Murphy Oil Corporation MUR delivered fourth-quarter 2019 adjusted earnings of 16 cents per share, which beat the Zacks Consensus Estimate of 12 cents by 33.3%. Further, the figure significantly improved from the year-ago quarter’s loss of 9 cents.
On a GAAP basis, net loss was 46 cents against an income of 59 cents per share in the prior-year quarter.
For 2019, the company reported adjusted earnings of 87 cents against a loss of 37 cents in 2018.
On a GAAP basis, 2019 net income was $6.98 per share compared with an income of $2.36 in the prior-year quarter.
In the quarter under review, Murphy Oil’s revenues totaled $637.5 million, which missed the Zacks Consensus Estimate of $758 million by 15.8%. The top line increased 26.5% on a year-over-year basis.
In 2019, the company posted revenues of $2,829 million compared with $1,791.4 million in 2018.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil Corporation price-consensus-eps-surprise-chart | Murphy Oil Corporation Quote
The company attained 172 % organic reserve replacement with an average three-year total finding and development cost of $12.95 per barrel of oil equivalent.
Murphy Oil also completed the $500-million share repurchase program.
The company produced 194,000 barrels of oil equivalent per day (boe/d) in the fourth quarter, with 59% of oil and 67% of liquids.
In the quarter under review, Murphy Oil’s total costs and expenses amounted to $674.2 million, up 49.1% from $452.2 million in the prior-year quarter.
Operating loss from continuing operations came in at $36.7 million against operating income of $51.4 million in the prior-year quarter.
The company incurred interest charges of $74.2 million, up from $47.3 million in the prior-year quarter.
Murphy Oil had cash and cash equivalents of $306.8 million as of Dec 31, 2019 compared with $359.9 million as of Dec 31, 2018.
Net cash provided by continuing operations activities at the end of the fourth quarter was $335.8 million, higher than $148 million at the end of the fourth quarter of 2018.
Murphy Oil expects net production including non-controlling interest for first-quarter 2020 in the range of 181,000-193,000 boe/d.
For 2020, production is estimated in the range of 190,000-202,000 boe/d. The company expects 2020 capital expenditure budget in the range of $1.4- $1.5 billion.
Upcoming Releases — Oil & Energy Sector
TOTAL S.A. TOT is slated to report fourth-quarter 2019 results on Feb 6. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is pegged at $1.01 per share.
Cheniere Energy, Inc LNG is slated to report fourth-quarter 2019 results on Feb 25. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 54 cents per share.
Warrior Met Coal Inc. HCC is slated to report fourth-quarter 2019 results on Feb 19. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is pegged at 21 cents per share.
Murphy Oil currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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