Welcome to our dedicated page for Murphy Oil news (Ticker: MUR), a resource for investors and traders seeking the latest updates and insights on Murphy Oil stock.
Murphy Oil Corporation (symbol: MUR) is a prominent independent exploration and production company focused on oil and gas. The company boasts a robust, oil-weighted portfolio of both global offshore and onshore assets, providing substantial potential through its exploration program.
Murphy Oil's operations span two primary business segments: the United States and Canada, with the majority of its revenue being generated from the U.S. market. The company strategically balances its global offshore operations with a predictable onshore business in North America.
Key areas of exploration for Murphy Oil include the Deepwater Gulf of Mexico, the Atlantic Margin, Southeast Asia, and Australia. This diversified geographic presence helps mitigate risks and capitalize on various regional opportunities.
In recent times, Murphy Oil has made significant strides in strengthening its portfolio. The company has been actively engaging in projects that enhance its production capabilities and reserves. Noteworthy among these are its advancements in the Gulf of Mexico, where high-potential deepwater projects are underway.
Financially, Murphy Oil remains in a healthy condition, driven by steady revenue streams and prudent financial management. The company has formed strategic partnerships that bolster its technological capabilities and operational efficiencies, ensuring sustained growth and value creation for shareholders.
Murphy Oil's product offerings include crude oil, natural gas, and natural gas liquids. The company continues to innovate and optimize its production processes to meet market demands and environmental standards. With a keen focus on sustainable practices, Murphy Oil is committed to minimizing its environmental footprint while maximizing resource extraction.
Murphy Oil (NYSE: MUR) reported Q3 2024 net income of $139 million ($0.93 per diluted share), with adjusted net income of $111 million ($0.74 per diluted share). The company produced 185 MBOEPD, including 88 MBOPD. Key achievements include repurchasing $194 million of stock at $36.12 per share, issuing $600 million in senior notes, and securing a new $1.2 billion credit facility. Murphy maintained its quarterly dividend of $0.30 per share and initiated a two-well Vietnam exploration program. The company tightened its 2024 production guidance to 180-182 MBOEPD and maintained CAPEX guidance of $920 million to $1.02 billion.
Murphy Oil (NYSE: MUR) announced early tender results for its cash tender offers to purchase up to $600 million aggregate principal amount of outstanding senior notes. As of October 2, 2024, the following amounts were tendered:
- 5.875% Senior Notes due 2027: $258,380,000 (62.00%)
- 7.050% Senior Notes due 2029: $62,105,000 (34.56%)
- 6.375% Senior Notes due 2028: $200,154,000 (57.39%)
Murphy expects to accept all validly tendered notes and make payments on October 7, 2024. The tender offers are conditioned on completing a debt financing transaction raising at least $600 million, which Murphy expects to satisfy with the closing of its new 6.000% Senior Notes due 2032 offering.
Murphy Oil (NYSE: MUR) has announced the election of Robert B. Tudor, III to its Board of Directors, effective October 2, 2024. Tudor is the founder and CEO of Artemis Energy Partners, an investing and advisory platform focused on global energy markets. He is also a retired Founder and CEO of Tudor, Pickering, Holt & Co., and a former Partner at Goldman Sachs.
Tudor currently serves as the Chairman of the Houston Energy Transition Initiative and holds board positions in several companies, including Puloli, Inc., New ASEAN Energy, and P6 Technologies, Inc. He is actively involved in various advisory roles and philanthropic endeavors in Houston.
Claiborne Deming, Chairman of Murphy's Board of Directors, expressed enthusiasm about Tudor's addition to the board, citing his extensive professional experience as a valuable asset to the company's business.
Murphy Oil (NYSE: MUR) has announced that Eric M. Hambly, the current President and Chief Operating Officer, will succeed Roger W. Jenkins as President and CEO, effective January 1, 2025. Hambly will also join the Board of Directors. Jenkins will retire from the Board on December 31, 2024, but remain as an advisor until December 31, 2025.
Hambly, with over 26 years of industry experience, joined Murphy in 2006 and has been instrumental in the company's global exploration and production operations. Jenkins, who became CEO in 2013, led Murphy to develop a leading position in the US Gulf of Mexico.
The Board Chairman, Claiborne P. Deming, expressed confidence in Hambly's leadership, while acknowledging Jenkins' significant contributions to the company over the past 11 years.
Murphy Oil (NYSE: MUR) has announced a quarterly cash dividend on its Common Stock. The Board of Directors declared a dividend of $0.30 per share, which equates to $1.20 per share on an annualized basis. This dividend will be payable on December 2, 2024, to stockholders of record as of November 18, 2024. The announcement demonstrates Murphy Oil's commitment to providing returns to its shareholders through regular dividend payments.
Murphy Oil (NYSE: MUR) has announced its schedule for the third quarter 2024 earnings release and conference call. The company will host a conference call and webcast on Thursday, November 7, 2024, at 9:00 a.m. Eastern Standard Time (EST) to discuss the quarter's financial results. Murphy Oil plans to release its financial and operating results before the market opens on the same day.
Investors and interested parties can access the webcast link and related presentation materials on the Investor Relations page of Murphy Oil's website at http://ir.murphyoilcorp.com. For those who prefer to join by phone, a toll-free dial-in number (800-717-1738) will be available, with the Conference ID: 41884.
Murphy Oil (NYSE: MUR) has priced an offering of $600 million of 6.000% Senior Notes due 2032. The offering is expected to close on October 3, 2024, subject to customary conditions. The company plans to use the net proceeds, along with cash on hand, to fund previously announced cash tender offers for up to $600 million aggregate principal amount of its outstanding 5.875% Senior Notes due 2027, 6.375% Senior Notes due 2028, and 7.050% Senior Notes due 2029.
The offering is being made under an automatic shelf registration statement on Form S-3. J.P. Morgan Securities , BofA Securities, Inc., and MUFG Securities Americas Inc. are acting as physical joint book-running managers for the offering. Investors can obtain free copies of the prospectus supplement and accompanying prospectus from the SEC website or by contacting J.P. Morgan Securities
Murphy Oil (NYSE: MUR) has announced cash tender offers for up to $600 million aggregate principal amount of its outstanding senior notes. The tender offers include:
- 5.875% Senior Notes due 2027
- 7.050% Senior Notes due 2029 (with a $120 million maximum subcap)
- 6.375% Senior Notes due 2028
The offers are subject to conditions, including a Financing Condition of raising at least $600 million through debt financing. Holders tendering before the Early Tender Date (October 2, 2024) will receive the Total Consideration, including an Early Tender Premium. The offers expire on October 18, 2024, unless extended or terminated earlier.
Murphy Oil (NYSE: MUR) has announced its intention to offer $600 million of Senior Notes due 2032, subject to market conditions. The company plans to use the net proceeds, along with cash on hand, to fund cash tender offers for up to $600 million aggregate principal amount of its outstanding 5.875% Senior Notes due 2027, 6.375% Senior Notes due 2028, and 7.050% Senior Notes due 2029. The offering is being made under an automatic shelf registration statement on Form S-3, with J.P. Morgan Securities , BofA Securities, Inc., and MUFG Securities Americas Inc. acting as physical joint book-running managers.
Murphy Oil (NYSE: MUR) has announced that its CEO, Roger W. Jenkins, will be presenting at the Barclays 38th Annual CEO Energy-Power Conference. The presentation is scheduled for Wednesday, September 4, 2024, at 3:00 p.m. Eastern Daylight Time (EDT).
This event provides an opportunity for Murphy Oil to showcase its strategies and performance to investors and industry analysts. Interested parties can access the webcast presentation through the company's investor relations website at http://ir.murphyoilcorp.com. This participation in a major industry conference underscores Murphy Oil's commitment to transparent communication with its stakeholders and the broader investment community.
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