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Murphy Oil’s (MUR) Q3 revenues surpass estimates on higher volume of barrels of oil equivalent sales. Murphy Oil Corporation MUR delivered third-quarter 2018 earnings of 35 cents per share, missing the Zacks Consensus Estimate of 36 cents by 2.8%. Further, the figure has significantly improved from the year-ago quarter’s loss of 3 cents. On a GAAP basis, net income per share was 54 cents against a loss of 38 cents in the prior-year quarter. Revenues In the quarter under review, Murphy Oil’s revenues totaled $674.8 million, surpassing the Zacks Consensus Estimate of $641 million by 5.3%. The top line increased 35.4% on a year-over-year basis. Operational Highlights The company produced 169,000 barrels of oil equivalent per day (boe/d) in the third quarter. The production exceeded the guidance of 166,500 to 168,500 boe/d, courtesy of outperformance in the Tupper Montney onshore Canada and in Sarawak natural gas in Malaysia as well as higher than forecasted volumes. Murphy Oil sold 15,336.8 Mboe/d, up 6.5% from 14,879.2 Mboe/d in the year-ago quarter. Murphy Oil’s total costs and expenses were $464 million, up 0.8% from $460.2 million in the year-ago quarter. Operating income from continuing operations came in at $210.7 million, higher than […]
