Murphy Oil Corp. (MUR, Financial) filed Quarterly Report for the period ended 2011-03-31.
Murphy Oil Corp. has a market cap of $13.26 billion; its shares were traded at around $68.57 with a P/E ratio of 16.7 and P/S ratio of 0.6. The dividend yield of Murphy Oil Corp. stocks is 1.6%. Murphy Oil Corp. had an annual average earning growth of 19.3% over the past 10 years. GuruFocus rated Murphy Oil Corp. the business predictability rank of 4-star.
Net cash provided by operating activities was $522.9 million for the first three months of 2011 compared to $829.4 million during the same period in 2010. Changes in operating working capital other than cash and cash equivalents used cash of $140.4 million in the first quarter of 2011, but generated cash of $244.3 million in the first quarter of 2010. Working capital used cash in the 2011 quarter due to an increase in accounts receivable from customers caused by higher sales prices, which outpaced the increase in accounts payable primarily caused by higher amounts owed on crude oil purchases by the Companys refineries. The cash generated from working capital changes in the 2010 quarter essentially related to a $244.4 million recovery of U.S. federal royalties paid in prior years. Cash of $587.8 million and $513.6 million in the 2011 and 2010 quarters, respectively, was generated from maturity of Canadian government securities that had maturity dates greater than 90 days at acquisition.
Significant uses of cash in both years were for dividends, which totaled $53.1 million in 2011 and $47.8 million in 2010, and for property additions and dry holes, which, including amounts expensed, were $526.8 million and $481.0 million in the three-month periods ended March 31, 2011 and 2010, respectively. Additionally, cash of $428.3 million and $630.2 million was used to purchase Canadian government securities with maturity dates greater than 90 days during the three months ended March 31, 2011 and 2010, respectively. The Company expended $50.5 million on major repairs in the 2010 period due to planned major turnarounds at the Meraux, Louisiana, and Milford Haven, Wales, refineries during the period. Total capital expenditures on an accrual basis were as follows:
At March 31, 2011, total long-term debt of $974.4 million had increased by $35.0 million compared to December 31, 2010. A summary of capital employed at March 31, 2011 and December 31, 2010 follows.
There were short-term derivative foreign exchange contracts in place at March 31, 2011 to hedge the value of U.S. dollars against two foreign currencies. A 10% strengthening of the U.S. dollar against these foreign currencies would have reduced the recorded asset associated with these contracts by approximately $50.2 million, while a 10% weakening of the U.S. dollar would have increased the recorded asset by approximately $40.4 million. Changes in the fair value of these derivative contracts generally offset the financial statement impact of an equivalent volume of foreign currency exposures associated with other assets and/or liabilities.
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Murphy Oil Corp. has a market cap of $13.26 billion; its shares were traded at around $68.57 with a P/E ratio of 16.7 and P/S ratio of 0.6. The dividend yield of Murphy Oil Corp. stocks is 1.6%. Murphy Oil Corp. had an annual average earning growth of 19.3% over the past 10 years. GuruFocus rated Murphy Oil Corp. the business predictability rank of 4-star.
Highlight of Business Operations:
Corporate activities, which include interest income and expense, foreign exchange effects, and corporate overhead not allocated to operating functions, had net costs of $22.2 million in the 2011 first quarter compared to net costs of $68.4 million in the first quarter of 2010. The results for corporate activities were favorable in 2011 compared to 2010 primarily due to after-tax losses of $1.1 million in the 2011 quarter on transactions denominated in foreign currencies compared to after-tax losses of $41.3 million in the 2010 quarter. The foreign exchange loss in 2010 was primarily associated with a stronger U.S. dollar compared to the British sterling and a weaker U.S. dollar compared to the Malaysian ringgit. The weaker British sterling in 2010 led to foreign currency losses on dollar based liabilities in the sterling functional U.K. downstream operations, and the stronger Malaysian ringgit led to foreign currency losses on ringgit based income tax liabilities in the dollar functional Malaysian oil and gas operations. The 2011 first quarter also had lower net interest expense compared to 2010 mainly due to a combination of lower average debt levels and higher amounts of interest capitalized to oil and gas development projects.Net cash provided by operating activities was $522.9 million for the first three months of 2011 compared to $829.4 million during the same period in 2010. Changes in operating working capital other than cash and cash equivalents used cash of $140.4 million in the first quarter of 2011, but generated cash of $244.3 million in the first quarter of 2010. Working capital used cash in the 2011 quarter due to an increase in accounts receivable from customers caused by higher sales prices, which outpaced the increase in accounts payable primarily caused by higher amounts owed on crude oil purchases by the Companys refineries. The cash generated from working capital changes in the 2010 quarter essentially related to a $244.4 million recovery of U.S. federal royalties paid in prior years. Cash of $587.8 million and $513.6 million in the 2011 and 2010 quarters, respectively, was generated from maturity of Canadian government securities that had maturity dates greater than 90 days at acquisition.
Significant uses of cash in both years were for dividends, which totaled $53.1 million in 2011 and $47.8 million in 2010, and for property additions and dry holes, which, including amounts expensed, were $526.8 million and $481.0 million in the three-month periods ended March 31, 2011 and 2010, respectively. Additionally, cash of $428.3 million and $630.2 million was used to purchase Canadian government securities with maturity dates greater than 90 days during the three months ended March 31, 2011 and 2010, respectively. The Company expended $50.5 million on major repairs in the 2010 period due to planned major turnarounds at the Meraux, Louisiana, and Milford Haven, Wales, refineries during the period. Total capital expenditures on an accrual basis were as follows:
At March 31, 2011, total long-term debt of $974.4 million had increased by $35.0 million compared to December 31, 2010. A summary of capital employed at March 31, 2011 and December 31, 2010 follows.
There were short-term derivative foreign exchange contracts in place at March 31, 2011 to hedge the value of U.S. dollars against two foreign currencies. A 10% strengthening of the U.S. dollar against these foreign currencies would have reduced the recorded asset associated with these contracts by approximately $50.2 million, while a 10% weakening of the U.S. dollar would have increased the recorded asset by approximately $40.4 million. Changes in the fair value of these derivative contracts generally offset the financial statement impact of an equivalent volume of foreign currency exposures associated with other assets and/or liabilities.
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