Murphy Oil reports 4Q earnings up 32%

Murphy Oil Corp. said Thursday that its fourth-quarter revenue rose 32% to $975.2 million.

The oil and natural gas company formerly based in El Dorado posted net income of $199.4 million, or $1.26 per share, for the quarter that ended Dec. 31, compared to net income of $168.4 million, or $1.08 per share in the same period last year.

Murphy Oil's results came in well above the $1.17 average per-share estimate of 14 analysts surveyed by Thomson Reuters.

Roger Jenkins, Murphy Oil's president and chief executive officer, said in the earnings report released before the stock markets opened that he was proud of all that the company accomplished in 2022.

"Our meaningful progress and consistent execution were particularly evident in our offshore business," he said.

The company also said Thursday that it was raising its quarterly dividend to 27.5 cents per share from 25 cents a share.

"Our disciplined spending, coupled with higher realized oil prices, enabled us to increase our longstanding dividend, achieve our debt reduction goal and position the company for the second phase of its allocation framework," Jenkins said.

"As we look ahead to 2023 and continue building on the momentum of 2022, we remain confident in our strong operational capabilities and financial positioning," he said.

Murphy Oil's shares rose $2.47, or 5.76%, to close Thursday at $45.35 on the New York Stock Exchange. Its shares have traded between $25.97 and $51.29 in the past year.

For fiscal 2022, Murphy Oil posted revenue of $3.9 billion, up 70%.

The company reported net income of $965 million, or $6.13 per share, compared to a net loss of $73.7 million, or 48 cents per share, a year earlier.

Production for the full year averaged 167 million barrels of oil equivalent per day -- a measure used by oil and gas companies to allow for like-to-like comparisons.

The company reduced its total debt by 26% in 2022.

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 operations.

In the U.S., Murphy Oil produces the bulk of its oil and gas from fields in the Eagle Ford Shale area of south-central Texas.

The company moved both its longtime headquarters in El Dorado and an office in Canada to Houston in 2020.