Murphy Oil swings to adjusted loss in Q4'20, full year 2020

Murphy Oil Corp. on Jan. 28 reported an adjusted loss from continuing operations attributable to the corporation of $13.5 million for the fourth quarter of 2020, or a loss of 9 cents per share, compared with an adjusted income of $24.6 million, or 16 cents per share, in the same period in 2019.

The S&P Capital IQ consensus normalized estimate for the fourth quarter was a loss of 11 cents per share.

On a GAAP basis, fourth-quarter 2020 net loss attributable to Murphy Oil came in at $171.9 million, versus a net loss of $71.7 million in the prior-year period.

Total revenues and other income for the fourth quarter of 2020 hit $330.2 million, a decrease from $637.5 million in 2019.

For the fourth quarter of 2020, Murphy Oil's total net hydrocarbons from continuing operations, excluding noncontrolling interest in MP Gulf of Mexico LLC, clocked in at 148,671 barrels per day, down from 193,916 b/d in the same period in 2019.

For full year 2020, Murphy Oil reported $192.5 million, or $1.25 per share, in adjusted loss from continuing operations attributable to the corporation, versus an adjusted income of $143.9 million, or 87 cents per share, in 2019.

The S&P Capital IQ consensus normalized estimate for full year 2020 was a loss of $1.24 per share.

On a GAAP basis, full-year 2020 net loss attributable to Murphy Oil was $1.15 billion, compared to net income of $1.15 billion in 2019. Murphy Oil posted $1.97 billion in total revenues and other income for the full year 2020, compared to $2.83 billion in 2019.

Murphy Oil said full-year 2020 total net hydrocarbons for continuing operations, excluding noncontrolling interest in MP Gulf of Mexico, was 163,617 b/d, compared to 173,255 b/d in 2019.

Murphy Oil expects its capital expenditures for the year to be in the range of $675 million to $725 million, and its full-year 2021 production to range from 155,000 barrels of oil equivalent per day to 165,000 boe/d.

The corporation said its production guidance range for the first quarter of the year is 149,000 boe/d to 157,000 boe/d. The capital expenditure and production guidance exclude Murphy Oil's noncontrolling interest in MP Gulf of Mexico.