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Murphy Oil (MUR) Beats Q2 Earnings and Revenue Estimates
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Murphy Oil Corporation (MUR - Free Report) reported second-quarter 2019 adjusted earnings of 21 cents per share, which beat the Zacks Consensus Estimate of 18 cents by 16.5%. The company incurred a loss of 5 cents in the year-ago quarter. On a GAAP basis, earnings were 54 cents compared with 25 cents in the year-ago quarter.
Revenues
In the quarter, Murphy Oil generated revenues of $709 million, which beat the Zacks Consensus Estimate of $606 million by 17%. The top line surged 82% on a year-over-year basis.
Murphy Oil Corporation Price, Consensus and EPS Surprise
WPX Energy Inc.’s second-quarter 2019 earnings of 9 cents per share surpassed the Zacks Consensus Estimate of 7 cents by 28.6%. It carries a Zacks Rank #3 (Hold).
EQT Corporation (EQT - Free Report) reported second-quarter 2019 adjusted earnings of 9 cents per share against the Zacks Consensus Estimate of a loss of 4 cents. It carries a Zacks Rank #3.
Cabot Oil & Gas Corporation’s second-quarter 2019 earnings per share of 36 cents surpassed the Zacks Consensus Estimate of 33 cents. It has a Zacks Rank of #3.
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Murphy Oil (MUR) Beats Q2 Earnings and Revenue Estimates
Murphy Oil Corporation (MUR - Free Report) reported second-quarter 2019 adjusted earnings of 21 cents per share, which beat the Zacks Consensus Estimate of 18 cents by 16.5%. The company incurred a loss of 5 cents in the year-ago quarter. On a GAAP basis, earnings were 54 cents compared with 25 cents in the year-ago quarter.
Revenues
In the quarter, Murphy Oil generated revenues of $709 million, which beat the Zacks Consensus Estimate of $606 million by 17%. The top line surged 82% on a year-over-year basis.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil Corporation price-consensus-eps-surprise-chart | Murphy Oil Corporation Quote
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 company closed a deep water Gulf of Mexico transactionfor net cash consideration of $1.2 billion.
The company produced 159,000 barrels of oil equivalent per day (boe/d) in the second quarter from continuing operations.
Murphy Oil’s total costs and expenses amounted to $538 million, up 46.6% from $367.1 million in the year-ago quarter.
Operating income from continuing operations came in at $171 million, higher than $22.5 million in the prior-year quarter.
The company incurred interest charges of $54.1 million, up from $44.3 million in the prior-year quarter.
Financial Condition
Murphy Oil had cash and cash equivalents of $326 million as of Jun 30, 2019 compared with $792.7 million as of Jun 30, 2018.
Net cash provided by continuing operations activities in the second quarter was $438.2 million, higher than $220.8 million in the year-ago quarter.
Guidance
Murphy Oil expects net production including non-controlling interest for third-quarter 2019 in the range of 192,000-196,000 boe/d.
The company expects 2019 capital expenditure budget in the range of $1.35- $1.45 billion.
Zacks Rank
Murphy Oil currently holds a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Oils-Energy Releases
WPX Energy Inc.’s second-quarter 2019 earnings of 9 cents per share surpassed the Zacks Consensus Estimate of 7 cents by 28.6%. It carries a Zacks Rank #3 (Hold).
EQT Corporation (EQT - Free Report) reported second-quarter 2019 adjusted earnings of 9 cents per share against the Zacks Consensus Estimate of a loss of 4 cents. It carries a Zacks Rank #3.
Cabot Oil & Gas Corporation’s second-quarter 2019 earnings per share of 36 cents surpassed the Zacks Consensus Estimate of 33 cents. It has a Zacks Rank of #3.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.
See 7 breakthrough stocks now>>