Murphy Oil Corporation (NYSE: MUR) announced its financial and operating results for the fourth quarter ended December 31, 2024, including net income attributable to Murphy of $50 million, or $0.34 net income per diluted share. Excluding discontinued operations and other items affecting comparability between periods, adjusted net income attributable to Murphy was $51 million, or $0.35 adjusted net income per diluted share.
For full year 2024, the company recorded net income attributable to Murphy of $407 million, or $2.70 net income per diluted share. Murphy reported adjusted net income, which excludes both the results of discontinued operations and other items affecting comparability between periods, of $417 million, or $2.76 adjusted net income per diluted share.
Unless otherwise noted, the financial and operating highlights and metrics discussed in this commentary exclude noncontrolling interest (NCI). 1
Highlights for the fourth quarter include:
- Drilled an oil discovery at Hai Su Vang-1X in offshore Vietnam and encountered approximately 370 feet of net oil pay from two reservoirs
- Commenced LDV-A platform construction and executed the contract for the floating storage and offloading vessel for the Lac Da Vang field development project in Vietnam
- Upsized new five-year senior unsecured credit facility to $1.35 billion, significantly enhancing liquidity with a nearly 70 percent increase from previous facility
- Issued $600 million aggregate principal amount of 6.000 percent senior notes due 2032, and redeemed a total $600 million of senior notes due 2027, 2028 and 2029
- Recorded lowest net debt in over a decade at approximately $850 million
- Completed seismic reprocessing for C么te d鈥橧voire
Highlights for full year 2024 include:
- Achieved lowest Total Recordable Incident Rate since 2016
- Entered Murphy 3.0 of capital allocation framework, repurchased $300 million of stock or 8.0 million shares, and repurchased $50 million of senior notes
- Recorded lowest annual selling and general expense since 2002 at $108 million
- Achieved record high peak gross production rate of 496 million cubic feet per day (MMCFD) in Tupper Montney, effectively reaching processing plant capacity
- Drilled a discovery at the non-operated Ocotillo #1 exploration well in Mississippi Canyon 40 in the Gulf of Mexico
- Awarded six deepwater blocks from Gulf of Mexico Federal Lease Sale 261
Subsequent to the fourth quarter:
Announced an additional 8 percent increase of the quarterly cash dividend to $0.325 per share, or $1.30 per share annualized for 2025
鈥淚 am pleased that in 2024, we continued to focus on our priorities of Delever, Execute, Explore and Return. As a result, we achieved Murphy 3.0 of our capital allocation framework, strengthened our balance sheet, increased our liquidity, made two impactful discoveries and advanced our Lac Da Vang field development project in Vietnam,鈥� said Eric M. Hambly, President and Chief Executive Officer. 鈥淥ur discoveries at Hai Su Vang-1X in Vietnam and non-operated Ocotillo #1 in the Gulf of Mexico demonstrate our commitment to organically creating shareholder value and increasing our resource potential. These opportunities, alongside our existing portfolio, provide multi-basin optionality as we strive to remain an industry leader for decades to come. In 2025, we are looking forward to drilling multiple exploration prospects in the Gulf of Mexico, Vietnam and C么te d鈥橧voire, and continually rewarding shareholders with our long-standing dividend and further share repurchases.鈥�