MUR - Murphy Oil misses Q4 EBITDA production on Gulf of Mexico downtime

Murphy Oil (MUR) -8.8% pre-market after reporting a smaller than expected Q4 adjusted loss and a 42% Y/Y decline in revenues that missed estimates.Q4 adjusted EBITDA fell 39% Y/Y to $246.2M; Q4 total production fell 23% to 149K boe/day.Murphy says production was hurt by two subsea equipment issues in the Gulf of Mexico late in the quarter, totaling 3,700 boe/day of unplanned downtime; repairs are ongoing, with a return to full production expected during Q1 2021.Q4 cash from operating activities plunged by a third from a year earlier to $224.7M.Murphy plans FY 2021 capital spending of $675M-$725M, with full year production of 155K-165K boe/day (52% oil).Q1 production is forecast at 149K-157K boe/day, excluding non-controlling interests in the Gulf of Mexico.Total proved reserves at year-end 2020 were 13% lower than the previous year-end, partly due to a nearly 30% reduction in crude oil prices.

For further details see:

Murphy Oil misses Q4 EBITDA, production on Gulf of Mexico downtime