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Murphy Oil (MUR) Q1 Earnings and Revenues Beat Estimates
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Murphy Oil Corporation (MUR - Free Report) reported first-quarter 2018 earnings of 23 cents per share, surpassing the Zacks Consensus Estimate of 22 cents. Further, the figure was significantly better than the year-ago quarter’s loss of 6 cents.
On a GAAP basis, net income per share was 97 cents, much higher than the 33 cents reported a year ago.
Revenues
In the quarter under review, Murphy Oil’s revenues came in at $585.6 million, surpassing the Zacks Consensus Estimate of $571 million by 2.79%. The top line, however, decreased 11.9% on a year-over-year basis.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil produced 88,533 barrels of oil per day (bbl/d) in the first quarter compared with 95,605 bbl/d in the prior-year quarter. It sold 87,668 bbl/d during the quarter compared with 89,887 bbl/d a year ago.
Murphy Oil produced 1,67,506 barrels of oil equivalent per day (boe/d) in the first quarter compared with 1,69,225 boe/d in the prior-year quarter, down by nearly 1%. It sold 1,67,152 boe/d during the quarter compared with 1,63,972 boe/d a year ago, up by 1.9%.
Financial Condition
Murphy Oil had cash and cash equivalents of $938.6 million as of Mar 31, 2018, compared with $965 million as of Dec 31, 2017.
Long-term debt was $2,898.9 million as of Mar 31, 2018, compared with $2,906.5 million as of Dec 31, 2017.
Net cash from operating activities in the first quarter was $278.5 million, lower than $305.5 million in the year-ago quarter.
In the reported quarter, the company’s total capital expenditure was $300.4 million compared with $214.5 million in the year-ago quarter.
Guidance
Murphy Oil expects net production for second-quarter 2018 in the range of 166-169 thousand barrels of oil equivalent per day (Mboepd) with full-year 2018 production to be in the range of 167-170 Mboepd. The company estimates total exploration expenses of $41 million in the second quarter.
The company expects 2018 capital expenditure budget to be $1,110 million.
Upcoming Releases
Wildhorse Resource Development Corporation is scheduled to report first-quarter 2018 results on May 9. The Zacks Consensus Estimate for the quarter is pegged at 37 cents.
Evolution Petroleum Corporation, Inc. (EPM - Free Report) is scheduled to report first-quarter 2018 results on May 14. The Zacks Consensus Estimate for the quarter is pegged at 12 cents.
Energen Corporation is scheduled to report first-quarter 2018 results on May 8. The Zacks Consensus Estimate for the quarter is pegged at 77 cents.
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Murphy Oil (MUR) Q1 Earnings and Revenues Beat Estimates
Murphy Oil Corporation (MUR - Free Report) reported first-quarter 2018 earnings of 23 cents per share, surpassing the Zacks Consensus Estimate of 22 cents. Further, the figure was significantly better than the year-ago quarter’s loss of 6 cents.
On a GAAP basis, net income per share was 97 cents, much higher than the 33 cents reported a year ago.
Revenues
In the quarter under review, Murphy Oil’s revenues came in at $585.6 million, surpassing the Zacks Consensus Estimate of $571 million by 2.79%. The top line, however, decreased 11.9% on a year-over-year basis.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil Corporation Price, Consensus and EPS Surprise | Murphy Oil Corporation Quote
Quarterly Highlights
Murphy Oil produced 88,533 barrels of oil per day (bbl/d) in the first quarter compared with 95,605 bbl/d in the prior-year quarter. It sold 87,668 bbl/d during the quarter compared with 89,887 bbl/d a year ago.
Murphy Oil produced 1,67,506 barrels of oil equivalent per day (boe/d) in the first quarter compared with 1,69,225 boe/d in the prior-year quarter, down by nearly 1%. It sold 1,67,152 boe/d during the quarter compared with 1,63,972 boe/d a year ago, up by 1.9%.
Financial Condition
Murphy Oil had cash and cash equivalents of $938.6 million as of Mar 31, 2018, compared with $965 million as of Dec 31, 2017.
Long-term debt was $2,898.9 million as of Mar 31, 2018, compared with $2,906.5 million as of Dec 31, 2017.
Net cash from operating activities in the first quarter was $278.5 million, lower than $305.5 million in the year-ago quarter.
In the reported quarter, the company’s total capital expenditure was $300.4 million compared with $214.5 million in the year-ago quarter.
Guidance
Murphy Oil expects net production for second-quarter 2018 in the range of 166-169 thousand barrels of oil equivalent per day (Mboepd) with full-year 2018 production to be in the range of 167-170 Mboepd. The company estimates total exploration expenses of $41 million in the second quarter.
The company expects 2018 capital expenditure budget to be $1,110 million.
Upcoming Releases
Wildhorse Resource Development Corporation is scheduled to report first-quarter 2018 results on May 9. The Zacks Consensus Estimate for the quarter is pegged at 37 cents.
Evolution Petroleum Corporation, Inc. (EPM - Free Report) is scheduled to report first-quarter 2018 results on May 14. The Zacks Consensus Estimate for the quarter is pegged at 12 cents.
Energen Corporation is scheduled to report first-quarter 2018 results on May 8. The Zacks Consensus Estimate for the quarter is pegged at 77 cents.
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.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Click here to see the 5 stocks >>