Better-Than-Expected Production Drives Slight Earnings Beat for Murphy in the Third Quarter
Murphy was able to bounce back after a second quarter marred by restrictions and outages that forced management to lower its 2016 production forecast by about 4%. Full-year guidance was tightened but not increased in this week's news release, though the firm did slightly beat its own expectations in the quarter (production was 170 mboe/d, exceeding the high end of the guided 167.5-168.5 mboe/d). The outperformance was driven by lower-than-expected facility downtime in Malaysia, Newfoundland, and...Murphy Oil is a holding company. Through its subsidiaries, the company is an oil and natural gas exploration and production company. The company explores for and produces crude oil, natural gas and natural gas liquids worldwide. The company's principal exploration and production activities are conducted in United States by wholly owned Murphy Exploration & Production Company - USA and its subsidiaries, in Canada by wholly-owned Murphy Oil Company Ltd. and its subsidiaries, and in Australia, Brazil, Brunei, Mexico and Vietnam by wholly-owned Murphy Exploration & Production Company - International and its subsidiaries. The company's hydrocarbon production is in United States, Canada and Brunei.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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