Murphy Oil Corporation (MUR - Free Report) reported first-quarter 2019 adjusted earnings of 15 cents per share, which beat the Zacks Consensus Estimate of 10 cents by 50%. However, the bottom line declined from the year-ago quarter’s level of 96 cents. On a GAAP basis, net income was 23 cents.
Revenues
In the quarter, Murphy Oil generated revenues of $591 million, which beat the Zacks Consensus Estimate of $546 million by 8.2%. The top line increased 57.7% on a year-over-year basis.
Operational Highlights
On Mar 21, 2019, the company announced the divestiture of its Malaysia assets for $2.127 billion cash. The operation will be reported as discontinued from the first quarter.
The company produced 148,000 barrels of oil equivalent per day (boe/d) in the first quarter from continuing operations.
Murphy Oil’s total costs and expenses amounted to $506.4 million, up 42.2% from $355.8 million in the year-ago quarter.
Operating income from continuing operations came in at $84.5 million, higher than $18. 9 million in the prior-year quarter.
The company incurred interest charges of $46.1 million, up from $44.5 million in the prior-year quarter.
Financial Condition
Murphy Oil had cash and cash equivalents of $286.3 million as of Mar 31, 2019 compared with $359.9 million as of Dec 31, 2018.
Net cash provided by continuing operations activities in the first quarter was $217.2 million, higher than $110.8 million in the year-ago quarter.
Guidance
Murphy Oil expects net production including non-controlling interest for second-quarter 2019 in the range of 155,000-159,000 boe/d.
The company expects 2019 capital expenditure budget in the range of $1.15- $1.35 billion.
Zacks Rank
Murphy Oil currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Oils-Energy Releases
TOTAL S.A. delivered first-quarter 2019 operating earnings of $1.02 per share (€0.90 per share), which lagged the Zacks Consensus Estimate of $1.09 by 6.4%
Anadarko Petroleum Corporation generated first-quarter 2019 adjusted earnings of 53 cents per share, which beat the Zacks Consensus Estimate of 30 cents by 76.67%.
Devon Energy Corp (DVN - Free Report) generated first-quarter 2019 adjusted earnings per share of 36 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 20%.
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Murphy Oil Corporation (MUR - Free Report) reported first-quarter 2019 adjusted earnings of 15 cents per share, which beat the Zacks Consensus Estimate of 10 cents by 50%. However, the bottom line declined from the year-ago quarter’s level of 96 cents. On a GAAP basis, net income was 23 cents.
Revenues
In the quarter, Murphy Oil generated revenues of $591 million, which beat the Zacks Consensus Estimate of $546 million by 8.2%. The top line increased 57.7% on a year-over-year basis.
Operational Highlights
On Mar 21, 2019, the company announced the divestiture of its Malaysia assets for $2.127 billion cash. The operation will be reported as discontinued from the first quarter.
The company produced 148,000 barrels of oil equivalent per day (boe/d) in the first quarter from continuing operations.
Murphy Oil’s total costs and expenses amounted to $506.4 million, up 42.2% from $355.8 million in the year-ago quarter.
Operating income from continuing operations came in at $84.5 million, higher than $18. 9 million in the prior-year quarter.
The company incurred interest charges of $46.1 million, up from $44.5 million in the prior-year quarter.
Financial Condition
Murphy Oil had cash and cash equivalents of $286.3 million as of Mar 31, 2019 compared with $359.9 million as of Dec 31, 2018.
Net cash provided by continuing operations activities in the first quarter was $217.2 million, higher than $110.8 million in the year-ago quarter.
Guidance
Murphy Oil expects net production including non-controlling interest for second-quarter 2019 in the range of 155,000-159,000 boe/d.
The company expects 2019 capital expenditure budget in the range of $1.15- $1.35 billion.
Zacks Rank
Murphy Oil currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Oils-Energy Releases
TOTAL S.A. delivered first-quarter 2019 operating earnings of $1.02 per share (€0.90 per share), which lagged the Zacks Consensus Estimate of $1.09 by 6.4%
Anadarko Petroleum Corporation generated first-quarter 2019 adjusted earnings of 53 cents per share, which beat the Zacks Consensus Estimate of 30 cents by 76.67%.
Devon Energy Corp (DVN - Free Report) generated first-quarter 2019 adjusted earnings per share of 36 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 20%.
Zacks' Top 10 Stocks for 2019
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-holds for the year?
Who wouldn't? Our annual Top 10s have beaten the market with amazing regularity. In 2018, while the market dropped -5.2%, the portfolio scored well into double-digits overall with individual stocks rising as high as +61.5%. And from 2012-2017, while the market boomed +126.3, Zacks' Top 10s reached an even more sensational +181.9%.
See Latest Stocks Today >>
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 >>
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