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Business Segments | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Business Segments | Note U – Business Segments Murphy’s reportable segments are organized into geographic areas of operations. The Company’s exploration and production activity is subdivided into segments for the United States, Canada and all other countries. Each of these segments derives revenues primarily from the sale of crude oil, condensate, natural gas liquids and/or natural gas. The Company’s management evaluates segment performance based on income (loss) from operations, excluding interest income and interest expense. The Company has several customers that purchase a significant portion of its oil and natural gas production. During 2020 sales to Chevron represented approximately 24% of the Company’s total sales revenue, and Phillips 66 and affiliated companies represented approximately 18%. In 2019 sales to Chevron represented approximately 25% and Phillips 66 and affiliated companies accounted for 17% of the Company’s total sales revenue. In 2018 sales to Phillips 66 and affiliated companies represented approximately 12% of the Company’s total sales revenue. Due to the quantity of active oil and natural gas purchasers in the markets where it produces hydrocarbons, the Company does not foresee any difficulty with selling its hydrocarbon production at fair market prices. Assets held for sale as of December 31, 2020 include the King’s Quay FPS, the Brunei exploration and production operations, and the Company’s office building in El Dorado, Arkansas. As of December 31, 2019 assets held for sale include the assets and liabilities of the Brunei exploration and production properties and the U.K. refining and marketing operations. The U.K. and Malaysian operations have been reported as Discontinued operations for all periods presented in these consolidated financial statements. The Company completed the sale of its Malaysian assets in 2019. Information about business segments and geographic operations is reported in the following tables. For geographic purposes, revenues are attributed to the country in which the sale occurs. Corporate and other activities, including interest income, other gains and losses (including foreign exchange gains/losses, and realized/unrealized gains/losses on crude oil contracts), interest expense and unallocated overhead, are shown in the tables to reconcile the business segments to consolidated totals. As used in the table on the following page, certain long-lived assets at December 31, exclude investments, noncurrent receivables, deferred tax assets, and other intangible assets.
| Exploration and Production |  |  |  |  |  |
(Millions of dollars) | United States 1 |  | Canada |  | Other |  | Total E&P |  | Corporate and Other |  | Discontinued Operations |  | Consolidated Total
Year ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |
Segment income (loss) - including NCI 1 | $ | (1,014.3) |  |  | (35.0) |  |  | (85.6) |  |  | (1,134.9) |  |  | $ | (120.3) |  |  | (7.2) |  |  | (1,262.4) |
Revenues from external customers | 1,411.8 |  |  | 345.8 |  |  | 1.8 |  |  | 1,759.4 |  |  | 207.9 |  |  | — |  |  | 1,967.3 |
Interest and other income (loss) | (9.9) |  |  | 0.8 |  |  | 0.8 |  |  | (8.2) |  |  | (9.1) |  |  | — |  |  | (17.3) |
Interest expense, net of capitalization | — |  |  | (0.5) |  |  | (0.4) |  |  | (0.9) |  |  | (168.5) |  |  | — |  |  | (169.4) |
Income tax expense (benefit) | (244.2) |  |  | (21.4) |  |  | 2.1 |  |  | (263.5) |  |  | (30.2) |  |  | — |  |  | (293.7) |
Significant noncash charges (credits) |  |  |  |  |  |  |  |  |  |  |  |  |
Impairment of assets | 1,152.5 |  |  | — |  |  | 39.7 |  |  | 1,192.2 |  |  | 14.1 |  |  | — |  |  | 1,206.3 |
Depreciation, depletion and amortization | 749.4 |  |  | 213.2 |  |  | 2.3 |  |  | 964.9 |  |  | 22.3 |  |  | — |  |  | 987.2 |
Accretion of asset retirement obligations | 36.6 |  |  | 5.5 |  |  | — |  |  | 42.1 |  |  | — |  |  | — |  |  | 42.1 |
Amortization of undeveloped leases | 17.2 |  |  | 0.4 |  |  | 9.1 |  |  | 26.7 |  |  | — |  |  | — |  |  | 26.7 |
Deferred and noncurrent income taxes | (244.2) |  |  | (10.6) |  |  | 1.9 |  |  | (252.9) |  |  | (25.1) |  |  | — |  |  | (278.0) |
Additions to property, plant, equipment | 623.1 |  |  | 118.3 |  |  | 15.2 |  |  | 756.6 |  |  | — |  |  | — |  |  | 756.6 |
Total assets at year-end | 6,915.5 |  |  | 2,404.1 |  |  | 267.7 |  |  | 9,587.3 |  |  | 1,032.9 |  |  | 0.7 |  |  | 10,620.9 |
Year ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |
Segment income (loss) - including NCI 1 | $ | 518.4 |  |  | (4.3) |  |  | (53.5) |  |  | 460.6 |  |  | $ | (271.8) |  |  | 1,064.5 |  |  | 1,253.3 |
Revenues from external customers | 2,367.0 |  |  | 447.0 |  |  | 11.6 |  |  | 2,825.6 |  |  | 3.5 |  |  | — |  |  | 2,829.1 |
Interest and other income (loss) | (13.4) |  |  | (1.5) |  |  | (0.9) |  |  | (15.8) |  |  | (6.7) |  |  | — |  |  | (22.5) |
Interest expense, net of capitalization | — |  |  | (0.1) |  |  | (0.4) |  |  | (0.5) |  |  | (218.8) |  |  | — |  |  | (219.3) |
Income tax expense (benefit) | 115.6 |  |  | (2.9) |  |  | (12.4) |  |  | 100.3 |  |  | (85.6) |  |  | — |  |  | 14.7 |
Significant noncash charges (credits) |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization | 878.7 |  |  | 243.0 |  |  | 3.5 |  |  | 1,125.2 |  |  | 22.6 |  |  | — |  |  | 1,147.8 |
Accretion of asset retirement obligations | 34.4 |  |  | 6.1 |  |  | — |  |  | 40.5 |  |  | — |  |  | — |  |  | 40.5 |
Amortization of undeveloped leases | 23.1 |  |  | 1.3 |  |  | 3.6 |  |  | 28.0 |  |  | — |  |  | — |  |  | 28.0 |
Deferred and noncurrent income taxes | 111.8 |  |  | 14.0 |  |  | (13.4) |  |  | 112.4 |  |  | (83.9) |  |  | — |  |  | 28.5 |
Additions to property, plant, equipment | 2,193.3 |  |  | 284.1 |  |  | 69.8 |  |  | 2,547.2 |  |  | 13.6 |  |  | — |  |  | 2,560.8 |
Total assets at year-end | 8,043.3 |  |  | 2,303.7 |  |  | 308.6 |  |  | 10,655.6 |  |  | 1,046.2 |  |  | 16.7 |  |  | 11,718.5 |
Year ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |
Segment income (loss) - including NCI 1 | $ | 242.9 |  |  | 51.1 |  |  | (16.6) |  |  | 277.4 |  |  | $ | (108.2) |  |  | 250.3 |  |  | 419.5 |
Revenues from external customers | 1,332.7 |  |  | 470.5 |  |  | 22.2 |  |  | 1,825.4 |  |  | (34.0) |  |  | — |  |  | 1,791.4 |
Interest and other income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | 7.8 |  |  | — |  |  | 7.8 |
Interest expense, net of capitalization | — |  |  | — |  |  | 0.2 |  |  | 0.2 |  |  | (180.6) |  |  | — |  |  | (180.4) |
Income tax expense (benefit) | 68.1 |  |  | 14.5 |  |  | (25.3) |  |  | 57.3 |  |  | (183.4) |  |  | — |  |  | (126.1) |
Significant noncash charges (credits) |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization | 519.5 |  |  | 232.4 |  |  | 3.5 |  |  | 755.4 |  |  | 20.2 |  |  | — |  |  | 775.6 |
Accretion of asset retirement obligations | 19.5 |  |  | 7.6 |  |  | — |  |  | 27.1 |  |  | — |  |  | — |  |  | 27.1 |
Amortization of undeveloped leases | 36.8 |  |  | 0.8 |  |  | 2.5 |  |  | 40.1 |  |  | — |  |  | — |  |  | 40.1 |
Deferred and noncurrent income taxes | 68.1 |  |  | 16.5 |  |  | (25.7) |  |  | 58.9 |  |  | (242.1) |  |  | — |  |  | (183.2) |
Additions to property, plant, equipment | 1,343.5 |  |  | 373.8 |  |  | 15.9 |  |  | 1,733.2 |  |  | 22.7 |  |  | 138.6 |  |  | 1,894.5 |
Total assets at year-end | 6,342.9 |  |  | 1,711.9 |  |  | 188.1 |  |  | 8,242.9 |  |  | 1,118.5 |  |  | 1,691.2 |  |  | 11,052.6 |
1 Includes results attributable to a noncontrolling interest in MP GOM.
Geographic Information | Certain Long-Lived Assets at December 31
(Millions of dollars) | United States |  | Canada |  | Other |  | Total
2020 | $ | 6,395.7 |  |  | 1,702.5 |  |  | 170.8 |  |  | 8,269.0 |
2019 | 8,003.9 |  |  | 1,761.2 |  |  | 204.6 |  |  | 9,969.7 |
2018 | 6,634.3 |  |  | 1,644.6 |  |  | 153.2 |  |  | 8,432.1 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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