<SEC-DOCUMENT>0000950103-22-012495.txt : 20220823
<SEC-HEADER>0000950103-22-012495.hdr.sgml : 20220823
<ACCEPTANCE-DATETIME>20220718144418
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-22-012495
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220718

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MURPHY OIL CORP
		CENTRAL INDEX KEY:			0000717423
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				710361522
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		9805 KATY FWY
		STREET 2:		SUITE G-200
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024
		BUSINESS PHONE:		2816759000

	MAIL ADDRESS:	
		STREET 1:		9805 KATY FWY
		STREET 2:		SUITE G-200
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MURPHY OIL CORP /DE
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW MURPHY OIL CORP /DE
		DATE OF NAME CHANGE:	19831115
</SEC-HEADER>
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<TYPE>CORRESP
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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"><IMG SRC="image_001.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">July 18, 2022</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.E.<BR>
Washington, DC 20549</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">Attn:</FONT></TD><TD><FONT STYLE="font-size: 10pt">Mr.
                                            Michael Purcell<BR>
                                            Mr. Ethan Horowitz</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">Re:</FONT></TD><TD><FONT STYLE="font-size: 10pt">Murphy
                                            Oil Corporation<BR>
                                            Form 10-K for the Fiscal Year Ended December 31, 2021<BR>
                                            Filed February 25, 2022<BR>
                                            File No. 001-08590</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Ladies and Gentlemen:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This letter sets forth the responses
of Murphy Oil Corporation (the &ldquo;Company&rdquo; or &ldquo;Murphy&rdquo;) to the July 1, 2022 comment letter from the staff (the
&ldquo;Staff&rdquo;) of the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) regarding (i) Murphy&rsquo;s Form 10-K for the
year ended December 31, 2021, filed on February 25, 2022 (the &ldquo;Form 10-K&rdquo;), and (ii) Murphy&rsquo;s letter, dated June 16,
2022, submitted in response to the comments of the Staff with respect to the Form 10-K in the Staff&rsquo;s letter to the Company dated
June 2, 2022. We have reproduced the Staff&rsquo;s comments preceding our response below.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>Response Letter Dated June 16, 2022</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>Risk Factors, page 15</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 6.45pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="font-size: 10pt"><I>1.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>We
                                            note your response to prior comment 2. Consistent with our prior comment, please provide
                                            disclosure that addresses the material effects of transition risks related to climate change
                                            in greater detail. For example, provide additional information explaining the impact to your
                                            business model &ldquo;from changing global demands for non-fossil fuel energy sources&rdquo;
                                            as referenced on page 25 of your Form 10-K. </I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.8pt"><FONT STYLE="font-size: 10pt"><I>In addition, tell us about
other transition risks related to climate change you have identified and explain your disclosure considerations.</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As noted in our response to prior comment
2, the principal material effect of transition risks relating to climate change will be reflected in the prices of crude oil, natural
gas and/or natural gas liquids. In our Form 10-K, under the caption &ldquo;Risk Factors&mdash;Price Risk Factors&rdquo; beginning on
page 15, we describe certain transition-related factors or consequences that may cause price volatility, including (i) the price, availability
and the demand for and of alternative and competing forms of energy, such as nuclear, hydroelectric, wind or solar; (ii) the effect of
conservation efforts and focus on climate change; (iii) technological advances affecting energy consumption and energy supply; and (iv)
increased activism against, or change in public sentiment
for, oil and gas exploration, development and production activities and considerations including climate change and the transition to
a lower carbon economy.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #003C71"><FONT STYLE="font-size: 8pt">9805 Katy Freeway, Suite
G-200, Houston, Texas 77024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #003C71"><FONT STYLE="font-size: 8pt">281.675.9000</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #003C71">&nbsp;&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission<BR> Division of Corporation Finance<BR> July 18, 2022</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We believe hydrocarbon-based fuels will
continue to play a significant role in meeting future energy demand and consider the primary transition risks related to climate change
as medium to long-term in nature. Such risks include price volatility due to a reduction in demand for fossil fuels and the resulting
potential impact to future estimates of our reserves, to our long-term capital allocation strategy, and to the availability of capital
financing. In our Form 10-K for the fiscal year ended December 31, 2022, we will supplement our existing disclosure under the caption
&ldquo;Risk Factors&mdash;General Risk Factors&mdash;Murphy could face long-term challenges to the fossil fuels business model reducing
demand and price for hydrocarbon fuels&rdquo; to read substantially as follows (new text underlined):</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&ldquo;As environmental and social
trends change towards less carbon intensive energy sources, Murphy&rsquo;s business model may come under more pressure from changing
global demands for non-fossil fuel energy sources <U>as such demand in alternative forms of energy may cause the price of our
products to become more volatile and decline. Further, a reduction in demand for fossil fuels could adversely impact the
availability of future financing.</U> As part of Murphy&rsquo;s strategy review process, the Company reviews hydrocarbon demand
forecasts and assesses the impact on its business model, plans, <U>and future estimates of reserves. In addition, the Company
evaluates other lower-carbon technologies that could complement our existing assets, strategy and competencies as part of its
long-term capital allocation strategy.</U> The Company also has significant natural gas reserves which emit lower carbon compared to
oil and liquids.&rdquo;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">With respect to other transition risks
related to climate change, our Form 10-K discusses the impacts we have identified that climate-related regulation and business trends
could potentially have on our business, financial condition and results of operations. For additional discussion regarding these impacts,
including the disclosure we intend to supplement, please refer to our answer in response to the Staff&rsquo;s comment 3, below. We will
continue to monitor transition risks related to climate change and evaluate whether further updates to our Risk Factor disclosures may
be warranted in future filings.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 6.45pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="font-size: 10pt"><I>2.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>We
                                            note your response to prior comment 3. Please provide us with additional information explaining
                                            how you determined disclosure addressing the risks associated with the possibility of litigation
                                            related to climate change and its potential impact is not necessary or revise to provide
                                            this type of disclosure.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The current Risk Factor disclosure in
our Form 10-K discusses various potential impacts to the Company in connection with climate change, including volatility in global prices
of crude oil, increases in significant weather events, and the transition to a lower carbon economy. In recognition of the development
in disclosure practices with respect to risks related to climate change, in our Form 10-K for the fiscal year ended December 31, 2022,
we will supplement our existing Risk Factor disclosure under the caption &ldquo;Risk Factors&mdash;Operational Risk Factors&mdash;We
face various risks associated with increased activism against, or change in public sentiment for, oil and gas exploration, development,
and production activities and sustainability considerations, including climate change and the transition to a lower carbon economy&rdquo;
with text that we anticipate will read substantially as follows:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission<BR> Division of Corporation Finance<BR> July 18, 2022</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&ldquo;<U>While the Company has been
named a co-defendant with other oil and gas companies in lawsuits related to climate change, these lawsuits have not resulted in, and
are not currently expected to result in, material liability for the Company. Depending on the evolution of laws, regulations, and litigation
outcomes relating to climate change, there can be no guarantee that climate change litigation will not in the future materially adversely
affect our results of operations, cash flows and financial condition.</U>&rdquo;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>Management&rsquo;s Discussion and
Analysis of Financial Condition and Results of Operations, page 32</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 6.45pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="font-size: 10pt"><I>3.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Prior
                                            comment 5 is reissued as it does not appear that your disclosure discusses the indirect consequences
                                            of climate-related regulation or business trends noted in our prior comment (i.e., anticipated
                                            reputational risks resulting from operations or products that produce greenhouse gas emissions,
                                            increased competition to develop innovative new products that result in lower emissions,
                                            and developments that create new opportunities for you). For example, it does not appear
                                            that your disclosure addresses the effect of changes in sentiment for oil and gas exploration,
                                            development, and production activities on parties such as investors and lenders.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Staff&rsquo;s prior comment 5 lists
the following three examples of climate-related business trends that could have indirect consequences:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any
                                            anticipated reputational risks resulting from operations or products that produce material
                                            greenhouse gas emissions;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">increased
                                            competition to develop innovative new products that result in lower emissions; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">developments
                                            that create new opportunities such as low-carbon technologies that complement your existing
                                            assets.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We believe our Form 10-K addresses the
potential effects of the trends listed above. As noted in our response to comment 1 above, we disclose under the caption &ldquo;Risk
Factors&mdash;Price Risk Factors&rdquo; beginning on page 15 of the Form 10-K that these climate-related business trends could result
in reduced demand for hydrocarbon-based fuel sources and thereby impact the price of crude oil, natural gas and/or natural gas liquids.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In our Form 10-K for the fiscal year
ended December 31, 2022, we will supplement our existing disclosure under the caption &ldquo;Risk Factors&mdash;Financial Risk Factors&mdash;Capital
financing may not always be available to fund Murphy&rsquo;s activities; and interest rates could impact cash flows&rdquo; to address
that changes in sentiment for oil and gas exploration, development and production activities and, in turn, reputational risks associated
with oil and gas exploration, development and production activities, could also negatively impact the availability of capital financing.
We anticipate that the disclosure, as supplemented, will read substantially as follows (new text underlined):</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&ldquo;Further, changes in economic
environments and investors&rsquo; <U>sentiment or </U>view of risk of the exploration and production industry<U>, including as a result
of concerns over climate change,</U> could adversely impact <U>the availability of future financing. Specifically, certain financial
institutions (including certain investment advisors and sovereign wealth, pension and endowment funds), in response to concerns related
to climate change and the requests and other influence of environmental groups and similar stakeholders, have elected to shift some or all of their investments
away from fossil fuel-related sectors, and additional financial institutions and other investors may elect to do likewise in the future.
</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission<BR> Division of Corporation Finance<BR> July 18, 2022</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>As a result, fewer financial institutions and other investors may be willing to invest in, and provide capital to, companies in the oil
and gas sector. In addition, such factors</U> could adversely impact <U>the cost of capital</U>. This could result in higher interest
costs on capital funding lowering net income and cash-flows. Murphy partially manages this risk through borrowing at fixed rates where-ever
possible; however, rates determined when refinancing or new capital is required are partly determined through factors outside of Murphy&rsquo;s
control, such as centrally (federal government) set interest rates and investors&rsquo; <U>sentiment or </U>view of the exploration and
production industry.&rdquo;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 6.45pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="font-size: 10pt"><I>4.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>As
                                            your response to prior comment 7 does not appear to address each element of our prior comment
                                            it is reissued in part. Please tell us about any weather-related impacts on the availability
                                            of insurance.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">To date, weather-related
events have not had an adverse impact on the Company&rsquo;s ability to obtain the insurance it deems necessary on commercially reasonable
terms. In addition, no coverage has been declined to date for property insurance due to loss history (weather-related or otherwise).
To the extent that in the future there are any weather-related impacts on the availability of insurance that are (or we believe are reasonably
likely to be) material to our business, financial condition or results of operations, we undertake to provide appropriate disclosure
regarding such consequences, in accordance with applicable disclosure requirements.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;*</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We would welcome the opportunity to
discuss these comments with you further. In the meantime, please do not hesitate to contact me (281-675-9372)&nbsp;with any questions about
these matters.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">/s/ Tom Mireles</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Tom Mireles<BR>
Chief Financial Officer</FONT></P>

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