LITTLE ROCK — Murphy Oil abandons well off Congo coast
Murphy Oil Corp. has abandoned a well it was drilling off the coast of the Republic of Congo after it proved “unsuccessful,” the company said in a news release Wednesday.
The abandoned Opale Marine well will cost the El Dorado-based company about $48 million, which will be expensed next quarter, according to the release.
Murphy Oil will also take a noncash charge of $29 million to write off the Titane Marine well, which was drilled in October 2010also off the Republic of Congo.
Calls to Murphy Oil spokesman Barry Jeffery were not returned Wednesday.
In Murphy’s fourth quarter, which ended Dec.
31, 2011, the company reported a $370 million asset impairment charge for its West African subsidiary because of low production.
Murphy Oil said it plans to expand its position this year in the Browse Basin off the Australian coast.
- Jessica SeamanSmall-business-prize nominees are sought
The U.S. Small Business Association is accepting nominations through a new online portal for its nine 2013 Small Business Week Awards, including the Small Business Person of the Year award.
Nominations can be made and tracked at http://nationalsmallbusinessweek.sba.gov/, according to a news release this week. Winners will be invited to Washington to compete for national titles and to attend National Small Business Week events in 2013.
The awards given as part of Small Business Week include the Small Business Prime Contractor of the Year; the association’s 8(a) Graduate of the Year from its 8(a) contracting program; Small Business Development Center Excellence and Innovation Award; and the Women’s Business Center of Excellence Award.
Nominations also may be sent to Small Business Administration district offices. All nominations must be submitted or postmarked by Jan. 3.
- John MagsamArkansas Index ends
at 242.53, up 0.80
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 0.80 to 242.53 Wednesday.
Arkansas Best Corp.
rose 2.9 percent to close at $7.40 per share in light trading, and Deltic Timber Corp. gained 2.3 percent to $67.83 on near-average volume.
Bank of the Ozarks fell 0.7 percent to finish at $32.26 in light trading.
Volume for the index was 26.85 million shares, compared with average daily volume of 28.7 million shares.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business, Pages 35 on 11/22/2012