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Murphy Oil (MUR) Posts Wider-than-Expected Loss in Q1
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Murphy Oil Corporation (MUR - Free Report) reported first-quarter 2017 loss of 6 cents per share, wider than the Zacks Consensus Estimate of a loss of 5 cents. However, the results fared significantly better than the year-ago quarter’s loss of 66 cents. The improvement was primarily driven by the recovery in realized sales prices.
On a GAAP basis, net gain per share was 34 cents, compared with a loss of $1.16 a year ago. The variance between the adjusted and GAAP figures was primarily due to mark-to-market loss on crude oil derivative contracts, foreign exchange gains and redetermination expenses.
Revenues
In the quarter under review, Murphy Oil’s revenues came in at $664.6 million, beating the Zacks Consensus Estimate of $532 million by 24.9%. On a year-over-year basis, revenues increased 54.5%.
Quarterly Highlights
Murphy Oil produced 169,224 barrels of oil equivalent per day (BOE/d) in the first quarter, within the guided range of 166,000–170,000 BOE/d. It sold 163,972 barrels of oil equivalent per day, during the first quarter.
In the first quarter, Murphy Oil closed the divestiture of Canadian heavy oil asset generating a $132 million pre-tax gain.
The company also executed a planned quarterly Kaybob Duvernay appraisal program by drilling five wells, along with buying three wells in operation.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil had cash and cash equivalents of $875.9 million as of Mar 31, 2017, compared with $872.8 million as of Dec 31, 2016.
Long-term debt was $2,421.6 million as of Mar 31, 2017, compared with $2,422.8 million as of Dec 31, 2016.
Net cash from operating activities in the first quarter was $305.5 million, remarkably higher than $43.3 million in the year-ago quarter.
In the reported quarter, the company’s total capital expenditure from continuing operations was $214.5 million compared with $144.9 million in the year-ago quarter.
Guidance
Murphy Oil expects second-quarter and full-year 2017 total net production of 160,000–164,000 BOE/d and 162,000–168,000 BOE/d, respectively. Total net sales for second-quarter 2017 are expected in the band of 156,000-160,000 BOE/d.
The company estimates total exploration expenses of $50.2 million in second-quarter 2017.
The company has a 2017 capital expenditure budget of $890 million.
Upcoming Peer Releases
Penn Virginia Corporation is scheduled to report first-quarter 2017 earnings on May 9 and the Zacks Consensus Estimate for earnings is pegged at 51 cents.
Geopark Ltd (GPRK - Free Report) is scheduled to report first-quarter 2017 earnings on May 8 and the Zacks Consensus Estimate for earnings is pegged at a loss of 4 cent.
Abraxas Petroleum Corporation (AXAS - Free Report) is expected to report first-quarter 2017 earnings on May 10. The Zacks Consensus Estimate for earnings is 2 cents.
Zacks Rank
Murphy Oil currently carries a Zacks Rank #4 (Sell).
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Murphy Oil (MUR) Posts Wider-than-Expected Loss in Q1
Murphy Oil Corporation (MUR - Free Report) reported first-quarter 2017 loss of 6 cents per share, wider than the Zacks Consensus Estimate of a loss of 5 cents. However, the results fared significantly better than the year-ago quarter’s loss of 66 cents. The improvement was primarily driven by the recovery in realized sales prices.
On a GAAP basis, net gain per share was 34 cents, compared with a loss of $1.16 a year ago. The variance between the adjusted and GAAP figures was primarily due to mark-to-market loss on crude oil derivative contracts, foreign exchange gains and redetermination expenses.
Revenues
In the quarter under review, Murphy Oil’s revenues came in at $664.6 million, beating the Zacks Consensus Estimate of $532 million by 24.9%. On a year-over-year basis, revenues increased 54.5%.
Quarterly Highlights
Murphy Oil produced 169,224 barrels of oil equivalent per day (BOE/d) in the first quarter, within the guided range of 166,000–170,000 BOE/d. It sold 163,972 barrels of oil equivalent per day, during the first quarter.
In the first quarter, Murphy Oil closed the divestiture of Canadian heavy oil asset generating a $132 million pre-tax gain.
The company also executed a planned quarterly Kaybob Duvernay appraisal program by drilling five wells, along with buying three wells in operation.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil Corporation Price, Consensus and EPS Surprise | Murphy Oil Corporation Quote
Financial Condition
Murphy Oil had cash and cash equivalents of $875.9 million as of Mar 31, 2017, compared with $872.8 million as of Dec 31, 2016.
Long-term debt was $2,421.6 million as of Mar 31, 2017, compared with $2,422.8 million as of Dec 31, 2016.
Net cash from operating activities in the first quarter was $305.5 million, remarkably higher than $43.3 million in the year-ago quarter.
In the reported quarter, the company’s total capital expenditure from continuing operations was $214.5 million compared with $144.9 million in the year-ago quarter.
Guidance
Murphy Oil expects second-quarter and full-year 2017 total net production of 160,000–164,000 BOE/d and 162,000–168,000 BOE/d, respectively. Total net sales for second-quarter 2017 are expected in the band of 156,000-160,000 BOE/d.
The company estimates total exploration expenses of $50.2 million in second-quarter 2017.
The company has a 2017 capital expenditure budget of $890 million.
Upcoming Peer Releases
Penn Virginia Corporation is scheduled to report first-quarter 2017 earnings on May 9 and the Zacks Consensus Estimate for earnings is pegged at 51 cents.
Geopark Ltd (GPRK - Free Report) is scheduled to report first-quarter 2017 earnings on May 8 and the Zacks Consensus Estimate for earnings is pegged at a loss of 4 cent.
Abraxas Petroleum Corporation (AXAS - Free Report) is expected to report first-quarter 2017 earnings on May 10. The Zacks Consensus Estimate for earnings is 2 cents.
Zacks Rank
Murphy Oil currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>