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Fri, Jul. 31, 4:24 PM
- Murphy Oil (NYSE:MUR) fell consistently into the close to finish -6.2% today as Oppenheimer downgraded the stock to Perform, from Outperform.
- The firm also pulled its $55 price target, "as we expect the deficit spending to continue into 2017 and beyond at average crude oil prices below $80/b," writes analyst Fadel Gheit.
- Shares closed yesterday at $34.97 after rising 2.3% in the wake of earnings where it posted a net loss narrower than expected. UBS pulled its Sell rating on the results.
- "We expect MUR to face a cash flow deficit of $1.6B this year and $900M next year, which will be funded from $1.3B cash on hand and additional borrowing," said Oppenheimer's Gheit.
Thu, Jul. 30, 3:57 PM
- Murphy Oil (MUR +1.7%) no longer rates a Sell at UBS, which upgrades shares to Neutral with a $36 price target after announcing a Q2 loss of $0.48, better than the analyst consensus estimate of a $0.54 loss.
- MUR says Q2 production averaged 201.9K boe/day, down 4% Y/Y but ahead of its guidance of 197K boe/day, mostly due to new well performance in the Eagle Ford Shale and risked startup of the Medusa expansion project; MUR raises its full-year production guidance to 200K-208K boe/day.
- MUR says it will revamp its deepwater exploration strategy to focus on lower-risk drilling after hitting another dry hole in the Gulf of Mexico.
- Despite MUR's strong balance sheet, UBS does not believe the stock warrants a premium valuation to peers given its large free cash flow deficit, lack of long-term growth visibility, and below average debt-adjusted growth outlook.
- MUR says its FY 2015 capex outlook remains unchanged at $2.3B, which UBS expects to cause a free cash flow deficit of more than $1B at current strip prices.
Wed, Apr. 29, 5:19 PM
Wed, Jan. 28, 5:24 PM
Tue, Jan. 27, 5:35 PM| Tue, Jan. 27, 5:35 PM | 4 Comments
Oct. 29, 2014, 5:55 PM
Jul. 30, 2014, 7:27 PM
- Murphy Oil's (NYSE:MUR) Q2 earnings from continuing operations fell 45% Y/Y and missed Wall Street estimates, as costs surged.
- MUR cites higher exploration expenses, higher extraction costs in Malaysia associated with several new field start-ups, lower realized oil and natural gas sales prices for Sarawak production, unfavorable effects in the U.S. from commodity contracts, and higher financing costs.
- Q2 production averaged 210,191 boe/day, below company guidance of 217K, primarily due to the global offshore business in Malaysia with lower oil and gas volumes related to a well operational delay on Kikeh and continued unplanned downtime at a third party methanol plant that processes Kikeh associated gas.
- Lowers FY 2014 production guidance to 220K-225K boe/day from 225K-230K, primarily reflecting reductions at two properties and revisions for further production risks.
Jul. 30, 2014, 6:01 PM
Apr. 30, 2014, 5:22 PM
Jan. 29, 2014, 12:10 AM| Jan. 29, 2014, 12:10 AM | 5 Comments
Jan. 28, 2014, 5:35 PM| Jan. 28, 2014, 5:35 PM | Comment!
Oct. 30, 2013, 6:21 PM
- Murphy Oil's (MUR) Q3 results are its first since completing the spinoff of its U.S. fuel-making and distribution business into a new firm.
- Unadjusted Q3 earnings jumped 26% Y/Y but fell short of estimates; MUR did not provide a revenue figure.
- Total production rose 14%, totaling ~207K boe/day, exceeding the company's outlook issued last month; it sees Q4 total production of ~199K boe/day.
- Oil production climbed 31%, while average realized oil prices added 0.7%; natural gas volume fell 8.7%, though average North America gas sales prices rose 15%.
Oct. 30, 2013, 5:59 PM
Jul. 31, 2013, 5:10 PM
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