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Murphy Oil Corporation (MUR - Free Report) delivered fourth-quarter 2023 adjusted net earnings of 90 cents per share, missing the Zacks Consensus Estimate of $1.03 by 12.6%. The bottom line also declined 18.2% from the year-ago quarter’s earnings of $1.10.
Murphy Oil’s 2023 earnings were $4.52 compared with $5.59 in 2022. This reflected year-over-year decline of 19.1%.
Revenues
In the quarter under review, Murphy Oil’s revenues of $844 million surpassed the Zacks Consensus Estimate of $837 million by 0.8%. The top line declined 13.4% from the prior-year quarter’s $975.2 million.
Murphy Oil’s 2023 revenues were $3.46 billion compared with $3.93 in 2022. This marked year-over-year fall of 11.9%.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil produced 184,679 barrels of oil equivalent per day (“BOE/D”) in fourth-quarter 2023 (excluding non-controlling interest in GOM) compared with 173,589 BOE/D in fourth-quarter 2022. Out of the total fourth-quarter 2023 production, 51% was oil. MUR’s fourth-quarter production was within the expected production volume range of 181,500-1,89,500 BOE/D.
In the quarter under review, Murphy Oil’s total costs and expenses was $641.3 million, down 1.5% from $651.1 million a year ago.
The company incurred net interest charges of $23.7 million, down nearly 31.7% from $34.7 million in the prior-year quarter.
Murphy Oil achieved 2023 debt-reduction target of $500 million, resulting total debt reduction of $1.7 billion. The systematic debt reduction since 2020-end will result in annual interest savings of $84 million.
In 2023, the company repurchased 3.4 million shares worth $150 million, at an average price of $43.96 per share. As of 2023-end, Murphy had $450 million remaining under the share repurchase authorization and 152.7 million shares outstanding.
Proved Reserves
Murphy Oil, after producing 68 million barrels of oil equivalents (MMBOE) for the year, ended 2023 with proved reserves of 724 MMBOE, consisting of 36% oil and 41% liquids. Total reserve replacement was 139% in 2023.
Financial Condition
The company had cash and cash equivalents of $317.1 million as of Dec 31, 2023, compared with $492 million as of Dec 31, 2022. It had $1.1 billion of liquidity as of Dec 31, 2023.
Long-term debt totaled $1,328.4 million as of Dec 31, 2023, compared with $1,822.5 million as of Dec 31, 2022.
Net cash provided by continuing operational activities in 2023 was $1.74 billion compared with $2.18 billion provided in 2022.
Guidance
MUR expects its first-quarter 2024 production, excluding NCI, in the range of 163,000-171,000 BOE/D, with 53% oil volumes.
The company projects 2024 capital expenditures in the range of $0.92- $1.02 billion. Nearly 60% of the expenditure will be completed during first-half of 2024.
MUR anticipates 2024 production in the range of 180,000-188,000 BOE/D with 52% oil and 58% liquid volumes.
Murphy Oil is planning to lower its debt by $300 million in 2024 to further strengthen its balance sheet and reduce interest expenses.
Energy Transfer (ET - Free Report) is going to report fourth-quarter 2023 earnings on Feb 14, after market close. The Zacks Consensus Estimate for fourth-quarter earnings of 29 cents per unit reflects an increase of 3.6% in the last 60 days.
Energy Transfer’s current dividend yield is 8.9%. The consensus estimate for 2024 EPU is pegged at $1.17, indicating an increase of 0.9% in the last 60 days.
Occidental Petroleum (OXY - Free Report) is slated to report fourth-quarter 2023 earnings on Feb 14, after market close. The Zacks Consensus Estimate for fourth-quarter earnings of 91 cents per share reflects a decrease of 26.6% in the last 60 days.
Occidental’s current dividend yield is 1.27%. The consensus estimate for 2024 EPS is pegged at $4.48, indicating a decrease of 23.7% in the last 60 days.
TotalEnergies SE (TTE - Free Report) is scheduled to report fourth-quarter 2023 earnings on Feb 7, before market open. The Zacks Consensus Estimate for fourth-quarter earnings of $2.49 per share reflects a decline of 0.4% in the last 60 days.
TotalEnergies current dividend yield is 3.78%. The consensus estimate for 2024 EPS is pegged at $4.48, indicating a decrease of nearly 5% in the last 60 days.
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Murphy Oil (MUR) Q4 Earnings Miss, Revenues Beat Estimates
Murphy Oil Corporation (MUR - Free Report) delivered fourth-quarter 2023 adjusted net earnings of 90 cents per share, missing the Zacks Consensus Estimate of $1.03 by 12.6%. The bottom line also declined 18.2% from the year-ago quarter’s earnings of $1.10.
Murphy Oil’s 2023 earnings were $4.52 compared with $5.59 in 2022. This reflected year-over-year decline of 19.1%.
Revenues
In the quarter under review, Murphy Oil’s revenues of $844 million surpassed the Zacks Consensus Estimate of $837 million by 0.8%. The top line declined 13.4% from the prior-year quarter’s $975.2 million.
Murphy Oil’s 2023 revenues were $3.46 billion compared with $3.93 in 2022. This marked year-over-year fall of 11.9%.
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 184,679 barrels of oil equivalent per day (“BOE/D”) in fourth-quarter 2023 (excluding non-controlling interest in GOM) compared with 173,589 BOE/D in fourth-quarter 2022. Out of the total fourth-quarter 2023 production, 51% was oil. MUR’s fourth-quarter production was within the expected production volume range of 181,500-1,89,500 BOE/D.
In the quarter under review, Murphy Oil’s total costs and expenses was $641.3 million, down 1.5% from $651.1 million a year ago.
The company incurred net interest charges of $23.7 million, down nearly 31.7% from $34.7 million in the prior-year quarter.
Murphy Oil achieved 2023 debt-reduction target of $500 million, resulting total debt reduction of $1.7 billion. The systematic debt reduction since 2020-end will result in annual interest savings of $84 million.
In 2023, the company repurchased 3.4 million shares worth $150 million, at an average price of $43.96 per share. As of 2023-end, Murphy had $450 million remaining under the share repurchase authorization and 152.7 million shares outstanding.
Proved Reserves
Murphy Oil, after producing 68 million barrels of oil equivalents (MMBOE) for the year, ended 2023 with proved reserves of 724 MMBOE, consisting of 36% oil and 41% liquids. Total reserve replacement was 139% in 2023.
Financial Condition
The company had cash and cash equivalents of $317.1 million as of Dec 31, 2023, compared with $492 million as of Dec 31, 2022. It had $1.1 billion of liquidity as of Dec 31, 2023.
Long-term debt totaled $1,328.4 million as of Dec 31, 2023, compared with $1,822.5 million as of Dec 31, 2022.
Net cash provided by continuing operational activities in 2023 was $1.74 billion compared with $2.18 billion provided in 2022.
Guidance
MUR expects its first-quarter 2024 production, excluding NCI, in the range of 163,000-171,000 BOE/D, with 53% oil volumes.
The company projects 2024 capital expenditures in the range of $0.92- $1.02 billion. Nearly 60% of the expenditure will be completed during first-half of 2024.
MUR anticipates 2024 production in the range of 180,000-188,000 BOE/D with 52% oil and 58% liquid volumes.
Murphy Oil is planning to lower its debt by $300 million in 2024 to further strengthen its balance sheet and reduce interest expenses.
Zacks Rank
Murphy Oil currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Energy Transfer (ET - Free Report) is going to report fourth-quarter 2023 earnings on Feb 14, after market close. The Zacks Consensus Estimate for fourth-quarter earnings of 29 cents per unit reflects an increase of 3.6% in the last 60 days.
Energy Transfer’s current dividend yield is 8.9%. The consensus estimate for 2024 EPU is pegged at $1.17, indicating an increase of 0.9% in the last 60 days.
Occidental Petroleum (OXY - Free Report) is slated to report fourth-quarter 2023 earnings on Feb 14, after market close. The Zacks Consensus Estimate for fourth-quarter earnings of 91 cents per share reflects a decrease of 26.6% in the last 60 days.
Occidental’s current dividend yield is 1.27%. The consensus estimate for 2024 EPS is pegged at $4.48, indicating a decrease of 23.7% in the last 60 days.
TotalEnergies SE (TTE - Free Report) is scheduled to report fourth-quarter 2023 earnings on Feb 7, before market open. The Zacks Consensus Estimate for fourth-quarter earnings of $2.49 per share reflects a decline of 0.4% in the last 60 days.
TotalEnergies current dividend yield is 3.78%. The consensus estimate for 2024 EPS is pegged at $4.48, indicating a decrease of nearly 5% in the last 60 days.