Murphy Oil Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting significant changes in revenue and profitability compared to the previous fiscal period.

For Q3 2024, total revenues and other income amounted to $758.3 million, a decrease from $959.6 million in Q3 2023. Revenue from production specifically fell to $753.2 million, down from $945.9 million in the same quarter last year. The nine-month figures also showed a decline, with total revenues at $2.357 billion compared to $2.616 billion in 2023. This decline was attributed to lower production volumes, particularly in the U.S. Gulf of Mexico and Eagle Ford Shale, alongside reduced pricing across all product lines.

Net income attributable to Murphy for Q3 2024 was $139.1 million, a significant drop from $255.3 million in Q3 2023. For the nine months, net income decreased to $356.8 million from $545.3 million in the prior year. The decline in profitability was influenced by lower revenues from production, higher lease operating expenses, and asset impairments totaling $34.5 million related to the Calliope field.

The company’s total hydrocarbon production for Q3 2024 averaged 191,273 barrels of oil equivalent per day, an 8% decrease from the previous year. This was primarily due to downtime in the Gulf of Mexico and natural declines in the Eagle Ford Shale, although production increases in Canada, particularly from the Terra Nova field, provided some offset.

Murphy Oil's financial position showed a decrease in cash and cash equivalents, which stood at $271.2 million as of September 30, 2024, down from $317.1 million at the end of 2023. Total current assets also declined to $629.6 million from $752.2 million. Total liabilities increased to $4.311 billion from $4.217 billion, while shareholders' equity decreased to $5.250 billion from $5.363 billion.

Strategically, Murphy Oil has been active in managing its debt and capital structure. The company repurchased $300.1 million of its common stock during the nine months ended September 30, 2024, and announced a new $1.2 billion revolving credit facility with a maturity date of October 2029. Additionally, the company issued $600 million in senior notes due 2032 to fund debt repayment.

Overall, Murphy Oil's performance in Q3 2024 reflects challenges in production and pricing, alongside strategic financial maneuvers to strengthen its balance sheet amidst fluctuating market conditions.