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MUR - Murphy Oil: Deep 2020 Revenue Decline Looks Inevitable
Murphy Oil Corporation
On May 6, Murphy Oil Corporation (MUR), an independent offshore-focused E&P company, presented its first-quarter results. As the company has been taking opex optimization seriously, the Q1 adjusted EPS beat was not a coincidence.
However, while its non-GAAP earnings per share topped expectations of Wall Street, investors should not expect the second-quarter figures to be bright; it is highly likely revenue and cash flow will be much weaker in the June quarter given unprecedented oil market crisis, weak oil prices, well shut-ins, and falling production.