Company Quick10K Filing
Murphy Oil
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 171 $4,154
10-Q 2019-10-31 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-02 Quarter: 2019-03-31
10-K 2019-02-27 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-03 Quarter: 2018-03-31
10-K 2018-02-26 Annual: 2017-12-31
10-Q 2017-11-02 Quarter: 2017-09-30
10-Q 2017-08-02 Quarter: 2017-06-30
10-Q 2017-05-04 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-11-02 Quarter: 2016-09-30
10-Q 2016-08-04 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-11-05 Quarter: 2015-09-30
10-Q 2015-08-05 Quarter: 2015-06-30
10-Q 2015-05-07 Quarter: 2015-03-31
10-K 2015-02-27 Annual: 2014-12-31
10-Q 2014-11-05 Quarter: 2014-09-30
10-Q 2014-08-05 Quarter: 2014-06-30
10-Q 2014-05-07 Quarter: 2014-03-31
10-K 2014-02-28 Annual: 2013-12-31
10-Q 2013-11-06 Quarter: 2013-09-30
10-Q 2013-08-06 Quarter: 2013-06-30
10-Q 2013-05-07 Quarter: 2013-03-31
10-K 2013-02-28 Annual: 2012-12-31
10-Q 2012-11-06 Quarter: 2012-09-30
10-Q 2012-08-06 Quarter: 2012-06-30
10-Q 2012-05-07 Quarter: 2012-03-31
10-K 2012-02-28 Annual: 2011-12-31
10-Q 2011-11-04 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-06 Quarter: 2011-03-31
10-K 2011-02-28 Annual: 2010-12-31
10-Q 2010-11-05 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-02-26 Annual: 2009-12-31
8-K 2019-11-13 Regulation FD, Other Events, Exhibits
8-K 2019-11-13 Other Events, Exhibits
8-K 2019-10-31 Earnings, Exhibits
8-K 2019-10-02 Officers, Exhibits
8-K 2019-09-20 Regulation FD, Exhibits
8-K 2019-08-08 Earnings, Exhibits
8-K 2019-07-11 M&A, Other Events, Exhibits
8-K 2019-06-12 Regulation FD, Exhibits
8-K 2019-05-30 Enter Agreement, M&A, Off-BS Arrangement, Exhibits
8-K 2019-05-22 Regulation FD, Exhibits
8-K 2019-05-09 Shareholder Vote
8-K 2019-05-07 Regulation FD, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-04-19 Enter Agreement, Regulation FD, Exhibits
8-K 2019-04-15 Officers
8-K 2019-03-25 Regulation FD, Exhibits
8-K 2019-03-21 Enter Agreement, Regulation FD, Exhibits
8-K 2019-02-07 Officers, Exhibits
8-K 2019-01-31 Earnings, Exhibits
8-K 2018-12-03 Enter Agreement, Leave Agreement, M&A, Earnings, Off-BS Arrangement, Exhibits
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-10-10 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-09-05 Regulation FD, Exhibits
8-K 2018-08-20 Officers, Exhibits
8-K 2018-08-08
8-K 2018-05-09 Shareholder Vote
8-K 2018-05-02 Earnings, Exhibits
8-K 2018-05-01 Other Events
8-K 2018-04-25 Other Events, Exhibits
8-K 2018-02-22 Officers, Exhibits
8-K 2018-02-12 Officers, Exhibits
8-K 2018-01-31 Earnings, Exhibits
MUR 2019-09-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis
Item 2. Management's Discussion and Analysis (Contd.)
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Procceeds
Item 6. Exhibits
EX-31.1 mur-20190930xex311.htm
EX-31.2 mur-20190930xex312.htm
EX-32 mur-20190930xex32.htm

Murphy Oil Earnings 2019-09-30

MUR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
XEC 5,639 7,596 3,652 2,339 0 600 719 7,620 0% 10.6 8%
HP 5,341 5,897 1,802 2,846 0 -45 572 5,472 0% 9.6 -1%
PE 5,304 9,838 3,410 1,892 0 310 1,196 7,480 0% 6.3 3%
SWX 4,818 7,667 5,248 2,584 1,105 270 671 7,189 43% 10.7 4%
WPX 4,774 8,553 3,992 2,560 0 604 1,814 6,943 0% 3.8 7%
MUR 4,154 13,536 8,437 2,630 0 570 1,840 8,014 0% 4.4 4%
RIG 3,868 25,624 12,867 3,076 494 -1,028 581 10,858 16% 18.7 -4%
EQT 3,683 20,479 9,231 4,986 2,803 -257 1,482 7,553 56% 5.1 -1%
CHK 3,061 16,540 12,310 8,265 0 675 2,404 13,218 0% 5.5 4%
KOS 2,527 4,466 3,582 1,237 0 23 578 4,517 0% 7.8 1%

MUR-2019.09.30-10Q
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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q  
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
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
murphyoilcorplogo.jpg
MURPHY OIL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
71-0361522
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number)
300 Peach Street, P.O. Box 7000
71731-7000
El Dorado,
Arkansas
(Zip Code)
(Address of principal executive offices)
 
(870)
862-6411
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
 Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, $1.00 Par Value
MUR
New York Stock Exchange
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.  Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes  No
Number of shares of Common Stock, $1.00 par value, outstanding at September 30, 2019 was 157,230,034.
 


Table of Contents

MURPHY OIL CORPORATION
TABLE OF CONTENTS

Page
 
 

1

Table of Contents

PART I – FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS
Murphy Oil Corporation and Consolidated Subsidiaries
CONSOLIDATED BALANCE SHEETS (unaudited)
(Thousands of dollars)

September 30,
2019
 
December 31,
2018 ¹
ASSETS
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
434,899

 
359,923

Accounts receivable, less allowance for doubtful accounts of $1,605 in 2019 and 2018
462,513

 
231,686

Inventories
79,441

 
80,024

Prepaid expenses
39,358

 
34,316

Assets held for sale
128,415

 
173,865

Total current assets
1,144,626

 
879,814

Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization of $8,946,731 in 2019 and $8,070,487 in 2018
9,931,963

 
8,432,133

Operating lease assets
565,987

 

Deferred income taxes
94,592

 
146,197

Deferred charges and other assets
46,499

 
49,435

Non-current assets held for sale

 
1,545,008

Total assets
$
11,783,667

 
11,052,587

LIABILITIES AND EQUITY
 
 
 
Current liabilities
 
 
 
Current maturities of long-term debt
$

 
668

Accounts payable
575,461

 
348,026

Income taxes payable
18,658

 
15,309

Other taxes payable
27,454

 
17,649

Operating lease liabilities
117,071

 

Other accrued liabilities
176,102

 
177,948

Liabilities associated with assets held for sale
18,114

 
286,458

Total current liabilities
932,860

 
846,058

Long-term debt, including capital lease obligation
2,779,228

 
3,109,318

Asset retirement obligations
836,537

 
752,519

Deferred credits and other liabilities
551,793

 
624,436

Non-current operating lease liabilities
457,206

 

Deferred income taxes
200,223

 
129,894

Non-current liabilities associated with assets held for sale

 
392,720

Total liabilities
5,757,847

 
5,854,945

Equity
 
 
 
Cumulative Preferred Stock, par $100, authorized 400,000 shares, none issued

 

Common Stock, par $1.00, authorized 450,000,000 shares, issued 195,083,364 shares in 2019 and 195,076,924 shares in 2018
195,083

 
195,077

Capital in excess of par value
941,309

 
979,642

Retained earnings
6,726,316

 
5,513,529

Accumulated other comprehensive loss
(562,827
)
 
(609,787
)
Treasury stock
(1,623,231
)
 
(1,249,162
)
Murphy Shareholders' Equity
5,676,650

 
4,829,299

Noncontrolling interest
349,170

 
368,343

Total equity
6,025,820

 
5,197,642

Total liabilities and equity
$
11,783,667

 
11,052,587

1 Reclassified to conform to current presentation (see Note A). See Notes to Consolidated Financial Statements, page 7.

2

Table of Contents

Murphy Oil Corporation and Consolidated Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(Thousands of dollars, except per share amounts)

Three Months Ended
September 30,
 
Nine Months Ended
September 30,

2019
 
2018 ¹
 
2019
 
2018 ¹
Revenues
 
 
 
 
 
 
 
Revenue from sales to customers
$
750,337

 
475,458

 
2,060,127

 
1,330,399

Gain (loss) on crude contracts
63,247

 
(2,223
)
 
121,163

 
(69,349
)
Gain on sale of assets and other income
3,493

 
17,276

 
10,283

 
26,713

Total revenues
817,077

 
490,511

 
2,191,573

 
1,287,763

Costs and expenses
 
 
 
 
 
 
 
Lease operating expenses
147,632

 
83,751

 
416,460

 
253,820

Severance and ad valorem taxes
13,803

 
15,066

 
36,972

 
40,099

Transportation, gathering and processing
54,305

 
16,945

 
128,748

 
49,827

Exploration expenses, including undeveloped lease amortization
12,358

 
21,723

 
75,570

 
69,350

Selling and general expenses
55,366

 
60,683

 
176,258

 
165,074

Depreciation, depletion and amortization
325,562

 
197,503

 
819,270

 
570,997

Accretion of asset retirement obligations
10,587

 
6,466

 
29,824

 
19,234

Other expense (benefit)
(29,000
)
 
(34,386
)
 
26,442

 
(44,773
)
Total costs and expenses
590,613

 
367,751

 
1,709,544

 
1,123,628

Operating income from continuing operations
226,464

 
122,760

 
482,029

 
164,135

Other income (loss)
 
 
 
 
 
 
 
Interest and other income (loss)
(4,418
)
 
(4,583
)
 
(18,134
)
 
(713
)
Interest expense, net
(44,930
)
 
(44,209
)
 
(145,095
)
 
(133,075
)
Total other loss
(49,348
)
 
(48,792
)
 
(163,229
)
 
(133,788
)
Income (loss) from continuing operations before income taxes
177,116

 
73,968

 
318,800

 
30,347

Income tax expense (benefit)
18,782

 
17,837

 
38,719

 
(91,180
)
Income (loss) from continuing operations
158,334

 
56,131

 
280,081

 
121,527

Income from discontinued operations, net of income taxes
953,368

 
37,812

 
1,027,632

 
186,188

Net income including noncontrolling interest
1,111,702

 
93,943

 
1,307,713

 
307,715

Less: Net income attributable to noncontrolling interest
22,700

 

 
86,257

 

NET INCOME ATTRIBUTABLE TO MURPHY
$
1,089,002

 
93,943

 
1,221,456

 
307,715

INCOME (LOSS) PER COMMON SHARE – BASIC
 
 
 
 
 
 
 
Continuing operations
$
0.85

 
0.32

 
1.16

 
0.70

Discontinued operations
5.94

 
0.22

 
6.14

 
1.08

Net Income
$
6.79

 
0.54

 
7.30

 
1.78

 
 
 
 
 
 
 
 
INCOME (LOSS) PER COMMON SHARE – DILUTED
 
 
 
 
 
 
 
Continuing operations
$
0.84

 
0.32

 
1.16

 
0.70

Discontinued operations
5.92

 
0.22

 
6.11

 
1.07

Net Income
$
6.76

 
0.54

 
7.27

 
1.77

 
 
 
 
 
 
 
 
Cash dividends per Common share
0.25

 
0.25

 
0.75

 
0.75

 
 
 
 
 
 
 
 
Average Common shares outstanding (thousands)
 
 
 
 
 
 
 
Basic
160,366

 
173,047

 
167,310

 
172,949

Diluted
160,980

 
174,175

 
168,105

 
174,202

1 Reclassified to conform to current presentation (see Note A). See Notes to Consolidated Financial Statements, page 7.

3

Table of Contents

Murphy Oil Corporation and Consolidated Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
(Thousands of dollars)


Three Months Ended
September 30,
 
Nine Months Ended
September 30,

2019
 
2018
 
2019
 
2018

 
 
 
 
 
 
 
Net income
$
1,089,002

 
93,943

 
1,221,456

 
307,715

Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
Net (loss) gain from foreign currency translation
(17,128
)
 
33,380

 
36,927

 
(53,805
)
Retirement and postretirement benefit plans
2,761

 
3,390

 
8,277

 
10,498

Deferred loss on interest rate hedges reclassified to interest expense
585

 
585

 
1,756

 
1,756

Reclassification of certain tax effects to retained earnings

 

 

 
(30,237
)
Other

 

 

 
(3,737
)
Other comprehensive income (loss)
(13,782
)
 
37,355

 
46,960

 
(75,525
)
COMPREHENSIVE INCOME
$
1,075,220

 
131,298

 
1,268,416

 
232,190

See Notes to Consolidated Financial Statements, page 7.

4

Table of Contents

Murphy Oil Corporation and Consolidated Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(Thousands of dollars)

Nine Months Ended
September 30,

2019
 
2018 ¹
Operating Activities
 
 
 
Net income including noncontrolling interest
$
1,307,713

 
307,715

Adjustments to reconcile net income to net cash provided by continuing operations activities:
 
 


(Income) loss from discontinued operations
(1,027,632
)
 
(186,188
)
Depreciation, depletion and amortization
819,270

 
570,997

Previously suspended exploration costs (credits)
12,901

 
4,514

Amortization of undeveloped leases
21,680

 
31,544

Accretion of asset retirement obligations
29,824

 
19,234

Deferred income tax charge (benefit)
50,597

 
(134,393
)
Pretax (gain) loss from sale of assets
(363
)
 
(6
)
Mark to market and revaluation of contingent consideration
512

 

Mark to market of crude contracts
(100,076
)
 
1,065

Long-term non-cash compensation
60,567

 
52,309

Net (increase) decrease in noncash operating working capital
40,257

 
(9,501
)
Other operating activities, net
(62,023
)
 
(55,924
)
Net cash provided by continuing operations activities
1,153,227

 
601,366

Investing Activities
 
 
 
Acquisition of oil and gas properties
(1,212,949
)
 

Property additions and dry hole costs
(1,009,146
)
 
(797,630
)
Proceeds from sales of property, plant and equipment
19,072

 
921

Net cash required by investing activities
(2,203,023
)
 
(796,709
)
Financing Activities
 
 
 
Borrowings on revolving credit facility and term loan
1,575,000

 

Repayment of revolving credit facility and term loan
(1,900,000
)
 

Repurchase of common stock
(405,938
)
 

Capital lease obligation payments
(510
)
 
(154
)
Withholding tax on stock-based incentive awards
(6,991
)
 
(6,922
)
Distribution to noncontrolling interest
(97,510
)
 

Cash dividends paid
(125,437
)
 
(129,780
)
Net cash provided (required) by financing activities
(961,386
)
 
(136,856
)
Cash Flows from Discontinued Operations 2
 
 
 
Operating activities
74,361

 
370,343

Investing activities
1,985,202

 
(60,715
)
Financing activities
(4,914
)
 
(7,013
)
Net cash provided by discontinued operations
2,054,649

 
302,615

Cash transferred from discontinued operations to continuing operations
2,083,565

 
536,492

Effect of exchange rate changes on cash and cash equivalents
2,593

 
13,107

Net increase (decrease) in cash and cash equivalents
74,976

 
217,400

Cash and cash equivalents at beginning of period
359,923

 
630,433

Cash and cash equivalents at end of period
$
434,899

 
847,833

1  Reclassified to conform to current presentation (See Note A).
2  Net cash provided by discontinued operations are not part of the cash flow reconciliation.

See Notes to Consolidated Financial Statements, page 7.

5

Table of Contents

Murphy Oil Corporation and Consolidated Subsidiaries
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited)
(Thousands of dollars)

Three Months Ended
September 30,
 
Nine Months Ended
September 30,

2019
 
2018
 
2019
 
2018
Cumulative Preferred Stock – par $100, authorized 400,000 shares, none issued
$

 

 

 

Common Stock – par $1.00, authorized 450,000,000 shares, issued 195,083,364 shares at September 30, 2019 and 195,065,341 shares at September 30, 2018
 
 
 
 
 
 
 
Balance at beginning of period
195,083

 
195,065

 
195,077

 
195,056

Exercise of stock options

 

 
6

 
9

Balance at end of period
195,083

 
195,065

 
195,083

 
195,065

Capital in Excess of Par Value
 
 
 
 
 
 
 
Balance at beginning of period
933,944

 
898,126

 
979,642

 
917,665

Exercise of stock options, including income tax benefits

 

 
(123
)
 
(175
)
Restricted stock transactions and other

 

 
(38,732
)
 
(32,766
)
Stock-based compensation
7,365

 
7,253

 
25,041

 
20,655

Adjustments to acquisition valuation

 

 
(24,519
)
 

Balance at end of period
941,309

 
905,379

 
941,309

 
905,379

Retained Earnings
 
 
 
 
 
 
 
Balance at beginning of period
5,677,248

 
5,402,734

 
5,513,529

 
5,245,242

Net income (loss) for the period
1,089,002

 
93,943

 
1,221,456

 
307,715

Reclassification of certain tax effects from accumulated other comprehensive loss

 

 

 
30,237

Sale and leaseback gain recognized upon adoption of ASC 842, net of tax impact

 

 
116,768

 

Cash dividends
(39,934
)
 
(43,263
)
 
(125,437
)
 
(129,780
)
Balance at end of period
6,726,316

 
5,453,414

 
6,726,316

 
5,453,414

Accumulated Other Comprehensive Loss
 
 
 
 
 
 
 
Balance at beginning of period
(549,045
)
 
(575,123
)
 
(609,787
)
 
(462,243
)
Foreign currency translation (loss) gain, net of income taxes
(17,128
)
 
33,380

 
36,927

 
(53,805
)
Retirement and postretirement benefit plans, net of income taxes
2,761

 
3,390

 
8,277

 
10,498

Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes
585

 
585

 
1,756

 
1,756

Reclassification of certain tax effects to retained earnings

 

 

 
(30,237
)
Other

 

 

 
(3,737
)
Balance at end of period
(562,827
)
 
(537,768
)
 
(562,827
)
 
(537,768
)
Treasury Stock
 
 
 
 
 
 
 
Balance at beginning of period
(1,517,217
)
 
(1,249,162
)
 
(1,249,162
)
 
(1,275,529
)
Purchase of treasury shares
(106,014
)
 

 
(405,938
)
 

Awarded restricted stock, net of forfeitures

 

 
31,869

 
26,367

Balance at end of period – 37,853,330 shares of Common Stock in 2019 and 22,018,095 shares of Common Stock in 2018, at cost
(1,623,231
)
 
(1,249,162
)
 
(1,623,231
)
 
(1,249,162
)
Murphy Shareholders’ Equity
5,676,650

 
4,766,928

 
5,676,650

 
4,766,928

Noncontrolling Interest
 
 
 
 
 
 
 
Balance at beginning of period
358,531

 

 
368,343

 

Acquisition closing adjustments
(3,328
)
 

 
(7,920
)
 

Net income attributable to noncontrolling interest
22,700

 

 
86,257

 

Distributions to noncontrolling Interest Owners
(28,733
)
 

 
(97,510
)
 

Balance at end of period
349,170

 

 
349,170

 

Total Equity
$
6,025,820

 
4,766,928

 
6,025,820

 
4,766,928

See Notes to Consolidated Financial Statements, page 7.

6

Table of Contents

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 2 through 6 of this Form 10-Q report.
Note A – Nature of Business and Interim Financial Statements
NATURE OF BUSINESS – Murphy Oil Corporation is an international oil and gas company that conducts its business through various operating subsidiaries.  The Company primarily produces oil and natural gas in the United States and Canada and conducts oil and natural gas exploration activities worldwide.
Effective January 1, 2019, Malaysia was reported as discontinued operations as the sale represents a strategic shift that has a major effect on the Company’s operations and financial results. Prior periods have been reclassified to conform with the current presentation. See Note D – Property, Plant, and Equipment and Note E – Discontinued Operations and Assets Held for Sale for more information regarding the sale of this asset.
In connection with the LLOG acquisition, further discussed in Note Q – Acquisitions, we now hold a 0.5% interest in two variable interest entities (VIEs), Delta House Oil and Gas Lateral LLC and Delta House FPS LLC (collectively Delta House). These VIEs have not been consolidated because we are not considered the primary beneficiary. These non-consolidated VIEs are not material to our financial position or results of operations. As of September 30, 2019, our maximum exposure to loss was $3.7 million, which represents our net investment in Delta House. We have not provided any financial support to Delta House other than amounts previously required by our membership interest.
INTERIM FINANCIAL STATEMENTS – In the opinion of Murphy’s management, the unaudited financial statements presented herein include all accruals necessary to present fairly the Company’s financial position at September 30, 2019 and December 31, 2018, and the results of operations, cash flows and changes in stockholders’ equity for the interim periods ended September 30, 2019 and 2018, in conformity with accounting principles generally accepted in the United States of America (U.S.).  In preparing the financial statements of the Company in conformity with accounting principles generally accepted in the U.S., 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 estimates.
Financial statements and notes to consolidated financial statements included in this Form 10-Q report should be read in conjunction with the Company’s 2018 Form 10-K report, as certain notes and other pertinent information have been abbreviated or omitted in this report.  Financial results for the three-month and nine-month periods ended September 30, 2019 are not necessarily indicative of future results.
Note B – New Accounting Principles and Recent Accounting Pronouncements
Accounting Principles Adopted
Leases.  In February 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) 2016-02 (Topic 842) to increase transparency and comparability among companies by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements.  The main difference between previous Generally Accepted Accounting Principles (GAAP) and this ASU is the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP.  The company adopted the standard in the first quarter of 2019 utilizing the modified retrospective transition method through a cumulative-effect adjustment at the beginning of the first quarter of 2019.  The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any existing leases as of the adoption date. The Company did not elect to apply the hindsight practical expedient when determining lease term and assessing impairment of right-of-use assets. The adoption of ASU 2016-02 resulted in the recognition of right-of-use assets of $618.1 million, current lease liabilities for operating leases of approximately $155.5 million, non-current lease liabilities of $468.4 million and a cumulative-effect adjustment to credit retained earnings of $116.8 million on its Consolidated Balance Sheets, with no material impact to its Consolidated Statements of Operations. See Note P for further information regarding the impact of the adoption of ASU 2016-02 on the Company’s financial statements.
Compensation – Stock Compensation.  In June 2018, the FASB issued an ASU 2018-07 which supersedes existing guidance for equity-based payments to nonemployees and expands the scope of guidance for stock compensation to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees.  As a result, the same guidance that provides for employee share-based payments, including most of its requirements related to classification and measurement, applies to nonemployee share-based payment arrangements.  The Company adopted this guidance during the first quarter of 2019 and it did not have material impact on its consolidated financial statements.

7

Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Contd.)
Note B – New Accounting Principles and Recent Accounting Pronouncements (Contd.)

Recent Accounting Pronouncements
Financial Instruments – Credit Losses. In June 2016, the FASB issued ASU 2016-13 which replaces the impairment model for most financial assets, including trade receivables, from the incurred loss methodology to a forward-looking expected loss model that will result in earlier recognition of credit losses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, with early adoption permitted, and is to be applied on a modified retrospective basis. The Company is currently assessing the potential impact of this ASU, but does not expect a material impact to its consolidated financial statements.
Fair Value Measurement.  In August 2018, the FASB issued ASU 2018-13 which modifies disclosure requirements related to fair value measurement.  The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019.  Implementation on a prospective or retrospective basis varies by specific disclosure requirement.  Early adoption is permitted. The standard also allows for early adoption of any removed or modified disclosures upon issuance of this ASU while delaying adoption of the additional disclosures until their effective date. The Company is currently assessing the potential impact of this ASU to its consolidated financial statements.
Compensation-Retirement Benefits-Defined Benefit Plans-General.  In August 2018, the FASB issued ASU 2018-14 which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans.  For public companies, the amendments in this ASU are effective for fiscal years beginning after December 15, 2020, with early adoption permitted, and is to be applied on a retrospective basis to all periods presented. The Company is currently assessing the potential impact of this ASU to its consolidated financial statements.
Note C – Revenue from Contracts with Customers
Nature of Goods and Services
The Company explores for and produces crude oil, natural gas and natural gas liquids (collectively oil and gas) in select basins around the globe. The Company’s revenue from sales of oil and gas production activities are primarily subdivided into two key geographic segments: the U.S. and Canada.  Additionally, revenue from sales to customers is generated from three primary revenue streams: crude oil and condensate, natural gas liquids, and natural gas.
For operated oil and gas production where the non-operated working interest owner does not take-in-kind its proportionate interest in the produced commodity, the Company acts as an agent for the working interest owner and recognizes revenue only for its own share of the commingled production. 
U.S.- In the United States, the Company primarily produces oil and gas from fields in the Eagle Ford Shale area of South Texas and in the Gulf of Mexico.  Revenue is generally recognized when oil and gas are transferred to the customer at the delivery point. Revenue recognized is largely index based with price adjustments for floating market differentials.
Canada- In Canada, contracts are primarily long-term floating commodity index priced, except for certain natural gas physical forward sales fixed-price contracts. For the Offshore business in Canada, contracts are based on index prices and revenue is recognized at the time of vessel load based on the volumes on the bill of lading and point of custody transfer.
In the third quarter of 2019, the Company made an immaterial reclassification to correct its financial statements to report transportation, gathering, and processing costs as a separate line item (previously reported net in revenue) in the Consolidated Statements of Operations and revised all historical periods to reflect this presentation. There was no resultant change in net income attributable to Murphy.

8

Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Contd.)
Note C – Revenue from Contracts with Customers (Contd.)

Disaggregation of Revenue
The Company reviews performance based on two key geographical segments and between onshore and offshore sources of revenue within these geographies.
For the three-months ended September 30, 2019 and 2018, the Company recognized $750.3 million and $475.5 million, respectively, from contracts with customers for the sales of oil, natural gas liquids and natural gas. For the nine-months ended September 30, 2019 and 2018 the Company recognized $2,060.1 million and $1,330.4 million, respectively, from contracts with customers for the sales of oil, natural gas liquids and natural gas.
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(Thousands of dollars)
 
2019
 
2018
 
2019
 
2018
Net crude oil and condensate revenue
 
 
 
 
 
 
 
United States
Onshore
$
219,515

 
227,022

 
547,756

 
612,194

                     
Offshore
398,518

 
95,059

 
1,090,462

 
264,174

Canada    
Onshore
31,758

 
34,504

 
88,730

 
87,018

 
Offshore
28,408

 
35,929

 
115,686

 
141,313

Other
 
1,933

 
3,156

 
7,908

 
3,156

Total crude oil and condensate revenue
680,132

 
395,670

 
1,850,542

 
1,107,855

 
 
 
 
 
 
 
 
 
Net natural gas liquids revenue
 
 
 
 
 
 
 
United States
Onshore
5,557

 
19,196

 
22,497

 
48,615

 
Offshore
8,414

 
3,600

 
18,184

 
9,013

Canada
Onshore
2,751

 
4,140

 
8,987

 
11,062

Total natural gas liquids revenue
16,722

 
26,936

 
49,668

 
68,690

 
 
 
 
 
 
 
 
 
Net natural gas revenue
 
 
 
 
 
 
 
United States
Onshore
5,848

 
8,833

 
20,762

 
25,670

 
Offshore
15,879

 
3,965

 
29,575

 
11,161

Canada   
Onshore
31,756

 
40,054

 
109,580

 
117,023

Total natural gas revenue
53,483

 
52,852

 
159,917

 
153,854

Total revenue from contracts with customers
750,337

 
475,458

 
2,060,127

 
1,330,399

 
 
 
 
 
 
 
 
 
Gain (loss) on crude contracts
63,247

 
(2,223
)
 
121,163

 
(69,349
)
Gain on sale of assets and other income 1
3,493

 
17,276

 
10,283

 
26,713

Total revenue
 
$
817,077

 
490,511

 
2,191,573

 
1,287,763


1 Gain on sale of Malaysia operations of $960.0 million is reported in discontinued operations. See Note E.
Contract Balances and Asset Recognition
As of September 30, 2019, and December 31, 2018, receivables from contracts with customers, net of royalties and associated payables, on the balance sheet from continuing operations, were $146.4 million and $147.6 million, respectively. Payment terms for the Company’s sales vary across contracts and geographical regions, with the majority of the cash receipts required within 30 days of billing. Based on historical collections and ability of customers to pay, the Company did not recognize any impairment losses on receivables or contract assets arising from customer contracts during the reporting periods.
The Company has not entered into any upstream oil and gas sale contracts that have financing components as at September 30, 2019.
The Company does not employ sales incentive strategies such as commissions or bonuses for obtaining sales contracts. For the periods presented, the Company did not identify any assets to be recognized associated with the costs to obtain a contract with a customer.

9

Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Contd.)
Note C – Revenue from Contracts with Customers (Contd.)

Performance Obligations
The Company recognizes oil and gas revenue when it satisfies a performance obligation by transferring control over a commodity to a customer.  Judgment is required to determine whether some customers simultaneously receive and consume the benefit of commodities. As a result of this assessment for the Company, each unit of measure of the specified commodity is considered to represent a distinct performance obligation that is satisfied at a point in time upon the transfer of control of the commodity.
For contracts with market or index-based pricing, which represent the majority of sales contracts, the Company has elected the allocation exception and allocates the variable consideration to each single performance obligation in the contract. As a result, there is no price allocation to unsatisfied remaining performance obligations for delivery of commodity product in subsequent periods.
The Company has entered into several long-term, fixed-price contracts in Canada. The underlying reason for entering a fixed price contract is generally unrelated to anticipated future prices or other observable data and serves a particular purpose in the company’s long-term strategy.
As of September 30, 2019, the Company had the following sales contracts in place which are expected to generate revenue from sales to customers for a period of 12 months or more starting at the inception of the contract:
໿
Current Long-Term Contracts Outstanding at September 30, 2019
 
 
 
 
 
 
 
 
 
Location
 
Commodity
 
End Date
 
Description
 
Approximate Volumes
U.S.
 
Oil
 
Q4 2021
 
Fixed quantity delivery in Eagle Ford
 
17,000 BOED
U.S.
 
Oil, Gas and NGL
 
Q2 2026
 
Deliveries from dedicated acreage in Eagle Ford
 
As produced
U.S.
 
NGL
 
Q4 2020
 
Dedicated acreage delivery in GOM
 
As produced
Canada
 
Gas
 
Q4 2020
 
Contracts to sell natural gas at Alberta AECO fixed prices
 
59 MMCFD
Canada
 
Gas
 
Q4 2020
 
Contracts to sell natural gas at USD Index pricing