Q3 2024 Murphy Oil Corp Earnings Call Transcript
Key Points
- Murphy Oil Corp (MUR) produced 185,000 barrels of oil equivalent per day in the third quarter, meeting production targets.
- The company repurchased $194 million of stock in the third quarter, reducing its share count by 16% since the end of 2018.
- Murphy Oil Corp (MUR) achieved a realized oil price of nearly $76 per barrel, which is a premium to WTI.
- The company successfully extended its debt maturity profile through the issuance of senior notes due 2032.
- Murphy Oil Corp (MUR) initiated construction of the Loc Duvang production platform in Vietnam, marking progress in its field development project.
- Murphy Oil Corp (MUR) reported a net income of $139 million, which may not meet investor expectations.
- The company experienced significant downtime at the Terra Nova project, impacting production levels.
- Workover expenses were higher than usual, with $40 million forecasted for the fourth quarter.
- Murphy Oil Corp (MUR) faces challenges with the regulatory environment in the Gulf of Mexico, which could impact future operations.
- The company had to plug and abandon the Sebastian number 1 exploration well due to non-commercial hydrocarbons.
Good morning, ladies and gentlemen, and welcome to the Murphy Oil Corporation third-quarter 2024 earnings conference call and webcast. (Operator Instructions)
I would now like to turn the conference over to Kelly Whitley, Vice President, Investor Relations and Communications. Please go ahead.
Good morning, everyone, and thank you for joining us on our third quarter earnings call today. With me are Roger Jenkins, chief executive officer; Eric Hambly, President and Chief Operating Officer and Tom Mireles, Executive Vice President and Chief Financial Officer. Please refer to the informational slides we 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 our non-controlling interest in the Gulf of Mexico.
Slide 2. Please keep in mind that some of the comments made during this call will be considered forward-looking
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