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Murphy Oil Tops Q2 EPS by 37c; Raises Production Guidance

Published 08/04/2022, 06:25 AM
Updated 08/04/2022, 06:37 AM

Murphy Oil (NYSE:MUR) reported Q2 EPS of $1.93, $0.37 better than the analyst estimate of $1.56. Revenue for the quarter came in at $1.15 billion versus the consensus estimate of $885.08 million.

GUIDANCE:

Murphy is reaffirming its 2022 accrued capital expenditures (CAPEX) guidance range of $900 million to $950 million, excluding acquisitions. Second quarter CAPEX of $266 million was $39 million lower than guidance as a result of timing. Including the non-operated Kodiak working interest acquisition of approximately $47 million, second quarter CAPEX was $312 million.

As a result of stronger well performance in oil-weighted assets and Gulf of Mexico bolt-on acquisitions, Murphy is increasing its full year 2022 production guidance to 168 to 176 MBOEPD, with a production mix of approximately 52 percent oil and 58 percent total liquids volumes. This represents a new annual production midpoint of 172 MBOEPD, compared to the previous midpoint of 168 MBOEPD.

Third quarter 2022 production is estimated to be in the range of 180 to 188 MBOEPD with 49 percent oil volumes. This range is impacted by planned operated downtime of 3.6 MBOEPD onshore, operated and non-operated downtime of 6.2 MBOEPD offshore and assumed Gulf of Mexico storm downtime of 6.0 MBOEPD. Both production and CAPEX guidance ranges exclude Gulf of Mexico NCI.

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