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Murphy Oil Q2 earnings reverse prior-year loss, beat estimates

Murphy Oil Corp. on Aug. 8 reported $63.1 million, or 36 cents per share, in adjusted net income for the second quarter, compared to a loss of $19.1 million, or 11 cents per share, in the prior-year period.

The S&P Global Market Intelligence consensus normalized earnings estimate for the second quarter was 33 cents per share.

Net income totaled $45.5 million, compared to a loss of $17.6 million in the second quarter a year ago.

Total revenue came in at $618.2 million in the second quarter, compared to $508.3 million in the second quarter a year ago.

Murphy's total production of 171,000 barrels of oil equivalent per day in the second quarter, compared to 163,000 boe/d a year earlier.

The company also increased its production guidance for the year by 1,000 boe/d to a new range of 168,500 boe/d to 170,500 boe/d. In addition, CapEX guidance for the year was bumped up by 6% to a range of $1.11 billion to $1.18 billion.