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NEW YORK - Murphy Oil Corporation (NYSE:MUR) reported fourth quarter earnings that fell short of analyst expectations, sending shares down 1.30% in early trading Thursday.
The oil and gas producer posted adjusted earnings per share of $0.35, missing the consensus estimate of $0.69. Revenue came in at $670.96 million, below analyst projections of $763.43 million.
Murphy’s production averaged 175,000 barrels of oil equivalent per day (boepd) in Q4, including 85,000 barrels of oil per day. The company cited unplanned downtime of 10,800 boepd across its assets as impacting production.
For the full year 2024, Murphy reported net income of $407 million, or $2.70 per diluted share. Adjusted net income was $417 million, or $2.76 per diluted share.
"I am pleased that in 2024, we continued to focus on our priorities of Delever, Execute, Explore and Return," said Eric M. Hambly, President and CEO. "As a result, we achieved Murphy 3.0 of our capital allocation framework, strengthened our balance sheet, increased our liquidity, made two impactful discoveries and advanced our Lac Da Vang field development project in Vietnam."
Looking ahead, Murphy forecasts 2025 production of 174,500 to 182,500 boepd, with capital expenditures between $1.135 billion and $1.285 billion.
The company also announced an 8% increase to its quarterly dividend to $0.325 per share for 2025.
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