Murphy Oil Corporation (NYSE:MUR) Q1 2024 Earnings Conference Call May 2, 2024 9:00 AM ET

Company Participants

Kelly Whitley - Vice President, Investor Relations and Communications
Roger Jenkins - Chief Executive Officer
Eric Hambly - President and COO
Tom Mireles - Executive Vice President and CFO

Conference Call Participants

Neal Dingmann - Truist Securities
Leo Mariani - ROTH MKM
Tim Rezvan - KeyBanc Capital Markets
Charles Meade - Johnson Rice

Operator

Good morning, ladies and gentlemen. And welcome to the First Quarter 2024 Earnings Conference Call and Webcast. [Operator Instructions]

I would now like to turn the conference over to Kelly Whitley, Vice President of Investor Relations and Communications. Please go ahead.

Kelly Whitley

Thank you, Jonah. Good morning, everyone. And thank you for joining us on our first quarter earnings call today. Joining us is Roger Jenkins, Chief Executive Officer; along with Eric Hambly, President and Chief Operating Officer; and Tom Mireles, Executive Vice President and Chief Financial Officer.

Please refer to the informational slides we placed on the Investor Relations section of our website as you follow along with our webcast today. Throughout today’s call, production numbers, reserves and financial amounts are adjusted to exclude non-controlling interests in the Gulf of Mexico.

Slide 2. Please keep in mind that some of the comments made during this call will be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. 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 cause actual results to differ.

For further discussion of risk factors, see Murphy’s 2023 Annual Report on Form 10-K on file with the SEC. Murphy takes no duty to publicly update or revise any forward-looking statements.

I will now turn the call over to Roger.

Roger Jenkins

Thank you, Kelly. Good morning, everyone, and thanks for listening to our call today. As we turn to Slide 3, I’d like to reiterate our corporate priorities of deliver, execute, explore and return. We remain firmly on track for achieving our $300 million debt reduction goal in 2024, leading to $1 billion of total long-term bond debt outstanding at the year-end 2024.

In the first quarter of 2024, we exceeded production guidance in the Eagle Ford Shale and Tupper Montney with total production of 170,000 barrels equivalent per day at the high end of our guidance range. Murphy’s Gulf of Mexico Workover Program is ongoing. In addition, I’m pleased to report that the Mormont #2 subsea well is back online in the first quarter after equipment repair.