Group 1 - The article discusses the analysis of oil and gas companies, specifically focusing on identifying undervalued companies in the sector [1] - It highlights the retirement of long-time CEO Roger Jenkins and the appointment of Eric Hambly as his successor, marking a significant leadership change [2] - The cyclical nature of the oil and gas industry is emphasized, indicating that it requires patience and experience to navigate effectively [2] Group 2 - The article mentions that the analyst holds a beneficial long position in shares of Murphy Oil (MUR) and ExxonMobil (XOM), indicating a positive outlook on these companies [3] - It is noted that the article is based on the author's own opinions and does not involve compensation from the companies mentioned [3]

Financial Data and Key Metrics Changes - Murphy Oil Corporation reported net income of $139 million for Q3 2024, translating to $0.93 per diluted share, with adjusted net income of $111 million or $0.74 per diluted share [11] - The company generated $397 million in adjusted EBITDA during the quarter, with $211 million in accrued CapEx, excluding non-controlling interest [11][12] - Year-to-date, Murphy has repurchased $300 million of stock, reducing long-term debt by $50 million [11][12] Business Line Data and Key Metrics Changes - In the Eagle Ford Shale, Murphy produced an average of 32,000 barrels of oil equivalent per day in Q3 2024, with 72% oil and 86% liquids volumes [15] - The Tupper Montney asset produced an average of 429 million net cubic feet per day, exceeding guidance by approximately 11 million cubic feet per day [17] - In the Gulf of Mexico, production averaged 67,000 barrels of oil equivalent per day, with 79% oil [18] Market Data and Key Metrics Changes - Murphy realized an oil price of nearly $76 per barrel, with NGL prices at nearly $22 and natural gas at $1.47 per 1,000 cubic feet [10] - The company achieved a realized price of $1.35 per 1,000 cubic feet for natural gas, compared to an AECO average of $0.50 per 1,000 cubic feet [17] Company Strategy and Development Direction - The corporate priorities include deleveraging, executing operations, exploring new opportunities, and returning capital to shareholders [5] - Murphy aims to allocate a minimum of 50% of adjusted free cash flow to shareholder returns, primarily through buybacks [7] - The company is committed to a $1 billion long-term debt target while reinvesting approximately 50% of cash flow in high-returning offshore projects [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to withstand commodity price volatility due to a strengthened balance sheet [12] - The outlook for Q4 2024 includes production forecasts of 181,500 to 189,500 barrels of oil equivalent per day, with a tightening guidance range for the full year to 180,000 to 182,000 barrels [26][27] - Management highlighted the excitement around the Vietnam exploration program and the potential for significant business development in the region [39][40] Other Important Information - Murphy has initiated construction of the Loc Duvang production platform in Vietnam and is progressing with its field development plan [21][22] - The company has a robust sustainability report detailing ongoing environmental stewardship and governance [14] Q&A Session Summary Question: Plans for 2025 operations and oil price impact - Management indicated that the aspiration is to maintain oil-weighted low CAGR growth while spending approximately $1.1 billion in CapEx annually, with production expected to be similar or slightly higher than 2024 [35][36] Question: Cost and potential upside of Vietnam wells - The Hai Su Hong prospect targets a mean of 170 million barrels of oil equivalent, with significant potential for material business development in Vietnam [38][39] Question: Consolidation opportunities in the current market - Management is open to evaluating M&A opportunities, particularly in offshore areas, while focusing on maintaining a strong balance sheet and maximizing free cash flow [45][54] Question: Performance issues with Terra Nova - Management expressed disappointment with Terra Nova's performance, averaging about 55% uptime, and indicated that they are working with partners to improve operations [57][59] Question: Onshore drilling plans and production growth - Management confirmed a shift to a more consistent drilling schedule in Eagle Ford, which is expected to smooth out well delivery and increase production [92][93]

Core Insights - Murphy Oil Corporation reported third-quarter 2024 adjusted net earnings of 74 cents per share, missing the Zacks Consensus Estimate of 76 cents by 2.6% and showing a 53.4% decrease from $1.59 in the same quarter last year [1] - Revenues for the quarter were $758.3 million, slightly exceeding the Zacks Consensus Estimate of $757 million by 0.2%, but down nearly 30% from $959.7 million in the prior-year quarter [3][4] Revenue Analysis - The decline in revenue was attributed to lower contributions from the Gulf of Mexico due to downtime at the Samurai field and hurricane-related disruptions, as well as a decrease in contributions from Eagle Ford Shale due to natural well decline and fewer wells being brought online [4] - Lower commodity pricing across all products also contributed to the revenue decline during the period [4] Operational Performance - Murphy Oil produced 184,567 barrels of oil equivalent per day (BOE/D) in Q3 2024, down from 201,705 BOE/D in Q3 2023, with 47.6% of the production being oil [5] - Total costs and expenses were $579.3 million, a slight decrease of 0.5% from $582.1 million a year ago [5] Financial Condition - The company had cash and cash equivalents of $271.2 million as of September 30, 2024, down from $317.1 million as of December 31, 2023, with total liquidity of $1.1 billion [8] - Long-term debt was $1.27 billion as of September 30, 2024, reduced from $1.32 billion at the end of 2023 [8] - Net interest charges decreased to $21.3 million, down nearly 28.8% from $29.8 million in the prior-year quarter [6] Shareholder Returns - In Q3, Murphy Oil repurchased $194 million of stock, equivalent to 5.4 million shares at an average price of $36.12 per share, with $650 million remaining under its share repurchase authorization [7] Guidance - For Q4 2024, Murphy Oil expects production to be in the range of 181,500-189,500 BOE/D, with 51% expected to be oil [9] - The company reiterated its 2024 capital expenditures guidance of $920-$1,020 million and revised its production guidance for 2024 to 180,000-182,000 BOE/D from the previous range of 180,000-188,000 BOE/D [10]

分组1 - Murphy Oil reported quarterly earnings of $0.74 per share, missing the Zacks Consensus Estimate of $0.76 per share, and down from $1.59 per share a year ago, representing an earnings surprise of -2.63% [1] - The company posted revenues of $758.33 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 0.14%, but down from $959.65 million year-over-year [2] - Murphy Oil shares have lost about 23% since the beginning of the year, contrasting with the S&P 500's gain of 24.3% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $1.03 on revenues of $801.25 million, and for the current fiscal year, it is $3.45 on revenues of $3.16 billion [7] - The Zacks Industry Rank for Oil and Gas - Exploration and Production - United States is currently in the bottom 6% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8]

Production and Revenue - Murphy Oil Corporation produced 191,273 barrels of oil equivalent per day in Q3 2024, an 8% decrease compared to Q3 2023[89]. - Total revenues and other income for Q3 2024 were $754.1 million, down from $956.4 million in Q3 2023, reflecting a decrease of approximately 21%[95]. - For the three months ended September 30, 2024, total revenue from production was $753.2 million, a decrease of $192.7 million compared to $945.9 million in the same period of 2023[105]. - Revenues from U.S. oil production for the three months ended September 30, 2024, were $561.9 million, a decrease of 27.6% compared to $776.3 million in the same period of 2023[105]. - Revenues from Canadian oil production for the three months ended September 30, 2024, were $101.1 million, significantly up from $42.9 million in the same period of 2023[105]. Income and Expenses - Net income from continuing operations for Q3 2024 was $151.7 million, a decrease of $126.5 million compared to the same period in 2023[89]. - Lease operating expenses increased to $222.9 million in Q3 2024, compared to $193.4 million in Q3 2023, representing a rise of 15.5%[95]. - For the nine months ended September 30, 2024, net income was $424.1 million, a decrease of $160.6 million compared to the same period in 2023[91]. - The company impaired assets for $34.5 million related to the Calliope field in the Gulf of Mexico for the nine months ended September 30, 2024, due to operational issues[111]. - Corporate activities reported a loss of $33.7 million for the three months ended September 30, 2024, an unfavorable variance of $3.6 million compared to the same period of 2023[116]. Production Costs and Operational Issues - Higher lease operating expenses were primarily due to workover projects in the Gulf of Mexico and increased production activity in Canada[91]. - The company experienced downtime at the Samurai field and hurricane-related downtime, impacting production revenues in the Gulf of Mexico[105]. - Depreciation, depletion, and amortization (DD&A) expense for the three months ended September 30, 2024 decreased by $12.6 million, primarily due to lower volumes in the Gulf of Mexico and at Eagle Ford Shale[110]. - Exploration expenses for the three months ended September 30, 2024 increased by $4.8 million, primarily due to higher geological and geophysical costs in the Gulf of Mexico[112]. Cash Flow and Liquidity - The company's primary sources of liquidity include cash on hand and net cash provided by continuing operations activities[117]. - Net cash provided by continuing operations activities for the nine months ended September 30, 2024, was $89.7 million higher compared to the same period in 2023[119]. - As of September 30, 2024, the company had approximately $1.1 billion of liquidity, consisting of $271.2 million in cash and cash equivalents and $799.6 million available on its committed senior unsecured revolving credit facility[127]. - Net working capital liability as of September 30, 2024, was $(255.2) million, a decrease of $160.9 million compared to December 31, 2023[128]. Debt and Equity - Long-term debt decreased by $49.1 million to $1,279.3 million as of September 30, 2024, primarily due to open market repurchases[131]. - Shareholders' equity decreased by $113.1 million in 2024, primarily due to share repurchases and cash dividends paid[131]. - The company had no outstanding borrowings under its revolving credit facility as of September 30, 2024[127]. Market Conditions - The average price of WTI crude oil for the three months ended September 30, 2024, was $75.10 per barrel, down from $82.26 per barrel in the same period of 2023, representing a decrease of approximately 14.5%[99]. - The average price of natural gas (NYMEX) for the three months ended September 30, 2024, was $2.09 per MMBTU, down from $2.58 per MMBTU in the same period of 2023, reflecting a decrease of approximately 19%[99]. - A 10% increase in benchmark prices of commodities would have increased the net payable associated with derivative contracts by approximately $2.5 million[150]. Capital Expenditures - Total capital expenditures for the nine months ended September 30, 2024, were $776.6 million, down from $885.7 million in the same period of 2023[124]. - Net cash required by investing activities decreased by $88.9 million for the nine months ended September 30, 2024, primarily due to lower property additions and dry hole costs[122]. - Net cash required by financing activities increased by $61.4 million for the nine months ended September 30, 2024, mainly due to share repurchases and cash dividends[126].

EXHIBIT 99.1 NEWS RELEASE MURPHY OIL CORPORATION ANNOUNCES THIRD QUARTER 2024 FINANCIAL AND OPERATING RESULTS Repurchased $194 Million of Shares Outstanding, Initiated Vietnam Exploration Program HOUSTON, Texas, November 7, 2024 – Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the third quarter ended September 30, 2024, including net income attributable to Murphy of $139 million, or $0.93 net income per diluted share. Excluding discontinued operations and other it ...

Murphy Oil Corporation (MUR) is slated to report third-quarter 2024 financial results on Nov. 7, before market open. The company delivered an earnings surprise of 10.96% in the last reported quarter.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Let us discuss the factors that might have impacted MUR’s quarterly performance.Factors to Consider for MUR’s Q3 ResultsMurphy Oil’s third-quarter earnings are expected to have benefited from the production ramp-up in its domestic and inter ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Murphy Oil (MUR) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on November 7. O ...

Jeremy Poland Murphy Oil (NYSE:MUR) is a relatively small player with a decent sized offshore business because it handles the risk of the offshore business rather well. Recently, there was news about a downbeat production view that caused the stock to be downgraded as an investment idea. However, this is a La Nina year, and the Gulf of Mexico production is likely to have a lot of interruptions from what is expected to be a very busy hurricane season. Murphy has this and some routine considerations in its pr ...

Murphy Oil Corporation (NYSE:MUR) Q2 2024 Earnings Conference Call August 8, 2024 9:00 AM ET Company Participants Kelly Whitley - VP, Investor Relations and Communications Roger Jenkins - Chief Executive Officer Eric Hambly - President and COO Tom Mireles - EVP and CFO Conference Call Participants Neal Dingmann - Truist Securities Arun Jayaram - J.P. Morgan Neil Mehta - Goldman Sachs Carlos Escalante - Wolfe Research, LLC Paul Cheng - Scotia Howard Weil Leo Mariani - ROTH MKM Charles Meade - Johnson Rice & ...