Murphy Oil Corp. on Aug. 8 reported an adjusted income from continuing operations of $35.7 million, or 21 cents per share, for the second quarter, up from a loss of $8.0 million, or a loss of 5 cents per share, a year ago.
The company beat the S&P Global Market Intelligence consensus normalized EPS estimate of 18 cents for the quarter.
On a GAAP basis, net income attributable to Murphy during the quarter increased to $92.3 million, from $45.5 million in the prior-year period.
Total revenues amounted to $709.0 million for the quarter, climbing from $389.6 million a year earlier.
Adjusted EBITDA attributable to Murphy during the quarter totaled $362.4 million, up from $194.0 million in the prior-year period.
Total net hydrocarbon production reached 158,516 barrels per day for the quarter, up from 122,317 bbl/d a year ago. It excludes natural gas and its noncontrolling interest in MP Gulf of Mexico LLC.
For the third quarter, the company expects total net production of 192,000 barrels of oil equivalent per day to 196,000 boe/d, excluding the noncontrolling interest in MP Gulf of Mexico. For the full year 2019, it is expected to be in the range of 174,000 boe/d to 178,000 boe/d.
The company also plans to spend $1.35 billion to $1.45 billion in capital expenditures during the year, which includes an allocation of $140 million for its recently acquired Gulf of Mexico assets.