MUR - Murphy Oil posts Q2 beat bumps up full-year production guidance
Murphy Oil ( NYSE: MUR ) +3.8% pre-market on Thursday after comfortably beating estimates for Q2 adjusted earnings and revenues , while raising its dividend by 43% and approving a stock buyback program of as much as $300M.
Q2 net income swung to a profit of $350.5K, or $2.23/share, from a year-earlier loss of $63K, or a $0.41/share loss, while total revenues doubled to $1.1B from $549.6M in the year-ago quarter.
Q2 production rose 6% to 164K boe/day after averaging 155K boe/day in the prior-year quarter, when 12,800 bbl/day of Gulf of Mexico production was shut-in due to a hurricane.
Murphy ( MUR ) reaffirms its 2022 accrued capital spending guidance range of $900M-$950M, excluding acquisitions, after Q2 capex of $266M was below guidance as a result of timing.
Citing stronger well performance in oil-weighted assets and Gulf of Mexico bolt-on acquisitions, Murphy ( MUR ) raises its full-year production guidance to 168K-176K boe/day, up 4K boe/day at the midpoint.
Murphy Oil's ( MUR ) stock price return shows a 16% YTD gain and a 51% increase during the past year .
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Murphy Oil posts Q2 beat, bumps up full-year production guidance