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Murphy Oil Q3 Earnings Lag Estimates, Revenues Decline Y/Y
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Murphy Oil Corporation (MUR - Free Report) delivered third-quarter 2024 adjusted net earnings of 74 cents per share, lagging the Zacks Consensus Estimate of 76 cents by 2.6%. The bottom line decreased 53.4% from the year-ago quarter’s $1.59.
GAAP earnings were 93 cents per share compared with $1.63 in the year-ago quarter. The difference between GAAP and operating earnings was due to discontinued operations and other items affecting comparability between periods.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Revenues of Murphy Oil
Murphy Oil’s revenues were $758.3 million, which marginally surpassed the Zacks Consensus Estimate of $757 million by 0.2%.
The top line declined nearly 30% from the prior-year quarter’s $959.7 million. This year-over-year decline was due to lower contribution from the Gulf of Mexico, mostly driven by downtime at the Samurai field, as well as hurricane-related downtime. Contribution from Eagle Ford Shale decreased due to the natural decline of wells and fewer wells brought online. Lower commodity pricing across all products also contributed to the lower revenues during the period.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil produced 184,567 barrels of oil equivalent per day (BOE/D) in third-quarter 2024 (excluding non-controlling interest in GOM) compare with 201,705 BOE/D in third-quarter 2023. Out of the total third-quarter 2024 production, 47.6% was oil. MUR’s third-quarter production was near the middle of the expected production volume of 181,500-1,89,500 BOE/D.
Total costs and expenses were $579.3 million, down 0.5% from $582.1 million a year ago.
The company incurred net interest charges of $21.3 million, down nearly 28.8% from $29.8 million in the prior-year quarter.
MUR reduced debt worth $500 million in 2023 and is on track to further reduce its outstanding debt by $300 million in 2024. The company is working to achieve its long-term debt reduction target of $1 billion.
Murphy Oil continues to buyback shares and increase the value of its shareholders. In the third quarter, it repurchased $194 million of stock or 5.4 million shares at an average price of $36.12 per share. The company currently has $650 million remaining under its share repurchase authorization.
Financial Condition of Murphy Oil
The company had cash and cash equivalents of $271.2 million as of Sept. 30, 2024, compared with $317.1 million as of Dec. 31, 2023. It had $1.1 billion of liquidity as of Sept. 30, 2024.
Long-term debt totaled $1.27 billion as of Sept. 30, 2024, compared with $1.32 billion as of Dec. 31, 2023.
Net cash provided by continuing operational activities in the first-nine months of 2024 was $1.29 billion compared with $1.2 billion in the same period of 2023.
MUR’s Q4 and 2024 Guidance
MUR expects its fourth-quarter 2024 production, excluding NCI, in the range of 181,500-189,500 BOE/D, out of which 51% is expected to be oil.
The company reiterated 2024 capital expenditures in the band of $920-$1,020 million.
MUR revised its 2024 production in the range of 180,000-182,000 BOE/D from the earlier guidance of 180,000-188,000 BOE/D, out of which 50% is expected to be oil.
Devon Energy Corp. (DVN - Free Report) reported third-quarter 2024 earnings per share (EPS) of $2.51, outpacing the Zacks Consensus Estimate of $2.47 by 1.6%.
The Zacks Consensus Estimate for DVN’s 2024 earnings is pegged at $4.93 per share, implying a decline of 7.9% in the past 60 days. The stock delivered an average earnings surprise of 4.99% in the trailing four quarters.
CNX Resources Corporation (CNX - Free Report) reported third-quarter 2024 operating earnings of 41 cents per share, which beat the Zacks Consensus Estimate of 32 cents by 28.1%. The bottom line also increased 17.1% from 35 cents in the year-ago quarter.
CNX’s long-term earnings growth rate is currently pinned at 15.31%. The Zacks Consensus Estimate for 2024 EPS is pegged at $1.56, indicating a year-over-year decline of 17.89%.
Halliburton (HAL - Free Report) posted quarterly earnings of 73 cents per share, missing the Zacks Consensus Estimate of 75 cents per share. The figure compares with earnings of 79 cents per share a year ago.
HAL’s long-term earnings growth rate is currently pinned at 4.87%. The Zacks Consensus Estimate for 2024 EPS is pegged at $3.12, indicating a year-over-year decline of 0.32%.
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Murphy Oil Q3 Earnings Lag Estimates, Revenues Decline Y/Y
Murphy Oil Corporation (MUR - Free Report) delivered third-quarter 2024 adjusted net earnings of 74 cents per share, lagging the Zacks Consensus Estimate of 76 cents by 2.6%. The bottom line decreased 53.4% from the year-ago quarter’s $1.59.
GAAP earnings were 93 cents per share compared with $1.63 in the year-ago quarter. The difference between GAAP and operating earnings was due to discontinued operations and other items affecting comparability between periods.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Revenues of Murphy Oil
Murphy Oil’s revenues were $758.3 million, which marginally surpassed the Zacks Consensus Estimate of $757 million by 0.2%.
The top line declined nearly 30% from the prior-year quarter’s $959.7 million. This year-over-year decline was due to lower contribution from the Gulf of Mexico, mostly driven by downtime at the Samurai field, as well as hurricane-related downtime. Contribution from Eagle Ford Shale decreased due to the natural decline of wells and fewer wells brought online. Lower commodity pricing across all products also contributed to the lower revenues during the period.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil Corporation price-consensus-eps-surprise-chart | Murphy Oil Corporation Quote
Murphy Oil’s Operational Highlights
Murphy Oil produced 184,567 barrels of oil equivalent per day (BOE/D) in third-quarter 2024 (excluding non-controlling interest in GOM) compare with 201,705 BOE/D in third-quarter 2023. Out of the total third-quarter 2024 production, 47.6% was oil. MUR’s third-quarter production was near the middle of the expected production volume of 181,500-1,89,500 BOE/D.
Total costs and expenses were $579.3 million, down 0.5% from $582.1 million a year ago.
The company incurred net interest charges of $21.3 million, down nearly 28.8% from $29.8 million in the prior-year quarter.
MUR reduced debt worth $500 million in 2023 and is on track to further reduce its outstanding debt by $300 million in 2024. The company is working to achieve its long-term debt reduction target of $1 billion.
Murphy Oil continues to buyback shares and increase the value of its shareholders. In the third quarter, it repurchased $194 million of stock or 5.4 million shares at an average price of $36.12 per share. The company currently has $650 million remaining under its share repurchase authorization.
Financial Condition of Murphy Oil
The company had cash and cash equivalents of $271.2 million as of Sept. 30, 2024, compared with $317.1 million as of Dec. 31, 2023. It had $1.1 billion of liquidity as of Sept. 30, 2024.
Long-term debt totaled $1.27 billion as of Sept. 30, 2024, compared with $1.32 billion as of Dec. 31, 2023.
Net cash provided by continuing operational activities in the first-nine months of 2024 was $1.29 billion compared with $1.2 billion in the same period of 2023.
MUR’s Q4 and 2024 Guidance
MUR expects its fourth-quarter 2024 production, excluding NCI, in the range of 181,500-189,500 BOE/D, out of which 51% is expected to be oil.
The company reiterated 2024 capital expenditures in the band of $920-$1,020 million.
MUR revised its 2024 production in the range of 180,000-182,000 BOE/D from the earlier guidance of 180,000-188,000 BOE/D, out of which 50% is expected to be oil.
Zacks Rank of Murphy Oil
Murphy Oil currently has a Zacks Rank #4 (Sell).
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 2024 earnings per share (EPS) of $2.51, outpacing the Zacks Consensus Estimate of $2.47 by 1.6%.
The Zacks Consensus Estimate for DVN’s 2024 earnings is pegged at $4.93 per share, implying a decline of 7.9% in the past 60 days. The stock delivered an average earnings surprise of 4.99% in the trailing four quarters.
CNX Resources Corporation (CNX - Free Report) reported third-quarter 2024 operating earnings of 41 cents per share, which beat the Zacks Consensus Estimate of 32 cents by 28.1%. The bottom line also increased 17.1% from 35 cents in the year-ago quarter.
CNX’s long-term earnings growth rate is currently pinned at 15.31%. The Zacks Consensus Estimate for 2024 EPS is pegged at $1.56, indicating a year-over-year decline of 17.89%.
Halliburton (HAL - Free Report) posted quarterly earnings of 73 cents per share, missing the Zacks Consensus Estimate of 75 cents per share. The figure compares with earnings of 79 cents per share a year ago.
HAL’s long-term earnings growth rate is currently pinned at 4.87%. The Zacks Consensus Estimate for 2024 EPS is pegged at $3.12, indicating a year-over-year decline of 0.32%.