Murphy Oil Corp. (MUR, Financial) filed Quarterly Report for the period ended 2010-03-31.
Murphy Oil Corp. has a market cap of $10.34 billion; its shares were traded at around $54.03 with a P/E ratio of 18.2 and P/S ratio of 0.6. The dividend yield of Murphy Oil Corp. stocks is 1.9%. Murphy Oil Corp. had an annual average earning growth of 19% over the past 10 years. GuruFocus rated Murphy Oil Corp. the business predictability rank of 5-star.MUR is in the portfolios of Brian Rogers of T Rowe Price Equity Income Fund, David Williams of Columbia Value and Restructuring Fund, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC, Steven Cohen of SAC Capital Advisors, PRIMECAP Management, Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC, Bill Frels of MAIRS & POWER INC, Jeremy Grantham of GMO LLC, George Soros of Soros Fund Management LLC.
Net cash provided by operating activities was $829.4 million for the first three months of 2010 compared to $380.0 million during the same period in 2009. Changes in operating working capital other than cash and cash equivalents generated cash of $244.3 million in the first quarter of 2010 and $45.0 million in the first quarter of 2009. The cash generated in the 2010 quarter from working capital changes essentially related to a $244.4 million recovery of U.S. federal royalties paid in prior years. Cash of $513.6 million and $406.5 million in the 2010 and 2009 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 $47.8 million in 2010 and $47.6 million in 2009, and for property additions and dry holes, which, including amounts expensed, were $481.0 million and $511.4 million in the three month periods ended March 31, 2010 and 2009, respectively. Additionally, cash of $630.2 million and $599.8 million was used to purchase Canadian government securities with maturity dates greater than 90 days during the three months ended March 31, 2010 and 2009, respectively. The Company expended $50.5 million in the first three months of 2010 on major repairs, up from $7.4 million in the 2009 period, with the increase due to planned major turnarounds at the Meraux, Louisiana and Milford Haven, Wales refineries during the 2010 period. Total capital expenditures for continuing operations on an accrual basis were as follows:
At March 31, 2010, total long-term debt of $1,231.2 million had decreased by $122.0 million compared to December 31, 2009. A summary of capital employed at March 31, 2010 and December 31, 2009 follows.
There were short-term derivative foreign exchange contracts in place at March 31, 2010 to hedge the value of the U.S. dollars against two foreign currencies. A 10% strengthening of the U.S. dollar against these foreign currencies would have increased the recorded liability associated with these contracts by approximately $6.2 million, while a 10% weakening of the U.S. dollar would have reduced the recorded liability by approximately $5.0 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 $10.34 billion; its shares were traded at around $54.03 with a P/E ratio of 18.2 and P/S ratio of 0.6. The dividend yield of Murphy Oil Corp. stocks is 1.9%. Murphy Oil Corp. had an annual average earning growth of 19% over the past 10 years. GuruFocus rated Murphy Oil Corp. the business predictability rank of 5-star.MUR is in the portfolios of Brian Rogers of T Rowe Price Equity Income Fund, David Williams of Columbia Value and Restructuring Fund, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC, Steven Cohen of SAC Capital Advisors, PRIMECAP Management, Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC, Bill Frels of MAIRS & POWER INC, Jeremy Grantham of GMO LLC, George Soros of Soros Fund Management LLC.
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 $68.4 million in the 2010 first quarter compared to a net benefit of $10.1 million in the first quarter of 2009. The results for corporate activities were unfavorable in 2010 compared to 2009 primarily due to after-tax losses of $41.3 million in the 2010 quarter on transactions denominated in foreign currencies compared to an after-tax profit of $26.1 million in the 2009 quarter. The foreign exchange loss in 2010 was primarily associated with a stronger U.S. dollar compared to the British sterling and a weaker 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 foreign exchange benefit in 2009 mostly related to a stronger U.S. dollar versus the Malaysian ringgit, which led to currency gains for Malaysian income tax liabilities to be paid in the local currency. Higher net interest expense in the 2010 quarter compared to 2009 was attributable to a combination of higher average debt levels and lower amounts of interest capitalized to ongoing oil and gas development projects.Net cash provided by operating activities was $829.4 million for the first three months of 2010 compared to $380.0 million during the same period in 2009. Changes in operating working capital other than cash and cash equivalents generated cash of $244.3 million in the first quarter of 2010 and $45.0 million in the first quarter of 2009. The cash generated in the 2010 quarter from working capital changes essentially related to a $244.4 million recovery of U.S. federal royalties paid in prior years. Cash of $513.6 million and $406.5 million in the 2010 and 2009 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 $47.8 million in 2010 and $47.6 million in 2009, and for property additions and dry holes, which, including amounts expensed, were $481.0 million and $511.4 million in the three month periods ended March 31, 2010 and 2009, respectively. Additionally, cash of $630.2 million and $599.8 million was used to purchase Canadian government securities with maturity dates greater than 90 days during the three months ended March 31, 2010 and 2009, respectively. The Company expended $50.5 million in the first three months of 2010 on major repairs, up from $7.4 million in the 2009 period, with the increase due to planned major turnarounds at the Meraux, Louisiana and Milford Haven, Wales refineries during the 2010 period. Total capital expenditures for continuing operations on an accrual basis were as follows:
At March 31, 2010, total long-term debt of $1,231.2 million had decreased by $122.0 million compared to December 31, 2009. A summary of capital employed at March 31, 2010 and December 31, 2009 follows.
There were short-term derivative foreign exchange contracts in place at March 31, 2010 to hedge the value of the U.S. dollars against two foreign currencies. A 10% strengthening of the U.S. dollar against these foreign currencies would have increased the recorded liability associated with these contracts by approximately $6.2 million, while a 10% weakening of the U.S. dollar would have reduced the recorded liability by approximately $5.0 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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