Oil and Gas

    Murphy Oil unveils strong Q3 results, boosts production and expands financial strategy

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    Murphy Oil Corporation (NYSE:MUR) has announced robust financial results for the third quarter of 2024.

    The company recorded a net income of $139 million, equivalent to $0.93 per diluted share.

    When adjusted for discontinued operations and items affecting comparability, the adjusted net income came in at $111 million, or $0.74 per diluted share.

    During the period under review, the company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) reached $378 million.

    Additionally, Murphy Oil highlighted a production average of 185 thousand barrels of oil equivalent per day (MBOEPD), exceeding expectations mainly due to improved well performance in the Tupper Montney region, which pushed onshore production to about 2.1 MBOEPD above the guided range.

    The company also reported significant investment activities, with capital expenditures for the quarter totaling $211 million, not including non-controlling interest (NCI).

    In a move to enhance shareholder value, Murphy repurchased $194 million of its stock.

    While Murphy Oil launched a new exploration program in Vietnam and strengthened its financial position through the issuance of $600 million in senior notes due in 2032, the company also established a $1.2 billion credit facility.

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