Murphy Oil Stock Price, News & Analysis

Murphy Oil Corporation (NYSE: MUR) reported a net loss of $113 million for Q1 2022, equating to $0.73 per diluted share. Adjusted net income, excluding certain items, was $113 million, or $0.73 per diluted share. The company achieved a production rate of 141 MBOPD, with 60% being liquids. Debts are set to reduce by $600 million to $650 million amidst a raised dividend of 17% to $0.175. Moody’s upgraded its credit rating to Ba2, reflecting financial stability. Operations in the Gulf of Mexico showed promising results, with new wells already in production.

Murphy Oil Corporation (NYSE:MUR) will redeem $200 million of its 6.875% Senior Notes due 2024 on June 2, 2022. The redemption price will be 101.719% of the principal, plus accrued interest. Following the redemption, interest on the notes will cease. This action reflects the company's ongoing financial strategy and commitment to manage its debt effectively.

Murphy Oil Corporation (NYSE: MUR) has successfully achieved first oil from the Khaleesi, Mormont, and Samurai field development project in the Gulf of Mexico. This strategic project, initiated in 2019, includes seven wells, with ongoing completions for the remaining five. The King’s Quay floating production system is now operational, designed to process 85,000 barrels of oil and 100 million cubic feet of natural gas daily. The production is expected to generate significant free cash flow, targeting $600-$650 million in debt reduction this year and potentially up to $1 billion in 2023.

The Board of Directors of Murphy Oil Corporation (NYSE: MUR) declared a quarterly cash dividend of $0.175 per share, amounting to $0.70 annually. This marks a 17% increase from the last quarter and a significant 40% increase from Q4 2021. The dividend is scheduled for payment on June 1, 2022, to stockholders recorded by May 16, 2022.

Murphy Oil Corporation (NYSE: MUR) will hold a conference call at 9:00 a.m. EDT on May 4, 2022, to discuss its first quarter 2022 earnings. The financial and operational results will be released before the market opens that day. Investors can access the webcast and presentation materials via the company’s website. For participation, call 888-886-7786 and use conference ID 86484903.

Murphy Oil Corporation (NYSE: MUR) announced the conclusion of drilling at the Cutthroat-1 exploration well located in the Sergipe-Alagoas Basin off the coast of Brazil. No hydrocarbons were found during the drilling, however, the partner group will continue to analyze the data to assess the exploration potential of the area. The Cutthroat-1 well was drilled from a depth of 3,094 meters of water using the Seadrill West Saturn drillship, with ExxonMobil as the operator holding a 50% interest.

Murphy Oil Corporation (NYSE: MUR) has announced that President and CEO Roger W. Jenkins will present at the Scotia Howard Weil Energy Conference on Tuesday, March 22, 2022, at 2:30 p.m. EDT. The live video webcast of the presentation will be accessible via the company’s website. As a leading independent oil and natural gas exploration and production company, Murphy focuses on providing sustainable energy solutions while maintaining a commitment to financial discipline and innovation.

Murphy Oil Corporation (NYSE: MUR) has announced that David R. Looney will retire as Executive Vice President and Chief Financial Officer on June 30, 2022. Thomas J. Mireles, who joined Murphy in 2005, has been elected to take over his duties, bringing extensive experience from various roles within the company. Under Mr. Looney's tenure since 2018, he modernized the financial operations and strengthened the balance sheet. Moving forward, Mr. Mireles will also oversee sustainability initiatives in addition to his new responsibilities.

Murphy Oil Corporation (NYSE: MUR) reported fourth-quarter 2021 financial results, with a net income of $168 million ($1.08 per diluted share) and an adjusted net income of $62 million ($0.40 per diluted share). The company produced 150 MBOEPD, comprising 53% oil volume. For the full year, Murphy achieved a net loss of $74 million but reported an adjusted income of $200 million ($1.29 per diluted share). Notably, Murphy reduced total debt by 17% and increased the quarterly dividend by 20% to $0.15 per share. The company maintained a solid reserve replacement rate of 102% with total proved reserves of 699 MMBOE.