MUR - Murphy Oil nears YTD high after surprise Q1 adjusted earnings

Murphy Oil ([[MUR]] +6.8%) shares post a second straight gain after reporting an unexpected Q1 adjusted profit.Q1 GAAP loss came in at $287M, which included $297M in after-tax charges comprised primarily of a $128M impairment on the non-operated Terra Nova asset, compared to a net loss of $416M in the same quarter last year.Q1 production totaled 155K boe/day, which Murphy says was above the midpoint of guidance, with 88K bbl/day of oil.Murphy forecasts full-year net production of 157K-165K boe/day; capex is expected at $675M-$725M.Lease operating expenses fell 30% Y/Y to $147.2M.The company reduced debt by $233M, or 8%, during the quarter from year-end 2020.Murphy CEO Roger Jenkins said drilling had begun on an exploration well on the Silverback prospect in the U.S. Gulf of Mexico, in a test of an "attractive new play-opening trend."If the well is successful, it could provide "additional high-potential opportunities to our large adjacent acreage position," Jenkins

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Murphy Oil nears YTD high after surprise Q1 adjusted earnings