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.
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%.
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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.
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 >>
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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