Yahoo Finance Murphy Oil (MUR) Q3 Earnings and Revenues Beat Estimates
Murphy Oil Corporation MUR posted third-quarter 2022 adjusted net income of $1.84 per share, beating the Zacks Consensus Estimate of $1.56 by 17.9%. The bottom line improved a whopping 666.7% from the year-ago quarter’s earnings of 24 cents.
Revenues
In the quarter under review, Murphy Oil’s revenues of $1,303.4 million beat the Zacks Consensus Estimate of $931 million by 40%. The top line improved 106.6% from the prior-year quarter’s $630.7 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 188,487 barrels of oil equivalent per day (BOE/D) in the third quarter, comprising 51% oil and 57% liquids. Production volumes were above the top end of guidance due to a less active Gulf of Mexico hurricane season and strong well performance in the Eagle Ford Shale.
In the quarter under review, Murphy Oil’s total costs and expenses amounted to $550.3 million, up 35.1% from $407.3 million in the prior-year quarter.
MUR incurred net interest charges of $37.4 million, down 9.5% from $46.9 million in the prior-year quarter.
Murphy Oil during the quarter lowered its long-term debt by $248 million through redemption, partial tender and open market purchases of senior notes. Murphy Oil increased its annualized dividend to $1.00 per share.
Financial Condition
Murphy Oil had cash and cash equivalents of $465.9 million as of Sep 30, 2022 compared with $521.2 million as of Dec 31, 2021.
Long-term debt totaled $2,022.9 million on Sep 30, 2022 compared with $2,465.4 million as of Dec 31, 2021.
Net cash provided by continuing operational activities in the first nine month of 2022 was $1,678.7 million compared with $1,091.3 million in the year-ago period.
Guidance
MUR’s 2022 production guidance for 2022 has been revised to 164-172 MBOE/D band.
Murphy Oil expects 2022 capital expenditure in the range of $975- $1,025 million. MUR is expecting fourth-quarter production volumes in the range of 1,73,500 –1,81,500 BOE/D.
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.
Recent Releases
Devon Energy Corp. DVN reported third-quarter 2022 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.13 by 2.4%. Earnings were up 101.9% from the year-ago quarter.
The Zacks Consensus Estimate for DVN’s 2022 earnings implies year-over-year growth of 150.7%. Devon Energy witnessed an average surprise of 8.5% in the last four reported quarters.
CNX Resources Corporation CNX reported third-quarter 2022 adjusted loss of 54 cents per share, which missed the Zacks Consensus Estimate earnings of 72 cents by 175%.
CNX Resources’ long-term (three to five years) earnings growth is currently pegged at 26.1%. The Zacks Consensus Estimate for CNX’s 2022 earnings implies year-over-year growth of 23.6%.
TotalEnergies SE TTE has reported third-quarter 2022 operating earnings of $3.83 (€3.78) per share, lagging the Zacks Consensus Estimate of $3.91 per share by 2.04%.
The Zacks Consensus Estimate for TTE’s 2022 earnings implies year-over-year growth of 117.7%. TotalEnergies posted an average surprise of 10.9% in the last four reported quarters.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Devon Energy Corporation (DVN) : Free Stock Analysis Report
CNX Resources Corporation. (CNX) : Free Stock Analysis Report
Murphy Oil Corporation (MUR) : Free Stock Analysis Report
TotalEnergies SE Sponsored ADR (TTE) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
