Murphy Oil Corporation reported a net income of $486.5 million for the fiscal year ending December 31, 2024, a decrease from $723.7 million in 2023. The company's revenue from production was $3.014 billion, down from $3.377 billion in the previous year, primarily due to lower average prices for crude oil and natural gas, as well as operational downtimes in the Gulf of America and Eagle Ford Shale. The average price of West Texas Intermediate (WTI) crude oil was $75.72 per barrel in 2024, compared to $77.62 in 2023, while the average NYMEX natural gas price was $2.24 per million British thermal units, down from $2.53 in the prior year.
In terms of operational performance, Murphy produced an average of 184,293 barrels of oil equivalent per day (BOEPD) in 2024, a 4.3% decrease from 192,640 BOEPD in 2023. The U.S. operations accounted for 93,184 barrels of crude oil and natural gas liquids per day, representing 89.5% of the company's total worldwide liquids production. The company also reported total proved reserves of 729 million barrels of oil equivalent (MMBOE) at year-end 2024, a slight decrease from 739.5 MMBOE in 2023, with 40% of these reserves classified as undeveloped.
Strategically, Murphy Oil made significant moves in its capital structure, issuing $600 million in senior notes due 2032 and using the proceeds to redeem an equal amount of senior notes maturing in 2027, 2028, and 2029. The company also entered into a new five-year, $1.35 billion senior unsecured credit facility, increasing its borrowing capacity by 69%. In line with its capital allocation framework, Murphy repurchased $300 million worth of its common stock during the year, with $650.1 million remaining under its share repurchase program.
Looking ahead, Murphy Oil anticipates average daily production in 2025 to range between 181,100 and 189,100 BOEPD. The company plans to allocate between $1.135 billion and $1.285 billion for capital expenditures in 2025, primarily funded through operating cash flow. However, the company remains cautious about potential impacts from fluctuating commodity prices, inflation, and global economic conditions on its financial performance. The board of directors has declared a quarterly cash dividend of $0.325 per share, payable on March 3, 2025, reflecting the company's commitment to returning value to shareholders.
About MURPHY OIL CORP
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