$244 million 3Q loss reported by Murphy Oil

After moving its headquarters from El Dorado, Arkansas to Houston, Texas, Murphy Oil Corp. reported a third quarter net loss of $244 million.

The company called its $317 million loss in the second quarter “unprecedented” and blamed it on the COVID-19 pandemic. The oil exploration and production company’s per share loss amounted to $1.59 but asset impairments and non-recurring costs brought it down to 15 cents a share.

The loss was not unexpected as analysts predicted an adjusted loss of 19 cents a share. Still, the company’s revenue of about $422 million was below one estimate of $467 million.

How badly has Murphy tumbled? In mid-January, stock traded at $27.88 per share. It plunged to $4.68 in the middle of March and this week traded at $7.69 per share.

CEO Roger Jenkins blamed some of it on “the most severe hurricane season on record” and said the short-term production shut-ins prevented the company from reaching the higher levels of its stockholder guidance.