Murphy Oil Corporation (MUR - Free Report) incurred fourth-quarter 2020 adjusted net loss of 9 cents per share, narrower than the Zacks Consensus Estimate of a loss of 10 cents. However, the company recorded earnings of 16 cents per share in the year-ago quarter.
Revenues
In the quarter under review, Murphy Oil’s revenues of $330.2 million missed the Zacks Consensus Estimate of $470 million by 29.7%. Also, the top line fell 48.2% from the prior-year quarter’s $637.5 million.
Operational Highlights
The company produced 149,000 barrels of oil equivalent per day (MBOEPD) in the fourth quarter comprising 55% of oil and 62% of liquids.
In the quarter under review, Murphy Oil’s total costs and expenses amounted to $485.8 million, down 27.9% from $674.2 million in the prior-year quarter.
Operating loss from continuing operations came in at $155.6 million compared with $36.7 million in the prior-year quarter.
The company incurred interest charges of $44.5 million, down 40% from $74.2 million in the prior-year quarter.
Murphy Oil has hedged 45,000 barrels of oil per day (Bbl/d) at an average price of $42.77 per barrel for 2021. Also, for 2022, it has hedged 20,000 Bbl/d at an average price of $44.88 per barrel.
Financial Condition
Murphy Oil had cash and cash equivalents of $310.6 million as of Dec 31, 2020 compared with $306.8 million as of Dec 31, 2019. At the end of the year, total liquidity of the company was $1.7 billion.
Long-term debt including capital lease obligation summed $2,988.1 million on Dec 31, 2020 compared with $2,803.4 million as of Dec 31, 2019.
Net cash provided by operating activities at the end of 2020 was $802.7 million compared with $1,489.1 million at the end of 2019.
Outlook
The company expects net production to be 155-165 MBOEPD for 2021. It anticipates its current-year planned capital expenditures in the range of $675-$725 million excluding the Gulf of Mexico’s noncontrolling interest.
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.
Upcoming Releases
Devon Energy Corp. (DVN - Free Report) is scheduled to report fourth-quarter 2020 results on Feb 16. The Zacks Consensus Estimate for earnings is pegged at 4 cents per share.
Diamondback Energy, Inc. (FANG - Free Report) is scheduled to report fourth-quarter 2020 results on Feb 22. The Zacks Consensus Estimate for earnings is pegged at 77 cents per share.
Magnolia Oil & Gas Corp (MGY - Free Report) is scheduled to report fourth-quarter 2020 results on Feb 23. The Zacks Consensus Estimate for earnings is pegged at 10 cents per share.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Murphy Oil Corporation (MUR - Free Report) incurred fourth-quarter 2020 adjusted net loss of 9 cents per share, narrower than the Zacks Consensus Estimate of a loss of 10 cents. However, the company recorded earnings of 16 cents per share in the year-ago quarter.
Revenues
In the quarter under review, Murphy Oil’s revenues of $330.2 million missed the Zacks Consensus Estimate of $470 million by 29.7%. Also, the top line fell 48.2% from the prior-year quarter’s $637.5 million.
Operational Highlights
The company produced 149,000 barrels of oil equivalent per day (MBOEPD) in the fourth quarter comprising 55% of oil and 62% of liquids.
In the quarter under review, Murphy Oil’s total costs and expenses amounted to $485.8 million, down 27.9% from $674.2 million in the prior-year quarter.
Operating loss from continuing operations came in at $155.6 million compared with $36.7 million in the prior-year quarter.
The company incurred interest charges of $44.5 million, down 40% from $74.2 million in the prior-year quarter.
Murphy Oil has hedged 45,000 barrels of oil per day (Bbl/d) at an average price of $42.77 per barrel for 2021. Also, for 2022, it has hedged 20,000 Bbl/d at an average price of $44.88 per barrel.
Financial Condition
Murphy Oil had cash and cash equivalents of $310.6 million as of Dec 31, 2020 compared with $306.8 million as of Dec 31, 2019. At the end of the year, total liquidity of the company was $1.7 billion.
Long-term debt including capital lease obligation summed $2,988.1 million on Dec 31, 2020 compared with $2,803.4 million as of Dec 31, 2019.
Net cash provided by operating activities at the end of 2020 was $802.7 million compared with $1,489.1 million at the end of 2019.
Outlook
The company expects net production to be 155-165 MBOEPD for 2021. It anticipates its current-year planned capital expenditures in the range of $675-$725 million excluding the Gulf of Mexico’s noncontrolling interest.
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.
Upcoming Releases
Devon Energy Corp. (DVN - Free Report) is scheduled to report fourth-quarter 2020 results on Feb 16. The Zacks Consensus Estimate for earnings is pegged at 4 cents per share.
Diamondback Energy, Inc. (FANG - Free Report) is scheduled to report fourth-quarter 2020 results on Feb 22. The Zacks Consensus Estimate for earnings is pegged at 77 cents per share.
Magnolia Oil & Gas Corp (MGY - Free Report) is scheduled to report fourth-quarter 2020 results on Feb 23. The Zacks Consensus Estimate for earnings is pegged at 10 cents per share.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on DVN - FREE
Get the latest research report on MUR - FREE
Get the latest research report on FANG - FREE
Get the latest research report on MGY - FREE