Page 12 - NorthAmOil Week 05 2023

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM reserves in the Permian Basin in West Texas. of schedule from the Khaleesi, Mormont,
DIAMONDBACK ENERGY, January 31, 2023 Samurai field development project; acquired
Inpex to divest from tight Murphy Oil announces additional highly accretive working interests
in non-operated Lucius and Kodiak fields
oil development and fourth quarter and full year for $129mn; introduced and successfully
implemented capital allocation framework,
production in Texas, USA focusing on increasing shareholder returns
tied to targeted debt reduction goals; doubled
Inpex announced today it has sold its 2022 results the quarterly cash dividend since fourth
subsidiary Inpex Eagle Ford to Repsol Oil Murphy Oil today announced its financial quarter 2021 to $1.00 per share annualised;
& Gas USA, a subsidiary of Repsol, thereby and operating results for the fourth quarter completed Murphy 1.0 of capital allocation
divesting from all its tight oil development ended December 31, 2022, including net framework, reducing debt by 26%, or
and production activities in the Eagle Ford income attributable to Murphy of $199mn, or $650mn, to $1.82bn at year-end 2022;
play in the State of Texas in the United States. $1.26 net income per diluted share. Excluding maintained reserve life of more than 11 years
Prior to the divestment, Inpex held discontinued operations and other items with total proved reserves of 697mn barrels of
multiple tight oil development and production affecting comparability between periods, oil equivalent; and continued environmental
assets in the area through its subsidiary, adjusted net income attributable to Murphy excellence with second year of zero recordable
Inpex Americas, Inc., and was engaged in the was $173mn, or $1.10 adjusted net income per spills.
development, production and marketing of diluted share. MURPHY OIL, January 26, 2023
tight oil as the Operator of most of the Project For the full year 2022, the company
since acquiring the Project in April 2019. recorded net income attributable to Murphy
Inpex’s decision to divest is based mainly of $965mn, or $6.13 net income per diluted MIDSTREAM
on the company’s view to optimise the INPEX share. Murphy reported adjusted net
Group’s global asset portfolio. The impact of income, which excludes both the results of Magellan Midstream
this matter on Inpex’s consolidated financial discontinued operations and other items
results is minimal. affecting comparability between periods, of reports fourth-quarter 2022
INPEX, February 1, 2023 $881mn, or $5.59 adjusted net income per
diluted share. financial results
Diamondback Energy operating highlights and metrics discussed Magellan Midstream Partners today reported
Unless otherwise noted, the financial and
announces closing of Lario in this commentary exclude noncontrolling net income of $187mn for fourth quarter
interest (NCI). 1
2022, compared to $244mn for fourth quarter
acquisition redeemed $200mn of 5.75% senior notes due 2021. The 2022 results were negatively
Highlights for the fourth quarter include:
impacted by a $58mn non-cash charge for the
Diamondback Energy today announced that 2025; and completed the Khaleesi, Mormont, impairment of our investment in the Double
it has completed its previously announced Samurai field development project with seven Eagle pipeline joint venture.
acquisition of all leasehold interests and wells brought online. Diluted net income per common unit
related assets of Lario Permian, LLC, a Highlights for full year 2022 include: was $0.91 in fourth quarter 2022 and $1.14
wholly owned subsidiary of Lario Oil & Gas generated net income of $965mn, with in fourth quarter 2021. Diluted net income
Company, and certain associated sellers. $2.2bn of net cash provided by continuing per unit excluding mark-to-market (MTM)
Diamondback is an independent oil operations; produced 167 thousand barrels commodity-related pricing adjustments, a
and natural gas company headquartered in of oil equivalent per day (MBOEPD) with non-generally accepted accounting principles
Midland, Texas focused on the acquisition, 29% growth in oil volumes from first quarter (non-GAAP) financial measure, was $1.06
development, exploration and exploitation of 2022 to fourth quarter 2022; initiated for fourth quarter 2022, or $1.34 excluding
unconventional, onshore oil and natural gas production above expectations and ahead the 28-cent negative impact of the Double
Eagle impairment. These results exceeded the
$1.22 guidance provided by management last
fall primarily due to higher-than-expected
refined products transportation revenues and
improved commodity margin resulting in part
from additional blending volumes during the
quarter.
Distributable cash flow (DCF), a non-
GAAP financial measure that represents the
amount of cash generated during the period
that is available to pay distributions, was
$345mn for fourth quarter 2022, compared
to $297mn for fourth quarter 2021. Free cash
flow (FCF), a non-GAAP financial measure
that represents the amount of cash available
for distributions, additional expansion capital
opportunities, equity repurchases, debt

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