MUR - Murphy Oil lifts full-year production guidance reiterates Q3 outlook

Murphy Oil ( NYSE: MUR ) +9.4% in Monday's trading after the company said it expects Q3 production of 180K-188K boe/day and full-year output of 168K-176K boe/day, 4K boe/day above previous guidance, supported primarily by stronger oil weighted well performance, according to a new slide presentation .

Murphy ( MUR ) maintained its FY 2002 planned capital spending guidance of $900M-$950M, prioritizing major Gulf of Mexico projects; the company said it is now the fifth largest producer in the Gulf of Mexico, with 70.2K boe/day in Q2.

The company said it has achieved $440M in long-term debt reduction YTD, moving toward its full-year debt reduction goal of $600M-$650M.

Murphy ( MUR ) said its long-term goals are "maintaining moderate production growth to maximize value with current portfolio, targeting investment grade  credit rating, [and] utilizing the balance sheet for potential M&A and exploration success."

In August, Murphy Oil ( MUR ) reported stronger than expected Q2 adjusted earnings of $1.93/share on revenues of $1.1B .

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