MUR / Murphy OIl, a "cheap" intergrated Oil Producer

[drbubb]

MUR / Murphy OIl, a "cheap" integrated Oil Producer

MUR ... all-data : 10yr: 5yr: 2yr: 6mo: 10d / Last: $19.58 +0.28, +1.45%

Decent yield (5.11%), and a way to play Cheap Crude prices

Ratio: MUR to WTI Crude

MUR vs USO ... 10yr: 5yr: 2yr: 6mo: 10d /Last: $19.58 vs $11.19 +0.20, +1.82%, Ratio: 175% (support: xx%)

==

[drbubb]

(I have been following MUR, and buy calls when it is cheap for a long time...)

Posted February 12, 2016:

MUR looks like it may be at or near key very long term support : $12-15 ... update

 

Earnings were negative, but better than expected

Analyzing Murphy Oil’s 4Q15 Earnings Performance /  By Nicholas Chapman • Jan 29, 2016 

Murphy Oil’s 4Q15 earnings beat estimates

Murphy Oil (MUR) announced its 4Q15 earnings on January 27, 2016. MUR reported an adjusted loss of $0.76 per share, $0.55 better than the Wall Street analyst consensus for a loss of $1.31 per share.

MUR’s 4Q15 earnings are lower by $1.15 per share when compared with its 4Q14 profit of $0.39 per share. Even when compared sequentially with 3Q15, MUR’s 4Q15 earnings are lower by $0.04 per share.

 

Enlarge Graph

MUR’s 4Q15 revenue beat estimates

For 4Q15, Murphy Oil’s (MUR) reported adjusted revenues of ~$658 million, ~7% better than Wall Street analyst consensus for revenues of ~$614 million.

The company’s 4Q15 revenues are lower by ~53% when compared with 4Q14 revenues of ~$1,407 million. Even when compared sequentially with 3Q15, MUR’s 4Q15 revenues are lower by ~8%.

Murphy Oil’s earnings trend

As seen in the above chart, Murphy Oil reported negative earnings in 2015 due to lower realized crude oil and natural gas prices. Since 1Q13, MUR has exceeded its earnings expectations ~66% of the time.

Due to the steep downward trend in energy prices, almost all S&P 500 (SPY) upstream companies have been hit. Southwestern Energy (SWN), EOG Resources (EOG), and Consol Energy (CNX) are expected to report ~22%, ~49%, and ~20%, respectively, year-over-year declines in their 4Q15 revenues.

MUR’s 2015 earnings and revenue beat estimates

For 2015, Murphy Oil (MUR) reported an adjusted loss of $3.08 per share, $0.48 better than Wall Street analyst consensus for a loss of $3.56 per share. MUR’s 2015 earnings are lower by $6.45 per share, when compared with a 2014 profit of $3.37 per share.

For 2015, MUR reported adjusted revenues of ~$3 billion, ~3% better than Wall Street analyst consensus for revenues of ~$2.9 billion. MUR’s 2015 revenues are lower by ~33% when compared with 2014 revenues of ~$5.3 billion.

> More: http://marketrealist.com/2016/01/analyzing-murphy-oils-4q15-earnings-performance/

Update:

Co.- : $Last : chg. : PEGr : Bk.Val : P/BkV: MkValue: $Cash : $Debt : Ebitda : OperCF: 6oc-D+C: MV/?: trP/E : fw.Yld :
8/10/15
MUR: $33.81 +1.51 : -2.10 : $46.10 : 70.0%: $6.02bn : $1.37b : $2.61b : $2.79b : $2.91b : $15.5bn : 100% : 8.23 : 4.20% :

2/11/16

MUR: $15.97 - 0.44 : +0.34: $30.94 : 53.0%: $2.75bn : $457m : $3.06b : $1.35b : $1.36b : $5.56bn : 49.5%: N/A : 5.10% :

MUR ($15.97) versus USO, OILB ... 3-years : 5-yr : 10-yr :

MUR Call options - at $15.97

Strike -  :  --- Mar.16--- :  --- Apr.16 --- :  --- July 16 -- :  --- Oct.16-- : 8mo. Premium
$12.50  : $3.30-$4.30 : $3.60-$4.60 : $3.80-$5.20 : $4.20-$5.50 :
mid/bke: $3.80-16.30 : $4.10-16.60 : $4.50-17.00 : $4.85-17.35 : $1.36 : + 8.51 % / 1.06%/mo
$15.00  : $1.75-$2.35 : $2.30-$2.75 : $2.65-$3.60 : $3.20-$4.00 :
mid/bke: $2.05-17.05 : $2.53-17.53 : $3.13-18.13 : $3.60-18.60 : $2.63 : + 16.5 % / 2.06%/mo

[drbubb]

The $8 Bounce was mostly given back... maybe it will try again for a strong rally from below $18

MUR ... 3-yr / Last: $19.51 +0.45, + 2.36% - Is this set-up like Feb.'2018?

https://imgur.com/cPYDi

https://imgur.com/cPYDiA4

[drbubb]

Great Quarter... on Discontinued Ops

Murphy Oil Corporation (NYSE: MUR) today reported financial and operating results for the quarter ended September 30, 2019, including net income attributable to Murphy of $1.1 billion, or $6.76 per diluted share. Adjusted net income, which excludes discontinued operations and other one-off items, was $57 million, or $0.36 per diluted share.

As previously announced, Murphy closed the Malaysia asset divestiture in the third quarter for $2.0 billion in cash proceeds. These assets were reported as “discontinued operations” and classified as “held for sale” for financial reporting purposes beginning with the first quarter 2019. Unless otherwise noted, the financial and operating highlights and metrics discussed in this commentary exclude discontinued operations and noncontrolling interest.¹

THIRD QUARTER 2019 RESULTS

The company recorded net income, attributable to Murphy, of $1.1 billion, or $6.76 per diluted share, for the third quarter 2019. The results include a gain on the divestiture of Malaysia assets of $960 million. Adjusted net income, which excludes both the results of discontinued operations and certain other items that affect comparability of results between periods, was $57 million, or $0.36 per diluted share for the same period. The adjusted income from continuing operations excludes both the gain on the Malaysian asset sale and the following primary after-tax items: a $39 million mark-to-market non-cash gain on crude oil derivatives and a $22 million mark-to-market non-cash gain on contingent consideration. Details for third quarter results can be found in the attached schedules.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations attributable to Murphy was $438 million, or $24.65 per barrel of oil equivalent (BOE) sold. Adjusted earnings before interest, tax, depreciation, amortization and exploration expenses (EBITDAX) from continuing operations attributable to Murphy was $450 million, or $25.35 per BOE sold. Details for third quarter EBITDA and EBITDAX reconciliations can be found in the attached schedules.

Beginning with the third quarter 2019, Murphy is disclosing weighted average realized prices excluding transportation, gathering and processing expenses. A separate line item on the income statement reports transportation, gathering and processing expenses. Comparative periods have been conformed to current presentation.

Murphy continued to realize premium pricing in the third quarter 2019, with Eagle Ford Shale oil prices registering above $58 per barrel and North America offshore prices approaching $61 per barrel, both excluding the impact of commodity hedges. In the third quarter, more than 94 percent of the company’s oil volumes were sold at a premium to the average West Texas Intermediate (WTI) price of $56.45 per barrel.

Third quarter production averaged 192 MBOEPD with 66 percent liquids. Overall, production was impacted by non-operated, unplanned downtime of 2,600 BOEPD in offshore Canada and 1,400 BOEPD in the Gulf of Mexico, partially offset by higher than anticipated volumes of 500 BOEPD from operated Gulf of Mexico assets and 1,000 BOEPD in Kaybob Duvernay. Details for third quarter production can be found in the attached schedules.

“Our company is performing exceptionally well. With a significant gain on sale of nearly $1.0 billion, we have the Malaysia divestiture behind us and are pleased to complete our first quarter as a transformed and streamlined Murphy. As an oil-weighted, Western Hemisphere focused company, our primary operations in the Gulf of Mexico and Eagle Ford Shale continue to achieve low operating costs and strong realized prices, driving healthy EBITDA given their prime access to premium markets,” stated Roger W. Jenkins, President and Chief Executive Officer.

FINANCIAL POSITION

Murphy repurchased an additional $106 million of outstanding shares in the third quarter, with the remaining $94 million under the authorized $500 million stock repurchase plan acquired in the fourth quarter, marking completion of the program. Since the beginning of the program on April 30, 2019, the company has reduced its outstanding shares by approximately 12 percent, or 20.7 million shares, from 173.6 million shares to 152.9 million shares outstanding as of October 4, 2019.

[drbubb]

-Analyst Actions: Goldman Sachs Lifts Murphy Oil's Price Target to $13.50 From $8.50

MT Newswires — 08:55 ET 05/04/20

Price: 10.01, Change: -0.36, Percent Change: -3.47. MT Newswires does not provide investment advice.