Stock Monitor: EQT Corp. Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 20, 2018 / Active-Investors.com has just released a free earnings report on Murphy Oil Corp. (MUR) ("Murphy"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=MUR. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on January 31, 2018. The oil and gas producer topped earnings expectations, and provided capital spending and production guidance. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For Q4 2017, Murphy reported revenues of $544.92 million compared to $482.99 million in Q4 2016, reflecting a growth of 13% on a y-o-y basis. The Company's revenue numbers fell short of analysts' estimates of $587.3 million.
For the full year FY17, Murphy recorded revenues of $2.23 billion, up 23% compared to $1.81 billion in FY16.
During Q4 2017, Murphy's production averaged 168 thousand barrels of oil equivalents per day (MBoepd).
For Q4 2017, Murphy's earnings before interest, tax, depreciation, and amortization (EBITDA) from continuing operations totaled $288.6 million, or $19.10 per barrel of oil equivalent (Boe) sold, compared to $221.0 million, or $14.24 per Boe sold, in Q4 2016. The Company's earnings before interest, tax, depreciation, amortization, and exploration expenses (EBITDAX) totaled $334 million, or $22.12 per Boe sold, in the reported quarter compared to $239.0 million, or $15.4 per Boe sold, in the year ago same period.
Murphy recorded a net loss from continuing operations of $284.76 million, or $1.65 loss per diluted share, for Q4 2017 compared to a net loss from continuing operations of $62.78 million, or $0.36 loss per diluted share, for Q4 2016. The Company reported an adjusted income of $13.0 million, or $0.08 per diluted share, in the reported quarter versus an adjusted loss of $26.9 million, or $0.16 loss per diluted share, in the year earlier comparable quarter. For Q4 2017, Murphy's adjusted income excluded the impact from the Tax Cuts and Jobs Act 2017 (TCJA) of $274 million; a foreign exchange gain of $22 million; a loss of $20 million from mark-to-market of open crude oil hedge contracts; a write down of inventory materials value of $14 million; and a redetermination expense of $9 million. The Company's earnings beat Wall Street's estimates of $0.02 per share.
For FY17, Murphy recorded a net loss from continuing operations of $311 million, or $1.81 loss per diluted share. The Company reported an adjusted loss of $22.0 million, or $0.13 loss per diluted share, versus an adjusted loss of $230.1 million, or $0.34 loss per diluted share in FY16.
Regional Operations Summary
During Q4 2017, Murphy's North American Onshore segment produced over 96 MBoepd, with 52% liquids. The segment's operating expenses were $5.68 per Boe in the reported quarter, reflecting a decrease of 21% on a y-o-y basis.
For Q4 2017, Murphy's Eagle Ford Shale segment's production averaged 51 MBoepd, with 90% liquids. During the reported quarter, the Company bought 18 operated wells online, of which 15 were in the Catarina area and had an average initial production rate of over 30 days (IP30 rate) exceeding 1,090 boepd, while the remaining 3 were in the Karnes area. Of the three Karnes wells, two were in the Austin Chalk and had an average IP30 rate over 1,070 boepd, and one was in the Upper Eagle Ford Shale and had an IP30 rate over 1,400 boepd. Murphy achieved a record Company-low operating expense of $6.70 per Boe in the region, representing a 20% reduction from the year ago corresponding period.
During Q4 2017, Murphy's Global Offshore segment produced approximately 72 MBoepd, with 72% liquids. The segment's operating expenses were $11.53 per Boe in the reported quarter.
Murphy's production in Malaysia averaged over 48 MBoepd, with 63% liquids in Q4 2017. Malaysia's Block K and Sarawak averaged over 30 thousand barrels of liquids per day, while Sarawak natural gas production averaged over 99 MMcfd. In the reported quarter, the Company's production for the Gulf of Mexico and East Coast Canada averaged over 23 MBoepd, with 91% liquids.
As of December 31, 2017, Murphy had $2.8 billion of outstanding fixed-rate notes, and approximately $1.0 billion in cash and cash equivalents. There were no borrowings on the Company's $1.1 billion unsecured senior credit facility, which was extended to 2021.
Production and Capital Expenditure Outlook
For the full fiscal year 2018, Murphy is forecasting capital expenditure to be $1.06 billion, which assumes an oil price of $50 to $55 per barrel WTI and a Henry Hub natural gas price of $2.90 to $3.00 per Mcf. For Q1 2018, Murphy's production is estimated to be in the range of 164 to 168 MBoepd, while production is expected to be in the band of 166 to 170 MBoepd for FY18.
For FY18, Murphy has allocated $650 million of capital, or 62% of the total, to its North American Onshore assets. In the Eagle Ford Shale segment, the Company is planning to spend $330 million in FY18, which includes 38 operated wells being brought online along with investments for continued field development. Murphy has allocated $260 million of capital to its Global Offshore assets, and plans to allocate $106 million on exploration in FY18.
Murphy's production for North American Onshore assets is expected to increase approximately 9% to over 96,200 boepd on a y-o-y basis in FY18. The Company's Kaybob Duvernay and Placid Montney areas are expected to have an annual production over 11 MBoepd, representing a 92% increase from FY17. Production in the Eagle Ford Shale segment is expected to be maintained close to FY17 levels, which were between 45,000 and 46,000 boepd.
Stock Performance Snapshot
February 16, 2018 - At Friday's closing bell, Murphy Oil's stock declined 1.92%, ending the trading session at $26.59.
Volume traded for the day: 2.03 million shares.
Stock performance in the previous six-month period - up 10.42%
After last Friday's close, Murphy Oil's market cap was at $4.68 billion.
The stock has a dividend yield of 3.76%.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.
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