Murphy Oil Reports Asset Impairment Charge of $370M
Murphy Oil Corporation (NYSE: MUR) announced today that its wholly owned subsidiary, Murphy West Africa, Ltd. will take a non-cash charge to earnings of approximately $370 million in the fourth quarter 2011 related to its Azurite field located offshore Republic of the Congo as the result of an asset impairment due to lower than expected production rates and ultimate oil recovery from the field.
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