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Murphy Oil (MUR) Q1 Earnings and Revenues Surpass Estimates
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Murphy Oil Corporation (MUR - Free Report) posted first-quarter 2023 adjusted net income of $1.24 per share, beating the Zacks Consensus Estimate of 95 cents by 30.5%. The bottom line improved a whopping 69.9% from the year-ago quarter’s earnings of 73 cents.
Revenues
In the quarter under review, Murphy Oil’s revenues of $842 million beat the Zacks Consensus Estimate of $754 million by 11.6%. The top line improved by 52.2% from the prior-year quarter’s $553 million.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil produced 172,508 barrels of oil equivalent per day (BOE/D) in the first quarter (excluding noncontrolling interest in GOM), compared with 141,007 BOE/D in first-quarter 2022. Out of the total first-quarter 2023 production, 55% was oil. MUR’s first-quarter production exceeded the upper end of expected production volumes in the range of 161,500-1,69,000 BOE/D. First-quarter volumes were driven by a strong performance from the Khaleesi, Mormont and Samurai fields in the Gulf of Mexico.
In the quarter under review, Murphy Oil’s total costs and expenses amounted to $544.9 million, down 8.4% from $595.1 million in the prior-year quarter.
Murphy Oil incurred net interest charges of $28.9 million, down 22.5% from $37.3 million in the prior-year quarter. Murphy Oil achieved its debt reduction goal of $650 million in 2022 through senior note redemptions, partial tender and open market transactions, which lowered annual interest expenses. The company aims to lower its debts further by another $500 million in 2023.
Financial Condition
Murphy Oil had cash and cash equivalents of $312.4 million as of Mar 31, 2023 compared with $492 million as of Dec 31, 2022.
Long-term debt totaled $1,822.9 million on Mar 31, 2023 compared with $1,822.5 million as of Dec 31, 2022.
Net cash used by continuing operational activities in the first three months of 2023 was $345.3 million compared with $244.9 million used in the first three months of 2022.
Guidance
MUR expects its second-quarter 2023 production guidance, excluding NCI, in the range of 173,000-181,000 BOE/D band.
Murphy Oil reiterates 2023 capital expenditures in the range of $875- $1,025 million. MUR is expecting 2023 production volumes in the range of 1,75,500–1,83,500 BOE/D, excluding NCI.
Devon Energy Corp. (DVN - Free Report) is going to release first-quarter 2023 earnings on May 8, 2023. The Zacks Consensus Estimate for earnings per share is pegged at $1.42, reflecting a year-over-year decline of 24.5%.
Devon Energy’s long-term earnings growth is projected at 51.5%. The Zacks Consensus Estimate for 2023 earnings per share indicates a year-over-year decline of 21.1%.
Permian Resources Corporation (PR - Free Report) is going to post first-quarter earnings on May 8, 2023. The Zacks Consensus Estimate for earnings per share is pegged at 39 cents, reflecting a year-over-year decline of 5.4%.
The Zacks Consensus Estimate for 2023 earnings per share indicates a year-over-year decline of 29.5%.
Occidental Petroleum (OXY - Free Report) is going to release first-quarter 2023 earnings on May 9, 2023. The Zacks Consensus Estimate for earnings per share is pegged at $1.30, reflecting a year-over-year decline of 38.7%.
Occidental Petroleum ’s long-term earnings growth is projected at 21.99%. The Zacks Consensus Estimate for 2023 earnings per share indicates a year-over-year decline of 37.9%.
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Murphy Oil (MUR) Q1 Earnings and Revenues Surpass Estimates
Murphy Oil Corporation (MUR - Free Report) posted first-quarter 2023 adjusted net income of $1.24 per share, beating the Zacks Consensus Estimate of 95 cents by 30.5%. The bottom line improved a whopping 69.9% from the year-ago quarter’s earnings of 73 cents.
Revenues
In the quarter under review, Murphy Oil’s revenues of $842 million beat the Zacks Consensus Estimate of $754 million by 11.6%. The top line improved by 52.2% from the prior-year quarter’s $553 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 172,508 barrels of oil equivalent per day (BOE/D) in the first quarter (excluding noncontrolling interest in GOM), compared with 141,007 BOE/D in first-quarter 2022. Out of the total first-quarter 2023 production, 55% was oil. MUR’s first-quarter production exceeded the upper end of expected production volumes in the range of 161,500-1,69,000 BOE/D. First-quarter volumes were driven by a strong performance from the Khaleesi, Mormont and Samurai fields in the Gulf of Mexico.
In the quarter under review, Murphy Oil’s total costs and expenses amounted to $544.9 million, down 8.4% from $595.1 million in the prior-year quarter.
Murphy Oil incurred net interest charges of $28.9 million, down 22.5% from $37.3 million in the prior-year quarter. Murphy Oil achieved its debt reduction goal of $650 million in 2022 through senior note redemptions, partial tender and open market transactions, which lowered annual interest expenses. The company aims to lower its debts further by another $500 million in 2023.
Financial Condition
Murphy Oil had cash and cash equivalents of $312.4 million as of Mar 31, 2023 compared with $492 million as of Dec 31, 2022.
Long-term debt totaled $1,822.9 million on Mar 31, 2023 compared with $1,822.5 million as of Dec 31, 2022.
Net cash used by continuing operational activities in the first three months of 2023 was $345.3 million compared with $244.9 million used in the first three months of 2022.
Guidance
MUR expects its second-quarter 2023 production guidance, excluding NCI, in the range of 173,000-181,000 BOE/D band.
Murphy Oil reiterates 2023 capital expenditures in the range of $875- $1,025 million. MUR is expecting 2023 production volumes in the range of 1,75,500–1,83,500 BOE/D, excluding NCI.
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.
Upcoming Releases
Devon Energy Corp. (DVN - Free Report) is going to release first-quarter 2023 earnings on May 8, 2023. The Zacks Consensus Estimate for earnings per share is pegged at $1.42, reflecting a year-over-year decline of 24.5%.
Devon Energy’s long-term earnings growth is projected at 51.5%. The Zacks Consensus Estimate for 2023 earnings per share indicates a year-over-year decline of 21.1%.
Permian Resources Corporation (PR - Free Report) is going to post first-quarter earnings on May 8, 2023. The Zacks Consensus Estimate for earnings per share is pegged at 39 cents, reflecting a year-over-year decline of 5.4%.
The Zacks Consensus Estimate for 2023 earnings per share indicates a year-over-year decline of 29.5%.
Occidental Petroleum (OXY - Free Report) is going to release first-quarter 2023 earnings on May 9, 2023. The Zacks Consensus Estimate for earnings per share is pegged at $1.30, reflecting a year-over-year decline of 38.7%.
Occidental Petroleum ’s long-term earnings growth is projected at 21.99%. The Zacks Consensus Estimate for 2023 earnings per share indicates a year-over-year decline of 37.9%.