Company Quick10K Filing
Murphy Oil
Price21.95 EPS8
Shares168 P/E3
MCap3,690 P/FCF2
Net Debt2,344 EBIT1,681
TEV6,034 TEV/EBIT4
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-06-17
8-K 2020-05-21
8-K 2020-05-15
8-K 2020-05-06
8-K 2020-05-06
8-K 2020-04-01
8-K 2020-03-25
8-K 2020-03-12
8-K 2020-02-28
8-K 2020-01-30
8-K 2019-11-13
8-K 2019-11-13
8-K 2019-10-31
8-K 2019-10-02
8-K 2019-09-20
8-K 2019-08-08
8-K 2019-07-11
8-K 2019-06-12
8-K 2019-05-30
8-K 2019-05-22
8-K 2019-05-09
8-K 2019-05-07
8-K 2019-05-02
8-K 2019-04-19
8-K 2019-04-15
8-K 2019-03-25
8-K 2019-03-21
8-K 2019-02-07
8-K 2019-01-31
8-K 2018-12-03
8-K 2018-11-07
8-K 2018-10-10
8-K 2018-09-05
8-K 2018-08-20
8-K 2018-08-08
8-K 2018-05-09
8-K 2018-05-02
8-K 2018-05-01
8-K 2018-04-25
8-K 2018-02-22
8-K 2018-02-12
8-K 2018-01-31

MUR 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis
Item 2. Management's Discussion and Analysis (Contd.)
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-3.2 mur-20200630xex32ng.htm
EX-31.1 mur-20200630xex311ng.htm
EX-31.2 mur-20200630xex312ng.htm
EX-32.1 mur-20200630xex321ng.htm

Murphy Oil Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
10.07.75.43.00.7-1.62012201420172020
Rev, G Profit, Net Income
1.20.5-0.1-0.8-1.4-2.12012201420172020
Ops, Inv, Fin

mur-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q  
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to
Commission file number 1-8590
mur-20200630_g1.jpg
MURPHY OIL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware71-0361522
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
9805 Katy Fwy, Suite G-20077024
Houston,Texas(Zip Code)
(Address of principal executive offices)
(281)
675-9000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
 Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $1.00 Par ValueMURNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes  No
Number of shares of Common Stock, $1.00 par value, outstanding at July 31, 2020 was 153,598,625.



MURPHY OIL CORPORATION
TABLE OF CONTENTS
Page
1

Table of Contents
PART I – FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS
Murphy Oil Corporation and Consolidated Subsidiaries
CONSOLIDATED BALANCE SHEETS (unaudited)

(Thousands of dollars)
June 30,
2020
December 31,
2019
ASSETS
Current assets
Cash and cash equivalents$145,505  306,760  
Accounts receivable, less allowance for doubtful accounts of $1,605 in 2020 and 2019
372,549  426,684  
Inventories59,728  76,123  
Prepaid expenses61,271  40,896  
Assets held for sale124,337  123,864  
Total current assets763,390  974,327  
Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization of $10,603,617 in 2020 and $9,333,646 in 2019
8,891,419  9,969,743  
Operating lease assets779,591  598,293  
Deferred income taxes290,006  129,287  
Deferred charges and other assets29,624  46,854  
Total assets$10,754,030  11,718,504  
LIABILITIES AND EQUITY
Current liabilities
Accounts payable$366,205  602,096  
Income taxes payable18,646  19,049  
Other taxes payable16,988  18,613  
Operating lease liabilities103,341  92,286  
Other accrued liabilities151,848  197,447  
Liabilities associated with assets held for sale13,711  13,298  
Total current liabilities670,739  942,789  
Long-term debt, including capital lease obligation2,956,419  2,803,381  
Asset retirement obligations844,545  825,794  
Deferred credits and other liabilities628,904  613,407  
Non-current operating lease liabilities697,674  521,324  
Deferred income taxes182,267  207,198  
Total liabilities5,980,548  5,913,893  
Equity
Cumulative Preferred Stock, par $100, authorized 400,000 shares, none issued
    
Common Stock, par $1.00, authorized 450,000,000 shares, issued 195,100,628 shares in 2020 and 195,089,269 shares in 2019
195,101  195,089  
Capital in excess of par value931,429  949,445  
Retained earnings5,823,426  6,614,304  
Accumulated other comprehensive loss(690,341) (574,161) 
Treasury stock(1,691,070) (1,717,217) 
Murphy Shareholders' Equity4,568,545  5,467,460  
Noncontrolling interest204,937  337,151  
Total equity4,773,482  5,804,611  
Total liabilities and equity$10,754,030  11,718,504  
See Notes to Consolidated Financial Statements, page 7.
2

Table of Contents
Murphy Oil Corporation and Consolidated Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(Thousands of dollars, except per share amounts)
2020201920202019
Revenues and other income
Revenue from sales to customers$285,745  680,436  886,303  1,309,790  
(Loss) gain on crude contracts(75,880) 57,916  324,792  57,916  
Gain on sale of assets and other income1,677  5,598  4,175  6,790  
Total revenues and other income211,542  743,950  1,215,270  1,374,496  
Costs and expenses
Lease operating expenses144,644  137,132  353,792  268,828  
Severance and ad valorem taxes6,442  13,072  15,864  23,169  
Transportation, gathering and processing 41,090  34,901  85,457  74,443  
Exploration expenses, including undeveloped lease amortization29,468  30,674  49,594  63,212  
Selling and general expenses39,100  57,532  75,872  120,892  
Restructuring expenses41,397    41,397    
Depreciation, depletion and amortization231,446  264,302  537,548  493,708  
Accretion of asset retirement obligations10,469  9,897  20,435  19,237  
Impairment of assets19,616    987,146    
Other (benefit) expense22,007  25,437  (23,181) 55,442  
Total costs and expenses585,679  572,947  2,143,924  1,118,931  
Operating (loss) income from continuing operations(374,137) 171,003  (928,654) 255,565  
Other income (loss)
Interest and other income (loss)(5,171) (8,968) (4,930) (13,716) 
Interest expense, net(38,598) (54,096) (79,695) (100,165) 
Total other loss(43,769) (63,064) (84,625) (113,881) 
(Loss) income from continuing operations before income taxes(417,906) 107,939  (1,013,279) 141,684  
Income tax (benefit) expense (94,773) 9,115  (186,306) 19,937  
(Loss) income from continuing operations(323,133) 98,824  (826,973) 121,747  
(Loss) income from discontinued operations, net of income taxes(1,267) 24,418  (6,129) 74,264  
Net (loss) income including noncontrolling interest(324,400) 123,242  (833,102) 196,011  
Less: Net (loss) income attributable to noncontrolling interest(7,216) 30,970  (99,814) 63,557  
NET (LOSS) INCOME ATTRIBUTABLE TO MURPHY$(317,184) 92,272  (733,288) 132,454  
(LOSS) INCOME PER COMMON SHARE – BASIC
Continuing operations$(2.05) 0.40  (4.74) 0.34  
Discontinued operations(0.01) 0.15  (0.04) 0.44  
Net (loss) income $(2.06) 0.55  (4.78) 0.78  
(LOSS) INCOME PER COMMON SHARE – DILUTED
Continuing operations$(2.05) 0.40  (4.74) 0.34  
Discontinued operations(0.01) 0.14  (0.04) 0.43  
Net (loss) income $(2.06) 0.54  (4.78) 0.77  
Cash dividends per Common share0.13  0.25  0.38  0.50  
Average Common shares outstanding (thousands)
Basic153,581  168,538  153,429  170,556  
Diluted153,581  169,272  153,429  171,433  
See Notes to Consolidated Financial Statements, page 7.
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Murphy Oil Corporation and Consolidated Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)


Three Months Ended
June 30,
Six Months Ended
June 30,
(Thousands of dollars)2020201920202019
Net (loss) income including noncontrolling interest$(324,400) 123,242  (833,102) 196,011  
Other comprehensive (loss) income, net of tax
Net (loss) gain from foreign currency translation50,568  28,606  (67,843) 54,055  
Retirement and postretirement benefit plans(39,234) 2,762  (48,945) 5,516  
Deferred loss on interest rate hedges reclassified to interest expense309  586  608  1,171  
Other comprehensive (loss) income 11,643  31,954  (116,180) 60,742  
COMPREHENSIVE (LOSS) INCOME$(312,757) 155,196  (949,282) 256,753  
See Notes to Consolidated Financial Statements, page 7.
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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Six Months Ended
June 30,
(Thousands of dollars)20202019
Operating Activities
Net (loss) income including noncontrolling interest$(833,102) 196,011  
Adjustments to reconcile net (loss) income to net cash (required) provided by continuing operations activities:
Loss (income) from discontinued operations6,129  (74,264) 
Depreciation, depletion and amortization537,548  493,708  
Previously suspended exploration costs 7,677  12,901  
Amortization of undeveloped leases14,770  15,150  
Accretion of asset retirement obligations20,435  19,237  
Impairment of assets987,146    
Noncash restructuring expense17,565    
Deferred income tax (benefit) expense(167,902) 18,001  
Mark to market (gain) loss on contingent consideration(43,529) 28,890  
Mark to market (gain) loss on crude contracts(173,848) (50,831) 
Long-term non-cash compensation22,760  44,755  
Net decrease (increase) in noncash operating working capital1,335  (5,366) 
Other operating activities, net(27,605) (42,761) 
Net cash provided by continuing operations activities369,379  655,431  
Investing Activities
Property additions and dry hole costs(537,601) (645,169) 
Property additions for King's Quay FPS(51,635)   
Acquisition of oil and gas properties  (1,226,261) 
Proceeds from sales of property, plant and equipment  16,816  
Net cash required by investing activities(589,236) (1,854,614) 
Financing Activities
Borrowings on revolving credit facility 370,000  1,075,000  
Repayment of revolving credit facility (200,000)   
Cash dividends paid(57,590) (85,503) 
Distributions to noncontrolling interest(32,400) (68,776) 
Early retirement of debt(12,225)   
Withholding tax on stock-based incentive awards(7,247) (6,991) 
Debt issuance, net of cost(613)   
Proceeds from term loan and other loans371  500,000  
Capital lease obligation payments(336) (335) 
Repurchase of common stock  (299,924) 
Net cash provided by financing activities59,960  1,113,471  
Cash Flows from Discontinued Operations 1
Operating activities(1,202) 122,272  
Investing activities4,494  (49,798) 
Financing activities  (4,914) 
Net cash provided by discontinued operations3,292  67,560  
Cash transferred from discontinued operations to continuing operations  48,565  
Effect of exchange rate changes on cash and cash equivalents(1,358) 3,268  
Net increase (decrease) in cash and cash equivalents(161,255) (33,879) 
Cash and cash equivalents at beginning of period306,760  359,923  
Cash and cash equivalents at end of period$145,505  326,044  
1  Net cash provided by discontinued operations is not part of the cash flow reconciliation. See Notes to Consolidated Financial Statements, page 7.
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited)

Three Months Ended
June 30,
Six Months Ended
June 30,
(Thousands of dollars)
2020201920202019
Cumulative Preferred Stock – par $100, authorized 400,000 shares, none issued
$        
Common Stock – par $1.00, authorized 450,000,000 shares, issued 195,100,628 shares at June 30, 2020 and 195,083,364 shares at June 30, 2019
Balance at beginning of period195,101  195,083  195,089  195,077  
Exercise of stock options—  —  12  6  
Balance at end of period195,101  195,083  195,101  195,083  
Capital in Excess of Par Value
Balance at beginning of period924,930  924,904  949,445  979,642  
Exercise of stock options, including income tax benefits—  —  (156) (123) 
Restricted stock transactions and other(636) —  (33,240) (38,732) 
Share-based compensation7,135  9,040  15,380  17,676  
Adjustments to acquisition valuation—  —  —  (24,519) 
Balance at end of period931,429  933,944  931,429  933,944  
Retained Earnings
Balance at beginning of period6,159,808  5,627,081  6,614,304  5,513,529  
Net (loss) income for the period(317,184) 92,272  (733,288) 132,454  
Sale and leaseback gain recognized upon adoption of ASC 842, net of tax impact—  —  —  116,768  
Cash dividends(19,198) (42,105) (57,590) (85,503) 
Balance at end of period5,823,426  5,677,248  5,823,426  5,677,248  
Accumulated Other Comprehensive Loss
Balance at beginning of period(701,984) (580,999) (574,161) (609,787) 
Foreign currency translation (loss) gain, net of income taxes50,568  28,606  (67,843) 54,055  
Retirement and postretirement benefit plans, net of income taxes(39,234) 2,762  (48,945) 5,516  
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes309  586  608  1,171  
Balance at end of period(690,341) (549,045) (690,341) (549,045) 
Treasury Stock
Balance at beginning of period(1,691,706) (1,217,293) (1,717,217) (1,249,162) 
Purchase of treasury shares—  (299,924) —  (299,924) 
Awarded restricted stock, net of forfeitures636  —  26,147  31,869  
Balance at end of period – 41,512,066 shares of Common Stock in 2020 and 32,832,771 shares of Common Stock in 2019, at cost
(1,691,070) (1,517,217) (1,691,070) (1,517,217) 
Murphy Shareholders’ Equity4,568,545