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Murphy Oil Corp MUR

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Murphy Announces Steep Drop in Volumes, Lowers Budget by Another $40 Million

Analyst Note

| Dave Meats, CFA |

We are reducing our fair value estimate to $21 per share from $23, after taking a second look at Murphy's second-quarter financial and operating results. The decrease was mainly driven by lowering our projected activity rate for Murphy in the Eagle Ford shale. The firm has paused development in the play until the end of the year to conserve capital during this period of weak commodity prices. We had previously modeled a rebound to 6-8 rigs after 2021, and have now tapered this estimate to 5 rigs.

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Company Profile

Business Description

Murphy Oil is an independent exploration and production company developing unconventional resources in the United States and Canada. At the end of 2019, the company reported net proven reserves of 800 million barrels of oil equivalent. Consolidated production averaged 186 thousand barrels of oil equivalent per day in 2019, at a ratio of 68% oil and natural gas liquids and 32% natural gas.

300 Peach Street, P.O. Box 7000
El Dorado, AR, 71731-7000
T +1 870 862-6411
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 822