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Murphy Oil Corporation (MUR-0.96%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net income from continuing operations to $151.7 million, down from $278.2 million in the same quarter the previous year. This decrease is attributed to lower revenues from production, higher lease operating expenses, and lower other income.
Revenues from production for the quarter were $753.2 million, a decrease from $945.9 million in the previous year, primarily due to lower production in the U.S. and lower oil prices.
Lease operating expenses increased to $222.9 million from $193.4 million, driven by workover activities in the Gulf of Mexico and higher production at Terra Nova.
Depreciation, depletion, and amortization expenses decreased to $222.1 million from $234.7 million, reflecting lower production volumes in the Gulf of Mexico and Eagle Ford Shale.
Net income attributable to Murphy was $139.1 million for the quarter, compared to $255.3 million in the previous year. The decrease is mainly due to lower operating income and an income tax deduction for prior years' Australia exploration spend.
Cash provided by operating activities was $1,295.4 million for the nine months ended September 30, 2024, while cash used in investing and financing activities was $733.3 million and $608.8 million, respectively.
Murphy had a working capital liability of $255.2 million as of September 30, 2024, compared to $94.3 million at the end of 2023.
The filing also details a new $1,200 million senior unsecured revolving credit facility with a maturity date in October 2029, replacing the previous $800 million facility.
Murphy issued $600 million of 6.000% senior notes due 2032, using the proceeds to repurchase and repay existing debt.
The company continues to focus on its capital allocation framework, including share repurchases and dividend payments, with $650.1 million remaining available for repurchase under its current program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Murphy Oil Corporation quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.