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Murphy Oil (MUR) Q1 Earnings and Revenues Surpass Estimates
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Murphy Oil Corporation (MUR - Free Report) delivered first-quarter 2024 adjusted net earnings of 85 cents per share, surpassing the Zacks Consensus Estimate of 82 cents by 3.7%. The bottom line declined 31.5% from the year-ago quarter’s earnings of $1.24.
GAAP earnings were 59 cents compared with $1.22 reported in the year-ago quarter.
Revenues
Revenues of $796.4 million surpassed the Zacks Consensus Estimate of $730 million by 9.1%. The top line declined 5.4% from the prior-year quarter’s $842 million.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil produced 169,615 barrels of oil equivalent per day (BOE/D) in first-quarter 2024 (excluding non-controlling interest in GOM) compared with 172,508 BOE/D in first-quarter 2023. Out of the total first-quarter 2024 production, 52% was oil. MUR’s first-quarter production was near the high end of the production volume range of 163,000-1,71,000 BOE/D due to strong contribution from its onshore assets.
Total costs and expenses were $642.4 million, up 17.9% from $544.9 million a year ago.
The company incurred net interest charges of $20 million, down nearly 30.8% from $28.9 million in the prior-year quarter.
MUR reduced debt worth $500 million in 2023 and is in on track to further reduce its outstanding debt by $300 million in 2024. The systematic debt reduction has lowered capital financing expenses of the company.
It repurchased 1.3 million shares for $50 million. As of Mar 31, 2024, it had $400 million remaining under the share repurchase authorization and 152.6 million shares outstanding.
Financial Condition
The company had cash and cash equivalents of $323.4 million as of Mar 31, 2024, compared with $317.1 million as of Dec 31, 2023. It had $1.1 billion of liquidity as of Mar 31, 2024.
Long-term debt totaled $1,328.7 million as of Mar 31, 2024, compared with $1,328.4 million as of Dec 31, 2023.
Net cash provided by continuing operational activities in first-quarter 2024 was $398.8 million compared with $279. 8 million in first-quarter of 2023.
Guidance
MUR expects its second-quarter 2024 production, excluding NCI, in the range of 176,000-184,000 BOE/D, with 51% oil volumes.
The company projects 2024 capital expenditures of $970 million. Nearly 60% of the expenditure will be completed during the first-half of 2024.
It anticipates 2024 production in the range of 180,000-188,000 BOE/D with 52% oil and 57% liquid volumes.
TotalEnergies SE (TTE - Free Report) reported first-quarter 2024 operating earnings of $2.14 (€1.97) per share, surpassing the Zacks Consensus Estimate of $1.96 by 9.2%.
TTE’s long-term (three-to-five years) earnings growth rate is currently pinned at 4.38%. The Zacks Consensus Estimate for 2024 EPS is pegged at $9.28, indicating no change in the past 60 days.
Devon Energy (DVN - Free Report) reported adjusted first-quarter earnings per share of $1.16, which was ahead of the Zacks Consensus Estimate of $1.10 by 5.5%.
DVN’s reported average earnings surprise of 3.38% in the last four quarters. The Zacks Consensus Estimate for 2024 EPS is pegged at $5.28, indicating an increase of 1.9% in the past 60 days.
Halliburton Company (HAL - Free Report) reported first-quarter 2024 adjusted net income per share of 76 cents, surpassing the Zacks Consensus Estimate of 74 cents by 2.7% and improving from the year-ago quarter earnings of 72 cents by 5.5%.
HAL’s long-term earnings growth rate is currently pinned at 11.6%. The Zacks Consensus Estimate for 2024 EPS is pegged at $3.39, indicating a decrease of 1.7% in the past 60 days.
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Murphy Oil (MUR) Q1 Earnings and Revenues Surpass Estimates
Murphy Oil Corporation (MUR - Free Report) delivered first-quarter 2024 adjusted net earnings of 85 cents per share, surpassing the Zacks Consensus Estimate of 82 cents by 3.7%. The bottom line declined 31.5% from the year-ago quarter’s earnings of $1.24.
GAAP earnings were 59 cents compared with $1.22 reported in the year-ago quarter.
Revenues
Revenues of $796.4 million surpassed the Zacks Consensus Estimate of $730 million by 9.1%. The top line declined 5.4% from the prior-year quarter’s $842 million.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil Corporation price-consensus-eps-surprise-chart | Murphy Oil Corporation Quote
Operational Highlights
Murphy Oil produced 169,615 barrels of oil equivalent per day (BOE/D) in first-quarter 2024 (excluding non-controlling interest in GOM) compared with 172,508 BOE/D in first-quarter 2023. Out of the total first-quarter 2024 production, 52% was oil. MUR’s first-quarter production was near the high end of the production volume range of 163,000-1,71,000 BOE/D due to strong contribution from its onshore assets.
Total costs and expenses were $642.4 million, up 17.9% from $544.9 million a year ago.
The company incurred net interest charges of $20 million, down nearly 30.8% from $28.9 million in the prior-year quarter.
MUR reduced debt worth $500 million in 2023 and is in on track to further reduce its outstanding debt by $300 million in 2024. The systematic debt reduction has lowered capital financing expenses of the company.
It repurchased 1.3 million shares for $50 million. As of Mar 31, 2024, it had $400 million remaining under the share repurchase authorization and 152.6 million shares outstanding.
Financial Condition
The company had cash and cash equivalents of $323.4 million as of Mar 31, 2024, compared with $317.1 million as of Dec 31, 2023. It had $1.1 billion of liquidity as of Mar 31, 2024.
Long-term debt totaled $1,328.7 million as of Mar 31, 2024, compared with $1,328.4 million as of Dec 31, 2023.
Net cash provided by continuing operational activities in first-quarter 2024 was $398.8 million compared with $279. 8 million in first-quarter of 2023.
Guidance
MUR expects its second-quarter 2024 production, excluding NCI, in the range of 176,000-184,000 BOE/D, with 51% oil volumes.
The company projects 2024 capital expenditures of $970 million. Nearly 60% of the expenditure will be completed during the first-half of 2024.
It anticipates 2024 production in the range of 180,000-188,000 BOE/D with 52% oil and 57% liquid volumes.
Zacks Rank
Murphy Oil currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Other Releases
TotalEnergies SE (TTE - Free Report) reported first-quarter 2024 operating earnings of $2.14 (€1.97) per share, surpassing the Zacks Consensus Estimate of $1.96 by 9.2%.
TTE’s long-term (three-to-five years) earnings growth rate is currently pinned at 4.38%. The Zacks Consensus Estimate for 2024 EPS is pegged at $9.28, indicating no change in the past 60 days.
Devon Energy (DVN - Free Report) reported adjusted first-quarter earnings per share of $1.16, which was ahead of the Zacks Consensus Estimate of $1.10 by 5.5%.
DVN’s reported average earnings surprise of 3.38% in the last four quarters. The Zacks Consensus Estimate for 2024 EPS is pegged at $5.28, indicating an increase of 1.9% in the past 60 days.
Halliburton Company (HAL - Free Report) reported first-quarter 2024 adjusted net income per share of 76 cents, surpassing the Zacks Consensus Estimate of 74 cents by 2.7% and improving from the year-ago quarter earnings of 72 cents by 5.5%.
HAL’s long-term earnings growth rate is currently pinned at 11.6%. The Zacks Consensus Estimate for 2024 EPS is pegged at $3.39, indicating a decrease of 1.7% in the past 60 days.