Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'MUR | ' | ' |
Entity Registrant Name | 'MURPHY OIL CORP /DE | ' | ' |
Entity Central Index Key | '0000717423 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 183,181,954 | ' |
Entity Public Float | ' | ' | $9,733,180,000 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Current assets | ' | ' | ||
Cash and cash equivalents | $750,155 | $947,316 | [1] | |
Canadian government securities with maturities greater than 90 days at the date of acquisition | 374,842 | 115,603 | ||
Accounts receivable, less allowance for doubtful accounts of $1,609 in 2013 and $6,697 in 2012 | 999,872 | 1,853,364 | ||
Inventories, at lower of cost or market | ' | ' | ||
Crude oil and blend stocks | 40,077 | 226,541 | ||
Finished products | 0 | 266,307 | ||
Materials and supplies | 254,118 | 259,462 | ||
Prepaid expenses | 83,856 | 335,831 | ||
Deferred income taxes | 61,991 | 89,040 | ||
Assets held for sale | 943,732 | 15,119 | ||
Total current assets | 3,508,643 | 4,108,583 | ||
Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization of $8,540,239 in 2013 and $8,138,587 in 2012 | 13,481,055 | 13,011,606 | ||
Goodwill | 40,259 | 43,103 | ||
Deferred charges and other assets | 98,123 | 151,183 | ||
Assets held for sale | 381,404 | 208,168 | ||
Total assets | 17,509,484 | 17,522,643 | ||
Current liabilities | ' | ' | ||
Current maturities of long-term debt | 26,249 | 46 | ||
Accounts payable | 2,158,485 | 2,803,268 | ||
Income taxes payable | 222,930 | 219,847 | ||
Other taxes payable | 7,059 | 172,962 | ||
Other accrued liabilities | 170,168 | 162,876 | ||
Deferred income taxes | 0 | 2,611 | ||
Liabilities associated with assets held for sale | 639,140 | 47,471 | ||
Total current liabilities | 3,224,031 | 3,409,081 | ||
Long-term debt, including capital lease obligation in 2013 | 2,936,563 | 2,245,201 | ||
Deferred income taxes | 1,466,100 | 1,544,336 | ||
Asset retirement obligations | 852,488 | 724,273 | ||
Deferred credits and other liabilities | 339,028 | 516,540 | ||
Liabilities associated with assets held for sale | 95,544 | 141,177 | ||
Stockholders' equity | ' | ' | ||
Cumulative Preferred Stock, par $100, authorized 400,000 shares, none issued | 0 | 0 | ||
Common Stock, par $1.00, authorized 450,000,000 shares at December 31, 2013 and 2012, issued 194,920,155 shares at December 31, 2013 and 194,616,470 shares at December 31, 2012 | 194,920 | 194,616 | ||
Capital in excess of par value | 902,633 | 873,934 | ||
Retained earnings | 8,058,792 | 7,717,389 | ||
Accumulated other comprehensive income | 172,119 | [2] | 408,901 | [2] |
Treasury stock | -732,734 | -252,805 | ||
Total stockholders' equity | 8,595,730 | 8,942,035 | ||
Total liabilities and stockholders' equity | $17,509,484 | $17,522,643 | ||
[1] | Reclassified to conform to current presentation. | |||
[2] | All amounts are presented net of income taxes. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $1,609 | $6,697 |
Property, plant and equipment, accumulated depreciation, depletion and amortization | $8,540,239 | $8,138,587 |
Cumulative Preferred Stock, par | $100 | $100 |
Cumulative Preferred Stock, authorized | 400,000 | 400,000 |
Cumulative Preferred Stock, issued | ' | ' |
Common Stock, par | $1 | $1 |
Common Stock, authorized | 450,000,000 | 450,000,000 |
Common Stock, issued | 194,920,155 | 194,616,470 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues | ' | ' | ' | |||
Sales and other operating revenues | $5,312,686 | $4,608,563 | [1] | $4,222,520 | [1] | |
Gain (loss) on sale of assets | -87 | 66 | [1] | 23,143 | [1] | |
Interest and other income | 77,490 | 10,973 | [1] | 33,019 | [1] | |
Total revenues | 5,390,089 | 4,619,602 | [1] | 4,278,682 | [1] | |
Costs and Expenses | ' | ' | ' | |||
Operating expenses | 1,340,143 | 1,114,748 | [1] | 1,010,121 | [1] | |
Exploration expenses, including undeveloped lease amortization | 502,215 | 380,924 | [1] | 489,346 | [1] | |
Selling and general expenses | 379,167 | 249,532 | [1] | 208,819 | [1] | |
Depreciation, depletion and amortization | 1,553,394 | 1,253,095 | [1] | 964,725 | [1] | |
Impairment of properties | 21,587 | [2] | 200,000 | [1],[2] | 368,600 | [1],[2] |
Accretion of asset retirement obligations | 48,996 | 38,361 | [1],[3] | 33,847 | [1] | |
Redetermination of Terra Nova working interest | 0 | 0 | [1] | -5,351 | [1],[2] | |
Interest expense | 124,423 | 54,105 | [1] | 55,831 | [1] | |
Interest capitalized | -52,523 | -39,173 | [1] | -15,131 | [1] | |
Total costs and expenses | 3,917,402 | 3,251,592 | [1] | 3,110,807 | [1] | |
Income from continuing operations before income taxes | 1,472,687 | 1,368,010 | [1] | 1,167,875 | [1] | |
Income tax expense | 584,550 | 561,516 | [1] | 628,677 | [1] | |
Income from continuing operations | 888,137 | 806,494 | [1] | 539,198 | [1] | |
Income from discontinued operations, net of income taxes | 235,336 | 164,382 | [1] | 333,504 | [1] | |
Net Income | $1,123,473 | $970,876 | [1] | $872,702 | [1] | |
Income per Common Share - Basic | ' | ' | ' | |||
Income from continuing operations | $4.73 | $4.16 | [1] | $2.79 | [1] | |
Income from discontinued operations | $1.25 | $0.85 | [1] | $1.72 | [1] | |
Net Income - Basic | $5.98 | $5.01 | [1] | $4.51 | [1] | |
Income per Common Share - Diluted | ' | ' | ' | |||
Income from continuing operations | $4.69 | $4.14 | [1] | $2.77 | [1] | |
Income from discontinued operations | $1.25 | $0.85 | [1] | $1.72 | [1] | |
Net Income - Diluted | $5.94 | $4.99 | [1] | $4.49 | [1] | |
Average Common shares outstanding - basic | 187,921,062 | 193,902,335 | [1] | 193,409,621 | [1] | |
Average Common shares outstanding - diluted | 189,271,398 | 194,668,737 | [1] | 194,512,402 | [1] | |
[1] | Reclassified to conform to current presentation. | |||||
[2] | Results exclude corporate overhead, interest and discontinued operations. | |||||
[3] | Includes $980 reclassified to discontinued operations associated with U.S. downstream operations. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | |||
Net income | $1,123,473 | $970,876 | [1] | $872,702 | [1] | |
Other comprehensive income (loss), net of tax | ' | ' | ' | |||
Net gain (loss) from foreign currency translation | -308,300 | 117,331 | -91,247 | |||
Retirement and postretirement benefit plan adjustments | 69,583 | -17,650 | -30,909 | |||
Deferred loss on interest rate hedges: | ' | ' | ' | |||
Increase in deferred loss associated with contract revaluation and settlement | 0 | -2,407 | -16,852 | |||
Amount of loss reclassified to interest expense in consolidated statements of income | 1,935 | 1,207 | 0 | |||
Net other comprehensive income (loss) | -236,782 | [2] | 98,481 | -139,008 | ||
Comprehensive Income | $886,691 | $1,069,357 | $733,694 | |||
[1] | Reclassified to conform to current presentation. | |||||
[2] | All amounts are presented net of income taxes. |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Operating Activities | ' | ' | ' | |||
Net income | $1,123,473 | $970,876 | [1] | $872,702 | [1] | |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' | |||
Income from discontinued operations | -235,336 | -164,382 | [1] | -333,504 | [1] | |
Depreciation, depletion and amortization | 1,553,394 | 1,253,095 | [1] | 964,725 | [1] | |
Impairment of long-lived assets | 21,587 | [2] | 200,000 | [1],[2] | 368,600 | [1],[2] |
Amortization of deferred major repair costs | 8,464 | 7,065 | [1] | 7,568 | [1] | |
Expenditures for asset retirements | -51,647 | -40,434 | [1] | -21,490 | [1] | |
Dry hole costs | 262,876 | 181,924 | [1] | 250,954 | [1] | |
Amortization of undeveloped leases | 66,891 | 129,750 | [1] | 118,211 | [1] | |
Accretion of asset retirement obligations | 48,996 | 38,361 | [1],[3] | 33,847 | [1] | |
Deferred and noncurrent income tax charges | 158,108 | 342,718 | [1] | 133,841 | [1] | |
Pretax (gains) losses from disposition of assets | 87 | -66 | [1] | -23,143 | [1] | |
Net decrease (increase) in noncash operating working capital | 266,329 | -168,180 | [1] | -760,036 | [1] | |
Other operating activities - net | -12,527 | 160,653 | [1] | 76,609 | [1] | |
Net cash provided by continuing operations | 3,210,695 | 2,911,380 | [1] | 1,688,884 | [1] | |
Net cash provided by discontinued operations | 427,792 | 144,901 | [1] | 456,501 | [1] | |
Net cash provided by operating activities | 3,638,487 | 3,056,281 | [1] | 2,145,385 | [1] | |
Investing Activities | ' | ' | ' | |||
Property additions and dry hole costs | -3,590,344 | [4] | -3,541,724 | [1],[4] | -2,433,088 | [1],[4] |
Proceeds from sale of property, plant and equipment | 1,650 | 99 | [1] | 27,382 | [1] | |
Expenditures for major repairs | -7,757 | -10,832 | [1] | -5,068 | [1] | |
Purchase of investment securities | -923,497 | [5] | -1,619,308 | [1],[5] | -1,689,087 | [1],[5] |
Proceeds from maturity of investment securities | 664,258 | [5] | 2,035,798 | [1],[5] | 1,773,552 | [1],[5] |
Other investing activities - net | 8,048 | 11,085 | [1] | 8,000 | [1] | |
Investing activities of discontinued operations: | ' | ' | ' | |||
Sales proceeds | 282,205 | 0 | [1] | 950,010 | [1] | |
Other | -165,742 | -192,540 | [1] | -246,055 | [1] | |
Net cash required by investing activities | -3,731,179 | -3,317,422 | [1] | -1,614,354 | [1] | |
Financing Activities | ' | ' | ' | |||
Additions to long-term debt | 350,000 | [4] | 1,995,467 | [1],[4] | 0 | [1],[4] |
Repayments of debt | 0 | -350,000 | [1] | -340,041 | [1] | |
Purchase of treasury stock | -500,000 | -250,000 | [1] | 0 | [1] | |
Proceeds from exercise of stock options and employee stock purchase plans | 3,409 | 12,324 | [1] | 15,551 | [1] | |
Excess tax benefits related to exercise of stock options | 844 | 2,647 | [1] | 4,838 | [1] | |
Withholding tax on stock-based incentive awards | -16,727 | -3,341 | [1] | -8,014 | [1] | |
Issue cost of debt | -3,317 | -6,959 | [1] | -7,905 | [1] | |
Cash dividends paid | -235,108 | -714,429 | [1] | -212,752 | [1] | |
Cash included in current assets held for sale | -301,302 | 0 | [1] | 0 | [1] | |
Separation of retail business: | ' | ' | ' | |||
Cash distributed to Murphy Oil by Murphy USA | 650,000 | 0 | [1] | 0 | [1] | |
Cash held and retained by Murphy USA upon separation | -55,506 | 0 | [1] | 0 | [1] | |
Net cash provided (required) by financing activities | -107,707 | 685,709 | [1] | -548,323 | [1] | |
Effect of exchange rate changes on cash and cash equivalents | 3,238 | 8,875 | [1] | -4,660 | [1] | |
Net increase (decrease) in cash and cash equivalents | -197,161 | 433,443 | [1] | -21,952 | [1] | |
Cash and cash equivalents, beginning | 947,316 | [1] | 513,873 | [1] | 535,825 | [1] |
Cash and cash equivalents, ending | $750,155 | $947,316 | [1] | $513,873 | [1] | |
[1] | Reclassified to conform to current presentation. | |||||
[2] | Results exclude corporate overhead, interest and discontinued operations. | |||||
[3] | Includes $980 reclassified to discontinued operations associated with U.S. downstream operations. | |||||
[4] | Excludes non-cash asset and long-term obligation of $357,991 in 2013 associated with lease commencement for production equipment at the Kakap field offshore Malaysia. | |||||
[5] | Investments are Canadian government securities with maturities greater than 90 days at the date of acquisition. |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Maturity of Canadian government securities | '90 days |
Non-cash asset and long-term obligation | $357,991 |
Minimum [Member] | ' |
Maturity of Canadian government securities | '90 days |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Cumulative Preferred Stock - par $100, authorized 400,000 shares, none issued | Common Stock - par $1.00, authorized 450,000,000 shares at December 31, 2013, 2012 and 2011, issued 0 shares at December 31, 2013, 194,616,470 shares at December 31, 2012 and 193,909,200 shares at December 31, 2011 | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock | |
In Thousands | ||||||||
Balance at beginning of period at Dec. 31, 2010 | ' | $0 | $193,294 | $767,762 | $6,800,992 | $449,428 | ($11,926) | |
Distribution of common stock of Murphy USA Inc. to shareholders | 0 | ' | ' | ' | ' | ' | ' | |
Exercise of stock options | ' | ' | 615 | 21,774 | ' | ' | ' | |
Foreign currency translation gains (losses), net of income taxes | -91,247 | ' | ' | ' | ' | -91,247 | ' | |
Purchase of treasury shares | ' | ' | ' | ' | ' | ' | 0 | |
Net income for the year | 872,702 | [1] | ' | ' | ' | 872,702 | ' | ' |
Restricted stock transactions and other | ' | ' | ' | -15,119 | ' | ' | ' | |
Retirement and postretirement benefit plan adjustments, net of income taxes | -30,909 | ' | ' | ' | ' | -30,909 | ' | |
Cash dividends - $1.25 per share in 2013, $3.675 per share in 2012 and $1.10 per share in 2011 | ' | ' | ' | ' | -212,752 | ' | ' | |
Stock-based compensation | ' | ' | ' | 42,492 | ' | ' | ' | |
Change in deferred loss on interest rate hedges, net of income taxes | -16,852 | ' | ' | ' | ' | -16,852 | ' | |
Sale of stock under employee stock purchase plans | ' | ' | ' | 1,065 | ' | ' | 870 | |
Awarded restricted stock | ' | ' | 0 | ' | ' | ' | 6,208 | |
Balance at end of period at Dec. 31, 2011 | 8,778,397 | 0 | 193,909 | 817,974 | 7,460,942 | 310,420 | -4,848 | |
Distribution of common stock of Murphy USA Inc. to shareholders | 0 | ' | ' | ' | ' | ' | ' | |
Exercise of stock options | ' | ' | 483 | 12,717 | ' | ' | ' | |
Foreign currency translation gains (losses), net of income taxes | 117,331 | ' | ' | ' | ' | 117,331 | ' | |
Purchase of treasury shares | ' | ' | ' | ' | ' | ' | -250,000 | |
Net income for the year | 970,876 | [1] | ' | ' | ' | 970,876 | ' | ' |
Restricted stock transactions and other | ' | ' | ' | -5,257 | ' | ' | ' | |
Retirement and postretirement benefit plan adjustments, net of income taxes | -17,650 | ' | ' | ' | ' | -17,650 | ' | |
Cash dividends - $1.25 per share in 2013, $3.675 per share in 2012 and $1.10 per share in 2011 | ' | ' | ' | ' | -714,429 | ' | ' | |
Stock-based compensation | ' | ' | ' | 46,584 | ' | ' | ' | |
Change in deferred loss on interest rate hedges, net of income taxes | -2,407 | ' | ' | ' | ' | -1,200 | ' | |
Sale of stock under employee stock purchase plans | ' | ' | ' | 1,916 | ' | ' | 2,043 | |
Awarded restricted stock | ' | ' | 224 | ' | ' | ' | 0 | |
Balance at end of period at Dec. 31, 2012 | 8,942,035 | 0 | 194,616 | 873,934 | 7,717,389 | 408,901 | -252,805 | |
Distribution of common stock of Murphy USA Inc. to shareholders | -546,962 | ' | ' | ' | ' | ' | ' | |
Exercise of stock options | ' | ' | 304 | 563 | ' | ' | ' | |
Foreign currency translation gains (losses), net of income taxes | -308,300 | ' | ' | ' | ' | -308,300 | ' | |
Purchase of treasury shares | ' | ' | ' | ' | ' | ' | -500,000 | |
Net income for the year | 1,123,473 | ' | ' | ' | 1,123,473 | ' | ' | |
Restricted stock transactions and other | ' | ' | ' | -28,339 | ' | ' | ' | |
Retirement and postretirement benefit plan adjustments, net of income taxes | 69,583 | ' | ' | ' | ' | 69,583 | ' | |
Cash dividends - $1.25 per share in 2013, $3.675 per share in 2012 and $1.10 per share in 2011 | ' | ' | ' | ' | -235,108 | ' | ' | |
Stock-based compensation | ' | ' | ' | 56,622 | ' | ' | ' | |
Change in deferred loss on interest rate hedges, net of income taxes | 0 | ' | ' | ' | ' | 1,935 | ' | |
Sale of stock under employee stock purchase plans | ' | ' | ' | -147 | ' | ' | 1,015 | |
Awarded restricted stock | ' | ' | 0 | ' | ' | ' | 19,056 | |
Balance at end of period at Dec. 31, 2013 | $8,595,730 | $0 | $194,920 | $902,633 | $8,058,792 | $172,119 | ($732,734) | |
[1] | Reclassified to conform to current presentation. |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Statement Of Stockholders Equity [Abstract] | ' | ' | ' | ' | ' | ||
Cumulative Preferred Stock, par | $100 | $100 | $100 | $100 | $100 | ||
Cumulative Preferred Stock, authorized | 400,000 | 400,000 | 400,000 | 400,000 | 400,000 | ||
Cumulative Preferred Stock, issued | ' | ' | ' | ' | ' | ||
Common Stock, par | $1 | $1 | $1 | $1 | $1 | ||
Common Stock, authorized | 450,000,000 | 450,000,000 | 450,000,000 | 450,000,000 | 450,000,000 | ||
Common Stock, issued | 194,920,155 | 194,616,470 | 194,920,155 | 194,616,470 | 193,909,200 | ||
Cash dividends, per share | $0.31 | $2.81 | [1] | $1.25 | $3.67 | [1] | $1.10 |
Balance at end of year, shares of Common Stock | 11,513,642 | 3,975,153 | 11,513,642 | 3,975,153 | 185,992 | ||
[1] | Includes special dividend of $2.50 per Common share paid on December 3, 2012. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Note A – Significant Accounting Policies | |
NATURE OF BUSINESS – Murphy Oil Corporation is an international oil and gas company that conducts its business through various operating subsidiaries. The Company produces oil and natural gas in the United States, Canada and Malaysia and conducts oil and natural gas exploration activities worldwide. The Company has an interest in a Canadian synthetic oil operation. Murphy owns one petroleum refinery in the United Kingdom and markets petroleum products in that country under various brand names and to unbranded wholesale customers. The Company has announced its intention to sell the U.K. refining and marketing assets. On August 30, 2013, the Company completed the spin-off of Murphy USA Inc. (MUSA) to its shareholders. MUSA formerly was the Company’s U.S. downstream operations. MUSA is now a separate, publicly owned company traded on the New York Stock Exchange under the symbol “MUSA.” In addition, Murphy Oil sold all its United Kingdom oil and natural gas producing assets during 2013. In 2011, the Company sold two U.S. petroleum refineries and certain associated marketing assets. See Note C regarding more information regarding the spin-off and sale of these assets. | |
PRINCIPLES OF CONSOLIDATION – The consolidated financial statements include the accounts of Murphy Oil Corporation and all majority-owned subsidiaries. For consolidated subsidiaries that are less than wholly owned, the noncontrolling interest is reflected in the balance sheet as a component of Stockholders’ Equity. Undivided interests in oil and gas joint ventures are consolidated on a proportionate basis. Investments in affiliates in which the Company owns from 20% to 50% are accounted for by the equity method. Other investments are generally carried at cost. All significant intercompany accounts and transactions have been eliminated. | |
REVENUE RECOGNITION – Revenues from sales of crude oil, natural gas and refined petroleum products are recorded when deliveries have occurred and legal ownership of the commodity transfers to the customer. Revenues from the production of oil and natural gas properties in which Murphy shares an undivided interest with other producers are recognized based on the actual volumes sold by the Company during the period. Natural gas imbalances occur when the Company’s actual gas sales volumes differ from its entitlement under existing working interests. The Company records a liability for gas imbalances when it has sold more than its working interest of gas production and the estimated remaining reserves make it doubtful that partners can recoup their share of production from the field. At December 31, 2013 and 2012, the liabilities for natural gas balancing were immaterial. | |
Refined products sold at retail are recorded when the customer takes delivery at the pump. Title transfer for bulk motor fuel products generally occurs at pipeline custody points or upon truck loading at product terminals. Merchandise revenues are recorded at the point of sale. | |
The Company enters into buy/sell and similar arrangements when crude oil and other petroleum products are held at one location but are needed at a different location. The Company often pays or receives funds related to the buy/sell arrangement based on location or quality differences. The Company accounts for such transactions on a net basis in its Consolidated Statement of Income. | |
TAXES COLLECTED FROM CUSTOMERS AND REMITTED TO GOVERNMENT AUTHORITIES – Excise and other taxes collected on sales of refined products and remitted to governmental agencies are excluded from revenues and costs and expenses in the Consolidated Statement of Income. | |
CASH EQUIVALENTS – Short-term investments, which include government securities and other instruments with government securities as collateral, that have a maturity of three months or less from the date of purchase are classified as cash equivalents. | |
MARKETABLE SECURITIES – The Company classifies investments in marketable securities as available-for-sale or held-to-maturity. The Company does not have any investments classified as trading securities. Available-for-sale securities are carried at fair value with the unrealized gain or loss, net of tax, reported in other comprehensive income. Held-to-maturity securities are recorded at amortized cost. Premiums and discounts are amortized or accreted into earnings over the life of the related available-for-sale or held-to-maturity security. | |
Dividend and interest income is recognized when earned. Unrealized losses considered to be other than temporary are recognized currently in earnings. The cost of securities sold is based on the specific identification method. The fair value of investment securities is determined by available market prices. At December 31, 2013, the Company owned Canadian government securities with maturities greater than 90 days at date of acquisition that had a carrying value of $374,842,000. These securities are readily marketable and could be quickly converted to cash if needed to meet operating cash needs in Canada. | |
ACCOUNTS RECEIVABLE – At December 31, 2013, the Company’s accounts receivable primarily consisted of amounts owed to the Company by customers for sales of crude oil and natural gas. In 2012 this balance included receivables for oil and gas sales and amounts owed for refined products sold under varying credit arrangements in the U.S. and U.K. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses on these receivables. The Company reviews this allowance for adequacy at least quarterly and bases its assessment on a combination of current information about its customers and historical write-off experience. Any trade accounts receivable balances written off are charged against the allowance for doubtful accounts. The Company has not experienced any significant credit-related losses in the past three years. | |
INVENTORIES – Crude oil and blend stocks inventories include unsold crude oil production in 2013 and 2012, and in 2012 also included Milford Haven refinery feedstocks. Unsold crude oil production is carried in inventory at the lower of cost, generally applied on a first-in, first-out (FIFO) basis, or market, and includes costs incurred to bring the inventory to its existing condition. Refinery inventories of crude oil and other feedstocks and certain finished product inventories are valued at the lower of cost, generally applied on a last-in, first-out (LIFO) basis, or market. Merchandise inventory held for resale at retail marketing stations in 2012 was generally carried at average cost and was included in Finished products inventories. Materials and supplies inventories are valued at the lower of average cost or estimated value and generally consist of tubulars and other drilling equipment and additionally at year-end 2012 it included spare parts for refinery operations. Cash collected upon the sale of inventory to customers is classified as an operating activity in the Consolidated Statement of Cash Flows. | |
PROPERTY, PLANT AND EQUIPMENT – The Company uses the successful efforts method to account for exploration and development expenditures. Leasehold acquisition costs are capitalized. If proved reserves are found on an undeveloped property, leasehold cost is transferred to proved properties. Costs of undeveloped leases associated with unproved properties are expensed over the life of the leases. Exploratory well costs are capitalized pending determination about whether proved reserves have been found. In certain cases, a determination of whether a drilled exploratory well has found proved reserves cannot be made immediately. This is generally due to the need for a major capital expenditure to produce and/or evacuate the hydrocarbon(s) found. The determination of whether to make such a capital expenditure is usually dependent on whether further exploratory wells find a sufficient quantity of additional reserves. The Company continues to capitalize exploratory well costs in Property, Plant and Equipment when the well has found a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. The Company reevaluates its capitalized drilling costs at least annually to ascertain whether drilling costs continue to qualify for ongoing capitalization. Other exploratory costs, including geological and geophysical costs, are charged to expense as incurred. Development costs, including unsuccessful development wells, are capitalized. Interest is capitalized on significant development projects that are expected to take one year or more to complete. | |
Oil and gas properties are evaluated by field for potential impairment. Other properties are evaluated for impairment on a specific asset basis or in groups of similar assets as applicable. An impairment is recognized when the estimated undiscounted future net cash flows of an asset are less than its carrying value. If an impairment occurs, the carrying value of the impaired asset is reduced to fair value. | |
The Company records a liability for asset retirement obligations (ARO) equal to the fair value of the estimated cost to retire an asset. The ARO liability is initially recorded in the period in which the obligation meets the definition of a liability, which is generally when a well is drilled or the asset is placed in service. The ARO liability is estimated by the Company’s engineers using existing regulatory requirements and anticipated future inflation rates. | |
When the liability is initially recorded, the Company increases the carrying amount of the related long-lived asset by an amount equal to the original liability. The liability is increased over time to reflect the change in its present value, and the capitalized cost is depreciated over the useful life of the related long-lived asset. The Company reevaluates the adequacy of its recorded ARO liability at least annually. Actual costs of asset retirements such as dismantling oil and gas production facilities and site restoration are charged against the related liability. Any difference between costs incurred upon settlement of an asset retirement obligation and the recorded liability is recognized as a gain or loss in the Company’s earnings. | |
Depreciation and depletion of producing oil and gas properties is recorded based on units of production. Unit rates are computed for unamortized exploration drilling and development costs using proved developed reserves; unit rates for unamortized leasehold costs and asset retirement costs are amortized over proved reserves. Proved reserves are estimated by the Company’s engineers and are subject to future revisions based on availability of additional information. The Milford Haven, Wales refinery, certain marketing facilities and certain natural gas processing facilities are depreciated primarily using the composite straight-line method with depreciable lives ranging from 14 to 25 years. Gasoline stations and other properties are depreciated over 3 to 20 years by individual unit on the straight-line method. Gains and losses on asset disposals or retirements are included in income as a separate component of revenues. Property and equipment of U.K. refining and marketing operations are no longer depreciated following the recognition of these assets as held for sale in late 2013. | |
Turnarounds for major processing units at the Milford Haven, Wales refinery are scheduled at four to five year intervals. Turnarounds for coking units at Syncrude Canada Ltd. are scheduled at intervals of two to three years. Turnaround work associated with various other less significant units at Milford Haven and Syncrude varies depending on operating requirements and events. Murphy defers turnaround costs incurred and amortizes such costs over the period until the next scheduled turnaround. This amortization is recorded in Operating Expenses for Syncrude and through results of discontinued operation for the Milford Haven refinery. Also in 2014, amortization of deferred turnaround costs will cease for the U.K. downstream operations that are held for sale. All other maintenance and repairs are expensed as incurred. Renewals and betterments are capitalized. A major turnaround occurred in 2010 at the Milford Haven, Wales refinery. | |
CAPITALIZED INTEREST – Interest associated with borrowings from third parties is capitalized on significant oil and gas development projects when the expected development period extends for one year or more. Interest capitalized is credited in the Consolidated Statement of Income and is added to the cost of the underlying asset for the development project in Property, Plant and Equipment in the Consolidated Balance Sheet. Capitalized interest is amortized over the useful life of the asset in the same manner as other development costs. | |
GOODWILL – Goodwill is recorded in an acquisition when the purchase price exceeds the fair value of net assets acquired. All recorded goodwill arose from the purchase of an oil and natural gas company by Murphy’s wholly owned Canadian subsidiary in 2000. Goodwill is not amortized, but is assessed annually for recoverability of the carrying value. The Company assesses goodwill recoverability at each year-end by comparing the fair value of net assets for conventional oil and natural gas properties in Canada with the carrying value of these net assets including goodwill. The fair value of the conventional oil and natural gas reporting unit is determined using the expected present value of future cash flows. The change in the carrying value of goodwill during 2013 was primarily caused by a change in the foreign currency translation rate between years. Based on its assessment of the fair value of its Canadian conventional oil and natural gas operations, the Company believes the recorded value of goodwill is not impaired at December 31, 2013. Should a future assessment indicate that goodwill is not fully recoverable, an impairment charge to write down the carrying value of goodwill would be required. | |
ENVIRONMENTAL LIABILITIES – A liability for environmental matters is established when it is probable that an environmental obligation exists and the cost can be reasonably estimated. If there is a range of reasonably estimated costs, the most likely amount will be recorded, or if no amount is most likely, the minimum of the range is used. Related expenditures are charged against the liability. Environmental remediation liabilities have not been discounted for the time value of future expected payments. Environmental expenditures that have future economic benefit are capitalized. | |
INCOME TAXES – The Company accounts for income taxes using the asset and liability method. Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Deferred income taxes are measured using the enacted tax rates that are assumed will be in effect when the differences reverse. The Company routinely assesses the realizability of deferred tax assets based on available evidence including assumptions of future taxable income, tax planning strategies and other pertinent factors. A deferred tax asset valuation allowance is recorded when evidence indicates that it is more likely than not that all or a portion of these deferred tax assets will not be realized in a future period. The Company does not provide U.S. deferred taxes for the portion of undistributed earnings of foreign subsidiaries when these earnings are considered indefinitely reinvested in the respective foreign operations. The accounting rules for income tax uncertainties permit recognition of income tax benefits only when they are more likely than not to be realized. The Company includes potential penalties and interest for uncertain income tax positions in income tax expense. | |
FOREIGN CURRENCY – Local currency is the functional currency used for recording operations in Canada and for refining and marketing activities in the United Kingdom. The U.S. dollar is the functional currency used to record all other operations. Exchange gains or losses from transactions in a currency other than the functional currency are included in earnings. Gains or losses from translating foreign functional currencies into U.S. dollars are included in Accumulated Other Comprehensive Income in Stockholders’ Equity. | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES – The fair value of a derivative instrument is recognized as an asset or liability in the Company’s Consolidated Balance Sheet. Upon entering into a derivative contract, the Company may designate the derivative as either a fair value hedge or a cash flow hedge, or decide that the contract is not a hedge for accounting purposes, and thenceforth, recognize changes in the fair value of the contract in earnings. The Company documents the relationship between the derivative instrument designated as a hedge and the hedged items as well as its objective for risk management and strategy for use of the hedging instrument to manage the risk. Derivative instruments designated as fair value or cash flow hedges are linked to specific assets and liabilities or to specific firm commitments or forecasted transactions. The Company assesses at inception and on an ongoing basis whether a derivative instrument accounted for as a hedge is highly effective in offsetting changes in the fair value or cash flows of the hedged item. A derivative that is not a highly effective hedge does not qualify for hedge accounting. The change in the fair value of a qualifying fair value hedge is recorded in earnings along with the gain or loss on the hedged item. The effective portion of the change in the fair value of a qualifying cash flow hedge is recorded in other comprehensive income until the hedged item is recognized in earnings. When the income effect of the underlying cash flow hedged item is recognized in the Consolidated Statement of Income, the fair value of the associated cash flow hedge is reclassified from other comprehensive income into earnings. The ineffective portion of the change in fair value of a cash flow hedge is recognized currently in earnings. If a derivative instrument no longer qualifies as a cash flow hedge and the underlying forecasted transaction is no longer probable of occurring, hedge accounting is discontinued and the gain or loss recorded in other comprehensive income is recognized immediately in earnings. | |
FAIR VALUE MEASUREMENTS – The Company carries certain assets and liabilities at fair value in its Consolidated Balance Sheet. Fair value is determined using various techniques depending on the availability of observable inputs. Level 1 inputs include quoted prices in active markets for identical assets or liabilities. Level 2 inputs include observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants. | |
STOCK-BASED COMPENSATION | |
Equity-Settled Awards – The fair value of awarded stock options, restricted stock units and other stock-based compensation that are settled with Company shares is determined based on a combination of management assumptions and the market value of the Company’s common stock. The Company uses the Black-Scholes option pricing model for computing the fair value of equity-settled stock options. The primary assumptions made by management include the expected life of the stock option award and the expected volatility of Murphy’s common stock prices. The Company uses both historical data and current information to support its assumptions. Stock option expense is recognized on a straight-line basis over the respective vesting period of two or three years. The Company uses a Monte Carlo valuation model to determine the fair value of performance-based restricted stock units that are equity settled and expense is recognized over the three-year vesting period. The fair value of time-lapse restricted stock units is determined based on the price of Company stock on the date of grant and expense is recognized over the vesting period. The Company estimates the number of stock options and performance-based restricted stock units that will not vest and adjusts its compensation expense accordingly. Differences between estimated and actual vested amounts are accounted for as an adjustment to expense when known. | |
Cash-Settled Awards – The Company accounts for stock appreciation rights (SAR), cash-settled restricted stock units (CRSU) and phantom stock units as liability awards. Expense associated with these awards are recognized over the vesting period based on the latest available estimate of the fair value of the awards, which is generally determined using a Black-Scholes method for SAR, a Monte Carlo method for CRSU, and the period-end price of the Company’s common stock for phantom units. When SAR are exercised and when CRSU and phantom units expire, the Company adjusts previously recorded expense to the final amounts paid out in cash for these awards. | |
NET INCOME PER COMMON SHARE – Basic income per common share is computed by dividing net income for each reporting period by the weighted average number of common shares outstanding during the period. Diluted income per common share is computed by dividing net income for each reporting period by the weighted average number of common shares outstanding during the period plus the effects of all potentially dilutive common shares. | |
USE OF ESTIMATES – In preparing the financial statements of the Company in conformity with U.S. generally accepted accounting principles, management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Actual results may differ from the estimates. |
New_Accounting_Principles_and_
New Accounting Principles and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
New Accounting Principles and Recent Accounting Pronouncements | ' |
Note B – New Accounting Principles and Recent Accounting Pronouncements | |
Accounting Principles Adopted | |
In February 2013, the Financial Accounting Standards Board (FASB) issued an accounting standards update that requires additional disclosures for reclassification adjustments from accumulated other comprehensive income (AOCI). These additional disclosures include changes in AOCI balances by component and significant items reclassified out of AOCI. These disclosures must be presented either on the face of the affected financial statement or in the notes to the financial statements. The disclosures are effective for Murphy Oil beginning in the first quarter of 2013 and are to be provided on a prospective basis. These disclosures are presented in Note O. | |
In December 2011, the FASB issued an accounting standards update that requires enhanced disclosures about financial instruments and derivative instruments that are either offset in the balance sheet or are subject to an enforceable master netting arrangement or similar agreement. The guidance was effective for all interim and annual periods beginning on or after January 1, 2013. These disclosures are presented in Note P. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
Note C – Discontinued Operations | |||||||||||||
Separation of U.S. Downstream Business | |||||||||||||
On August 30, 2013, Murphy Oil Corporation (the “Company”) distributed 100% of the outstanding common stock of Murphy USA Inc. (“MUSA”) to its shareholders in a generally tax-free spin-off for U.S. federal income tax purposes. After the close of the New York Stock Exchange on August 30, 2013, the Company’s shareholders of record as of 5:00 p.m. Eastern time on August 21, 2013 received one share of MUSA common stock for every four common shares of the Company held by such shareholders. Prior to the separation, MUSA held all of the Company’s U.S. downstream operations, including retail gasoline stations and other marketing assets, plus two ethanol production facilities. In connection with the separation, Murphy Oil USA, Inc., MUSA’s 100% owned primary operating subsidiary, distributed $650,000,000 to the Company in the form of a cash dividend. These funds were raised from the proceeds of $500,000,000 secured notes issued by Murphy Oil USA, Inc. plus $150,000,000 borrowed under credit facilities entered into by MUSA and Murphy Oil USA, Inc. in connection with the separation. The shares of MUSA common stock are traded on the New York Stock Exchange under the ticker symbol “MUSA.” The Company has no continuing involvement with MUSA operations. Accordingly, the operating results and the cash flows for these former U.S. downstream operations have been reported as discontinued operations for all periods presented in the consolidated financial statements. These operations were formerly reported as the U.S. refining and marketing segment in prior years’ financial statements. | |||||||||||||
In order to effect the separation and govern the Company’s relationship with MUSA after the separation, both parties entered into a series of agreements governing each party’s rights and obligations after the separation. Among such agreements, the Separation and Distribution Agreement governs the separation of the U.S. downstream business, the transfer of assets, cross-indemnities between the Company and MUSA, handling of claims subject to indemnification and related matters, and other matters related to the Company’s relationship with MUSA. | |||||||||||||
The Tax Matters Agreement governs the respective rights, responsibilities and obligations of the Company and MUSA with respect to taxes, tax attributes, tax returns, tax proceedings and certain other tax matters. In addition, the Tax Matters Agreement imposes certain restrictions on MUSA and its subsidiaries (including restrictions on share issuances, business combinations, sales of assets and similar transactions) that are designed to preserve the tax-free status of the distribution. | |||||||||||||
The Employee Matters Agreement governs the compensation and employee benefit obligations with respect to the current and former employees and non-employee directors of the Company and MUSA, and generally allocates liabilities and responsibilities relating to employee compensation, benefit plans and programs. The Employee Matters Agreement provides that employees of MUSA will no longer participate in benefit plans sponsored or maintained by the Company. In addition, the Employee Matters Agreement provides that each of the parties will be responsible for their respective current employees and compensation plans for such current employees, and that the Company will be responsible for liabilities relating to former employees who left prior to the separation. The Employee Matters Agreement sets forth the general principles relating to employee matters and also addresses any special circumstances during the transition period. The Employee Matters Agreement also provides that (i) the distribution does not constitute a change in control under existing plans, programs, agreements or arrangements, and (ii) the distribution and the assignment, transfer or continuation of the employment of employees with another entity will not constitute a severance event under the applicable plans, programs, agreements or arrangements. | |||||||||||||
The Transition Service Agreement sets forth the terms on which the Company and MUSA will provide certain services or functions to the other party. Transition services include administration, payroll, human resources, data processing, environmental health and safety, audit support, financial transaction support, and other support services, information technology systems and various other corporate services. The agreement provides for the provision of specified services, generally for a period of up to 18 months, with a possible extension of six months (an aggregate of 24 months), on a full cost basis. | |||||||||||||
Other Discontinued Operations | |||||||||||||
Additionally, the Company completed the sale of all of its U.K. oil and natural gas production assets during 2013. The Company recognized an after-tax gain of $216,147,000 on sale of these U.K. oil and gas assets during 2013. The results of the operations have also been reported as discontinued operations for all periods presented in these consolidated financial statements. | |||||||||||||
The Company has previously announced its intention to sell its U.K. refining and marketing operations. Beginning in 2013, the Company has accounted for the U.K. downstream business as discontinued operations for all periods presented, including a reclassification of all the prior years’ operating results for this business to discontinued operations. The U.K. downstream operations were formerly reported as a separate segment within the Company’s refining and marketing business. The sale process continues in 2014. | |||||||||||||
The following table presents the carrying value of the major categories of assets and liabilities of discontinued operations reflected on the Company’s consolidated balance sheets at December 31, 2013 and 2012: | |||||||||||||
(Millions of dollars) | 2013 | 2012 | |||||||||||
Current assets | |||||||||||||
Held for sale assets of U.K. downstream operations: | |||||||||||||
Cash | $ | 301,302 | 0 | ||||||||||
Accounts receivable | 302,059 | 0 | |||||||||||
Inventories | 254,240 | 0 | |||||||||||
Other | 86,131 | 0 | |||||||||||
Held for sale assets of U.K. oil and gas operations | 0 | 15,119 | |||||||||||
Total current assets held for sale | $ | 943,732 | 15,119 | ||||||||||
Non-current assets | |||||||||||||
Held for sale assets of U.K. downstream operations: | |||||||||||||
Property, plant and equipment, net | $ | 360,347 | 0 | ||||||||||
Other | 21,057 | 0 | |||||||||||
Held for sale assets of U.K. oil and gas operations: | |||||||||||||
Property, plant and equipment | 0 | 205,746 | |||||||||||
Other | 0 | 2,422 | |||||||||||
Total non-current assets held for sale | $ | 381,404 | 208,168 | ||||||||||
Current liabilities | |||||||||||||
Current liabilities associated with held for sale properties of U.K. downstream operations: | |||||||||||||
Accounts payable | $ | 637,432 | 0 | ||||||||||
Other | 1,708 | 0 | |||||||||||
Current liabilities associated with held for sale properties of U.K. oil and gas operations: | |||||||||||||
Accounts payable | 0 | 27,578 | |||||||||||
Income taxes payable | 0 | 19,893 | |||||||||||
Total current liabilities associated with assets held for sale | $ | 639,140 | 47,471 | ||||||||||
Non-current liabilities | |||||||||||||
Non-current liabilities associated with held for sale properties of U.K. downstream operations: | |||||||||||||
Deferred income taxes payable | $ | 68,096 | 0 | ||||||||||
Deferred credits and other liabilities | 27,448 | 0 | |||||||||||
Non-current liabilities associated with held for sale properties of U.K. oil and gas operations: | |||||||||||||
Deferred income taxes payable | 0 | 87,893 | |||||||||||
Asset retirement obligations | 0 | 53,284 | |||||||||||
Total non-current liabilities associated with assets held for sale | $ | 95,544 | 141,177 | ||||||||||
As described above, the Company separated its U.S. downstream operations in 2013. The major categories of assets and liabilities for MUSA were included in the Company’s consolidated balance sheet at December 31, 2012 as follows: | |||||||||||||
(Millions of dollars) | 2012 | ||||||||||||
Current assets | |||||||||||||
Accounts receivable | $ | 525,936 | |||||||||||
Inventories | 217,393 | ||||||||||||
Other current assets | 8,685 | ||||||||||||
Total current assets | $ | 752,014 | |||||||||||
Non-current assets | |||||||||||||
Property, plant and equipment, net | $ | 1,163,748 | |||||||||||
Other assets | 498 | ||||||||||||
Total non-current assets | $ | 1,164,246 | |||||||||||
Current liabilities | |||||||||||||
Accounts payable | $ | 612,755 | |||||||||||
Income taxes payable | 16,851 | ||||||||||||
Other taxes payable | 65,349 | ||||||||||||
Other current liabilities | 38,798 | ||||||||||||
Total current liabilities | $ | 733,753 | |||||||||||
Non-current liabilities | |||||||||||||
Long-term debt | $ | 1,123 | |||||||||||
Deferred income taxes | 89,946 | ||||||||||||
Asset retirement obligations | 15,401 | ||||||||||||
Deferred credits and other liabilities | 87,600 | ||||||||||||
Total non-current liabilities | $ | 194,070 | |||||||||||
In 2013, the Company wrote down its net investment in the held for sale U.K. refining and marketing assets by $73,000,000. This charge has been included in discontinued operations for 2013. The write down was based on an assessment of the fair value of these assets based on the status of the ongoing sale process. | |||||||||||||
At year-end 2012, the Company wrote down its net investment in the ethanol production facility in Hereford, Texas, taking an impairment charge of $60,988,000 in discontinued operations. The write down was required based on expected weak ethanol production margins at the plant in future periods. Fair value was determined using a discounted cash flow model for three years, plus an estimated terminal value based on a multiple of the last year’s cash flow. Certain key assumptions used in the cash flow model included use of available futures prices for corn and ethanol products. Additional key assumptions included estimated future ethanol and distillers grain production levels, estimated future operating expenses, and estimated sales prices for distillers grain. | |||||||||||||
In July 2012, the United Kingdom enacted tax changes that limited tax relief on oil and gas decommissioning costs to 50%, a reduction from the 62% tax relief previously allowed for these costs. This tax rate change led to a net reduction of income from discontinued operations of $5,523,000 in 2012. In July 2011, the United Kingdom enacted a supplemental tax rate increase for oil and gas companies effective retroactive to March 2011. The total U.K. tax rate increased from 50% to 62% for oil and gas companies. The supplemental tax rate change reduced income from discontinued operations by $14,461,000 for 2011. | |||||||||||||
On September 30, 2011, the Company sold the Superior, Wisconsin refinery and related assets for $214,000,000, plus certain capital expenditures between July 25, 2011, and the date of closing and the fair value of all associated hydrocarbon inventories at these locations. On October 1, 2011, the Company sold its Meraux, Louisiana refinery and related assets for $325,000,000, plus the fair value of associated hydrocarbon inventories. The Company has accounted for the results of the Superior, Wisconsin and Meraux, Louisiana refineries and associated marketing assets as discontinued operations. The after-tax gain in 2011 from disposal of the two refineries netted to $18,724,000, made up of a gain on the Superior refinery (including associated inventories) of $77,585,000 and a loss on the Meraux refinery (including associated inventories) of $58,861,000. The gain on disposal in 2011 was based on refinery selling prices, plus the sale of all associated inventories at fair value, which was significantly above the last-in, first-out cost method. The net gain on sale of the refineries included an after-tax benefit of $179,152,000 from liquidation of inventories formerly carried primarily under the last-in, first-out cost method. The U.S. refineries sold were formerly reported in the U.S. manufacturing segment. | |||||||||||||
The results of operations associated with all discontinued operations are presented in the following table. | |||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | ||||||||||
Revenues | $ | 17,586,236 | 24,156,748 | 27,310,300 | |||||||||
Income from operations before income taxes | $ | 119,984 | 330,048 | 571,339 | |||||||||
Gain on sale before income taxes | 130,991 | 0 | 12,684 | ||||||||||
Total income from discontinued operations before taxes | 250,975 | 330,048 | 584,023 | ||||||||||
Provision for income taxes | 15,639 | 165,666 | 250,519 | ||||||||||
Income from discontinued operations | $ | 235,336 | 164,382 | 333,504 | |||||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||||||||||||||||||||||||
Note D – Property, Plant and Equipment | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||
(Thousands of dollars) | Cost | Net | Cost | Net | |||||||||||||||||||||||||||||||||
Exploration and production1 | $ | 21,932,119 | 13,433,468 | 2 | 18,408,904 | 11,294,933 | 2 | ||||||||||||||||||||||||||||||
Refining and marketing | 0 | 0 | 2,619,844 | 1,661,081 | |||||||||||||||||||||||||||||||||
Corporate and other | 89,175 | 47,587 | 121,445 | 55,592 | |||||||||||||||||||||||||||||||||
$ | 22,021,294 | 13,481,055 | 21,150,193 | 13,011,606 | |||||||||||||||||||||||||||||||||
1 Includes mineral rights as follows: | $ | 1,007,920 | 489,578 | 1,051,153 | 556,399 | ||||||||||||||||||||||||||||||||
2 Includes $48,691 in 2013 and $26,611 in 2012 related to administrative assets and support equipment. | |||||||||||||||||||||||||||||||||||||
Under FASB guidance exploratory well costs should continue to be capitalized when the well has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. | |||||||||||||||||||||||||||||||||||||
At December 31, 2013, 2012 and 2011, the Company had total capitalized drilling costs pending the determination of proved reserves of $393,030,000, $445,697,000 and $556,412,000, respectively. The following table reflects the net changes in capitalized exploratory well costs during the three-year period ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Beginning balance at January 1 | $ | 445,697 | 556,412 | 497,765 | |||||||||||||||||||||||||||||||||
Additions to capitalized exploratory well costs pending the determination of proved reserves | 57,716 | 135,849 | 86,035 | ||||||||||||||||||||||||||||||||||
Reclassifications to proved properties based on the determination of proved reserves | (93,936 | ) | (165,377 | ) | 0 | ||||||||||||||||||||||||||||||||
Capitalized exploratory well costs charged to expense | (16,447 | ) | (81,187 | ) | (27,388 | ) | |||||||||||||||||||||||||||||||
Ending balance at December 31 | $ | 393,030 | 445,697 | 556,412 | |||||||||||||||||||||||||||||||||
The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed and the number of projects for which exploratory well costs has been capitalized since the completion of drilling. | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(Thousands of dollars) | Amount | No. of | No. of | Amount | No. of | No. of | Amount | No. of | No. of | ||||||||||||||||||||||||||||
Wells | Projects | Wells | Projects | Wells | Projects | ||||||||||||||||||||||||||||||||
Aging of capitalized well costs: | |||||||||||||||||||||||||||||||||||||
Zero to one year | $ | 56,499 | 3 | 1 | $ | 59,833 | 7 | 2 | $ | 69,757 | 11 | 5 | |||||||||||||||||||||||||
One to two years | 60,787 | 7 | 1 | 18,335 | 2 | 3 | 143,611 | 15 | 3 | ||||||||||||||||||||||||||||
Two to three years | 0 | 0 | 0 | 83,314 | 9 | 4 | 101,696 | 9 | 2 | ||||||||||||||||||||||||||||
Three years or more | 275,744 | 22 | 7 | 284,215 | 26 | 6 | 241,348 | 33 | 6 | ||||||||||||||||||||||||||||
$ | 393,030 | 32 | 9 | $ | 445,697 | 44 | 15 | $ | 556,412 | 68 | 16 | ||||||||||||||||||||||||||
Of the $336,531,000 of exploratory well costs capitalized more than one year at December 31, 2013, $213,802,000 is in Malaysia, $116,123,000 is in the U.S. and $6,606,000 is in Brunei. In Malaysia either further appraisal or development drilling is planned and/or development studies/plans are in various stages of completion. In the U.S. further drilling is anticipated and development plans are being formulated. In Brunei development options are under review for these multiple gas discoveries. The capitalized well costs charged to expense in 2013 included two wells offshore Sarawak Malaysia that were written off due to the Company’s decision not to move forward with development of the wells. The capitalized well costs charged to expense in 2012 included a suspended well in the northern block of the Republic of the Congo that was written off following unsuccessful wildcat drilling in 2012 at a nearby prospect, two suspended wells offshore Sarawak Malaysia that were written off following a decision not to continue development of the wells, and a well drilled in the Gulf of Mexico in 2010 that the owners decided not to develop. The capitalized well costs expensed in 2011 related to exploration costs offshore Republic of the Congo and Brunei. The costs in Republic of the Congo were written off following an impairment charge at the nearby Azurite field, and the Brunei costs were written off based on unsuccessful wells drilled in the area in late 2011. | |||||||||||||||||||||||||||||||||||||
At year-end 2012, Murphy determined that the Azurite field, offshore Republic of the Congo, was impaired due to removal of all proved oil reserves after an unsuccessful redrill of a key well in the field. The impairment charge in 2012 totaled $200,000,000 and included a write-off of the remaining book value of the Azurite field plus other anticipated losses related to operations of the field. An impairment charge of $368,600,000 was recorded in 2011 to reduce the carrying value of the Azurite field to fair value. The Company determined that a downward revision of proved oil reserves for Azurite was necessary at year-end 2011 following an extensive study of the declining well production at the field. It was determined that the remaining reserves, including risked estimated probable and possible reserves, would not allow for recovery of the Company’s net investment in the Azurite field. Fair value was determined each year at Azurite using a discounted cash flow model based on certain key assumptions, including future estimated net production levels, future estimated oil prices for the field based on year-end futures prices, and future estimated operating and capital expenditures. | |||||||||||||||||||||||||||||||||||||
The Company has announced that its Board of Directors had approved plans to exit the U.K. refining and marketing business. These operations are presented as discontinued operations in Note C. The sale process for the U.K. downstream assets continues in 2014. |
Financing_Arrangements
Financing Arrangements | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Financing Arrangements | ' |
Note E – Financing Arrangements | |
At December 31, 2013, the Company had a $2.0 billion committed credit facility with a major banking consortium that expires in June 2017. Borrowings under this facility bear interest at 1.25% above LIBOR based on the Company’s current credit rating as of December 31, 2013. In addition, facility fees of 0.25% are charged on the full $2.0 billion commitment. In May 2013, the Company increased the capacity of the committed credit facility from $1.5 billion to $2.0 billion and extended the maturity date by one year from June 2016 to June 2017. At December 31, 2013, the Company had borrowings of $350,000,000 under this committed facility. At December 31, 2013, the Company also had uncommitted credit lines that had estimated total borrowing capacity of approximately $345,000,000. No borrowings were outstanding under these uncommitted credit lines at December 31, 2013. If necessary, the Company could borrow funds under all or certain of these uncommitted lines with various financial institutions in future periods. The Company has a shelf registration statement on file with the U.S. Securities and Exchange Commission that permits the offer and sale of debt and/or equity securities through October 2015. |
Longterm_Debt
Long-term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-term Debt | ' | ||||||||
Note F – Long-term Debt | |||||||||
December 31 | |||||||||
(Thousands of dollars) | 2013 | 2012 | |||||||
Notes payable | |||||||||
2.50% notes, due 2017 | $ | 550,000 | 550,000 | ||||||
3.70% notes, due 2022 | 600,000 | 600,000 | |||||||
4.00% notes, due 2022 | 500,000 | 500,000 | |||||||
7.05% notes, due 2029 | 250,000 | 250,000 | |||||||
5.125% notes, due 2042 | 350,000 | 350,000 | |||||||
Notes payable to banks, 1.4375% at December 31, 2013 | 350,000 | 0 | |||||||
Other, 6%, due through 2028 | 0 | 1,169 | |||||||
Total notes payable | 2,600,000 | 2,251,169 | |||||||
Unamortized discount on notes payable | (5,439 | ) | (5,922 | ) | |||||
Total notes payable, net of unamortized discount | 2,594,561 | 2,245,247 | |||||||
Capitalized lease obligation, due through June 2028 | 368,251 | 0 | |||||||
Total debt including current maturities | 2,962,812 | 2,245,247 | |||||||
Current maturities | (26,249 | ) | (46 | ) | |||||
Total long-term debt | $ | 2,936,563 | 2,245,201 | ||||||
Long-term debt amounts repayable over each of the next five years and thereafter are as follows: $26,249,000 in 2014, $17,921,000 in 2015, $18,819,000 in 2016, $919,700,000 in 2017, $20,752,000 in 2018 and $1,959,371,000 thereafter. | |||||||||
The capitalized lease obligation included in the above table is associated with production facilities at the Kakap field, offshore Sarawak, Malaysia. The facilities are utilized by the Company under a 25 year lease that extends through 2038. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Asset Retirement Obligations | ' | ||||||||
Note G – Asset Retirement Obligations | |||||||||
The asset retirement obligations liabilities (ARO) recognized by the Company at December 31, 2013 and 2012 are related to the estimated costs to dismantle and abandon its producing oil and gas properties and related equipment. | |||||||||
The Company has not recorded an ARO for its refining and marketing assets in the U.K. because sufficient information is presently not available to estimate a range of potential settlement dates for the obligation. These assets are held for sale at December 31, 2013. If these assets are not sold as anticipated, the ARO obligation will be initially recognized in the period in which sufficient information exists to estimate the liability. | |||||||||
A reconciliation of the beginning and ending aggregate carrying amount of the asset retirement obligation for 2013 and 2012 is shown in the following table. | |||||||||
(Thousands of dollars) | 2013 | 2012 | |||||||
Balance at beginning of year | $ | 751,583 | 615,545 | ||||||
Accretion expense | 48,996 | 39,341 | 1 | ||||||
Liabilities incurred | 172,048 | 184,439 | |||||||
Revision of previous estimates | (4,856 | ) | 10,468 | ||||||
Liabilities settled | (51,647 | ) | (40,434 | ) | |||||
Liabilities assumed by Murphy USA Inc. upon separation | (15,401 | ) | 0 | ||||||
U.K. oil and gas asset obligations reclassified to liabilities associated with assets held for sale in 2012 | 0 | (64,355 | ) | ||||||
Changes due to translation of foreign currencies | (20,720 | ) | 6,579 | ||||||
Balance at end of year | 880,003 | 751,583 | |||||||
Current portion of liability at end of year2 | (27,515 | ) | (27,310 | ) | |||||
Noncurrent portion of liability at end of year | $ | 852,488 | 724,273 | ||||||
1 | Includes $980 reclassified to discontinued operations associated with U.S. downstream operations. | ||||||||
2 | Included in Other Accrued Liabilities on the Consolidated Balance Sheet. | ||||||||
The estimation of future ARO is based on a number of assumptions requiring professional judgment. The Company cannot predict the type of revisions to these assumptions that may be required in future periods due to the availability of additional information such as: prices for oil field services, technological changes, governmental requirements and other factors. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note H – Income Taxes | |||||||||||||
The components of income from continuing operations before income taxes for each of the three years ended December 31, 2013 and income tax expense attributable thereto were as follows. | |||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | ||||||||||
Income (loss) from continuing operations before income taxes | |||||||||||||
United States | $ | (5,810 | ) | 54,275 | 72,038 | ||||||||
Foreign | 1,478,497 | 1,313,735 | 1,095,837 | ||||||||||
$ | 1,472,687 | 1,368,010 | 1,167,875 | ||||||||||
Income tax expense (benefit) | |||||||||||||
Federal – Current | $ | (56,790 | ) | (256,931 | ) | 6,050 | |||||||
– Deferred | 65,883 | 177,325 | 15,633 | ||||||||||
9,093 | (79,606 | ) | 21,683 | ||||||||||
State | 7,141 | 8,104 | 5,609 | ||||||||||
Foreign – Current | 477,715 | 472,701 | 471,960 | ||||||||||
– Deferred | 90,601 | 160,317 | 129,425 | ||||||||||
568,316 | 633,018 | 601,385 | |||||||||||
Total | $ | 584,550 | 561,516 | 628,677 | |||||||||
Income tax benefits attributable to employee stock option transactions of $7,435,000 in 2013, $5,920,000 in 2012 and $8,775,000 in 2011 were included in Capital in Excess of Par Value within Stockholders’ Equity in the Consolidated Balance Sheets. | |||||||||||||
The following table reconciles income taxes based on the U.S. statutory tax rate to the Company’s income tax expense. | |||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | ||||||||||
Income tax expense based on the U.S. statutory tax rate | $ | 515,440 | 478,804 | 408,756 | |||||||||
Foreign income subject to foreign taxes at a rate different than the U.S. statutory rate | 31,752 | 7,710 | (10,682 | ) | |||||||||
State income taxes, net of federal benefit | 4,642 | 5,268 | 3,646 | ||||||||||
U.S. tax benefit on certain foreign upstream investments | (133,526 | ) | (108,077 | ) | 0 | ||||||||
Increase in deferred tax asset valuation allowance related to other foreign exploration expenditures | 129,588 | 87,558 | 102,714 | ||||||||||
Impairment or abandonment of Azurite field with no tax benefit | 35,475 | 70,000 | 129,010 | ||||||||||
Malaysian tax benefits on prior year costs in Block P | 0 | 0 | (25,573 | ) | |||||||||
Other, net | 1,179 | 20,253 | 20,806 | ||||||||||
Total | $ | 584,550 | 561,516 | 628,677 | |||||||||
An analysis of the Company’s deferred tax assets and deferred tax liabilities at December 31, 2013 and 2012 showing the tax effects of significant temporary differences follows. | |||||||||||||
(Thousands of dollars) | 2013 | 2012 | |||||||||||
Deferred tax assets | |||||||||||||
Property and leasehold costs | $ | 708,947 | 658,588 | ||||||||||
Liabilities for dismantlements | 79,111 | 78,100 | |||||||||||
Postretirement and other employee benefits | 175,446 | 197,912 | |||||||||||
Alternative minimum tax | 49,536 | 37,253 | |||||||||||
Foreign tax credit carryforwards | 19,896 | 18,594 | |||||||||||
Other deferred tax assets | 23,352 | 32,500 | |||||||||||
Total gross deferred tax assets | 1,056,288 | 1,022,947 | |||||||||||
Less valuation allowance | (633,735 | ) | (523,966 | ) | |||||||||
Net deferred tax assets | 422,553 | 498,981 | |||||||||||
Deferred tax liabilities | |||||||||||||
Property, plant and equipment | (747,561 | ) | (808,311 | ) | |||||||||
Accumulated depreciation, depletion and amortization | (1,040,251 | ) | (1,077,867 | ) | |||||||||
Other deferred tax liabilities | (38,849 | ) | (70,710 | ) | |||||||||
Total gross deferred tax liabilities | (1,826,661 | ) | (1,956,888 | ) | |||||||||
Net deferred tax liabilities | $ | (1,404,108 | ) | (1,457,907 | ) | ||||||||
In management’s judgment, the net deferred tax assets in the preceding table will more likely than not be realized as reductions of future taxable income or by utilizing available tax planning strategies. The valuation allowance for deferred tax assets relates primarily to tax assets arising in foreign tax jurisdictions and foreign tax credit carryforwards. In the judgment of management at the present time, these tax assets are not likely to be realized. The foreign tax credit carryforwards expire in 2015 through 2022. The valuation allowance increased $109,769,000 in 2013, with these changes primarily offsetting the change in certain deferred tax assets. Any subsequent reductions of the valuation allowance will be reported as reductions of tax expense assuming no offsetting change in the deferred tax asset. | |||||||||||||
The Company has not recognized a deferred tax liability for undistributed earnings of its Canadian and certain other foreign subsidiaries because such earnings are considered indefinitely invested in foreign countries. As of December 31, 2013, undistributed earnings of the Company’s subsidiaries considered indefinitely invested were approximately $6,677,000,000. The unrecognized deferred tax liability is dependent on many factors including withholding taxes under current tax treaties and foreign tax credits and is estimated to be approximately $651,000,000. The Company does not consider undistributed earnings from certain other international operations to be indefinitely invested; however, any estimated tax liabilities upon repatriation of earnings from these international operations are expected to be offset with foreign tax credits. Although the Company does not foresee repatriating earnings considered indefinitely invested, under present law, it would incur a 5% withholding tax on any monies repatriated from Canada to the United States. | |||||||||||||
Uncertain Income Tax Positions | |||||||||||||
The FASB’s rules for accounting for income tax uncertainties clarify the criteria for recognizing uncertain income tax benefits and require additional disclosures about uncertain tax positions. Under current rules the financial statement recognition of the benefit for a tax position is dependent upon the benefit being more likely than not to be sustainable upon audit by the applicable taxing authority. If this threshold is met, the tax benefit is then measured and recognized at the largest amount that is greater than 50 percent likely of being realized upon ultimate settlement. Liabilities associated with uncertain income tax positions are included in Deferred Credits and Other Liabilities in the Consolidated Balance Sheet. A reconciliation of the beginning and ending amount of the consolidated liability for unrecognized income tax benefits during the three years ended December 31, 2013 is shown in the following table. | |||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | 16,611 | 18,857 | 23,196 | |||||||||
Additions for tax positions related to current year | 2,486 | 1,258 | 1,294 | ||||||||||
Settlements due to lapse of time | (12,731 | ) | (3,504 | ) | (5,633 | ) | |||||||
Balance at December 31 | $ | 6,366 | 16,611 | 18,857 | |||||||||
All additions or reductions to the above liability affect the Company’s effective income tax rate in the respective period of change. The Company accounts for any applicable interest and penalties on uncertain tax positions as a component of income tax expense. The Company also had other recorded liabilities as of December 31, 2013 and 2012 for interest and penalties of $146,000 and $975,000, respectively, associated with uncertain tax positions. Income tax expense for the years ended December 31, 2013, 2012 and 2011 included net benefits for interest and penalties of $829,000, $1,000 and $34,000, respectively, associated with uncertain tax positions. | |||||||||||||
During the next twelve months, the Company currently expects to add between $1,000,000 and $2,000,000 to the liability for uncertain taxes for 2014 events. Although existing liabilities could be reduced by settlement with taxing authorities or lapse due to statute of limitations, the Company believes that the changes in its unrecognized tax benefits due to these events will not have a material impact on the Consolidated Statement of Income during 2014. | |||||||||||||
The Company’s tax returns in multiple jurisdictions are subject to audit by taxing authorities. These audits often take years to complete and settle. Although the Company believes that recorded liabilities for unsettled issues are adequate, additional gains or losses could occur in future years from resolution of outstanding unsettled matters. As of December 31, 2013, the earliest years remaining open for audit and/or settlement in the Company’s major taxing jurisdictions are as follows: United States – 2010; Canada – 2007; United Kingdom – 2011; and Malaysia – 2006. |
Incentive_Plans
Incentive Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Incentive Plans | ' | ||||||||||||||||||||||||
Note I – Incentive Plans | |||||||||||||||||||||||||
Murphy utilizes cash-based and/or share-based incentive plans to supplement normal salaries as compensation for executive management and certain employees. For share-based awards that qualify for equity accounting, costs are recognized as an expense in the financial statements using a grant date fair value-based measurement method over the periods that the awards vest. For share-based awards that are required to be accounted for under liability accounting rules, costs are recognized as expense using a fair value-based measurement method over the vesting period, but expense is adjusted as necessary through the date the award value is finally determined. Total expense for liability awards is ultimately adjusted to the final intrinsic value for the award. | |||||||||||||||||||||||||
In 2012, the Company’s shareholders approved replacement of the 2007 Annual Incentive Plan (2007 Annual Plan) and the 2007 Long-Term Incentive Plan (2007 Long-Term Plan) with the 2012 Annual Incentive Plan (2012 Annual Plan) and 2012 Long-Term Incentive Plan (2012 Long-Term Plan), respectively. All awards to employees on or after May 9, 2012 have been made under the respective 2012 plans. | |||||||||||||||||||||||||
The 2012 Annual Plan and the 2007 Annual Plan authorize the Executive Compensation Committee (the Committee) to establish specific performance goals associated with annual cash awards that may be earned by officers, executives and certain other employees. Cash awards under the 2012 Annual Plan and 2007 Annual Plan are determined based on the Company’s actual financial and operating results as measured against the performance goals established by the Committee. The 2012 Long-Term Plan and the 2007 Long-Term Plan authorize the Committee to make grants of the Company’s Common Stock to employees. These grants may be in the form of stock options (nonqualified or incentive), stock appreciation rights (SAR), restricted stock, restricted stock units, performance units, performance shares, dividend equivalents and other stock-based incentives. The 2012 Long-Term Plan expires in 2022. A total of 8,700,000 shares are issuable during the life of the 2012 Long-Term Plan, with annual grants limited to 1% of Common shares outstanding; allowed shares not granted may be granted in future years. Based on awards made to date, approximately 7,135,000 shares remained available for grant under the 2012 Long-Term Plan at December 31, 2013. The Company also has a 2013 Stock Plan for Non-Employee Directors (Director Plan) that permits the issuance of restricted stock, restricted stock units and stock options or a combination thereof to the Company’s Non-Employee Directors. | |||||||||||||||||||||||||
The Company generally expects to issue treasury shares to satisfy future stock option exercises and vesting of restricted stock and restricted stock units. | |||||||||||||||||||||||||
Amounts recognized in the financial statements with respect to share-based plans are shown in the following table. | |||||||||||||||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Compensation charged against income before income tax benefit | $ | 66,976 | 46,694 | 43,272 | |||||||||||||||||||||
Related income tax benefit recognized in income | 19,321 | 14,443 | 14,396 | ||||||||||||||||||||||
As of December 31, 2013, there was $59,505,000 in compensation costs to be expensed over approximately the next two years related to unvested share-based compensation arrangements granted by the Company. Cash received from options exercised under all share-based payment arrangements for the years ended December 31, 2013, 2012 and 2011 was $2,395,000, $10,375,000 and $13,251,000, respectively. Total income tax benefits realized from tax deductions related to stock option exercises under share-based payment arrangements were $7,435,000, $5,920,000 and $8,775,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
STOCK OPTIONS – The Committee fixes the option price of each option granted at no less than fair market value (FMV) on the date of the grant and fixes the option term at no more than seven years from such date. Each option granted to date under the 2012 Long-Term Plan and the 2007 Long-Term Plan has been nonqualified, with a term of seven years and an option price equal to FMV at date of grant. Under the 2012 Long-Term Plan and the 2007 Long-Term Plan, one-half of each grant is generally exercisable after two years and the remainder after three years. For stock options, the number of shares issued upon exercise is reduced for settlement of applicable statutory income tax withholdings owed by the grantee. Under the Director Plan, one-third of each grant is exercisable after each of the first three years. | |||||||||||||||||||||||||
The fair value of each option award is estimated on the date of grant using the Black-Scholes pricing model based on the assumptions noted in the following table. Expected volatility is based on historical volatility of the Company’s stock and implied volatility on publicly traded at-the-money options on the Company’s stock. The Company estimates the expected term of the options granted based on historical option exercise patterns and considers certain groups of employees exhibiting different behavior. The risk-free interest rate for periods within the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Fair value per option grant | $15.81 – $20.62 | $12.37 – $17.74 | $20.34 | ||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||
Dividend yield | 2.10% – 2.30% | 1.80% – 2.27% | 1.80% | ||||||||||||||||||||||
Expected volatility | 34.00% – 36.00% | 39.00% – 39.62% | 37.00% | ||||||||||||||||||||||
Risk-free interest rate | 0.96% – 2.00% | 0.55% – 0.77% | 2.10% | ||||||||||||||||||||||
Expected life | 5.25 yrs. – 6.50 yrs. | 4.00 yrs. – 5.20 yrs. | 5.10 yrs. | ||||||||||||||||||||||
Changes in stock options outstanding during the last three years are presented in the following table. | |||||||||||||||||||||||||
Number of | Average | ||||||||||||||||||||||||
Shares | Exercise | ||||||||||||||||||||||||
Price | |||||||||||||||||||||||||
Outstanding at December 31, 2010 | 5,302,384 | $ | 48.83 | ||||||||||||||||||||||
Granted at FMV | 1,397,312 | 67.64 | |||||||||||||||||||||||
Exercised | (974,500 | ) | 39.3 | ||||||||||||||||||||||
Forfeited | (290,968 | ) | 52.73 | ||||||||||||||||||||||
Outstanding at December 31, 2011 | 5,434,228 | 55.17 | |||||||||||||||||||||||
Granted at FMV | 1,870,500 | 57.96 | |||||||||||||||||||||||
Exercised | (823,855 | ) | 38.37 | ||||||||||||||||||||||
Forfeited | (573,514 | ) | 60.43 | ||||||||||||||||||||||
Outstanding at December 31, 2012 | 5,907,359 | 55.17 | |||||||||||||||||||||||
Granted at FMV | 1,320,176 | 55.26 | |||||||||||||||||||||||
Exercised | (1,335,355 | ) | 45.84 | ||||||||||||||||||||||
Forfeited | (228,576 | ) | 58.01 | ||||||||||||||||||||||
Surrendered in connection with separation of Murphy USA Inc. | (272,936 | ) | 55.99 | ||||||||||||||||||||||
Murphy USA Inc. spin-off adjustment | 615,917 | 52.09 | |||||||||||||||||||||||
Outstanding at December 31, 2013 | 6,006,585 | 56.8 | |||||||||||||||||||||||
Exercisable at December 31, 2010 | 2,499,610 | $ | 45.07 | ||||||||||||||||||||||
Exercisable at December 31, 2011 | 2,319,735 | 51.14 | |||||||||||||||||||||||
Exercisable at December 31, 2012 | 2,474,636 | 54.43 | |||||||||||||||||||||||
Exercisable at December 31, 2013 | 2,435,322 | 51.79 | |||||||||||||||||||||||
Additional information about stock options outstanding at December 31, 2013 is shown below. | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of Exercise | No. | Avg. Life | Aggregate | No. of | Avg. Life | Aggregate | |||||||||||||||||||
Prices per Option | of Options | Remaining | Intrinsic | Options | Remaining | Intrinsic | |||||||||||||||||||
in Years | Value | in Years | Value | ||||||||||||||||||||||
$37.44 to $39.02 | 658,782 | 3.1 | $ | 17,677,000 | 406,939 | 1.4 | $ | 11,165,000 | |||||||||||||||||
$43.88 to $51.63 | 2,233,621 | 4.5 | 34,786,000 | 832,631 | 2.4 | 16,224,000 | |||||||||||||||||||
$54.21 to $63.46 | 3,114,182 | 4.6 | 21,288,000 | 1,195,752 | 2.4 | 4,500,000 | |||||||||||||||||||
6,006,585 | 4.4 | $ | 73,751,000 | 2,435,322 | 2.2 | $ | 31,889,000 | ||||||||||||||||||
The total intrinsic value of options exercised during 2013, 2012 and 2011 was $25,284,000, $17,197,000 and $28,145,000, respectively. Intrinsic value is the excess of the market price of stock at date of exercise over the exercise price received by the Company upon exercise. Aggregate intrinsic value is nil when the exercise price of the stock option exceeds the market price of the Company’s Common stock. | |||||||||||||||||||||||||
In February 2013, the Committee reduced the exercise price of all outstanding stock options by $2.50 per share to reflect the impact of the special dividend of the same amount paid in December 2012. The exercise prices in the tables above beginning in 2013 reflect this $2.50 reduction in exercise price approved in 2013. The income statement effect of this reduced exercise price was an expense of $6,454,000 in 2013. | |||||||||||||||||||||||||
In order to preserve the economic value of unexercised stock options following the spin-off of Murphy USA Inc. on August 30, 2013, the number of outstanding stock options was increased by 10.7% and the exercise price of stock options was reduced by 10.7%. The number of options and the exercise prices in the tables above reflect these adjustments related to the MUSA spin-off. There was no immediate impact on the expense for stock options recognized in 2013 related to this exercise price adjustment. | |||||||||||||||||||||||||
Stock Appreciation Rights (SAR) – SAR may be granted in conjunction with or independent of stock options. During 2013 the Committee granted SAR with terms similar to stock options granted in 2013. Upon exercise of SAR, the intrinsic value will be settled, net of applicable income tax withholdings, in cash rather than with Common shares. The initial fair value of these SAR were equivalent to stock options granted, but the fair value of these liability-type awards are adjusted quarterly based on changes in the key assumptions and the change in price of Murphy Oil shares. The liability was calculated at a price of $64.88 per SAR unit at December 31, 2013. None of these SARs are exercisable at December 31, 2013. At the time of the Murphy USA Inc. spin-off, the number of outstanding SAR and the exercise price of these SAR were adjusted in a manner similar to stock options as described above. Changes in SAR outstanding beginning in 2013 are presented in the following table. | |||||||||||||||||||||||||
Number | Average | ||||||||||||||||||||||||
of SAR | Exercise | ||||||||||||||||||||||||
Price | |||||||||||||||||||||||||
Outstanding at December 31, 2012 | 0 | ||||||||||||||||||||||||
Granted | 851,000 | $ | 54.21 | ||||||||||||||||||||||
Forfeited | (68,712 | ) | |||||||||||||||||||||||
Surrendered in connection with separation of Murphy USA Inc. | (73,000 | ) | |||||||||||||||||||||||
Murphy USA Inc. spin-off adjustment | 78,824 | ||||||||||||||||||||||||
Outstanding at December 31, 2013 | 788,112 | $ | 54.21 | ||||||||||||||||||||||
PERFORMANCE-BASED RESTRICTED STOCK UNITS AND CASH-SETTLED RESTRICTED STOCK UNITS – Restricted stock units (RSU) to be settled in Common shares were granted in each of the last three years under the 2012 Long-Term Plan or the 2007 Long-Term Plan. Each grant will vest if the Company achieves specific performance objectives at the end of the designated performance period. Additional shares may be awarded if performance objectives are exceeded. If performance goals are not met, shares under performance-based grants will not vest, but recognized compensation cost associated with the stock award would not be reversed. For past awards, the performance conditions were based on the Company’s total shareholder return over the performance period compared to an industry peer group of companies. During the performance period, RSU are subject to transfer restrictions and are subject to forfeiture if a grantee terminates for reasons other than retirement, disability or death. Termination for these three reasons will lead to a pro rata award of amounts earned. No dividends are paid or voting rights exist on awards of RSU prior to their settlement. | |||||||||||||||||||||||||
In 2013, the Committee granted both equity-settled and cash-settled performance-based restricted stock units to certain employees. The terms of the cash-settled awards are similar to other performance-based restricted stock awards, except that they are to be settled, net of applicable tax withholdings, in cash rather than Common shares if performance targets are met. The initial fair value of these cash-settled awards are equivalent to other awards settled in shares, however, the cash-settled awards are considered to be liability awards and the fair value thereon is adjusted quarterly based on changes in the key assumptions and the price of Murphy Oil’s Common stock. | |||||||||||||||||||||||||
Upon the separation of Murphy USA Inc. on August 30, 2013, adjustments to outstanding performance-based restricted stock units were made to the number of units outstanding to preserve the economic value of these equity-settled and cash-settled awards. | |||||||||||||||||||||||||
Changes in performance-based RSU outstanding for each of the last three years are presented in the following table. | |||||||||||||||||||||||||
Equity-Settled | Cash-Settled | ||||||||||||||||||||||||
Restricted Stock Units | Restricted Stock Units | ||||||||||||||||||||||||
(Number of share units) | 2013 | 2012 | 2011 | 2013 | |||||||||||||||||||||
Balance at beginning of year | 1,426,238 | 1,174,492 | 1,023,492 | 0 | |||||||||||||||||||||
Granted | 521,776 | 653,355 | 521,423 | 93,200 | |||||||||||||||||||||
Awarded | (380,150 | ) | (260,175 | ) | (309,656 | ) | 0 | ||||||||||||||||||
Forfeited | (39,573 | ) | (141,434 | ) | (60,767 | ) | (9,924 | ) | |||||||||||||||||
Surrendered in connection with separation of Murphy USA Inc. | (116,568 | ) | 0 | 0 | (6,800 | ) | |||||||||||||||||||
Murphy USA Inc. spin-off adjustment | 148,569 | 0 | 0 | 8,380 | |||||||||||||||||||||
Balance at end of year | 1,560,292 | 1,426,238 | 1,174,492 | 84,856 | |||||||||||||||||||||
The fair value of the equity-settled performance-based awards granted in each year was estimated on the date of grant using a Monte Carlo valuation model. Expected volatility was based on daily historical volatility of the Company’s stock price compared to a peer group average over a three-year period. The risk-free interest rate is based on the yield curve of three-year U.S. Treasury bonds and the stock beta was calculated using three years of historical averages of daily stock data for Murphy and the peer group. The assumptions used in the valuation of the performance awards granted in 2013, 2012 and 2011 are presented in the following table. | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Fair value per share at grant date | $39.50 – $68.01 | $54.90 – $63.64 | $38.94 – $64.89 | ||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||
Expected volatility | 31.00% – 32.00% | 37.00% | 51.00% | ||||||||||||||||||||||
Risk-free interest rate | 0.41% – 0.62% | 0.30% | 1.04% | ||||||||||||||||||||||
Stock beta | 0.907 – 0.908 | 0.913 | 1.006 | ||||||||||||||||||||||
Expected life | 3.00 yrs. | 3.00 yrs. | 3.00 yrs. | ||||||||||||||||||||||
TIME-LAPSE RESTRICTED STOCK UNITS – Restricted stock units (RSU) have been granted to the Company’s Non-Employee Directors under the Directors Plan. These awards vest on the third anniversary of the date of grant. The fair value of these awards was estimated based on the market value of the Company’s stock on the date of grant, which were $60.30 per share and $69.67 per share in 2013, $59.33 per share in 2012 and $52.66 per share in 2011. To retain economic value at the time of spin-off of Murphy USA Inc., the number of time-lapse restricted stock units was increased by 10.7% for each unit outstanding on August 30, 2013. | |||||||||||||||||||||||||
Changes in time-lapse restricted stock units outstanding for each of the last three years are presented in the following table. | |||||||||||||||||||||||||
(Number of share units) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance at beginning of year | 98,477 | 116,724 | 166,173 | ||||||||||||||||||||||
Granted | 38,184 | 42,256 | 32,711 | ||||||||||||||||||||||
Vested and issued | (34,696 | ) | (44,980 | ) | (82,160 | ) | |||||||||||||||||||
Forfeited | 0 | (15,523 | ) | 0 | |||||||||||||||||||||
Murphy USA Inc. spin-off adjustment | 10,916 | 0 | 0 | ||||||||||||||||||||||
Balance at end of year | 112,881 | 98,477 | 116,724 | ||||||||||||||||||||||
PHANTOM UNITS – Phantom units have been granted to certain Company employees during 2012 and 2013. These awards will be settled in cash generally after three year terms based on the average of the high and low price for the Company’s Common stock on the maturity dates. To retain economic value at the time of spin-off of Murphy USA Inc., phantom unit awards were increased by 10.7% for each unit outstanding on August 30, 2013. Total expense related to these phantom awards was $2,063,000 in 2013 and $305,000 in 2012. | |||||||||||||||||||||||||
PERFORMANCE UNITS – The Company also awarded performance units in 2011 through 2013 to certain U.S. retail marketing employees under the 2012 Long-Term Plan and 2007 Long-Term Plan. The performance units were to be paid in cash and awards are computed at between 0% and 200% of targeted amounts based on achievement of U.S. retail financial performance over the three-year term of the award. These performance units were all settled and paid in connection with the separation of Murphy USA Inc. No performance units remain outstanding at December 31, 2013. Total expense related to these awards was $2,062,000 in 2013, $2,665,000 in 2012 and $871,000 in 2011. | |||||||||||||||||||||||||
EMPLOYEE STOCK PURCHASE PLAN (ESPP) – The Company has an ESPP under which the Company’s Common stock can be purchased by eligible U.S. and Canadian employees. Each quarter, an eligible employee may elect to withhold up to 10% of his or her salary to purchase shares of the Company’s stock at the end of the quarter at a price equal to 90% of the fair value of the stock as of the first day of the quarter. The ESPP will terminate on the earlier of the date that employees have purchased all 980,000 authorized shares or June 30, 2017. Employee stock purchases under the ESPP were 16,020 shares at an average price of $54.14 per share in 2013, 24,418 shares at an average price of $48.54 per share in 2012 and 28,555 shares at an average price of $55.28 per share in 2011. At December 31, 2013, 286,941 shares remained available for sale under the ESPP. Compensation costs related to the ESPP are estimated based on the value of the 10% discount and the fair value of the option that provides for the refund of participant withholdings, and such expenses were $143,000 in 2013, $272,000 in 2012 and $328,000 in 2011. The fair value per share issued under the ESPP was approximately $6.72, $7.30 and $8.60 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
SAVINGS-RELATED SHARE OPTION PLAN (SOP) – One of the Company’s U.K. subsidiaries formerly provided a plan that allowed shares of the Company’s Common stock to be purchased by eligible employees using payroll withholdings. An eligible employee could have elected to withhold from £5 to £250 per month to purchase shares of Company stock at a price equal to 90% of the fair value of the stock as of the date of grant. The SOP plan had a term of three years and employee withholdings were fixed over the life of the plan. At the end of the term of the SOP plan an employee received interest on withholdings and had six months to either use all or part of the withholdings plus credited interest to purchase shares of Company stock or receive a repayment of withholdings plus credited interest. The SOP expired in 2012. Compensation costs related to the SOP plan were estimated based on the value of the 10% discount and the fair value of the option that allowed the employee to receive a repayment of withholdings plus credited interest. The fair value per share of the SOP plans with holding periods that ended in April 2011 and May 2012 were $23.77 and $22.85, respectively. Total expense associated with this plan was nil in 2013, $110,000 in 2012 and $538,000 in 2011. | |||||||||||||||||||||||||
CASH AWARDS – The Committee also administers the Company’s incentive compensation plans, which provide for annual or periodic cash awards to officers, directors and certain other employees. These cash awards are generally determinable based on the Company achieving specific financial and/or operational objectives. Compensation expense of $53,250,000, $32,417,000 and $33,035,000 was recorded in 2013, 2012 and 2011, respectively, for these plans. |
Employee_and_Retiree_Benefit_P
Employee and Retiree Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Employee and Retiree Benefit Plans | ' | ||||||||||||||||||||||||||||||||
Note J – Employee and Retiree Benefit Plans | |||||||||||||||||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT PLANS – The Company has defined benefit pension plans that are principally noncontributory and cover most full-time employees. All pension plans are funded except for the U.S. and Canadian nonqualified supplemental plans and the U.S. directors’ plan. All U.S. tax qualified plans meet the funding requirements of federal laws and regulations. Contributions to foreign plans are based on local laws and tax regulations. The Company also sponsors health care and life insurance benefit plans, which are not funded, that cover most retired U.S. employees. The health care benefits are contributory; the life insurance benefits are noncontributory. | |||||||||||||||||||||||||||||||||
Effective with the spin-off of Murphy’s former U.S. retail marketing operation, Murphy USA Inc. (MUSA) on August 30, 2013, significant modifications were made to the U.S. defined benefit pension plan. Certain Murphy employees’ benefits under the U.S. plan were frozen at that time. No further benefit service will accrue for the affected employees, however, the plan will recognize future earnings after the spin-off. In addition, all previously unvested benefits became fully vested at the spin-off date. For those affected active employees of the Company, additional U.S. retirement plan benefits will accrue in future periods under a cash balance formula. Upon the spin-off of MUSA, Murphy retained all vested pension defined benefit and other postretirement benefit obligations associated with current and former employees of this separated business. No additional benefit will accrue for any employees of MUSA under the Company’s retirement plan after the spin-off date. | |||||||||||||||||||||||||||||||||
Generally accepted accounting principles require the Company to recognize the overfunded or underfunded status of its defined benefit plans as an asset or liability in its year-end consolidated balance sheet and to recognize changes in that funded status between periods through comprehensive income. | |||||||||||||||||||||||||||||||||
The tables that follow provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets for the years ended December 31, 2013 and 2012 and a statement of the funded status as of December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||||||||||
Obligation at January 1 | $ | 721,531 | 629,568 | 124,134 | 114,962 | ||||||||||||||||||||||||||||
Service cost | 26,346 | 23,500 | 4,566 | 3,958 | |||||||||||||||||||||||||||||
Interest cost | 30,903 | 29,869 | 5,189 | 5,174 | |||||||||||||||||||||||||||||
Plan amendments | 1,989 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Participant contributions | 21 | 30 | 1,376 | 1,035 | |||||||||||||||||||||||||||||
Actuarial loss (gain) | (9,876 | ) | 55,479 | (8,324 | ) | 4,686 | |||||||||||||||||||||||||||
Medicare Part D subsidy | 0 | 0 | 384 | 432 | |||||||||||||||||||||||||||||
Exchange rate changes | 1,852 | 7,125 | (36 | ) | 14 | ||||||||||||||||||||||||||||
Benefits paid | (38,745 | ) | (30,217 | ) | (5,211 | ) | (6,127 | ) | |||||||||||||||||||||||||
Special termination benefits | 849 | 6,177 | 0 | 0 | |||||||||||||||||||||||||||||
Curtailments | (26,463 | ) | 0 | (15,077 | ) | 0 | |||||||||||||||||||||||||||
Obligation assumed by MUSA at separation | (1,153 | ) | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Obligation at December 31 | 707,254 | 721,531 | 107,001 | 124,134 | |||||||||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1 | 463,546 | 404,350 | 0 | 0 | |||||||||||||||||||||||||||||
Actual return on plan assets | 61,932 | 41,674 | 0 | 0 | |||||||||||||||||||||||||||||
Employer contributions | 46,726 | 42,207 | 3,451 | 4,660 | |||||||||||||||||||||||||||||
Participant contributions | 21 | 30 | 1,376 | 1,035 | |||||||||||||||||||||||||||||
Medicare Part D subsidy | 0 | 0 | 384 | 432 | |||||||||||||||||||||||||||||
Exchange rate changes | 1,594 | 6,289 | 0 | 0 | |||||||||||||||||||||||||||||
Benefits paid | (38,745 | ) | (30,217 | ) | (5,211 | ) | (6,127 | ) | |||||||||||||||||||||||||
Other | (1,966 | ) | (787 | ) | 0 | 0 | |||||||||||||||||||||||||||
Fair value of plan assets at December 31 | 533,108 | 463,546 | 0 | 0 | |||||||||||||||||||||||||||||
Funded status and amounts recognized in the Consolidated Balance Sheets at December 31 | |||||||||||||||||||||||||||||||||
Deferred charges and other assets | 10,254 | 9,679 | 0 | 0 | |||||||||||||||||||||||||||||
Other accrued liabilities | (5,565 | ) | (5,556 | ) | (5,920 | ) | (5,646 | ) | |||||||||||||||||||||||||
Deferred credits and other liabilities | (158,589 | ) | (262,108 | ) | (101,081 | ) | (118,488 | ) | |||||||||||||||||||||||||
Liabilities associated with assets held for sale | (20,246 | ) | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Funded status and net plan liability recognized at December 31 | $ | (174,146 | ) | (257,985 | ) | (107,001 | ) | (124,134 | ) | ||||||||||||||||||||||||
At December 31, 2013, amounts included in accumulated other comprehensive income (AOCI), before reduction for associated deferred income taxes, which have not been recognized in net periodic benefit expense are shown in the following table. | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | Pension | Other | |||||||||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
Net actuarial loss | $ | (150,682 | ) | (13,815 | ) | ||||||||||||||||||||||||||||
Prior service (cost) credit | (3,559 | ) | 372 | ||||||||||||||||||||||||||||||
Transitional asset (liability) | 517 | 0 | |||||||||||||||||||||||||||||||
$ | (153,724 | ) | (13,443 | ) | |||||||||||||||||||||||||||||
Amounts included in AOCI at December 31, 2013 that are expected to be amortized into net periodic benefit expense during 2014 are shown in the following table. | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | Pension | Other | |||||||||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
Net actuarial loss | $ | (8,190 | ) | (242 | ) | ||||||||||||||||||||||||||||
Prior service (cost) credit | (951 | ) | 82 | ||||||||||||||||||||||||||||||
Transitional asset (liability) | 517 | 0 | |||||||||||||||||||||||||||||||
$ | (8,624 | ) | (160 | ) | |||||||||||||||||||||||||||||
The table that follows includes projected benefit obligations, accumulated benefit obligations and fair value of plan assets for plans where the accumulated benefit obligation exceeded the fair value of plan assets. | |||||||||||||||||||||||||||||||||
Projected | Accumulated | Fair Value | |||||||||||||||||||||||||||||||
Benefit Obligations | Benefit Obligations | of Plan Assets | |||||||||||||||||||||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Funded qualified plans where accumulated benefit obligation exceeds fair value of plan assets | $ | 571,217 | 587,318 | 520,610 | 523,773 | 502,308 | 431,788 | ||||||||||||||||||||||||||
Unfunded nonqualified and directors’ plans where accumulated benefit obligation exceeds fair value of plan assets | 115,492 | 112,135 | 102,198 | 98,498 | 0 | 0 | |||||||||||||||||||||||||||
Unfunded other postretirement plans | 107,001 | 124,134 | 107,001 | 124,134 | 0 | 0 | |||||||||||||||||||||||||||
The table that follows provides the components of net periodic benefit expense for each of the three years ended December 31, 2013. | |||||||||||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Service cost | $ | 26,346 | 23,500 | 22,406 | 4,566 | 3,958 | 4,547 | ||||||||||||||||||||||||||
Interest cost | 30,903 | 29,869 | 30,785 | 5,189 | 5,174 | 6,141 | |||||||||||||||||||||||||||
Expected return on plan assets | (28,974 | ) | (25,826 | ) | (25,919 | ) | 0 | 0 | 0 | ||||||||||||||||||||||||
Amortization of prior service cost (credit) | 1,006 | 1,254 | 1,314 | (143 | ) | (173 | ) | (240 | ) | ||||||||||||||||||||||||
Amortization of transitional (asset) liability | (514 | ) | (529 | ) | (536 | ) | 8 | 8 | 8 | ||||||||||||||||||||||||
Recognized actuarial loss | 17,338 | 16,389 | 12,484 | 1,484 | 1,317 | 2,329 | |||||||||||||||||||||||||||
46,105 | 44,657 | 40,534 | 11,104 | 10,284 | 12,785 | ||||||||||||||||||||||||||||
Termination benefits expense | 849 | 6,177 | 695 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Curtailment expense (benefit) | 1,365 | 0 | 1,036 | (442 | ) | 0 | (605 | ) | |||||||||||||||||||||||||
Net periodic benefit expense | $ | 48,319 | 50,834 | 42,265 | 10,662 | 10,284 | 12,180 | ||||||||||||||||||||||||||
Termination and curtailment expenses in 2013 primarily related to plan amendments made at the time of separation of Murphy USA Inc. The increase in net periodic pension benefit expense in 2012 compared to 2011 was primarily related to expense recognized in 2012 for enhanced retirement benefits provided to a former executive officer. Termination and curtailment expenses in 2011 related to sale of two U.S. petroleum refineries during that year. The reduction in the net periodic benefit expense for other postretirement plans in 2012 was due to no further service costs and lower other costs associated with postretirement benefits for the Meraux and Superior refineries sold in 2011. | |||||||||||||||||||||||||||||||||
The preceding tables in this note include the following amounts related to foreign benefit plans. | |||||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Benefit obligation at December 31 | $ | 211,799 | 184,550 | 541 | 525 | ||||||||||||||||||||||||||||
Fair value of plan assets at December 31 | 188,575 | 164,111 | 0 | 0 | |||||||||||||||||||||||||||||
Net plan liabilities recognized | 23,224 | 20,439 | 541 | 525 | |||||||||||||||||||||||||||||
Net periodic benefit expense | 12,622 | 11,022 | 92 | 88 | |||||||||||||||||||||||||||||
The following table provides the weighted-average assumptions used in the measurement of the Company’s benefit obligations at December 31, 2013 and 2012 and net periodic benefit expense for 2013 and 2012. | |||||||||||||||||||||||||||||||||
Benefit Obligations | Net Periodic Benefit Expense | ||||||||||||||||||||||||||||||||
Pension | Other | Pension | Other | ||||||||||||||||||||||||||||||
Benefits | Postretirement | Benefits | Postretirement | ||||||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||||
31-Dec | 31-Dec | Year | Year | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Discount rate | 4.78 | % | 4.24 | % | 4.91 | % | 4.18 | % | 4.23 | % | 4.8 | % | 4.18 | % | 4.87 | % | |||||||||||||||||
Expected return on plan assets | 6.24 | % | 6.2 | % | 0 | % | 0 | % | 6.24 | % | 6.2 | % | 0 | % | 0 | % | |||||||||||||||||
Rate of compensation increase | 4.14 | % | 4.13 | % | 0 | % | 0 | % | 4.12 | % | 4.1 | % | 0 | % | 0 | % | |||||||||||||||||
The discount rates used for determining the plan obligations and expense are based on the universe of high-quality corporate bonds that are available within each country. Cash flow analyses are performed in which a spot yield curve is used to discount projected benefit payment streams for the most significant plans. The discounted cash flows are used to determine an equivalent single rate which is the basis for selecting the discount rate within each country. Expected plan asset returns are based on long-term expectations for asset portfolios with similar investment mix characteristics. Expected compensation increases are based on anticipated future averages for the Company. | |||||||||||||||||||||||||||||||||
Benefit payments, reflecting expected future service as appropriate, which are expected to be paid in future years from the assets of the plans or by the Company are shown in the following table. | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | Pension | Other | |||||||||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
2014 | $ | 32,822 | 6,746 | ||||||||||||||||||||||||||||||
2015 | 33,459 | 6,971 | |||||||||||||||||||||||||||||||
2016 | 33,723 | 7,148 | |||||||||||||||||||||||||||||||
2017 | 34,455 | 7,303 | |||||||||||||||||||||||||||||||
2018 | 35,383 | 7,500 | |||||||||||||||||||||||||||||||
2019-2023 | 194,717 | 41,148 | |||||||||||||||||||||||||||||||
For purposes of measuring postretirement benefit obligations at December 31, 2013, the future annual rates of increase in the cost of health care were assumed to be 7.4% for 2014 decreasing each year to an ultimate rate of 5.0% in 2020 and thereafter. | |||||||||||||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the expense and obligation reported for the postretirement benefit plan. A 1% change in assumed health care cost trend rates would have the following effects. | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | 1% Increase | 1% Decrease | |||||||||||||||||||||||||||||||
Effect on total service and interest cost components of net periodic postretirement benefit expense for the year ended December 31, 2013 | $ | 2,011 | (1,551 | ) | |||||||||||||||||||||||||||||
Effect on the health care component of the accumulated postretirement benefit obligation at December 31, 2013 | 14,331 | (11,812 | ) | ||||||||||||||||||||||||||||||
During 2013, the Company made contributions of $30,570,000 to its domestic defined benefit pension plans, $16,156,000 to its foreign defined benefit pension plans, $3,412,000 to its domestic postretirement benefits plan and $39,000 to its foreign postretirement benefits plan. The Company currently expects during 2014 to make contributions of $27,133,000 to its domestic defined benefit pension plans, $21,977,000 to its foreign defined benefit pension plans, $5,883,000 to its domestic postretirement benefits plan and $36,000 to its foreign postretirement benefits plan. | |||||||||||||||||||||||||||||||||
U.S. Health Care Reform – In March 2010, the United States Congress enacted a health care reform law. Along with other provisions, the law (a) eliminated the tax free status of federal subsidies to companies with qualified retiree prescription drug plans that are actuarially equivalent to Medicare Part D plans beginning in 2013; (b) imposes a 40% excise tax on high-cost health plans as defined in the law beginning in 2018; (c) eliminated lifetime or annual coverage limits and required coverage for preventative health services beginning in September 2010; and (d) imposed a fee of $2 (subsequently adjusted for inflation) for each person covered by a health insurance policy beginning in September 2010. The Company provides a health care benefit plan to eligible U.S. employees and most U.S. retired employees. The law did not significantly affect the Company’s consolidated financial statements as of December 31, 2013, 2012 and 2011 and for the years then ended. The Company continues to evaluate the various components of the law as guidance is issued and cannot predict with certainty all the ways it may impact the Company. However, based on information available to date, the Company currently believes that the health care reform law will not have a material effect on its financial condition, net income or cash flow in future periods. | |||||||||||||||||||||||||||||||||
Plan Investments – Murphy Oil Corporation maintains an Investment Policy Statement (Statement) that establishes investment standards related to its two funded domestic qualified retirement plans. The Statement specifies that all assets will be held in a Master Trust sponsored by the Company, which is administrated by a trustee appointed by the Investment Committee (Committee). Members of the Committee are appointed by the Board of Directors. The Committee hires Investment Managers to invest trust assets within the guidelines established by the Committee as allowed by the Statement. The investment goals call for a portfolio of assets consisting of equity, fixed income and cash equivalent securities. The primary consideration for investments is the preservation of capital, and investment growth should exceed the rate of inflation. The Committee has directed the asset investment advisors of its benefit plans to maintain a portfolio consisting of both equity and fixed income securities. The Company believes that over time a balanced to slightly heavier weighting of the portfolio in equity securities compared to fixed income securities represents the most appropriate long-term mix for future investment return on assets held by domestic plans. The parameters for asset allocation call for the following minimum and maximum percentages: equity securities of between 40% and 70%; fixed income securities of between 30% and 60%; long/short equity of between 0% and 15%; and cash and equivalents of between 0% and 15%. The Committee is authorized to direct investments within these parameters. Equity investments may include common, preferred and convertible preferred stocks, emerging markets stocks and similar funds, and long/short equity funds. Long/short equity is a strategy invested in a portfolio of long stocks hedged with short sales of stocks and/or stock index options, with the combination of investment intended to produce equity-like returns with lower volatility over the long term. Generally no more than 10% of an Investment Manager’s portfolio is to be held in equity securities of any one issuer, and equity securities should have a minimum market capitalization of $100 million. Equities held in the trust should be listed on the New York or American Stock Exchanges, principal U.S. regional exchanges, major foreign exchanges or quoted in significant over-the-counter markets. Equity or fixed income securities issued by the Company may not be held in the trust. Fixed income securities include maturities greater than one year to maturity. The fixed income portfolio should not exceed an average maturity of 11 years. The portfolio may include investment grade corporate bonds, issues of the U.S. government, its agencies and government sponsored entities, government agency issued collateralized mortgage backed securities, agency issued mortgage backed securities, municipal bonds, asset backed securities, commercial mortgage backed securities and international and emerging markets bond funds. The Committee routinely reviews the investment performance of Investment Managers. | |||||||||||||||||||||||||||||||||
For the U.K. retirement plan, trustees have been appointed by the wholly-owned subsidiary that sponsors the plan for U.K. employees. The trustees have hired an investment consultant to manage the assets of the plan within the parameters of the Investment Policy Implementation Document (Document). The objective of investments is to earn a reasonable return within the allocation strategy permitted in the Document while limiting the risk for the funded position of the plan. The Document specifies a strategy with an allocation goal of 60% equities and 40% bonds. The Document allows for ranges of equity investments from 27% to 98%, fixed income securities may range from 25% to 60%, and cash can be held for up to 5% of investments. Approximately one-half of the equity allocation is to be invested in U.K. securities and the remainder split between North American, European, Japanese and other Pacific Basin securities. A minimum of 95% of the fixed income allocation is to be invested in U.K. securities with up to 5% in international or high yield bonds. Tolerance ranges are specified in the Document within the general equity/bond allocation guidelines. Asset performance is compared to a benchmark return based on the allocation guidelines and is targeted to outperform the benchmark by 0.75% per annum over a rolling three-year period. Small working cash balances are permitted to facilitate daily management of payments and receipts within the plan. The trustees routinely review the investment performance of the plan. | |||||||||||||||||||||||||||||||||
For the Canadian retirement plan, the wholly-owned subsidiary that sponsors the plan has a Statement of Investment Policies and Procedures (Policy) applicable to the plan assets. A pension committee appointed by the board of directors of the subsidiary oversees the plan, selects the investment advisors and routinely reviews performance of the asset portfolio. The Policy permits assets to be invested in various Canadian and foreign equity securities, various fixed income securities, real estate, natural resource properties or participation rights and cash. The objective for plan investments is to achieve a total rate of return equal to the long-term interest rate assumption used for the going-concern actuarial funding valuation. The normal allocation includes total equity securities of 60% with a range of 40% to 75% of total assets. Fixed income securities have a normal allocation of 35% with a range of 25% to 45%. Cash will normally have an allocation of 5% with a range of 0% to 15%. The Policy calls for diversification norms within the investment portfolios of both equity securities and fixed income securities. | |||||||||||||||||||||||||||||||||
The weighted average asset allocation for the Company’s funded pension benefit plans at December 31, 2013 and 2012 are presented in the following table. | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Equity securities | 68.4 | % | 62.9 | % | |||||||||||||||||||||||||||||
Fixed income securities | 30.7 | 36.1 | |||||||||||||||||||||||||||||||
Cash equivalents | 0.9 | 1 | |||||||||||||||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||||||||||
The Company’s weighted average expected return on plan assets was 6.24% in 2013 and the return was determined based on an assessment of actual long-term historical returns and expected future returns for a portfolio with investment characteristics similar to that maintained by the plans. The 6.24% expected return was based on an expected average future equity securities return of 8.40% and a fixed income securities return of 3.90% and is net of average expected investment expenses of 0.45%. Over the last 10 years, the return on funded retirement plan assets has averaged 6.93%. | |||||||||||||||||||||||||||||||||
At December 31, 2013, the fair value measurements of retirement plan assets within the fair value hierarchy are included in the table that follows. | |||||||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | Fair Value at | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||||
December 31, 2013 | in Active Markets | Other Observable | Unobservable | ||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
Domestic Plans | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
U.S. core equity | $ | 89,255 | 89,255 | 0 | 0 | ||||||||||||||||||||||||||||
U.S. small/midcap | 37,149 | 37,149 | 0 | 0 | |||||||||||||||||||||||||||||
Hedged funds and other alternative strategies | 32,788 | 0 | 0 | 32,788 | |||||||||||||||||||||||||||||
International commingled trust fund | 77,041 | 0 | 77,041 | 0 | |||||||||||||||||||||||||||||
Emerging market commingled equity fund | 9,654 | 0 | 9,654 | 0 | |||||||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||||||
U.S. fixed income | 72,240 | 0 | 72,240 | 0 | |||||||||||||||||||||||||||||
International commingled trust fund | 14,865 | 0 | 14,865 | 0 | |||||||||||||||||||||||||||||
Emerging market mutual fund | 8,549 | 0 | 8,549 | 0 | |||||||||||||||||||||||||||||
Cash and equivalents | 2,992 | 2,992 | 0 | 0 | |||||||||||||||||||||||||||||
Total Domestic Plans | 344,533 | 129,396 | 182,349 | 32,788 | |||||||||||||||||||||||||||||
Foreign Plans | |||||||||||||||||||||||||||||||||
Equity securities funds | 99,085 | 0 | 99,085 | 0 | |||||||||||||||||||||||||||||
Fixed income securities funds | 57,030 | 0 | 57,030 | 0 | |||||||||||||||||||||||||||||
Diversified pooled fund | 30,800 | 0 | 30,800 | 0 | |||||||||||||||||||||||||||||
Cash and equivalents | 1,660 | 1,660 | 0 | 0 | |||||||||||||||||||||||||||||
Total Foreign Plans | 188,575 | 1,660 | 186,915 | 0 | |||||||||||||||||||||||||||||
Total | $ | 533,108 | 131,056 | 369,264 | 32,788 | ||||||||||||||||||||||||||||
At December 31, 2012, the fair value measurements of retirement plan assets within the fair value hierarchy are included in the table that follows. | |||||||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | Fair Value at | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||||
December 31, 2012 | in Active Markets | Other Observable | Unobservable | ||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
Domestic Plans | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
U.S. core equity | $ | 83,392 | 83,392 | 0 | 0 | ||||||||||||||||||||||||||||
U.S. small/midcap | 20,894 | 20,894 | 0 | 0 | |||||||||||||||||||||||||||||
Hedged funds and other alternative strategies | 14,654 | 0 | 0 | 14,654 | * | ||||||||||||||||||||||||||||
International commingled trust fund | 62,111 | 0 | 62,111 | 0 | |||||||||||||||||||||||||||||
Emerging market commingled equity fund | 9,535 | 0 | 9,535 | 0 | |||||||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||||||
U.S. fixed income | 80,203 | 0 | 80,203 | 0 | |||||||||||||||||||||||||||||
International commingled trust fund | 15,179 | 0 | 15,179 | 0 | |||||||||||||||||||||||||||||
Emerging market mutual fund | 10,060 | 0 | 10,060 | 0 | |||||||||||||||||||||||||||||
Cash and equivalents | 3,407 | 3,407 | 0 | 0 | |||||||||||||||||||||||||||||
Total Domestic Plans | 299,435 | 107,693 | 177,088 | 14,654 | |||||||||||||||||||||||||||||
Foreign Plans | |||||||||||||||||||||||||||||||||
Equity securities funds | 79,233 | 0 | 79,233 | 0 | |||||||||||||||||||||||||||||
Fixed income securities funds | 51,777 | 0 | 51,777 | 0 | |||||||||||||||||||||||||||||
Diversified pooled fund | 31,758 | 0 | 31,758 | 0 | |||||||||||||||||||||||||||||
Cash and equivalents | 1,343 | 1,343 | 0 | 0 | |||||||||||||||||||||||||||||
Total Foreign Plans | 164,111 | 1,343 | 162,768 | 0 | |||||||||||||||||||||||||||||
Total | $ | 463,546 | 109,036 | 339,856 | 14,654 | ||||||||||||||||||||||||||||
* | Reclassified to Level 3 to conform to current presentation. | ||||||||||||||||||||||||||||||||
The definition of levels within the fair value hierarchy in the tables above is included in Note P. | |||||||||||||||||||||||||||||||||
For domestic plans, U.S. core and small/midcap equity securities are valued based on daily market prices as quoted on national stock exchanges or in the over-the-counter market. U.S. long/short equity securities are valued monthly based on a pro-rata share of value. International equities held in a commingled trust are valued monthly based on prices as quoted on various international stock exchanges. The emerging market commingled equity fund is valued monthly based on net asset value. U.S. fixed income securities are valued daily based on bids for the same or similar securities or using net asset values. International fixed income securities held in a commingled trust are valued on a monthly basis using net asset values. The fixed income emerging market mutual fund is valued daily based on net asset value. The domestic plan commingled trusts have waiting periods for withdrawals ranging from 6 to 30 days. Hedged funds and other alternative strategies funds consist of one investment which permits withdrawals semi-annually and another investment which has a three year lock-up period and a 95 day notice following the lock-up period. For foreign plans, the equity securities funds are comprised of U.K. and foreign equity funds valued daily based on fund net asset values. Fixed income securities funds are U.K. securities valued daily at net asset values. The diversified pooled fund is valued daily at net asset value and contains a combination of Canadian and foreign equity securities, Canadian fixed income securities and cash. | |||||||||||||||||||||||||||||||||
The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets are outlined below: | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | Hedged Funds and Other | ||||||||||||||||||||||||||||||||
Alternative Strategies | |||||||||||||||||||||||||||||||||
Total at December 31, 2011 | $ | 13,860 | |||||||||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||||
Relating to assets held at the reporting date | 794 | ||||||||||||||||||||||||||||||||
Relating to assets sold during the period | 0 | ||||||||||||||||||||||||||||||||
Purchases, sales and settlements | 0 | ||||||||||||||||||||||||||||||||
Total at December 31, 2012 | 14,654 | ||||||||||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||||
Relating to assets held at the reporting date | 3,134 | ||||||||||||||||||||||||||||||||
Relating to assets sold during the period | 0 | ||||||||||||||||||||||||||||||||
Purchases, sales and settlements | 15,000 | ||||||||||||||||||||||||||||||||
Total at December 31, 2013 | $ | 32,788 | |||||||||||||||||||||||||||||||
THRIFT PLANS – Most full-time employees of the Company may participate in thrift or savings plans by allotting up to a specified percentage of their base pay. The Company matches contributions at a stated percentage of each employee’s allotment based on years of participation in the plans, with a maximum match of 6%. A U.K. savings plan allows eligible employees to allot a portion of their base pay to purchase Company Common stock at market value. Such employee allotments are matched by the Company. Amounts charged to expense for these U.S. and U.K. plans were $13,839,000 in 2013, $12,594,000 in 2012 and $10,725,000 in 2011. |
Financial_Instruments_and_Risk
Financial Instruments and Risk Management | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Financial Instruments and Risk Management | ' | ||||||||||||||||||||||||||||||||
Note K – Financial Instruments and Risk Management | |||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS – Murphy uses derivative instruments to manage certain risks related to commodity prices, interest rates and foreign currency exchange rates. The use of derivative instruments for risk management is covered by operating policies and is closely monitored by the Company’s senior management. The Company does not hold any derivatives for speculative purposes and it does not use derivatives with leveraged or complex features. Derivative instruments are traded primarily with creditworthy major financial institutions or over national exchanges such as the New York Mercantile Exchange (NYMEX). The Company has a risk management control system to monitor commodity price risks and any derivatives obtained to manage a portion of such risks. For accounting purposes, the Company has not designated commodity and foreign currency derivative contracts as hedges, and therefore, it recognizes all gains and losses on these derivative contracts in its Consolidated Statements of Income. As described below, certain interest rate derivative contracts were accounted for as hedges and the gain or loss associated with recording the fair value of these contracts was deferred in Accumulated Other Comprehensive Income until the anticipated transactions occur. | |||||||||||||||||||||||||||||||||
Commodity Purchase Price Risks – The Company is subject to commodity price risk related to crude oil it will produce and sell in 2014. The Company has entered into a series of West Texas Intermediate (WTI) crude oil price swap financial contracts to hedge a portion of its Eagle Ford Shale production from January 2014 through September 2014. Under these contracts, which mature monthly, the Company will pay the average monthly price in effect and will receive the fixed contract prices. WTI open contracts at December 31, 2013 were as follows: | |||||||||||||||||||||||||||||||||
Volumes | |||||||||||||||||||||||||||||||||
Dates | (barrels per day) | Swap Prices | |||||||||||||||||||||||||||||||
January – March 2014 | 20,000 | $ | 98.47 per barrel | ||||||||||||||||||||||||||||||
April – June 2014 | 20,000 | $ | 96.48 per barrel | ||||||||||||||||||||||||||||||
July – September 2014 | 7,000 | $ | 95.24 per barrel | ||||||||||||||||||||||||||||||
The fair value of these open commodity derivative contracts was a net asset of $716,000 at December 31, 2013. At year-end 2012, the Company was party to corn and related products derivative contracts related to formerly owned ethanol production facilities that had a fair value equal to a net asset of $2,941,000. | |||||||||||||||||||||||||||||||||
Foreign Currency Exchange Risks – The Company is subject to foreign currency exchange risk associated with operations in countries outside the U.S. At December 31, 2013 and 2012, short-term derivative instruments were outstanding in Canada for approximately $32,300,000 and $154,000,000, respectively, to manage the currency risk associated with U.S. dollar accounts receivable balances associated with sale of Canadian crude oil in both years and a U.S. dollar intercompany accounts receivable balance at year-end 2012. The fair values of open foreign currency derivative contracts were liabilities of $26,000 at December 31, 2013 and $1,031,000 at December 31, 2012. | |||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, the fair value of derivative instruments not designated as hedging instruments are presented in the following table. | |||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||
(Thousands of dollars) | Balance | Fair | Balance | Fair | Balance | Fair | Balance | Fair | |||||||||||||||||||||||||
Sheet | Value | Sheet | Value | Sheet | Value | Sheet | Value | ||||||||||||||||||||||||||
Location | Location | Location | Location | ||||||||||||||||||||||||||||||
Type of | |||||||||||||||||||||||||||||||||
Derivative Contract | |||||||||||||||||||||||||||||||||
Commodity | Accounts | $ | 1,970 | — | — | Accounts | $ | 3,043 | Accounts | $ | 102 | ||||||||||||||||||||||
Receivable | Receivable | Payable | |||||||||||||||||||||||||||||||
Foreign exchange | — | — | Accounts | $ | 1,038 | — | — | Accounts | $ | 1,031 | |||||||||||||||||||||||
Payable | Payable | ||||||||||||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, the gains and losses recognized in the Consolidated Statements of Income for derivative instruments not designated as hedging instruments are presented in the following table. | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
(Thousands of dollars) | Location of | Amount of | Location of | Amount of | |||||||||||||||||||||||||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||||||
Recognized | Recognized | Recognized | Recognized | ||||||||||||||||||||||||||||||
in Income | in Income | in Income | in Income | ||||||||||||||||||||||||||||||
on Derivative | on Derivative | on Derivative | on Derivative | ||||||||||||||||||||||||||||||
Type of | |||||||||||||||||||||||||||||||||
Derivative Contract | |||||||||||||||||||||||||||||||||
Commodity | Sale and Other | $ | 2,104 | — | — | ||||||||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||||||||||||
Commodity | Discontinued | (1,604 | ) | Discontinued | $ | (38,283 | ) | ||||||||||||||||||||||||||
Operations | Operations | ||||||||||||||||||||||||||||||||
Foreign exchange | Interest and Other | (5,162 | ) | Interest and Other | 14,156 | ||||||||||||||||||||||||||||
Income (Loss) | Income (Loss) | ||||||||||||||||||||||||||||||||
$ | (4,662 | ) | $ | (24,127 | ) | ||||||||||||||||||||||||||||
Interest Rate Risks – In 2011 the Company entered into a series of derivative contracts known as forward starting interest rate swaps to manage interest rate risk associated with $350,000,000 of notes to be sold in 2012. These interest rate swaps matured in May 2012. Under hedge accounting rules, the Company deferred a loss on these contracts to match the payment of interest on these notes through 2022. During 2013 and 2012, $2,963,000 and $1,852,000 of the deferred loss on the interest rate swaps was charged to interest expense in the Consolidated Statement of Income. There was no Income Statement impact in 2011 associated with accounting for these interest rate derivative contracts. The remaining loss deferred on these matured contracts at December 31, 2013 was $24,815,000, which is recorded, net of income taxes of $8,698,000, in Accumulated Other Comprehensive Income in the Consolidated Balance Sheet. The Company expects to charge approximately $2,963,000 of this deferred loss to income in the form of interest expense during 2014. | |||||||||||||||||||||||||||||||||
CREDIT RISKS – The Company’s primary credit risks are associated with trade accounts receivable, cash equivalents and derivative instruments. Trade receivables arise mainly from sales of oil and natural gas in the U.S., Canada and Malaysia, and sale of petroleum products to a large number of customers in the United Kingdom. The credit history and financial condition of potential customers are reviewed before credit is extended, security is obtained when deemed appropriate based on a potential customer’s financial condition, and routine follow-up evaluations are made. The combination of these evaluations and the large number of customers tends to limit the risk of credit concentration to an acceptable level. Cash equivalents are placed with several major financial institutions, which limit the Company’s exposure to credit risk. The Company controls credit risk on derivatives through credit approvals and monitoring procedures and believes that such risks are minimal because counterparties to the majority of transactions are major financial institutions. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
Note L – Stockholders’ Equity | |
On December 3, 2012, the Company paid a special dividend of $2.50 per outstanding Common share to shareholders of record on November 16, 2012. This dividend totaled $486,141,000. | |
On October 16, 2012, the Company announced authorization of a share buyback program of up to $1.0 billion. The share repurchases could be carried out by utilization of a number of different methods, including but not limited to, open market purchases, accelerated share repurchases and negotiated block purchases, and some of the repurchases may be effected through Rule 10b5-1 plans. On October 2, 2013, the Company’s Board of Directors extended the share repurchase program through April 15, 2014. Through December 31, 2013, the Company has paid $750,000,000 to repurchase shares of Common stock, and has acquired a total of 11,722,969 shares of Common stock under this buyback program. The shares acquired have been carried as Treasury Stock in the Consolidated Balance Sheet. See also Note U – Subsequent Events. |
Earnings_per_Share
Earnings per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings per Share | ' | ||||||||||||
Note M – Earnings per Share | |||||||||||||
The following table reconciles the weighted-average shares outstanding for computation of basic and diluted income per Common share for each of the three years ended December 31, 2013. No difference existed between net income used in computing basic and diluted income per Common share for these years. | |||||||||||||
(Weighted-average shares outstanding) | 2013 | 2012 | 2011 | ||||||||||
Basic method | 187,921,062 | 193,902,335 | 193,409,621 | ||||||||||
Dilutive stock options | 1,350,336 | 766,402 | 1,102,781 | ||||||||||
Diluted method | 189,271,398 | 194,668,737 | 194,512,402 | ||||||||||
The following table reflects certain options to purchase shares of common stock that were outstanding during the three years ended December 31, 2013, but were not included in the computation of diluted EPS above because the incremental shares from assumed conversion were antidilutive. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Antidilutive stock options excluded from diluted shares | 1,026,900 | 3,329,689 | 1,823,564 | ||||||||||
Weighted average price of these options | $ | 54.54 | $ | 64.72 | $ | 69.46 |
Other_Financial_Information
Other Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||
Other Financial Information | ' | ||||||||||||
Note N – Other Financial Information | |||||||||||||
INVENTORIES – Inventories accounted for under the LIFO method totaled $318,628,000 and $262,160,000 at December 31, 2013 and 2012, respectively, and these amounts were $268,608,000 and $571,227,000 less than such inventories would have been valued using the FIFO method. These inventories are carried in Current assets held for sale in the Consolidated Balance Sheet at December 31, 2013. Significant inventory reductions occurred in 2013 and 2011 associated with the separation of the U.S. retail marketing operations and sale of the two U.S. refineries. The reduction in inventories associated with the U.S. retail marketing separation had no impact on the Company’s Consolidated Statement of Income in 2013. The impact of liquidating inventories associated with the sale of the two U.S. refineries, which was mostly derived from fair value exceeding the LIFO carrying value, increased pretax income from discontinued operations by $296,185,000 in 2011. | |||||||||||||
GAIN FROM FOREIGN CURRENCY TRANSACTIONS – Net gains from foreign currency transactions, including the effects of foreign currency contracts, included in the Consolidated Statements of Income were $73,732,000 in 2013, $5,092,000 in 2012 and $22,131,000 in 2011. | |||||||||||||
CASH FLOW DISCLOSURES – Cash income taxes paid were $457,006,000, $566,999,000 and $938,944,000 in 2013, 2012 and 2011, respectively. Interest paid, net of amounts capitalized, was $60,501,000, $9,501,000 and $38,120,000 in 2013, 2012 and 2011, respectively. | |||||||||||||
Noncash operating working capital (increased) decreased during each of the three years ended December 31, 2013 as shown in the following table. | |||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | ||||||||||
Accounts receivable | $ | 224,281 | (382,137 | ) | 90,608 | ||||||||
Inventories | 14,166 | (94,907 | ) | (67,560 | ) | ||||||||
Prepaid expenses | 195,013 | (245,881 | ) | 9,908 | |||||||||
Deferred income tax assets | 15,510 | (7,218 | ) | 15,914 | |||||||||
Accounts payable and accrued liabilities | (176,543 | ) | 534,353 | (535,788 | ) | ||||||||
Current income tax liabilities | (6,098 | ) | 27,610 | (273,118 | ) | ||||||||
Net (increase) decrease in noncash operating working capital | $ | 266,329 | (168,180 | ) | (760,036 | ) | |||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||
Note O – Accumulated Other Comprehensive Income | |||||||||||||||||
The components of Accumulated Other Comprehensive Income (AOCI) on the Consolidated Balance Sheets at December 31, 2013 and December 31, 2012 and the changes during 2013 are presented net of taxes in the following table. | |||||||||||||||||
(Thousands of dollars) | Foreign | Retirement and | Deferred | Total1 | |||||||||||||
Currency | Postretirement | Loss on | |||||||||||||||
Translation | Benefit Plan | Interest | |||||||||||||||
Gains (Losses)1 | Adjustments1 | Rate | |||||||||||||||
Derivative | |||||||||||||||||
Hedges1 | |||||||||||||||||
Balance at December 31, 2012 | $ | 613,492 | (186,539 | ) | (18,052 | ) | 408,901 | ||||||||||
Components of other comprehensive income (loss): | |||||||||||||||||
Before reclassifications to income | (240,300 | ) | 59,145 | 0 | (181,155 | ) | |||||||||||
Reclassifications to income | (68,000 | )2 | 10,438 | 3 | 1,935 | 4 | 55,627 | ||||||||||
Net other comprehensive income (loss) | (308,300 | ) | 69,583 | 1,935 | (236,782 | ) | |||||||||||
Balance at December 31, 2013 | $ | 305,192 | (116,956 | ) | (16,117 | ) | 172,119 | ||||||||||
1 | All amounts are presented net of income taxes. | ||||||||||||||||
2 | Reclassification is included in income from discontinued operations, net of income taxes. | ||||||||||||||||
3 | Reclassifications before taxes of $18,570 are included in the computation of net periodic benefit expense. Related income taxes of $8,132 are included in Income tax expense. | ||||||||||||||||
4 | Reclassifications before taxes of $2,963 are included in Interest expense. Related income taxes of $1,028 for the year ended December 31, 2013 are included in Income tax expense. | ||||||||||||||||
At December 31, 2013, the net foreign currency translation gain of $305,192,000 was primarily related to exploration and production operations in Canada. |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets and Liabilities Measured at Fair Value | ' | ||||||||||||||||
Note P – Assets and Liabilities Measured at Fair Value | |||||||||||||||||
The Company carries certain assets and liabilities at fair value in its Consolidated Balance Sheet. The fair value hierarchy is based on the quality of inputs used to measure fair value, with Level 1 being the highest quality and Level 3 being the lowest quality. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants. | |||||||||||||||||
The fair value measurements for these assets and liabilities at December 31, 2013 and 2012 are presented in the following table. | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
(Thousands of dollars) | Fair Value at | Quoted Prices | Significant | Significant | |||||||||||||
December 31, 2013 | in Active Markets | Other Observable | Unobservable | ||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||
Assets (Liabilities) | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Commodity derivative contracts | $ | 1,970 | 0 | 1,970 | 0 | ||||||||||||
Liabilities | |||||||||||||||||
Nonqualified employee savings plan | $ | (13,267 | ) | (13,267 | ) | 0 | 0 | ||||||||||
Foreign currency exchange derivative contracts | (1,038 | ) | 0 | (1,038 | ) | 0 | |||||||||||
Total | $ | (14,305 | ) | (13,267 | ) | (1,038 | ) | 0 | |||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
(Thousands of dollars) | Fair Value at | Quoted Prices | Significant | Significant | |||||||||||||
December 31, 2012 | in Active Markets | Other Observable | Unobservable | ||||||||||||||
for Identical | Input | Inputs | |||||||||||||||
Assets (Liabilities) | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Commodity derivative contracts | $ | 3,043 | 0 | 3,043 | 0 | ||||||||||||
Liabilities | |||||||||||||||||
Nonqualified employee savings plan | $ | (10,293 | ) | (10,293 | ) | 0 | 0 | ||||||||||
Foreign currency exchange derivative contracts | (1,031 | ) | 0 | (1,031 | ) | 0 | |||||||||||
Commodity derivative contracts | (102 | ) | 0 | (102 | ) | 0 | |||||||||||
Total | $ | (11,426 | ) | (10,293 | ) | (1,133 | ) | 0 | |||||||||
The fair value of West Texas Intermediate (WTI) crude oil contracts was based on active market quotes for WTI crude oil. The fair value of foreign exchange derivative contracts was based on market quotes for similar contracts at the balance sheet date. The fair value of commodity derivative contracts for corn and wet and dried distillers grain in 2012 was determined based on market quotes for No. 2 yellow corn. The income effect of changes in fair value of crude oil derivative contracts is recorded in Sales and Other Operating Revenues in the Consolidated Statements of Income, while the effects of changes in fair value of foreign exchange derivative contracts is recorded in Interest and Other Income and changes in fair value of corn and distillers grain is recorded in Income from Discontinued Operations. The nonqualified employee savings plan is an unfunded savings plan through which participants seek a return via phantom investments in equity securities and/or mutual funds. The fair value of this liability was based on quoted prices for these equity securities and mutual funds. The income effect of changes in the fair value of the nonqualified employee savings plan is recorded in Selling and General Expenses. | |||||||||||||||||
The Company offsets certain assets and liabilities related to derivative contracts when the legal right of offset exists. There were no offsetting positions recorded at December 31, 2013. At December 31, 2012 derivative assets and liabilities which had offsetting positions are presented in the following tables. | |||||||||||||||||
(Thousands of dollars) | Gross Amounts | Gross Amounts | Net Amounts of | ||||||||||||||
of Recognized | Offset in the | Assets Presented | |||||||||||||||
Assets | Consolidated | in the Consolidated | |||||||||||||||
Balance Sheet | Balance Sheet | ||||||||||||||||
At December 31, 2012 | |||||||||||||||||
Commodity derivatives | $ | 3,111 | (2,169 | ) | 942 | ||||||||||||
(Thousands of dollars) | Gross Amounts | Gross Amounts | Net Amounts of | ||||||||||||||
of Recognized | Offset in the | Liabilities Presented | |||||||||||||||
Liabilities | Consolidated | in the Consolidated | |||||||||||||||
Balance Sheet | Balance Sheet | ||||||||||||||||
At December 31, 2012 | |||||||||||||||||
Commodity derivatives | $ | 2,271 | (2,169 | ) | 102 | ||||||||||||
All commodity derivatives noted in the above table at December 31, 2012 were corn-based contracts associated with the Company’s two former U.S. ethanol plants. Net derivative assets in the table above are included in Accounts Receivable on the Consolidated Balance Sheet at December 31, 2012; likewise, net derivative liabilities in the above table are included in Accounts Payable and Accrued Liabilities on the 2012 Consolidated Balance Sheet. Separate derivative agreements existed for each of the ethanol plants. These contracts permitted net settlement and the Company generally availed itself of this right to settle net. | |||||||||||||||||
The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at December 31, 2013 and 2012. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes cash and cash equivalents, trade accounts receivable, trade accounts payable and accrued expenses, all of which had fair values approximating carrying amounts. The carrying value of Canadian government securities is determined based on cost plus earned interest. The fair value of current and long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. The Company has off-balance sheet exposures relating to certain letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal. | |||||||||||||||||
At December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Thousands of dollars) | Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Financial assets (liabilities): | |||||||||||||||||
Canadian government securities with maturities greater than 90 days at the date of acquisition | $ | 374,842 | 375,623 | 115,603 | 115,802 | ||||||||||||
Current and long-term debt | (2,962,812 | ) | (2,822,827 | ) | (2,245,247 | ) | (2,357,972 | ) |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments | ' |
Note Q – Commitments | |
The Company leases production and other facilities under operating leases. The most significant operating leases are associated with floating, production, storage and offloading facilities at the Kikeh and Azurite oil fields, production facilities at the Thunder Hawk and West Patricia fields, and certain motor fuel stations in the U.K. During each of the next five years, expected future rental payments under all operating leases are approximately $259,365,000 in 2014, $185,957,000 in 2015, $134,754,000 in 2016, $117,555,000 in 2017 and $113,585,000 in 2018. Rental expense for noncancellable operating leases, including contingent payments when applicable, was $192,482,000 in 2013, $178,292,000 in 2012 and $185,016,000 in 2011. A lease of production equipment at the Kakap field offshore Sabah, Malaysia has been accounted for as a capital lease and is included in long-term debt discussed in Note F. | |
The Company has entered into contracts to hire various drilling rigs and associated equipment for periods beyond December 31, 2013. These rigs will primarily be utilized for drilling operations in the Gulf of Mexico, onshore U.S. and Canada, and offshore Malaysia, Cameroon and Australia. Future commitments under these contracts, all of which expire by 2016, total $1,302,284,000. A significant portion of these costs are expected to be borne by other working interest owners as partners of the Company when the wells are drilled. These drilling costs are generally expected to be accounted for as capital expenditures as incurred during the contract periods. | |
The Company has operating, production handling and transportation service agreements for oil and/or natural gas operations in the U.S. and Western Canada. These agreements require minimum monthly or annual payments for processing and/or transportation charges through 2023. Future required minimum monthly payments for the next five years are $57,787,000 in 2014, $35,157,000 in 2015, $23,439,000 in 2016, $17,961,000 in 2017 and $12,792,000 in 2018. Under certain circumstances, the Company is required to pay additional amounts depending on the actual hydrocarbon quantities processed under the agreement. Costs incurred under these arrangements were $40,254,000 in 2013, $19,733,000 in 2012 and $24,791,000 in 2011. | |
In 2006, the Company committed to fund an educational assistance program known as the “El Dorado Promise.” Under this commitment, the Company will pay $5,000,000 per year for ten years through 2016 to provide scholarships for a specified amount of college expenses for eligible graduates of El Dorado High School in Arkansas. The first eight payments have been made through January 2014. The Company recorded a discounted liability of $38,700,000 in 2006 for this unconditional commitment. The liability was discounted at the Company’s 10-year borrowing rate and the discounted liability increases for accretion monthly with a corresponding charge to Selling and General Expenses in the Consolidated Statement of Income. Total accretion cost was $805,000 in 2013, $1,063,000 in 2012 and $1,317,000 in 2011. | |
Commitments for capital expenditures were approximately $1,837,394,000 at December 31, 2013, including $706,889,000 for field development and future work commitments in Malaysia, $561,410,000 for work in the Eagle Ford Shale, $184,840,000 for costs to develop deepwater Gulf of Mexico fields, and $78,851,000, $78,000,000 and $76,150,000 for future work commitments offshore Cameroon, Equatorial Guinea and Vietnam, respectively. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Note R – Contingencies | |
The Company’s operations and earnings have been and may be affected by various forms of governmental action both in the United States and throughout the world. Examples of such governmental action include, but are by no means limited to: tax increases and retroactive tax claims; royalty and revenue sharing increases; import and export controls; price controls; currency controls; allocation of supplies of crude oil and petroleum products and other goods; expropriation of property; restrictions and preferences affecting the issuance of oil and gas or mineral leases; restrictions on drilling and/or production; laws and regulations intended for the promotion of safety and the protection and/or remediation of the environment; governmental support for other forms of energy; and laws and regulations affecting the Company’s relationships with employees, suppliers, customers, stockholders and others. Because governmental actions are often motivated by political considerations, may be taken without full consideration of their consequences, and may be taken in response to actions of other governments, it is not practical to attempt to predict the likelihood of such actions, the form the actions may take or the effect such actions may have on the Company. | |
ENVIRONMENTAL MATTERS – Murphy and other companies in the oil and gas industry are subject to numerous federal, state, local and foreign laws and regulations dealing with the environment. Violation of federal or state environmental laws, regulations and permits can result in the imposition of significant civil and criminal penalties, injunctions and construction bans or delays. A discharge of hazardous substances into the environment could, to the extent such event is not insured, subject the Company to substantial expense, including both the cost to comply with applicable regulations and claims by neighboring landowners and other third parties for any personal injury and property damage that might result. | |
The Company currently owns or leases, and has in the past owned or leased, properties at which hazardous substances have been or are being handled. Although the Company has used operating and disposal practices that were standard in the industry at the time, hazardous substances may have been disposed of or released on or under the properties owned or leased by the Company or on or under other locations where these wastes have been taken for disposal. In addition, many of these properties have been operated by third parties whose treatment and disposal or release of hydrocarbons or other wastes were not under Murphy’s control. Under existing laws the Company could be required to remove or remediate previously disposed wastes (including wastes disposed of or released by prior owners or operators), to clean up contaminated property (including contaminated groundwater) or to perform remedial plugging operations to prevent future contamination. Certain of these historical properties are in various stages of negotiation, investigation, and/or cleanup, and the Company is investigating the extent of any such liability and the availability of applicable defenses. The Company has retained certain liabilities related to environmental matters at formerly owned U.S. refineries that were sold in 2011. The Company also obtained insurance covering certain levels of environmental exposures related to past operations of these refineries. The Company believes costs related to these sites will not have a material adverse affect on Murphy’s net income, financial condition or liquidity in a future period. | |
The U.S. Environmental Protection Agency (EPA) currently considers the Company to be a Potentially Responsible Party (PRP) at one Superfund site. The Company has thus far been unable to ascertain any association with the Superfund site based on its research of the facts associated with the site, and the Company has notified the EPA accordingly. Based on currently available information, the Company believes that it has no responsibility at this Superfund site. Accordingly, the Company has not recorded a liability for remedial costs at the Superfund site at December 31, 2013. The potential total cost to all parties to perform necessary remedial work at the site may be substantial. If proven to be responsible, the Company could be required to bear a pro rata share of costs attributable to nonparticipating PRPs or could be assigned additional responsibility for remediation at the site. The Company believes that its share of the ultimate costs to remediate the Superfund site will be immaterial and will not have a material adverse effect on its net income, financial condition or liquidity in a future period. | |
With the spin-off of Murphy’s U.S. retail marketing business in 2013, the newly formed public company, Murphy USA Inc., has retained any environmental exposure associated with U.S. marketing operations. Murphy Oil has assigned its potential liability for one other Superfund site to Murphy USA Inc., and this company has accepted any potential responsibility for this site. | |
There is the possibility that environmental expenditures could be required at currently unidentified sites, and new or revised regulations could require additional expenditures at known sites. However, based on information currently available to the Company, the amount of future remediation costs incurred at known or currently unidentified sites is not expected to have a material adverse effect on the Company’s future net income, cash flows or liquidity. | |
LEGAL MATTERS – Murphy and its subsidiaries are engaged in a number of other legal proceedings, all of which Murphy considers routine and incidental to its business. Based on information currently available to the Company, the ultimate resolution of environmental and legal matters referred to in this note is not expected to have a material adverse effect on the Company’s net income, financial condition or liquidity in a future period. | |
OTHER MATTERS – In the normal course of its business, the Company is required under certain contracts with various governmental authorities and others to provide financial guarantees or letters of credit that may be drawn upon if the Company fails to perform under those contracts. At December 31, 2013, the Company had contingent liabilities of $129,866,000 on outstanding letters of credit. The Company has not accrued a liability in its balance sheet related to the letters of credit because it is believed that the likelihood of having these drawn is remote. |
Terra_Nova_Working_Interest_Re
Terra Nova Working Interest Redetermination | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Terra Nova Working Interest Redetermination | ' |
Note S – Terra Nova Working Interest Redetermination | |
The joint agreement between the owners of the Terra Nova field, offshore Eastern Canada, required a one-time redetermination of working interests based on an analysis of reservoir quality among fault separated areas where varying ownership interests existed. Under the redetermination, which was essentially completed in 2010, the Company’s working interest at Terra Nova was reduced from its original 12.0% to 10.475% effective in January 2011. The Company made a cash settlement payment to certain Terra Nova partners in January 2011 to equalize all partners’ interest in the field since about February 2005 related to the Company’s working interest reduction. Based on the final settlement paid in 2011, the Company recorded a pretax benefit of $5,351,000 in 2011 due to the ultimate cost of the redetermination settlement being less than originally recorded. The benefit has been reflected as Redetermination of Terra Nova Working Interest in the 2011 Consolidated Statement of Income. |
Common_Stock_Issued_and_Outsta
Common Stock Issued and Outstanding | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Common Stock Issued and Outstanding | ' | ||||||||||||
Note T – Common Stock Issued and Outstanding | |||||||||||||
Activity in the number of shares of Common Stock issued and outstanding for the three years ended December 31, 2013 is shown below. | |||||||||||||
(Number of shares outstanding) | 2013 | 2012 | 2011 | ||||||||||
At beginning of year | 190,641,317 | 193,723,208 | 192,836,008 | ||||||||||
Stock options exercised* | 303,685 | 482,974 | 615,674 | ||||||||||
Employee stock purchase and thrift plans | 16,020 | 78,389 | 33,390 | ||||||||||
Restricted stock awards, net of forfeitures | 300,910 | 224,296 | 238,136 | ||||||||||
Treasury shares purchased | (7,855,419 | ) | (3,867,550 | ) | 0 | ||||||||
At end of year | 183,406,513 | 190,641,317 | 193,723,208 | ||||||||||
* | Shares issued upon exercise of stock options are less than the amount reflected in Note I due to withholdings for statutory income taxes owed upon exercise. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note U – Subsequent Events | |
On February 5, 2014, the Company entered into a variable term, capped accelerated share repurchase (ASR) transaction with a major financial institution to repurchase a total of $250,000,000 of the Company’s Common stock. Through February 28, 2014, the Company has received 4,018,000 shares under the ASR. The total number of shares to be repurchased under the ASR will be determined by references to the Rule 10b-18 volume-weighted price of the Company’s Common stock, less a fixed discount. The ASR is expected to be completed within three months of the transaction. Also on February 5, 2014, the Company’s Board of Directors declared a quarterly dividend of $0.3125 per share payable on March 3, 2014 to shareholders of record on February 18, 2014. |
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||
Business Segments | ' | ||||||||||||||||||||||||||||
Note V – 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, Malaysia, Republic of the Congo and all other countries. Each of these segments derives revenues primarily from the sale of crude oil and/or natural gas. The Company’s management evaluates segment performance based on income from operations, excluding interest income and interest expense. Intersegment transfers of crude oil, natural gas and petroleum products are at market prices and intersegment services are recorded at cost. | |||||||||||||||||||||||||||||
The Company has announced an intention to sell its U.K. refining and marketing operations. The Company carries the assets and liabilities of the U.K. business as held for sale at December 31, 2013, and the associated results of operations are reported as discontinued operations for all periods presented. | |||||||||||||||||||||||||||||
The Company sold all of its oil and natural gas producing assets in the United Kingdom during the first half of 2013. The Company also completed the separation of its U.S. retail marketing business on August 30, 2013. In 2011, the Company sold its two U.S. oil refineries. All of these operations have also been reported as discontinued operations for all periods presented in these consolidated financial statements. | |||||||||||||||||||||||||||||
The Company has several customers that purchase a significant portion of its oil and natural gas production. During 2013, sales to Phillips 66 and affiliated companies represented approximately 17% of the Company’s total sales revenue, and sales to Shell Oil and its affiliates represented approximately 14% of total sales revenue. In 2012, Shell Oil, BP and Petronas represented approximately 17%, 13% and 12%, respectively, of consolidated sales. In 2011, Shell Oil, BP and Petronas represented approximately 16%, 15% and 11%, respectively, of consolidated sales. 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. | |||||||||||||||||||||||||||||
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, miscellaneous gains and losses, 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 goodwill and other intangible assets. | |||||||||||||||||||||||||||||
Segment Information | Exploration and Production | ||||||||||||||||||||||||||||
(Millions of dollars) | United | Canada | Malaysia | Republic | Other | Total | |||||||||||||||||||||||
States | of the | ||||||||||||||||||||||||||||
Congo | |||||||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||||||
Segment income (loss) | $ | 435.4 | 180.8 | 786.4 | (9.0 | ) | (364.8 | ) | 1,028.80 | ||||||||||||||||||||
Revenues from external customers | 1,803.80 | 1,144.70 | 2,280.50 | 83.5 | 0.1 | 5,312.60 | |||||||||||||||||||||||
Interest income | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Interest expense, net of capitalization | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Income tax expense (benefit) | 241.6 | 57.8 | 477.7 | (109.9 | ) | (10.9 | ) | 656.3 | |||||||||||||||||||||
Significant noncash charges (credits) | |||||||||||||||||||||||||||||
Depreciation, depletion, amortization | 576.3 | 374.6 | 588.2 | 0.2 | 4.3 | 1,543.60 | |||||||||||||||||||||||
Accretion of asset retirement obligations | 13.5 | 16.2 | 15 | 4.3 | 0 | 49 | |||||||||||||||||||||||
Amortization of undeveloped leases | 30.3 | 21 | 0 | 0 | 15.6 | 66.9 | |||||||||||||||||||||||
Impairment of long-lived assets | 0 | 21.6 | 0 | 0 | 0 | 21.6 | |||||||||||||||||||||||
Deferred and noncurrent income taxes | 99.6 | 26.1 | 48.1 | 0 | 0 | 173.8 | |||||||||||||||||||||||
Additions to property, plant, equipment | 1,785.90 | 334.5 | 1,323.40 | (5.7 | ) | 70.5 | 3,508.60 | ||||||||||||||||||||||
Total assets at year-end | 4,530.00 | 4,087.80 | 6,121.00 | 51.6 | 128.8 | 14,919.20 | |||||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||
Segment income (loss) | $ | 168 | 208.1 | 894.2 | (241.1 | ) | (124.2 | ) | 905 | ||||||||||||||||||||
Revenues from external customers | 1,038.00 | 1,084.30 | 2,428.10 | 57.6 | 0.1 | 4,608.10 | |||||||||||||||||||||||
Interest income | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Interest expense, net of capitalization | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Income tax expense (benefit) | 99.8 | 65.1 | 544.7 | (64.5 | ) | (40.1 | ) | 605 | |||||||||||||||||||||
Significant noncash charges (credits) | |||||||||||||||||||||||||||||
Depreciation, depletion, amortization | 330.2 | 345.8 | 532.1 | 33.9 | 2.4 | 1,244.40 | |||||||||||||||||||||||
Accretion of asset retirement obligations | 11.4 | 13.6 | 12.5 | 0.9 | 0 | 38.4 | |||||||||||||||||||||||
Amortization of undeveloped leases | 71.6 | 29.3 | 0 | 0 | 28.9 | 129.8 | |||||||||||||||||||||||
Impairment of long-lived assets | 0 | 0 | 0 | 200 | 0 | 200 | |||||||||||||||||||||||
Deferred and noncurrent income taxes | 231 | 72.3 | 73.3 | (0.3 | ) | (1.2 | ) | 375.1 | |||||||||||||||||||||
Additions to property, plant, equipment | 1,615.90 | 887.2 | 1,426.70 | (20.7 | ) | 24.7 | 3,933.80 | ||||||||||||||||||||||
Total assets at year-end | 3,625.90 | 4,477.70 | 4,811.50 | 112.2 | 75.6 | 13,102.90 | |||||||||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||||||
Segment income (loss) | $ | 152.7 | 328 | 812.7 | (385.3 | ) | (293.9 | ) | 614.2 | ||||||||||||||||||||
Revenues from external customers | 737.7 | 1,288.60 | * | 2,045.60 | 148.8 | 24.6 | 4,245.30 | ||||||||||||||||||||||
Interest income | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Interest expense, net of capitalization | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Income tax expense (benefit) | 86.5 | 135.5 | 434.9 | 16.4 | 7.5 | 680.8 | |||||||||||||||||||||||
Significant noncash charges (credits) | |||||||||||||||||||||||||||||
Depreciation, depletion, amortization | 183 | 326 | 357.3 | 87.8 | 1.9 | 956 | |||||||||||||||||||||||
Accretion of asset retirement obligations | 9.9 | 12.5 | 10.6 | 0.5 | 0.3 | 33.8 | |||||||||||||||||||||||
Amortization of undeveloped leases | 62.2 | 28.8 | 0 | 0 | 27.2 | 118.2 | |||||||||||||||||||||||
Impairment of long-lived assets | 0 | 0 | 0 | 368.6 | 0 | 368.6 | |||||||||||||||||||||||
Deferred and noncurrent income taxes | 54.2 | 39.6 | 84.6 | (0.9 | ) | (0.1 | ) | 177.4 | |||||||||||||||||||||
Additions to property, plant, equipment | 696.6 | 885.2 | 694.8 | 79.6 | 20.6 | 2,376.80 | |||||||||||||||||||||||
Total assets at year-end | 2,227.60 | 3,746.80 | 3,826.90 | 257.5 | 74.1 | 10,132.90 | |||||||||||||||||||||||
Geographic Information | Certain Long-Lived Assets at December 31 | ||||||||||||||||||||||||||||
(Millions of dollars) | United | Canada | Malaysia | United | Republic | Other | Total | ||||||||||||||||||||||
States | Kingdom | of the | |||||||||||||||||||||||||||
Congo | |||||||||||||||||||||||||||||
2013 | $ | 4,267.90 | 3,834.90 | 5,301.70 | 0.4 | 0 | 76.6 | 13,481.50 | |||||||||||||||||||||
2012 | 4,177.40 | 4,190.50 | 4,101.20 | 703.2 | 5.9 | 39.2 | 13,217.40 | ||||||||||||||||||||||
2011 | 2,953.10 | 3,493.40 | 3,154.80 | 694.7 | 133.7 | 52.2 | 10,481.90 | ||||||||||||||||||||||
* | Reclassified to conform to current presentation. | ||||||||||||||||||||||||||||
Segment Information (Continued) | |||||||||||||||||||||||||||||
(Millions of dollars) | Corporate | Discontinued | Consolidated | ||||||||||||||||||||||||||
and | Operations | ||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||||||
Segment income (loss) | $ | (140.6 | ) | 235.3 | 1,123.50 | ||||||||||||||||||||||||
Revenues from external customers | 77.5 | 0 | 5,390.10 | ||||||||||||||||||||||||||
Interest income | 3.9 | 0 | 3.9 | ||||||||||||||||||||||||||
Interest expense, net of capitalization | 71.9 | 0 | 71.9 | ||||||||||||||||||||||||||
Income tax expense (benefit) | (71.7 | ) | 0 | 584.6 | |||||||||||||||||||||||||
Significant noncash charges (credits) | |||||||||||||||||||||||||||||
Depreciation, depletion, amortization | 9.8 | 0 | 1,553.40 | ||||||||||||||||||||||||||
Accretion of asset retirement obligations | 0 | 0 | 49 | ||||||||||||||||||||||||||
Amortization of undeveloped leases | 0 | 0 | 66.9 | ||||||||||||||||||||||||||
Impairment of long-lived assets | 0 | 0 | 21.6 | ||||||||||||||||||||||||||
Deferred and noncurrent income taxes | (15.7 | ) | 0 | 158.1 | |||||||||||||||||||||||||
Additions to property, plant, equipment | 15.5 | 8.1 | 3,532.20 | ||||||||||||||||||||||||||
Total assets at year-end | 1,265.20 | 1,325.10 | 17,509.50 | ||||||||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||
Segment income (loss) | $ | (98.5 | ) | 164.4 | 970.9 | ||||||||||||||||||||||||
Revenues from external customers | 11.5 | 0 | 4,619.60 | ||||||||||||||||||||||||||
Interest income | 6.5 | 0 | 6.5 | ||||||||||||||||||||||||||
Interest expense, net of capitalization | 14.9 | 0 | 14.9 | ||||||||||||||||||||||||||
Income tax expense (benefit) | (43.5 | ) | 0 | 561.5 | |||||||||||||||||||||||||
Significant noncash charges (credits) | |||||||||||||||||||||||||||||
Depreciation, depletion, amortization | 8.7 | 0 | 1,253.10 | ||||||||||||||||||||||||||
Accretion of asset retirement obligations | 0 | 0 | 38.4 | ||||||||||||||||||||||||||
Amortization of undeveloped leases | 0 | 0 | 129.8 | ||||||||||||||||||||||||||
Impairment of long-lived assets | 0 | 0 | 200 | ||||||||||||||||||||||||||
Deferred and noncurrent income taxes | (32.3 | ) | 0 | 342.8 | |||||||||||||||||||||||||
Additions to property, plant, equipment | 8.2 | 191.8 | 4,133.80 | ||||||||||||||||||||||||||
Total assets at year-end | 1,009.60 | 3,410.10 | 17,522.60 | ||||||||||||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||||||
Segment income (loss) | $ | (75.0 | ) | 333.5 | 872.7 | ||||||||||||||||||||||||
Revenues from external customers | 33.4 | 0 | 4,278.70 | ||||||||||||||||||||||||||
Interest income | 10.1 | 0 | 10.1 | ||||||||||||||||||||||||||
Interest expense, net of capitalization | 40.7 | 0 | 40.7 | ||||||||||||||||||||||||||
Income tax expense (benefit) | (52.1 | ) | 0 | 628.7 | |||||||||||||||||||||||||
Significant noncash charges (credits) | |||||||||||||||||||||||||||||
Depreciation, depletion, amortization | 8.7 | 0 | 964.7 | ||||||||||||||||||||||||||
Accretion of asset retirement obligations | 0 | 0 | 33.8 | ||||||||||||||||||||||||||
Amortization of undeveloped leases | 0 | 0 | 118.2 | ||||||||||||||||||||||||||
Impairment of long-lived assets | 0 | 0 | 368.6 | ||||||||||||||||||||||||||
Deferred and noncurrent income taxes | (43.6 | ) | 0 | 133.8 | |||||||||||||||||||||||||
Additions to property, plant, equipment | 5.3 | 190.1 | 2,572.20 | ||||||||||||||||||||||||||
Total assets at year-end | 790.8 | 3,214.40 | 14,138.10 | ||||||||||||||||||||||||||
Geographic Information | Revenues from External Customers for the Year | ||||||||||||||||||||||||||||
(Millions of dollars) | United | Canada | Malaysia | Republic | Other | Total | |||||||||||||||||||||||
States | of the | ||||||||||||||||||||||||||||
Congo | |||||||||||||||||||||||||||||
2013 | $ | 1,798.50 | 1,150.20 | 2,337.50 | 83.5 | 20.4 | 5,390.10 | ||||||||||||||||||||||
2012 | 1,038.10 | 1,088.40 | 2,415.60 | 57.6 | 19.9 | 4,619.60 | |||||||||||||||||||||||
2011 | 741.8 | 1,293.40 | 2,063.00 | 148.8 | 31.7 | 4,278.70 |
SUPPLEMENTAL_OIL_AND_GAS_INFOR
SUPPLEMENTAL OIL AND GAS INFORMATION | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
SUPPLEMENTAL OIL AND GAS INFORMATION | ' |
MURPHY OIL CORPORATION AND CONSOLIDATED SUBSIDIARIES | |
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED) | |
The following unaudited schedules are presented in accordance with required disclosures about Oil and Gas Producing Activities to provide users with a common base for preparing estimates of future cash flows and comparing reserves among companies. Additional background information follows concerning four of the schedules. | |
SCHEDULE 1 – SUMMARY OF PROVED OIL RESERVES AND SCHEDULE 2 – SUMMARY OF PROVED NATURAL GAS RESERVES – Reserves of crude oil, condensate, natural gas liquids, natural gas and synthetic oil are estimated by the Company’s or independent engineers and are adjusted to reflect contractual arrangements and royalty rates in effect at the end of each year. Many assumptions and judgmental decisions are required to estimate reserves. Reported quantities are subject to future revisions, some of which may be substantial, as additional information becomes available from reservoir performance, new geological and geophysical data, additional drilling, technological advancements, price changes and other economic factors. | |
Murphy’s estimations for proved reserves were generated through the integration of available geoscience, engineering, and economic data, and commercially available technologies, to establish ‘reasonable certainty’ of economic producibility. As defined by the SEC, reasonable certainty of proved reserves describes a high degree of confidence that the quantities will be recovered. In estimating proved reserves, Murphy uses familiar industry-accepted methods for subsurface evaluations, including performance, volumetric, and analogue based studies. Where appropriate, Murphy includes reliable geologic and engineering technology to estimate proved reserves. Reliable geologic and engineering technology is a method or combination of methods that are field tested and have demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation. This integrated approach increases the quality of and confidence in Murphy’s proved reserves estimates, and was utilized in certain undrilled acreage at distances greater than the directly offsetting development spacing areas, and in certain reservoirs developed with the application of improved recovery techniques. Murphy utilized a combination of 3D seismic interpretation, core analysis, wellbore log measurements, well test data, historic production and pressure data, and commercially available seismic processing and numerical reservoir simulation programs. Reservoir parameters from analogous reservoirs were used to strengthen the reserves estimates when available. | |
Murphy includes synthetic crude oil from its 5% interest in the Syncrude project in Alberta, Canada in its proved oil reserves. This operation involves a process of mining tar sands and converting the raw bitumen into a pipeline-quality crude. The proved reserves associated with this project are estimated through a combination of core-hole drilling and realized process efficiencies. The high-density core-hole drilling, at a spacing of less than 500 meters (proved area), provides engineering and geologic data needed to estimate the volumes of tar sand in place and its associated bitumen content. The bitumen generally constitutes approximately 10% of the total bulk tar sand that is mined. The bitumen extraction process is fairly efficient and removes about 90% of the bitumen that is contained within the tar sand. The final step of the process converts the 8.4° API bitumen into 30°-34° API crude oil. A catalytic cracking process is used to crack the long hydrocarbon chains into shorter ones yielding a final crude oil that can be shipped via pipelines. The cracking process has an efficiency ranging from 85% to 90%. Overall, it takes approximately two metric tons of oil sand to produce one barrel of synthetic crude oil. All synthetic oil volumes reported as proved reserves in Schedule 1 are the final synthetic crude oil product. | |
Production quantities shown are net volumes withdrawn from reservoirs. These may differ from sales quantities due to inventory changes, volumes consumed for fuel and/or shrinkage from extraction of natural gas liquids. Proved oil reserves shown in Schedule 1 include insignificant volumes of natural gas liquids. | |
Oil and natural gas reserves in Malaysia are associated with production sharing contracts for Blocks SK 309/311 and K. Malaysia reserves include oil and gas to be received for both cost recovery and profit provisions under the contracts. Oil and natural gas proved reserves associated with the production sharing contracts in Malaysia totaled 125.1 million barrels and 405.8 billion cubic feet, respectively, at December 31, 2013. Approximately 74.9 billion cubic feet of natural gas proved reserves in Malaysia relate to fields in Block K for which the Company expects to receive sale proceeds of approximately $0.24 per thousand cubic feet. | |
SCHEDULE 4 – RESULTS OF OPERATIONS FOR OIL AND GAS PRODUCING ACTIVITIES – Results of operations from exploration and production activities by geographic area are reported as if these activities were not part of an operation that also refines crude oil and sells refined products. | |
SCHEDULE 5 – STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES – Generally accepted accounting principles require calculation of future net cash flows using a 10% annual discount factor, an unweighted average of oil and natural gas prices in effect at the beginning of each month of the year, and year-end costs and statutory tax rates, except for known future changes such as contracted prices and legislated tax rates. | |
The reported value of proved reserves is not necessarily indicative of either fair market value or present value of future cash flows because prices, costs and governmental policies do not remain static; appropriate discount rates may vary; and extensive judgment is required to estimate the timing of production. Other logical assumptions would likely have resulted in significantly different amounts. | |
Schedule 5 also presents the principal reasons for change in the standardized measure of discounted future net cash flows for each of the three years ended December 31, 2013. |
Summary_of_Proved_Oil_Reserves
Summary of Proved Oil Reserves Based on Average Prices | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Summary of Proved Oil Reserves Based on Average Prices | ' | ||||||||||||||||||||||||||||||||||||
Schedule 1 – Summary of Proved Oil Reserves Based on Average Prices for 2010 – 2013 | |||||||||||||||||||||||||||||||||||||
Total | Total – | United | Canada | Malaysia | United | Republic | |||||||||||||||||||||||||||||||
by product | States | Kingdom | of the | ||||||||||||||||||||||||||||||||||
Congo | |||||||||||||||||||||||||||||||||||||
(Millions of barrels) | All | Oil | Synthetic | Oil | Oil | Synthetic | Oil | Oil | Oil | ||||||||||||||||||||||||||||
Products | Oil | Oil | |||||||||||||||||||||||||||||||||||
Proved developed and | |||||||||||||||||||||||||||||||||||||
undeveloped oil reserves: | |||||||||||||||||||||||||||||||||||||
December 31, 2010 | 308 | 178.8 | 129.2 | 26.6 | 32.8 | 129.2 | 98.4 | 10.9 | 10.1 | ||||||||||||||||||||||||||||
Revisions of previous estimates | 21.2 | 16 | 5.2 | 2.4 | 3.1 | 5.2 | 8.4 | 8.1 | (6.0 | ) | |||||||||||||||||||||||||||
Improved recovery | 14.2 | 14.2 | 0 | 0 | 0 | 0 | 10.7 | 3.5 | 0 | ||||||||||||||||||||||||||||
Extensions and discoveries | 43.9 | 43.9 | 0 | 32.6 | 6.7 | 0 | 4.6 | 0 | 0 | ||||||||||||||||||||||||||||
Production | (37.6 | ) | (32.7 | ) | (4.9 | ) | (6.3 | ) | (6.0 | ) | (4.9 | ) | (17.7 | ) | (0.9 | ) | (1.8 | ) | |||||||||||||||||||
December 31, 2011 | 349.7 | 220.2 | 129.5 | 55.3 | 36.6 | 129.5 | 104.4 | 21.6 | 2.3 | ||||||||||||||||||||||||||||
Revisions of previous estimates | 2.6 | 7.9 | (5.3 | ) | 13 | (3.4 | ) | (5.3 | ) | (0.4 | ) | 0.3 | (1.6 | ) | |||||||||||||||||||||||
Improved recovery | 7.2 | 7.2 | 0 | 0 | 0 | 0 | 7.2 | 0 | 0 | ||||||||||||||||||||||||||||
Extensions and discoveries | 84 | 84 | 0 | 77.3 | 2.9 | 0 | 3.8 | 0 | 0 | ||||||||||||||||||||||||||||
Purchases of properties | 12.5 | 12.5 | 0 | 6.5 | 6 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Production | (41.2 | ) | (36.1 | ) | (5.1 | ) | (9.5 | ) | (5.3 | ) | (5.1 | ) | (19.3 | ) | (1.3 | ) | (0.7 | ) | |||||||||||||||||||
December 31, 2012 | 414.8 | 295.7 | 119.1 | 142.6 | 36.8 | 119.1 | 95.7 | 20.6 | 0 | ||||||||||||||||||||||||||||
Revisions of previous estimates | 43.1 | 40.5 | 2.6 | 28.7 | 8.4 | 2.6 | 3.4 | 0 | 0 | ||||||||||||||||||||||||||||
Improved recovery | 27.4 | 27.4 | 0 | 0 | 0 | 0 | 27.4 | 0 | 0 | ||||||||||||||||||||||||||||
Extensions and discoveries | 79.6 | 79.6 | 0 | 61.1 | 0.3 | 0 | 18.2 | 0 | 0 | ||||||||||||||||||||||||||||
Sales of properties | (20.4 | ) | (20.4 | ) | 0 | 0 | 0 | 0 | 0 | (20.4 | ) | 0 | |||||||||||||||||||||||||
Production | (48.9 | ) | (44.2 | ) | (4.7 | ) | (17.7 | ) | (6.7 | ) | (4.7 | ) | (19.6 | ) | (0.2 | ) | (0.0 | ) | |||||||||||||||||||
December 31, 2013 | 495.6 | 378.6 | 117 | 214.7 | 38.8 | 117 | 125.1 | 0 | 0 | ||||||||||||||||||||||||||||
Proved developed oil reserves: | |||||||||||||||||||||||||||||||||||||
December 31, 2010 | 248.3 | 129.2 | 119.1 | 15.8 | 28.6 | 119.1 | 66.5 | 10.9 | 7.4 | ||||||||||||||||||||||||||||
December 31, 2011 | 238.5 | 118 | 120.5 | 20.8 | 32.6 | 120.5 | 57.2 | 5.1 | 2.3 | ||||||||||||||||||||||||||||
December 31, 2012 | 267.7 | 148.6 | 119.1 | 48 | 29.5 | 119.1 | 67 | 4.1 | 0 | ||||||||||||||||||||||||||||
December 31, 2013 | 304.1 | 187.1 | 117 | 88.9 | 31.6 | 117 | 66.6 | 0 | 0 | ||||||||||||||||||||||||||||
Proved undeveloped oil reserves: | |||||||||||||||||||||||||||||||||||||
December 31, 2010 | 59.7 | 49.6 | 10.1 | 10.8 | 4.2 | 10.1 | 31.9 | 0 | 2.7 | ||||||||||||||||||||||||||||
December 31, 2011 | 111.2 | 102.2 | 9 | 34.5 | 4 | 9 | 47.2 | 16.5 | 0 | ||||||||||||||||||||||||||||
December 31, 2012 | 147.1 | 147.1 | 0 | 94.6 | 7.3 | 0 | 28.7 | 16.5 | 0 | ||||||||||||||||||||||||||||
December 31, 2013 | 191.5 | 191.5 | 0 | 125.8 | 7.2 | 0 | 58.5 | 0 | 0 | ||||||||||||||||||||||||||||
Note: | All oil reserves included in the table above are from consolidated subsidiaries and proportionately consolidated joint ventures. The Company has no proved oil reserves attributable to investees accounted for by the equity method. | ||||||||||||||||||||||||||||||||||||
2013 Comments for Proved Oil Reserves Changes | |||||||||||||||||||||||||||||||||||||
Revisions of previous estimates – The positive revision for proved oil reserves in 2013 in the U.S. was attributable to better well performance in the Eagle Ford Shale area in South Texas, coupled with minor adds to several fields in the Gulf of Mexico. The positive revision for conventional oil in Canada was caused by well performance at the Hibernia and Terra Nova fields. Synthetic oil revisions were positive primarily due to revised cost recovery factors for bitumen extraction following renegotiated royalty terms with the government. Positive revisions in Malaysia were primarily attributable to well performance at Kikeh. | |||||||||||||||||||||||||||||||||||||
Improved recovery – The positive effect from improved recovery in Malaysia was at the Kikeh field where waterflood has led to better than anticipated response in certain reservoirs. | |||||||||||||||||||||||||||||||||||||
Extensions and discoveries – The U.S. proved oil reserve additions were all in the Eagle Ford Shale where the Company has used reliable technology to add offset locations associated with well downspacing in certain areas. Proved oil adds in Canada were associated with extensions at Seal. Additions to oil reserves in Malaysia primarily related to four new oil fields offshore Sarawak which were put on production during the second half of 2013. | |||||||||||||||||||||||||||||||||||||
Sales of properties – The Company sold all its oil fields in the U.K. during the first half of 2013. | |||||||||||||||||||||||||||||||||||||
2012 Comments for Proved Oil Reserves Changes | |||||||||||||||||||||||||||||||||||||
Revisions of previous estimates – A positive proved oil reserves revision in 2012 in the U.S. were due to improved well performance in the Eagle Ford Shale and at the Medusa field in the Gulf of Mexico. Downward revisions for conventional oil in Canada related to a lower recovery assessment for certain heavy oil wells in the Seal area. Negative proved oil revisions for synthetic oil in Canada related to an entitlement change based on recent spending projections that increased royalties estimated to be paid to the government. Negative proved oil revisions in Republic of the Congo arose due to a combination of poor well performance on existing wells, a well that went off production in 2012, and generally uneconomic remaining future production due to oil recovery projections. | |||||||||||||||||||||||||||||||||||||
Improved recovery – The improved recovery in 2012 in Malaysia was essentially caused by better waterflood response in certain Kikeh field reservoir sands. | |||||||||||||||||||||||||||||||||||||
Extensions and discoveries – The U.S. proved oil reserves added in 2012 were primarily in the Eagle Ford Shale and were based on use of reliable technology to recognize additional offset undeveloped locations with 80 acre downspacing in certain areas of the play. The oil reserves added in Canada mostly related to additional development drilling off the East Coast at Hibernia and Terra Nova. Malaysia reserves increases primarily arose due to development drilling at fields offshore Sarawak. | |||||||||||||||||||||||||||||||||||||
Purchases of properties – Proved oil reserves added from property acquisitions in 2012 were associated with interests added at the Front Runner and Thunder Hawk fields in the U.S. Gulf of Mexico and in the Seal heavy oil area of Western Canada. | |||||||||||||||||||||||||||||||||||||
2011 Comments for Proved Oil Reserves Changes | |||||||||||||||||||||||||||||||||||||
Revisions of previous estimates – Positive proved oil reserve revisions in the U.S. in 2011 were primarily associated with better production at the Medusa field in the Gulf of Mexico. Positive revisions for Canada conventional operations were mostly attributable to better well performance at the Hibernia field, offshore Eastern Canada. Synthetic oil operations had positive reserve revisions due to a change in royalty rate. Positive revisions in Malaysia were primarily at the Kikeh field caused by production performance. Positive revisions in the U.K. were associated with the Schiehallion field due to redevelopment by its owners. The negative revision in reserves in Republic of the Congo was attributable to poor production results for wells in the Azurite field. | |||||||||||||||||||||||||||||||||||||
Improved recovery – The improved recovery in Malaysia in 2011 was primarily at Kikeh due to improved waterflood response in certain reservoir sands. U.K. reserves were at Schiehallion due to additional wells that permit better waterflood recovery. | |||||||||||||||||||||||||||||||||||||
Extensions and discoveries – The U.S. and Canadian reserves in 2011 related to the Eagle Ford Shale area and the Seal heavy oil area, respectively, where extensive drilling occurred during the year and many undeveloped locations will be drilled in upcoming years. The majority of Malaysia reserves related to the Block K Siakap North field, which was sanctioned for development by the government and Company in 2011. |
Summary_of_Proved_Natural_Gas_
Summary of Proved Natural Gas Reserves Based on Average Prices | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
Summary of Proved Natural Gas Reserves Based on Average Prices | ' | ||||||||||||||||||||
Schedule 2 – Summary of Proved Natural Gas Reserves Based on Average Prices for 2010 – 2013 | |||||||||||||||||||||
(Billions of cubic feet) | Total | United | Canada | Malaysia | United | ||||||||||||||||
States | Kingdom | ||||||||||||||||||||
Proved developed and undeveloped natural gas reserves: | |||||||||||||||||||||
December 31, 2010 | 883.1 | 90.8 | 326.9 | 434 | 31.4 | ||||||||||||||||
Revisions of previous estimates | 12.6 | (6.3 | ) | 59.4 | (32.5 | ) | (8.0 | ) | |||||||||||||
Improved recovery | 13.8 | 0 | 0 | 14.8 | (1.0 | ) | |||||||||||||||
Extensions and discoveries | 363.5 | 31.1 | 321.5 | 10.9 | 0 | ||||||||||||||||
Production | (166.9 | ) | (17.2 | ) | (68.9 | ) | (79.4 | ) | (1.4 | ) | |||||||||||
December 31, 2011 | 1,106.10 | 98.4 | 638.9 | 347.8 | 21 | ||||||||||||||||
Revisions of previous estimates | 20.2 | 16.5 | (37.2 | ) | 41.4 | (0.5 | ) | ||||||||||||||
Improved recovery | 7.2 | 0 | 0 | 7.2 | 0 | ||||||||||||||||
Extensions and discoveries | 173.5 | 107.2 | 25.8 | 40.5 | 0 | ||||||||||||||||
Purchases of properties | 9.4 | 7 | 2.4 | 0 | 0 | ||||||||||||||||
Production | (179.4 | ) | (19.4 | ) | (79.5 | ) | (79.3 | ) | (1.2 | ) | |||||||||||
December 31, 2012 | 1,137.00 | 209.7 | 550.4 | 357.6 | 19.3 | ||||||||||||||||
Revisions of previous estimates | 33.7 | (38.6 | ) | 34 | 38.3 | 0 | |||||||||||||||
Improved recovery | 3.2 | 0 | 0 | 3.2 | 0 | ||||||||||||||||
Extensions and discoveries | 153.4 | 33.3 | 42.5 | 77.6 | 0 | ||||||||||||||||
Sales of properties | (19.0 | ) | 0 | 0 | 0 | (19.0 | ) | ||||||||||||||
Production | (154.7 | ) | (19.4 | ) | (64.1 | ) | (70.9 | ) | (0.3 | ) | |||||||||||
December 31, 2013 | 1,153.60 | 185 | 562.8 | 405.8 | 0 | ||||||||||||||||
Proved developed natural gas reserves: | |||||||||||||||||||||
December 31, 2010 | 586 | 67 | 210.1 | 277.5 | 31.4 | ||||||||||||||||
December 31, 2011 | 711.6 | 58.2 | 427.1 | 210.5 | 15.8 | ||||||||||||||||
December 31, 2012 | 706 | 78.8 | 415.8 | 197.3 | 14.1 | ||||||||||||||||
December 31, 2013 | 786.2 | 112.6 | 384 | 289.6 | 0 | ||||||||||||||||
Proved undeveloped natural gas reserves: | |||||||||||||||||||||
December 31, 2010 | 297.1 | 23.8 | 116.8 | 156.5 | 0 | ||||||||||||||||
December 31, 2011 | 394.5 | 40.2 | 211.8 | 137.3 | 5.2 | ||||||||||||||||
December 31, 2012 | 431 | 130.9 | 134.6 | 160.3 | 5.2 | ||||||||||||||||
December 31, 2013 | 367.4 | 72.4 | 178.8 | 116.2 | 0 | ||||||||||||||||
Note: | All natural gas reserves included in the table above are from consolidated subsidiaries and proportionately consolidated joint ventures. The Company has no proved natural gas reserves attributable to investees accounted for by the equity method. | ||||||||||||||||||||
2013 Comments for Proved Natural Gas Reserves Changes | |||||||||||||||||||||
Revisions of previous estimates – The U.S. natural gas proved reserves revisions in 2013 were unfavorable due to conversion of proved wet gas reserves to proved residual gas reserves. Positive revisions in Canada were mostly attributable to better well performance in the Tupper West area. Malaysia had positive gas revisions principally due to better well performance at gas fields offshore Sarawak and positive revisions due to better overall well production at the Kikeh field. | |||||||||||||||||||||
Improved recovery – The reserves add in Malaysia was attributable to better waterflood response at the Kikeh field due to better overall well production. | |||||||||||||||||||||
Extensions and discoveries – U.S. proved reserves of gas had adds in the Eagle Ford Shale due to additional offsets based on use of reliable technology with narrower downspacing in certain areas. The gas reserve adds in Canada were at the Tupper West and Tupper areas primarily caused by drilling activities and recognition of offset undeveloped locations. Natural gas proved reserve were added in Malaysia primarily due to initial booking of reserves of associated gas at three oil fields offshore Sarawak. | |||||||||||||||||||||
Sales of properties – The Company sold all of its U.K. oil and gas fields in the first half of 2013. | |||||||||||||||||||||
2012 Comments for Proved Natural Gas Reserves Changes | |||||||||||||||||||||
Revisions of previous estimates – The positive proved natural gas reserves revisions in the U.S. during 2012 were primarily caused by better well performance for certain fields in the Gulf of Mexico and in the Eagle Ford Shale. The negative revision in Canada was mostly attributable to weaker natural gas prices that unfavorably affected economical recovery at certain wells in the Montney formation in Western Canada. A positive natural gas reserves revision in Malaysia was related to better well performance and favorable entitlement effects for gas operations offshore Sarawak. | |||||||||||||||||||||
Improved recovery – The improved recovery in 2012 in Malaysia was essentially caused by better waterflood response in certain Kikeh field reservoir sands. | |||||||||||||||||||||
Extensions and discoveries – U.S. natural gas proved reserves added were primarily in the Eagle Ford Shale due to recognition of additional offsets from expanded use of reliable technology with 80 acre downspacing in certain areas of the play, plus the initial booking of proved gas reserves for the Dalmatian field in the Gulf of Mexico. Natural gas reserves added in Canada were primarily associated with drilling performed in the Tupper area. Reserves added in Malaysia were principally associated with development drilling operations at Sarawak gas fields. | |||||||||||||||||||||
Purchases of properties – Natural gas reserves added in 2012 related to additional interests acquired during the year at the Front Runner and Thunder Hawk fields in the U.S. Gulf of Mexico and in the Seal area of Western Canada. | |||||||||||||||||||||
2011 Comments for Proved Natural Gas Reserves Changes | |||||||||||||||||||||
Revisions of previous estimates – Proved natural gas reserves in the U.S. had negative revisions in 2011 due to well performance being less than expected in early wells drilled in the gas-prone regions of the Eagle Ford Shale. Positive revisions in Canada were primarily at the Tupper and Tupper West areas based on better than anticipated well performance. Negative revisions in Malaysia in 2011 were primarily due to higher sales prices which effectively reduced the entitlement percentage for future production at Sarawak gas fields. Negative revisions in the U.K. were essentially caused by revised estimate of gas-cap volumes at the Mungo/Monan field. | |||||||||||||||||||||
Improved recovery – The improved recovery in Malaysia in 2011 was primarily at Kikeh due to improved waterflood response in certain reservoir sands. The U.K. reserves were at Schiehallion due to additional wells that permit better waterflood recovery. | |||||||||||||||||||||
Extensions and discoveries – The U.S. reserves related to the Eagle Ford Shale area where extensive drilling occurred in 2011 and many undeveloped locations will be drilled in upcoming years. Canada reserves primarily related to Tupper West and Tupper areas in British Columbia mostly due to substantial drilling programs in 2011 and extensions for additional undeveloped locations which are planned to be drilled in upcoming years. Malaysia reserves include a combination of a Sarawak gas field, where three new sand reservoirs were found to be productive and were completed, and the Block K Siakap North field, which was sanctioned for development by the government and Company in 2011. |
Costs_Incurred_in_Oil_and_Gas_
Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities | ' | ||||||||||||||||||||||||||||
Schedule 3 – Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities | |||||||||||||||||||||||||||||
(Millions of dollars) | United | Canada | Malaysia | United | Republic | Other | Total | ||||||||||||||||||||||
States | Kingdom1 | of the | |||||||||||||||||||||||||||
Congo | |||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||
Property acquisition costs | |||||||||||||||||||||||||||||
Unproved | $ | 32.4 | 0 | 0 | 0 | 0 | 3.2 | 35.6 | |||||||||||||||||||||
Proved | 13.2 | 0 | 0 | 0 | 0 | 0 | 13.2 | ||||||||||||||||||||||
Total acquisition costs | 45.6 | 0 | 0 | 0 | 0 | 3.2 | 48.8 | ||||||||||||||||||||||
Exploration costs2 | 112.4 | 21.8 | 14.9 | 0 | 0.1 | 344.5 | 493.7 | ||||||||||||||||||||||
Development costs2 | 1,773.20 | 351.6 | 1,787.70 | 3 | 8.1 | 0 | 19 | 3,939.60 | |||||||||||||||||||||
Total costs incurred | 1,931.20 | 373.4 | 1,802.60 | 8.1 | 0.1 | 366.7 | 4,482.10 | ||||||||||||||||||||||
Charged to expense | |||||||||||||||||||||||||||||
Dry hole expense | 46.1 | 32.1 | 20.7 | 0 | 5.6 | 158.4 | 262.9 | ||||||||||||||||||||||
Geophysical and other costs | 29.1 | 0.7 | 4.6 | 0 | 0.2 | 137.8 | 172.4 | ||||||||||||||||||||||
Total charged to expense | 75.2 | 32.8 | 25.3 | 0 | 5.8 | 296.2 | 435.3 | ||||||||||||||||||||||
Property additions | $ | 1,856.00 | 340.6 | 1,777.30 | 8.1 | (5.7 | ) | 70.5 | 4,046.80 | ||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||
Property acquisition costs | |||||||||||||||||||||||||||||
Unproved | $ | 107.7 | 14.6 | 0 | 0 | 0 | 10.2 | 132.5 | |||||||||||||||||||||
Proved | 69.1 | 242.4 | 0 | 0 | 0 | 0 | 311.5 | ||||||||||||||||||||||
Total acquisition costs | 176.8 | 257 | 0 | 0 | 0 | 10.2 | 444 | ||||||||||||||||||||||
Exploration costs2 | 174.5 | 57 | 68.8 | (1.0 | ) | 51.1 | 97.6 | 448 | |||||||||||||||||||||
Development costs2 | 1,352.70 | 664.5 | 1,433.70 | 46.6 | 22.6 | 1.6 | 3,521.70 | ||||||||||||||||||||||
Total costs incurred | 1,704.00 | 978.5 | 1,502.50 | 45.6 | 73.7 | 109.4 | 4,413.70 | ||||||||||||||||||||||
Charged to expense | |||||||||||||||||||||||||||||
Dry hole expense | 32.3 | 8 | 26.1 | (0.8 | ) | 76.2 | 39.3 | 181.1 | |||||||||||||||||||||
Geophysical and other costs | 19.6 | 2.5 | 1.1 | (0.2 | ) | 0.6 | 45.4 | 69 | |||||||||||||||||||||
Total charged to expense | 51.9 | 10.5 | 27.2 | (1.0 | ) | 76.8 | 84.7 | 250.1 | |||||||||||||||||||||
Property additions | $ | 1,652.10 | 968 | 1,475.30 | 46.6 | (3.1 | ) | 24.7 | 4,163.60 | ||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||
Property acquisition costs | |||||||||||||||||||||||||||||
Unproved | $ | 233.8 | 18.5 | 0 | 0 | 0 | 27 | 279.3 | |||||||||||||||||||||
Proved | 0 | 0 | 0 | 0 | 23.5 | 0 | 23.5 | ||||||||||||||||||||||
Total acquisition costs | 233.8 | 18.5 | 0 | 0 | 23.5 | 27 | 302.8 | ||||||||||||||||||||||
Exploration costs2 | 253.2 | 76 | 0.7 | 0.5 | 0.5 | 231.6 | 562.5 | ||||||||||||||||||||||
Development costs2 | 263.9 | 871.9 | 705.5 | 30.5 | 78.7 | 3.8 | 1,954.30 | ||||||||||||||||||||||
Total costs incurred | 750.9 | 966.4 | 706.2 | 31 | 102.7 | 262.4 | 2,819.60 | ||||||||||||||||||||||
Charged to expense | |||||||||||||||||||||||||||||
Dry hole expense | 0.6 | 50.6 | 0.1 | 0 | 18.1 | 181.6 | 251 | ||||||||||||||||||||||
Geophysical and other costs | 35.9 | 10.2 | 11 | 0.5 | 2.9 | 60.2 | 120.7 | ||||||||||||||||||||||
Total charged to expense | 36.5 | 60.8 | 11.1 | 0.5 | 21 | 241.8 | 371.7 | ||||||||||||||||||||||
Property additions | $ | 714.4 | 905.6 | 695.1 | 30.5 | 81.7 | 20.6 | 2,447.90 | |||||||||||||||||||||
1 The Company has accounted for U.K. operations as discontinued operations due to the sale of these operations in the first half of 2013. | |||||||||||||||||||||||||||||
2 Includes non-cash asset retirement costs as follows: | |||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
Exploration costs | $ | 0 | 0.2 | 0 | 0 | 0 | 0 | 0.2 | |||||||||||||||||||||
Development costs | 70.1 | 5.9 | 95.9 | 0 | 0 | 0 | 171.9 | ||||||||||||||||||||||
$ | 70.1 | 6.1 | 95.9 | 0 | 0 | 0 | 172.1 | ||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||
Exploration costs | $ | (1.7 | ) | 0.1 | 0 | 0 | 0 | 0 | (1.6 | ) | |||||||||||||||||||
Development costs | 37.9 | 80.7 | 48.6 | (11.5 | ) | 17.6 | 0 | 173.3 | |||||||||||||||||||||
$ | 36.2 | 80.8 | 48.6 | (11.5 | ) | 17.6 | 0 | 171.7 | |||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||
Exploration costs | $ | 2 | 0.3 | 0 | 0 | 0 | 0 | 2.3 | |||||||||||||||||||||
Development costs | 15.8 | 20.1 | 0.3 | 10.8 | 2.1 | 0 | 49.1 | ||||||||||||||||||||||
$ | 17.8 | 20.4 | 0.3 | 10.8 | 2.1 | 0 | 51.4 | ||||||||||||||||||||||
3 | Includes property cost associated with non-cash capital lease of $358.0 million at the Kakap field. |
Results_of_Operations_for_Oil_
Results of Operations for Oil and Gas Producing Activities | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Results of Operations for Oil and Gas Producing Activities | ' | ||||||||||||||||||||||||||||
Schedule 4 – Results of Operations for Oil and Gas Producing Activities* | |||||||||||||||||||||||||||||
Canada | Republic | ||||||||||||||||||||||||||||
of the | |||||||||||||||||||||||||||||
(Millions of dollars) | United | Conven- | Synthetic | Malaysia | Congo | Other | Total | ||||||||||||||||||||||
States | tional | ||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Crude oil and natural gas liquids – Sales to unaffiliated enterprises | $ | 1,724.70 | 507.2 | 441 | 1,875.00 | 83.6 | 0 | 4,631.50 | |||||||||||||||||||||
Natural gas – Sales to unaffiliated enterprises | 72.7 | 198.1 | 0 | 404 | 0 | 0 | 674.8 | ||||||||||||||||||||||
Total oil and gas revenues | 1,797.40 | 705.3 | 441 | 2,279.00 | 83.6 | 0 | 5,306.30 | ||||||||||||||||||||||
Other operating revenues | 6.4 | (1.9 | ) | 0.3 | 1.5 | (0.1 | ) | 0.1 | 6.3 | ||||||||||||||||||||
Total revenues | 1,803.80 | 703.4 | 441.3 | 2,280.50 | 83.5 | 0.1 | 5,312.60 | ||||||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||||||||
Production expenses | 351.1 | 185.5 | 228.2 | 384.4 | 191 | 0 | 1,340.20 | ||||||||||||||||||||||
Exploration costs charged to expense | 75.2 | 32.8 | 0 | 25.3 | 5.8 | 296.2 | 435.3 | ||||||||||||||||||||||
Undeveloped lease amortization | 30.3 | 21 | 0 | 0 | 0 | 15.6 | 66.9 | ||||||||||||||||||||||
Depreciation, depletion and amortization | 576.3 | 319.2 | 55.4 | 588.2 | 0.2 | 4.3 | 1,543.60 | ||||||||||||||||||||||
Accretion of asset retirement obligations | 13.5 | 5.9 | 10.3 | 15 | 4.3 | 0 | 49 | ||||||||||||||||||||||
Impairment of properties | 0 | 21.6 | 0 | 0 | 0 | 0 | 21.6 | ||||||||||||||||||||||
Selling and general expenses | 80.4 | 25.3 | 0.9 | 3.5 | 1.1 | 59.7 | 170.9 | ||||||||||||||||||||||
Total costs and expenses | 1,126.80 | 611.3 | 294.8 | 1,016.40 | 202.4 | 375.8 | 3,627.50 | ||||||||||||||||||||||
677 | 92.1 | 146.5 | 1,264.10 | (118.9 | ) | (375.7 | ) | 1,685.10 | |||||||||||||||||||||
Income tax expense (benefit) | 241.6 | 19.9 | 37.9 | 477.7 | (109.9 | ) | (10.9 | ) | 656.3 | ||||||||||||||||||||
Results of operations | $ | 435.4 | 72.2 | 108.6 | 786.4 | (9.0 | ) | (364.8 | ) | 1,028.80 | |||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Crude oil and natural gas liquids – Sales to unaffiliated enterprises | $ | 976.1 | 411.7 | 463.1 | 1,946.00 | 57.6 | 0 | 3,854.50 | |||||||||||||||||||||
Natural gas – Sales to unaffiliated enterprises | 54.2 | 209.8 | 0 | 481.1 | 0 | 0 | 745.1 | ||||||||||||||||||||||
Total oil and gas revenues | 1,030.30 | 621.5 | 463.1 | 2,427.10 | 57.6 | 0 | 4,599.60 | ||||||||||||||||||||||
Other operating revenues | 7.7 | (0.9 | ) | 0.6 | 1 | 0 | 0.1 | 8.5 | |||||||||||||||||||||
Total revenues | 1,038.00 | 620.6 | 463.7 | 2,428.10 | 57.6 | 0.1 | 4,608.10 | ||||||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||||||||
Production expenses | 252.4 | 167.2 | 224.1 | 422.7 | 48.4 | 0 | 1,114.80 | ||||||||||||||||||||||
Exploration costs charged to expense | 51.9 | 10.5 | 0 | 27.2 | 76.8 | 84.7 | 251.1 | ||||||||||||||||||||||
Undeveloped lease amortization | 71.6 | 29.3 | 0 | 0 | 0 | 28.9 | 129.8 | ||||||||||||||||||||||
Depreciation, depletion and amortization | 330.2 | 290.5 | 55.3 | 532.1 | 33.9 | 2.4 | 1,244.40 | ||||||||||||||||||||||
Accretion of asset retirement obligations | 11.4 | 5.1 | 8.5 | 12.5 | 0.9 | 0 | 38.4 | ||||||||||||||||||||||
Impairment of properties | 0 | 0 | 0 | 0 | 200 | 0 | 200 | ||||||||||||||||||||||
Selling and general expenses | 52.7 | 19.7 | 0.9 | (5.3 | ) | 3.2 | 48.4 | 119.6 | |||||||||||||||||||||
Total costs and expenses | 770.2 | 522.3 | 288.8 | 989.2 | 363.2 | 164.4 | 3,098.10 | ||||||||||||||||||||||
267.8 | 98.3 | 174.9 | 1,438.90 | (305.6 | ) | (164.3 | ) | 1,510.00 | |||||||||||||||||||||
Income tax expense (benefit) | 99.8 | 25.1 | 40 | 544.7 | (64.5 | ) | (40.1 | ) | 605 | ||||||||||||||||||||
Results of operations | $ | 168 | 73.2 | 134.9 | 894.2 | (241.1 | ) | (124.2 | ) | 905 | |||||||||||||||||||
* | Results exclude corporate overhead, interest and discontinued operations. | ||||||||||||||||||||||||||||
(Millions of dollars) | United | Canada | Malaysia | Republic | Other | Total | |||||||||||||||||||||||
States | of the | ||||||||||||||||||||||||||||
Conven- | Synthetic | Congo | |||||||||||||||||||||||||||
tional | |||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Crude oil and natural gas liquids – | |||||||||||||||||||||||||||||
Sales to unaffiliated enterprises | $ | 648.8 | 459.2 | 410.2 | 1,583.00 | 148.8 | 0 | 3,250.00 | |||||||||||||||||||||
Transfers to consolidated operations | 0 | 46.4 | 96.4 | 0 | 0 | 0 | 142.8 | ||||||||||||||||||||||
Natural gas – Sales to unaffiliated enterprises | 71.1 | 280.2 | 0 | 461.3 | 0 | 0 | 812.6 | ||||||||||||||||||||||
Total oil and gas revenues | 719.9 | 785.8 | 506.6 | 2,044.30 | 148.8 | 0 | 4,205.40 | ||||||||||||||||||||||
Other operating revenues | 17.8 | (3.8 | ) | 0 | 1.3 | 0 | 24.6 | 39.9 | |||||||||||||||||||||
Total revenues | 737.7 | 782 | 506.6 | 2,045.60 | 148.8 | 24.6 | 4,245.30 | ||||||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||||||||
Production expenses | 164.8 | 151.2 | 236.1 | 420.6 | 37.6 | 0 | 1,010.30 | ||||||||||||||||||||||
Exploration costs charged to expense | 36.5 | 60.8 | 0 | 11.1 | 21 | 241.8 | 371.2 | ||||||||||||||||||||||
Undeveloped lease amortization | 62.2 | 28.8 | 0 | 0 | 0 | 27.2 | 118.2 | ||||||||||||||||||||||
Depreciation, depletion and amortization | 183 | 273.9 | 52.1 | 357.3 | 87.8 | 1.9 | 956 | ||||||||||||||||||||||
Accretion of asset retirement obligations | 9.9 | 4.9 | 7.6 | 10.6 | 0.5 | 0.3 | 33.8 | ||||||||||||||||||||||
Impairment of properties | 0 | 0 | 0 | 0 | 368.6 | 0 | 368.6 | ||||||||||||||||||||||
Terra Nova working interest redetermination | 0 | (5.4 | ) | 0 | 0 | 0 | 0 | (5.4 | ) | ||||||||||||||||||||
Selling and general expenses | 42.1 | 14.2 | 0.9 | (1.6 | ) | 2.2 | 39.8 | 97.6 | |||||||||||||||||||||
Total costs and expenses | 498.5 | 528.4 | 296.7 | 798 | 517.7 | 311 | 2,950.30 | ||||||||||||||||||||||
239.2 | 253.6 | 209.9 | 1,247.60 | (368.9 | ) | (286.4 | ) | 1,295.00 | |||||||||||||||||||||
Income tax expense | 86.5 | 79.7 | 55.8 | 434.9 | 16.4 | 7.5 | 680.8 | ||||||||||||||||||||||
Results of operations | $ | 152.7 | 173.9 | 154.1 | 812.7 | (385.3 | ) | (293.9 | ) | 614.2 | |||||||||||||||||||
* | Results exclude corporate overhead, interest and discontinued operations. |
Standardized_Measure_of_Discou
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | ' | ||||||||||||||||||||||||
Schedule 5 – Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | |||||||||||||||||||||||||
(Millions of dollars) | United | Canada | Malaysia | United | Republic | Total | |||||||||||||||||||
States | Kingdom | of the | |||||||||||||||||||||||
Congo | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Future cash inflows | $ | 20,638.60 | 16,112.90 | 13,399.00 | 0 | 0 | 50,150.50 | ||||||||||||||||||
Future development costs | (3,833.9 | ) | (1,882.3 | ) | (1,445.3 | ) | 0 | 0 | (7,161.5 | ) | |||||||||||||||
Future production costs | (5,244.7 | ) | (7,073.0 | ) | (4,490.4 | ) | 0 | 0 | (16,808.1 | ) | |||||||||||||||
Future income taxes | (3,368.3 | ) | (1,472.8 | ) | (1,855.1 | ) | 0 | 0 | (6,696.2 | ) | |||||||||||||||
Future net cash flows | 8,191.70 | 5,684.80 | 5,608.20 | 0 | 0 | 19,484.70 | |||||||||||||||||||
10% annual discount for estimated timing of cash flows | (4,020.2 | ) | (2,999.1 | ) | (1,620.7 | ) | 0 | 0 | (8,640.0 | ) | |||||||||||||||
Standardized measure of discounted future net cash flows | $ | 4,171.50 | 2,685.70 | 3,987.50 | 0 | 0 | 10,844.70 | ||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Future cash inflows | $ | 15,547.50 | 15,511.60 | 10,354.90 | 2,395.20 | 0 | 43,809.20 | ||||||||||||||||||
Future development costs | (3,731.6 | ) | (1,815.2 | ) | (966.9 | ) | (273.2 | ) | 0 | (6,786.9 | ) | ||||||||||||||
Future production costs | (3,466.6 | ) | (7,336.4 | ) | (3,143.4 | ) | (738.3 | ) | 0 | (14,684.7 | ) | ||||||||||||||
Future income taxes | (2,527.6 | ) | (1,714.9 | ) | (1,675.9 | ) | (872.7 | ) | 0 | (6,791.1 | ) | ||||||||||||||
Future net cash flows | 5,821.70 | 4,645.10 | 4,568.70 | 511 | 0 | 15,546.50 | |||||||||||||||||||
10% annual discount for estimated timing of cash flows | (2,862.1 | ) | (2,876.5 | ) | (1,322.9 | ) | (372.2 | ) | 0 | (7,433.7 | ) | ||||||||||||||
Standardized measure of discounted future net cash flows | $ | 2,959.60 | 1,768.60 | 3,245.80 | 138.8 | 0 | 8,112.80 | ||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||
Future cash inflows | $ | 6,105.40 | 18,835.50 | 11,037.50 | 2,509.50 | 248.6 | 38,736.50 | ||||||||||||||||||
Future development costs | (1,283.5 | ) | (1,929.5 | ) | (1,559.8 | ) | (356.2 | ) | (0.0 | ) | (5,129.0 | ) | |||||||||||||
Future production costs | (1,417.9 | ) | (7,199.7 | ) | (3,087.8 | ) | (763.0 | ) | (183.8 | ) | (12,652.2 | ) | |||||||||||||
Future income taxes | (807.2 | ) | (2,806.8 | ) | (2,129.7 | ) | (869.0 | ) | (39.7 | ) | (6,652.4 | ) | |||||||||||||
Future net cash flows | 2,596.80 | 6,899.50 | 4,260.20 | 521.3 | 25.1 | 14,302.90 | |||||||||||||||||||
10% annual discount for estimatedtiming of cash flows | (912.0 | ) | (3,658.7 | ) | (1,507.4 | ) | (304.4 | ) | 2.8 | (6,379.7 | ) | ||||||||||||||
Standardized measure of discounted future net cash flows | $ | 1,684.80 | 3,240.80 | 2,752.80 | 216.9 | 27.9 | 7,923.20 | ||||||||||||||||||
Following are the principal sources of change in the standardized measure of discounted future net cash flows for the years shown. | |||||||||||||||||||||||||
(Millions of dollars) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Net changes in prices and production costs | $ | 267.8 | (2,461.1 | ) | 3,743.40 | ||||||||||||||||||||
Net changes in development costs | (3,456.8 | ) | (3,860.1 | ) | (4,113.9 | ) | |||||||||||||||||||
Sales and transfers of oil and gas produced, net of production costs | (3,972.4 | ) | (3,493.3 | ) | (3,273.5 | ) | |||||||||||||||||||
Net change due to extensions and discoveries | 4,608.90 | 4,466.30 | 3,300.90 | ||||||||||||||||||||||
Net change due to purchases and sales of proved reserves | (135.6 | ) | 347.4 | 0 | |||||||||||||||||||||
Development costs incurred | 3,326.80 | 3,299.00 | 1,881.50 | ||||||||||||||||||||||
Accretion of discount | 1,109.30 | 1,153.50 | 827.7 | ||||||||||||||||||||||
Revisions of previous quantity estimates | 1,646.00 | 728.1 | 892.5 | ||||||||||||||||||||||
Net change in income taxes | (662.1 | ) | 9.8 | (1,029.4 | ) | ||||||||||||||||||||
Net increase | 2,731.90 | 189.6 | 2,229.20 | ||||||||||||||||||||||
Standardized measure at January 1 | 8,112.80 | 7,923.20 | 5,694.00 | ||||||||||||||||||||||
Standardized measure at December 31 | $ | 10,844.70 | 8,112.80 | 7,923.20 | |||||||||||||||||||||
Capitalized_Costs_Relating_to_
Capitalized Costs Relating to Oil and Gas Producing Activities | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Capitalized Costs Relating to Oil and Gas Producing Activities | ' | ||||||||||||||||||||||||||||||||||||
Schedule 6 – Capitalized Costs Relating to Oil and Gas Producing Activities | |||||||||||||||||||||||||||||||||||||
(Millions of dollars) | United | Canada | Malaysia | United | Republic | Other | Subtotal | Synthetic | Total | ||||||||||||||||||||||||||||
States | Kingdom | of the | Oil – | ||||||||||||||||||||||||||||||||||
Congo | Canada | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Unproved oil and gas properties | $ | 723.6 | 475.9 | 233.5 | 0 | 6.1 | 158.9 | 1,598.00 | 0 | 1,598.00 | |||||||||||||||||||||||||||
Proved oil and gas properties | 5,816.90 | 4,529.90 | 7,636.60 | 0 | 737.8 | 0 | 18,721.20 | 1,493.50 | 20,214.70 | ||||||||||||||||||||||||||||
Gross capitalized costs | 6,540.50 | 5,005.80 | 7,870.10 | 0 | 743.9 | 158.9 | 20,319.20 | 1,493.50 | 21,812.70 | ||||||||||||||||||||||||||||
Accumulated depreciation, depletion and amortization | |||||||||||||||||||||||||||||||||||||
Unproved oil and gas properties | (178.1 | ) | (248.5 | ) | (0.0 | ) | 0 | (6.1 | ) | (85.6 | ) | (518.3 | ) | (0.0 | ) | (518.3 | ) | ||||||||||||||||||||
Proved oil and gas properties | (2,171.1 | ) | (2,006.8 | ) | (2,576.4 | ) | (0.0 | ) | (737.8 | ) | 0 | (7,492.1 | ) | (417.6 | ) | (7,909.7 | ) | ||||||||||||||||||||
Net capitalized costs | $ | 4,191.30 | 2,750.50 | 5,293.70 | 0 | 0 | 73.3 | 12,308.80 | 1,075.90 | 13,384.70 | |||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Unproved oil and gas properties | $ | 750 | 510.9 | 837 | 0 | 11.8 | 107.4 | 2,217.10 | 0 | 2,217.10 | |||||||||||||||||||||||||||
Proved oil and gas properties | 3,972.10 | 4,697.80 | 5,260.70 | 603.2 | 737.8 | 0 | 15,271.60 | 1,435.60 | 16,707.20 | ||||||||||||||||||||||||||||
Gross capitalized costs | 4,722.10 | 5,208.70 | 6,097.70 | 603.2 | 749.6 | 107.4 | 17,488.70 | 1,435.60 | 18,924.30 | ||||||||||||||||||||||||||||
Accumulated depreciation, depletion and amortization | |||||||||||||||||||||||||||||||||||||
Unproved oil and gas properties | (183.8 | ) | (244.3 | ) | (0.0 | ) | (0.0 | ) | (6.1 | ) | (70.0 | ) | (504.2 | ) | (0.0 | ) | (504.2 | ) | |||||||||||||||||||
Proved oil and gas properties | (1,590.6 | ) | (1,828.8 | ) | (2,001.8 | ) | (397.5 | ) | (737.8 | ) | (0.0 | ) | (6,556.5 | ) | (389.6 | ) | (6,946.1 | ) | |||||||||||||||||||
Net capitalized costs | $ | 2,947.70 | 3,135.60 | 4,095.90 | 205.7 | 5.7 | 37.4 | 10,428.00 | 1,046.00 | 11,474.00 | |||||||||||||||||||||||||||
Note: | Unproved oil and gas properties above include costs and associated accumulated amortization of properties that do not have proved reserves; these costs include mineral interests, uncompleted exploratory wells, and exploratory wells capitalized pending further evaluation. |
SUPPLEMENTAL_QUARTERLY_INFORMA
SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED) | ' | ||||||||||||||||||||
MURPHY OIL CORPORATION AND CONSOLIDATED SUBSIDIARIES | |||||||||||||||||||||
SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED) | |||||||||||||||||||||
(Millions of dollars except per share amounts) | First | Second | Third | Fourth | Year | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Sales and other operating revenues | $ | 1,298.90 | 1,315.60 | 1,366.50 | 1,331.70 | 5,312.70 | |||||||||||||||
Income from continuing operations before income taxes | 360 | 454.2 | 463.7 | 194.8 | 1,472.70 | ||||||||||||||||
Income from continuing operations | 182.7 | 259.9 | 265 | 180.5 | 888.1 | ||||||||||||||||
Net income | 360.6 | 402.7 | 284.8 | 75.4 | 1,123.50 | ||||||||||||||||
Income from continuing operations per Common share | |||||||||||||||||||||
Basic | 0.96 | 1.38 | 1.42 | 0.98 | 4.73 | ||||||||||||||||
Diluted | 0.95 | 1.37 | 1.41 | 0.96 | 4.69 | ||||||||||||||||
Net income per Common share | |||||||||||||||||||||
Basic | 1.89 | 2.13 | 1.52 | 0.41 | 5.98 | ||||||||||||||||
Diluted | 1.88 | 2.12 | 1.51 | 0.4 | 5.94 | ||||||||||||||||
Cash dividend per Common share | 0.3125 | 0.3125 | 0.3125 | 0.3125 | 1.25 | ||||||||||||||||
Market price of Common Stock1 | |||||||||||||||||||||
High | 63.81 | 66.09 | 71.84 | 65.55 | 71.84 | ||||||||||||||||
Low | 59.33 | 59.98 | 59.8 | 59.93 | 59.33 | ||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Sales and other operating revenues | $ | 1,149.80 | 1,078.00 | 1,083.70 | 1,297.10 | 4,608.60 | |||||||||||||||
Income from continuing operations before income taxes | 471.6 | 357 | 338.9 | 200.5 | 1,368.00 | ||||||||||||||||
Income from continuing operations | 285.6 | 210.9 | 186.1 | 123.9 | 806.5 | ||||||||||||||||
Net income | 290.1 | 295.4 | 226.7 | 158.7 | 970.9 | ||||||||||||||||
Income from continuing operations per Common share | |||||||||||||||||||||
Basic | 1.48 | 1.09 | 0.96 | 0.64 | 4.16 | ||||||||||||||||
Diluted | 1.47 | 1.08 | 0.95 | 0.64 | 4.14 | ||||||||||||||||
Net income per Common share | |||||||||||||||||||||
Basic | 1.5 | 1.52 | 1.17 | 0.82 | 5.01 | ||||||||||||||||
Diluted | 1.49 | 1.52 | 1.16 | 0.82 | 4.99 | ||||||||||||||||
Cash dividend per Common share | 0.275 | 0.275 | 0.3125 | 2.8125 | 2 | 3.675 | 2 | ||||||||||||||
Market price of Common Stock1 | |||||||||||||||||||||
High | 64.76 | 57.12 | 56.24 | 63.74 | 64.76 | ||||||||||||||||
Low | 55.82 | 43.65 | 48.8 | 54.97 | 43.65 | ||||||||||||||||
1 | Prices are as quoted on the New York Stock Exchange. | ||||||||||||||||||||
2 | Includes special dividend of $2.50 per Common share paid on December 3, 2012. |
VALUATION_ACCOUNTS_AND_RESERVE
VALUATION ACCOUNTS AND RESERVES | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
VALUATION ACCOUNTS AND RESERVES | ' | ||||||||||||||||||||
MURPHY OIL CORPORATION AND CONSOLIDATED SUBSIDIARIES | |||||||||||||||||||||
SCHEDULE II – VALUATION ACCOUNTS AND RESERVES | |||||||||||||||||||||
(Millions of dollars) | Balance at | Charged | Deductions | Other* | Balance at | ||||||||||||||||
January 1 | (Credited) | December 31 | |||||||||||||||||||
to Expense | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 6.7 | 0.4 | (0.4 | ) | (5.1 | ) | 1.6 | |||||||||||||
Deferred tax asset valuation allowance | 524 | 115.4 | 0 | (5.7 | ) | 633.7 | |||||||||||||||
2012 | |||||||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 7.9 | 0.3 | (1.5 | ) | 0 | 6.7 | ||||||||||||||
Deferred tax asset valuation allowance | 445.8 | 78.2 | 0 | 0 | 524 | ||||||||||||||||
2011 | |||||||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 8 | 0.2 | (0.3 | ) | 0 | 7.9 | ||||||||||||||
Deferred tax asset valuation allowance | 305.3 | 140.5 | 0 | 0 | 445.8 | ||||||||||||||||
* | Amounts in 2013 primarily arose due to separation of Murphy USA Inc. and presentation of U.K. downstream operations as assets held for sale. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
NATURE OF BUSINESS | ' |
NATURE OF BUSINESS – Murphy Oil Corporation is an international oil and gas company that conducts its business through various operating subsidiaries. The Company produces oil and natural gas in the United States, Canada and Malaysia and conducts oil and natural gas exploration activities worldwide. The Company has an interest in a Canadian synthetic oil operation. Murphy owns one petroleum refinery in the United Kingdom and markets petroleum products in that country under various brand names and to unbranded wholesale customers. The Company has announced its intention to sell the U.K. refining and marketing assets. On August 30, 2013, the Company completed the spin-off of Murphy USA Inc. (MUSA) to its shareholders. MUSA formerly was the Company’s U.S. downstream operations. MUSA is now a separate, publicly owned company traded on the New York Stock Exchange under the symbol “MUSA.” In addition, Murphy Oil sold all its United Kingdom oil and natural gas producing assets during 2013. In 2011, the Company sold two U.S. petroleum refineries and certain associated marketing assets. See Note C regarding more information regarding the spin-off and sale of these assets. | |
PRINCIPLES OF CONSOLIDATION | ' |
PRINCIPLES OF CONSOLIDATION – The consolidated financial statements include the accounts of Murphy Oil Corporation and all majority-owned subsidiaries. For consolidated subsidiaries that are less than wholly owned, the noncontrolling interest is reflected in the balance sheet as a component of Stockholders’ Equity. Undivided interests in oil and gas joint ventures are consolidated on a proportionate basis. Investments in affiliates in which the Company owns from 20% to 50% are accounted for by the equity method. Other investments are generally carried at cost. All significant intercompany accounts and transactions have been eliminated. | |
REVENUE RECOGNITION | ' |
REVENUE RECOGNITION – Revenues from sales of crude oil, natural gas and refined petroleum products are recorded when deliveries have occurred and legal ownership of the commodity transfers to the customer. Revenues from the production of oil and natural gas properties in which Murphy shares an undivided interest with other producers are recognized based on the actual volumes sold by the Company during the period. Natural gas imbalances occur when the Company’s actual gas sales volumes differ from its entitlement under existing working interests. The Company records a liability for gas imbalances when it has sold more than its working interest of gas production and the estimated remaining reserves make it doubtful that partners can recoup their share of production from the field. At December 31, 2013 and 2012, the liabilities for natural gas balancing were immaterial. | |
Refined products sold at retail are recorded when the customer takes delivery at the pump. Title transfer for bulk motor fuel products generally occurs at pipeline custody points or upon truck loading at product terminals. Merchandise revenues are recorded at the point of sale. | |
The Company enters into buy/sell and similar arrangements when crude oil and other petroleum products are held at one location but are needed at a different location. The Company often pays or receives funds related to the buy/sell arrangement based on location or quality differences. The Company accounts for such transactions on a net basis in its Consolidated Statement of Income. | |
TAXES COLLECTED FROM CUSTOMERS AND REMITTED TO GOVERNMENT AUTHORITIES | ' |
TAXES COLLECTED FROM CUSTOMERS AND REMITTED TO GOVERNMENT AUTHORITIES – Excise and other taxes collected on sales of refined products and remitted to governmental agencies are excluded from revenues and costs and expenses in the Consolidated Statement of Income. | |
CASH EQUIVALENTS | ' |
CASH EQUIVALENTS – Short-term investments, which include government securities and other instruments with government securities as collateral, that have a maturity of three months or less from the date of purchase are classified as cash equivalents. | |
MARKETABLE SECURITIES | ' |
MARKETABLE SECURITIES – The Company classifies investments in marketable securities as available-for-sale or held-to-maturity. The Company does not have any investments classified as trading securities. Available-for-sale securities are carried at fair value with the unrealized gain or loss, net of tax, reported in other comprehensive income. Held-to-maturity securities are recorded at amortized cost. Premiums and discounts are amortized or accreted into earnings over the life of the related available-for-sale or held-to-maturity security. | |
Dividend and interest income is recognized when earned. Unrealized losses considered to be other than temporary are recognized currently in earnings. The cost of securities sold is based on the specific identification method. The fair value of investment securities is determined by available market prices. At December 31, 2013, the Company owned Canadian government securities with maturities greater than 90 days at date of acquisition that had a carrying value of $374,842,000. These securities are readily marketable and could be quickly converted to cash if needed to meet operating cash needs in Canada. | |
ACCOUNTS RECEIVABLE | ' |
ACCOUNTS RECEIVABLE – At December 31, 2013, the Company’s accounts receivable primarily consisted of amounts owed to the Company by customers for sales of crude oil and natural gas. In 2012 this balance included receivables for oil and gas sales and amounts owed for refined products sold under varying credit arrangements in the U.S. and U.K. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses on these receivables. The Company reviews this allowance for adequacy at least quarterly and bases its assessment on a combination of current information about its customers and historical write-off experience. Any trade accounts receivable balances written off are charged against the allowance for doubtful accounts. The Company has not experienced any significant credit-related losses in the past three years. | |
INVENTORIES | ' |
INVENTORIES – Crude oil and blend stocks inventories include unsold crude oil production in 2013 and 2012, and in 2012 also included Milford Haven refinery feedstocks. Unsold crude oil production is carried in inventory at the lower of cost, generally applied on a first-in, first-out (FIFO) basis, or market, and includes costs incurred to bring the inventory to its existing condition. Refinery inventories of crude oil and other feedstocks and certain finished product inventories are valued at the lower of cost, generally applied on a last-in, first-out (LIFO) basis, or market. Merchandise inventory held for resale at retail marketing stations in 2012 was generally carried at average cost and was included in Finished products inventories. Materials and supplies inventories are valued at the lower of average cost or estimated value and generally consist of tubulars and other drilling equipment and additionally at year-end 2012 it included spare parts for refinery operations. Cash collected upon the sale of inventory to customers is classified as an operating activity in the Consolidated Statement of Cash Flows. | |
PROPERTY, PLANT AND EQUIPMENT | ' |
PROPERTY, PLANT AND EQUIPMENT – The Company uses the successful efforts method to account for exploration and development expenditures. Leasehold acquisition costs are capitalized. If proved reserves are found on an undeveloped property, leasehold cost is transferred to proved properties. Costs of undeveloped leases associated with unproved properties are expensed over the life of the leases. Exploratory well costs are capitalized pending determination about whether proved reserves have been found. In certain cases, a determination of whether a drilled exploratory well has found proved reserves cannot be made immediately. This is generally due to the need for a major capital expenditure to produce and/or evacuate the hydrocarbon(s) found. The determination of whether to make such a capital expenditure is usually dependent on whether further exploratory wells find a sufficient quantity of additional reserves. The Company continues to capitalize exploratory well costs in Property, Plant and Equipment when the well has found a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. The Company reevaluates its capitalized drilling costs at least annually to ascertain whether drilling costs continue to qualify for ongoing capitalization. Other exploratory costs, including geological and geophysical costs, are charged to expense as incurred. Development costs, including unsuccessful development wells, are capitalized. Interest is capitalized on significant development projects that are expected to take one year or more to complete. | |
Oil and gas properties are evaluated by field for potential impairment. Other properties are evaluated for impairment on a specific asset basis or in groups of similar assets as applicable. An impairment is recognized when the estimated undiscounted future net cash flows of an asset are less than its carrying value. If an impairment occurs, the carrying value of the impaired asset is reduced to fair value. | |
The Company records a liability for asset retirement obligations (ARO) equal to the fair value of the estimated cost to retire an asset. The ARO liability is initially recorded in the period in which the obligation meets the definition of a liability, which is generally when a well is drilled or the asset is placed in service. The ARO liability is estimated by the Company’s engineers using existing regulatory requirements and anticipated future inflation rates. | |
When the liability is initially recorded, the Company increases the carrying amount of the related long-lived asset by an amount equal to the original liability. The liability is increased over time to reflect the change in its present value, and the capitalized cost is depreciated over the useful life of the related long-lived asset. The Company reevaluates the adequacy of its recorded ARO liability at least annually. Actual costs of asset retirements such as dismantling oil and gas production facilities and site restoration are charged against the related liability. Any difference between costs incurred upon settlement of an asset retirement obligation and the recorded liability is recognized as a gain or loss in the Company’s earnings. | |
Depreciation and depletion of producing oil and gas properties is recorded based on units of production. Unit rates are computed for unamortized exploration drilling and development costs using proved developed reserves; unit rates for unamortized leasehold costs and asset retirement costs are amortized over proved reserves. Proved reserves are estimated by the Company’s engineers and are subject to future revisions based on availability of additional information. The Milford Haven, Wales refinery, certain marketing facilities and certain natural gas processing facilities are depreciated primarily using the composite straight-line method with depreciable lives ranging from 14 to 25 years. Gasoline stations and other properties are depreciated over 3 to 20 years by individual unit on the straight-line method. Gains and losses on asset disposals or retirements are included in income as a separate component of revenues. Property and equipment of U.K. refining and marketing operations are no longer depreciated following the recognition of these assets as held for sale in late 2013. | |
Turnarounds for major processing units at the Milford Haven, Wales refinery are scheduled at four to five year intervals. Turnarounds for coking units at Syncrude Canada Ltd. are scheduled at intervals of two to three years. Turnaround work associated with various other less significant units at Milford Haven and Syncrude varies depending on operating requirements and events. Murphy defers turnaround costs incurred and amortizes such costs over the period until the next scheduled turnaround. This amortization is recorded in Operating Expenses for Syncrude and through results of discontinued operation for the Milford Haven refinery. Also in 2014, amortization of deferred turnaround costs will cease for the U.K. downstream operations that are held for sale. All other maintenance and repairs are expensed as incurred. Renewals and betterments are capitalized. A major turnaround occurred in 2010 at the Milford Haven, Wales refinery. | |
CAPITALIZED INTEREST | ' |
CAPITALIZED INTEREST – Interest associated with borrowings from third parties is capitalized on significant oil and gas development projects when the expected development period extends for one year or more. Interest capitalized is credited in the Consolidated Statement of Income and is added to the cost of the underlying asset for the development project in Property, Plant and Equipment in the Consolidated Balance Sheet. Capitalized interest is amortized over the useful life of the asset in the same manner as other development costs. | |
GOODWILL | 'GOODWILL – Goodwill is recorded in an acquisition when the purchase price exceeds the fair value of net assets acquired. All recorded goodwill arose from the purchase of an oil and natural gas company by Murphy’s wholly owned Canadian subsidiary in 2000. Goodwill is not amortized, but is assessed annually for recoverability of the carrying value. The Company assesses goodwill recoverability at each year-end by comparing the fair value of net assets for conventional oil and natural gas properties in Canada with the carrying value of these net assets including goodwill. The fair value of the conventional oil and natural gas reporting unit is determined using the expected present value of future cash flows. The change in the carrying value of goodwill during 2013 was primarily caused by a change in the foreign currency translation rate between years. Based on its assessment of the fair value of its Canadian conventional oil and natural gas operations, the Company believes the recorded value of goodwill is not impaired at December 31, 2013. Should a future assessment indicate that goodwill is not fully recoverable, an impairment charge to write down the carrying value of goodwill would be required. |
ENVIRONMENTAL LIABILITIES | ' |
ENVIRONMENTAL LIABILITIES – A liability for environmental matters is established when it is probable that an environmental obligation exists and the cost can be reasonably estimated. If there is a range of reasonably estimated costs, the most likely amount will be recorded, or if no amount is most likely, the minimum of the range is used. Related expenditures are charged against the liability. Environmental remediation liabilities have not been discounted for the time value of future expected payments. Environmental expenditures that have future economic benefit are capitalized. | |
INCOME TAXES | ' |
INCOME TAXES – The Company accounts for income taxes using the asset and liability method. Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Deferred income taxes are measured using the enacted tax rates that are assumed will be in effect when the differences reverse. The Company routinely assesses the realizability of deferred tax assets based on available evidence including assumptions of future taxable income, tax planning strategies and other pertinent factors. A deferred tax asset valuation allowance is recorded when evidence indicates that it is more likely than not that all or a portion of these deferred tax assets will not be realized in a future period. The Company does not provide U.S. deferred taxes for the portion of undistributed earnings of foreign subsidiaries when these earnings are considered indefinitely reinvested in the respective foreign operations. The accounting rules for income tax uncertainties permit recognition of income tax benefits only when they are more likely than not to be realized. The Company includes potential penalties and interest for uncertain income tax positions in income tax expense. | |
FOREIGN CURRENCY | ' |
FOREIGN CURRENCY – Local currency is the functional currency used for recording operations in Canada and for refining and marketing activities in the United Kingdom. The U.S. dollar is the functional currency used to record all other operations. Exchange gains or losses from transactions in a currency other than the functional currency are included in earnings. Gains or losses from translating foreign functional currencies into U.S. dollars are included in Accumulated Other Comprehensive Income in Stockholders’ Equity. | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 'DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES – The fair value of a derivative instrument is recognized as an asset or liability in the Company’s Consolidated Balance Sheet. Upon entering into a derivative contract, the Company may designate the derivative as either a fair value hedge or a cash flow hedge, or decide that the contract is not a hedge for accounting purposes, and thenceforth, recognize changes in the fair value of the contract in earnings. The Company documents the relationship between the derivative instrument designated as a hedge and the hedged items as well as its objective for risk management and strategy for use of the hedging instrument to manage the risk. Derivative instruments designated as fair value or cash flow hedges are linked to specific assets and liabilities or to specific firm commitments or forecasted transactions. The Company assesses at inception and on an ongoing basis whether a derivative instrument accounted for as a hedge is highly effective in offsetting changes in the fair value or cash flows of the hedged item. A derivative that is not a highly effective hedge does not qualify for hedge accounting. The change in the fair value of a qualifying fair value hedge is recorded in earnings along with the gain or loss on the hedged item. The effective portion of the change in the fair value of a qualifying cash flow hedge is recorded in other comprehensive income until the hedged item is recognized in earnings. When the income effect of the underlying cash flow hedged item is recognized in the Consolidated Statement of Income, the fair value of the associated cash flow hedge is reclassified from other comprehensive income into earnings. The ineffective portion of the change in fair value of a cash flow hedge is recognized currently in earnings. If a derivative instrument no longer qualifies as a cash flow hedge and the underlying forecasted transaction is no longer probable of occurring, hedge accounting is discontinued and the gain or loss recorded in other comprehensive income is recognized immediately in earnings. |
FAIR VALUE MEASUREMENTS | ' |
FAIR VALUE MEASUREMENTS – The Company carries certain assets and liabilities at fair value in its Consolidated Balance Sheet. Fair value is determined using various techniques depending on the availability of observable inputs. Level 1 inputs include quoted prices in active markets for identical assets or liabilities. Level 2 inputs include observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants. | |
STOCK-BASED COMPENSATION | ' |
STOCK-BASED COMPENSATION | |
Equity-Settled Awards – The fair value of awarded stock options, restricted stock units and other stock-based compensation that are settled with Company shares is determined based on a combination of management assumptions and the market value of the Company’s common stock. The Company uses the Black-Scholes option pricing model for computing the fair value of equity-settled stock options. The primary assumptions made by management include the expected life of the stock option award and the expected volatility of Murphy’s common stock prices. The Company uses both historical data and current information to support its assumptions. Stock option expense is recognized on a straight-line basis over the respective vesting period of two or three years. The Company uses a Monte Carlo valuation model to determine the fair value of performance-based restricted stock units that are equity settled and expense is recognized over the three-year vesting period. The fair value of time-lapse restricted stock units is determined based on the price of Company stock on the date of grant and expense is recognized over the vesting period. The Company estimates the number of stock options and performance-based restricted stock units that will not vest and adjusts its compensation expense accordingly. Differences between estimated and actual vested amounts are accounted for as an adjustment to expense when known. | |
Cash-Settled Awards – The Company accounts for stock appreciation rights (SAR), cash-settled restricted stock units (CRSU) and phantom stock units as liability awards. Expense associated with these awards are recognized over the vesting period based on the latest available estimate of the fair value of the awards, which is generally determined using a Black-Scholes method for SAR, a Monte Carlo method for CRSU, and the period-end price of the Company’s common stock for phantom units. When SAR are exercised and when CRSU and phantom units expire, the Company adjusts previously recorded expense to the final amounts paid out in cash for these awards. | |
NET INCOME PER COMMON SHARE | ' |
NET INCOME PER COMMON SHARE – Basic income per common share is computed by dividing net income for each reporting period by the weighted average number of common shares outstanding during the period. Diluted income per common share is computed by dividing net income for each reporting period by the weighted average number of common shares outstanding during the period plus the effects of all potentially dilutive common shares. | |
USE OF ESTIMATES | ' |
USE OF ESTIMATES – In preparing the financial statements of the Company in conformity with U.S. generally accepted accounting principles, management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Actual results may differ from the estimates. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Assets and Liabilities Presented in Consolidated Balance Sheets as Held for Sale | ' | ||||||||||||
The following table presents the carrying value of the major categories of assets and liabilities of discontinued operations reflected on the Company’s consolidated balance sheets at December 31, 2013 and 2012: | |||||||||||||
(Millions of dollars) | 2013 | 2012 | |||||||||||
Current assets | |||||||||||||
Held for sale assets of U.K. downstream operations: | |||||||||||||
Cash | $ | 301,302 | 0 | ||||||||||
Accounts receivable | 302,059 | 0 | |||||||||||
Inventories | 254,240 | 0 | |||||||||||
Other | 86,131 | 0 | |||||||||||
Held for sale assets of U.K. oil and gas operations | 0 | 15,119 | |||||||||||
Total current assets held for sale | $ | 943,732 | 15,119 | ||||||||||
Non-current assets | |||||||||||||
Held for sale assets of U.K. downstream operations: | |||||||||||||
Property, plant and equipment, net | $ | 360,347 | 0 | ||||||||||
Other | 21,057 | 0 | |||||||||||
Held for sale assets of U.K. oil and gas operations: | |||||||||||||
Property, plant and equipment | 0 | 205,746 | |||||||||||
Other | 0 | 2,422 | |||||||||||
Total non-current assets held for sale | $ | 381,404 | 208,168 | ||||||||||
Current liabilities | |||||||||||||
Current liabilities associated with held for sale properties of U.K. downstream operations: | |||||||||||||
Accounts payable | $ | 637,432 | 0 | ||||||||||
Other | 1,708 | 0 | |||||||||||
Current liabilities associated with held for sale properties of U.K. oil and gas operations: | |||||||||||||
Accounts payable | 0 | 27,578 | |||||||||||
Income taxes payable | 0 | 19,893 | |||||||||||
Total current liabilities associated with assets held for sale | $ | 639,140 | 47,471 | ||||||||||
Non-current liabilities | |||||||||||||
Non-current liabilities associated with held for sale properties of U.K. downstream operations: | |||||||||||||
Deferred income taxes payable | $ | 68,096 | 0 | ||||||||||
Deferred credits and other liabilities | 27,448 | 0 | |||||||||||
Non-current liabilities associated with held for sale properties of U.K. oil and gas operations: | |||||||||||||
Deferred income taxes payable | 0 | 87,893 | |||||||||||
Asset retirement obligations | 0 | 53,284 | |||||||||||
Total non-current liabilities associated with assets held for sale | $ | 95,544 | 141,177 | ||||||||||
Major Categories of Assets and Liabilities for MUSA Included in Consolidated Balance Sheet | ' | ||||||||||||
The major categories of assets and liabilities for MUSA were included in the Company’s consolidated balance sheet at December 31, 2012 as follows: | |||||||||||||
(Millions of dollars) | 2012 | ||||||||||||
Current assets | |||||||||||||
Accounts receivable | $ | 525,936 | |||||||||||
Inventories | 217,393 | ||||||||||||
Other current assets | 8,685 | ||||||||||||
Total current assets | $ | 752,014 | |||||||||||
Non-current assets | |||||||||||||
Property, plant and equipment, net | $ | 1,163,748 | |||||||||||
Other assets | 498 | ||||||||||||
Total non-current assets | $ | 1,164,246 | |||||||||||
Current liabilities | |||||||||||||
Accounts payable | $ | 612,755 | |||||||||||
Income taxes payable | 16,851 | ||||||||||||
Other taxes payable | 65,349 | ||||||||||||
Other current liabilities | 38,798 | ||||||||||||
Total current liabilities | $ | 733,753 | |||||||||||
Non-current liabilities | |||||||||||||
Long-term debt | $ | 1,123 | |||||||||||
Deferred income taxes | 89,946 | ||||||||||||
Asset retirement obligations | 15,401 | ||||||||||||
Deferred credits and other liabilities | 87,600 | ||||||||||||
Total non-current liabilities | $ | 194,070 | |||||||||||
Results of Operations Associated with Discontinued Operations | ' | ||||||||||||
The results of operations associated with all discontinued operations are presented in the following table. | |||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | ||||||||||
Revenues | $ | 17,586,236 | 24,156,748 | 27,310,300 | |||||||||
Income from operations before income taxes | $ | 119,984 | 330,048 | 571,339 | |||||||||
Gain on sale before income taxes | 130,991 | 0 | 12,684 | ||||||||||
Total income from discontinued operations before taxes | 250,975 | 330,048 | 584,023 | ||||||||||
Provision for income taxes | 15,639 | 165,666 | 250,519 | ||||||||||
Income from discontinued operations | $ | 235,336 | 164,382 | 333,504 | |||||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||
(Thousands of dollars) | Cost | Net | Cost | Net | |||||||||||||||||||||||||||||||||
Exploration and production1 | $ | 21,932,119 | 13,433,468 | 2 | 18,408,904 | 11,294,933 | 2 | ||||||||||||||||||||||||||||||
Refining and marketing | 0 | 0 | 2,619,844 | 1,661,081 | |||||||||||||||||||||||||||||||||
Corporate and other | 89,175 | 47,587 | 121,445 | 55,592 | |||||||||||||||||||||||||||||||||
$ | 22,021,294 | 13,481,055 | 21,150,193 | 13,011,606 | |||||||||||||||||||||||||||||||||
1 Includes mineral rights as follows: | $ | 1,007,920 | 489,578 | 1,051,153 | 556,399 | ||||||||||||||||||||||||||||||||
2 Includes $48,691 in 2013 and $26,611 in 2012 related to administrative assets and support equipment. | |||||||||||||||||||||||||||||||||||||
Net Changes in Capitalized Exploratory Well Costs | ' | ||||||||||||||||||||||||||||||||||||
The following table reflects the net changes in capitalized exploratory well costs during the three-year period ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Beginning balance at January 1 | $ | 445,697 | 556,412 | 497,765 | |||||||||||||||||||||||||||||||||
Additions to capitalized exploratory well costs pending the determination of proved reserves | 57,716 | 135,849 | 86,035 | ||||||||||||||||||||||||||||||||||
Reclassifications to proved properties based on the determination of proved reserves | (93,936 | ) | (165,377 | ) | 0 | ||||||||||||||||||||||||||||||||
Capitalized exploratory well costs charged to expense | (16,447 | ) | (81,187 | ) | (27,388 | ) | |||||||||||||||||||||||||||||||
Ending balance at December 31 | $ | 393,030 | 445,697 | 556,412 | |||||||||||||||||||||||||||||||||
Aging of Capitalized Exploratory Well Costs | ' | ||||||||||||||||||||||||||||||||||||
The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed and the number of projects for which exploratory well costs has been capitalized since the completion of drilling. | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(Thousands of dollars) | Amount | No. of | No. of | Amount | No. of | No. of | Amount | No. of | No. of | ||||||||||||||||||||||||||||
Wells | Projects | Wells | Projects | Wells | Projects | ||||||||||||||||||||||||||||||||
Aging of capitalized well costs: | |||||||||||||||||||||||||||||||||||||
Zero to one year | $ | 56,499 | 3 | 1 | $ | 59,833 | 7 | 2 | $ | 69,757 | 11 | 5 | |||||||||||||||||||||||||
One to two years | 60,787 | 7 | 1 | 18,335 | 2 | 3 | 143,611 | 15 | 3 | ||||||||||||||||||||||||||||
Two to three years | 0 | 0 | 0 | 83,314 | 9 | 4 | 101,696 | 9 | 2 | ||||||||||||||||||||||||||||
Three years or more | 275,744 | 22 | 7 | 284,215 | 26 | 6 | 241,348 | 33 | 6 | ||||||||||||||||||||||||||||
$ | 393,030 | 32 | 9 | $ | 445,697 | 44 | 15 | $ | 556,412 | 68 | 16 | ||||||||||||||||||||||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-term Debt | ' | ||||||||
December 31 | |||||||||
(Thousands of dollars) | 2013 | 2012 | |||||||
Notes payable | |||||||||
2.50% notes, due 2017 | $ | 550,000 | 550,000 | ||||||
3.70% notes, due 2022 | 600,000 | 600,000 | |||||||
4.00% notes, due 2022 | 500,000 | 500,000 | |||||||
7.05% notes, due 2029 | 250,000 | 250,000 | |||||||
5.125% notes, due 2042 | 350,000 | 350,000 | |||||||
Notes payable to banks, 1.4375% at December 31, 2013 | 350,000 | 0 | |||||||
Other, 6%, due through 2028 | 0 | 1,169 | |||||||
Total notes payable | 2,600,000 | 2,251,169 | |||||||
Unamortized discount on notes payable | (5,439 | ) | (5,922 | ) | |||||
Total notes payable, net of unamortized discount | 2,594,561 | 2,245,247 | |||||||
Capitalized lease obligation, due through June 2028 | 368,251 | 0 | |||||||
Total debt including current maturities | 2,962,812 | 2,245,247 | |||||||
Current maturities | (26,249 | ) | (46 | ) | |||||
Total long-term debt | $ | 2,936,563 | 2,245,201 | ||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Reconciliation of Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligation | ' | ||||||||
A reconciliation of the beginning and ending aggregate carrying amount of the asset retirement obligation for 2013 and 2012 is shown in the following table. | |||||||||
(Thousands of dollars) | 2013 | 2012 | |||||||
Balance at beginning of year | $ | 751,583 | 615,545 | ||||||
Accretion expense | 48,996 | 39,341 | 1 | ||||||
Liabilities incurred | 172,048 | 184,439 | |||||||
Revision of previous estimates | (4,856 | ) | 10,468 | ||||||
Liabilities settled | (51,647 | ) | (40,434 | ) | |||||
Liabilities assumed by Murphy USA Inc. upon separation | (15,401 | ) | 0 | ||||||
U.K. oil and gas asset obligations reclassified to liabilities associated with assets held for sale in 2012 | 0 | (64,355 | ) | ||||||
Changes due to translation of foreign currencies | (20,720 | ) | 6,579 | ||||||
Balance at end of year | 880,003 | 751,583 | |||||||
Current portion of liability at end of year2 | (27,515 | ) | (27,310 | ) | |||||
Noncurrent portion of liability at end of year | $ | 852,488 | 724,273 | ||||||
1 | Includes $980 reclassified to discontinued operations associated with U.S. downstream operations. | ||||||||
2 | Included in Other Accrued Liabilities on the Consolidated Balance Sheet. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Income from Continuing Operations Before Income Taxes and Income Tax Expense | ' | ||||||||||||
The components of income from continuing operations before income taxes for each of the three years ended December 31, 2013 and income tax expense attributable thereto were as follows. | |||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | ||||||||||
Income (loss) from continuing operations before income taxes | |||||||||||||
United States | $ | (5,810 | ) | 54,275 | 72,038 | ||||||||
Foreign | 1,478,497 | 1,313,735 | 1,095,837 | ||||||||||
$ | 1,472,687 | 1,368,010 | 1,167,875 | ||||||||||
Income tax expense (benefit) | |||||||||||||
Federal – Current | $ | (56,790 | ) | (256,931 | ) | 6,050 | |||||||
– Deferred | 65,883 | 177,325 | 15,633 | ||||||||||
9,093 | (79,606 | ) | 21,683 | ||||||||||
State | 7,141 | 8,104 | 5,609 | ||||||||||
Foreign – Current | 477,715 | 472,701 | 471,960 | ||||||||||
– Deferred | 90,601 | 160,317 | 129,425 | ||||||||||
568,316 | 633,018 | 601,385 | |||||||||||
Total | $ | 584,550 | 561,516 | 628,677 | |||||||||
Reconciliation of Income Taxes Based on U.S. Statutory Tax Rate to Income Tax Expense | ' | ||||||||||||
The following table reconciles income taxes based on the U.S. statutory tax rate to the Company’s income tax expense. | |||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | ||||||||||
Income tax expense based on the U.S. statutory tax rate | $ | 515,440 | 478,804 | 408,756 | |||||||||
Foreign income subject to foreign taxes at a rate different than the U.S. statutory rate | 31,752 | 7,710 | (10,682 | ) | |||||||||
State income taxes, net of federal benefit | 4,642 | 5,268 | 3,646 | ||||||||||
U.S. tax benefit on certain foreign upstream investments | (133,526 | ) | (108,077 | ) | 0 | ||||||||
Increase in deferred tax asset valuation allowance related to other foreign exploration expenditures | 129,588 | 87,558 | 102,714 | ||||||||||
Impairment or abandonment of Azurite field with no tax benefit | 35,475 | 70,000 | 129,010 | ||||||||||
Malaysian tax benefits on prior year costs in Block P | 0 | 0 | (25,573 | ) | |||||||||
Other, net | 1,179 | 20,253 | 20,806 | ||||||||||
Total | $ | 584,550 | 561,516 | 628,677 | |||||||||
Analysis of Deferred Tax Assets and Deferred Tax Liabilities Showing Tax Effects of Significant Temporary Differences | ' | ||||||||||||
An analysis of the Company’s deferred tax assets and deferred tax liabilities at December 31, 2013 and 2012 showing the tax effects of significant temporary differences follows. | |||||||||||||
(Thousands of dollars) | 2013 | 2012 | |||||||||||
Deferred tax assets | |||||||||||||
Property and leasehold costs | $ | 708,947 | 658,588 | ||||||||||
Liabilities for dismantlements | 79,111 | 78,100 | |||||||||||
Postretirement and other employee benefits | 175,446 | 197,912 | |||||||||||
Alternative minimum tax | 49,536 | 37,253 | |||||||||||
Foreign tax credit carryforwards | 19,896 | 18,594 | |||||||||||
Other deferred tax assets | 23,352 | 32,500 | |||||||||||
Total gross deferred tax assets | 1,056,288 | 1,022,947 | |||||||||||
Less valuation allowance | (633,735 | ) | (523,966 | ) | |||||||||
Net deferred tax assets | 422,553 | 498,981 | |||||||||||
Deferred tax liabilities | |||||||||||||
Property, plant and equipment | (747,561 | ) | (808,311 | ) | |||||||||
Accumulated depreciation, depletion and amortization | (1,040,251 | ) | (1,077,867 | ) | |||||||||
Other deferred tax liabilities | (38,849 | ) | (70,710 | ) | |||||||||
Total gross deferred tax liabilities | (1,826,661 | ) | (1,956,888 | ) | |||||||||
Net deferred tax liabilities | $ | (1,404,108 | ) | (1,457,907 | ) | ||||||||
Reconciliation of Beginning and Ending Amount of Consolidated Liability for Unrecognized Income Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of the consolidated liability for unrecognized income tax benefits during the three years ended December 31, 2013 is shown in the following table. | |||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | 16,611 | 18,857 | 23,196 | |||||||||
Additions for tax positions related to current year | 2,486 | 1,258 | 1,294 | ||||||||||
Settlements due to lapse of time | (12,731 | ) | (3,504 | ) | (5,633 | ) | |||||||
Balance at December 31 | $ | 6,366 | 16,611 | 18,857 | |||||||||
Incentive_Plans_Tables
Incentive Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Share-Based Plans, Amounts Recognized | ' | ||||||||||||||||||||||||
Amounts recognized in the financial statements with respect to share-based plans are shown in the following table. | |||||||||||||||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Compensation charged against income before income tax benefit | $ | 66,976 | 46,694 | 43,272 | |||||||||||||||||||||
Related income tax benefit recognized in income | 19,321 | 14,443 | 14,396 | ||||||||||||||||||||||
Fair Value of Option Award Estimated on Date of Grant using Black-Scholes Pricing Model | ' | ||||||||||||||||||||||||
The fair value of each option award is estimated on the date of grant using the Black-Scholes pricing model based on the assumptions noted in the following table. Expected volatility is based on historical volatility of the Company’s stock and implied volatility on publicly traded at-the-money options on the Company’s stock. The Company estimates the expected term of the options granted based on historical option exercise patterns and considers certain groups of employees exhibiting different behavior. The risk-free interest rate for periods within the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Fair value per option grant | $15.81 – $20.62 | $12.37 – $17.74 | $20.34 | ||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||
Dividend yield | 2.10% – 2.30% | 1.80% – 2.27% | 1.80% | ||||||||||||||||||||||
Expected volatility | 34.00% – 36.00% | 39.00% – 39.62% | 37.00% | ||||||||||||||||||||||
Risk-free interest rate | 0.96% – 2.00% | 0.55% – 0.77% | 2.10% | ||||||||||||||||||||||
Expected life | 5.25 yrs. – 6.50 yrs. | 4.00 yrs. – 5.20 yrs. | 5.10 yrs. | ||||||||||||||||||||||
Changes in Stock Options Outstanding | ' | ||||||||||||||||||||||||
Changes in stock options outstanding during the last three years are presented in the following table. | |||||||||||||||||||||||||
Number of | Average | ||||||||||||||||||||||||
Shares | Exercise | ||||||||||||||||||||||||
Price | |||||||||||||||||||||||||
Outstanding at December 31, 2010 | 5,302,384 | $ | 48.83 | ||||||||||||||||||||||
Granted at FMV | 1,397,312 | 67.64 | |||||||||||||||||||||||
Exercised | (974,500 | ) | 39.3 | ||||||||||||||||||||||
Forfeited | (290,968 | ) | 52.73 | ||||||||||||||||||||||
Outstanding at December 31, 2011 | 5,434,228 | 55.17 | |||||||||||||||||||||||
Granted at FMV | 1,870,500 | 57.96 | |||||||||||||||||||||||
Exercised | (823,855 | ) | 38.37 | ||||||||||||||||||||||
Forfeited | (573,514 | ) | 60.43 | ||||||||||||||||||||||
Outstanding at December 31, 2012 | 5,907,359 | 55.17 | |||||||||||||||||||||||
Granted at FMV | 1,320,176 | 55.26 | |||||||||||||||||||||||
Exercised | (1,335,355 | ) | 45.84 | ||||||||||||||||||||||
Forfeited | (228,576 | ) | 58.01 | ||||||||||||||||||||||
Surrendered in connection with separation of Murphy USA Inc. | (272,936 | ) | 55.99 | ||||||||||||||||||||||
Murphy USA Inc. spin-off adjustment | 615,917 | 52.09 | |||||||||||||||||||||||
Outstanding at December 31, 2013 | 6,006,585 | 56.8 | |||||||||||||||||||||||
Exercisable at December 31, 2010 | 2,499,610 | $ | 45.07 | ||||||||||||||||||||||
Exercisable at December 31, 2011 | 2,319,735 | 51.14 | |||||||||||||||||||||||
Exercisable at December 31, 2012 | 2,474,636 | 54.43 | |||||||||||||||||||||||
Exercisable at December 31, 2013 | 2,435,322 | 51.79 | |||||||||||||||||||||||
Additional Information about Stock Options Outstanding | ' | ||||||||||||||||||||||||
Additional information about stock options outstanding at December 31, 2013 is shown below. | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of Exercise | No. | Avg. Life | Aggregate | No. of | Avg. Life | Aggregate | |||||||||||||||||||
Prices per Option | of Options | Remaining | Intrinsic | Options | Remaining | Intrinsic | |||||||||||||||||||
in Years | Value | in Years | Value | ||||||||||||||||||||||
$37.44 to $39.02 | 658,782 | 3.1 | $ | 17,677,000 | 406,939 | 1.4 | $ | 11,165,000 | |||||||||||||||||
$43.88 to $51.63 | 2,233,621 | 4.5 | 34,786,000 | 832,631 | 2.4 | 16,224,000 | |||||||||||||||||||
$54.21 to $63.46 | 3,114,182 | 4.6 | 21,288,000 | 1,195,752 | 2.4 | 4,500,000 | |||||||||||||||||||
6,006,585 | 4.4 | $ | 73,751,000 | 2,435,322 | 2.2 | $ | 31,889,000 | ||||||||||||||||||
Changes in SAR Outstanding | ' | ||||||||||||||||||||||||
Changes in SAR outstanding beginning in 2013 are presented in the following table. | |||||||||||||||||||||||||
Number | Average | ||||||||||||||||||||||||
of SAR | Exercise | ||||||||||||||||||||||||
Price | |||||||||||||||||||||||||
Outstanding at December 31, 2012 | 0 | ||||||||||||||||||||||||
Granted | 851,000 | $ | 54.21 | ||||||||||||||||||||||
Forfeited | (68,712 | ) | |||||||||||||||||||||||
Surrendered in connection with separation of Murphy USA Inc. | (73,000 | ) | |||||||||||||||||||||||
Murphy USA Inc. spin-off adjustment | 78,824 | ||||||||||||||||||||||||
Outstanding at December 31, 2013 | 788,112 | $ | 54.21 | ||||||||||||||||||||||
Changes in Performance-Based RSU Outstanding | ' | ||||||||||||||||||||||||
Changes in performance-based RSU outstanding for each of the last three years are presented in the following table. | |||||||||||||||||||||||||
Equity-Settled | Cash-Settled | ||||||||||||||||||||||||
Restricted Stock Units | Restricted Stock Units | ||||||||||||||||||||||||
(Number of share units) | 2013 | 2012 | 2011 | 2013 | |||||||||||||||||||||
Balance at beginning of year | 1,426,238 | 1,174,492 | 1,023,492 | 0 | |||||||||||||||||||||
Granted | 521,776 | 653,355 | 521,423 | 93,200 | |||||||||||||||||||||
Awarded | (380,150 | ) | (260,175 | ) | (309,656 | ) | 0 | ||||||||||||||||||
Forfeited | (39,573 | ) | (141,434 | ) | (60,767 | ) | (9,924 | ) | |||||||||||||||||
Surrendered in connection with separation of Murphy USA Inc. | (116,568 | ) | 0 | 0 | (6,800 | ) | |||||||||||||||||||
Murphy USA Inc. spin-off adjustment | 148,569 | 0 | 0 | 8,380 | |||||||||||||||||||||
Balance at end of year | 1,560,292 | 1,426,238 | 1,174,492 | 84,856 | |||||||||||||||||||||
Assumptions used in Valuation of Performance Awards Granted | ' | ||||||||||||||||||||||||
The assumptions used in the valuation of the performance awards granted in 2013, 2012 and 2011 are presented in the following table. | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Fair value per share at grant date | $39.50 – $68.01 | $54.90 – $63.64 | $38.94 – $64.89 | ||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||
Expected volatility | 31.00% – 32.00% | 37.00% | 51.00% | ||||||||||||||||||||||
Risk-free interest rate | 0.41% – 0.62% | 0.30% | 1.04% | ||||||||||||||||||||||
Stock beta | 0.907 – 0.908 | 0.913 | 1.006 | ||||||||||||||||||||||
Expected life | 3.00 yrs. | 3.00 yrs. | 3.00 yrs. | ||||||||||||||||||||||
Changes in Time-Lapse Restricted Stock and Restricted Stock Units Outstanding | ' | ||||||||||||||||||||||||
Changes in time-lapse restricted stock units outstanding for each of the last three years are presented in the following table. | |||||||||||||||||||||||||
(Number of share units) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance at beginning of year | 98,477 | 116,724 | 166,173 | ||||||||||||||||||||||
Granted | 38,184 | 42,256 | 32,711 | ||||||||||||||||||||||
Vested and issued | (34,696 | ) | (44,980 | ) | (82,160 | ) | |||||||||||||||||||
Forfeited | 0 | (15,523 | ) | 0 | |||||||||||||||||||||
Murphy USA Inc. spin-off adjustment | 10,916 | 0 | 0 | ||||||||||||||||||||||
Balance at end of year | 112,881 | 98,477 | 116,724 | ||||||||||||||||||||||
Employee_and_Retiree_Benefit_P1
Employee and Retiree Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Amounts Included in Accumulated Other Comprehensive Income Not Recognized in Net Periodic Benefit Expense | ' | ||||||||||||||||||||||||||||||||
At December 31, 2013, amounts included in accumulated other comprehensive income (AOCI), before reduction for associated deferred income taxes, which have not been recognized in net periodic benefit expense are shown in the following table. | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | Pension | Other | |||||||||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
Net actuarial loss | $ | (150,682 | ) | (13,815 | ) | ||||||||||||||||||||||||||||
Prior service (cost) credit | (3,559 | ) | 372 | ||||||||||||||||||||||||||||||
Transitional asset (liability) | 517 | 0 | |||||||||||||||||||||||||||||||
$ | (153,724 | ) | (13,443 | ) | |||||||||||||||||||||||||||||
Amounts Included in Accumulated Other Comprehensive Income Expected to be Amortization into Net Periodic Benefit Expense | ' | ||||||||||||||||||||||||||||||||
Amounts included in AOCI at December 31, 2013 that are expected to be amortized into net periodic benefit expense during 2014 are shown in the following table. | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | Pension | Other | |||||||||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
Net actuarial loss | $ | (8,190 | ) | (242 | ) | ||||||||||||||||||||||||||||
Prior service (cost) credit | (951 | ) | 82 | ||||||||||||||||||||||||||||||
Transitional asset (liability) | 517 | 0 | |||||||||||||||||||||||||||||||
$ | (8,624 | ) | (160 | ) | |||||||||||||||||||||||||||||
Projected Benefit Obligations, Accumulated Benefit Obligations and Fair Value of Plan Assets for Plans where Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets | ' | ||||||||||||||||||||||||||||||||
The table that follows includes projected benefit obligations, accumulated benefit obligations and fair value of plan assets for plans where the accumulated benefit obligation exceeded the fair value of plan assets. | |||||||||||||||||||||||||||||||||
Projected | Accumulated | Fair Value | |||||||||||||||||||||||||||||||
Benefit Obligations | Benefit Obligations | of Plan Assets | |||||||||||||||||||||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Funded qualified plans where accumulated benefit obligation exceeds fair value of plan assets | $ | 571,217 | 587,318 | 520,610 | 523,773 | 502,308 | 431,788 | ||||||||||||||||||||||||||
Unfunded nonqualified and directors’ plans where accumulated benefit obligation exceeds fair value of plan assets | 115,492 | 112,135 | 102,198 | 98,498 | 0 | 0 | |||||||||||||||||||||||||||
Unfunded other postretirement plans | 107,001 | 124,134 | 107,001 | 124,134 | 0 | 0 | |||||||||||||||||||||||||||
Components of Net Periodic Benefit Expense | ' | ||||||||||||||||||||||||||||||||
The table that follows provides the components of net periodic benefit expense for each of the three years ended December 31, 2013. | |||||||||||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Service cost | $ | 26,346 | 23,500 | 22,406 | 4,566 | 3,958 | 4,547 | ||||||||||||||||||||||||||
Interest cost | 30,903 | 29,869 | 30,785 | 5,189 | 5,174 | 6,141 | |||||||||||||||||||||||||||
Expected return on plan assets | (28,974 | ) | (25,826 | ) | (25,919 | ) | 0 | 0 | 0 | ||||||||||||||||||||||||
Amortization of prior service cost (credit) | 1,006 | 1,254 | 1,314 | (143 | ) | (173 | ) | (240 | ) | ||||||||||||||||||||||||
Amortization of transitional (asset) liability | (514 | ) | (529 | ) | (536 | ) | 8 | 8 | 8 | ||||||||||||||||||||||||
Recognized actuarial loss | 17,338 | 16,389 | 12,484 | 1,484 | 1,317 | 2,329 | |||||||||||||||||||||||||||
46,105 | 44,657 | 40,534 | 11,104 | 10,284 | 12,785 | ||||||||||||||||||||||||||||
Termination benefits expense | 849 | 6,177 | 695 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Curtailment expense (benefit) | 1,365 | 0 | 1,036 | (442 | ) | 0 | (605 | ) | |||||||||||||||||||||||||
Net periodic benefit expense | $ | 48,319 | 50,834 | 42,265 | 10,662 | 10,284 | 12,180 | ||||||||||||||||||||||||||
Weighted-Average Assumptions used in Measurement of Benefit Obligations and Net Periodic Benefit Expense | ' | ||||||||||||||||||||||||||||||||
The following table provides the weighted-average assumptions used in the measurement of the Company’s benefit obligations at December 31, 2013 and 2012 and net periodic benefit expense for 2013 and 2012. | |||||||||||||||||||||||||||||||||
Benefit Obligations | Net Periodic Benefit Expense | ||||||||||||||||||||||||||||||||
Pension | Other | Pension | Other | ||||||||||||||||||||||||||||||
Benefits | Postretirement | Benefits | Postretirement | ||||||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||||
31-Dec | 31-Dec | Year | Year | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Discount rate | 4.78 | % | 4.24 | % | 4.91 | % | 4.18 | % | 4.23 | % | 4.8 | % | 4.18 | % | 4.87 | % | |||||||||||||||||
Expected return on plan assets | 6.24 | % | 6.2 | % | 0 | % | 0 | % | 6.24 | % | 6.2 | % | 0 | % | 0 | % | |||||||||||||||||
Rate of compensation increase | 4.14 | % | 4.13 | % | 0 | % | 0 | % | 4.12 | % | 4.1 | % | 0 | % | 0 | % | |||||||||||||||||
Benefit Payments Reflecting Expected Future Service as Appropriate which are Expected to be Paid in Future Years from Assets of Plans or by Company | ' | ||||||||||||||||||||||||||||||||
Benefit payments, reflecting expected future service as appropriate, which are expected to be paid in future years from the assets of the plans or by the Company are shown in the following table. | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | Pension | Other | |||||||||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
2014 | $ | 32,822 | 6,746 | ||||||||||||||||||||||||||||||
2015 | 33,459 | 6,971 | |||||||||||||||||||||||||||||||
2016 | 33,723 | 7,148 | |||||||||||||||||||||||||||||||
2017 | 34,455 | 7,303 | |||||||||||||||||||||||||||||||
2018 | 35,383 | 7,500 | |||||||||||||||||||||||||||||||
2019-2023 | 194,717 | 41,148 | |||||||||||||||||||||||||||||||
One Percent Change in Assumed Health Care Cost Trend Rates | ' | ||||||||||||||||||||||||||||||||
A 1% change in assumed health care cost trend rates would have the following effects. | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | 1% Increase | 1% Decrease | |||||||||||||||||||||||||||||||
Effect on total service and interest cost components of net periodic postretirement benefit expense for the year ended December 31, 2013 | $ | 2,011 | (1,551 | ) | |||||||||||||||||||||||||||||
Effect on the health care component of the accumulated postretirement benefit obligation at December 31, 2013 | 14,331 | (11,812 | ) | ||||||||||||||||||||||||||||||
Effects of Fair Value Measurements Using Significant Unobservable Inputs on Changes in Level 3 Plan Assets | ' | ||||||||||||||||||||||||||||||||
The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets are outlined below: | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | Hedged Funds and Other | ||||||||||||||||||||||||||||||||
Alternative Strategies | |||||||||||||||||||||||||||||||||
Total at December 31, 2011 | $ | 13,860 | |||||||||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||||
Relating to assets held at the reporting date | 794 | ||||||||||||||||||||||||||||||||
Relating to assets sold during the period | 0 | ||||||||||||||||||||||||||||||||
Purchases, sales and settlements | 0 | ||||||||||||||||||||||||||||||||
Total at December 31, 2012 | 14,654 | ||||||||||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||||
Relating to assets held at the reporting date | 3,134 | ||||||||||||||||||||||||||||||||
Relating to assets sold during the period | 0 | ||||||||||||||||||||||||||||||||
Purchases, sales and settlements | 15,000 | ||||||||||||||||||||||||||||||||
Total at December 31, 2013 | $ | 32,788 | |||||||||||||||||||||||||||||||
Domestic Plans [Member] | ' | ||||||||||||||||||||||||||||||||
Plans' Benefit Obligations and Fair Value of Assets and Statement of Funded Status | ' | ||||||||||||||||||||||||||||||||
The tables that follow provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets for the years ended December 31, 2013 and 2012 and a statement of the funded status as of December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||||||||||
Obligation at January 1 | $ | 721,531 | 629,568 | 124,134 | 114,962 | ||||||||||||||||||||||||||||
Service cost | 26,346 | 23,500 | 4,566 | 3,958 | |||||||||||||||||||||||||||||
Interest cost | 30,903 | 29,869 | 5,189 | 5,174 | |||||||||||||||||||||||||||||
Plan amendments | 1,989 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Participant contributions | 21 | 30 | 1,376 | 1,035 | |||||||||||||||||||||||||||||
Actuarial loss (gain) | (9,876 | ) | 55,479 | (8,324 | ) | 4,686 | |||||||||||||||||||||||||||
Medicare Part D subsidy | 0 | 0 | 384 | 432 | |||||||||||||||||||||||||||||
Exchange rate changes | 1,852 | 7,125 | (36 | ) | 14 | ||||||||||||||||||||||||||||
Benefits paid | (38,745 | ) | (30,217 | ) | (5,211 | ) | (6,127 | ) | |||||||||||||||||||||||||
Special termination benefits | 849 | 6,177 | 0 | 0 | |||||||||||||||||||||||||||||
Curtailments | (26,463 | ) | 0 | (15,077 | ) | 0 | |||||||||||||||||||||||||||
Obligation assumed by MUSA at separation | (1,153 | ) | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Obligation at December 31 | 707,254 | 721,531 | 107,001 | 124,134 | |||||||||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1 | 463,546 | 404,350 | 0 | 0 | |||||||||||||||||||||||||||||
Actual return on plan assets | 61,932 | 41,674 | 0 | 0 | |||||||||||||||||||||||||||||
Employer contributions | 46,726 | 42,207 | 3,451 | 4,660 | |||||||||||||||||||||||||||||
Participant contributions | 21 | 30 | 1,376 | 1,035 | |||||||||||||||||||||||||||||
Medicare Part D subsidy | 0 | 0 | 384 | 432 | |||||||||||||||||||||||||||||
Exchange rate changes | 1,594 | 6,289 | 0 | 0 | |||||||||||||||||||||||||||||
Benefits paid | (38,745 | ) | (30,217 | ) | (5,211 | ) | (6,127 | ) | |||||||||||||||||||||||||
Other | (1,966 | ) | (787 | ) | 0 | 0 | |||||||||||||||||||||||||||
Fair value of plan assets at December 31 | 533,108 | 463,546 | 0 | 0 | |||||||||||||||||||||||||||||
Funded status and amounts recognized in the Consolidated Balance Sheets at December 31 | |||||||||||||||||||||||||||||||||
Deferred charges and other assets | 10,254 | 9,679 | 0 | 0 | |||||||||||||||||||||||||||||
Other accrued liabilities | (5,565 | ) | (5,556 | ) | (5,920 | ) | (5,646 | ) | |||||||||||||||||||||||||
Deferred credits and other liabilities | (158,589 | ) | (262,108 | ) | (101,081 | ) | (118,488 | ) | |||||||||||||||||||||||||
Liabilities associated with assets held for sale | (20,246 | ) | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Funded status and net plan liability recognized at December 31 | $ | (174,146 | ) | (257,985 | ) | (107,001 | ) | (124,134 | ) | ||||||||||||||||||||||||
Foreign Plans [Member] | ' | ||||||||||||||||||||||||||||||||
Plans' Benefit Obligations and Fair Value of Assets and Statement of Funded Status | ' | ||||||||||||||||||||||||||||||||
The preceding tables in this note include the following amounts related to foreign benefit plans. | |||||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Benefit obligation at December 31 | $ | 211,799 | 184,550 | 541 | 525 | ||||||||||||||||||||||||||||
Fair value of plan assets at December 31 | 188,575 | 164,111 | 0 | 0 | |||||||||||||||||||||||||||||
Net plan liabilities recognized | 23,224 | 20,439 | 541 | 525 | |||||||||||||||||||||||||||||
Net periodic benefit expense | 12,622 | 11,022 | 92 | 88 | |||||||||||||||||||||||||||||
Other Postretirement Benefits [Member] | ' | ||||||||||||||||||||||||||||||||
Asset Allocation for Benefit Plans | ' | ||||||||||||||||||||||||||||||||
At December 31, 2013, the fair value measurements of retirement plan assets within the fair value hierarchy are included in the table that follows. | |||||||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | Fair Value at | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||||
December 31, 2013 | in Active Markets | Other Observable | Unobservable | ||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
Domestic Plans | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
U.S. core equity | $ | 89,255 | 89,255 | 0 | 0 | ||||||||||||||||||||||||||||
U.S. small/midcap | 37,149 | 37,149 | 0 | 0 | |||||||||||||||||||||||||||||
Hedged funds and other alternative strategies | 32,788 | 0 | 0 | 32,788 | |||||||||||||||||||||||||||||
International commingled trust fund | 77,041 | 0 | 77,041 | 0 | |||||||||||||||||||||||||||||
Emerging market commingled equity fund | 9,654 | 0 | 9,654 | 0 | |||||||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||||||
U.S. fixed income | 72,240 | 0 | 72,240 | 0 | |||||||||||||||||||||||||||||
International commingled trust fund | 14,865 | 0 | 14,865 | 0 | |||||||||||||||||||||||||||||
Emerging market mutual fund | 8,549 | 0 | 8,549 | 0 | |||||||||||||||||||||||||||||
Cash and equivalents | 2,992 | 2,992 | 0 | 0 | |||||||||||||||||||||||||||||
Total Domestic Plans | 344,533 | 129,396 | 182,349 | 32,788 | |||||||||||||||||||||||||||||
Foreign Plans | |||||||||||||||||||||||||||||||||
Equity securities funds | 99,085 | 0 | 99,085 | 0 | |||||||||||||||||||||||||||||
Fixed income securities funds | 57,030 | 0 | 57,030 | 0 | |||||||||||||||||||||||||||||
Diversified pooled fund | 30,800 | 0 | 30,800 | 0 | |||||||||||||||||||||||||||||
Cash and equivalents | 1,660 | 1,660 | 0 | 0 | |||||||||||||||||||||||||||||
Total Foreign Plans | 188,575 | 1,660 | 186,915 | 0 | |||||||||||||||||||||||||||||
Total | $ | 533,108 | 131,056 | 369,264 | 32,788 | ||||||||||||||||||||||||||||
At December 31, 2012, the fair value measurements of retirement plan assets within the fair value hierarchy are included in the table that follows. | |||||||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||||||
(Thousands of dollars) | Fair Value at | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||||
December 31, 2012 | in Active Markets | Other Observable | Unobservable | ||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
Domestic Plans | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
U.S. core equity | $ | 83,392 | 83,392 | 0 | 0 | ||||||||||||||||||||||||||||
U.S. small/midcap | 20,894 | 20,894 | 0 | 0 | |||||||||||||||||||||||||||||
Hedged funds and other alternative strategies | 14,654 | 0 | 0 | 14,654 | * | ||||||||||||||||||||||||||||
International commingled trust fund | 62,111 | 0 | 62,111 | 0 | |||||||||||||||||||||||||||||
Emerging market commingled equity fund | 9,535 | 0 | 9,535 | 0 | |||||||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||||||
U.S. fixed income | 80,203 | 0 | 80,203 | 0 | |||||||||||||||||||||||||||||
International commingled trust fund | 15,179 | 0 | 15,179 | 0 | |||||||||||||||||||||||||||||
Emerging market mutual fund | 10,060 | 0 | 10,060 | 0 | |||||||||||||||||||||||||||||
Cash and equivalents | 3,407 | 3,407 | 0 | 0 | |||||||||||||||||||||||||||||
Total Domestic Plans | 299,435 | 107,693 | 177,088 | 14,654 | |||||||||||||||||||||||||||||
Foreign Plans | |||||||||||||||||||||||||||||||||
Equity securities funds | 79,233 | 0 | 79,233 | 0 | |||||||||||||||||||||||||||||
Fixed income securities funds | 51,777 | 0 | 51,777 | 0 | |||||||||||||||||||||||||||||
Diversified pooled fund | 31,758 | 0 | 31,758 | 0 | |||||||||||||||||||||||||||||
Cash and equivalents | 1,343 | 1,343 | 0 | 0 | |||||||||||||||||||||||||||||
Total Foreign Plans | 164,111 | 1,343 | 162,768 | 0 | |||||||||||||||||||||||||||||
Total | $ | 463,546 | 109,036 | 339,856 | 14,654 | ||||||||||||||||||||||||||||
* | Reclassified to Level 3 to conform to current presentation. | ||||||||||||||||||||||||||||||||
Funded Defined Benefit Pension Plans [Member] | ' | ||||||||||||||||||||||||||||||||
Asset Allocation for Benefit Plans | ' | ||||||||||||||||||||||||||||||||
The weighted average asset allocation for the Company’s funded pension benefit plans at December 31, 2013 and 2012 are presented in the following table. | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Equity securities | 68.4 | % | 62.9 | % | |||||||||||||||||||||||||||||
Fixed income securities | 30.7 | 36.1 | |||||||||||||||||||||||||||||||
Cash equivalents | 0.9 | 1 | |||||||||||||||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||||||||||
Financial_Instruments_and_Risk1
Financial Instruments and Risk Management (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
WTI Open Contracts | ' | ||||||||||||||||||||||||||||||||
WTI open contracts at December 31, 2013 were as follows: | |||||||||||||||||||||||||||||||||
Volumes | |||||||||||||||||||||||||||||||||
Dates | (barrels per day) | Swap Prices | |||||||||||||||||||||||||||||||
January – March 2014 | 20,000 | $ | 98.47 per barrel | ||||||||||||||||||||||||||||||
April – June 2014 | 20,000 | $ | 96.48 per barrel | ||||||||||||||||||||||||||||||
July – September 2014 | 7,000 | $ | 95.24 per barrel | ||||||||||||||||||||||||||||||
Fair Value of Derivative Instruments Not Designated as Hedging Instruments | ' | ||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, the fair value of derivative instruments not designated as hedging instruments are presented in the following table. | |||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||
(Thousands of dollars) | Balance | Fair | Balance | Fair | Balance | Fair | Balance | Fair | |||||||||||||||||||||||||
Sheet | Value | Sheet | Value | Sheet | Value | Sheet | Value | ||||||||||||||||||||||||||
Location | Location | Location | Location | ||||||||||||||||||||||||||||||
Type of | |||||||||||||||||||||||||||||||||
Derivative Contract | |||||||||||||||||||||||||||||||||
Commodity | Accounts | $ | 1,970 | — | — | Accounts | $ | 3,043 | Accounts | $ | 102 | ||||||||||||||||||||||
Receivable | Receivable | Payable | |||||||||||||||||||||||||||||||
Foreign exchange | — | — | Accounts | $ | 1,038 | — | — | Accounts | $ | 1,031 | |||||||||||||||||||||||
Payable | Payable | ||||||||||||||||||||||||||||||||
Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments | ' | ||||||||||||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, the gains and losses recognized in the Consolidated Statements of Income for derivative instruments not designated as hedging instruments are presented in the following table. | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
(Thousands of dollars) | Location of | Amount of | Location of | Amount of | |||||||||||||||||||||||||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||||||
Recognized | Recognized | Recognized | Recognized | ||||||||||||||||||||||||||||||
in Income | in Income | in Income | in Income | ||||||||||||||||||||||||||||||
on Derivative | on Derivative | on Derivative | on Derivative | ||||||||||||||||||||||||||||||
Type of | |||||||||||||||||||||||||||||||||
Derivative Contract | |||||||||||||||||||||||||||||||||
Commodity | Sale and Other | 2,104 | — | — | |||||||||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||||||||||||
Commodity | Discontinued | $ | (1,604 | ) | Discontinued | $ | (38,283 | ) | |||||||||||||||||||||||||
Operations | Operations | ||||||||||||||||||||||||||||||||
Foreign exchange | Interest and Other | (5,162 | ) | Interest and Other | 14,156 | ||||||||||||||||||||||||||||
Income (Loss) | Income (Loss) | ||||||||||||||||||||||||||||||||
$ | (4,662 | ) | $ | (24,127 | ) | ||||||||||||||||||||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Weighted-Average Shares Outstanding for Computation of Basic and Diluted Income Per Common Share | ' | ||||||||||||
The following table reconciles the weighted-average shares outstanding for computation of basic and diluted income per Common share for each of the three years ended December 31, 2013. No difference existed between net income used in computing basic and diluted income per Common share for these years. | |||||||||||||
(Weighted-average shares outstanding) | 2013 | 2012 | 2011 | ||||||||||
Basic method | 187,921,062 | 193,902,335 | 193,409,621 | ||||||||||
Dilutive stock options | 1,350,336 | 766,402 | 1,102,781 | ||||||||||
Diluted method | 189,271,398 | 194,668,737 | 194,512,402 | ||||||||||
Anti Dilutive Securities Not Included in Computation of Diluted EPS | ' | ||||||||||||
The following table reflects certain options to purchase shares of common stock that were outstanding during the three years ended December 31, 2013, but were not included in the computation of diluted EPS above because the incremental shares from assumed conversion were antidilutive. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Antidilutive stock options excluded from diluted shares | 1,026,900 | 3,329,689 | 1,823,564 | ||||||||||
Weighted average price of these options | $ | 54.54 | $ | 64.72 | $ | 69.46 |
Other_Financial_Information_Ta
Other Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||
Noncash Operating Working Capital (Increased) Decreased | ' | ||||||||||||
Noncash operating working capital (increased) decreased during each of the three years ended December 31, 2013 as shown in the following table. | |||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | ||||||||||
Accounts receivable | $ | 224,281 | (382,137 | ) | 90,608 | ||||||||
Inventories | 14,166 | (94,907 | ) | (67,560 | ) | ||||||||
Prepaid expenses | 195,013 | (245,881 | ) | 9,908 | |||||||||
Deferred income tax assets | 15,510 | (7,218 | ) | 15,914 | |||||||||
Accounts payable and accrued liabilities | (176,543 | ) | 534,353 | (535,788 | ) | ||||||||
Current income tax liabilities | (6,098 | ) | 27,610 | (273,118 | ) | ||||||||
Net (increase) decrease in noncash operating working capital | $ | 266,329 | (168,180 | ) | (760,036 | ) | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Components of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The components of Accumulated Other Comprehensive Income (AOCI) on the Consolidated Balance Sheets at December 31, 2013 and December 31, 2012 and the changes during 2013 are presented net of taxes in the following table. | |||||||||||||||||
(Thousands of dollars) | Foreign | Retirement and | Deferred | Total1 | |||||||||||||
Currency | Postretirement | Loss on | |||||||||||||||
Translation | Benefit Plan | Interest | |||||||||||||||
Gains (Losses)1 | Adjustments1 | Rate | |||||||||||||||
Derivative | |||||||||||||||||
Hedges1 | |||||||||||||||||
Balance at December 31, 2012 | $ | 613,492 | (186,539 | ) | (18,052 | ) | 408,901 | ||||||||||
Components of other comprehensive income (loss): | |||||||||||||||||
Before reclassifications to income | (240,300 | ) | 59,145 | 0 | (181,155 | ) | |||||||||||
Reclassifications to income | (68,000 | )2 | 10,438 | 3 | 1,935 | 4 | 55,627 | ||||||||||
Net other comprehensive income (loss) | (308,300 | ) | 69,583 | 1,935 | (236,782 | ) | |||||||||||
Balance at December 31, 2013 | $ | 305,192 | (116,956 | ) | (16,117 | ) | 172,119 | ||||||||||
1 | All amounts are presented net of income taxes. | ||||||||||||||||
2 | Reclassification is included in income from discontinued operations, net of income taxes. | ||||||||||||||||
3 | Reclassifications before taxes of $18,570 are included in the computation of net periodic benefit expense. Related income taxes of $8,132 are included in Income tax expense. | ||||||||||||||||
4 | Reclassifications before taxes of $2,963 are included in Interest expense. Related income taxes of $1,028 for the year ended December 31, 2013 are included in Income tax expense. |
Assets_and_Liabilities_Measure1
Assets and Liabilities Measured at Fair Value (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements of Assets and Liabilities | ' | ||||||||||||||||
The fair value measurements for these assets and liabilities at December 31, 2013 and 2012 are presented in the following table. | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
(Thousands of dollars) | Fair Value at | Quoted Prices | Significant | Significant | |||||||||||||
December 31, 2013 | in Active Markets | Other Observable | Unobservable | ||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||
Assets (Liabilities) | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Commodity derivative contracts | $ | 1,970 | 0 | 1,970 | 0 | ||||||||||||
Liabilities | |||||||||||||||||
Nonqualified employee savings plan | $ | (13,267 | ) | (13,267 | ) | 0 | 0 | ||||||||||
Foreign currency exchange derivative contracts | (1,038 | ) | 0 | (1,038 | ) | 0 | |||||||||||
Total | $ | (14,305 | ) | (13,267 | ) | (1,038 | ) | 0 | |||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
(Thousands of dollars) | Fair Value at | Quoted Prices | Significant | Significant | |||||||||||||
December 31, 2012 | in Active Markets | Other Observable | Unobservable | ||||||||||||||
for Identical | Input | Inputs | |||||||||||||||
Assets (Liabilities) | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Commodity derivative contracts | $ | 3,043 | 0 | 3,043 | 0 | ||||||||||||
Liabilities | |||||||||||||||||
Nonqualified employee savings plan | $ | (10,293 | ) | (10,293 | ) | 0 | 0 | ||||||||||
Foreign currency exchange derivative contracts | (1,031 | ) | 0 | (1,031 | ) | 0 | |||||||||||
Commodity derivative contracts | (102 | ) | 0 | (102 | ) | 0 | |||||||||||
Total | $ | (11,426 | ) | (10,293 | ) | (1,133 | ) | 0 | |||||||||
Offsetting of Assets and Liabilities Related to Derivative Contracts | ' | ||||||||||||||||
The Company offsets certain assets and liabilities related to derivative contracts when the legal right of offset exists. There were no offsetting positions recorded at December 31, 2013. At December 31, 2012 derivative assets and liabilities which had offsetting positions are presented in the following tables. | |||||||||||||||||
(Thousands of dollars) | Gross Amounts | Gross Amounts | Net Amounts of | ||||||||||||||
of Recognized | Offset in the | Assets Presented | |||||||||||||||
Assets | Consolidated | in the Consolidated | |||||||||||||||
Balance Sheet | Balance Sheet | ||||||||||||||||
At December 31, 2012 | |||||||||||||||||
Commodity derivatives | $ | 3,111 | (2,169 | ) | 942 | ||||||||||||
(Thousands of dollars) | Gross Amounts | Gross Amounts | Net Amounts of | ||||||||||||||
of Recognized | Offset in the | Liabilities Presented | |||||||||||||||
Liabilities | Consolidated | in the Consolidated | |||||||||||||||
Balance Sheet | Balance Sheet | ||||||||||||||||
At December 31, 2012 | |||||||||||||||||
Commodity derivatives | $ | 2,271 | (2,169 | ) | 102 | ||||||||||||
Carrying Amounts and Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||
The fair value of these, which represents fees associated with obtaining the instruments, was nominal. | |||||||||||||||||
At December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Thousands of dollars) | Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Financial assets (liabilities): | |||||||||||||||||
Canadian government securities with maturities greater than 90 days at the date of acquisition | $ | 374,842 | 375,623 | 115,603 | 115,802 | ||||||||||||
Current and long-term debt | (2,962,812 | ) | (2,822,827 | ) | (2,245,247 | ) | (2,357,972 | ) |
Common_Stock_Issued_and_Outsta1
Common Stock Issued and Outstanding (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Activity in Number of Shares of Common Stock Issued and Outstanding | ' | ||||||||||||
Activity in the number of shares of Common Stock issued and outstanding for the three years ended December 31, 2013 is shown below. | |||||||||||||
(Number of shares outstanding) | 2013 | 2012 | 2011 | ||||||||||
At beginning of year | 190,641,317 | 193,723,208 | 192,836,008 | ||||||||||
Stock options exercised* | 303,685 | 482,974 | 615,674 | ||||||||||
Employee stock purchase and thrift plans | 16,020 | 78,389 | 33,390 | ||||||||||
Restricted stock awards, net of forfeitures | 300,910 | 224,296 | 238,136 | ||||||||||
Treasury shares purchased | (7,855,419 | ) | (3,867,550 | ) | 0 | ||||||||
At end of year | 183,406,513 | 190,641,317 | 193,723,208 | ||||||||||
* | Shares issued upon exercise of stock options are less than the amount reflected in Note I due to withholdings for statutory income taxes owed upon exercise. |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||||||
Segment Information | Exploration and Production | ||||||||||||||||||||||||||||
(Millions of dollars) | United | Canada | Malaysia | Republic | Other | Total | |||||||||||||||||||||||
States | of the | ||||||||||||||||||||||||||||
Congo | |||||||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||||||
Segment income (loss) | $ | 435.4 | 180.8 | 786.4 | (9.0 | ) | (364.8 | ) | 1,028.80 | ||||||||||||||||||||
Revenues from external customers | 1,803.80 | 1,144.70 | 2,280.50 | 83.5 | 0.1 | 5,312.60 | |||||||||||||||||||||||
Interest income | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Interest expense, net of capitalization | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Income tax expense (benefit) | 241.6 | 57.8 | 477.7 | (109.9 | ) | (10.9 | ) | 656.3 | |||||||||||||||||||||
Significant noncash charges (credits) | |||||||||||||||||||||||||||||
Depreciation, depletion, amortization | 576.3 | 374.6 | 588.2 | 0.2 | 4.3 | 1,543.60 | |||||||||||||||||||||||
Accretion of asset retirement obligations | 13.5 | 16.2 | 15 | 4.3 | 0 | 49 | |||||||||||||||||||||||
Amortization of undeveloped leases | 30.3 | 21 | 0 | 0 | 15.6 | 66.9 | |||||||||||||||||||||||
Impairment of long-lived assets | 0 | 21.6 | 0 | 0 | 0 | 21.6 | |||||||||||||||||||||||
Deferred and noncurrent income taxes | 99.6 | 26.1 | 48.1 | 0 | 0 | 173.8 | |||||||||||||||||||||||
Additions to property, plant, equipment | 1,785.90 | 334.5 | 1,323.40 | (5.7 | ) | 70.5 | 3,508.60 | ||||||||||||||||||||||
Total assets at year-end | 4,530.00 | 4,087.80 | 6,121.00 | 51.6 | 128.8 | 14,919.20 | |||||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||
Segment income (loss) | $ | 168 | 208.1 | 894.2 | (241.1 | ) | (124.2 | ) | 905 | ||||||||||||||||||||
Revenues from external customers | 1,038.00 | 1,084.30 | 2,428.10 | 57.6 | 0.1 | 4,608.10 | |||||||||||||||||||||||
Interest income | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Interest expense, net of capitalization | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Income tax expense (benefit) | 99.8 | 65.1 | 544.7 | (64.5 | ) | (40.1 | ) | 605 | |||||||||||||||||||||
Significant noncash charges (credits) | |||||||||||||||||||||||||||||
Depreciation, depletion, amortization | 330.2 | 345.8 | 532.1 | 33.9 | 2.4 | 1,244.40 | |||||||||||||||||||||||
Accretion of asset retirement obligations | 11.4 | 13.6 | 12.5 | 0.9 | 0 | 38.4 | |||||||||||||||||||||||
Amortization of undeveloped leases | 71.6 | 29.3 | 0 | 0 | 28.9 | 129.8 | |||||||||||||||||||||||
Impairment of long-lived assets | 0 | 0 | 0 | 200 | 0 | 200 | |||||||||||||||||||||||
Deferred and noncurrent income taxes | 231 | 72.3 | 73.3 | (0.3 | ) | (1.2 | ) | 375.1 | |||||||||||||||||||||
Additions to property, plant, equipment | 1,615.90 | 887.2 | 1,426.70 | (20.7 | ) | 24.7 | 3,933.80 | ||||||||||||||||||||||
Total assets at year-end | 3,625.90 | 4,477.70 | 4,811.50 | 112.2 | 75.6 | 13,102.90 | |||||||||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||||||
Segment income (loss) | $ | 152.7 | 328 | 812.7 | (385.3 | ) | (293.9 | ) | 614.2 | ||||||||||||||||||||
Revenues from external customers | 737.7 | 1,288.60 | * | 2,045.60 | 148.8 | 24.6 | 4,245.30 | ||||||||||||||||||||||
Interest income | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Interest expense, net of capitalization | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Income tax expense (benefit) | 86.5 | 135.5 | 434.9 | 16.4 | 7.5 | 680.8 | |||||||||||||||||||||||
Significant noncash charges (credits) | |||||||||||||||||||||||||||||
Depreciation, depletion, amortization | 183 | 326 | 357.3 | 87.8 | 1.9 | 956 | |||||||||||||||||||||||
Accretion of asset retirement obligations | 9.9 | 12.5 | 10.6 | 0.5 | 0.3 | 33.8 | |||||||||||||||||||||||
Amortization of undeveloped leases | 62.2 | 28.8 | 0 | 0 | 27.2 | 118.2 | |||||||||||||||||||||||
Impairment of long-lived assets | 0 | 0 | 0 | 368.6 | 0 | 368.6 | |||||||||||||||||||||||
Deferred and noncurrent income taxes | 54.2 | 39.6 | 84.6 | (0.9 | ) | (0.1 | ) | 177.4 | |||||||||||||||||||||
Additions to property, plant, equipment | 696.6 | 885.2 | 694.8 | 79.6 | 20.6 | 2,376.80 | |||||||||||||||||||||||
Total assets at year-end | 2,227.60 | 3,746.80 | 3,826.90 | 257.5 | 74.1 | 10,132.90 | |||||||||||||||||||||||
* | Reclassified to conform to current presentation. | ||||||||||||||||||||||||||||
(Millions of dollars) | Corporate | Discontinued | Consolidated | ||||||||||||||||||||||||||
and | Operations | ||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||||||
Segment income (loss) | $ | (140.6 | ) | 235.3 | 1,123.50 | ||||||||||||||||||||||||
Revenues from external customers | 77.5 | 0 | 5,390.10 | ||||||||||||||||||||||||||
Interest income | 3.9 | 0 | 3.9 | ||||||||||||||||||||||||||
Interest expense, net of capitalization | 71.9 | 0 | 71.9 | ||||||||||||||||||||||||||
Income tax expense (benefit) | (71.7 | ) | 0 | 584.6 | |||||||||||||||||||||||||
Significant noncash charges (credits) | |||||||||||||||||||||||||||||
Depreciation, depletion, amortization | 9.8 | 0 | 1,553.40 | ||||||||||||||||||||||||||
Accretion of asset retirement obligations | 0 | 0 | 49 | ||||||||||||||||||||||||||
Amortization of undeveloped leases | 0 | 0 | 66.9 | ||||||||||||||||||||||||||
Impairment of long-lived assets | 0 | 0 | 21.6 | ||||||||||||||||||||||||||
Deferred and noncurrent income taxes | (15.7 | ) | 0 | 158.1 | |||||||||||||||||||||||||
Additions to property, plant, equipment | 15.5 | 8.1 | 3,532.20 | ||||||||||||||||||||||||||
Total assets at year-end | 1,265.20 | 1,325.10 | 17,509.50 | ||||||||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||
Segment income (loss) | $ | (98.5 | ) | 164.4 | 970.9 | ||||||||||||||||||||||||
Revenues from external customers | 11.5 | 0 | 4,619.60 | ||||||||||||||||||||||||||
Interest income | 6.5 | 0 | 6.5 | ||||||||||||||||||||||||||
Interest expense, net of capitalization | 14.9 | 0 | 14.9 | ||||||||||||||||||||||||||
Income tax expense (benefit) | (43.5 | ) | 0 | 561.5 | |||||||||||||||||||||||||
Significant noncash charges (credits) | |||||||||||||||||||||||||||||
Depreciation, depletion, amortization | 8.7 | 0 | 1,253.10 | ||||||||||||||||||||||||||
Accretion of asset retirement obligations | 0 | 0 | 38.4 | ||||||||||||||||||||||||||
Amortization of undeveloped leases | 0 | 0 | 129.8 | ||||||||||||||||||||||||||
Impairment of long-lived assets | 0 | 0 | 200 | ||||||||||||||||||||||||||
Deferred and noncurrent income taxes | (32.3 | ) | 0 | 342.8 | |||||||||||||||||||||||||
Additions to property, plant, equipment | 8.2 | 191.8 | 4,133.80 | ||||||||||||||||||||||||||
Total assets at year-end | 1,009.60 | 3,410.10 | 17,522.60 | ||||||||||||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||||||
Segment income (loss) | $ | (75.0 | ) | 333.5 | 872.7 | ||||||||||||||||||||||||
Revenues from external customers | 33.4 | 0 | 4,278.70 | ||||||||||||||||||||||||||
Interest income | 10.1 | 0 | 10.1 | ||||||||||||||||||||||||||
Interest expense, net of capitalization | 40.7 | 0 | 40.7 | ||||||||||||||||||||||||||
Income tax expense (benefit) | (52.1 | ) | 0 | 628.7 | |||||||||||||||||||||||||
Significant noncash charges (credits) | |||||||||||||||||||||||||||||
Depreciation, depletion, amortization | 8.7 | 0 | 964.7 | ||||||||||||||||||||||||||
Accretion of asset retirement obligations | 0 | 0 | 33.8 | ||||||||||||||||||||||||||
Amortization of undeveloped leases | 0 | 0 | 118.2 | ||||||||||||||||||||||||||
Impairment of long-lived assets | 0 | 0 | 368.6 | ||||||||||||||||||||||||||
Deferred and noncurrent income taxes | (43.6 | ) | 0 | 133.8 | |||||||||||||||||||||||||
Additions to property, plant, equipment | 5.3 | 190.1 | 2,572.20 | ||||||||||||||||||||||||||
Total assets at year-end | 790.8 | 3,214.40 | 14,138.10 | ||||||||||||||||||||||||||
Geographic Information on Certain Long-Lived Assets | ' | ||||||||||||||||||||||||||||
Geographic Information | Certain Long-Lived Assets at December 31 | ||||||||||||||||||||||||||||
(Millions of dollars) | United | Canada | Malaysia | United | Republic | Other | Total | ||||||||||||||||||||||
States | Kingdom | of the | |||||||||||||||||||||||||||
Congo | |||||||||||||||||||||||||||||
2013 | $ | 4,267.90 | 3,834.90 | 5,301.70 | 0.4 | 0 | 76.6 | 13,481.50 | |||||||||||||||||||||
2012 | 4,177.40 | 4,190.50 | 4,101.20 | 703.2 | 5.9 | 39.2 | 13,217.40 | ||||||||||||||||||||||
2011 | 2,953.10 | 3,493.40 | 3,154.80 | 694.7 | 133.7 | 52.2 | 10,481.90 | ||||||||||||||||||||||
Geographic Information on Revenues from External Customers | ' | ||||||||||||||||||||||||||||
Geographic Information | Revenues from External Customers for the Year | ||||||||||||||||||||||||||||
(Millions of dollars) | United | Canada | Malaysia | Republic | Other | Total | |||||||||||||||||||||||
States | of the | ||||||||||||||||||||||||||||
Congo | |||||||||||||||||||||||||||||
2013 | $ | 1,798.50 | 1,150.20 | 2,337.50 | 83.5 | 20.4 | 5,390.10 | ||||||||||||||||||||||
2012 | 1,038.10 | 1,088.40 | 2,415.60 | 57.6 | 19.9 | 4,619.60 | |||||||||||||||||||||||
2011 | 741.8 | 1,293.40 | 2,063.00 | 148.8 | 31.7 | 4,278.70 |
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Significant Accounting Policies [Line Items] | ' | ' |
Canadian government securities with maturities greater than 90 days at the date of acquisition | $374,842 | $115,603 |
Maturity of Canadian government securities | '90 days | ' |
Stock Options [Member] | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Stock-based compensation, fair value assumption model | 'Black-Scholes pricing model | ' |
Performance Based Restricted Stock [Member] | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Stock-based compensation, fair value assumption model | 'Monte Carlo valuation model | ' |
Stock-based compensation, vesting period | '3 years | ' |
Restricted Stock and Restricted Stock Units [Member] | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Stock-based compensation, vesting period | '3 years | ' |
Minimum [Member] | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Maturity of Canadian government securities | '90 days | ' |
Minimum [Member] | Stock Options [Member] | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Stock-based compensation, vesting period | '2 years | ' |
Maximum [Member] | Stock Options [Member] | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Stock-based compensation, vesting period | '3 years | ' |
Refining [Member] | Minimum [Member] | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Depreciable lives, straight-line method | '14 years | ' |
Turnarounds for major processing units | '4 years | ' |
Refining [Member] | Maximum [Member] | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Depreciable lives, straight-line method | '25 years | ' |
Turnarounds for major processing units | '5 years | ' |
Gasoline stations and other properties [Member] | Minimum [Member] | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Depreciable lives, straight-line method | '3 years | ' |
Gasoline stations and other properties [Member] | Maximum [Member] | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Depreciable lives, straight-line method | '20 years | ' |
Syncrude [Member] | Minimum [Member] | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Turnarounds for major processing units | '2 years | ' |
Syncrude [Member] | Maximum [Member] | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Turnarounds for major processing units | '3 years | ' |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
Sep. 30, 2011 | Mar. 31, 2011 | Feb. 28, 2011 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2013 | Aug. 30, 2013 | Sep. 30, 2011 | Sep. 30, 2011 | Dec. 31, 2013 | |||
OilRefinery | Ethanol Plant in Hereford, Texas [Member] | Oil and Gas Properties [Member] | Murphy USA Inc [Member] | Murphy Oil USA Inc [Member] | Superior Refinery [Member] | Meraux Refinery [Member] | U.K refining and marketing assets [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common stock outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ||
Percentage of ownership in Murphy USA Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ||
Cash dividends distributed | ' | ' | ' | ' | ' | $650,000,000 | $0 | [1] | $0 | [1] | ' | ' | ' | $650,000,000 | ' | ' | ' |
Fund raised from proceeds of secured notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ||
Borrowed funds under credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ||
Provision of Specified Service Periods | ' | ' | ' | ' | ' | 'The agreement provides for the provision of specified services, generally for a period of up to 18 months, with a possible extension of six months (an aggregate of 24 months), on a full cost basis. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
After tax gain on sale of oil and natural gas production | ' | ' | ' | ' | ' | ' | ' | ' | ' | 216,147,000 | ' | ' | ' | ' | ' | ||
Impairment charges of Investment | ' | ' | ' | ' | ' | ' | ' | ' | 60,988,000 | ' | ' | ' | ' | ' | 73,000,000 | ||
United Kingdom, corporation tax rate, tax relief on oil and gas decommissioning costs | ' | ' | ' | 50.00% | 62.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
United Kingdom, increase in tax expense of discontinued operations | ' | ' | ' | ' | ' | ' | 5,523,000 | 14,461,000 | ' | ' | ' | ' | ' | ' | ' | ||
United Kingdom, supplemental tax rate for oil and gas companies | ' | 62.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from sales of assets | ' | ' | ' | ' | ' | 1,650,000 | 99,000 | [1] | 27,382,000 | [1] | ' | ' | ' | ' | 214,000,000 | 325,000,000 | ' |
Number of Refineries for disposal | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Gain (loss) on disposal of refineries, net of tax | 18,724,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,585,000 | 58,861,000 | ' | ||
Gain (loss) on liquidation of inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $179,152,000 | ' | ||
[1] | Reclassified to conform to current presentation. |
Discontinued_Operations_Assets
Discontinued Operations - Assets and Liabilities Presented in Consolidated Balance Sheets as Held for Sale (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Accounts receivable | $999,872 | $1,853,364 |
Held for sale assets of U.K. oil and gas operations | 943,732 | 15,119 |
Property, plant and equipment | 13,481,055 | 13,011,606 |
Other | 98,123 | 151,183 |
Total non-current assets held for sale | 381,404 | 208,168 |
Accounts payable | 2,158,485 | 2,803,268 |
Income taxes payable | 222,930 | 219,847 |
Total current liabilities associated with assets held for sale | 639,140 | 47,471 |
Deferred income taxes payable | 1,466,100 | 1,544,336 |
Deferred credits and other liabilities | 339,028 | 516,540 |
Asset retirement obligations | 852,488 | 724,273 |
Total non-current liabilities associated with assets held for sale | 95,544 | 141,177 |
U.K. downstream operations [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Cash | 301,302 | 0 |
Accounts receivable | 302,059 | 0 |
Inventories | 254,240 | 0 |
Other | 86,131 | 0 |
Property, plant and equipment | 360,347 | 0 |
Other | 21,057 | 0 |
Accounts payable | 637,432 | 0 |
Other | 1,708 | 0 |
Deferred income taxes payable | 68,096 | 0 |
Deferred credits and other liabilities | 27,448 | 0 |
U.K. oil and gas operations [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Held for sale assets of U.K. oil and gas operations | 0 | 15,119 |
Property, plant and equipment | 0 | 205,746 |
Other | 0 | 2,422 |
Accounts payable | 0 | 27,578 |
Income taxes payable | 0 | 19,893 |
Deferred income taxes payable | 0 | 87,893 |
Asset retirement obligations | $0 | $53,284 |
Discontinued_Operations_Major_
Discontinued Operations - Major Categories of Assets and Liabilities for MUSA Included in Consolidated Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Murphy USA Inc [Member] | ||
Current assets | ' | ' | ' |
Accounts receivable | $999,872 | $1,853,364 | $525,936 |
Inventories | ' | ' | 217,393 |
Other current assets | ' | ' | 8,685 |
Total current assets | 3,508,643 | 4,108,583 | 752,014 |
Non-current assets | ' | ' | ' |
Property, plant and equipment, Net | 13,481,055 | 13,011,606 | 1,163,748 |
Other assets | 98,123 | 151,183 | 498 |
Total non-current assets | ' | ' | 1,164,246 |
Current liabilities | ' | ' | ' |
Accounts payable | 2,158,485 | 2,803,268 | 612,755 |
Income taxes payable | 222,930 | 219,847 | 16,851 |
Other taxes payable | ' | ' | 65,349 |
Other current liabilities | ' | ' | 38,798 |
Total current liabilities | 3,224,031 | 3,409,081 | 733,753 |
Non-current liabilities | ' | ' | ' |
Long-term debt | 2,936,563 | 2,245,201 | 1,123 |
Deferred income taxes | 1,466,100 | 1,544,336 | 89,946 |
Asset retirement obligations | 852,488 | 724,273 | 15,401 |
Deferred credits and other liabilities | 339,028 | 516,540 | 87,600 |
Total non-current liabilities | ' | ' | $194,070 |
Results_of_Operations_Associat
Results of Operations Associated with Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' | ||
Revenues | $17,586,236 | $24,156,748 | $27,310,300 | ||
Income from operations before income taxes | 119,984 | 330,048 | 571,339 | ||
Gain on sale before income taxes | 130,991 | 0 | 12,684 | ||
Total income from discontinued operations before taxes | 250,975 | 330,048 | 584,023 | ||
Provision for income taxes | 15,639 | 165,666 | 250,519 | ||
Income from discontinued operations | $235,336 | $164,382 | [1] | $333,504 | [1] |
[1] | Reclassified to conform to current presentation. |
Property_Plant_and_Equipment_D
Property Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant and equipment, Cost | $22,021,294 | $21,150,193 | ||
Property, plant and equipment, Net | 13,481,055 | 13,011,606 | ||
Exploration and Production Equipment [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant and equipment, Cost | 21,932,119 | [1] | 18,408,904 | [1] |
Property, plant and equipment, Net | 13,433,468 | [1],[2] | 11,294,933 | [1],[2] |
Refining and Marketing [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant and equipment, Cost | 0 | 2,619,844 | ||
Property, plant and equipment, Net | 0 | 1,661,081 | ||
Corporate and Other [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant and equipment, Cost | 89,175 | 121,445 | ||
Property, plant and equipment, Net | 47,587 | 55,592 | ||
Mineral Rights [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant and equipment, Cost | 1,007,920 | 1,051,153 | ||
Property, plant and equipment, Net | $489,578 | $556,399 | ||
[1] | Includes mineral rights as follows: | |||
[2] | Includes $48,691 in 2013 and $26,611 in 2012 related to administrative assets and support equipment. |
Property_Plant_and_Equipment_P
Property Plant and Equipment (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, Net | $13,481,055 | $13,011,606 |
Administrative assets and support equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, Net | $48,691 | $26,611 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ' | ' | ' | ' | |||
Total capitalized exploratory well costs | $393,030,000 | $445,697,000 | $556,412,000 | $497,765,000 | |||
Exploratory well costs capitalized more than one year | 336,531,000 | ' | ' | ' | |||
Impairment of long-lived assets | 21,587,000 | [1] | 200,000,000 | [1],[2] | 368,600,000 | [1],[2] | ' |
Malaysia [Member] | ' | ' | ' | ' | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ' | ' | ' | ' | |||
Exploratory well costs capitalized more than one year | 213,802,000 | ' | ' | ' | |||
United States [Member] | ' | ' | ' | ' | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ' | ' | ' | ' | |||
Exploratory well costs capitalized more than one year | 116,123,000 | ' | ' | ' | |||
Brunei | ' | ' | ' | ' | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ' | ' | ' | ' | |||
Exploratory well costs capitalized more than one year | $6,606,000 | ' | ' | ' | |||
[1] | Results exclude corporate overhead, interest and discontinued operations. | ||||||
[2] | Reclassified to conform to current presentation. |
Net_Changes_in_Capitalized_Exp
Net Changes in Capitalized Exploratory Well Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Extractive Industries [Abstract] | ' | ' | ' |
Beginning balance at January 1 | $445,697 | $556,412 | $497,765 |
Additions to capitalized exploratory well costs pending the determination of proved reserves | 57,716 | 135,849 | 86,035 |
Reclassifications to proved properties based on the determination of proved reserves | -93,936 | -165,377 | 0 |
Capitalized exploratory well costs charged to expense | -16,447 | -81,187 | -27,388 |
Ending balance at December 31 | $393,030 | $445,697 | $556,412 |
Aging_of_Capitalized_Explorato
Aging of Capitalized Exploratory Well Costs (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Well | Well | Well | ||
Project | Project | Project | ||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ' | ' | ' | ' |
Amount | $393,030 | $445,697 | $556,412 | $497,765 |
No. of Wells | 32 | 44 | 68 | ' |
No. of Projects | 9 | 15 | 16 | ' |
Zero to one year [Member] | ' | ' | ' | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ' | ' | ' | ' |
Amount | 56,499 | 59,833 | 69,757 | ' |
No. of Wells | 3 | 7 | 11 | ' |
No. of Projects | 1 | 2 | 5 | ' |
One to two years [Member] | ' | ' | ' | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ' | ' | ' | ' |
Amount | 60,787 | 18,335 | 143,611 | ' |
No. of Wells | 7 | 2 | 15 | ' |
No. of Projects | 1 | 3 | 3 | ' |
Two to three years [Member] | ' | ' | ' | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ' | ' | ' | ' |
Amount | 0 | 83,314 | 101,696 | ' |
No. of Wells | 0 | 9 | 9 | ' |
No. of Projects | 0 | 4 | 2 | ' |
Three years or more [Member] | ' | ' | ' | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ' | ' | ' | ' |
Amount | $275,744 | $284,215 | $241,348 | ' |
No. of Wells | 22 | 26 | 33 | ' |
No. of Projects | 7 | 6 | 6 | ' |
Financing_Arrangements_Additio
Financing Arrangements - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended |
31-May-13 | Dec. 31, 2013 | |
Line of Credit Facility [Line Items] | ' | ' |
Credit facility maximum borrowing capacity | $1,500,000,000 | $2,000,000,000 |
Credit facility, maturity date | 30-Jun-16 | 30-Jun-17 |
Credit facility interest rate above LIBOR | ' | 1.25% |
Line of credit facility fee | ' | 0.25% |
Committed Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Credit facility borrowing capacity | ' | 350,000,000 |
Uncommitted Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Credit facility maximum borrowing capacity | ' | $345,000,000 |
Long_term_debt_Detail
Long term debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total notes payable | $2,600,000 | $2,251,169 |
Unamortized discount on notes payable | -5,439 | -5,922 |
Total notes payable, net of unamortized discount | 2,594,561 | 2,245,247 |
Capitalized lease obligation | 368,251 | 0 |
Total debt including current maturities | 2,962,812 | 2,245,247 |
Current maturities | -26,249 | -46 |
Total long-term debt | 2,936,563 | 2,245,201 |
2.50% notes, due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | 550,000 | 550,000 |
3.70% notes, due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | 600,000 | 600,000 |
4.00% notes, due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | 500,000 | 500,000 |
7.05% notes, due 2029 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | 250,000 | 250,000 |
5.125% notes, due 2042 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | 350,000 | 350,000 |
Notes payable to banks, 1.4375% at December 31, 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | 350,000 | 0 |
Other, 6%, due through 2028 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | $0 | $1,169 |
Long_term_debt_Parenthetical_D
Long term debt (Parenthetical) (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Capitalized lease due date | '2028 | '2028 |
2.50% notes, due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable, stated interest rate | 2.50% | 2.50% |
Notes payable, due date | '2017 | '2017 |
3.70% notes, due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable, stated interest rate | 3.70% | 3.70% |
Notes payable, due date | '2022 | '2022 |
4.00% notes, due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable, stated interest rate | 4.00% | 4.00% |
Notes payable, due date | '2022 | '2022 |
7.05% notes, due 2029 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable, stated interest rate | 7.05% | 7.05% |
Notes payable, due date | '2029 | '2029 |
5.125% notes, due 2042 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable, stated interest rate | 5.13% | 5.13% |
Notes payable, due date | '2042 | '2042 |
Notes payable to banks, 1.4375% at December 31, 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable, stated interest rate | 1.44% | 1.44% |
Other, 6%, due through 2028 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable, stated interest rate | 6.00% | 6.00% |
Notes payable, due date | '2028 | '2028 |
Long_term_debt_Additional_Info
Long term debt - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Future maturities of long term debt in 2014 | $26,249,000 |
Future maturities of long term debt in 2015 | 17,921,000 |
Future maturities of long term debt in 2016 | 18,819,000 |
Future maturities of long term debt in 2017 | 919,700,000 |
Future maturities of long term debt in 2018 | 20,752,000 |
Thereafter | $1,959,371,000 |
Term of capital lease | '25 years |
Lease expiration year | '2038 |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligation (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Asset Retirement Obligation Disclosure [Abstract] | ' | ' | ' | |||
Balance at beginning of year | $751,583 | $615,545 | ' | |||
Accretion expense | 48,996 | 38,361 | [1],[2] | 33,847 | [1] | |
Liabilities incurred | 172,048 | 184,439 | ' | |||
Revision of previous estimates | -4,856 | 10,468 | ' | |||
Liabilities settled | -51,647 | -40,434 | ' | |||
Liabilities assumed by Murphy USA Inc. upon separation | -15,401 | 0 | ' | |||
U.K. oil and gas asset obligations reclassified to liabilities associated with assets held for sale in 2012 | 0 | -64,355 | ' | |||
Changes due to translation of foreign currencies | -20,720 | 6,579 | ' | |||
Balance at end of year | 880,003 | 751,583 | 615,545 | |||
Current portion of liability at end of year | -27,515 | [3] | -27,310 | [3] | ' | |
Noncurrent portion of liability at end of year | $852,488 | $724,273 | ' | |||
[1] | Reclassified to conform to current presentation. | |||||
[2] | Includes $980 reclassified to discontinued operations associated with U.S. downstream operations. | |||||
[3] | Included in Other Accrued Liabilities on the Consolidated Balance Sheet. |
Reconciliation_of_Beginning_an1
Reconciliation of Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligation (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Reconciliation of Changes in Asset Retirement Obligations [Line Items] | ' | ' | ' | ||
Accretion of asset retirement obligations | $48,996 | $38,361 | [1],[2] | $33,847 | [1] |
Murphy USA Inc [Member] | ' | ' | ' | ||
Reconciliation of Changes in Asset Retirement Obligations [Line Items] | ' | ' | ' | ||
Accretion of asset retirement obligations | ' | $980 | ' | ||
[1] | Reclassified to conform to current presentation. | ||||
[2] | Includes $980 reclassified to discontinued operations associated with U.S. downstream operations. |
Components_of_Income_from_Cont
Components of Income from Continuing Operations Before Income Taxes and Income Tax Expense (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Income (loss) from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
United States | ' | ' | ' | ' | ' | ' | ' | ' | ($5,810) | $54,275 | $72,038 | ||
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 1,478,497 | 1,313,735 | 1,095,837 | ||
Income from continuing operations before income taxes | 194,800 | 463,700 | 454,200 | 360,000 | 200,500 | 338,900 | 357,000 | 471,600 | 1,472,687 | 1,368,010 | [1] | 1,167,875 | [1] |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Federal - Current | ' | ' | ' | ' | ' | ' | ' | ' | -56,790 | -256,931 | 6,050 | ||
Federal - Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 65,883 | 177,325 | 15,633 | ||
Federal Income Tax Expense (Benefit), Continuing Operations, Total | ' | ' | ' | ' | ' | ' | ' | ' | 9,093 | -79,606 | 21,683 | ||
State | ' | ' | ' | ' | ' | ' | ' | ' | 7,141 | 8,104 | 5,609 | ||
Foreign - Current | ' | ' | ' | ' | ' | ' | ' | ' | 477,715 | 472,701 | 471,960 | ||
Foreign - Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 90,601 | 160,317 | 129,425 | ||
Foreign Income Tax Expense (Benefit), Continuing Operations, Total | ' | ' | ' | ' | ' | ' | ' | ' | 568,316 | 633,018 | 601,385 | ||
Total | ' | ' | ' | ' | ' | ' | ' | ' | $584,550 | $561,516 | [1] | $628,677 | [1] |
[1] | Reclassified to conform to current presentation. |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Examination [Line Items] | ' | ' | ' |
Income tax benefits attributable to employee stock option transactions | $7,435,000 | $5,920,000 | $8,775,000 |
Increase in deferred tax asset valuation allowance | 109,769,000 | ' | ' |
Undistributed earnings of subsidiaries considered indefinitely invested | 6,677,000,000 | ' | ' |
Unrecognized deferred tax liability | 651,000,000 | ' | ' |
Withholding tax on any monies repatriated from Canada to the U.S. | 5.00% | ' | ' |
Other recorded liabilities for interest and penalties | 146,000 | 975,000 | ' |
Income tax expense, (charges) net benefits for interest and penalties | 829,000 | 1,000 | 34,000 |
Expected liability to be added for uncertain taxes during next twelve months | 1,000,000 | ' | ' |
Expected liability to be added for uncertain taxes during next twelve months | $2,000,000 | ' | ' |
United States [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Earliest year remaining open for audit and/or settlement in major taxing jurisdictions | '2010 | ' | ' |
Canada [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Earliest year remaining open for audit and/or settlement in major taxing jurisdictions | '2007 | ' | ' |
United Kingdom [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Earliest year remaining open for audit and/or settlement in major taxing jurisdictions | '2011 | ' | ' |
Malaysia [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Earliest year remaining open for audit and/or settlement in major taxing jurisdictions | '2006 | ' | ' |
Minimum [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income tax rate realized up on ultimate settlement | 50.00% | ' | ' |
Foreign Country [Member] | Minimum [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Foreign tax credit carryforwards expiration year | '2015 | ' | ' |
Foreign Country [Member] | Maximum [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Foreign tax credit carryforwards expiration year | '2022 | ' | ' |
Reconciliation_of_Income_Taxes
Reconciliation of Income Taxes Based on U.S. Statutory Tax Rate to Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Income Tax Disclosure [Abstract] | ' | ' | ' | ||
Income tax expense based on the U.S. statutory tax rate | $515,440 | $478,804 | $408,756 | ||
Foreign income subject to foreign taxes at a rate different than the U.S. statutory rate | 31,752 | 7,710 | -10,682 | ||
State income taxes, net of federal benefit | 4,642 | 5,268 | 3,646 | ||
U.S. tax benefit on certain foreign upstream investments | -133,526 | -108,077 | 0 | ||
Increase in deferred tax asset valuation allowance related to other foreign exploration expenditures | 129,588 | 87,558 | 102,714 | ||
Impairment or abandonment of Azurite field with no tax benefit | 35,475 | 70,000 | 129,010 | ||
Malaysian tax benefits on prior year costs in Block P | 0 | 0 | -25,573 | ||
Other, net | 1,179 | 20,253 | 20,806 | ||
Total | $584,550 | $561,516 | [1] | $628,677 | [1] |
[1] | Reclassified to conform to current presentation. |
Analysis_of_Deferred_Tax_Asset
Analysis of Deferred Tax Assets and Deferred Tax Liabilities Showing Tax Effects of Significant Temporary Differences (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ' | ' |
Property and leasehold costs | $708,947 | $658,588 |
Liabilities for dismantlements | 79,111 | 78,100 |
Postretirement and other employee benefits | 175,446 | 197,912 |
Alternative minimum tax | 49,536 | 37,253 |
Foreign tax credit carryforwards | 19,896 | 18,594 |
Other deferred tax assets | 23,352 | 32,500 |
Total gross deferred tax assets | 1,056,288 | 1,022,947 |
Less valuation allowance | -633,735 | -523,966 |
Net deferred tax assets | 422,553 | 498,981 |
Deferred tax liabilities | ' | ' |
Property, plant and equipment | -747,561 | -808,311 |
Accumulated depreciation, depletion and amortization | -1,040,251 | -1,077,867 |
Other deferred tax liabilities | -38,849 | -70,710 |
Total gross deferred tax liabilities | -1,826,661 | -1,956,888 |
Net deferred tax liabilities | ($1,404,108) | ($1,457,907) |
Reconciliation_of_Beginning_an2
Reconciliation of Beginning and Ending Amount of Consolidated Liability for Unrecognized Income Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Beginning balance | $16,611 | $18,857 | $23,196 |
Additions for tax positions related to current year | 2,486 | 1,258 | 1,294 |
Settlements due to lapse of time | -12,731 | -3,504 | -5,633 |
Ending balance | $6,366 | $16,611 | $18,857 |
Incentive_Plans_Additional_Inf
Incentive Plans - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
USD ($) | USD ($) | USD ($) | USD ($) | Maximum [Member] | 2012 Long-Term Plan [Member] | 2012 Long-Term Plan and the 2007 Long-Term Plan [Member] | Director Plan [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Time-Lapse Restricted Stock and Restricted Stock Units [Member] | Time-Lapse Restricted Stock and Restricted Stock Units [Member] | Time-Lapse Restricted Stock and Restricted Stock Units [Member] | Phantom Units [Member] | Phantom Units [Member] | Phantom Units [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Employee Stock Purchase Plan (ESPP) [Member] | Employee Stock Purchase Plan (ESPP) [Member] | Employee Stock Purchase Plan (ESPP) [Member] | Savings Related Share Option Plan (SOP) [Member] | Savings Related Share Option Plan (SOP) [Member] | Savings Related Share Option Plan (SOP) [Member] | Savings Related Share Option Plan (SOP) [Member] | Savings Related Share Option Plan (SOP) [Member] | Savings Related Share Option Plan (SOP) [Member] | Savings Related Share Option Plan (SOP) [Member] | Performance Units [Member] | Performance Units [Member] | Performance Units [Member] | ||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Maximum [Member] | Minimum [Member] | SOP plans with holding periods ending in April 2011 [Member] | SOP plans with holding periods ending in May 2012 [Member] | USD ($) | USD ($) | USD ($) | ||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | GBP (£) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long term plan expiration year | ' | ' | ' | ' | ' | ' | '2022 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum number of shares available for issuance | ' | ' | ' | ' | ' | ' | 8,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 980,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum number of shares available for issuance, annual rate | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of shares remained available | ' | ' | ' | ' | ' | ' | 7,135,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 286,941 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Unvested share-based compensation arrangements, compensation costs to be expensed | ' | $59,505,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Unvested share-based compensation arrangements, number of years compensation costs to be expensed | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from exercise of stock options and employee stock purchase plans | ' | 3,409,000 | 12,324,000 | [1] | 15,551,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax benefits realized for the tax deductions from option exercises | ' | 7,435,000 | 5,920,000 | 8,775,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Option granted to date, term of years | ' | ' | ' | ' | ' | '7 years | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Employee stock purchase plan, vesting scheme | ' | ' | ' | ' | ' | ' | ' | 'Under the 2012 Long-Term Plan and the 2007 Long-Term Plan, one-half of each grant is generally exercisable after two years and the remainder after three years. | 'Under the Director Plan, one-third of each grant is exercisable after each of the first three years. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock-based compensation, fair value assumption model | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Black-Scholes pricing model | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Monte Carlo valuation model | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total intrinsic value of options exercised | ' | 25,284,000 | 17,197,000 | 28,145,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Reduction in stock option exercise price | $2.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Income statement effect of reduced exercise price | 6,454,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage increase in number of outstanding stock options | ' | ' | ' | ' | 10.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage decrease in exercise price of stock options | ' | ' | ' | ' | 10.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Price at which liability calculated | ' | $64.88 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Granted restricted stock, valuation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $69.67 | $59.33 | $52.66 | ' | ' | ' | ' | $68.01 | $63.64 | $64.89 | $39.50 | $54.90 | $38.94 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage increase in number of outstanding stock units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.70% | ' | ' | ' | ' | 10.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Compensation expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,063,000 | 305,000 | ' | ' | ' | ' | ' | ' | ' | ' | 143,000 | 272,000 | 328,000 | 0 | 110,000 | 538,000 | ' | ' | ' | ' | 2,062,000 | 2,665,000 | 871,000 | ||
Percentage of targeted amounts paid in cash and awards based on achievement, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 0.00% | ||
Percentage of targeted amounts paid in cash and awards based on achievement, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | 200.00% | 200.00% | ||
Performance units outstanding | ' | 6,006,585 | ' | ' | ' | ' | ' | ' | ' | 6,006,585 | 5,907,359 | 5,434,228 | 5,302,384 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ||
Salary that can be withheld by eligible employee for stock purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock purchase price, percentage of the fair value of the stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Employee Stock purchase plan, termination date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The ESPP will terminate on the earlier of the date that employees have purchased all 980,000 authorized shares or June 30, 2017. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Employee stock purchases, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,020 | 24,418 | 28,555 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Employee stock purchases, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $54.14 | $48.54 | $55.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Compensation costs estimation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Compensation costs related to the ESPP are estimated based on the value of the 10% discount and the fair value of the option that provides for the refund of participant withholdings | ' | ' | 'Compensation costs related to the SOP plan were estimated based on the value of the 10% discount and the fair value of the option that allowed the employee to receive a repayment of withholdings plus credited interest. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fair value per share issued under ESPP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.72 | $7.30 | $8.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Monthly salary that can be withhold by eligible employee for stock purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250 | 5 | ' | ' | ' | ' | ' | ||
Fair value per share of SOP plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23.77 | $22.85 | ' | ' | ' | ||
Compensation expense for incentive plans | ' | $53,250,000 | $32,417,000 | $33,035,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Reclassified to conform to current presentation. |
ShareBased_Plans_Amounts_Recog
Share-Based Plans, Amounts Recognized (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Compensation charged against income before tax benefit | $66,976 | $46,694 | $43,272 |
Related income tax benefit recognized in income | $19,321 | $14,443 | $14,396 |
Fair_Value_of_Option_Award_Est
Fair Value of Option Award Estimated on Date of Grant using Black-Scholes Pricing Model (Detail) (Stock Options [Member], USD $) | 12 Months Ended | ||||
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' | ' | ' | ' |
Fair value per option grant | $20.34 | $15.81 | $12.37 | $20.62 | $17.74 |
Assumptions | ' | ' | ' | ' | ' |
Dividend yield | 1.80% | 2.10% | 1.80% | 2.30% | 2.27% |
Expected volatility | 37.00% | 34.00% | 39.00% | 36.00% | 39.62% |
Risk-free interest rate | 2.10% | 0.96% | 0.55% | 2.00% | 0.77% |
Expected life | '5 years 1 month 6 days | '5 years 3 months | '4 years | '6 years 6 months | '5 years 2 months 12 days |
Changes_in_Stock_Options_Outst
Changes in Stock Options Outstanding (Detail) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||
Number of Shares | ' | ' | ' | ' | |||
Exercised | -303,685 | [1] | -482,974 | [1] | -615,674 | [1] | ' |
Outstanding at end of year | 6,006,585 | ' | ' | ' | |||
Exercisable at end of year | 2,435,322 | ' | ' | ' | |||
Stock Options [Member] | ' | ' | ' | ' | |||
Number of Shares | ' | ' | ' | ' | |||
Outstanding at beginning of year | 5,907,359 | 5,434,228 | 5,302,384 | ' | |||
Granted at FMV | 1,320,176 | 1,870,500 | 1,397,312 | ' | |||
Exercised | -1,335,355 | -823,855 | -974,500 | ' | |||
Forfeited | -228,576 | -573,514 | -290,968 | ' | |||
Murphy USA Inc. spin-off adjustment | 615,917 | ' | ' | ' | |||
Outstanding at end of year | 6,006,585 | 5,907,359 | 5,434,228 | ' | |||
Exercisable at end of year | 2,435,322 | 2,474,636 | 2,319,735 | 2,499,610 | |||
Average Exercise Price | ' | ' | ' | ' | |||
Outstanding at beginning of year | $55.17 | $55.17 | $48.83 | ' | |||
Granted at FMV | $55.26 | $57.96 | $67.64 | ' | |||
Exercised | $45.84 | $38.37 | $39.30 | ' | |||
Forfeited | $58.01 | $60.43 | $52.73 | ' | |||
Surrendered in connection with separation of Murphy USA Inc. | $55.99 | ' | ' | ' | |||
Murphy USA Inc. spin-off adjustment | $52.09 | ' | ' | ' | |||
Outstanding at end of year | $56.80 | $55.17 | $55.17 | ' | |||
Exercisable at end of year | $51.79 | $54.43 | $51.14 | $45.07 | |||
Stock Options [Member] | Spin [Member] | ' | ' | ' | ' | |||
Number of Shares | ' | ' | ' | ' | |||
Forfeited | -272,936 | ' | ' | ' | |||
[1] | Shares issued upon exercise of stock options are less than the amount reflected in Note I due to withholdings for statutory income taxes owed upon exercise. |
Additional_Information_about_S
Additional Information about Stock options Outstanding (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Outstanding at end of year | 6,006,585 |
Options Outstanding, Avg. Life in Years | '4 years 4 months 24 days |
Options Outstanding, Aggregate Intrinsic Value | $73,751,000 |
Exercisable at end of year | 2,435,322 |
Options Exercisable, Avg. Life in year | '2 years 2 months 12 days |
Options Exercisable, Aggregate Intrinsic Value | 31,889,000 |
Range of Exercise Prices per Option $ 0 to $ 0 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of exercise prices, lower limit | $37.44 |
Range of exercise prices, upper limit | $39.02 |
Outstanding at end of year | 658,782 |
Options Outstanding, Avg. Life in Years | '3 years 1 month 6 days |
Options Outstanding, Aggregate Intrinsic Value | 17,677,000 |
Exercisable at end of year | 406,939 |
Options Exercisable, Avg. Life in year | '1 year 4 months 24 days |
Options Exercisable, Aggregate Intrinsic Value | 11,165,000 |
Range of Exercise Prices per Option $ 0 to $ 0 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of exercise prices, lower limit | $43.88 |
Range of exercise prices, upper limit | $51.63 |
Outstanding at end of year | 2,233,621 |
Options Outstanding, Avg. Life in Years | '4 years 6 months |
Options Outstanding, Aggregate Intrinsic Value | 34,786,000 |
Exercisable at end of year | 832,631 |
Options Exercisable, Avg. Life in year | '2 years 4 months 24 days |
Options Exercisable, Aggregate Intrinsic Value | 16,224,000 |
Range of Exercise Prices per Option $ 0 to $ 0 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of exercise prices, lower limit | $54.21 |
Range of exercise prices, upper limit | $63.46 |
Outstanding at end of year | 3,114,182 |
Options Outstanding, Avg. Life in Years | '4 years 7 months 6 days |
Options Outstanding, Aggregate Intrinsic Value | 21,288,000 |
Exercisable at end of year | 1,195,752 |
Options Exercisable, Avg. Life in year | '2 years 4 months 24 days |
Options Exercisable, Aggregate Intrinsic Value | $4,500,000 |
Changes_in_SAR_Outstanding_Det
Changes in SAR Outstanding (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at end of year | 6,006,585 |
Stock Appreciation Rights (SAR) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at beginning of year | 0 |
Number of SAR, Granted | 851,000 |
Number of SAR, Forfeited | -68,712 |
Number of SAR, Murphy USA Inc. spin-off adjustment | 78,824 |
Outstanding at end of year | 788,112 |
Forfeited | ' |
Surrendered in connection with separation of Murphy USA Inc. | ' |
Murphy USA Inc. spin-off adjustment | ' |
Outstanding at end of year | $54.21 |
Forfeited | ' |
Surrendered in connection with separation of Murphy USA Inc. | ' |
Murphy USA Inc. spin-off adjustment | ' |
Stock Appreciation Rights (SAR) [Member] | Spin [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of SAR, Forfeited | -73,000 |
Changes_in_PerformanceBased_RS
Changes in Performance-Based RSU Outstanding (Detail) (Performance Based Restricted Stock [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity-Settled Restricted Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Balance at beginning of year | 1,426,238 | 1,174,492 | 1,023,492 |
Granted | 521,776 | 653,355 | 521,423 |
Awarded | -380,150 | -260,175 | -309,656 |
Forfeited | -39,573 | -141,434 | -60,767 |
Surrendered in connection with separation of Murphy USA Inc. | -116,568 | 0 | 0 |
Murphy USA Inc. spin-off adjustment | 148,569 | 0 | 0 |
Balance at end of year | 1,560,292 | 1,426,238 | 1,174,492 |
Cash-Settled Restricted Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Balance at beginning of year | 0 | ' | ' |
Granted | 93,200 | ' | ' |
Awarded | 0 | ' | ' |
Forfeited | -9,924 | ' | ' |
Surrendered in connection with separation of Murphy USA Inc. | -6,800 | ' | ' |
Murphy USA Inc. spin-off adjustment | 8,380 | ' | ' |
Balance at end of year | 84,856 | ' | ' |
Assumptions_used_in_Valuation_
Assumptions used in Valuation Performance Awards Granted (Detail) (Performance Based Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Assumptions | ' | ' | ' |
Expected volatility | ' | 37.00% | 51.00% |
Risk-free interest rate | ' | 0.30% | 1.04% |
Stock beta | ' | 0.913 | 1.006 |
Expected life | '3 years | '3 years | '3 years |
Minimum [Member] | ' | ' | ' |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' | ' |
Fair value per share at grant date | 39.5 | 54.9 | 38.94 |
Assumptions | ' | ' | ' |
Expected volatility | 31.00% | ' | ' |
Risk-free interest rate | 0.41% | ' | ' |
Stock beta | 0.907 | ' | ' |
Maximum [Member] | ' | ' | ' |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' | ' |
Fair value per share at grant date | 68.01 | 63.64 | 64.89 |
Assumptions | ' | ' | ' |
Expected volatility | 32.00% | ' | ' |
Risk-free interest rate | 0.62% | ' | ' |
Stock beta | 0.908 | ' | ' |
Changes_in_TimeLapse_Restricte
Changes in Time-Lapse Restricted Stock and Restricted Stock Units Outstanding (Detail) (Restricted Stock and Restricted Stock Units [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock and Restricted Stock Units [Member] | ' | ' | ' |
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items] | ' | ' | ' |
Balance at beginning of year | 98,477 | 116,724 | 166,173 |
Granted | 38,184 | 42,256 | 32,711 |
Vested and issued | -34,696 | -44,980 | -82,160 |
Forfeited | 0 | -15,523 | 0 |
Murphy USA Inc. spin-off adjustment | 10,916 | 0 | 0 |
Balance at end of year | 112,881 | 98,477 | 116,724 |
Plans_Benefit_Obligations_and_
Plans' Benefit Obligations and Fair Value of Assets and Statement of Funded Status (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, Ending Balance | $533,108,000 | $463,546,000 | ' |
Funded status and amounts recognized in the Consolidated Balance Sheets at December 31 | ' | ' | ' |
Liabilities associated with assets held for sale | -639,140,000 | -47,471,000 | ' |
Pension Benefits [Member] | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Obligations, Beginning Balance | 721,531,000 | 629,568,000 | ' |
Service cost | 26,346,000 | 23,500,000 | 22,406,000 |
Interest cost | 30,903,000 | 29,869,000 | 30,785,000 |
Plan amendments | 1,989,000 | 0 | ' |
Participant contributions | 21,000 | 30,000 | ' |
Actuarial loss (gain) | -9,876,000 | 55,479,000 | ' |
Medicare Part D subsidy, Change in benefit obligation | 0 | 0 | ' |
Exchange rate changes | 1,852,000 | 7,125,000 | ' |
Benefits paid | -38,745,000 | -30,217,000 | ' |
Special termination benefits | 849,000 | 6,177,000 | ' |
Curtailments | -26,463,000 | 0 | ' |
Obligation assumed by MUSA at separation | -1,153,000 | 0 | ' |
Obligations, Ending Balance | 707,254,000 | 721,531,000 | 629,568,000 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, Beginning Balance | 463,546,000 | 404,350,000 | ' |
Actual return on plan assets | 61,932,000 | 41,674,000 | ' |
Employer contributions | 46,726,000 | 42,207,000 | ' |
Participant contributions | 21,000 | 30,000 | ' |
Medicare Part D subsidy, Fair value of plan assets | 0 | 0 | ' |
Exchange rate changes | 1,594,000 | 6,289,000 | ' |
Benefits paid | -38,745,000 | -30,217,000 | ' |
Other | -1,966,000 | -787,000 | ' |
Fair value of plan assets, Ending Balance | 533,108,000 | 463,546,000 | 404,350,000 |
Funded status and amounts recognized in the Consolidated Balance Sheets at December 31 | ' | ' | ' |
Deferred charges and other assets | 10,254,000 | 9,679,000 | ' |
Other accrued liabilities | -5,565,000 | -5,556,000 | ' |
Deferred credits and other liabilities | -158,589,000 | -262,108,000 | ' |
Liabilities associated with assets held for sale | -20,246,000 | 0 | ' |
Funded status and net plan liability recognized at the end of the period | -174,146,000 | -257,985,000 | ' |
Other Postretirement Benefits [Member] | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Obligations, Beginning Balance | 124,134,000 | 114,962,000 | ' |
Service cost | 4,566,000 | 3,958,000 | 4,547,000 |
Interest cost | 5,189,000 | 5,174,000 | 6,141,000 |
Plan amendments | 0 | 0 | ' |
Participant contributions | 1,376,000 | 1,035,000 | ' |
Actuarial loss (gain) | -8,324,000 | 4,686,000 | ' |
Medicare Part D subsidy, Change in benefit obligation | 384,000 | 432,000 | ' |
Exchange rate changes | -36,000 | 14,000 | ' |
Benefits paid | -5,211,000 | -6,127,000 | ' |
Special termination benefits | 0 | 0 | ' |
Curtailments | -15,077,000 | 0 | ' |
Obligation assumed by MUSA at separation | 0 | 0 | ' |
Obligations, Ending Balance | 107,001,000 | 124,134,000 | 114,962,000 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, Beginning Balance | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Employer contributions | 3,451,000 | 4,660,000 | ' |
Participant contributions | 1,376,000 | 1,035,000 | ' |
Medicare Part D subsidy, Fair value of plan assets | 384,000 | 432,000 | ' |
Exchange rate changes | 0 | 0 | ' |
Benefits paid | -5,211,000 | -6,127,000 | ' |
Other | 0 | 0 | ' |
Fair value of plan assets, Ending Balance | 0 | 0 | 0 |
Funded status and amounts recognized in the Consolidated Balance Sheets at December 31 | ' | ' | ' |
Deferred charges and other assets | 0 | 0 | ' |
Other accrued liabilities | -5,920,000 | -5,646,000 | ' |
Deferred credits and other liabilities | -101,081,000 | -118,488,000 | ' |
Liabilities associated with assets held for sale | 0 | 0 | ' |
Funded status and net plan liability recognized at the end of the period | ($107,001,000) | ($124,134,000) | ' |
Amounts_Included_in_Accumulate
Amounts Included in Accumulated Other Comprehensive Income Not Recognized in Net Periodic Benefit Expense (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Net actuarial loss | ($150,682) |
Prior service (cost) credit | -3,559 |
Transitional asset (liability) | 517 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax, Total | -153,724 |
Other Postretirement Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Net actuarial loss | -13,815 |
Prior service (cost) credit | 372 |
Transitional asset (liability) | 0 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax, Total | ($13,443) |
Amounts_Included_in_Accumulate1
Amounts Included in Accumulated Other Comprehensive Income Expected to be Amortization into Net Periodic Benefit Expense (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Net actuarial loss | ($8,190) |
Prior service (cost) credit | -951 |
Transitional asset (liability) | 517 |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year, Total | -8,624 |
Other Postretirement Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Net actuarial loss | -242 |
Prior service (cost) credit | 82 |
Transitional asset (liability) | 0 |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year, Total | ($160) |
Projected_Benefit_Obligations_
Projected Benefit Obligations, Accumulated Benefit Obligations and Fair Value of Plan Assets for Plans where Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Funded Defined Benefit Pension Plans [Member] | Qualified Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plans where accumulated benefit obligation exceeds fair value of plan assets, Projected benefit obligation | $571,217 | $587,318 |
Plans where accumulated benefit obligation exceeds fair value of plan assets, Aggregate accumulated benefit Obligation | 520,610 | 523,773 |
Plans where accumulated benefit obligation exceeds fair value of plan assets, Aggregate fair value of plan assets | 502,308 | 431,788 |
Unfunded Defined Benefit Pension Plans [Member] | Non-Qualified Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plans where accumulated benefit obligation exceeds fair value of plan assets, Projected benefit obligation | 115,492 | 112,135 |
Plans where accumulated benefit obligation exceeds fair value of plan assets, Aggregate accumulated benefit Obligation | 102,198 | 98,498 |
Plans where accumulated benefit obligation exceeds fair value of plan assets, Aggregate fair value of plan assets | 0 | 0 |
Unfunded Other Postretirement Benefit Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plans where accumulated benefit obligation exceeds fair value of plan assets, Projected benefit obligation | 107,001 | 124,134 |
Plans where accumulated benefit obligation exceeds fair value of plan assets, Aggregate accumulated benefit Obligation | 107,001 | 124,134 |
Plans where accumulated benefit obligation exceeds fair value of plan assets, Aggregate fair value of plan assets | $0 | $0 |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $26,346 | $23,500 | $22,406 |
Interest cost | 30,903 | 29,869 | 30,785 |
Expected return on plan assets | -28,974 | -25,826 | -25,919 |
Amortization of prior service cost (credit) | 1,006 | 1,254 | 1,314 |
Amortization of transitional (asset) liability | -514 | -529 | -536 |
Recognized actuarial loss | 17,338 | 16,389 | 12,484 |
Defined Benefit Plan, Gross Periodic Benefit Cost, Total | 46,105 | 44,657 | 40,534 |
Termination benefits expense | 849 | 6,177 | 695 |
Curtailment expense (benefit) | 1,365 | 0 | 1,036 |
Net periodic benefit expense | 48,319 | 50,834 | 42,265 |
Other Postretirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 4,566 | 3,958 | 4,547 |
Interest cost | 5,189 | 5,174 | 6,141 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost (credit) | -143 | -173 | -240 |
Amortization of transitional (asset) liability | 8 | 8 | 8 |
Recognized actuarial loss | 1,484 | 1,317 | 2,329 |
Defined Benefit Plan, Gross Periodic Benefit Cost, Total | 11,104 | 10,284 | 12,785 |
Termination benefits expense | 0 | 0 | 0 |
Curtailment expense (benefit) | -442 | 0 | -605 |
Net periodic benefit expense | $10,662 | $10,284 | $12,180 |
Amount_Related_to_Foreign_Bene
Amount Related to Foreign Benefit Plans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets, Ending Balance | $533,108 | $463,546 |
Foreign Defined Benefit Pension Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Benefit obligation, Ending Balance | 211,799 | 184,550 |
Fair value of plan assets, Ending Balance | 188,575 | 164,111 |
Net plan liabilities recognized | 23,224 | 20,439 |
Net periodic benefit expense | 12,622 | 11,022 |
Foreign Other Postretirement Benefit Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Benefit obligation, Ending Balance | 541 | 525 |
Fair value of plan assets, Ending Balance | 0 | 0 |
Net plan liabilities recognized | 541 | 525 |
Net periodic benefit expense | $92 | $88 |
WeightedAverage_Assumptions_us
Weighted-Average Assumptions used in Measurement of Benefit Obligations and Net Periodic Benefit Expense (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Expected return on plan assets | 6.24% | ' |
Expected return on plan assets | 6.24% | ' |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Benefit Obligation, Discount rate | 4.78% | 4.24% |
Expected return on plan assets | 6.24% | 6.20% |
Benefit Obligation, Rate of compensation increase | 4.14% | 4.13% |
Net periodic benefit expense, Discount rate | 4.23% | 4.80% |
Expected return on plan assets | 6.24% | 6.20% |
Net periodic benefit expense, Rate of compensation increase | 4.12% | 4.10% |
Other Postretirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Benefit Obligation, Discount rate | 4.91% | 4.18% |
Expected return on plan assets | 0.00% | 0.00% |
Benefit Obligation, Rate of compensation increase | 0.00% | 0.00% |
Net periodic benefit expense, Discount rate | 4.18% | 4.87% |
Expected return on plan assets | 0.00% | 0.00% |
Net periodic benefit expense, Rate of compensation increase | 0.00% | 0.00% |
Benefit_Payments_Reflected_Exp
Benefit Payments, Reflected Expected Future Service as Appropriate which are Expected to be Paid in Future Years from Assets of Plans or by Company (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $32,822 |
2015 | 33,459 |
2016 | 33,723 |
2017 | 34,455 |
2018 | 35,383 |
2019-2023 | 194,717 |
Other Postretirement Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 6,746 |
2015 | 6,971 |
2016 | 7,148 |
2017 | 7,303 |
2018 | 7,500 |
2019-2023 | $41,148 |
Employee_and_Retiree_Benefit_P2
Employee and Retiree Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Future annual rate of increase in cost of health care for 2013 to measure postretirement benefit obligations | 7.40% | ' | ' |
Ultimate rate of health care cost in 2020 and thereafter | 5.00% | ' | ' |
Provisions of the March 2010 Health Care Reform | 'In March 2010, the United States Congress enacted a health care reform law. Along with other provisions, the law (a) eliminates the tax free status of federal subsidies to companies with qualified retiree prescription drug plans that are actuarially equivalent to Medicare Part D plans beginning in 2013; (b) imposes a 40% excise tax on high-cost health plans as defined in the law beginning in 2018; (c) eliminates lifetime or annual coverage limits and required coverage for preventative health services beginning in September 2010; and (d) imposed a fee of $2 (subsequently adjusted for inflation) for each person covered by a health insurance policy beginning in September 2010. | ' | ' |
Excise tax rate imposed on high-cost health plans beginning 2018 | 40.00% | ' | ' |
Government imposed fee for each person covered by health insurance policy | $2 | ' | ' |
Equity securities minimum market capitalization | 100,000,000 | ' | ' |
Weighted average expected return on plan asset | 6.24% | ' | ' |
Domestic plan, investment lock up period | '3 years | ' | ' |
Domestic plan, investment notice period | '95 days | ' | ' |
Amounts charged to expense for U.S. and U.K. plans | 13,839,000 | 12,594,000 | 10,725,000 |
Defined benefit plan, percentage of employer's matching contribution | 6.00% | 6.00% | 6.00% |
Foreign Other Postretirement Benefit Plans [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Contributions to benefit plans | 39,000 | ' | ' |
Expected benefit plan contributions to be made during next year | 36,000 | ' | ' |
Domestic postretirement benefits plan [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Contributions to benefit plans | 3,412,000 | ' | ' |
Expected benefit plan contributions to be made during next year | 5,883,000 | ' | ' |
Funded Retirement Plan [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Weighted average expected return on plan asset | 6.93% | ' | ' |
Domestic defined benefit pension plans [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Contributions to benefit plans | 30,570,000 | ' | ' |
Expected benefit plan contributions to be made during next year | 27,133,000 | ' | ' |
Foreign Defined Benefit Pension Plans [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Contributions to benefit plans | 16,156,000 | ' | ' |
Expected benefit plan contributions to be made during next year | $21,977,000 | ' | ' |
United Kingdom [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Percentage fixed income allocation | 95.00% | ' | ' |
United Kingdom [Member] | Foreign Other Postretirement Benefit Plans [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Description of equity and fixed income securities allocation | 'Approximately one-half of the equity allocation is to be invested in U.K. securities and the remainder split between North American, European, Japanese and other Pacific Basin securities. A minimum of 95% of the fixed income allocation is to be invested in U.K. securities with up to 5% in international or high yield bonds | ' | ' |
Asset performance compared to a benchmark return, percent targeted to outperform the benchmark over three years | 0.75% | ' | ' |
Maximum [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Investment Manager's portfolio to be held in equity securities of any one issuer | 10.00% | ' | ' |
Maximum [Member] | United Kingdom [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Maximum percentage of income investment in securities | 5.00% | ' | ' |
Commingled trust fund [Member] | Maximum [Member] | Domestic postretirement benefits plan [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Domestic plan, commingled trusts waiting periods for withdrawals (in days) | '30 days | ' | ' |
Commingled trust fund [Member] | Minimum [Member] | Domestic postretirement benefits plan [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Domestic plan, commingled trusts waiting periods for withdrawals (in days) | '6 days | ' | ' |
Equity securities [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Target allocations of plan assets, minimum | 40.00% | ' | ' |
Target allocations of plan assets, maximum | 70.00% | ' | ' |
Basis used to determine expected return on plan asset, percentage of expected return (expense) | 8.40% | ' | ' |
Equity securities [Member] | United Kingdom [Member] | Foreign Other Postretirement Benefit Plans [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Target allocations of plan assets, minimum | 27.00% | ' | ' |
Target allocations of plan assets, maximum | 98.00% | ' | ' |
Target allocations of plan assets | 60.00% | ' | ' |
Equity securities [Member] | Canada [Member] | Foreign Other Postretirement Benefit Plans [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Target allocations of plan assets, minimum | 40.00% | ' | ' |
Target allocations of plan assets, maximum | 75.00% | ' | ' |
Target allocations of plan assets | 60.00% | ' | ' |
Fixed Income Securities [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Target allocations of plan assets, minimum | 30.00% | ' | ' |
Target allocations of plan assets, maximum | 60.00% | ' | ' |
Fixed income portfolio, maximum average maturity years | ' | ' | ' |
Weighted average expected return on plan asset | 3.90% | ' | ' |
Basis used to determine expected return on plan asset, percentage of expected return (expense) | 0.45% | ' | ' |
Fixed Income Securities [Member] | United Kingdom [Member] | Foreign Other Postretirement Benefit Plans [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Target allocations of plan assets, minimum | 25.00% | ' | ' |
Target allocations of plan assets, maximum | 60.00% | ' | ' |
Target allocations of plan assets | 40.00% | ' | ' |
Fixed Income Securities [Member] | Canada [Member] | Foreign Other Postretirement Benefit Plans [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Target allocations of plan assets, minimum | 25.00% | ' | ' |
Target allocations of plan assets, maximum | 45.00% | ' | ' |
Target allocations of plan assets | 35.00% | ' | ' |
US long/short equity fund [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Target allocations of plan assets, minimum | 0.00% | ' | ' |
Target allocations of plan assets, maximum | 15.00% | ' | ' |
Cash equivalents [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Target allocations of plan assets, minimum | 0.00% | ' | ' |
Target allocations of plan assets, maximum | 15.00% | ' | ' |
Cash equivalents [Member] | United Kingdom [Member] | Foreign Other Postretirement Benefit Plans [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Target allocations of plan assets, maximum | 5.00% | ' | ' |
Cash equivalents [Member] | Canada [Member] | Foreign Other Postretirement Benefit Plans [Member] | ' | ' | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Target allocations of plan assets, minimum | 0.00% | ' | ' |
Target allocations of plan assets, maximum | 15.00% | ' | ' |
Target allocations of plan assets | 5.00% | ' | ' |
One_Percent_Change_in_Assumed_
One Percent Change in Assumed Health Care Cost Trend Rates (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Compensation And Retirement Disclosure [Abstract] | ' |
Effect on total service and interest cost components of net periodic postretirement benefit expense for the year ended December 31, 2013 | $2,011 |
Effect on the health care component of the accumulated postretirement benefit obligation at December 31, 2013 | 14,331 |
A 1% decrease effect on total service and interest cost components of net periodic postretirement benefit expense | -1,551 |
A 1% decrease effect on the health care component of the accumulated postretirement benefit obligation | ($11,812) |
Weighted_Average_Asset_Allocat
Weighted Average Asset Allocation for Company's Funded Pension Benefit Plans (Detail) (Funded Defined Benefit Pension Plans [Member]) | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted average asset allocation | 100.00% | 100.00% |
Equity securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted average asset allocation | 68.40% | 62.90% |
Fixed income securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted average asset allocation | 30.70% | 36.10% |
Cash equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted average asset allocation | 0.90% | 1.00% |
Fair_Value_Measurements_of_Ret
Fair Value Measurements of Retirement Plan Assets within Fair Value of Hierarchy (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | $533,108 | $463,546 |
Domestic Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 344,533 | 299,435 |
Domestic Plans [Member] | Equity securities [Member] | US core equity [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 89,255 | 83,392 |
Domestic Plans [Member] | Equity securities [Member] | U.S. small/midcap [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 37,149 | 20,894 |
Domestic Plans [Member] | Equity securities [Member] | Hedged funds and other alternative strategies [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 32,788 | 14,654 |
Domestic Plans [Member] | Equity securities [Member] | International [Member] | Commingled trust fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 77,041 | 62,111 |
Domestic Plans [Member] | Equity securities [Member] | Emerging market [Member] | Commingled equity fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 9,654 | 9,535 |
Domestic Plans [Member] | Fixed income securities [Member] | U.S. fixed income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 72,240 | 80,203 |
Domestic Plans [Member] | Fixed income securities [Member] | International [Member] | Commingled trust fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 14,865 | 15,179 |
Domestic Plans [Member] | Fixed income securities [Member] | Emerging market [Member] | Mutual fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 8,549 | 10,060 |
Domestic Plans [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 2,992 | 3,407 |
Foreign Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 188,575 | 164,111 |
Foreign Plans [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 1,660 | 1,343 |
Foreign Plans [Member] | Equity securities funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 99,085 | 79,233 |
Foreign Plans [Member] | Fixed income securities funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 57,030 | 51,777 |
Foreign Plans [Member] | Diversified pooled fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 30,800 | 31,758 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 131,056 | 109,036 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Domestic Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 129,396 | 107,693 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Domestic Plans [Member] | Equity securities [Member] | US core equity [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 89,255 | 83,392 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Domestic Plans [Member] | Equity securities [Member] | U.S. small/midcap [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 37,149 | 20,894 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Domestic Plans [Member] | Equity securities [Member] | Hedged funds and other alternative strategies [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Domestic Plans [Member] | Equity securities [Member] | International [Member] | Commingled trust fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Domestic Plans [Member] | Equity securities [Member] | Emerging market [Member] | Commingled equity fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Domestic Plans [Member] | Fixed income securities [Member] | U.S. fixed income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Domestic Plans [Member] | Fixed income securities [Member] | International [Member] | Commingled trust fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Domestic Plans [Member] | Fixed income securities [Member] | Emerging market [Member] | Mutual fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Domestic Plans [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 2,992 | 3,407 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 1,660 | 1,343 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Plans [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 1,660 | 1,343 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Plans [Member] | Equity securities funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Plans [Member] | Fixed income securities funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Plans [Member] | Diversified pooled fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 369,264 | 339,856 |
Significant Other Observable Inputs (Level 2) [Member] | Domestic Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 182,349 | 177,088 |
Significant Other Observable Inputs (Level 2) [Member] | Domestic Plans [Member] | Equity securities [Member] | US core equity [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Domestic Plans [Member] | Equity securities [Member] | U.S. small/midcap [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Domestic Plans [Member] | Equity securities [Member] | Hedged funds and other alternative strategies [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Domestic Plans [Member] | Equity securities [Member] | International [Member] | Commingled trust fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 77,041 | 62,111 |
Significant Other Observable Inputs (Level 2) [Member] | Domestic Plans [Member] | Equity securities [Member] | Emerging market [Member] | Commingled equity fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 9,654 | 9,535 |
Significant Other Observable Inputs (Level 2) [Member] | Domestic Plans [Member] | Fixed income securities [Member] | U.S. fixed income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 72,240 | 80,203 |
Significant Other Observable Inputs (Level 2) [Member] | Domestic Plans [Member] | Fixed income securities [Member] | International [Member] | Commingled trust fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 14,865 | 15,179 |
Significant Other Observable Inputs (Level 2) [Member] | Domestic Plans [Member] | Fixed income securities [Member] | Emerging market [Member] | Mutual fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 8,549 | 10,060 |
Significant Other Observable Inputs (Level 2) [Member] | Domestic Plans [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 186,915 | 162,768 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Plans [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Plans [Member] | Equity securities funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 99,085 | 79,233 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Plans [Member] | Fixed income securities funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 57,030 | 51,777 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Plans [Member] | Diversified pooled fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 30,800 | 31,758 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 32,788 | 14,654 |
Significant Unobservable Inputs (Level 3) [Member] | Domestic Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 32,788 | 14,654 |
Significant Unobservable Inputs (Level 3) [Member] | Domestic Plans [Member] | Equity securities [Member] | US core equity [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Domestic Plans [Member] | Equity securities [Member] | U.S. small/midcap [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Domestic Plans [Member] | Equity securities [Member] | Hedged funds and other alternative strategies [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 32,788 | 14,654 |
Significant Unobservable Inputs (Level 3) [Member] | Domestic Plans [Member] | Equity securities [Member] | International [Member] | Commingled trust fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Domestic Plans [Member] | Equity securities [Member] | Emerging market [Member] | Commingled equity fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Domestic Plans [Member] | Fixed income securities [Member] | U.S. fixed income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Domestic Plans [Member] | Fixed income securities [Member] | International [Member] | Commingled trust fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Domestic Plans [Member] | Fixed income securities [Member] | Emerging market [Member] | Mutual fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Domestic Plans [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Plans [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Plans [Member] | Equity securities funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Plans [Member] | Fixed income securities funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Plans [Member] | Diversified pooled fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | $0 | $0 |
Effects_of_Fair_Value_Measurem
Effects of Fair Value Measurements Using Significant Unobservable Inputs on Changes in Level 3 Plan Assets (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Insurance [Abstract] | ' | ' |
Beginning Balance | $14,654 | $13,860 |
Actual return on plan assets: | ' | ' |
Relating to assets held at the reporting date | 3,134 | 794 |
Relating to assets sold during the period | 0 | 0 |
Purchases, sales and settlements | 15,000 | 0 |
Ending Balance | $32,788 | $14,654 |
WTI_Open_Contracts_Detail
WTI Open Contracts (Detail) | Dec. 31, 2013 |
bbl | |
January to March 2014 [Member] | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' |
Number of barrels | 20,000 |
Natural gas deliveries contract average price per thousand cubic feet | 98.47 |
April to June 2014 [Member] | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' |
Number of barrels | 20,000 |
Natural gas deliveries contract average price per thousand cubic feet | 96.48 |
July to September 2014 [Member] | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' |
Number of barrels | 7,000 |
Natural gas deliveries contract average price per thousand cubic feet | 95.24 |
Financial_Instruments_and_Risk2
Financial Instruments and Risk Management - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ||
Maturities of notes payable | $0 | $350,000,000 | [1] | $340,041,000 | [1] |
Deferred loss charged to income | 2,963,000 | 1,852,000 | ' | ||
Scenario, Forecast [Member] | ' | ' | ' | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ||
Interest expense due to deferred loss on interest rate swaps expected during 2014 | 2,963,000 | ' | ' | ||
Commodity derivative contracts [Member] | Other Assets [Member] | ' | ' | ' | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ||
Fair value of commodity derivative contracts | 716,000 | 2,941,000 | ' | ||
Commodity derivative contracts [Member] | Other Liabilities [Member] | ' | ' | ' | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ||
Fair values of foreign currency derivative contracts | 26,000,000 | 1,031,000,000 | ' | ||
Foreign exchange derivative contract [Member] | Currency, U.S. Dollar | Canada [Member] | ' | ' | ' | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ||
Foreign currency short-term derivative instruments | 32,300,000 | 154,000,000 | ' | ||
Interest Rate Swap [Member] | ' | ' | ' | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ||
Loss deferred for fair value of interest rate derivative contracts, net of tax | 24,815,000 | ' | ' | ||
Loss deferred for fair value of interest rate derivative contracts | $8,698,000 | ' | ' | ||
[1] | Reclassified to conform to current presentation. |
Fair_Value_of_Derivative_Instr
Fair Value of Derivative Instruments Not Designated as Hedging Instruments (Detail) (Nondesignated [Member], Accounts Receivable [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commodity derivative contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | $1,970 | $3,043 |
Liability Derivatives | ' | 102 |
Foreign exchange derivative contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | ' | ' |
Liability Derivatives | $1,038 | $1,031 |
Recognized_Gains_and_Losses_fo
Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments (Detail) (Nondesignated [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivative | ($4,662) | ($24,127) |
Commodity derivative contracts [Member] | Sales and other operating revenues [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivative | 2,104 | ' |
Commodity derivative contracts [Member] | Discontinued operations [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivative | -1,604 | -38,283 |
Foreign exchange derivative contract [Member] | Interest and other income [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivative | ($5,162) | $14,156 |
Stockholders_Equity_Additional
Stockholder's Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended |
Dec. 03, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 16, 2012 | |
Maximum [Member] | ||||
Shareholders Equity [Line Items] | ' | ' | ' | ' |
Special dividend, per outstanding common share | $2.50 | ' | ' | ' |
Special dividend | $486,141,000 | ' | ' | ' |
Special dividends record date | ' | 16-Nov-12 | ' | ' |
Share buyback program, authorization | ' | ' | ' | 1,000,000,000 |
Shares repurchased, value | ' | ' | $750,000,000 | ' |
Shares repurchased, shares | ' | ' | 11,722,969 | ' |
WeightedAverage_Shares_Outstan
Weighted-Average Shares Outstanding for Computation of Basic and Diluted Income Per Common Share (Detail) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Earnings Per Share [Abstract] | ' | ' | ' | ||
Basic method | 187,921,062 | 193,902,335 | [1] | 193,409,621 | [1] |
Dilutive stock options | 1,350,336 | 766,402 | 1,102,781 | ||
Diluted method | 189,271,398 | 194,668,737 | [1] | 194,512,402 | [1] |
[1] | Reclassified to conform to current presentation. |
Anti_Dilutive_Securities_Not_I
Anti Dilutive Securities Not Included in Computation of Diluted EPS (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive stock options excluded from diluted shares | 1,026,900 | 3,329,689 | 1,823,564 |
Weighted average price of these options | $54.54 | $64.72 | $69.46 |
Other_Financial_Information_Ad
Other Financial Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ' | ' |
Inventories accounted for under the LIFO method | $318,628,000 | $262,160,000 | ' |
Decrease amount of inventory that would have been valued using the FIFO method | 268,608,000 | 571,227,000 | ' |
Increased pretax income from discontinued operation derived from fair value exceeding the LIFO carrying value | ' | ' | 296,185,000 |
Net gains (losses) from foreign currency transactions | 73,732,000 | 5,092,000 | 22,131,000 |
Income taxes paid | 457,006,000 | 566,999,000 | 938,944,000 |
Interest paid, net of amounts capitalized | $60,501,000 | $9,501,000 | $38,120,000 |
Noncash_Operating_Working_Capi
Noncash Operating Working Capital (Increased) Decreased (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' |
Accounts receivable | $224,281 | ($382,137) | $90,608 |
Inventories | 14,166 | -94,907 | -67,560 |
Prepaid expenses | 195,013 | -245,881 | 9,908 |
Deferred income tax assets | 15,510 | -7,218 | 15,914 |
Accounts payable and accrued liabilities | -176,543 | 534,353 | -535,788 |
Current income tax liabilities | -6,098 | 27,610 | -273,118 |
Net (increase) decrease in noncash operating working capital | $266,329 | ($168,180) | ($760,036) |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Beginning Balance | $408,901 | [1] | ' | ' | |
Before reclassifications to income | -181,155 | [1] | ' | ' | |
Reclassifications to income | 55,627 | [1] | ' | ' | |
Net other comprehensive income (loss) | -236,782 | [1] | 98,481 | -139,008 | |
Ending Balance | 172,119 | [1] | 408,901 | [1] | ' |
Foreign Currency Translation Gains (Losses) [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Beginning Balance | 613,492 | [1] | ' | ' | |
Before reclassifications to income | -240,300 | [1] | ' | ' | |
Reclassifications to income | -68,000 | [1],[2] | ' | ' | |
Net other comprehensive income (loss) | -308,300 | [1] | ' | ' | |
Ending Balance | 305,192 | [1] | ' | ' | |
Retirement and Postretirement Benefit Plan Adjustments [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Beginning Balance | -186,539 | [1] | ' | ' | |
Before reclassifications to income | 59,145 | [1] | ' | ' | |
Reclassifications to income | 10,438 | [1],[3] | ' | ' | |
Net other comprehensive income (loss) | 69,583 | [1] | ' | ' | |
Ending Balance | -116,956 | [1] | ' | ' | |
Deferred Loss On Interest Rate Derivative Hedges [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Beginning Balance | -18,052 | [1] | ' | ' | |
Before reclassifications to income | 0 | [1] | ' | ' | |
Reclassifications to income | 1,935 | [1],[4] | ' | ' | |
Net other comprehensive income (loss) | 1,935 | [1] | ' | ' | |
Ending Balance | ($16,117) | [1] | ' | ' | |
[1] | All amounts are presented net of income taxes. | ||||
[2] | Reclassification is included in income from discontinued operations, net of income taxes. | ||||
[3] | Reclassifications before taxes of $18,570 are included in the computation of net periodic benefit expense. Related income taxes of $8,132 are included in Income tax expense. | ||||
[4] | Reclassifications before taxes of $2,963 are included in Interest expense. Related income taxes of $1,028 for the year ended December 31, 2013 are included in Income tax expense. |
Components_of_Accumulated_Othe1
Components of Accumulated Other Comprehensive Income (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' |
Reclassifications before taxes, included in net periodic benefit expense | $18,570 |
Reclassifications income tax, included in net periodic benefit expense | 8,132 |
Reclassifications before taxes, included in interest expense | 2,963 |
Reclassifications income tax, included in interest expense | $1,028 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ' |
Foreign currency translation gains (losses), net of tax | $305,192,000 |
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative liabilities | ($14,305) | ($11,426) |
Commodity derivative contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative assets | 1,970 | 3,043 |
Derivative liabilities | ' | -102 |
Nonqualified employee savings plans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative liabilities | -13,267 | -10,293 |
Foreign exchange derivative contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative liabilities | -1,038 | -1,031 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative liabilities | -13,267 | -10,293 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commodity derivative contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | ' | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonqualified employee savings plans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative liabilities | -13,267 | -10,293 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign exchange derivative contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative liabilities | -1,038 | -1,133 |
Significant Other Observable Inputs (Level 2) [Member] | Commodity derivative contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative assets | 1,970 | 3,043 |
Derivative liabilities | ' | -102 |
Significant Other Observable Inputs (Level 2) [Member] | Nonqualified employee savings plans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign exchange derivative contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative liabilities | -1,038 | -1,031 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Commodity derivative contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | ' | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Nonqualified employee savings plans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign exchange derivative contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative liabilities | $0 | $0 |
Offsetting_of_Assets_and_Liabi
Offsetting of Assets and Liabilities Related to Derivative Contracts (Detail) (Commodity derivatives [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commodity derivatives [Member] | ' | ' |
Derivative Financial Instruments [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | $3,111 | ' |
Gross Amounts of Recognized Liabilities | ' | 2,271 |
Gross Amounts Offset in the Consolidated Balance Sheet | -2,169 | -2,169 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 942 | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | ' | $102 |
Carrying_Amounts_and_Estimated
Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial assets (liabilities), Carrying value | ' | ' |
Canadian government securities with maturities greater than 90 days at the date of acquisition | $374,842 | $115,603 |
Current and long-term debt | 2,962,812 | 2,245,247 |
Financial assets (liabilities): | ' | ' |
Canadian government securities with maturities greater than 90 days at the date of acquisition | 375,623 | 115,802 |
Current and long-term debt | ($2,822,827) | ($2,357,972) |
Commitments_Additional_Informa
Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2006 | |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' |
Operating lease rental payments due in 2014 | $259,365,000 | ' | ' | ' |
Operating lease rental payments due in 2015 | 185,957,000 | ' | ' | ' |
Operating lease rental payments due in 2016 | 134,754,000 | ' | ' | ' |
Operating lease rental payments due in 2017 | 117,555,000 | ' | ' | ' |
Operating lease rental payments due in 2018 | 113,585,000 | ' | ' | ' |
Rental expenses for non-cancellable lease, including contingent payments | 192,482,000 | 178,292,000 | 185,016,000 | ' |
Commitments for capital expenditures | 1,837,394,000 | ' | ' | ' |
Malaysia [Member] | ' | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' |
Commitments for capital expenditures | 706,889,000 | ' | ' | ' |
Gulf of Mexico [Member] | ' | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' |
Commitments for capital expenditures | 184,840,000 | ' | ' | ' |
Eagle Ford Shale [Member] | ' | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' |
Commitments for capital expenditures | 561,410,000 | ' | ' | ' |
Cameroon | ' | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' |
Commitments for capital expenditures | 78,851,000 | ' | ' | ' |
Vietnam | ' | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' |
Commitments for capital expenditures | 76,150,000 | ' | ' | ' |
Equatorial Guinea | ' | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' |
Commitments for capital expenditures | 78,000,000 | ' | ' | ' |
Drilling Rigs And Associated Equipment [Member] | ' | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' |
Future commitments | 1,302,284,000 | ' | ' | ' |
Processing Production Handling and Transportation Services [Member] | ' | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' |
Operating lease rental payments due in 2014 | 57,787,000 | ' | ' | ' |
Operating lease rental payments due in 2015 | 35,157,000 | ' | ' | ' |
Operating lease rental payments due in 2016 | 23,439,000 | ' | ' | ' |
Operating lease rental payments due in 2017 | 17,961,000 | ' | ' | ' |
Operating lease rental payments due in 2018 | 12,792,000 | ' | ' | ' |
Processing and transportation charges | 40,254,000 | 19,733,000 | 24,791,000 | ' |
El Dorado Promise Annual Commitment from 2007 to 2016 [Member] | ' | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' |
Future commitments | 5,000,000 | ' | ' | ' |
Commitments for capital expenditures | ' | ' | ' | 38,700,000 |
Accretion costs | $805,000 | $1,063,000 | $1,317,000 | ' |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
Location | |
Commitments and Contingencies Disclosure [Line Items] | ' |
Superfund site company is considered to be Potentially Responsible Party (PRP) | 1 |
Letter of Credit [Member] | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
Contingent liabilities | 129,866,000 |
Terra_Nova_Working_Interest_Re1
Terra Nova Working Interest Redetermination - Additional Information (Detail) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2011 | Dec. 31, 2010 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' | ' | ' | ||
Joint agreement ownership interest | ' | ' | ' | 10.48% | 12.00% | ||
Redetermination of Terra Nova working interest | $0 | $0 | [1] | ($5,351) | [1],[2] | ' | ' |
[1] | Reclassified to conform to current presentation. | ||||||
[2] | Results exclude corporate overhead, interest and discontinued operations. |
Activity_in_Number_of_Shares_o
Activity in Number of Shares of Common Stock Issued and Outstanding (Detail) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Equity [Abstract] | ' | ' | ' | |||
At beginning of year | 190,641,317 | 193,723,208 | 192,836,008 | |||
Stock options exercised | 303,685 | [1] | 482,974 | [1] | 615,674 | [1] |
Employee stock purchase and thrift plans | 16,020 | 78,389 | 33,390 | |||
Restricted stock awards, net of forfeitures | 300,910 | 224,296 | 238,136 | |||
Treasury shares purchased | -7,855,419 | -3,867,550 | 0 | |||
At end of year | 183,406,513 | 190,641,317 | 193,723,208 | |||
[1] | Shares issued upon exercise of stock options are less than the amount reflected in Note I due to withholdings for statutory income taxes owed upon exercise. |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended |
Dec. 31, 2013 | Dec. 31, 2013 | Feb. 05, 2014 | Feb. 28, 2014 | |
Accelerated Share Repurchase (ASR) [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
Accelerated Share Repurchase (ASR) [Member] | Accelerated Share Repurchase (ASR) [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Shares repurchased, value | ' | ' | $250,000,000 | ' |
Shares repurchased, shares | ' | ' | ' | 4,018,000 |
Quarterly dividend declared, per share | ' | ' | $0.31 | ' |
Dividend payable date | ' | 3-Mar-14 | ' | ' |
Dividend payable record date | 16-Nov-12 | 18-Feb-14 | ' | ' |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 12 Months Ended | ||||||||
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | |
OilRefinery | Phillips 66 and Affiliated Companies [Member] | Shell Oil and Affiliates [Member] | Shell Oil [Member] | Shell Oil [Member] | BP [Member] | BP [Member] | Petronas [Member] | Petronas [Member] | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of oil refineries sold | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of net sales revenue in oil and natural gas production | ' | 17.00% | 14.00% | 17.00% | 16.00% | 13.00% | 15.00% | 12.00% | 11.00% |
Segment_Information_Detail
Segment Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment income (loss) | $75,400,000 | $284,800,000 | $402,700,000 | $360,600,000 | $158,700,000 | $226,700,000 | $295,400,000 | $290,100,000 | $1,123,473,000 | $970,876,000 | [1] | $872,702,000 | [1] | |
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 5,390,089,000 | 4,619,602,000 | [1] | 4,278,682,000 | [1] | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | 6,500,000 | 10,100,000 | |||
Interest expense, net of capitalization | ' | ' | ' | ' | ' | ' | ' | ' | 71,900,000 | 14,900,000 | 40,700,000 | |||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 584,550,000 | 561,516,000 | [1] | 628,677,000 | [1] | |
Significant noncash charges (credits) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation, depletion, amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,553,394,000 | 1,253,095,000 | [1] | 964,725,000 | [1] | |
Accretion of asset retirement obligations | ' | ' | ' | ' | ' | ' | ' | ' | 48,996,000 | 38,361,000 | [1],[2] | 33,847,000 | [1] | |
Amortization of undeveloped leases | ' | ' | ' | ' | ' | ' | ' | ' | 66,891,000 | 129,750,000 | [1] | 118,211,000 | [1] | |
Impairment of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 21,587,000 | [3] | 200,000,000 | [1],[3] | 368,600,000 | [1],[3] |
Deferred and noncurrent income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 158,100,000 | 342,800,000 | 133,800,000 | |||
Additions to property, plant, equipment | ' | ' | ' | ' | ' | ' | ' | ' | 3,532,200,000 | 4,133,800,000 | 2,572,200,000 | |||
Total assets at year-end | 17,509,484,000 | ' | ' | ' | 17,522,643,000 | ' | ' | ' | 17,509,484,000 | 17,522,643,000 | 14,138,100,000 | |||
External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 5,390,100,000 | 4,619,600,000 | ' | |||
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,798,500,000 | 1,038,100,000 | 741,800,000 | |||
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,150,200,000 | 1,088,400,000 | 1,293,400,000 | |||
Malaysia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 2,337,500,000 | 2,415,600,000 | 2,063,000,000 | |||
Republic of the Congo [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 83,500,000 | 57,600,000 | 148,800,000 | |||
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 20,400,000 | 19,900,000 | 31,700,000 | |||
Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 235,300,000 | 164,400,000 | 333,500,000 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest expense, net of capitalization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Significant noncash charges (credits) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation, depletion, amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Accretion of asset retirement obligations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Amortization of undeveloped leases | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Impairment of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Deferred and noncurrent income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Additions to property, plant, equipment | ' | ' | ' | ' | ' | ' | ' | ' | 8,100,000 | 191,800,000 | 190,100,000 | |||
Total assets at year-end | 1,325,100,000 | ' | ' | ' | 3,410,100,000 | ' | ' | ' | 1,325,100,000 | 3,410,100,000 | 3,214,400,000 | |||
Discontinued Operations [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||
Operating Segments [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,278,700,000 | |||
Operating Segments [Member] | Discontinued Operations [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Exploration and production [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,028,800,000 | 905,000,000 | 614,200,000 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest expense, net of capitalization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 656,300,000 | 605,000,000 | 680,800,000 | |||
Significant noncash charges (credits) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation, depletion, amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,543,600,000 | 1,244,400,000 | 956,000,000 | |||
Accretion of asset retirement obligations | ' | ' | ' | ' | ' | ' | ' | ' | 49,000,000 | 38,400,000 | 33,800,000 | |||
Amortization of undeveloped leases | ' | ' | ' | ' | ' | ' | ' | ' | 66,900,000 | 129,800,000 | 118,200,000 | |||
Impairment of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 21,600,000 | 200,000,000 | 368,600,000 | |||
Deferred and noncurrent income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 173,800,000 | 375,100,000 | 177,400,000 | |||
Additions to property, plant, equipment | ' | ' | ' | ' | ' | ' | ' | ' | 3,508,600,000 | 3,933,800,000 | 2,376,800,000 | |||
Total assets at year-end | 14,919,200,000 | ' | ' | ' | 13,102,900,000 | ' | ' | ' | 14,919,200,000 | 13,102,900,000 | 10,132,900,000 | |||
Exploration and production [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 5,312,600,000 | 4,608,100,000 | ' | |||
Exploration and production [Member] | United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 435,400,000 | 168,000,000 | 152,700,000 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest expense, net of capitalization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 241,600,000 | 99,800,000 | 86,500,000 | |||
Significant noncash charges (credits) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation, depletion, amortization | ' | ' | ' | ' | ' | ' | ' | ' | 576,300,000 | 330,200,000 | 183,000,000 | |||
Accretion of asset retirement obligations | ' | ' | ' | ' | ' | ' | ' | ' | 13,500,000 | 11,400,000 | 9,900,000 | |||
Amortization of undeveloped leases | ' | ' | ' | ' | ' | ' | ' | ' | 30,300,000 | 71,600,000 | 62,200,000 | |||
Impairment of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Deferred and noncurrent income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 99,600,000 | 231,000,000 | 54,200,000 | |||
Additions to property, plant, equipment | ' | ' | ' | ' | ' | ' | ' | ' | 1,785,900,000 | 1,615,900,000 | 696,600,000 | |||
Total assets at year-end | 4,530,000,000 | ' | ' | ' | 3,625,900,000 | ' | ' | ' | 4,530,000,000 | 3,625,900,000 | 2,227,600,000 | |||
Exploration and production [Member] | United States [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,803,800,000 | 1,038,000,000 | ' | |||
Exploration and production [Member] | Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 180,800,000 | 208,100,000 | 328,000,000 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest expense, net of capitalization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 57,800,000 | 65,100,000 | 135,500,000 | |||
Significant noncash charges (credits) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation, depletion, amortization | ' | ' | ' | ' | ' | ' | ' | ' | 374,600,000 | 345,800,000 | 326,000,000 | |||
Accretion of asset retirement obligations | ' | ' | ' | ' | ' | ' | ' | ' | 16,200,000 | 13,600,000 | 12,500,000 | |||
Amortization of undeveloped leases | ' | ' | ' | ' | ' | ' | ' | ' | 21,000,000 | 29,300,000 | 28,800,000 | |||
Impairment of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 21,600,000 | 0 | 0 | |||
Deferred and noncurrent income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 26,100,000 | 72,300,000 | 39,600,000 | |||
Additions to property, plant, equipment | ' | ' | ' | ' | ' | ' | ' | ' | 334,500,000 | 887,200,000 | 885,200,000 | |||
Total assets at year-end | 4,087,800,000 | ' | ' | ' | 4,477,700,000 | ' | ' | ' | 4,087,800,000 | 4,477,700,000 | 3,746,800,000 | |||
Exploration and production [Member] | Canada [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,144,700,000 | 1,084,300,000 | ' | |||
Exploration and production [Member] | Malaysia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 786,400,000 | 894,200,000 | 812,700,000 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest expense, net of capitalization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 477,700,000 | 544,700,000 | 434,900,000 | |||
Significant noncash charges (credits) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation, depletion, amortization | ' | ' | ' | ' | ' | ' | ' | ' | 588,200,000 | 532,100,000 | 357,300,000 | |||
Accretion of asset retirement obligations | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | 12,500,000 | 10,600,000 | |||
Amortization of undeveloped leases | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Impairment of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Deferred and noncurrent income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 48,100,000 | 73,300,000 | 84,600,000 | |||
Additions to property, plant, equipment | ' | ' | ' | ' | ' | ' | ' | ' | 1,323,400,000 | 1,426,700,000 | 694,800,000 | |||
Total assets at year-end | 6,121,000,000 | ' | ' | ' | 4,811,500,000 | ' | ' | ' | 6,121,000,000 | 4,811,500,000 | 3,826,900,000 | |||
Exploration and production [Member] | Malaysia [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 2,280,500,000 | 2,428,100,000 | ' | |||
Exploration and production [Member] | Republic of the Congo [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -9,000,000 | -241,100,000 | -385,300,000 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest expense, net of capitalization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -109,900,000 | -64,500,000 | 16,400,000 | |||
Significant noncash charges (credits) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation, depletion, amortization | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 33,900,000 | 87,800,000 | |||
Accretion of asset retirement obligations | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | 900,000 | 500,000 | |||
Amortization of undeveloped leases | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Impairment of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 200,000,000 | 368,600,000 | |||
Deferred and noncurrent income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -300,000 | -900,000 | |||
Additions to property, plant, equipment | ' | ' | ' | ' | ' | ' | ' | ' | -5,700,000 | -20,700,000 | 79,600,000 | |||
Total assets at year-end | 51,600,000 | ' | ' | ' | 112,200,000 | ' | ' | ' | 51,600,000 | 112,200,000 | 257,500,000 | |||
Exploration and production [Member] | Republic of the Congo [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 83,500,000 | 57,600,000 | ' | |||
Exploration and production [Member] | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -364,800,000 | -124,200,000 | -293,900,000 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest expense, net of capitalization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -10,900,000 | -40,100,000 | 7,500,000 | |||
Significant noncash charges (credits) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation, depletion, amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | 2,400,000 | 1,900,000 | |||
Accretion of asset retirement obligations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 300,000 | |||
Amortization of undeveloped leases | ' | ' | ' | ' | ' | ' | ' | ' | 15,600,000 | 28,900,000 | 27,200,000 | |||
Impairment of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Deferred and noncurrent income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1,200,000 | -100,000 | |||
Additions to property, plant, equipment | ' | ' | ' | ' | ' | ' | ' | ' | 70,500,000 | 24,700,000 | 20,600,000 | |||
Total assets at year-end | 128,800,000 | ' | ' | ' | 75,600,000 | ' | ' | ' | 128,800,000 | 75,600,000 | 74,100,000 | |||
Exploration and production [Member] | Other [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | ' | |||
Exploration and production [Member] | Operating Segments [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,245,300,000 | |||
Exploration and production [Member] | Operating Segments [Member] | United States [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 737,700,000 | |||
Exploration and production [Member] | Operating Segments [Member] | Canada [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,288,600,000 | [1] | ||
Exploration and production [Member] | Operating Segments [Member] | Malaysia [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,045,600,000 | |||
Exploration and production [Member] | Operating Segments [Member] | Republic of the Congo [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148,800,000 | |||
Exploration and production [Member] | Operating Segments [Member] | Other [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,600,000 | |||
Corporate and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -140,600,000 | -98,500,000 | -75,000,000 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | 6,500,000 | 10,100,000 | |||
Interest expense, net of capitalization | ' | ' | ' | ' | ' | ' | ' | ' | 71,900,000 | 14,900,000 | 40,700,000 | |||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -71,700,000 | -43,500,000 | -52,100,000 | |||
Significant noncash charges (credits) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation, depletion, amortization | ' | ' | ' | ' | ' | ' | ' | ' | 9,800,000 | 8,700,000 | 8,700,000 | |||
Accretion of asset retirement obligations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Amortization of undeveloped leases | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Impairment of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Deferred and noncurrent income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -15,700,000 | -32,300,000 | -43,600,000 | |||
Additions to property, plant, equipment | ' | ' | ' | ' | ' | ' | ' | ' | 15,500,000 | 8,200,000 | 5,300,000 | |||
Total assets at year-end | 1,265,200,000 | ' | ' | ' | 1,009,600,000 | ' | ' | ' | 1,265,200,000 | 1,009,600,000 | 790,800,000 | |||
Corporate and Other [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 77,500,000 | 11,500,000 | ' | |||
Corporate and Other [Member] | Operating Segments [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $33,400,000 | |||
[1] | Reclassified to conform to current presentation. | |||||||||||||
[2] | Includes $980 reclassified to discontinued operations associated with U.S. downstream operations. | |||||||||||||
[3] | Results exclude corporate overhead, interest and discontinued operations. |
Geographic_Information_on_Cert
Geographic Information on Certain Long-Lived Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Certain Long-Lived Assets | $13,481.50 | $13,217.40 | $10,481.90 |
United States [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Certain Long-Lived Assets | 4,267.90 | 4,177.40 | 2,953.10 |
Canada [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Certain Long-Lived Assets | 3,834.90 | 4,190.50 | 3,493.40 |
Malaysia [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Certain Long-Lived Assets | 5,301.70 | 4,101.20 | 3,154.80 |
United Kingdom [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Certain Long-Lived Assets | 0.4 | 703.2 | 694.7 |
Republic of the Congo [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Certain Long-Lived Assets | 0 | 5.9 | 133.7 |
Other [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Certain Long-Lived Assets | $76.60 | $39.20 | $52.20 |
Geographic_Information_on_Reve
Geographic Information on Revenues from External Customers (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ||
Revenues from external customers | $5,390,089 | $4,619,602 | [1] | $4,278,682 | [1] |
United States [Member] | ' | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ||
Revenues from external customers | 1,798,500 | 1,038,100 | 741,800 | ||
Canada [Member] | ' | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ||
Revenues from external customers | 1,150,200 | 1,088,400 | 1,293,400 | ||
Malaysia [Member] | ' | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ||
Revenues from external customers | 2,337,500 | 2,415,600 | 2,063,000 | ||
Republic of the Congo [Member] | ' | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ||
Revenues from external customers | 83,500 | 57,600 | 148,800 | ||
Other [Member] | ' | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ||
Revenues from external customers | $20,400 | $19,900 | $31,700 | ||
[1] | Reclassified to conform to current presentation. |
Recovered_Sheet1
Supplemental Oil and Gas Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Mg | |
Reserve Quantities [Line Items] | ' |
Percentage of bitumen from total bulk tar sand mined | 10.00% |
Percentage of bitumen removed by extraction process that is contained within the tar sand | 90.00% |
Metric tons of oil sand used to produce one barrel of synthetic crude oil | 2 |
Natural gas proved reserves expected to receive sale proceeds, per thousand cubic foot | 0.24 |
Future net cash flows annual discount factor, percentage | 10.00% |
Minimum [Member] | ' |
Reserve Quantities [Line Items] | ' |
Catalytic cracking process efficiency level | 85.00% |
Maximum [Member] | ' |
Reserve Quantities [Line Items] | ' |
Catalytic cracking process efficiency level | 90.00% |
Canada [Member] | Synthetic Oil [Member] | ' |
Reserve Quantities [Line Items] | ' |
Interest in synthetic oil operations at Syncrude in Western Canada, percentage | 5.00% |
Process of mining tar sands and converting the raw bitumen into a pipeline-quality crude | 'The high-density core-hole drilling, at a spacing of less than 500 meters (proved area), provides engineering and geologic data needed to estimate the volumes of tar sand in place and its associated bitumen content. |
Malaysia [Member] | Oil Reserves [Member] | ' |
Reserve Quantities [Line Items] | ' |
Oil and natural gas reserves associated with the production sharing contracts | 125.1 |
Malaysia [Member] | Natural Gas Reserves [Member] | ' |
Reserve Quantities [Line Items] | ' |
Oil and natural gas reserves associated with the production sharing contracts | 405.8 |
Malaysia [Member] | Natural Gas Reserves [Member] | Kikeh Field [Member] | ' |
Reserve Quantities [Line Items] | ' |
Oil and natural gas reserves associated with the production sharing contracts | 74.9 |
Summary_of_Proved_Oil_Reserves1
Summary of Proved Oil Reserves Based on Average Prices (Detail) (Oil Reserves [Member]) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
bbl | bbl | bbl | bbl | |
Proved developed and undeveloped oil reserves: | ' | ' | ' | ' |
Proved developed and undeveloped reserves, Beginning Balance | 414,800,000 | 349,700,000 | 308,000,000 | ' |
Revisions of previous estimates | 43,100,000 | 2,600,000 | 21,200,000 | ' |
Improved recovery | 27,400,000 | 7,200,000 | 14,200,000 | ' |
Extensions and discoveries | 79,600,000 | 84,000,000 | 43,900,000 | ' |
Sales of properties | -20,400,000 | ' | ' | ' |
Purchases of properties | ' | 12,500,000 | ' | ' |
Production | -48,900,000 | -41,200,000 | -37,600,000 | ' |
Proved developed and undeveloped reserves, Ending Balance | 495,600,000 | 414,800,000 | 349,700,000 | ' |
Proved developed reserves | 304,100,000 | 267,700,000 | 238,500,000 | 248,300,000 |
Proved undeveloped reserves | 191,500,000 | 147,100,000 | 111,200,000 | 59,700,000 |
Crude Oil [Member] | ' | ' | ' | ' |
Proved developed and undeveloped oil reserves: | ' | ' | ' | ' |
Proved developed and undeveloped reserves, Beginning Balance | 295,700,000 | 220,200,000 | 178,800,000 | ' |
Revisions of previous estimates | 40,500,000 | 7,900,000 | 16,000,000 | ' |
Improved recovery | 27,400,000 | 7,200,000 | 14,200,000 | ' |
Extensions and discoveries | 79,600,000 | 84,000,000 | 43,900,000 | ' |
Sales of properties | -20,400,000 | ' | ' | ' |
Purchases of properties | ' | 12,500,000 | ' | ' |
Production | -44,200,000 | -36,100,000 | -32,700,000 | ' |
Proved developed and undeveloped reserves, Ending Balance | 378,600,000 | 295,700,000 | 220,200,000 | ' |
Proved developed reserves | 187,100,000 | 148,600,000 | 118,000,000 | 129,200,000 |
Proved undeveloped reserves | 191,500,000 | 147,100,000 | 102,200,000 | 49,600,000 |
Synthetic Oil [Member] | ' | ' | ' | ' |
Proved developed and undeveloped oil reserves: | ' | ' | ' | ' |
Proved developed and undeveloped reserves, Beginning Balance | 119,100,000 | 129,500,000 | 129,200,000 | ' |
Revisions of previous estimates | 2,600,000 | -5,300,000 | 5,200,000 | ' |
Improved recovery | 0 | 0 | 0 | ' |
Extensions and discoveries | 0 | 0 | 0 | ' |
Sales of properties | 0 | ' | ' | ' |
Purchases of properties | ' | 0 | ' | ' |
Production | -4,700,000 | -5,100,000 | -4,900,000 | ' |
Proved developed and undeveloped reserves, Ending Balance | 117,000,000 | 119,100,000 | 129,500,000 | ' |
Proved developed reserves | 117,000,000 | 119,100,000 | 120,500,000 | 119,100,000 |
Proved undeveloped reserves | 0 | 0 | 9,000,000 | 10,100,000 |
United States [Member] | Crude Oil [Member] | ' | ' | ' | ' |
Proved developed and undeveloped oil reserves: | ' | ' | ' | ' |
Proved developed and undeveloped reserves, Beginning Balance | 142,600,000 | 55,300,000 | 26,600,000 | ' |
Revisions of previous estimates | 28,700,000 | 13,000,000 | 2,400,000 | ' |
Improved recovery | 0 | 0 | 0 | ' |
Extensions and discoveries | 61,100,000 | 77,300,000 | 32,600,000 | ' |
Sales of properties | 0 | ' | ' | ' |
Purchases of properties | ' | 6,500,000 | ' | ' |
Production | -17,700,000 | -9,500,000 | -6,300,000 | ' |
Proved developed and undeveloped reserves, Ending Balance | 214,700,000 | 142,600,000 | 55,300,000 | ' |
Proved developed reserves | 88,900,000 | 48,000,000 | 20,800,000 | 15,800,000 |
Proved undeveloped reserves | 125,800,000 | 94,600,000 | 34,500,000 | 10,800,000 |
Canada [Member] | Crude Oil [Member] | ' | ' | ' | ' |
Proved developed and undeveloped oil reserves: | ' | ' | ' | ' |
Proved developed and undeveloped reserves, Beginning Balance | 36,800,000 | 36,600,000 | 32,800,000 | ' |
Revisions of previous estimates | 8,400,000 | -3,400,000 | 3,100,000 | ' |
Improved recovery | 0 | 0 | 0 | ' |
Extensions and discoveries | 300,000 | 2,900,000 | 6,700,000 | ' |
Sales of properties | 0 | ' | ' | ' |
Purchases of properties | ' | 6,000,000 | ' | ' |
Production | -6,700,000 | -5,300,000 | -6,000,000 | ' |
Proved developed and undeveloped reserves, Ending Balance | 38,800,000 | 36,800,000 | 36,600,000 | ' |
Proved developed reserves | 31,600,000 | 29,500,000 | 32,600,000 | 28,600,000 |
Proved undeveloped reserves | 7,200,000 | 7,300,000 | 4,000,000 | 4,200,000 |
Canada [Member] | Synthetic Oil [Member] | ' | ' | ' | ' |
Proved developed and undeveloped oil reserves: | ' | ' | ' | ' |
Proved developed and undeveloped reserves, Beginning Balance | 119,100,000 | 129,500,000 | 129,200,000 | ' |
Revisions of previous estimates | 2,600,000 | -5,300,000 | 5,200,000 | ' |
Improved recovery | 0 | 0 | 0 | ' |
Extensions and discoveries | 0 | 0 | 0 | ' |
Sales of properties | 0 | ' | ' | ' |
Purchases of properties | ' | 0 | ' | ' |
Production | -4,700,000 | -5,100,000 | -4,900,000 | ' |
Proved developed and undeveloped reserves, Ending Balance | 117,000,000 | 119,100,000 | 129,500,000 | ' |
Proved developed reserves | 117,000,000 | 119,100,000 | 120,500,000 | 119,100,000 |
Proved undeveloped reserves | 0 | 0 | 9,000,000 | 10,100,000 |
Malaysia [Member] | Crude Oil [Member] | ' | ' | ' | ' |
Proved developed and undeveloped oil reserves: | ' | ' | ' | ' |
Proved developed and undeveloped reserves, Beginning Balance | 95,700,000 | 104,400,000 | 98,400,000 | ' |
Revisions of previous estimates | 3,400,000 | -400,000 | 8,400,000 | ' |
Improved recovery | 27,400,000 | 7,200,000 | 10,700,000 | ' |
Extensions and discoveries | 18,200,000 | 3,800,000 | 4,600,000 | ' |
Sales of properties | 0 | ' | ' | ' |
Purchases of properties | ' | 0 | ' | ' |
Production | -19,600,000 | -19,300,000 | -17,700,000 | ' |
Proved developed and undeveloped reserves, Ending Balance | 125,100,000 | 95,700,000 | 104,400,000 | ' |
Proved developed reserves | 66,600,000 | 67,000,000 | 57,200,000 | 66,500,000 |
Proved undeveloped reserves | 58,500,000 | 28,700,000 | 47,200,000 | 31,900,000 |
United Kingdom [Member] | Crude Oil [Member] | ' | ' | ' | ' |
Proved developed and undeveloped oil reserves: | ' | ' | ' | ' |
Proved developed and undeveloped reserves, Beginning Balance | 20,600,000 | 21,600,000 | 10,900,000 | ' |
Revisions of previous estimates | 0 | 300,000 | 8,100,000 | ' |
Improved recovery | 0 | 0 | 3,500,000 | ' |
Extensions and discoveries | 0 | 0 | 0 | ' |
Sales of properties | -20,400,000 | ' | ' | ' |
Purchases of properties | ' | 0 | ' | ' |
Production | -200,000 | -1,300,000 | -900,000 | ' |
Proved developed and undeveloped reserves, Ending Balance | 0 | 20,600,000 | 21,600,000 | ' |
Proved developed reserves | 0 | 4,100,000 | 5,100,000 | 10,900,000 |
Proved undeveloped reserves | 0 | 16,500,000 | 16,500,000 | 0 |
Republic of the Congo [Member] | Crude Oil [Member] | ' | ' | ' | ' |
Proved developed and undeveloped oil reserves: | ' | ' | ' | ' |
Proved developed and undeveloped reserves, Beginning Balance | 0 | 2,300,000 | 10,100,000 | ' |
Revisions of previous estimates | 0 | -1,600,000 | -6,000,000 | ' |
Improved recovery | 0 | 0 | 0 | ' |
Extensions and discoveries | 0 | 0 | 0 | ' |
Sales of properties | 0 | ' | ' | ' |
Purchases of properties | ' | 0 | ' | ' |
Production | 0 | -700,000 | -1,800,000 | ' |
Proved developed and undeveloped reserves, Ending Balance | 0 | 0 | 2,300,000 | ' |
Proved developed reserves | 0 | 0 | 2,300,000 | 7,400,000 |
Proved undeveloped reserves | 0 | 0 | 0 | 2,700,000 |
Summary_of_Proved_Natural_Gas_1
Summary of Proved Natural Gas Reserves Based on Average Prices (Detail) (Natural Gas Reserves [Member]) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
ft3 | ft3 | ft3 | ft3 | |
Proved developed and undeveloped natural gas reserves | ' | ' | ' | ' |
Proved developed and undeveloped reserves, Beginning Balance | 1,137,000,000,000 | 1,106,100,000,000 | 883,100,000,000 | ' |
Revisions of previous estimates | 33,700,000,000 | 20,200,000,000 | 12,600,000,000 | ' |
Improved recovery | 3,200,000,000 | 7,200,000,000 | 13,800,000,000 | ' |
Extensions and discoveries | 153,400,000,000 | 173,500,000,000 | 363,500,000,000 | ' |
Sales of properties | -19,000,000,000 | ' | ' | ' |
Purchases of properties | ' | 9,400,000,000 | ' | ' |
Production | -154,700,000,000 | -179,400,000,000 | -166,900,000,000 | ' |
Proved developed and undeveloped reserves, Ending Balance | 1,153,600,000,000 | 1,137,000,000,000 | 1,106,100,000,000 | ' |
Proved developed reserve | 786,200,000,000 | 706,000,000,000 | 711,600,000,000 | 586,000,000,000 |
Proved undeveloped reserves | 367,400,000,000 | 431,000,000,000 | 394,500,000,000 | 297,100,000,000 |
United States [Member] | ' | ' | ' | ' |
Proved developed and undeveloped natural gas reserves | ' | ' | ' | ' |
Proved developed and undeveloped reserves, Beginning Balance | 209,700,000,000 | 98,400,000,000 | 90,800,000,000 | ' |
Revisions of previous estimates | -38,600,000,000 | 16,500,000,000 | -6,300,000,000 | ' |
Improved recovery | 0 | 0 | 0 | ' |
Extensions and discoveries | 33,300,000,000 | 107,200,000,000 | 31,100,000,000 | ' |
Sales of properties | 0 | ' | ' | ' |
Purchases of properties | ' | 7,000,000,000 | ' | ' |
Production | -19,400,000,000 | -19,400,000,000 | -17,200,000,000 | ' |
Proved developed and undeveloped reserves, Ending Balance | 185,000,000,000 | 209,700,000,000 | 98,400,000,000 | ' |
Proved developed reserve | 112,600,000,000 | 78,800,000,000 | 58,200,000,000 | 67,000,000,000 |
Proved undeveloped reserves | 72,400,000,000 | 130,900,000,000 | 40,200,000,000 | 23,800,000,000 |
Canada [Member] | ' | ' | ' | ' |
Proved developed and undeveloped natural gas reserves | ' | ' | ' | ' |
Proved developed and undeveloped reserves, Beginning Balance | 550,400,000,000 | 638,900,000,000 | 326,900,000,000 | ' |
Revisions of previous estimates | 34,000,000,000 | -37,200,000,000 | 59,400,000,000 | ' |
Improved recovery | 0 | 0 | 0 | ' |
Extensions and discoveries | 42,500,000,000 | 25,800,000,000 | 321,500,000,000 | ' |
Sales of properties | 0 | ' | ' | ' |
Purchases of properties | ' | 2,400,000,000 | ' | ' |
Production | -64,100,000,000 | -79,500,000,000 | -68,900,000,000 | ' |
Proved developed and undeveloped reserves, Ending Balance | 562,800,000,000 | 550,400,000,000 | 638,900,000,000 | ' |
Proved developed reserve | 384,000,000,000 | 415,800,000,000 | 427,100,000,000 | 210,100,000,000 |
Proved undeveloped reserves | 178,800,000,000 | 134,600,000,000 | 211,800,000,000 | 116,800,000,000 |
Malaysia [Member] | ' | ' | ' | ' |
Proved developed and undeveloped natural gas reserves | ' | ' | ' | ' |
Proved developed and undeveloped reserves, Beginning Balance | 357,600,000,000 | 347,800,000,000 | 434,000,000,000 | ' |
Revisions of previous estimates | 38,300,000,000 | 41,400,000,000 | -32,500,000,000 | ' |
Improved recovery | 3,200,000,000 | 7,200,000,000 | 14,800,000,000 | ' |
Extensions and discoveries | 77,600,000,000 | 40,500,000,000 | 10,900,000,000 | ' |
Sales of properties | 0 | ' | ' | ' |
Purchases of properties | ' | 0 | ' | ' |
Production | -70,900,000,000 | -79,300,000,000 | -79,400,000,000 | ' |
Proved developed and undeveloped reserves, Ending Balance | 405,800,000,000 | 357,600,000,000 | 347,800,000,000 | ' |
Proved developed reserve | 289,600,000,000 | 197,300,000,000 | 210,500,000,000 | 277,500,000,000 |
Proved undeveloped reserves | 116,200,000,000 | 160,300,000,000 | 137,300,000,000 | 156,500,000,000 |
United Kingdom [Member] | ' | ' | ' | ' |
Proved developed and undeveloped natural gas reserves | ' | ' | ' | ' |
Proved developed and undeveloped reserves, Beginning Balance | 19,300,000,000 | 21,000,000,000 | 31,400,000,000 | ' |
Revisions of previous estimates | 0 | -500,000,000 | -8,000,000,000 | ' |
Improved recovery | 0 | 0 | -1,000,000,000 | ' |
Extensions and discoveries | 0 | 0 | 0 | ' |
Sales of properties | -19,000,000,000 | ' | ' | ' |
Purchases of properties | ' | 0 | ' | ' |
Production | -300,000,000 | -1,200,000,000 | -1,400,000,000 | ' |
Proved developed and undeveloped reserves, Ending Balance | 0 | 19,300,000,000 | 21,000,000,000 | ' |
Proved developed reserve | 0 | 14,100,000,000 | 15,800,000,000 | 31,400,000,000 |
Proved undeveloped reserves | 0 | 5,200,000,000 | 5,200,000,000 | 0 |
Cost_Incurred_in_Oil_and_Gas_P
Cost Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Property acquisition costs | ' | ' | ' | |||
Unproved | $35,600,000 | $132,500,000 | $279,300,000 | |||
Proved | 13,200,000 | 311,500,000 | 23,500,000 | |||
Total acquisition costs | 48,800,000 | 444,000,000 | 302,800,000 | |||
Exploration costs | 493,700,000 | [1] | 448,000,000 | [1] | 562,500,000 | [1] |
Development costs | 3,939,600,000 | [1] | 3,521,700,000 | [1] | 1,954,300,000 | [1] |
Total Costs | 4,482,100,000 | 4,413,700,000 | 2,819,600,000 | |||
Charged to expense | ' | ' | ' | |||
Dry hole expense | 262,876,000 | 181,924,000 | [2] | 250,954,000 | [2] | |
Geophysical and other costs | 172,400,000 | 69,000,000 | 120,700,000 | |||
Total charged to expense | 435,300,000 | 250,100,000 | 371,700,000 | |||
Property additions | 4,046,800,000 | 4,163,600,000 | 2,447,900,000 | |||
United States [Member] | ' | ' | ' | |||
Property acquisition costs | ' | ' | ' | |||
Unproved | 32,400,000 | 107,700,000 | 233,800,000 | |||
Proved | 13,200,000 | 69,100,000 | 0 | |||
Total acquisition costs | 45,600,000 | 176,800,000 | 233,800,000 | |||
Exploration costs | 112,400,000 | [1] | 174,500,000 | [1] | 253,200,000 | [1] |
Development costs | 1,773,200,000 | [1] | 1,352,700,000 | [1] | 263,900,000 | [1] |
Total Costs | 1,931,200,000 | 1,704,000,000 | 750,900,000 | |||
Charged to expense | ' | ' | ' | |||
Dry hole expense | 46,100,000 | 32,300,000 | 600,000 | |||
Geophysical and other costs | 29,100,000 | 19,600,000 | 35,900,000 | |||
Total charged to expense | 75,200,000 | 51,900,000 | 36,500,000 | |||
Property additions | 1,856,000,000 | 1,652,100,000 | 714,400,000 | |||
Canada [Member] | ' | ' | ' | |||
Property acquisition costs | ' | ' | ' | |||
Unproved | 0 | 14,600,000 | 18,500,000 | |||
Proved | 0 | 242,400,000 | 0 | |||
Total acquisition costs | 0 | 257,000,000 | 18,500,000 | |||
Exploration costs | 21,800,000 | [1] | 57,000,000 | [1] | 76,000,000 | [1] |
Development costs | 351,600,000 | [1] | 664,500,000 | [1] | 871,900,000 | [1] |
Total Costs | 373,400,000 | 978,500,000 | 966,400,000 | |||
Charged to expense | ' | ' | ' | |||
Dry hole expense | 32,100,000 | 8,000,000 | 50,600,000 | |||
Geophysical and other costs | 700,000 | 2,500,000 | 10,200,000 | |||
Total charged to expense | 32,800,000 | 10,500,000 | 60,800,000 | |||
Property additions | 340,600,000 | 968,000,000 | 905,600,000 | |||
Malaysia [Member] | ' | ' | ' | |||
Property acquisition costs | ' | ' | ' | |||
Unproved | 0 | 0 | 0 | |||
Proved | 0 | 0 | 0 | |||
Total acquisition costs | 0 | 0 | 0 | |||
Exploration costs | 14,900,000 | [1] | 68,800,000 | [1] | 700,000 | [1] |
Development costs | 1,787,700,000 | [1],[3] | 1,433,700,000 | [1] | 705,500,000 | [1] |
Total Costs | 1,802,600,000 | 1,502,500,000 | 706,200,000 | |||
Charged to expense | ' | ' | ' | |||
Dry hole expense | 20,700,000 | 26,100,000 | 100,000 | |||
Geophysical and other costs | 4,600,000 | 1,100,000 | 11,000,000 | |||
Total charged to expense | 25,300,000 | 27,200,000 | 11,100,000 | |||
Property additions | 1,777,300,000 | 1,475,300,000 | 695,100,000 | |||
United Kingdom [Member] | ' | ' | ' | |||
Property acquisition costs | ' | ' | ' | |||
Unproved | 0 | [4] | 0 | [4] | 0 | [4] |
Proved | 0 | [4] | 0 | [4] | 0 | [4] |
Total acquisition costs | 0 | [4] | 0 | [4] | 0 | [4] |
Exploration costs | 0 | [1],[4] | -1,000,000 | [1],[4] | 500,000 | [1],[4] |
Development costs | 8,100,000 | [1],[4] | 46,600,000 | [1],[4] | 30,500,000 | [1],[4] |
Total Costs | 8,100,000 | [4] | 45,600,000 | [4] | 31,000,000 | [4] |
Charged to expense | ' | ' | ' | |||
Dry hole expense | 0 | [4] | -800,000 | [4] | 0 | [4] |
Geophysical and other costs | 0 | [4] | -200,000 | [4] | 500,000 | [4] |
Total charged to expense | 0 | [4] | -1,000,000 | [4] | 500,000 | [4] |
Property additions | 8,100,000 | [4] | 46,600,000 | [4] | 30,500,000 | [4] |
Republic of the Congo [Member] | ' | ' | ' | |||
Property acquisition costs | ' | ' | ' | |||
Unproved | 0 | 0 | 0 | |||
Proved | 0 | 0 | 23,500,000 | |||
Total acquisition costs | 0 | 0 | 23,500,000 | |||
Exploration costs | 100,000 | [1] | 51,100,000 | [1] | 500,000 | [1] |
Development costs | 0 | [1] | 22,600,000 | [1] | 78,700,000 | [1] |
Total Costs | 100,000 | 73,700,000 | 102,700,000 | |||
Charged to expense | ' | ' | ' | |||
Dry hole expense | 5,600,000 | 76,200,000 | 18,100,000 | |||
Geophysical and other costs | 200,000 | 600,000 | 2,900,000 | |||
Total charged to expense | 5,800,000 | 76,800,000 | 21,000,000 | |||
Property additions | -5,700,000 | -3,100,000 | 81,700,000 | |||
Other Regions [Member] | ' | ' | ' | |||
Property acquisition costs | ' | ' | ' | |||
Unproved | 3,200,000 | 10,200,000 | 27,000,000 | |||
Proved | 0 | 0 | 0 | |||
Total acquisition costs | 3,200,000 | 10,200,000 | 27,000,000 | |||
Exploration costs | 344,500,000 | [1] | 97,600,000 | [1] | 231,600,000 | [1] |
Development costs | 19,000,000 | [1] | 1,600,000 | [1] | 3,800,000 | [1] |
Total Costs | 366,700,000 | 109,400,000 | 262,400,000 | |||
Charged to expense | ' | ' | ' | |||
Dry hole expense | 158,400,000 | 39,300,000 | 181,600,000 | |||
Geophysical and other costs | 137,800,000 | 45,400,000 | 60,200,000 | |||
Total charged to expense | 296,200,000 | 84,700,000 | 241,800,000 | |||
Property additions | $70,500,000 | $24,700,000 | $20,600,000 | |||
[1] | Includes non-cash asset retirement costs as follows: 2013 Exploration costs $ 0.0 0.2 0.0 0.0 0.0 0.0 0.2 Development costs 70.1 5.9 95.9 0.0 0.0 0.0 171.9 $ 70.1 6.1 95.9 0.0 0.0 0.0 172.1 2012 Exploration costs $ (1.7 ) 0.1 0.0 0.0 0.0 0.0 (1.6 ) Development costs 37.9 80.7 48.6 (11.5 ) 17.6 0.0 173.3 $ 36.2 80.8 48.6 (11.5 ) 17.6 0.0 171.7 2011 Exploration costs $ 2.0 0.3 0.0 0.0 0.0 0.0 2.3 Development costs 15.8 20.1 0.3 10.8 2.1 0.0 49.1 $ 17.8 20.4 0.3 10.8 2.1 0.0 51.4 | |||||
[2] | Reclassified to conform to current presentation. | |||||
[3] | Includes property cost associated with non-cash capital lease of $358.0 million at the Kakap field. | |||||
[4] | The Company has accounted for U.K. operations as discontinued operations due to the sale of these operations in the first half of 2013. |
Cost_Incurred_in_Oil_and_Gas_P1
Cost Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities (Parenthetical) (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' | |||
Exploration costs | $493.70 | [1] | $448 | [1] | $562.50 | [1] |
Development costs | 3,939.60 | [1] | 3,521.70 | [1] | 1,954.30 | [1] |
Total Costs | 4,482.10 | 4,413.70 | 2,819.60 | |||
United States [Member] | ' | ' | ' | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' | |||
Exploration costs | 112.4 | [1] | 174.5 | [1] | 253.2 | [1] |
Development costs | 1,773.20 | [1] | 1,352.70 | [1] | 263.9 | [1] |
Total Costs | 1,931.20 | 1,704 | 750.9 | |||
Canada [Member] | ' | ' | ' | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' | |||
Exploration costs | 21.8 | [1] | 57 | [1] | 76 | [1] |
Development costs | 351.6 | [1] | 664.5 | [1] | 871.9 | [1] |
Total Costs | 373.4 | 978.5 | 966.4 | |||
Malaysia [Member] | ' | ' | ' | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' | |||
Exploration costs | 14.9 | [1] | 68.8 | [1] | 0.7 | [1] |
Development costs | 1,787.70 | [1],[2] | 1,433.70 | [1] | 705.5 | [1] |
Total Costs | 1,802.60 | 1,502.50 | 706.2 | |||
Non-cash capital lease obligation | 358 | ' | ' | |||
United Kingdom [Member] | ' | ' | ' | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' | |||
Exploration costs | 0 | [1],[3] | -1 | [1],[3] | 0.5 | [1],[3] |
Development costs | 8.1 | [1],[3] | 46.6 | [1],[3] | 30.5 | [1],[3] |
Total Costs | 8.1 | [3] | 45.6 | [3] | 31 | [3] |
Republic of the Congo [Member] | ' | ' | ' | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' | |||
Exploration costs | 0.1 | [1] | 51.1 | [1] | 0.5 | [1] |
Development costs | 0 | [1] | 22.6 | [1] | 78.7 | [1] |
Total Costs | 0.1 | 73.7 | 102.7 | |||
Other Regions [Member] | ' | ' | ' | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' | |||
Exploration costs | 344.5 | [1] | 97.6 | [1] | 231.6 | [1] |
Development costs | 19 | [1] | 1.6 | [1] | 3.8 | [1] |
Total Costs | 366.7 | 109.4 | 262.4 | |||
Asset Retirement Obligation Costs [Member] | ' | ' | ' | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' | |||
Exploration costs | 0.2 | -1.6 | 2.3 | |||
Development costs | 171.9 | 173.3 | 49.1 | |||
Total Costs | 172.1 | 171.7 | 51.4 | |||
Asset Retirement Obligation Costs [Member] | United States [Member] | ' | ' | ' | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' | |||
Exploration costs | 0 | -1.7 | 2 | |||
Development costs | 70.1 | 37.9 | 15.8 | |||
Total Costs | 70.1 | 36.2 | 17.8 | |||
Asset Retirement Obligation Costs [Member] | Canada [Member] | ' | ' | ' | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' | |||
Exploration costs | 0.2 | 0.1 | 0.3 | |||
Development costs | 5.9 | 80.7 | 20.1 | |||
Total Costs | 6.1 | 80.8 | 20.4 | |||
Asset Retirement Obligation Costs [Member] | Malaysia [Member] | ' | ' | ' | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' | |||
Exploration costs | 0 | 0 | 0 | |||
Development costs | 95.9 | 48.6 | 0.3 | |||
Total Costs | 95.9 | 48.6 | 0.3 | |||
Asset Retirement Obligation Costs [Member] | United Kingdom [Member] | ' | ' | ' | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' | |||
Exploration costs | 0 | 0 | 0 | |||
Development costs | 0 | -11.5 | 10.8 | |||
Total Costs | 0 | -11.5 | 10.8 | |||
Asset Retirement Obligation Costs [Member] | Republic of the Congo [Member] | ' | ' | ' | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' | |||
Exploration costs | 0 | 0 | 0 | |||
Development costs | 0 | 17.6 | 2.1 | |||
Total Costs | 0 | 17.6 | 2.1 | |||
Asset Retirement Obligation Costs [Member] | Other Regions [Member] | ' | ' | ' | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' | |||
Exploration costs | 0 | 0 | 0 | |||
Development costs | 0 | 0 | 0 | |||
Total Costs | $0 | $0 | $0 | |||
[1] | Includes non-cash asset retirement costs as follows: 2013 Exploration costs $ 0.0 0.2 0.0 0.0 0.0 0.0 0.2 Development costs 70.1 5.9 95.9 0.0 0.0 0.0 171.9 $ 70.1 6.1 95.9 0.0 0.0 0.0 172.1 2012 Exploration costs $ (1.7 ) 0.1 0.0 0.0 0.0 0.0 (1.6 ) Development costs 37.9 80.7 48.6 (11.5 ) 17.6 0.0 173.3 $ 36.2 80.8 48.6 (11.5 ) 17.6 0.0 171.7 2011 Exploration costs $ 2.0 0.3 0.0 0.0 0.0 0.0 2.3 Development costs 15.8 20.1 0.3 10.8 2.1 0.0 49.1 $ 17.8 20.4 0.3 10.8 2.1 0.0 51.4 | |||||
[2] | Includes property cost associated with non-cash capital lease of $358.0 million at the Kakap field. | |||||
[3] | The Company has accounted for U.K. operations as discontinued operations due to the sale of these operations in the first half of 2013. |
Results_of_Operations_for_Oil_1
Results of Operations for Oil and Gas Producing Activities (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Revenues | ' | ' | ' | |||
Total oil and gas revenues | $5,306,300,000 | [1] | $4,599,600,000 | [1] | $4,205,400,000 | [1] |
Other operating revenues | 6,300,000 | [1] | 8,500,000 | [1] | 39,900,000 | [1] |
Total revenues | 5,312,600,000 | [1] | 4,608,100,000 | [1] | 4,245,300,000 | [1] |
Costs and expenses | ' | ' | ' | |||
Production expenses | 1,340,200,000 | [1] | 1,114,800,000 | [1] | 1,010,300,000 | [1] |
Exploration costs charged to expense | 435,300,000 | [1] | 251,100,000 | [1] | 371,200,000 | [1] |
Undeveloped lease amortization | 66,900,000 | [1] | 129,800,000 | [1] | 118,200,000 | [1] |
Depreciation, depletion and amortization | 1,543,600,000 | [1] | 1,244,400,000 | [1] | 956,000,000 | [1] |
Accretion of asset retirement obligations | 49,000,000 | [1] | 38,400,000 | [1] | 33,800,000 | [1] |
Impairment of properties | 21,587,000 | [1] | 200,000,000 | [1],[2] | 368,600,000 | [1],[2] |
Terra Nova working interest redetermination | 0 | 0 | [2] | -5,351,000 | [1],[2] | |
Selling and general expenses | 170,900,000 | [1] | 119,600,000 | [1] | 97,600,000 | [1] |
Total costs and expenses | 3,627,500,000 | [1] | 3,098,100,000 | [1] | 2,950,300,000 | [1] |
Results of Operations, Income before Income Taxes | 1,685,100,000 | [1] | 1,510,000,000 | [1] | 1,295,000,000 | [1] |
Income tax expense | 656,300,000 | [1] | 605,000,000 | [1] | 680,800,000 | [1] |
Results of operations | 1,028,800,000 | [1] | 905,000,000 | [1] | 614,200,000 | [1] |
Crude Oil and Natural Gas Liquids [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Sales to unaffiliated enterprises | 4,631,500,000 | [1] | 3,854,500,000 | [1] | 3,392,800,000 | [1] |
Transfers to consolidated operations | ' | ' | 142,800,000 | [1] | ||
Natural Gas [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Sales to unaffiliated enterprises | 674,800,000 | [1] | 745,100,000 | [1] | 812,600,000 | [1] |
United States [Member] | Oil Reserves [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Total oil and gas revenues | 1,797,400,000 | [1] | 1,030,300,000 | [1] | 719,900,000 | [1] |
Other operating revenues | 6,400,000 | [1] | 7,700,000 | [1] | 17,800,000 | [1] |
Total revenues | 1,803,800,000 | [1] | 1,038,000,000 | [1] | 737,700,000 | [1] |
Costs and expenses | ' | ' | ' | |||
Production expenses | 351,100,000 | [1] | 252,400,000 | [1] | 164,800,000 | [1] |
Exploration costs charged to expense | 75,200,000 | [1] | 51,900,000 | [1] | 36,500,000 | [1] |
Undeveloped lease amortization | 30,300,000 | [1] | 71,600,000 | [1] | 62,200,000 | [1] |
Depreciation, depletion and amortization | 576,300,000 | [1] | 330,200,000 | [1] | 183,000,000 | [1] |
Accretion of asset retirement obligations | 13,500,000 | [1] | 11,400,000 | [1] | 9,900,000 | [1] |
Impairment of properties | 0 | [1] | 0 | [1] | 0 | [1] |
Terra Nova working interest redetermination | ' | ' | 0 | [1] | ||
Selling and general expenses | 80,400,000 | [1] | 52,700,000 | [1] | 42,100,000 | [1] |
Total costs and expenses | 1,126,800,000 | [1] | 770,200,000 | [1] | 498,500,000 | [1] |
Results of Operations, Income before Income Taxes | 677,000,000 | [1] | 267,800,000 | [1] | 239,200,000 | [1] |
Income tax expense | 241,600,000 | [1] | 99,800,000 | [1] | 86,500,000 | [1] |
Results of operations | 435,400,000 | [1] | 168,000,000 | [1] | 152,700,000 | [1] |
United States [Member] | Crude Oil and Natural Gas Liquids [Member] | Oil Reserves [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Sales to unaffiliated enterprises | 1,724,700,000 | [1] | 976,100,000 | [1] | 648,800,000 | [1] |
Transfers to consolidated operations | ' | ' | 0 | [1] | ||
United States [Member] | Natural Gas [Member] | Oil Reserves [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Sales to unaffiliated enterprises | 72,700,000 | [1] | 54,200,000 | [1] | 71,100,000 | [1] |
Canada [Member] | Conventional [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Total oil and gas revenues | 705,300,000 | [1] | 621,500,000 | [1] | 785,800,000 | [1] |
Other operating revenues | -1,900,000 | [1] | -900,000 | [1] | -3,800,000 | [1] |
Total revenues | 703,400,000 | [1] | 620,600,000 | [1] | 782,000,000 | [1] |
Costs and expenses | ' | ' | ' | |||
Production expenses | 185,500,000 | [1] | 167,200,000 | [1] | 151,200,000 | [1] |
Exploration costs charged to expense | 32,800,000 | [1] | 10,500,000 | [1] | 60,800,000 | [1] |
Undeveloped lease amortization | 21,000,000 | [1] | 29,300,000 | [1] | 28,800,000 | [1] |
Depreciation, depletion and amortization | 319,200,000 | [1] | 290,500,000 | [1] | 273,900,000 | [1] |
Accretion of asset retirement obligations | 5,900,000 | [1] | 5,100,000 | [1] | 4,900,000 | [1] |
Impairment of properties | 21,587,000 | [1] | 0 | [1] | 0 | [1] |
Terra Nova working interest redetermination | ' | ' | -5,400,000 | [1] | ||
Selling and general expenses | 25,300,000 | [1] | 19,700,000 | [1] | 14,200,000 | [1] |
Total costs and expenses | 611,300,000 | [1] | 522,300,000 | [1] | 528,400,000 | [1] |
Results of Operations, Income before Income Taxes | 92,100,000 | [1] | 98,300,000 | [1] | 253,600,000 | [1] |
Income tax expense | 19,900,000 | [1] | 25,100,000 | [1] | 79,700,000 | [1] |
Results of operations | 72,200,000 | [1] | 73,200,000 | [1] | 173,900,000 | [1] |
Canada [Member] | Synthetic Oil [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Total oil and gas revenues | 441,000,000 | [1] | 463,100,000 | [1] | 506,600,000 | [1] |
Other operating revenues | 300,000 | [1] | 600,000 | [1] | 0 | [1] |
Total revenues | 441,300,000 | [1] | 463,700,000 | [1] | 506,600,000 | [1] |
Costs and expenses | ' | ' | ' | |||
Production expenses | 228,200,000 | [1] | 224,100,000 | [1] | 236,100,000 | [1] |
Exploration costs charged to expense | 0 | [1] | 0 | [1] | 0 | [1] |
Undeveloped lease amortization | 0 | [1] | 0 | [1] | 0 | [1] |
Depreciation, depletion and amortization | 55,400,000 | [1] | 55,300,000 | [1] | 52,100,000 | [1] |
Accretion of asset retirement obligations | 10,300,000 | [1] | 8,500,000 | [1] | 7,600,000 | [1] |
Impairment of properties | 0 | [1] | 0 | [1] | 0 | [1] |
Terra Nova working interest redetermination | ' | ' | 0 | [1] | ||
Selling and general expenses | 900,000 | [1] | 900,000 | [1] | 900,000 | [1] |
Total costs and expenses | 294,800,000 | [1] | 288,800,000 | [1] | 296,700,000 | [1] |
Results of Operations, Income before Income Taxes | 146,500,000 | [1] | 174,900,000 | [1] | 209,900,000 | [1] |
Income tax expense | 37,900,000 | [1] | 40,000,000 | [1] | 55,800,000 | [1] |
Results of operations | 108,600,000 | [1] | 134,900,000 | [1] | 154,100,000 | [1] |
Canada [Member] | Crude Oil and Natural Gas Liquids [Member] | Conventional [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Sales to unaffiliated enterprises | 507,200,000 | [1] | 411,700,000 | [1] | 505,600,000 | [1],[2] |
Transfers to consolidated operations | ' | ' | 46,400,000 | [1] | ||
Canada [Member] | Crude Oil and Natural Gas Liquids [Member] | Synthetic Oil [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Sales to unaffiliated enterprises | 441,000,000 | [1] | 463,100,000 | [1] | 506,600,000 | [1],[2] |
Transfers to consolidated operations | ' | ' | 96,400,000 | [1] | ||
Canada [Member] | Natural Gas [Member] | Conventional [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Sales to unaffiliated enterprises | 198,100,000 | [1] | 209,800,000 | [1] | 280,200,000 | [1] |
Canada [Member] | Natural Gas [Member] | Synthetic Oil [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Sales to unaffiliated enterprises | 0 | [1] | 0 | [1] | 0 | [1] |
Malaysia [Member] | Oil Reserves [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Total oil and gas revenues | 2,279,000,000 | [1] | 2,427,100,000 | [1] | 2,044,300,000 | [1] |
Other operating revenues | 1,500,000 | [1] | 1,000,000 | [1] | 1,300,000 | [1] |
Total revenues | 2,280,500,000 | [1] | 2,428,100,000 | [1] | 2,045,600,000 | [1] |
Costs and expenses | ' | ' | ' | |||
Production expenses | 384,400,000 | [1] | 422,700,000 | [1] | 420,600,000 | [1] |
Exploration costs charged to expense | 25,300,000 | [1] | 27,200,000 | [1] | 11,100,000 | [1] |
Undeveloped lease amortization | 0 | [1] | 0 | [1] | 0 | [1] |
Depreciation, depletion and amortization | 588,200,000 | [1] | 532,100,000 | [1] | 357,300,000 | [1] |
Accretion of asset retirement obligations | 15,000,000 | [1] | 12,500,000 | [1] | 10,600,000 | [1] |
Impairment of properties | 0 | [1] | 0 | [1] | 0 | [1] |
Terra Nova working interest redetermination | ' | ' | 0 | [1] | ||
Selling and general expenses | 3,500,000 | [1] | -5,300,000 | [1] | -1,600,000 | [1] |
Total costs and expenses | 1,016,400,000 | [1] | 989,200,000 | [1] | 798,000,000 | [1] |
Results of Operations, Income before Income Taxes | 1,264,100,000 | [1] | 1,438,900,000 | [1] | 1,247,600,000 | [1] |
Income tax expense | 477,700,000 | [1] | 544,700,000 | [1] | 434,900,000 | [1] |
Results of operations | 786,400,000 | [1] | 894,200,000 | [1] | 812,700,000 | [1] |
Malaysia [Member] | Crude Oil and Natural Gas Liquids [Member] | Oil Reserves [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Sales to unaffiliated enterprises | 1,875,000,000 | [1] | 1,946,000,000 | [1] | 1,583,000,000 | [1] |
Transfers to consolidated operations | ' | ' | 0 | [1] | ||
Malaysia [Member] | Natural Gas [Member] | Oil Reserves [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Sales to unaffiliated enterprises | 404,000,000 | [1] | 481,100,000 | [1] | 461,300,000 | [1] |
Republic of the Congo [Member] | Oil Reserves [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Total oil and gas revenues | 83,600,000 | [1] | 57,600,000 | [1] | 148,800,000 | [1] |
Other operating revenues | -100,000 | [1] | 0 | [1] | 0 | [1] |
Total revenues | 83,500,000 | [1] | 57,600,000 | [1] | 148,800,000 | [1] |
Costs and expenses | ' | ' | ' | |||
Production expenses | 191,000,000 | [1] | 48,400,000 | [1] | 37,600,000 | [1] |
Exploration costs charged to expense | 5,800,000 | [1] | 76,800,000 | [1] | 21,000,000 | [1] |
Undeveloped lease amortization | 0 | [1] | 0 | [1] | 0 | [1] |
Depreciation, depletion and amortization | 200,000 | [1] | 33,900,000 | [1] | 87,800,000 | [1] |
Accretion of asset retirement obligations | 4,300,000 | [1] | 900,000 | [1] | 500,000 | [1] |
Impairment of properties | 0 | [1] | 200,000,000 | [1] | 368,600,000 | [1] |
Terra Nova working interest redetermination | ' | ' | 0 | [1] | ||
Selling and general expenses | 1,100,000 | [1] | 3,200,000 | [1] | 2,200,000 | [1] |
Total costs and expenses | 202,400,000 | [1] | 363,200,000 | [1] | 517,700,000 | [1] |
Results of Operations, Income before Income Taxes | -118,900,000 | [1] | -305,600,000 | [1] | -368,900,000 | [1] |
Income tax expense | -109,900,000 | [1] | -64,500,000 | [1] | 16,400,000 | [1] |
Results of operations | -9,000,000 | [1] | -241,100,000 | [1] | -385,300,000 | [1] |
Republic of the Congo [Member] | Crude Oil and Natural Gas Liquids [Member] | Oil Reserves [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Sales to unaffiliated enterprises | 83,600,000 | [1] | 57,600,000 | [1] | 148,800,000 | [1] |
Transfers to consolidated operations | ' | ' | 0 | [1] | ||
Republic of the Congo [Member] | Natural Gas [Member] | Oil Reserves [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Sales to unaffiliated enterprises | 0 | [1] | 0 | [1] | 0 | [1] |
Other Regions [Member] | Oil Reserves [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Total oil and gas revenues | 0 | [1] | 0 | [1] | 0 | [1] |
Other operating revenues | 100,000 | [1] | 100,000 | [1] | 24,600,000 | [1] |
Total revenues | 100,000 | [1] | 100,000 | [1] | 24,600,000 | [1] |
Costs and expenses | ' | ' | ' | |||
Production expenses | 0 | [1] | 0 | [1] | 0 | [1] |
Exploration costs charged to expense | 296,200,000 | [1] | 84,700,000 | [1] | 241,800,000 | [1] |
Undeveloped lease amortization | 15,600,000 | [1] | 28,900,000 | [1] | 27,200,000 | [1] |
Depreciation, depletion and amortization | 4,300,000 | [1] | 2,400,000 | [1] | 1,900,000 | [1] |
Accretion of asset retirement obligations | 0 | [1] | 0 | [1] | 300,000 | [1] |
Impairment of properties | 0 | [1] | 0 | [1] | 0 | [1] |
Terra Nova working interest redetermination | ' | ' | 0 | [1] | ||
Selling and general expenses | 59,700,000 | [1] | 48,400,000 | [1] | 39,800,000 | [1] |
Total costs and expenses | 375,800,000 | [1] | 164,400,000 | [1] | 311,000,000 | [1] |
Results of Operations, Income before Income Taxes | -375,700,000 | [1] | -164,300,000 | [1] | -286,400,000 | [1] |
Income tax expense | -10,900,000 | [1] | -40,100,000 | [1] | 7,500,000 | [1] |
Results of operations | -364,800,000 | [1] | -124,200,000 | [1] | -293,900,000 | [1] |
Other Regions [Member] | Crude Oil and Natural Gas Liquids [Member] | Oil Reserves [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Sales to unaffiliated enterprises | 0 | [1] | 0 | [1] | 0 | [1] |
Transfers to consolidated operations | ' | ' | 0 | [1] | ||
Other Regions [Member] | Natural Gas [Member] | Oil Reserves [Member] | ' | ' | ' | |||
Revenues | ' | ' | ' | |||
Sales to unaffiliated enterprises | $0 | [1] | $0 | [1] | $0 | [1] |
[1] | Results exclude corporate overhead, interest and discontinued operations. | |||||
[2] | Reclassified to conform to current presentation. |
Standardized_Measure_of_Discou1
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Future cash inflows | $50,150.50 | $43,809.20 | $38,736.50 |
Future development costs | -7,161.50 | -6,786.90 | -5,129 |
Future production costs | -16,808.10 | -14,684.70 | -12,652.20 |
Future income taxes | -6,696.20 | -6,791.10 | -6,652.40 |
Future net cash flows | 19,484.70 | 15,546.50 | 14,302.90 |
10% annual discount for estimated timing of cash flows | -8,640 | -7,433.70 | -6,379.70 |
Standardized measure of discounted future net cash flows | 10,844.70 | 8,112.80 | 7,923.20 |
United States [Member] | ' | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Future cash inflows | 20,638.60 | 15,547.50 | 6,105.40 |
Future development costs | -3,833.90 | -3,731.60 | -1,283.50 |
Future production costs | -5,244.70 | -3,466.60 | -1,417.90 |
Future income taxes | -3,368.30 | -2,527.60 | -807.2 |
Future net cash flows | 8,191.70 | 5,821.70 | 2,596.80 |
10% annual discount for estimated timing of cash flows | -4,020.20 | -2,862.10 | -912 |
Standardized measure of discounted future net cash flows | 4,171.50 | 2,959.60 | 1,684.80 |
Canada [Member] | ' | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Future cash inflows | 16,112.90 | 15,511.60 | 18,835.50 |
Future development costs | -1,882.30 | -1,815.20 | -1,929.50 |
Future production costs | -7,073 | -7,336.40 | -7,199.70 |
Future income taxes | -1,472.80 | -1,714.90 | -2,806.80 |
Future net cash flows | 5,684.80 | 4,645.10 | 6,899.50 |
10% annual discount for estimated timing of cash flows | -2,999.10 | -2,876.50 | -3,658.70 |
Standardized measure of discounted future net cash flows | 2,685.70 | 1,768.60 | 3,240.80 |
Malaysia [Member] | ' | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Future cash inflows | 13,399 | 10,354.90 | 11,037.50 |
Future development costs | -1,445.30 | -966.9 | -1,559.80 |
Future production costs | -4,490.40 | -3,143.40 | -3,087.80 |
Future income taxes | -1,855.10 | -1,675.90 | -2,129.70 |
Future net cash flows | 5,608.20 | 4,568.70 | 4,260.20 |
10% annual discount for estimated timing of cash flows | -1,620.70 | -1,322.90 | -1,507.40 |
Standardized measure of discounted future net cash flows | 3,987.50 | 3,245.80 | 2,752.80 |
United Kingdom [Member] | ' | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Future cash inflows | 0 | 2,395.20 | 2,509.50 |
Future development costs | 0 | -273.2 | -356.2 |
Future production costs | 0 | -738.3 | -763 |
Future income taxes | 0 | -872.7 | -869 |
Future net cash flows | 0 | 511 | 521.3 |
10% annual discount for estimated timing of cash flows | 0 | -372.2 | -304.4 |
Standardized measure of discounted future net cash flows | 0 | 138.8 | 216.9 |
Republic of the Congo [Member] | ' | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Future cash inflows | 0 | 0 | 248.6 |
Future development costs | 0 | 0 | 0 |
Future production costs | 0 | 0 | -183.8 |
Future income taxes | 0 | 0 | -39.7 |
Future net cash flows | 0 | 0 | 25.1 |
10% annual discount for estimated timing of cash flows | 0 | 0 | 2.8 |
Standardized measure of discounted future net cash flows | $0 | $0 | $27.90 |
Principal_Sources_of_Changes_i
Principal Sources of Changes in Standardized Measure of Discounted Future Net Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Net changes in prices and production costs | $267.80 | ($2,461.10) | $3,743.40 |
Net changes in development costs | -3,456.80 | -3,860.10 | -4,113.90 |
Sales and transfers of oil and gas produced, net of production costs | -3,972.40 | -3,493.30 | -3,273.50 |
Net change due to extensions and discoveries | 4,608.90 | 4,466.30 | 3,300.90 |
Net change due to purchases and sales of proved reserves | -135.6 | 347.4 | 0 |
Development costs incurred | 3,326.80 | 3,299 | 1,881.50 |
Accretion of discount | 1,109.30 | 1,153.50 | 827.7 |
Revisions of previous quantity estimates | 1,646 | 728.1 | 892.5 |
Net change in income taxes | -662.1 | 9.8 | -1,029.40 |
Net increase | 2,731.90 | 189.6 | 2,229.20 |
Standardized measure | 10,844.70 | 8,112.80 | 7,923.20 |
Beginning of Period [Member] | ' | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Standardized measure | 8,112.80 | 7,923.20 | 5,694 |
End of Period [Member] | ' | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Standardized measure | $10,844.70 | $8,112.80 | $7,923.20 |
Capitalized_Costs_Relating_to_1
Capitalized Costs Relating to Oil and Gas Producing Activities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' |
Unproved oil and gas properties | $1,598 | $2,217.10 |
Proved oil and gas properties | 20,214.70 | 16,707.20 |
Gross capitalized costs | 21,812.70 | 18,924.30 |
Accumulated depreciation, depletion and amortization | ' | ' |
Unproved oil and gas properties | -518.3 | -504.2 |
Proved oil and gas properties | -7,909.70 | -6,946.10 |
Net capitalized costs | 13,384.70 | 11,474 |
Oil Reserves [Member] | ' | ' |
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' |
Unproved oil and gas properties | 1,598 | 2,217.10 |
Proved oil and gas properties | 18,721.20 | 15,271.60 |
Gross capitalized costs | 20,319.20 | 17,488.70 |
Accumulated depreciation, depletion and amortization | ' | ' |
Unproved oil and gas properties | -518.3 | -504.2 |
Proved oil and gas properties | -7,492.10 | -6,556.50 |
Net capitalized costs | 12,308.80 | 10,428 |
United States [Member] | Oil Reserves [Member] | ' | ' |
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' |
Unproved oil and gas properties | 723.6 | 750 |
Proved oil and gas properties | 5,816.90 | 3,972.10 |
Gross capitalized costs | 6,540.50 | 4,722.10 |
Accumulated depreciation, depletion and amortization | ' | ' |
Unproved oil and gas properties | -178.1 | -183.8 |
Proved oil and gas properties | -2,171.10 | -1,590.60 |
Net capitalized costs | 4,191.30 | 2,947.70 |
Canada [Member] | Oil Reserves [Member] | ' | ' |
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' |
Unproved oil and gas properties | 475.9 | 510.9 |
Proved oil and gas properties | 4,529.90 | 4,697.80 |
Gross capitalized costs | 5,005.80 | 5,208.70 |
Accumulated depreciation, depletion and amortization | ' | ' |
Unproved oil and gas properties | -248.5 | -244.3 |
Proved oil and gas properties | -2,006.80 | -1,828.80 |
Net capitalized costs | 2,750.50 | 3,135.60 |
Canada [Member] | Synthetic Oil [Member] | ' | ' |
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' |
Unproved oil and gas properties | 0 | 0 |
Proved oil and gas properties | 1,493.50 | 1,435.60 |
Gross capitalized costs | 1,493.50 | 1,435.60 |
Accumulated depreciation, depletion and amortization | ' | ' |
Unproved oil and gas properties | 0 | 0 |
Proved oil and gas properties | -417.6 | -389.6 |
Net capitalized costs | 1,075.90 | 1,046 |
Malaysia [Member] | Oil Reserves [Member] | ' | ' |
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' |
Unproved oil and gas properties | 233.5 | 837 |
Proved oil and gas properties | 7,636.60 | 5,260.70 |
Gross capitalized costs | 7,870.10 | 6,097.70 |
Accumulated depreciation, depletion and amortization | ' | ' |
Unproved oil and gas properties | 0 | 0 |
Proved oil and gas properties | -2,576.40 | -2,001.80 |
Net capitalized costs | 5,293.70 | 4,095.90 |
United Kingdom [Member] | Oil Reserves [Member] | ' | ' |
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' |
Unproved oil and gas properties | 0 | 0 |
Proved oil and gas properties | 0 | 603.2 |
Gross capitalized costs | 0 | 603.2 |
Accumulated depreciation, depletion and amortization | ' | ' |
Unproved oil and gas properties | 0 | 0 |
Proved oil and gas properties | 0 | -397.5 |
Net capitalized costs | 0 | 205.7 |
Republic of the Congo [Member] | Oil Reserves [Member] | ' | ' |
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' |
Unproved oil and gas properties | 6.1 | 11.8 |
Proved oil and gas properties | 737.8 | 737.8 |
Gross capitalized costs | 743.9 | 749.6 |
Accumulated depreciation, depletion and amortization | ' | ' |
Unproved oil and gas properties | -6.1 | -6.1 |
Proved oil and gas properties | -737.8 | -737.8 |
Net capitalized costs | 0 | 5.7 |
Other Regions [Member] | Oil Reserves [Member] | ' | ' |
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' |
Unproved oil and gas properties | 158.9 | 107.4 |
Proved oil and gas properties | 0 | 0 |
Gross capitalized costs | 158.9 | 107.4 |
Accumulated depreciation, depletion and amortization | ' | ' |
Unproved oil and gas properties | -85.6 | -70 |
Proved oil and gas properties | 0 | 0 |
Net capitalized costs | $73.30 | $37.40 |
Recovered_Sheet2
Supplemental Quarterly Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Sales and other operating revenues | $1,331,700 | $1,366,500 | $1,315,600 | $1,298,900 | $1,297,100 | $1,083,700 | $1,078,000 | $1,149,800 | $5,312,686 | $4,608,563 | [1] | $4,222,520 | [1] | |||||||||
Income from continuing operations before income taxes | 194,800 | 463,700 | 454,200 | 360,000 | 200,500 | 338,900 | 357,000 | 471,600 | 1,472,687 | 1,368,010 | [1] | 1,167,875 | [1] | |||||||||
Income from continuing operations | 180,500 | 265,000 | 259,900 | 182,700 | 123,900 | 186,100 | 210,900 | 285,600 | 888,137 | 806,494 | [1] | 539,198 | [1] | |||||||||
Net income | $75,400 | $284,800 | $402,700 | $360,600 | $158,700 | $226,700 | $295,400 | $290,100 | $1,123,473 | $970,876 | [1] | $872,702 | [1] | |||||||||
Income from continuing operations per Common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Basic | $0.98 | $1.42 | $1.38 | $0.96 | $0.64 | $0.96 | $1.09 | $1.48 | $4.73 | $4.16 | [1] | $2.79 | [1] | |||||||||
Diluted | $0.96 | $1.41 | $1.37 | $0.95 | $0.64 | $0.95 | $1.08 | $1.47 | $4.69 | $4.14 | [1] | $2.77 | [1] | |||||||||
Net income per Common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Basic | $0.41 | $1.52 | $2.13 | $1.89 | $0.82 | $1.17 | $1.52 | $1.50 | $5.98 | $5.01 | [1] | $4.51 | [1] | |||||||||
Diluted | $0.40 | $1.51 | $2.12 | $1.88 | $0.82 | $1.16 | $1.52 | $1.49 | $5.94 | $4.99 | [1] | $4.49 | [1] | |||||||||
Cash dividend per Common share | $0.31 | $0.31 | $0.31 | $0.31 | $2.81 | [2] | $0.31 | $0.28 | $0.28 | $1.25 | $3.67 | [2] | $1.10 | |||||||||
Market price of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
High | $65.55 | [3] | $71.84 | [3] | $66.09 | [3] | $63.81 | [3] | $63.74 | [3] | $56.24 | [3] | $57.12 | [3] | $64.76 | [3] | $71.84 | [3] | $64.76 | [3] | ' | |
Low | $59.93 | [3] | $59.80 | [3] | $59.98 | [3] | $59.33 | [3] | $54.97 | [3] | $48.80 | [3] | $43.65 | [3] | $55.82 | [3] | $59.33 | [3] | $43.65 | [3] | ' | |
[1] | Reclassified to conform to current presentation. | |||||||||||||||||||||
[2] | Includes special dividend of $2.50 per Common share paid on December 3, 2012. | |||||||||||||||||||||
[3] | Prices are as quoted on the New York Stock Exchange. |
Supplemental_Quarterly_Informa1
Supplemental Quarterly Information (Parenthetical) (Detail) (USD $) | 1 Months Ended |
Dec. 31, 2012 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' |
Special dividend per Common share paid | $2.50 |
Recovered_Sheet3
Valuation Accounts and Reserves (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Beginning balance | $6.70 | $7.90 | $8 | |||
Charged (Credited) to Expense | 0.4 | 0.3 | 0.2 | |||
Deductions | -0.4 | -1.5 | -0.3 | |||
Other | -5.1 | [1] | 0 | [1] | 0 | [1] |
Ending Balance | 1.6 | 6.7 | 7.9 | |||
Deferred tax asset valuation allowance [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Beginning balance | 524 | 445.8 | 305.3 | |||
Charged (Credited) to Expense | 115.4 | 78.2 | 140.5 | |||
Deductions | 0 | 0 | 0 | |||
Other | -5.7 | [1] | 0 | [1] | 0 | [1] |
Ending Balance | $633.70 | $524 | $445.80 | |||
[1] | Amounts in 2013 primarily arose due to separation of Murphy USA Inc. and presentation of U.K. downstream operations as assets held for sale. |