Q4 2024 Murphy Oil Corp Earnings Call Transcript
Key Points
- Murphy Oil Corp (MUR) reduced its total debt by approximately 60% since 2020, reaching the lowest net debt in over a decade at $850 million by year-end 2024.
- The company achieved an 8% increase in its quarterly cash dividend, raising the annualized rate to $1.30 per share.
- Murphy Oil Corp (MUR) drilled an oil discovery at the Hai Su Vang-1X exploration well in Vietnam, with promising flow test results.
- The company maintained an 11-year reserve life with 713 million barrels of oil equivalent proved reserves at year-end 2024.
- Murphy Oil Corp (MUR) allocated nearly 80% of adjusted free cash flow to share repurchases in 2024, with $650 million remaining under its share repurchase authorization as of January 2025.
- Murphy Oil Corp (MUR) experienced production impacts in Q4 2024 due to nonoperated Gulf of Mexico downtime from a hurricane, lower performance from a revised Eagle Ford shale completion design, and mechanical issues at offshore wells.
- The company recorded a $28 million asset impairment for a field in the Gulf of Mexico during the fourth quarter.
- Murphy Oil Corp (MUR) faced a significant production impact from a revised completion design in the Eagle Ford Shale, resulting in nearly 2,000 barrels of oil equivalent per day impact.
- The company's Q4 2024 production numbers were softer than expected, partly due to mechanical issues and delays in the Gulf of Mexico.
- Murphy Oil Corp (MUR) anticipates elevated operating expenses in Q1 2025, estimated at $15 to $16 per barrel, due to ongoing workover activities.
Good morning, ladies and gentlemen, and welcome to the Murphy Oil Corporation Fourth Quarter 2024 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Ms. Kelly Whitley, Vice President, Investor Relations and Communications. Please go ahead.
Thank you, operator. Good morning, everyone, and thank you for joining us on our fourth quarter earnings call today.
With me today are Eric Hambly, President and Executive Officer; Tom Mireles, Executive Vice President and Chief Financial Officer; and Chris Lorino , Senior Vice President, Operations.
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 noncontrolling interest in the Gulf of Mexico.
Slide 2. Please keep in mind that some of the comments made during this call will
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