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Murphy Oil Corporation posted solid results for Q2 2024, with its adjusted net earnings coming in at $0.81 per share, beating analyst estimates and edging out the year-ago figure of $0.79 per share.
Its revenue for the quarter, however, was $802.7 million— slightly below expectations and 1.5% below the same quarter last year. The company produced 180,579 barrels of oil equivalent per day (boepd), which was near the top of its projected range but below the 184,250 boepd produced in the second quarter of last year. Notably, 50% of the company’s Q2 2024 production was oil.
On the cost front, Murphy Oil reduced total expenses by nearly 5% year-over-year to $618.4 million. This cost control, combined with a 29.7% reduction in net interest charges, showcases the company’s commitment to reducing its debt burden by $50 million in Q2 and is on track to achieve its goal of cutting $300 million in debt by the end of 2024. The long-term objective remains to reduce total debt by $1 billion, a target that strengthens the company’s financial position.
Murphy continues to reward its shareholders through aggressive share buybacks. In Q2 alone, the company repurchased $56 million worth of stock—1.4 million shares at an average of $41.03 per share—and has increased its share repurchase authorization by $500 million. As of early August, Murphy had repurchased $150 million in shares for 2024, with $800 million still authorized for future buybacks.
Murphy’s long-term debt totaled $1.27 billion as of June 30, 2024, compared to $1.32 billion as of the end of last year.
Murphy expects Q3 production to range between 181,500-189,500 boepd and remains committed to managing its capital expenditures effectively within the $920 million to $1.02 billion range for the year.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.