Q1 2024 Murphy Oil Corp Earnings Call Transcript
Key Points
- Murphy Oil Corp (MUR) exceeded production guidance in the first quarter, achieving 170,000 barrels equivalent per day at the high end of the guidance range.
- The company is on track to achieve its $300 million debt reduction goal for 2024, aiming for a total long-term bond debt of $1 billion by year-end.
- Murphy Oil Corp (MUR) continued its shareholder returns, repurchasing $50 million of stock and maintaining a quarterly dividend increased to $0.30 per share.
- The company successfully brought the Mormont #2 subsea well back online after equipment repair, enhancing production capabilities.
- Murphy Oil Corp (MUR) was awarded 6 deepwater blocks from the Gulf of Mexico Federal Lease Sale 261, expanding its exploration footprint.
- The company's Gulf of Mexico assets experienced approximately 13,000 barrels of oil equivalent per day of planned downtime events during the quarter, impacting production.
- Murphy Oil Corp (MUR) faces challenges with the Neidermeyer #1 well workover, leading to a decision to drill a sidetrack well, which delays the online date to the third quarter of 2024.
- There is significant capital expenditure planned for the first half of 2024, with about 60% of spending expected, which could strain financial resources if not managed carefully.
- The company's Kaybob Duvernay asset produced lower than expected at 4,000 barrels of oil equivalent per day with 68% liquids in the first quarter of 2024.
- Murphy Oil Corp (MUR) reported workover expenses totaling $50 million for the first quarter, with an anticipated increase to $65 million for the second quarter due to additional planned work.
Good morning, ladies and gentlemen, and welcome to the First Quarter 2024 Earnings Conference Call and Webcast. (Operator Instructions). I would now like to turn the conference over to Kelly Whitley, Vice President of Investor Relations and Communications. Please go ahead.
Thank you, Joana. Good morning, everyone, and thank you for joining us on our first quarter earnings call today. Joining us is Roger Jenkins, Chief Executive Officer; along with Eric Hambly, President and Chief Operating Officer; and Tom Mireles, Executive Vice President and Chief Financial Officer.
Please refer to the informational slides we have placed on the Investor Relations section of our website as you follow along with our webcast today. Throughout today's call, production numbers, reserves and financial amounts are adjusted to exclude non-controlling interest in the Gulf of Mexico. Please keep in mind that some of the comments made during this call will be considered forward-looking statements as
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