Like a lot of energy companies, Murphy Oil Corporation based in El Dorado, Arkansas had a glowing report for its shareholders.
The company had income of $169 million which amounted to 97 cents a share. The adjusted income was $40 million and the cmopany returned 16 percent of operating cash flow to shareholders through dividend.
Murphy also indicated it maintained $2 billion of liquidity with no borrowings on the credit facility. Production totaled 168,000 OBEPD for the quarter which puts the company on track to achieve its 2018 production guidance.
It also expanded its exploration footprint in the Gulf of Mexico and Brazil with co-venturer groups.
“Over the course of the first quarter, we had strong production results from our offshore assets in Malaysia and the Gulf of Mexico and our onshore Canadian assets in the Tupper Montney and Kaybob Duvernay. We were also able to achieve competitive margins across our oil-weighted assets for the U.S. and Malaysia operating areas. We continue to maintain our key balance sheet metrics while delivering on our 2018 plans. Our diverse, high margin portfolio coupled with the recent improvement in oil prices allows Murphy to generate free cash flow above our dividend this year,” stated Roger W. Jenkins, President and Chief Executive Officer.