US upstream operator Murphy Oil said Jan. 27 it has raised its capital budget for 2022 by slightly over 25 year on year and pledged to deliver about 6 more production this year, with the boost coming from a new US Gulf of Mexico project. The company’s targeted 2022 capital expenditure is in the range of $840 million to $890 million, after spending about $671 million in 2021. Production for 2022 is pegged at 164,000-172,000 boe/d, which is expected to be 52 oil and 57 liquids, up from 158,000 boe/d in 2021.
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