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Murphy Oil (MUR) Beats Q3 Earrings and Revenue Estimates

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Murphy Oil Corporation (MUR - Free Report) reported third quarter 2019 adjusted earnings of 36 cents per share, which beat the Zacks Consensus Estimate of 22 cents by 63.6%. On a GAAP basis, the company reported earnings of 84 cents compared with 32 cents in the year-ago quarter.

Revenues

In the quarter under review, Murphy Oil generated revenues of $817.1 million that beat the Zacks Consensus Estimate of $705 million by 15.9%. The top line surged 66.6% on a year-over-year basis. 

Murphy Oil Corporation Price, Consensus and EPS Surprise

 

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 assets were reported under discontinued operation.

The company made debt repayment of $1.9 billion and also completed share repurchase of $500 million.

The company produced 192,000 barrels of oil equivalent per day (boe/d) in the third quarter, which includes 113,000 boe/d of oil.  

Murphy Oil’s total costs and expenses amounted to $590.6 million, up 60.6% from $367.8 million in the year-ago quarter.

Operating income from continuing operations came in at $226.5 million, higher than $122.8 million in the prior-year quarter.  

The company incurred interest charges of $44.9 million, up from $44.2 million in the prior-year quarter.

Financial Condition

Murphy Oil had cash and cash equivalents of $435 million as of Sep 30, 2019 compared with $847.8 million as of Sep 30, 2018.

Net cash provided by continuing operations activities in the third quarter was $497.8 million, higher than $269.7 million in the year-ago quarter.

Guidance

Murphy Oil expects net production, excluding non-controlling interest for 2019, in the range of 174,000-178,000 boe/d.

The company continues to expect 2019 capital expenditure budget in the range of $1.35- $1.45 billion.

Zacks Rank

Murphy Oil currently holds a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Oils-Energy Releases

WPX Energy (WPX - Free Report) reported third-quarter 2019 adjusted earnings of 9 cents per share, missing the Zacks Consensus Estimate of 11 cents by 18.2%.

CNX Resources Corporation (CNX - Free Report) reported third-quarter 2019 adjusted loss of 6 cents per share, which is narrower than the Zacks Consensus Estimate of a loss of 9 cents.

TOTAL S.A. (TOT - Free Report) reported third-quarter 2019 operating earnings of $1.13 per share (€1.01 per share), beating the Zacks Consensus Estimate of 99 cents by 14.1%.

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