Murphy Oil Corporation has reported financial and operating results for the quarter ended June 30, 2019, including net income attributable to Murphy of $92 million, or 54 cents per diluted share.
Murphy is headquartered in El Dorado.
Adjusted net income, which excludes discontinued operations, was $36 million, or 21 cents per diluted share. The recently divested Malaysia assets were reported as “discontinued operations” and classified as “held for sale” for financial reporting purposes beginning with the first quarter 2019.
Operating highlights for the second quarter:
Produced 159 thousand barrels of oil equivalent per day, exceeding production guidance Increased Eagle Ford Shale production over 23 percent as compared to first quarter 2019.
Closed accretive deepwater Gulf of Mexico transaction, which included the addition of over 73 million barrels of oil equivalent of proved reserves.
Sanctioned three Gulf of Mexico projects that drive oil-weighted production growth.
Divested non-core North Midland Basin acreage in Dawson County, TX for approximate $20 million, with acreage still remaining in Andrews County.
Financial highlights for the second quarter:
Repurchased approximately seven percent of outstanding shares for $300 million, resulting in cumulative share repurchases of more than $1.6 billion since 2012.
Realized high-value EBITDA per barrel of oil equivalent sold of $35 for the Eagle Ford Shale and $38 for North America Offshore at the field level.
Reduced lease operating expenses to below $9 per barrel of oil equivalent.
Highlights subsequent to quarter end:
Closed the divestiture of Malaysia portfolio for $2.0 billion in cash proceeds.
Drilled successful Hoe Park No. 2 well in the Gulf of Mexico.
Entered into additional crude oil commodity hedge contracts with combined average prices above $60 per barrel WTI for 2019 and 2020, underpinning multi-year capital program.
Repaid $1.9 billion of debt on the balance sheet at quarter end, resulting in liquidity of more than $2 billion as of July 31, 2019.
The company recorded net income, attributable to Murphy, of $92 million, or 54 cents per diluted share, for the second quarter 2019.