Murphy Oil Corp.'s second-quarter revenue doubled over the same quarter last year, the company said Thursday.
The oil and natural gas producer formerly based in El Dorado posted revenue of $1.1 billion for the quarter, up 100.1% from last year's $549.6 million.
Before the stock markets opened, Murphy Oil reported net income of $351 million, or $2.23 per share, for the quarter that ended June 30, compared with a net loss of $63 million, or 41 cents per share, in last year's second quarter.
The earnings per share blew past Wall Street projections. Ten analysts surveyed by Thomson Reuters had predicted per-share earnings of $1.56.
Murphy Oil's shares closed at $32.47, up 42 cents, or 1.13%, in trading Thursday on the New York Stock Exchange. Its shares have traded between $18.84 and $45.79 over the last year.
Roger W. Jenkins, Murphy Oil's president and chief executive officer, said in the earnings report that the company's offshore team "continues to successfully execute a significant and intricate project in the Gulf of Mexico." Jenkins also said Murphy Oil's onshore team has increased production volumes across its North American operations.
"This outstanding execution has enabled us to capitalize on current high oil prices, as the additional production provides excess cash flow to support our de-leveraging strategy while increasing our dividend," Jenkins said.
Production during the second quarter averaged 164,000 barrels of oil equivalent per day -- a measure used by oil and gas companies to allow for like-to-like comparisons.
Production values "were at the high end of the guidance range for the quarter" as a result of better-than-expected well performance in both the Gulf of Mexico and the Eagle Ford Shale in south-central Texas.
At its August board meeting, Murphy Oil's board of directors approved a quarterly dividend of 25 cents for shareholders of record as of Aug. 15. The board also approved a share repurchase program of up to $300 million and a longterm debt target of $1 billion.
The timing and amount of debt reductions and share repurchases "will largely depend on oil and natural gas prices, development costs and operating expenses, as well as any high-return investment opportunities," the company said.
Because of the uncertainties surrounding these issues, though, Murphy Oil said it isn't possible to forecast how and when the company's targets might be achieved.
Murphy Oil is an international oil and natural gas exploration and production company with offshore production in Southeast Asia, Canada and the Gulf of Mexico as well as North American onshore operations.
In the U.S., Murphy Oil produces the bulk of its oil and gas from fields in the Eagle Ford Shale in Texas.
Based in El Dorado for 70 years, the company moved its headquarters to Houston in 2020.