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Murphy Oil Corp.’s shares retreated Thursday after the oil and gas producer scaled back its production target and lifted capital expenditure guidance. In morning trading, the shares were 5.7% lower at $45.65, narrowing the drop so far this year to $75%. Murphy forecast production of between 164,000 barrels of oil equivalent a day and 172 MBOEPD in 2022, reverting to a January target that it raised in August to between 168 MBOEPD and 176 MBOEPD due to stronger well performance in its oil-weighted assets and acquisitions in the Gulf of Mexico. Fourth-quarter output is expected at between 173.5 MBOEPD and 181.5 MBOEPD, which the company said was impacted by 9.5 MBOEPD of offshore downtime, including the hit associated with Hurricane Ian, plus an estimated 10.5 MBOEPD for forecast royalties on the Tupper Montney acreage in Western Canada. Murphy revised its accrued capital expenditure forecast for the year to $975 million to almost $1.03 billion, excluding acquisitions, from $900 million to $950 million previously. The company produced 188.5 MBOEPD in the third quarter, just ahead of the top end of its own guidance. Net income for the recent quarter rose to $528.4 million, or $3.36 a share, from $108.5 million, […]
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