Murphy Oil Corporation MUR is slated to report fourth-quarter 2024 financial results on Jan. 30, before market open. The company delivered a negative earnings surprise of 2.63% in the last reported quarter.

Find the latest earnings estimates and surprises on Zacks Earnings Calendar.

Let us discuss the factors that might have impacted MUR’s quarterly performance.

Factors Likely to Have Impacted MUR’s Q4 Results

Murphy Oil’s fourth-quarter earnings are expected to have benefited from the production ramp-up in its domestic and international assets. The company benefited from new wells that were added in the Gulf of Mexico and Eagle Ford Shale. Yet, fourth-quarter volumes were expected to have been impacted by 1,500 barrels of oil equivalent per day of planned onshore downtime and 1,000 barrels of oil equivalent per day of planned downtime for maintenance at non-operated Terra Nova.

The company improved its balance sheet and liquidity by executing capital market transactions in the fourth quarter.

MUR’s ongoing debt-reduction initiatives are expected to have lowered capital servicing expenses, thus boosting margins in the to-be-reported quarter. Share buybacks are also likely to have aided the bottom line in fourth-quarter 2024.

MUR Stock’s Q4 Expectations

Murphy Oil anticipates quarterly production, excluding NCI, of 181.5-189.5 thousand barrels of oil equivalent per day (MBOEPD). Out of the expected production, 51% is anticipated to have been oil. The Zacks Consensus Estimate is pegged at 186.61 MBOEPD.

The Zacks Consensus Estimate for sales is pegged at $752.05 million, indicating a decline of 10.92% from the year-ago reported figure. The consensus mark for earnings per share is pegged at 62 cents, implying a decline of 31.1% from the prior-year reported figure.

What Our Quantitative Model Predicts for MUR Stock

Our proven model does not conclusively predict an earnings beat for Murphy Oil this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here, as you will see below.

Earnings ESP of MUR: Murphy Oil has an Earnings ESP of -3.85% at present. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

MUR’s Zacks Rank: Murphy Oil currently carries a Zacks Rank #3.

Stocks to Consider

Investors can consider the following players from the same sector that, per our model, have the right combination to beat on earnings in this reporting cycle.

Devon Energy Corporation DVN is slated to post fourth-quarter results on Feb. 18, 2025. DVN currently has an Earnings ESP of +0.97% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for DVN’s fourth-quarter 2024 earnings has risen 4.2% in the past 60 days.

CNX Resource Corporation. CNX is set to release fourth-quarter numbers on Jan. 30, 2025. CNX presently has an Earnings ESP of +0.78% and a Zacks Rank #2.

The Zacks Consensus Estimate for CNX’s fourth-quarter 2024 earnings implies an increase of 13.2% in the past 60 days.

California Resources Corporation CRC is scheduled to report fiscal fourth-quarter figures on March 3, 2025. CRC has an Earnings ESP of +2.59% and sports a Zacks Rank #1 at present.

The Zacks Consensus Estimate for CRC’s fourth-quarter 2024 earnings indicates an increase of 8.9% in the past 60 days.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Devon Energy Corporation (DVN) : Free Stock Analysis Report

CNX Resources Corporation. (CNX) : Free Stock Analysis Report

Murphy Oil Corporation (MUR) : Free Stock Analysis Report

California Resources Corporation (CRC) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research