MUR - Murphy Oil slides after trimming production target raising capex guidance

Murphy Oil ( NYSE: MUR ) -3.6% despite beating estimates for Q3 adjusted earnings and revenues , as the company cut its production forecast for the year while raising its capital spending outlook.

Q3 net income jumped nearly five-fold to $528.4M, or $3.36/share, from $108.5M, or $0.70/share, in the year-ago quarter, while total revenues and other income doubled to $1.3B.

Q3 total production rose 21% Y/Y to 188.5K boe/day, above the top end of company guidance, but Murphy ( MUR ) forecasts Q4 output of 173.5K-181.5K boe/day, impacted by 9.5K boe/day of offshore downtime  including a hit associated with Hurricane Ian.

For the full year, Murphy ( MUR ) lowers guidance to 164K-172K boe/day from its outlook that was raised in August to 168K-172K boe/day due to stronger well performance in oil-weighted assets and acquisitions in the Gulf of Mexico.

At the same time, Murphy ( MUR ) upsized its full-year forecast for capital spending to $975M-$1.025B, excluding acquisitions, from previous capex guidance of $900M-$950M.

Murphy Oil's ( MUR ) stock price return shows a 68% YTD gain and a 67% increase during the past year .

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