h3 strong Murphy Oil Corporation Reports Second Quarter 2024 Financial Results strongh3p Murphy Oil
Intellectia.AI Updated: 1970-01-01
Murphy Oil Corporation Reports Second Quarter 2024 Financial Results
Murphy Oil Corporation announced its financial results for the fiscal quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Wall Street Consensus Estimates (Q2 2024) | Beat/Miss |
|---|---|---|---|---|---|
| Total Revenue | $813.0M | $815.3M | -0.28% | $813.46M | Miss |
| Earnings Per Share (EPS) | $0.74 | $1.04 | -28.85% | $0.74 | Meet |
Interpretation: Murphy Oil Corporation reported revenues of $813 million for Q2 2024, closely aligning with Wall Street's consensus estimate of $813.46 million, thus narrowly missing it. The EPS for Q2 2024 stood at $0.74, meeting the consensus estimate but reflecting a 28.85% year-over-year decline compared to the EPS of $1.04 from Q2 2023. The revenue showed a minor year-over-year decrease of 0.28%.
Dividends or Share Repurchase Program
Murphy Oil Corporation maintained its quarterly dividend of $0.30 per share, resulting in an annualized dividend payout of $1.20 per share. In addition, the company repurchased 2.6 million shares of its common stock for $105.8 million ($106.5 million including excise taxes and fees). On August 7, 2024, the company's Board of Directors authorized an increase to the share repurchase program by an additional $500 million, bringing the total repurchase capacity to $1.1 billion.
Forward Guidance
For Q3 2024, Murphy Oil Corporation forecasted production to average between 181.5 and 189.5 thousand barrels of oil equivalent per day (MBOEPD), excluding noncontrolling interest. The capital expenditure for the year 2024 is projected to be between $920 million and $1.02 billion, excluding noncontrolling interest.
Stock Price Movement
After the earnings release, Murphy Oil Corporation’s stock experienced a 1.41% increase.
This earnings summary provides a comprehensive snapshot of Murphy Oil Corporation's financial performance for the second quarter of 2024.
