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- Murphy Oil Corp MUR reported Q1 2023 adjusted EPS of $1.24, higher than $0.73 a year ago, beating the consensus of $0.98.
- Revenues of $841.7 million exceeded the consensus of $777.8 million.
- Production averaged 172.5 MBOEPD (up from 141.0 MBOEPD a year ago), comprising oil volumes of 94 MBOPD and exceeding the upper end of the guidance range (161 to 169 MBOEPD, with 92 MBOPD of oil volumes).
- Production benefited from a continued strong performance from the Khaleesi, Mormont and Samurai fields in the Gulf of Mexico and lower realized royalty rates in the Tupper Montney natural gas asset.
- Adjusted earnings before interest, tax, depreciation, amortization and exploration expenses (EBITDAX) stood at $487.7 million, up from $408.9 million a year ago.
- Capital expenditure rose to $336.0 million from $304.7 million in the prior year.
- Cash and equivalents stood at $312 million, and total debt of $1.82 billion at the end of Q1 2023.
- 2023 Outlook Reaffirmed: Murphy expects total net production of 175,500 to 183,500 BOEPD and capital expenditure of $875 million to $1.025 billion.
- Q2 2023 Outlook: The company expects net production of 173,000 to 181,000 BOEPD, with 95,000 BOPD of oil volumes and exploration expenses of $55 million.
- "As we progress our exploration strategy, I'm pleased with the discovery at our Longclaw prospect that was drilled in the second quarter near King's Quay. This well will support the facility's long-term production profile," said Roger W. Jenkins, President and CEO.
- Price Action: MUR shares are trading higher by 2.20% at $35.03 on the last check Wednesday.
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