Murphy Oil Corp., whose portfolio extends across North America’s onshore, into the offshore and overseas, is raising its capital spending this year, with an eye on pumping up oil and natural gas volumes.

The management team of the Houston-based independent provided some insight on the strategy for 2022 during a recent conference call to share fourth quarter and 2021 results.

“We produced more oil than originally planned, with less capital, while also lowering our total debt by 17%,” CEO Roger W. Jenkins said. “We had our best year on record for protecting the environment.”

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Murphy works in the Eagle Ford Shale, as well as Western...