On November 2, 2023, Murphy Oil Corp (MUR, Financial) announced its financial and operating results for the third quarter ended September 30, 2023. The company reported a net income attributable to Murphy of $255 million, or $1.63 net income per diluted share. Adjusted net income, excluding discontinued operations and other items affecting comparability between periods, was $249 million, or $1.59 adjusted net income per diluted share.
Financial Highlights
Murphy Oil Corp (MUR, Financial) reported earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to Murphy of $595 million. Adjusted EBITDA attributable to Murphy was $597 million. The company's third quarter production averaged 202 MBOEPD and consisted of 51 percent oil volumes.
As of September 30, 2023, Murphy had approximately $1.1 billion of liquidity, with no borrowings on the $800 million credit facility and $328 million of cash and cash equivalents. The company's total debt was reduced to $1.6 billion at the end of the third quarter.
Operational Highlights
During the third quarter, Murphy Oil Corp (MUR, Financial) exceeded the upper end of its guidance range with production of 202 MBOEPD. The company also redeemed the remaining $249 million of 5.75% Senior Notes due 2025 and repurchased $75 million, or 1.7 million shares outstanding, at an average price of $44.53 per share.
Following the third quarter, the company's board sanctioned the Lac Da Vang field development project in Vietnam, targeting first oil in 2026. The share repurchase authorization was also increased by $300 million.
Outlook
Murphy Oil Corp (MUR, Financial) maintains its 2023 accrued CAPEX range of $950 million to $1.025 billion and is raising its full-year 2023 production range to 185 to 187 MBOEPD. The company expects production for the fourth quarter of 2023 to be in the range of 181.5 to 189.5 MBOEPD.
Explore the complete 8-K earnings release (here) from Murphy Oil Corp for further details.
