Murphy Oil Corp. (MUR) stock plummeted 5.11% in Thursday's trading session amid disappointing fourth-quarter 2024 financial results.
The oil and gas exploration company reported adjusted earnings per share of $0.35 for the quarter ended December 31, 2024, missing the consensus analyst estimate of $0.57 by a significant 38.6%. Murphy Oil's Q4 revenue of $670.96 million also fell short of the $741.18 million expected by analysts, and was down 20.5% compared to the same period last year.
The earnings and revenue misses were primarily driven by lower production levels and realized oil prices year-over-year. Murphy Oil's Q4 production averaged 175,000 barrels of oil equivalent per day, down 28% from a year ago, with average realized U.S. onshore oil prices of $70.44 per barrel compared to $78.81 in the prior-year quarter.
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