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Murphy Oil Corporation (MUR - Free Report) posted a second-quarter 2022 adjusted net income of $1.93 per share, beating the Zacks Consensus Estimate of $1.42 by 35.9%. The bottom line improved a whopping 227.1% from the year-ago quarter’s earnings of 59 cents.
Revenues
In the quarter under review, Murphy Oil’s revenues of $1,101.1 million beat the Zacks Consensus Estimate of $812 million by 35.6%. The top line improved 100.3% from the prior-year quarter’s $549.6 million.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil produced 164,000 barrels of oil equivalent per day (MBOEPD) in the second quarter, comprising 55% of oil and 62% of liquids.
In the quarter under review, Murphy Oil’s total costs and expenses amounted to $549.5 million, up 1.8% from $539.9 million in the prior-year quarter.
MUR incurred net interest charges of $41.4 million, down 4.6% from $43.4 million in the prior-year quarter.
Murphy Oil hedged 25,000 barrels of oil per day 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 $432.1 million as of Jun 30, 2022 compared with $521.2 million as of Dec 31, 2021.
Long-term debt totaled $2,267.9 million on Jun 30, 2022 compared with $2,465.4 million as of Dec 31, 2021.
Net cash provided by continuing operation activities in the second quarter of 2022 was $620.9 million compared with $448.5 million in the year-ago quarter.
Guidance
MUR raised its production guidance to the 168-176 MBOEPD band for 2022 from the 164-172 MBOEPD band. Murphy Oil reaffirmed 2022 planned capital expenditures in the range of $900-$950 million. The company reiterated its debt reduction target to the range of $600-$650 million for 2022.
Murphy Oil expects the year-end total debt of nearly $1.8 billion and year-end cash of nearly $450 million. MUR is expecting fourth-quarter production in the range of 194-202 MBOEPD.
Devon Energy Corp. (DVN - Free Report) reported second-quarter 2022 adjusted earnings of $2.59 per share, beating the Zacks Consensus Estimate of $2.38 by 8.8%.
The Zacks Consensus Estimate for DVN’s 2022 earnings implies year-over-year growth of 154.7%. Devon Energy witnessed an average surprise of 12.3% in the last four reported quarters.
CNX Resources Corporation (CNX - Free Report) reported second-quarter 2022 adjusted earnings of 61 cents per share, which missed the Zacks Consensus Estimate of 79 cents by 22.8%.
CNX Resources’ long-term (three to five years) earnings growth is currently pegged at 32.1%. The Zacks Consensus Estimate for CNX’s 2022 earnings implies year-over-year growth of 77.6%.
TotalEnergies SE (TTE - Free Report) reported second-quarter 2022 operating earnings of $3.75 (€3.50) per share, meeting the Zacks Consensus Estimate.
The Zacks Consensus Estimate for TTE’s 2022 earnings implies year-over-year growth of 107%. TotalEnergies posted an average surprise of 14.6% in the last four reported quarters.
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Murphy Oil (MUR) Q2 Earnings Beat Estimates, Sales Rise Y/Y
Murphy Oil Corporation (MUR - Free Report) posted a second-quarter 2022 adjusted net income of $1.93 per share, beating the Zacks Consensus Estimate of $1.42 by 35.9%. The bottom line improved a whopping 227.1% from the year-ago quarter’s earnings of 59 cents.
Revenues
In the quarter under review, Murphy Oil’s revenues of $1,101.1 million beat the Zacks Consensus Estimate of $812 million by 35.6%. The top line improved 100.3% from the prior-year quarter’s $549.6 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 164,000 barrels of oil equivalent per day (MBOEPD) in the second quarter, comprising 55% of oil and 62% of liquids.
In the quarter under review, Murphy Oil’s total costs and expenses amounted to $549.5 million, up 1.8% from $539.9 million in the prior-year quarter.
MUR incurred net interest charges of $41.4 million, down 4.6% from $43.4 million in the prior-year quarter.
Murphy Oil hedged 25,000 barrels of oil per day 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 $432.1 million as of Jun 30, 2022 compared with $521.2 million as of Dec 31, 2021.
Long-term debt totaled $2,267.9 million on Jun 30, 2022 compared with $2,465.4 million as of Dec 31, 2021.
Net cash provided by continuing operation activities in the second quarter of 2022 was $620.9 million compared with $448.5 million in the year-ago quarter.
Guidance
MUR raised its production guidance to the 168-176 MBOEPD band for 2022 from the 164-172 MBOEPD band. Murphy Oil reaffirmed 2022 planned capital expenditures in the range of $900-$950 million. The company reiterated its debt reduction target to the range of $600-$650 million for 2022.
Murphy Oil expects the year-end total debt of nearly $1.8 billion and year-end cash of nearly $450 million. MUR is expecting fourth-quarter production in the range of 194-202 MBOEPD.
Zacks Rank
Murphy Oil currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Devon Energy Corp. (DVN - Free Report) reported second-quarter 2022 adjusted earnings of $2.59 per share, beating the Zacks Consensus Estimate of $2.38 by 8.8%.
The Zacks Consensus Estimate for DVN’s 2022 earnings implies year-over-year growth of 154.7%. Devon Energy witnessed an average surprise of 12.3% in the last four reported quarters.
CNX Resources Corporation (CNX - Free Report) reported second-quarter 2022 adjusted earnings of 61 cents per share, which missed the Zacks Consensus Estimate of 79 cents by 22.8%.
CNX Resources’ long-term (three to five years) earnings growth is currently pegged at 32.1%. The Zacks Consensus Estimate for CNX’s 2022 earnings implies year-over-year growth of 77.6%.
TotalEnergies SE (TTE - Free Report) reported second-quarter 2022 operating earnings of $3.75 (€3.50) per share, meeting the Zacks Consensus Estimate.
The Zacks Consensus Estimate for TTE’s 2022 earnings implies year-over-year growth of 107%. TotalEnergies posted an average surprise of 14.6% in the last four reported quarters.