreciation,
depletion, and
amortization 26.0 4.9 9.1 .2 40.2 1.3 41.5
Exploration expenses
Dry hole costs 1.2 1.5 1.9 - 4.6 - 4.6
Geological and
geophysical
costs 2.5 .7 - .1 3.3 - 3.3
Other costs .6 .2 .4 .2 1.4 - 1.4
- -----------------------------------------------------------------
4.3 2.4 2.3 .3 9.3 - 9.3
Undeveloped lease
amortization 2.0 .6 - - 2.6 - 2.6
- -----------------------------------------------------------------
Total
exploration
expenses 6.3 3.0 2.3 .3 11.9 - 11.9
- -----------------------------------------------------------------
Selling and general
expenses 3.4 1.2 .7 .4 5.7 - 5.7
Income tax
provisions
(benefits) 5.4 (.2) .4 - 5.6 (.2) 5.4
- -----------------------------------------------------------------
Results of operations
(excludes corporate
overhead and
interest) $ 7.7 (.3) .6 .9 8.9 (.3) 8.6
=================================================================
*Restated to conform to 1995 presentation.
</TABLE>
9
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
(a) One of the Company's subsidiaries, Murphy Oil USA,
Inc., owns and operates two oil refineries in the
U.S. This subsidiary is a defendant in two
governmental actions that: (1) seek monetary
sanctions of $100,000 or more, and (2) arise under
enacted provisions that regulate the discharge of
materials into the environment or have the purpose
of protecting the environment. These actions
individually or in the aggregate are not material
to the financial condition of the Company.
(b) The Company and its subsidiaries are engaged in a
number of other legal proceedings, all of which
the Company considers routine and incidental to
its business and none of which is material as
defined.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit index - Exhibits other than the one listed
below have been omitted since they either are not
required or are not applicable.
Exhibit 27 - Financial Data Schedule - included
only in electronic filing.
(b) No reports on Form 8-K have been filed for the
quarter covered by this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
MURPHY OIL CORPORATION
(Registrant)
By /s/ Ronald W. Herman
--------------------
Ronald W. Herman, Controller
(Chief Accounting Officer and
Duly Authorized Officer)
May 9, 1995
(Date)
10
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS FINANCIAL DATA SCHEDULE CONTAINS SUMMARY UNAUDITED FINANCIAL INFORMATION
EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET AT MARCH 31, 1995, AND THE
CONSOLIDATED STATEMENT OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 1995, OF
MURPHY OIL CORPORATION AND CONSOLIDATED SUBSIDIARIES AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 76,829
<SECURITIES> 0
<RECEIVABLES> 215,125
<ALLOWANCES> 5,642
<INVENTORY> 160,327
<CURRENT-ASSETS> 499,266
<PP&E> 4,139,639
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0
0
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<EPS-PRIMARY> .36
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</TABLE>
