MUR - Murphy Oil strikes first oil from deepwater Gulf of Mexico project

Murphy Oil (NYSE:MUR) said Tuesday it achieved first oil from the Khaleesi, Mormont and Samurai field development project in the deepwater Gulf of Mexico, with production flowing through the company's King’s Quay floating production system. Murphy says the Khaleesi-Mormont development project will include a total of seven subsea wells, with two already completed and completion operations ongoing for the other five, while the Samurai field will be developed through four subsea wells, with the remainder of the wells expected to come online throughout the year. The company forecasts the production coming online will generate significant free cash flow, which will allow it to continue to delever with $600M-$650M of targeted debt reduction this year and the optionality of up to $1B in 2023. Murphy Oil's partnership with Exxon Mobil which is a "potential game-changer," Long Player says in a bullish analysis published recently on Seeking Alpha.

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Murphy Oil strikes first oil from deepwater Gulf of Mexico project