Murphy Oil Q1 Earnings Beat Estimates, Outlook Reiterated

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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