Murphy Oil (MUR) Q4 2024 earnings summary

Executive summary

• Achieved lowest net debt in over a decade at $850 million, reducing total debt by 60% since 2020, and maintained an 11-year reserve life with 713 MMBOE proved reserves.

• 2024 net income was $407 million and adjusted net income was $417 million; Q4 net income was $50 million and adjusted net income was $51 million.

• 2024 production averaged 177,000 BOE/d, with significant discoveries at Hai Su Vang-1X (Vietnam) and Ocotillo #1 (Gulf of Mexico), and progress on Lac Da Vang development.

• Increased quarterly dividend by 8% to $0.325/share for 2025 and repurchased $300 million in stock; $650 million remains under repurchase authorization.

• Entered Murphy 3.0 capital allocation framework, allocating at least 50% of adjusted free cash flow to share buybacks and dividends.

Financial highlights

• Q4 2024 net income was $50 million ($0.34/diluted share); adjusted net income was $51 million ($0.35/diluted share).

• Q4 2024 EBITDA was $315 million; adjusted EBITDA was $321 million; full year 2024 EBITDA was $1.4 billion; adjusted EBITDA was $1.5 billion.

• Q4 2024 revenue was $629 million; full year 2024 revenue was $3.02 billion.

• Q4 accrued CapEx was $186 million; full year 2024 accrued CapEx was $953 million.

• Ended 2024 with $1.8 billion in liquidity, including $424 million cash and $1.35 billion undrawn credit facility.

Outlook and guidance

• 2025 CapEx guidance is $1.135–$1.285 billion, with 85% for development and 70% to operated projects.

• 2025 production guidance: 174.5–182.5 MBOE/d (91 MBOPD oil); Q1 2025 expected at 159–167 MBOE/d due to planned downtime.

• Key 2025 projects include Lac Da Vang field development in Vietnam, multiple Gulf of Mexico wells, and a three-well Côte d'Ivoire program.

• Long-term plan targets production above 200,000 BOE/d by late decade, driven by Gulf of Mexico and Vietnam developments.