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Murphy Oil (MUR) Beats Q3 Earrings and Revenue Estimates
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Murphy Oil Corporation (MUR - Free Report) reported third quarter 2019 adjusted earnings of 36 cents per share, which beat the Zacks Consensus Estimate of 22 cents by 63.6%. On a GAAP basis, the company reported earnings of 84 cents compared with 32 cents in the year-ago quarter.
Revenues
In the quarter under review, Murphy Oil generated revenues of $817.1 million that beat the Zacks Consensus Estimate of $705 million by 15.9%. The top line surged 66.6% on a year-over-year basis.
Murphy Oil Corporation Price, Consensus and EPS Surprise
In the third quarter, the company completed the divestiture of its Malaysia assets, which generated cash proceeds worth $2 billion. The assets were reported under discontinued operation.
The company made debt repayment of $1.9 billion and also completed share repurchase of $500 million.
The company produced 192,000 barrels of oil equivalent per day (boe/d) in the third quarter, which includes 113,000 boe/d of oil.
Murphy Oil’s total costs and expenses amounted to $590.6 million, up 60.6% from $367.8 million in the year-ago quarter.
Operating income from continuing operations came in at $226.5 million, higher than $122.8 million in the prior-year quarter.
The company incurred interest charges of $44.9 million, up from $44.2 million in the prior-year quarter.
Financial Condition
Murphy Oil had cash and cash equivalents of $435 million as of Sep 30, 2019 compared with $847.8 million as of Sep 30, 2018.
Net cash provided by continuing operations activities in the third quarter was $497.8 million, higher than $269.7 million in the year-ago quarter.
Guidance
Murphy Oil expects net production, excluding non-controlling interest for 2019, in the range of 174,000-178,000 boe/d.
The company continues to expect 2019 capital expenditure budget in the range of $1.35- $1.45 billion.
WPX Energy reported third-quarter 2019 adjusted earnings of 9 cents per share, missing the Zacks Consensus Estimate of 11 cents by 18.2%.
CNX Resources Corporation (CNX - Free Report) reported third-quarter 2019 adjusted loss of 6 cents per share, which is narrower than the Zacks Consensus Estimate of a loss of 9 cents.
TOTAL S.A. reported third-quarter 2019 operating earnings of $1.13 per share (€1.01 per share), beating the Zacks Consensus Estimate of 99 cents by 14.1%.
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Murphy Oil (MUR) Beats Q3 Earrings and Revenue Estimates
Murphy Oil Corporation (MUR - Free Report) reported third quarter 2019 adjusted earnings of 36 cents per share, which beat the Zacks Consensus Estimate of 22 cents by 63.6%. On a GAAP basis, the company reported earnings of 84 cents compared with 32 cents in the year-ago quarter.
Revenues
In the quarter under review, Murphy Oil generated revenues of $817.1 million that beat the Zacks Consensus Estimate of $705 million by 15.9%. The top line surged 66.6% on a year-over-year basis.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil Corporation price-consensus-eps-surprise-chart | Murphy Oil Corporation Quote
Highlights of the Release
In the third quarter, the company completed the divestiture of its Malaysia assets, which generated cash proceeds worth $2 billion. The assets were reported under discontinued operation.
The company made debt repayment of $1.9 billion and also completed share repurchase of $500 million.
The company produced 192,000 barrels of oil equivalent per day (boe/d) in the third quarter, which includes 113,000 boe/d of oil.
Murphy Oil’s total costs and expenses amounted to $590.6 million, up 60.6% from $367.8 million in the year-ago quarter.
Operating income from continuing operations came in at $226.5 million, higher than $122.8 million in the prior-year quarter.
The company incurred interest charges of $44.9 million, up from $44.2 million in the prior-year quarter.
Financial Condition
Murphy Oil had cash and cash equivalents of $435 million as of Sep 30, 2019 compared with $847.8 million as of Sep 30, 2018.
Net cash provided by continuing operations activities in the third quarter was $497.8 million, higher than $269.7 million in the year-ago quarter.
Guidance
Murphy Oil expects net production, excluding non-controlling interest for 2019, in the range of 174,000-178,000 boe/d.
The company continues to expect 2019 capital expenditure budget in the range of $1.35- $1.45 billion.
Zacks Rank
Murphy Oil currently holds a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Oils-Energy Releases
WPX Energy reported third-quarter 2019 adjusted earnings of 9 cents per share, missing the Zacks Consensus Estimate of 11 cents by 18.2%.
CNX Resources Corporation (CNX - Free Report) reported third-quarter 2019 adjusted loss of 6 cents per share, which is narrower than the Zacks Consensus Estimate of a loss of 9 cents.
TOTAL S.A. reported third-quarter 2019 operating earnings of $1.13 per share (€1.01 per share), beating the Zacks Consensus Estimate of 99 cents by 14.1%.
Free: Zacks’ Single Best Stock Set to Double
Today you are invited to download our just-released Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.
Download Free Report Now >>