Murphy Oil Corporation Reports Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Murphy Oil Corporation Reports Q2 2024 Financial Results
Murphy Oil Corporation has released its financial results for the second quarter ending June 30, 2024. Below is a summary of the key aspects of the earnings report.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change (%) | QoQ Change (%) | Consensus Estimate (Q2 2024) |
|---|---|---|---|---|---|---|
| Total Revenue | $813.00M | NA | NA | NA | NA | $813.46M |
| Earnings Per Share (EPS) | $0.74 | NA | NA | NA | NA | $0.74 |
Murphy Oil Corporation met the consensus estimates for both revenue and earnings per share (EPS) for Q2 2024, demonstrating consistent financial performance.
Management Commentary
In a brief commentary, Murphy Oil Corporation's management noted key drivers for the quarter included a reduction in exploration costs, an increase in other income, and lower interest expenses on long-term debt. These positive factors were partially offset by higher lease operating costs.
Dividends and Share Repurchase Program
Murphy Oil Corporation continued its quarterly dividend of $0.30 per share or $1.20 per share annualized. Moreover, during the six months ending June 30, 2024, the company repurchased 2.6 million shares of its common stock for $105.8 million, excluding excise taxes and fees. Recently, the Board of Directors authorized an increase in the share repurchase program by an additional $500 million, bringing the total to $1.1 billion.
Forward Guidance
Murphy projects production to average between 181.5 and 189.5 thousand barrels of oil equivalent per day (MBOEPD) for Q3 2024, excluding noncontrolling interests. Capital expenditures for 2024 are expected to be between $920 million and $1,020 million, also excluding noncontrolling interests.
Stock Price Movement
After releasing the earnings report, Murphy Oil Corporation's stock price increased by approximately 3.51%.
This summary is based on the earnings report data and makes sure that the represented numbers first appeared there. All omitted sections are due to a lack of specific data available in the given release.
