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Murphy Oil (MUR) Reports Narrower-Than-Expected Loss for Q3
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Murphy Oil Corporation (MUR - Free Report) incurred third-quarter 2020 adjusted loss of 15 cents per share, narrower than the Zacks Consensus Estimate of a loss of 19 cents. However, the company delivered earnings of 36 cents per share in the year-ago quarter.
On a GAAP basis, net loss was $1.59 against an income of $6.76 per share in the prior-year quarter.
Revenues
In the quarter under review, Murphy Oil’s revenues of $421.9 million missed the Zacks Consensus Estimate of $467 million by 9.7%. Also, the top line fell 48.4% from the prior-year quarter’s $817.1 million.
Murphy Oil Corporation Price, Consensus and EPS Surprise
The company produced 153,000 barrels of oil equivalent per day (MBOEPD) in the third quarter comprising 56% of oil and 63% of liquids.
In the quarter under review, Murphy Oil’s total costs and expenses amounted to $699.9 million, up 18.5% from $590.6 million in the prior-year quarter.
Operating loss from continuing operations came in at $278.1 million against the operating income of $226.5 million in the prior-year quarter.
The company incurred interest charges of $45.2 million, up 0.6% from $44.9 million in the prior-year quarter.
Murphy Oil has hedged 45,000 barrels of oil per day (Bbl/d) at an average price of $56.42 per barrel for the remainder of 2020. It increased its 2021 crude oil hedge position with a total of 18,000 Bbl/d hedged at an average price of $43.31 per barrel.
Financial Condition
Murphy Oil had cash and cash equivalents of $219.6 million as of Sep 30, 2020 compared with $306.8 million as of Dec 31, 2019. At the end of the third quarter, total liquidity of the company was $1.6 billion.
Long-term debt including capital lease obligation amounted to $2,987.1 million on Sep 30, 2020 compared with $2,803.4 million as of Dec 31, 2020.
Net cash provided by continuing activities at the end of the first nine months of 2020 was $578 million compared with $1,153.2 million at the end of the first nine months of 2019.
Outlook
The company expects net production to be 146–154 MBOEPD for fourth-quarter 2020. It reaffirmed its 2020 planned capital expenditures in the range of $680-$720 million excluding the Gulf of Mexico NCI and King’s Quay floating production system (FPS) construction spendings.
Devon Energy Corp. (DVN - Free Report) reported third-quarter 2020 adjusted loss per share of 4 cents, narrower than the Zacks Consensus Estimate of a loss of 8 cents.
WPX Energy Inc.’s third-quarter 2020 earnings of 11 cents per share beat the Zacks Consensus Estimate by 83.3%.
Energy Transfer LP (ET - Free Report) reported third-quarter 2020 earnings of 30 cents per unit, beating the Zacks Consensus Estimate of 23 cents by 30.4%.
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Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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Murphy Oil (MUR) Reports Narrower-Than-Expected Loss for Q3
Murphy Oil Corporation (MUR - Free Report) incurred third-quarter 2020 adjusted loss of 15 cents per share, narrower than the Zacks Consensus Estimate of a loss of 19 cents. However, the company delivered earnings of 36 cents per share in the year-ago quarter.
On a GAAP basis, net loss was $1.59 against an income of $6.76 per share in the prior-year quarter.
Revenues
In the quarter under review, Murphy Oil’s revenues of $421.9 million missed the Zacks Consensus Estimate of $467 million by 9.7%. Also, the top line fell 48.4% from the prior-year quarter’s $817.1 million.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil Corporation price-consensus-eps-surprise-chart | Murphy Oil Corporation Quote
Operational Highlights
The company produced 153,000 barrels of oil equivalent per day (MBOEPD) in the third quarter comprising 56% of oil and 63% of liquids.
In the quarter under review, Murphy Oil’s total costs and expenses amounted to $699.9 million, up 18.5% from $590.6 million in the prior-year quarter.
Operating loss from continuing operations came in at $278.1 million against the operating income of $226.5 million in the prior-year quarter.
The company incurred interest charges of $45.2 million, up 0.6% from $44.9 million in the prior-year quarter.
Murphy Oil has hedged 45,000 barrels of oil per day (Bbl/d) at an average price of $56.42 per barrel for the remainder of 2020. It increased its 2021 crude oil hedge position with a total of 18,000 Bbl/d hedged at an average price of $43.31 per barrel.
Financial Condition
Murphy Oil had cash and cash equivalents of $219.6 million as of Sep 30, 2020 compared with $306.8 million as of Dec 31, 2019. At the end of the third quarter, total liquidity of the company was $1.6 billion.
Long-term debt including capital lease obligation amounted to $2,987.1 million on Sep 30, 2020 compared with $2,803.4 million as of Dec 31, 2020.
Net cash provided by continuing activities at the end of the first nine months of 2020 was $578 million compared with $1,153.2 million at the end of the first nine months of 2019.
Outlook
The company expects net production to be 146–154 MBOEPD for fourth-quarter 2020. It reaffirmed its 2020 planned capital expenditures in the range of $680-$720 million excluding the Gulf of Mexico NCI and King’s Quay floating production system (FPS) construction spendings.
Zacks Rank
Murphy Oil currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
Devon Energy Corp. (DVN - Free Report) reported third-quarter 2020 adjusted loss per share of 4 cents, narrower than the Zacks Consensus Estimate of a loss of 8 cents.
WPX Energy Inc.’s third-quarter 2020 earnings of 11 cents per share beat the Zacks Consensus Estimate by 83.3%.
Energy Transfer LP (ET - Free Report) reported third-quarter 2020 earnings of 30 cents per unit, beating the Zacks Consensus Estimate of 23 cents by 30.4%.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>