MURPHY OIL CORP
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Schedule II – Valuation Accounts and Reserves
| (Millions of dollars) | Balance atJanuary 1 | Chargedto Expense | Deductions | Other | Balance at December 31 |
|---|---|---|---|---|---|
| Deducted from asset accounts: | |||||
| Allowance for doubtful accounts | $1.6 | $– | $– | $– | $1.6 |
| Deferred tax asset valuation allowance | 136.0 | 10.9 | – | – | 146.9 |
| Deducted from asset accounts: | |||||
| Allowance for doubtful accounts | $1.6 | $– | $– | $– | $1.6 |
| Deferred tax asset valuation allowance | 111.2 | 24.8 | – | – | 136.0 |
| Deducted from asset accounts: | |||||
| Allowance for doubtful accounts | $1.6 | $– | $– | $– | $1.6 |
| Deferred tax asset valuation allowance | 106.4 | 4.8 | – | – | 111.2 |
DEFINITIONS
AECO - Alberta Energy Company and is the Canadian benchmark price for natural gas
AIP - Annual Incentive Plan
ARO - asset retirement obligation
Bbl - barrel
BCF - billion cubic feet
BOE - barrels of oil equivalent
BOEM - U.S. Bureau of Ocean Energy Management
BOEPD - barrel of oil equivalent per day
BSEE - U.S. Bureau of Safety and Environmental Enforcement
CAD or C$ - Canadian dollar
CRSU - cash-settled restricted time-based stock unit
DD&A - depreciation, depletion and amortization
Deepwater - offshore location in greater than 1,000 feet of water
DE&I - Diversity, Equity and Inclusion
Downstream - refining and marketing operations
Dry hole - an exploratory well that does not find oil or natural gas in commercial quantities
E&P - exploration and production
EBITDA - earnings before interest, taxes, depreciation and amortization
EPA - U.S. Environmental Protection Agency
Exploratory well - a well drilled to find oil or natural gas in an unproved area or find a new reservoir in a field previously found to be productive by another reservoir
FPS - floating production system
GAAP - U.S. Generally Accepted Accounting Principles
GHG - greenhouse gas
Hyrdocarbons - organic chemical compounds of hydrogen and carbon atoms that form the basis of all petroleum products
LOE - lease operating expense
MCF - thousand cubic feet
MMBBL - million barrels of oil
MMBOE - million barrels of oil equivalent
MMBTU - million British thermal units
MMCF - million cubic feet
MPGOM - MP Gulf of Mexico, LLC
NCI - noncontrolling interest
Net acres or net wells - the portions of gross acres or gross wells owned by the Company
NGL - natural gas liquid
NYMEX - New York Mercantile Exchange
OPEC - Organization of the Petroleum Exporting Countries
Operator - the company serving as the manager and often the decision-maker of a drilling or production project
PAI - Petrobras America Inc.
PCAOB - Public Company Accounting Oversight Board
DEFINITIONS - Continued
Production Sharing Contract (PSC) - agreement between extracting company(ies) and a host country regarding each party’s share of production after stipulated exploratory and development costs are recovered
PSU - performance-based restricted stock unit
QRE - qualified reserve estimator
RCF - revolving credit facility
RSU - time-based restricted stock unit
SAR - stock appreciation right
SEAL - Sergipe-Alagoas Basin
SEC - U.S. Securities and Exchange Commission
Seismic - two-dimensional or three-dimensional images created by bouncing sound waves off underground rock formations that are used to determine the best places to drill for hydrocarbons
SOFR - Secured Overnight Financing Rate
TCFD - Task Force on Climate-related Financial Disclosures
Upstream - oil and natural gas exploration and production operations, including synthetic oil operations
USD - United States dollar
VIE - variable interest entity
Working interest - right to drill and produce oil and natural gas on the leased acreage, as well as the obligation to pay costs
WTI - West Texas Intermediate
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.