MUR » Topics » Capital Expenditures

This excerpt taken from the MUR 8-K filed Sep 2, 2009.

Capital Expenditures

As shown in the selected financial in Item 6 of this Form 8-K report, capital expenditures, including exploration expenditures, were $2,364.7 million in 2008 compared to $2,357.3 million in 2007 and $1,262.5 million in 2006. These amounts included capital expenditures related to discontinued operations in Ecuador. These amounts included $232.4 million, $169.6 million and $195.2 million, respectively, in 2008, 2007 and 2006 for exploration costs that were expensed. Capital expenditures for exploration and production continuing operations totaled $1,928.3 million in 2008, $1,740.3 million in 2007 and $1,046.5 million in 2006, representing 82%, 75% and 85%, respectively, of the Company’s total capital expenditures from continuing operations for these years. E&P capital expenditures in 2008 included $156.0 million for acquisition of undeveloped leases, which included leases acquired in the eastern and central Gulf of Mexico and at the Tupper area of northeastern British Columbia, $323.6 million for exploration activities, and $1,448.7 million for development projects. Development expenditures included $358.3 million for the Tupper natural gas area in British Columbia, $160.2 million for deepwater fields in the Gulf of Mexico; $325.7 million for the Kikeh field in Malaysia; $287.8 million for natural gas and other development activities in SK Blocks 309/311; $46.5 million for development of the Kakap field in Block K, offshore Malaysia; $35.6 million for synthetic oil operations at the Syncrude project in Canada; $37.6 million for western Canada heavy oil projects; $149.2 million for development of the Azurite field in the Republic of the Congo; $18.0 million for the Terra Nova and Hibernia oil fields, offshore Newfoundland; and $22.1 million for fields in the U.K. North Sea. Exploration and production capital expenditures are shown by major operating area on page F-38 of this Form 8-K report.

Refining and marketing capital expenditures totaled $426.2 million in 2008, $572.5 million in 2007 and $173.4 million in 2006. These amounts represented 18%, 25% and 14% of capital expenditures from continuing operations of the Company in 2008, 2007 and 2006, respectively. Refining capital spending was $141.8 million in 2008 compared to $330.0 million in 2007 and $57.3 million in 2006. Refining capital in 2008 included project costs for additional sulfur recovery capacity and property acquisition and improvements at the Meraux, Louisiana refinery, and a cogeneration energy plant at the Milford Haven, Wales refinery. The 2007 refining capital included $240.7 million for acquisition of the remaining 70%

 

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of the Milford Haven, Wales refinery. Most of the remaining refinery capital in 2007 was related to property acquired surrounding the Meraux refinery. The bulk of the refining capital in 2006 was spent at the Meraux refinery where numerous capital improvements were completed while the plant was shut-down for repairs following Hurricane Katrina. Marketing expenditures amounted to $284.4 million in 2008, $242.5 million in 2007 and $116.1 million in 2006. Marketing capital spending in 2008 was split between station construction costs and land acquisitions costs for existing and future retail gasoline stations. The capital spending in 2007 was mostly attributable to acquisition of land underlying retail gasoline stations located at Walmart Supercenters. The majority of marketing expenditures in 2006 was related to construction of retail gasoline stations at Walmart Supercenters in the U.S. The Company added 52 stations within its U.S. retail gasoline network in 2008, after adding 33 in 2007 and 123 in 2006.

This excerpt taken from the MUR 10-K filed Feb 27, 2009.

Capital Expenditures

As shown in the selected financial data on page 13 of this Form 10-K report, capital expenditures, including exploration expenditures, were $2,364.7 million in 2008 compared to $2,357.3 million in 2007 and $1,262.5 million in 2006. These amounts included $232.4 million, $169.9 million and $196.7 million, respectively, in 2008, 2007 and 2006 for exploration costs that were expensed. Capital expenditures for exploration and production activities totaled $1,935.3 million in 2008, $1,780.7 million in 2007 and $1,082.8 million in 2006, representing 82%, 76% and 86%, respectively, of the Company’s total capital expenditures for these years. E&P capital expenditures in 2008 included $156.0 million for acquisition of undeveloped leases, which included leases acquired in the eastern and central Gulf of Mexico and at the Tupper area of northeastern British Columbia, $323.6 million for exploration activities, and $1,455.7 million for development projects. Development expenditures included $358.3 million for the Tupper natural gas area in British Columbia, $160.2 million for deepwater fields in the Gulf of Mexico; $325.7 million for the Kikeh field in Malaysia; $287.8 million for natural gas and other development activities in SK Blocks 309/311; $46.5 million for development of the Kakap field in Block K, offshore Malaysia; $35.6 million for synthetic oil operations at the Syncrude project in Canada; $37.6 million for western Canada heavy oil projects; $149.2 million for development of the Azurite field in the Republic of the Congo; $18.0 million for the Terra Nova and Hibernia oil fields, offshore Newfoundland; and $22.1 million for fields in the U.K. North Sea. Exploration and production capital expenditures are shown by major operating area on page F-36 of this Form 10-K report.

Refining and marketing capital expenditures totaled $426.2 million in 2008, $572.5 million in 2007 and $173.4 million in 2006. These amounts represented 18%, 24% and 14% of capital expenditures of the Company in 2008, 2007 and 2006, respectively. Refining capital spending was $141.8 million in 2008 compared to $330.0 million in 2007 and $57.3 million in 2006. Refining capital in 2008 included project costs for additional

 

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Table of Contents

sulfur recovery capacity and property acquisition and improvements at the Meraux, Louisiana refinery, and a cogeneration energy plant at the Milford Haven, Wales refinery. The 2007 refining capital included $240.7 million for acquisition of the remaining 70% of the Milford Haven, Wales refinery. Most of the remaining refinery capital in 2007 was related to property acquired surrounding the Meraux refinery. The bulk of the refining capital in 2006 was spent at the Meraux refinery where numerous capital improvements were completed while the plant was shut-down for repairs following Hurricane Katrina. Marketing expenditures amounted to $284.4 million in 2008, $242.5 million in 2007 and $116.1 million in 2006. Marketing capital spending in 2008 was split between station construction costs and land acquisitions costs for existing and future retail gasoline stations. The capital spending in 2007 was mostly attributable to acquisition of land underlying retail gasoline stations located at Walmart Supercenters. The majority of marketing expenditures in 2006 was related to construction of retail gasoline stations at Walmart Supercenters in the U.S. The Company added 52 stations within its U.S. retail gasoline network in 2008, after adding 33 in 2007 and 123 in 2006.

These excerpts taken from the MUR 10-K filed Feb 29, 2008.

Capital Expenditures

As shown in the selected financial data on page 13 of this Form 10-K report, capital expenditures, including exploration expenditures, were $2,357.3 million in 2007 compared to $1,262.5 million in 2006 and $1,329.8 million in 2005. These amounts included $169.9 million, $196.7 million and $209.6 million, respectively, in 2007, 2006 and 2005 for exploration costs that were expensed. Capital expenditures for exploration and production activities totaled $1,780.7 million in 2007, $1,082.8 million in 2006 and $1,092.0 million in 2005, representing 76%, 86% and 82%, respectively, of the Company’s total capital expenditures for these years. E&P capital expenditures in 2007 included $422.6 million for acquisition of undeveloped leases, primarily in the Tupper area of northeastern British Columbia, $205.7 million for exploration activities, and $1,152.4 million for development projects. Development expenditures included $183.5 million for deepwater fields in the Gulf of Mexico; $512.2 million for the Kikeh field in Malaysia; $69.4 million for natural gas and other development activities in SK Blocks 309/311; $23.6 million for synthetic oil operations at the Syncrude project in Canada; $96.9 million for western Canada heavy oil and natural gas projects; $129.3 million for development of the Azurite field in the Republic of Congo; $26.5 million for the Terra Nova and Hibernia oil fields, offshore Newfoundland; $31.2 million for fields in the U.K. North Sea; and $40.1 million for development of Block 16 in Ecuador. Exploration and production capital expenditures are shown by major operating area on page F-37 of this Form 10-K report.

Refining and marketing capital expenditures totaled $572.5 million in 2007, $173.4 million in 2006 and $202.4 million in 2005. These amounts represented 24%, 14% and 15% of capital expenditures of the Company in 2007, 2006 and 2005, respectively. Refining capital spending was $330.0 million in 2007 compared to $57.3 million in 2006 and $34.1 million in 2005. The 2007 refining capital included $240.7 million for acquisition of the remaining 70% of the Milford Haven, Wales refinery. Most of the remaining refinery capital in 2007 was related to property acquired surrounding the Meraux, Louisiana refinery. The bulk of the refining capital in 2006 was spent at the Meraux, Louisiana refinery where numerous capital improvements were completed while the plant was shut-down for repairs following Hurricane Katrina. Marketing expenditures amounted to $242.5 million in 2007, $116.1 million in 2006 and $168.2 million in 2005. The capital spending in 2007 was mostly attributable to acquisition of land underlying retail gasoline stations located at Wal-Mart Supercenters. The majority of marketing expenditures in 2006 and 2005 was related to construction of retail gasoline stations at Wal-Mart Supercenters in the U.S. The Company opened 33 new stations within this network in 2007, after adding 123 in 2006 and 112 in 2005. In 2005, the Company also purchased 68 retail fueling stations in the U.K., thereby expanding its company-owned retail station count in that country by 70%.

Capital Expenditures

STYLE="margin-top:6px;margin-bottom:0px">As shown in the selected financial data on page 13 of this Form 10-K report, capital expenditures, including exploration expenditures, were $2,357.3 million in 2007
compared to $1,262.5 million in 2006 and $1,329.8 million in 2005. These amounts included $169.9 million, $196.7 million and $209.6 million, respectively, in 2007, 2006 and 2005 for exploration costs that were expensed. Capital expenditures for
exploration and production activities totaled $1,780.7 million in 2007, $1,082.8 million in 2006 and $1,092.0 million in 2005, representing 76%, 86% and 82%, respectively, of the Company’s total capital expenditures for these years. E&P
capital expenditures in 2007 included $422.6 million for acquisition of undeveloped leases, primarily in the Tupper area of northeastern British Columbia, $205.7 million for exploration activities, and $1,152.4 million for development projects.
Development expenditures included $183.5 million for deepwater fields in the Gulf of Mexico; $512.2 million for the Kikeh field in Malaysia; $69.4 million for natural gas and other development activities in SK Blocks 309/311; $23.6 million for
synthetic oil operations at the Syncrude project in Canada; $96.9 million for western Canada heavy oil and natural gas projects; $129.3 million for development of the Azurite field in the Republic of Congo; $26.5 million for the Terra Nova and
Hibernia oil fields, offshore Newfoundland; $31.2 million for fields in the U.K. North Sea; and $40.1 million for development of Block 16 in Ecuador. Exploration and production capital expenditures are shown by major operating area on page F-37 of
this Form 10-K report.

Refining and marketing capital expenditures totaled $572.5 million in 2007, $173.4 million in 2006 and $202.4 million in 2005.
These amounts represented 24%, 14% and 15% of capital expenditures of the Company in 2007, 2006 and 2005, respectively. Refining capital spending was $330.0 million in 2007 compared to $57.3 million in 2006 and $34.1 million in 2005. The 2007
refining capital included $240.7 million for acquisition of the remaining 70% of the Milford Haven, Wales refinery. Most of the remaining refinery capital in 2007 was related to property acquired surrounding the Meraux, Louisiana refinery. The bulk
of the refining capital in 2006 was spent at the Meraux, Louisiana refinery where numerous capital improvements were completed while the plant was shut-down for repairs following Hurricane Katrina. Marketing expenditures amounted to $242.5 million
in 2007, $116.1 million in 2006 and $168.2 million in 2005. The capital spending in 2007 was mostly attributable to acquisition of land underlying retail gasoline stations located at Wal-Mart Supercenters. The majority of marketing expenditures in
2006 and 2005 was related to construction of retail gasoline stations at Wal-Mart Supercenters in the U.S. The Company opened 33 new stations within this network in 2007, after adding 123 in 2006 and 112 in 2005. In 2005, the Company also purchased
68 retail fueling stations in the U.K., thereby expanding its company-owned retail station count in that country by 70%.

This excerpt taken from the MUR 10-K filed Mar 1, 2007.

Capital Expenditures

As shown in the selected financial data on page 14 of this Form 10-K report, capital expenditures for continuing operations, including exploration expenditures, were $1,262.5 million in 2006 compared to $1,329.8 million in 2005 and $975.4 million in 2004. These amounts included $196.7 million, $209.6 million and $147.9 million, respectively, in 2006, 2005 and 2004 for exploration costs that were expensed. Capital expenditures for exploration and production activities totaled $1,082.8 million in 2006, $1,092.0 million in 2005 and $839.2 million in 2004, representing 86%, 82% and 86%, respectively, of the Company’s total capital expenditures for these years. E&P capital expenditures in 2006 included $13.9 million for acquisition of undeveloped leases, $338.0 million for exploration activities, and $730.9 million for development projects. Development expenditures included $65.7 million for deepwater fields in the Gulf of Mexico; $387.9 million for the Kikeh field in Malaysia; $42.2 million for synthetic oil expansion and other capital at the Syncrude project in Canada; $89.7 million for western Canada heavy oil and natural gas projects; and $42.1 million for the Terra Nova and Hibernia oil fields, offshore Newfoundland. Exploration and production capital expenditures are shown by major operating area on page F-37 of this Form 10-K report.

Refining and marketing capital expenditures totaled $173.4 million in 2006, compared to $202.4 million in 2005 and $134.7 million in 2004. These amounts represented 14%, 15% and 14% of capital expenditures for continuing operations of the Company in 2006, 2005 and 2004, respectively. Refining capital spending was $57.3 million in 2006 compared to $34.1 million in 2005 and $46.1 million in 2004. The bulk of the refining capital in 2006 was spent at the Meraux, Louisiana refinery where numerous capital improvements were completed while the plant was shut-down for repairs following Hurricane Katrina. In 2004, the Company completed the construction of a green gasoline unit to produce ultra low-sulfur gasoline at its Superior, Wisconsin refinery, with capital spending in that year for this project of $18.0 million. Marketing expenditures amounted to $116.1 million in 2006, $168.2 million in 2005 and $88.6 million in 2004. The majority of marketing expenditures in each year was related to construction of retail gasoline stations at Wal-Mart Supercenters in 21 states in the U.S. The Company added 123 total stations to this retail station network in 2006, 112 in 2005 and 129 in 2004. In 2005, the Company also purchased 68 retail fueling stations in the U.K., thereby expanding its company-owned retail station count by 70%.

This excerpt taken from the MUR 10-K filed Mar 16, 2006.

Capital Expenditures

As shown in the selected financial data on page 11 of this Form 10-K report, capital expenditures for continuing operations, including exploration expenditures, were $1,329.8 million in 2005 compared to $975.4 million in 2004 and $906.1 million in 2003. These amounts included $209.6 million, $147.9 million and $97.9 million of exploration costs that were expensed. Capital expenditures for exploration and production activities totaled $1,092 million in 2005, 82% of the Company’s total capital expenditures for the year. Exploration and production capital expenditures in 2005 included $34.5 million for acquisition of undeveloped leases, $404.5 million for exploration activities, and $652.9 million for development projects. Development expenditures included $58.7 million for deepwater discoveries in the Gulf of Mexico; $264.5 million for the West Patricia and Kikeh fields in Malaysia; $112.9 million for synthetic oil expansion and other capital at the Syncrude project in Canada; $111.1 million for western Canada heavy oil and natural gas projects; and $37 million for the Terra Nova and Hibernia oil fields, offshore Newfoundland. Exploration and production capital expenditures are shown by major operating area on page F-35 of this Form 10-K report.

Refining and marketing capital expenditures totaled $202.4 million in 2005, compared to $134.7 million in 2004 and $215.4 million in 2003. These amounts represented 15%, 14% and 24% of capital expenditures for continuing operations of the Company in 2005, 2004 and 2003, respectively. Refining capital spending was $34.1 million in 2005 compared to $46.1 million in 2004 and $130.8 million in 2003. In 2004, the Company completed the construction of a green gasoline unit at its Superior, Wisconsin refinery. In 2003, the expansion of the Meraux, Louisiana refinery was completed, including building a hydrocracker unit to meet future clean fuel specifications and increasing the crude oil processing capacity of the plant to 125,000 barrels per day. Capital expenditures on the Superior refinery green gasoline unit were $18 million in 2004 and $5.5 million in 2003. Capital expenditures related to the Meraux expansion project amounted to $5.5 million in 2004 and $69 million in 2003. Marketing expenditures amounted to $168.2 million in 2005, $88.6 million in 2004 and $84.6 million in 2003. The majority of marketing expenditures in each year was related to construction of retail gasoline stations at Wal-Mart Supercenters in 21 states in the U.S. The Company added 112 total stations to this retail station network in 2005, 129 in 2004 and 119 in 2003. In 2005, the Company also purchased 68 retail fueling stations in the U.K., thereby expanding its company-owned retail station count by 70%.

This excerpt taken from the MUR 10-K filed Mar 15, 2006.

Capital Expenditures

As shown in the selected financial data on page 11 of this Form 10-K report, capital expenditures for continuing operations, including exploration expenditures, were $1,329.8 million in 2005 compared to $975.4 million in 2004 and $906.1 million in 2003. These amounts included $209.6 million, $147.9 million and $97.9 million of exploration costs that were expensed. Capital expenditures for exploration and production activities totaled $1,092 million in 2005, 82% of the Company’s total capital expenditures for the year. Exploration and production capital expenditures in 2005 included $34.5 million for acquisition of undeveloped leases, $404.5 million for exploration activities, and $652.9 million for development projects. Development expenditures included $58.7 million for deepwater discoveries in the Gulf of Mexico; $264.5 million for the West Patricia and Kikeh fields in Malaysia; $112.9 million for synthetic oil expansion and other capital at the Syncrude project in Canada; $111.1 million for western Canada heavy oil and natural gas projects; and $37 million for the Terra Nova and Hibernia oil fields, offshore Newfoundland. Exploration and production capital expenditures are shown by major operating area on page F-35 of this Form 10-K report.

Refining and marketing capital expenditures totaled $202.4 million in 2005, compared to $134.7 million in 2004 and $215.4 million in 2003. These amounts represented 15%, 14% and 24% of capital expenditures for continuing operations of the Company in 2005, 2004 and 2003, respectively. Refining capital spending was $34.1 million in 2005 compared to $46.1 million in 2004 and $130.8 million in 2003. In 2004, the Company completed the construction of a green gasoline unit at its Superior, Wisconsin refinery. In 2003, the expansion of the Meraux, Louisiana refinery was completed, including building a hydrocracker unit to meet future clean fuel specifications and increasing the crude oil processing capacity of the plant to 125,000 barrels per day. Capital expenditures on the Superior refinery green gasoline unit were $18 million in 2004 and $5.5 million in 2003. Capital expenditures related to the Meraux expansion project amounted to $5.5 million in 2004 and $69 million in 2003. Marketing expenditures amounted to $168.2 million in 2005, $88.6 million in 2004 and $84.6 million in 2003. The majority of marketing expenditures in each year was related to construction of retail gasoline stations at Wal-Mart Supercenters in 21 states in the U.S. The Company added 112 total stations to this retail station network in 2005, 129 in 2004 and 119 in 2003. In 2005, the Company also purchased 68 retail fueling stations in the U.K., thereby expanding its company-owned retail station count by 70%.

This excerpt taken from the MUR 10-K filed Mar 16, 2005.

Capital Expenditures

 

As shown in the selected financial data on page 8 of this Form 10-K report, capital expenditures for continuing operations, including discretionary exploration expenditures, were $975.4 million in 2004 compared to $906.1 million in 2003 and $774.8 million in 2002. These amounts included $147.9 million, $97.9 million and $110.4 million of exploration costs that were expensed. Capital expenditures for exploration and production activities totaled $839.2 million in 2004, 86% of the Company’s total capital expenditures for the year. Exploration and production capital expenditures in 2004 included $16.6 million for acquisition of undeveloped leases, $54 million and $67.3 million for acquisition of unproved and proved properties, respectively, in the Seal area in Western Canada, $268.1 million for exploration activities, and $433.2 million for development projects. Development expenditures included $86.3 million for development of deepwater discoveries in the Gulf of Mexico; $104.6 million for the West Patricia and Kikeh fields in Malaysia; $33.7 million for the Terra Nova and Hibernia oil fields, offshore Newfoundland; $99.6 million for expansion of synthetic oil operations at the Syncrude project in Canada; and $68.1 million for Western Canada heavy oil and natural gas projects. Exploration and production capital expenditures are shown by major operating area on page F-33 of this Form 10-K report.

 

Refining and marketing capital expenditures totaled $134.7 million in 2004, compared to $215.4 million in 2003 and $234.7 million in 2002. These amounts represented 14%, 24% and 30% of capital expenditures for continuing operations of the Company in 2004, 2003 and 2002, respectively. Refining capital spending was $46.1 million in 2004 compared to $130.8 million in 2003 and $150.1 million in 2002. In 2004, the Company completed the construction of a green gasoline unit at its Superior, Wisconsin refinery. In 2003, it finished the expansion of the Meraux, Louisiana refinery, which included building a hydrocracker unit to meet future clean fuel specifications and expanding the crude oil processing capacity of the plant to 125,000 barrels per day. Capital expenditures on the Superior refinery unit green gasoline were $18 million in 2004 and $5.5 million in 2003. Capital expenditures related to the Meraux expansion project amounted to $5.5 million in 2004, $69 million in 2003 and $116.2 million in 2002. Marketing expenditures amounted to $88.6 million in 2004 and $84.6 million in 2003 and 2002. The majority of marketing expenditures in each year was related to construction of retail gasoline stations at Wal-Mart sites in 21 states in the U.S. The Company added 129 total stations to this retail network in 2004, 119 in 2003 and 125 in 2002.

 

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