We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Murphy Oil (MUR) Q1 Earnings Beat Estimates, Sales Miss
Read MoreHide Full Article
Murphy Oil Corporation (MUR - Free Report) posted first-quarter 2022 adjusted net income of 73 cents per share, beating the Zacks Consensus Estimate of 59 cents by 23.7%. The bottom line improved a whopping 1116.7% from the year-ago quarter’s earnings of 6 cents.
Including the one-time charges and losses, MUR recorded a net loss of 73 cents per share in the reported quarter against $1.87 loss in the prior-year quarter.
Revenues
In the quarter under review, Murphy Oil’s revenues of $553 million lagged the Zacks Consensus Estimate of $602 million by 8.2%. The top line improved 45.5% from the prior-year quarter’s $380 million.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil produced 141,000 barrels of oil equivalent per day (MBOEPD) in the first quarter, comprising 53% oil and 60% liquids.
In the quarter under review, Murphy Oil’s total costs and expenses amounted to $595.1 million, down 7.2% from $641.7 million in the prior-year quarter.
MUR incurred net interest charges of $37.3 million, down 57.7% from $88.1 million in the prior-year quarter.
Murphy Oil hedged 25,000 barrels of oil per day (MBOPD) at a weighted average put price of $63.24 per barrel and a weighted average call price of $75.20 for 2022.
Financial Condition
Murphy Oil had cash and cash equivalents of $480.6 million as of Mar 31, 2022 compared with $521.2 million as of Dec 31, 2021.
Long-term debt totaled $2,466.1 million on Mar 31, 2022 compared with $2,465.4 million as of Dec 31, 2021.
Net cash provided by continuing operations activities in the first quarter of 2022 was $338.3 million compared with $237.8 million in the year-ago quarter.
Outlook
MUR reiterated its production of 164-172 MBOEPD for 2022. Murphy Oil raised 2022 planned capital expenditures to the $900-$950 million range from $840-$890 million. MUR increased its debt reduction target to the range of $600-$650 million for 2022.
Devon Energy Corp. (DVN - Free Report) reported first-quarter 2022 adjusted earnings of $1.88 per share, beating the Zacks Consensus Estimate of $1.75 by 8%.
Devon Energy’s long-term (three to five years) earnings growth is projected at 48.6%. The Zacks Consensus Estimate for DVN’s 2022 earnings per share indicates year-over-year growth of 139.7%.
Upcoming Releases
ConocoPhillips (COP - Free Report) is scheduled to report first-quarter 2022 results on May 5. The Zacks Consensus Estimate for earnings for the quarter is pegged at $3.24 per share.
ConocoPhillips’ long-term earnings growth is projected at 19.1%. The Zacks Consensus Estimate for COP’s 2022 earnings per share indicates year-over-year growth of 140.1%.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report first-quarter 2022 results on May 10. The Zacks Consensus Estimate for earnings for the quarter is pegged at $1.97 per share.
Occidental’s long-term earnings growth is projected at 32.9%. The Zacks Consensus Estimate for OXY’s 2022 earnings per share indicates year-over-year growth of 264.3%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Murphy Oil (MUR) Q1 Earnings Beat Estimates, Sales Miss
Murphy Oil Corporation (MUR - Free Report) posted first-quarter 2022 adjusted net income of 73 cents per share, beating the Zacks Consensus Estimate of 59 cents by 23.7%. The bottom line improved a whopping 1116.7% from the year-ago quarter’s earnings of 6 cents.
Including the one-time charges and losses, MUR recorded a net loss of 73 cents per share in the reported quarter against $1.87 loss in the prior-year quarter.
Revenues
In the quarter under review, Murphy Oil’s revenues of $553 million lagged the Zacks Consensus Estimate of $602 million by 8.2%. The top line improved 45.5% from the prior-year quarter’s $380 million.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil Corporation price-consensus-eps-surprise-chart | Murphy Oil Corporation Quote
Operational Highlights
Murphy Oil produced 141,000 barrels of oil equivalent per day (MBOEPD) in the first quarter, comprising 53% oil and 60% liquids.
In the quarter under review, Murphy Oil’s total costs and expenses amounted to $595.1 million, down 7.2% from $641.7 million in the prior-year quarter.
MUR incurred net interest charges of $37.3 million, down 57.7% from $88.1 million in the prior-year quarter.
Murphy Oil hedged 25,000 barrels of oil per day (MBOPD) at a weighted average put price of $63.24 per barrel and a weighted average call price of $75.20 for 2022.
Financial Condition
Murphy Oil had cash and cash equivalents of $480.6 million as of Mar 31, 2022 compared with $521.2 million as of Dec 31, 2021.
Long-term debt totaled $2,466.1 million on Mar 31, 2022 compared with $2,465.4 million as of Dec 31, 2021.
Net cash provided by continuing operations activities in the first quarter of 2022 was $338.3 million compared with $237.8 million in the year-ago quarter.
Outlook
MUR reiterated its production of 164-172 MBOEPD for 2022. Murphy Oil raised 2022 planned capital expenditures to the $900-$950 million range from $840-$890 million. MUR increased its debt reduction target to the range of $600-$650 million for 2022.
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.
Another Release
Devon Energy Corp. (DVN - Free Report) reported first-quarter 2022 adjusted earnings of $1.88 per share, beating the Zacks Consensus Estimate of $1.75 by 8%.
Devon Energy’s long-term (three to five years) earnings growth is projected at 48.6%. The Zacks Consensus Estimate for DVN’s 2022 earnings per share indicates year-over-year growth of 139.7%.
Upcoming Releases
ConocoPhillips (COP - Free Report) is scheduled to report first-quarter 2022 results on May 5. The Zacks Consensus Estimate for earnings for the quarter is pegged at $3.24 per share.
ConocoPhillips’ long-term earnings growth is projected at 19.1%. The Zacks Consensus Estimate for COP’s 2022 earnings per share indicates year-over-year growth of 140.1%.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report first-quarter 2022 results on May 10. The Zacks Consensus Estimate for earnings for the quarter is pegged at $1.97 per share.
Occidental’s long-term earnings growth is projected at 32.9%. The Zacks Consensus Estimate for OXY’s 2022 earnings per share indicates year-over-year growth of 264.3%.