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Murphy Oil Corporation (MUR - Free Report) reported third-quarter 2017 loss of 3 cents per share, narrower than the Zacks Consensus Estimate loss of 14 cents. Further, the number was significantly better than the year-ago quarter’s loss of 18 cents.
On a GAAP basis, net loss per share was 38 cents, compared with loss of 9 cents a year ago.
Revenues
In the quarter under review, Murphy Oil’s revenues came in at $498.3 million, beating the Zacks Consensus Estimate of $473 million by 5.3%. Moreover, revenues increased 2.6% on a year-over-year basis.
Quarterly Highlights
Murphy Oil produced 153,842 barrels of oil equivalent per day (BOE/d) in the third quarter, compared with 169,844 BOE/d in the prior year. It sold 161,730 barrels of oil equivalent per day, during the third quarter compared with 169,977 BOE/d in the prior-year quarter.
In the third quarter, Murphy Oil achieved decade-low lease operating expense of $7.58 per barrels of oil equivalent, surpassing second-quarter 2017 level. The company disclosed low-cost onshore foray into Midland Basin,and is currently testing Lower Spraberry and Wolfcamp B zones. Further, it entered four exploration blocks in the Sergipe-Alagoas Basin Offshore Brazil.
Additionally, the company acquired Gulf of Mexico Clipper Field, integrated into the company’s operated Front Runner facility during the quarter.
Financial Condition
Murphy Oil had cash and cash equivalents of $997.2 million as of Sep 30, 2017, compared with $872.8 million as of Dec 31, 2016.
Long-term debt was $2,908.3 million as of Sep 30, 2017, compared with $2,422.8 million as of Dec 31, 2016.
Net cash from operating activities in the third quarter was $228.1 million, higher than approximately $167 million in the year-ago quarter.
In the reported quarter, the company’s total capital expenditure from continuing operations was $286.7 million compared with $171.7 million in the year-ago quarter.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil expects fourth-quarter 2017 total net production in the range of 170,000-172,000 BOE/d. It has altered full year 2017 guidance to 164,000-165,000 BOE/d from the prior guidance range of 163,000-167,000 BOE/d. Total net sales for fourth-quarter 2017 are expected in the band of 160,000-164,000 BOE/d.
The company estimates total exploration expenses of $45 million in fourth-quarter 2017.
The company reaffirmed 2017 capital expenditure budget of $940 million.
Peer Releases
Anadarko Petroleum Corporation reported third-quarter 2017 adjusted loss of 77 cents per share, much wider than the Zacks Consensus Estimate of a loss of 56 cents.
Range Resource Corporation (RRC - Free Report) reported third-quarter earnings of 5 cents, surpassing the Zacks Consensus Estimate of 2 cents by 150.0%.
Noble Energy, Inc. incurred adjusted loss of 2 cents per share inthird-quarter 2017, narrower than the Zacks Consensus Estimate of a loss of 13 cents.
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Murphy Oil (MUR) Q3 Earnings & Revenues Beat, Trims View
Murphy Oil Corporation (MUR - Free Report) reported third-quarter 2017 loss of 3 cents per share, narrower than the Zacks Consensus Estimate loss of 14 cents. Further, the number was significantly better than the year-ago quarter’s loss of 18 cents.
On a GAAP basis, net loss per share was 38 cents, compared with loss of 9 cents a year ago.
Revenues
In the quarter under review, Murphy Oil’s revenues came in at $498.3 million, beating the Zacks Consensus Estimate of $473 million by 5.3%. Moreover, revenues increased 2.6% on a year-over-year basis.
Quarterly Highlights
Murphy Oil produced 153,842 barrels of oil equivalent per day (BOE/d) in the third quarter, compared with 169,844 BOE/d in the prior year. It sold 161,730 barrels of oil equivalent per day, during the third quarter compared with 169,977 BOE/d in the prior-year quarter.
In the third quarter, Murphy Oil achieved decade-low lease operating expense of $7.58 per barrels of oil equivalent, surpassing second-quarter 2017 level. The company disclosed low-cost onshore foray into Midland Basin,and is currently testing Lower Spraberry and Wolfcamp B zones. Further, it entered four exploration blocks in the Sergipe-Alagoas Basin Offshore Brazil.
Additionally, the company acquired Gulf of Mexico Clipper Field, integrated into the company’s operated Front Runner facility during the quarter.
Financial Condition
Murphy Oil had cash and cash equivalents of $997.2 million as of Sep 30, 2017, compared with $872.8 million as of Dec 31, 2016.
Long-term debt was $2,908.3 million as of Sep 30, 2017, compared with $2,422.8 million as of Dec 31, 2016.
Net cash from operating activities in the third quarter was $228.1 million, higher than approximately $167 million in the year-ago quarter.
In the reported quarter, the company’s total capital expenditure from continuing operations was $286.7 million compared with $171.7 million in the year-ago quarter.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil Corporation Price, Consensus and EPS Surprise | Murphy Oil Corporation Quote
Guidance
Murphy Oil expects fourth-quarter 2017 total net production in the range of 170,000-172,000 BOE/d. It has altered full year 2017 guidance to 164,000-165,000 BOE/d from the prior guidance range of 163,000-167,000 BOE/d. Total net sales for fourth-quarter 2017 are expected in the band of 160,000-164,000 BOE/d.
The company estimates total exploration expenses of $45 million in fourth-quarter 2017.
The company reaffirmed 2017 capital expenditure budget of $940 million.
Peer Releases
Anadarko Petroleum Corporation reported third-quarter 2017 adjusted loss of 77 cents per share, much wider than the Zacks Consensus Estimate of a loss of 56 cents.
Range Resource Corporation (RRC - Free Report) reported third-quarter earnings of 5 cents, surpassing the Zacks Consensus Estimate of 2 cents by 150.0%.
Noble Energy, Inc. incurred adjusted loss of 2 cents per share inthird-quarter 2017, narrower than the Zacks Consensus Estimate of a loss of 13 cents.
Zacks Rank
Murphy Oil currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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