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Murphy Oil (MUR) Q1 Earnings Beat Estimates, Sales Miss
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Murphy Oil Corporation (MUR - Free Report) posted first-quarter 2022 adjusted net income of 73 cents per share, beating the Zacks Consensus Estimate of 59 cents by 23.7%. The bottom line improved a whopping 1116.7% from the year-ago quarter’s earnings of 6 cents.
Including the one-time charges and losses, MUR recorded a net loss of 73 cents per share in the reported quarter against $1.87 loss in the prior-year quarter.
Revenues
In the quarter under review, Murphy Oil’s revenues of $553 million lagged the Zacks Consensus Estimate of $602 million by 8.2%. The top line improved 45.5% from the prior-year quarter’s $380 million.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil produced 141,000 barrels of oil equivalent per day (MBOEPD) in the first quarter, comprising 53% oil and 60% liquids.
In the quarter under review, Murphy Oil’s total costs and expenses amounted to $595.1 million, down 7.2% from $641.7 million in the prior-year quarter.
MUR incurred net interest charges of $37.3 million, down 57.7% from $88.1 million in the prior-year quarter.
Murphy Oil hedged 25,000 barrels of oil per day (MBOPD) at a weighted average put price of $63.24 per barrel and a weighted average call price of $75.20 for 2022.
Financial Condition
Murphy Oil had cash and cash equivalents of $480.6 million as of Mar 31, 2022 compared with $521.2 million as of Dec 31, 2021.
Long-term debt totaled $2,466.1 million on Mar 31, 2022 compared with $2,465.4 million as of Dec 31, 2021.
Net cash provided by continuing operations activities in the first quarter of 2022 was $338.3 million compared with $237.8 million in the year-ago quarter.
Outlook
MUR reiterated its production of 164-172 MBOEPD for 2022. Murphy Oil raised 2022 planned capital expenditures to the $900-$950 million range from $840-$890 million. MUR increased its debt reduction target to the range of $600-$650 million for 2022.
Devon Energy Corp. (DVN - Free Report) reported first-quarter 2022 adjusted earnings of $1.88 per share, beating the Zacks Consensus Estimate of $1.75 by 8%.
Devon Energy’s long-term (three to five years) earnings growth is projected at 48.6%. The Zacks Consensus Estimate for DVN’s 2022 earnings per share indicates year-over-year growth of 139.7%.
Upcoming Releases
ConocoPhillips (COP - Free Report) is scheduled to report first-quarter 2022 results on May 5. The Zacks Consensus Estimate for earnings for the quarter is pegged at $3.24 per share.
ConocoPhillips’ long-term earnings growth is projected at 19.1%. The Zacks Consensus Estimate for COP’s 2022 earnings per share indicates year-over-year growth of 140.1%.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report first-quarter 2022 results on May 10. The Zacks Consensus Estimate for earnings for the quarter is pegged at $1.97 per share.
Occidental’s long-term earnings growth is projected at 32.9%. The Zacks Consensus Estimate for OXY’s 2022 earnings per share indicates year-over-year growth of 264.3%.
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Murphy Oil (MUR) Q1 Earnings Beat Estimates, Sales Miss
Murphy Oil Corporation (MUR - Free Report) posted first-quarter 2022 adjusted net income of 73 cents per share, beating the Zacks Consensus Estimate of 59 cents by 23.7%. The bottom line improved a whopping 1116.7% from the year-ago quarter’s earnings of 6 cents.
Including the one-time charges and losses, MUR recorded a net loss of 73 cents per share in the reported quarter against $1.87 loss in the prior-year quarter.
Revenues
In the quarter under review, Murphy Oil’s revenues of $553 million lagged the Zacks Consensus Estimate of $602 million by 8.2%. The top line improved 45.5% from the prior-year quarter’s $380 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 141,000 barrels of oil equivalent per day (MBOEPD) in the first quarter, comprising 53% oil and 60% liquids.
In the quarter under review, Murphy Oil’s total costs and expenses amounted to $595.1 million, down 7.2% from $641.7 million in the prior-year quarter.
MUR incurred net interest charges of $37.3 million, down 57.7% from $88.1 million in the prior-year quarter.
Murphy Oil hedged 25,000 barrels of oil per day (MBOPD) at a weighted average put price of $63.24 per barrel and a weighted average call price of $75.20 for 2022.
Financial Condition
Murphy Oil had cash and cash equivalents of $480.6 million as of Mar 31, 2022 compared with $521.2 million as of Dec 31, 2021.
Long-term debt totaled $2,466.1 million on Mar 31, 2022 compared with $2,465.4 million as of Dec 31, 2021.
Net cash provided by continuing operations activities in the first quarter of 2022 was $338.3 million compared with $237.8 million in the year-ago quarter.
Outlook
MUR reiterated its production of 164-172 MBOEPD for 2022. Murphy Oil raised 2022 planned capital expenditures to the $900-$950 million range from $840-$890 million. MUR increased its debt reduction target to the range of $600-$650 million for 2022.
Zacks Rank
Murphy Oil currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Another Release
Devon Energy Corp. (DVN - Free Report) reported first-quarter 2022 adjusted earnings of $1.88 per share, beating the Zacks Consensus Estimate of $1.75 by 8%.
Devon Energy’s long-term (three to five years) earnings growth is projected at 48.6%. The Zacks Consensus Estimate for DVN’s 2022 earnings per share indicates year-over-year growth of 139.7%.
Upcoming Releases
ConocoPhillips (COP - Free Report) is scheduled to report first-quarter 2022 results on May 5. The Zacks Consensus Estimate for earnings for the quarter is pegged at $3.24 per share.
ConocoPhillips’ long-term earnings growth is projected at 19.1%. The Zacks Consensus Estimate for COP’s 2022 earnings per share indicates year-over-year growth of 140.1%.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report first-quarter 2022 results on May 10. The Zacks Consensus Estimate for earnings for the quarter is pegged at $1.97 per share.
Occidental’s long-term earnings growth is projected at 32.9%. The Zacks Consensus Estimate for OXY’s 2022 earnings per share indicates year-over-year growth of 264.3%.