Back to top

Image: Bigstock

Murphy Oil (MUR) Beats Q3 Earrings and Revenue Estimates

Read MoreHide Full Article

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 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. 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%.

Free: Zacks’ Single Best Stock Set to Double

Today you are invited to download our just-released Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.

This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.

Download Free Report Now >>


Unique Zacks Analysis of Your Chosen Ticker


Pick one free report - opportunity may be withdrawn at any time


CNX Resources Corporation. (CNX) - $25 value - yours FREE >>

Murphy Oil Corporation (MUR) - $25 value - yours FREE >>

Published in