Murphy Oil(US:MUR)2023-08-03 19:55Financial Performance & Capital Allocation - The company is prioritizing capital allocation to achieve a targeted $500 million debt reduction goal for FY 2023[4, 59] - 25% of adjusted Free Cash Flow (FCF) is allocated to shareholder returns, primarily through share buybacks[4, 96] - Net income was $98 million and adjusted net income was $124 million for 2Q 2023[20] - Adjusted EBITDA attributable to Murphy was $4121 million for 2Q 2023[38] - Net cash provided by continuing operations was $470 million, with net property additions and acquisitions of ($349) million, resulting in adjusted cash flow of $121 million for 2Q 2023[21] Production & Operations - 2Q 2023 production exceeded the upper end of guidance, reaching 184 MBOEPD, including 99 MBOPD[7] - Onshore Canada production was 62400 BOEPD in 2Q 2023[5] - Offshore production was 86600 BOEPD, generating $492 million in revenue[8] - The company is targeting an average annual production of ~210 MBOEPD with ~53% average oil weighting[95] Strategic Initiatives & Exploration - The company initiated a new exploration focus area in Côte d'Ivoire[7, 96] - The company is progressing development of Longclaw 1 discovery[17, 96] - The company plans to resume drilling the operated Oso 1 well in the Gulf of Mexico in 3Q 2023[4, 74]