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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 8/10

vs
industry
vs
history
Cash to Debt 0.38
MUR's Cash to Debt is ranked higher than
83% of the 193 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.38 vs. MUR: 0.38 )
MUR' s 10-Year Cash to Debt Range
Min: 0.08   Max: 1.75
Current: 0.38

0.08
1.75
Equity to Asset 0.49
MUR's Equity to Asset is ranked higher than
84% of the 189 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.45 vs. MUR: 0.49 )
MUR' s 10-Year Equity to Asset Range
Min: 0.4   Max: 0.62
Current: 0.49

0.4
0.62
Interest Coverage 21.48
MUR's Interest Coverage is ranked higher than
88% of the 126 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 18.20 vs. MUR: 21.48 )
MUR' s 10-Year Interest Coverage Range
Min: 5.51   Max: 346.5
Current: 21.48

5.51
346.5
F-Score: 5
Z-Score: 2.54
M-Score: -3.59
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 5/10

vs
industry
vs
history
Operating margin (%) 28.66
MUR's Operating margin (%) is ranked higher than
97% of the 172 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 8.82 vs. MUR: 28.66 )
MUR' s 10-Year Operating margin (%) Range
Min: -0.1   Max: 29.94
Current: 28.66

-0.1
29.94
Net-margin (%) 20.84
MUR's Net-margin (%) is ranked higher than
97% of the 172 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 4.92 vs. MUR: 20.84 )
MUR' s 10-Year Net-margin (%) Range
Min: -6.93   Max: 21.02
Current: 20.84

-6.93
21.02
ROE (%) 13.07
MUR's ROE (%) is ranked higher than
89% of the 174 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 9.50 vs. MUR: 13.07 )
MUR' s 10-Year ROE (%) Range
Min: -10.77   Max: 27.71
Current: 13.07

-10.77
27.71
ROA (%) 6.42
MUR's ROA (%) is ranked higher than
91% of the 175 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 4.58 vs. MUR: 6.42 )
MUR' s 10-Year ROA (%) Range
Min: -5.6   Max: 15.61
Current: 6.42

-5.6
15.61
ROC (Joel Greenblatt) (%) 11.46
MUR's ROC (Joel Greenblatt) (%) is ranked higher than
83% of the 175 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 13.02 vs. MUR: 11.46 )
MUR' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -0.14   Max: 36.47
Current: 11.46

-0.14
36.47
Revenue Growth (%) -35.10
MUR's Revenue Growth (%) is ranked higher than
71% of the 160 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 6.30 vs. MUR: -35.10 )
MUR' s 10-Year Revenue Growth (%) Range
Min: -37.8   Max: 44.5
Current: -35.1

-37.8
44.5
EBITDA Growth (%) 7.60
MUR's EBITDA Growth (%) is ranked higher than
88% of the 156 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 3.70 vs. MUR: 7.60 )
MUR' s 10-Year EBITDA Growth (%) Range
Min: -11.4   Max: 70
Current: 7.6

-11.4
70
EPS Growth (%) 4.30
MUR's EPS Growth (%) is ranked higher than
89% of the 158 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: -0.60 vs. MUR: 4.30 )
MUR' s 10-Year EPS Growth (%) Range
Min: -50.5   Max: 103.4
Current: 4.3

-50.5
103.4
» MUR's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q2 2013

MUR Guru Trades in Q2 2013

Jeremy Grantham 17,963 sh (New)
James Barrow 1,721,918 sh (New)
John Hussman 450,000 sh (New)
Ray Dalio 25,300 sh (+351.79%)
Mason Hawkins 16,060,252 sh (+53.23%)
Paul Tudor Jones 14,100 sh (+30.56%)
Bill Frels 50,500 sh (+29.49%)
Pioneer Investments 374,600 sh (+7.03%)
David Dreman 53,002 sh (+0.34%)
Jean-Marie Eveillard 48,874 sh (unchged)
Brian Rogers 4,612,100 sh (unchged)
Daniel Loeb Sold Out
Tom Russo Sold Out
HOTCHKIS & WILEY 2,820,516 sh (-6.93%)
Steven Cohen 151,335 sh (-88.23%)
» More
Q3 2013

MUR Guru Trades in Q3 2013

Jim Simons 403,900 sh (New)
Chuck Royce 1,600 sh (New)
Jeremy Grantham 48,673 sh (+170.96%)
James Barrow 2,159,609 sh (+25.42%)
Brian Rogers 4,612,100 sh (unchged)
Bill Frels 50,500 sh (unchged)
Jean-Marie Eveillard 48,874 sh (unchged)
John Hussman 450,000 sh (unchged)
HOTCHKIS & WILEY 2,778,416 sh (-1.49%)
Mason Hawkins 15,300,237 sh (-4.73%)
Ray Dalio 22,100 sh (-12.65%)
Pioneer Investments 222,400 sh (-40.63%)
Paul Tudor Jones 7,500 sh (-46.81%)
Steven Cohen 12,133 sh (-91.98%)
David Dreman 1,387 sh (-97.38%)
» More
Q4 2013

MUR Guru Trades in Q4 2013

Ray Dalio 80,451 sh (+264.03%)
Steven Cohen 21,842 sh (+80.02%)
HOTCHKIS & WILEY 4,296,375 sh (+54.63%)
James Barrow 3,176,550 sh (+47.09%)
Bill Frels 51,700 sh (+2.38%)
Paul Tudor Jones 7,500 sh (unchged)
Brian Rogers 4,612,100 sh (unchged)
Pioneer Investments Sold Out
Chuck Royce Sold Out
Jim Simons Sold Out
Mason Hawkins 14,987,872 sh (-2.04%)
David Dreman 1,172 sh (-15.5%)
Jeremy Grantham 14,223 sh (-70.78%)
Jean-Marie Eveillard 14,226 sh (-70.89%)
John Hussman 100,000 sh (-77.78%)
» More
Q1 2014

MUR Guru Trades in Q1 2014

Brian Rogers 4,712,100 sh (+2.17%)
» More
» Details

Insider Trades

Latest Guru Trades with MUR

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
John Hussman 2013-12-31 Reduce -77.78%1.17%$59.93 - $65.55 $ 64.823%100000
James Barrow 2013-12-31 Add 47.09%0.1%$59.93 - $65.55 $ 64.823%3176550
Ray Dalio 2013-12-31 Add 264.03%0.03%$59.93 - $65.55 $ 64.823%80451
Jean-Marie Eveillard 2013-12-31 Reduce -70.89%0.01%$59.93 - $65.55 $ 64.823%14226
Mason Hawkins 2013-09-30 Reduce -4.73%0.23%$52.547 - $62.54 $ 64.8210%15300237
David Dreman 2013-09-30 Reduce -97.38%0.09%$52.547 - $62.54 $ 64.8210%1387
James Barrow 2013-09-30 Add 25.42%0.04%$52.547 - $62.54 $ 64.8210%2159609
Daniel Loeb 2013-06-30 Sold Out 3%$59.98 - $66.09 $ 64.824%0
Mason Hawkins 2013-06-30 Add 53.23%1.67%$59.98 - $66.09 $ 64.824%16060252
John Hussman 2013-06-30 New Buy1.2%$59.98 - $66.09 $ 64.824%450000
James Barrow 2013-06-30 New Buy0.18%$59.98 - $66.09 $ 64.824%1721918
Ray Dalio 2013-06-30 Add 351.79%0.01%$59.98 - $66.09 $ 64.824%25300
Daniel Loeb 2013-03-31 Reduce -59.77%4.06%$59.33 - $63.81 $ 64.826%2500000
Mason Hawkins 2013-03-31 Add 71.38%1.25%$59.33 - $63.81 $ 64.826%10481403
John Paulson 2013-03-31 Sold Out 0.64%$59.33 - $63.81 $ 64.826%0
John Hussman 2013-03-31 Sold Out 0.0033%$59.33 - $63.81 $ 64.826%0
Ray Dalio 2013-03-31 New Buy$59.33 - $63.81 $ 64.826%5600
Premium More recent guru trades are included for Premium Members only!!
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Guru Investment Theses on Murphy Oil Corp

Daniel Loeb Comments on Murphy Oil - Apr 04, 2013

As we explained in our Third Quarter Letter, Third Point initiated a significant stake in Murphy (MUR) following a 3-year period in which Murphy's share price declined by ~15% while the SPDR S&P Oil and Gas E&P Index appreciated by ~49%. Our thesis was that the company had many routes to unlock latent, meaningful value, among them – and most significantly – a highly accretive spin-off of its retail business.

Two weeks after our letter, Murphy's management announced a series of shareholder-friendly initiatives that have been met with market enthusiasm. In addition to announcing a separation of the retail business via a tax-free spin, management unveiled a $1 billion share repurchase program and a $2.50 per share special dividend. While we applaud these first steps, we expect the company to announce further moves to address its still-depressed valuation, including sales of its Montney asset and 5% stake in Syncrude. Natural gas acquisition activity in Western Canada has continued vigorously since we called for the sale of the Tupper asset, and recent deals in the space have confirmed our valuation expectations.

From Daniel Loeb’s fourth quarter commentary.


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Daniel Loeb Comments on Murphy Oil - Jan 09, 2013

Murphy Oil (MUR)
As we explained in our Third Quarter Letter, Third Point initiated a significant stake in Murphy following a 3-year period in which Murphy’s share price declined by ~15% while the SPDR S&P Oil and Gas E&P Index appreciated by ~49%. Our thesis was that the company had many routes to unlock latent, meaningful value, among them – and most significantly – a highly accretive spin-off of its retail business.

Two weeks after our letter, Murphy’s management announced a series of shareholder-friendly initiatives that have been met with market enthusiasm. In addition to announcing a separation of the retail business via a tax-free spin, management unveiled a $1 billion share repurchase program and a $2.50 per share special dividend. While we applaud these first steps, we expect the company to announce further moves to address its still-depressed valuation, including sales of its Montney asset and 5% stake in Syncrude. Natural gas acquisition activity in Western Canada has continued vigorously since we called for the sale of the Tupper asset, and recent deals in the space have confirmed our valuation expectations.

From Daniel Loeb's Third Point fourth quarter investor letter.

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Daniel Loeb's Third Point Comments on Murphy Oil - Oct 03, 2012

Long Equity: Murphy Oil (MUR)

Although we've come to the end of the road
Still I can't let you go
It's unnatural, you belong to me,
I belong to you
Come to the end of the road
Still I can’t let you go
-Boyz II Men. “End of the Road”.

Murphy Oil is a ~$10.4 billion energy company with three primary business segments: Exploration and Production; Refining, which it is in the process of exiting; and Retail and Marketing. Third Point owns a significant stake in Murphy and recently filed for Hart-Scott-Rodino approval to increase our position should we so desire. If Murphy pursues the steps outlined below, we believe its shares could be worth in excess of $90, an increase of about 60% from current levels.

We initiated our investment following a 3-year period in which Murphy’s share price declined by ~15% while the SPDR S&P Oil and Gas E&P Index appreciated by ~49%. We believe this lagging performance can be explained partially by Murphy’s disparate asset base, which makes the company complex and cumbersome to value. This issue has been exacerbated by management’s decision to repeatedly delay spinning off its retail business. Investors in Murphy have grown frustrated, particularly given the obvious merits of the spin due to the large multiple disparity between the retail business and the core E & P business.

We believe Murphy can take four easy steps to unlock the latent value in its lagging shares, and we have shared these proposals with Murphy’s management team previously:

1) Spin-Off Its Retail Business: Murphy’s retail business consists of a network of over 1,100 fuel stations, the majority of which are located on or near Wal-Mart store sites. The business generated EBITDA of $363 million in 2011 and has relatively low ongoing capital requirements, making it highly cash generative. On the company’s 2011 Third Quarter earnings call, management indicated they were evaluating a separation of the retail business. After 9 months of consideration, management recently said that they were not interested in pursuing a retail spin at this time on account of the unit’s “underperformance”.

We believe forgoing this accretive spin-off would be a major missed opportunity. Both public company comparables like Alimentation Couche-Tard, Casey’s General Stores, and Susser Holdings and a forecasted dividend yield analysis suggest the retail business would be worth $2.3 - $2.8 billion if separated into a standalone public company. A spin-off in this valuation range would be worth $12 - $14 per share.

At this point, it appears sentimental attachment by management and the Murphy family is driving a stubborn desire to hold onto these and other non-strategic assets, creating a significant drag on enterprise value. While we hope that reason and a desire to create shareholder value will prevail over sentimentality and inaction, we have filed HSR to keep our options open should our discussions with the board and management not bear fruit for Murphy’s owners.

2) Sell Its Canadian Natural Gas Assets: Murphy owns ~145,000 net acres in the Montney play in British Columbia. Investors may recall our description of the Montney opportunity in our Second Quarter 2012 Investor Letter’s discussion of our profitable investment in Progress Energy Resources. Western Canadian gas assets have become strategically valuable given the large arbitrage opportunity between LNG prices in Asia in excess of $15/mmbtu, and $1/mmbtu F&D costs in Western Canada. Encana recently sold 164,000 nearby acres in the Montney to Mitsubishi for C$2.9 billion, or ~C$16,000 per acre (adjusting for the present value of drilling carry). Applying this metric to Murphy’s acreage and attributing ~$4k per flowing mcfe/d for existing production would result in a value of ~$3.0 billion, contributing an additional $15 per share. Management has told investors previously that they would require $4.50 gas in order to resume drilling the asset, which may occur in late 2018 based on the current futures curve and assuming a $0.40 AECO/NYMEX basis differential.

3) Sell Its 5% stake in the Syncrude Oil Sands Project: In April 2010, ConocoPhillips sold its 9% stake in Syncrude for $4.65 billion. In April 2010, WTI crude prices were $84/bbl vs. $92/bbl currently. Assuming a similar purchase price, we believe Murphy’s Syncrude stake would be worth $2.6 billion, or an additional $13 per share.

4) Complete UK Refining Business Exit: According to management, this exit is currently tying up about $500 million in working capital.

These four transactions could generate pre-tax proceeds of $8.4 - $8.9 billion. Assuming 20% tax leakage on the two Canadian asset sales, we arrive at $7.3 - $7.8 billion in after-tax proceeds, or roughly $37 - $40 per share. Third Point estimates that the associated EBITDA with the assets sales is $750 million or ~20% of our 2013 EBITDA forecast for Murphy. Based on a current enterprise valuation of $10.4 billion, our analysis suggests investors are paying only $2.6 - 3.1 billion for the balance of Murphy’s assets, which we estimate could generate $2.9 billion in EBITDA in 2013.

This “new”, slimmed-down Murphy has tremendous upside. Based on May 2012 company guidance, new Murphy could grow production at a 14% CAGR from 2012 to 2015, with oil and oil-indexed gas making up over 85% of the production mix. This strong, “oily” growth profile is bolstered by an industry-leading Eagleford shale position, where Murphy has over 220,000 net acres, the majority of which are located in the oil and wet gas windows of Karnes, Dimmitt, McMullen, LaSalle, Atascosa and Webb Counties. Murphy also has a collection of cash-generative Malaysian assets comprised of high-margin oil and oil-linked natural gas production with several development opportunities.

Assuming new Murphy trades at an extremely conservative 3.5x EBITDA multiple, we estimate total value of $91 - $94 per share after these four steps are completed. We hope that management ultimately decides to take up our suggestions, and act on its own to benefit all shareholders. In any event, as mentioned above, HSR approval, once obtained, will provide us maximum flexibility with the position.

From Third Point's third quarter letter.


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Ratios

vs
industry
vs
history
P/E(ttm) 11.00
MUR's P/E(ttm) is ranked higher than
90% of the 174 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 13.60 vs. MUR: 11.00 )
MUR' s 10-Year P/E(ttm) Range
Min: 3.71   Max: 19.41
Current: 11

3.71
19.41
P/B 1.40
MUR's P/B is ranked higher than
79% of the 188 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 1.28 vs. MUR: 1.40 )
MUR' s 10-Year P/B Range
Min: 0.8   Max: 3.03
Current: 1.4

0.8
3.03
P/S 2.30
MUR's P/S is ranked higher than
71% of the 185 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.60 vs. MUR: 2.30 )
MUR' s 10-Year P/S Range
Min: 0.24   Max: 2.2
Current: 2.3

0.24
2.2
PFCF 223.50
MUR's PFCF is ranked higher than
61% of the 96 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 18.31 vs. MUR: 223.50 )
MUR' s 10-Year PFCF Range
Min: 5.95   Max: 338.81
Current: 223.5

5.95
338.81
EV-to-EBIT 8.00
MUR's EV-to-EBIT is ranked higher than
88% of the 181 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 8.85 vs. MUR: 8.00 )
MUR' s 10-Year EV-to-EBIT Range
Min: 2.3   Max: 16.5
Current: 8

2.3
16.5
PEG 2.00
MUR's PEG is ranked higher than
77% of the 140 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 1.44 vs. MUR: 2.00 )
MUR' s 10-Year PEG Range
Min: 0.13   Max: 117.82
Current: 2

0.13
117.82
Shiller P/E 11.30
MUR's Shiller P/E is ranked higher than
86% of the 126 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 10.81 vs. MUR: 11.30 )
MUR' s 10-Year Shiller P/E Range
Min: 7.01   Max: 26.99
Current: 11.3

7.01
26.99

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 1.90
MUR's Dividend Yield is ranked lower than
76% of the 165 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 3.31 vs. MUR: 1.90 )
MUR' s 10-Year Dividend Yield Range
Min: 0.88   Max: 2.89
Current: 1.9

0.88
2.89
Dividend Payout 0.27
MUR's Dividend Payout is ranked higher than
93% of the 137 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.57 vs. MUR: 0.27 )
MUR' s 10-Year Dividend Payout Range
Min: 0.1   Max: 0.64
Current: 0.27

0.1
0.64
Dividend growth (3y) 6.00
MUR's Dividend growth (3y) is ranked higher than
88% of the 125 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 5.40 vs. MUR: 6.00 )
MUR' s 10-Year Dividend growth (3y) Range
Min: 1.3   Max: 24.8
Current: 6

1.3
24.8
Yield on cost (5-Year) 2.52
MUR's Yield on cost (5-Year) is ranked lower than
58% of the 163 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 3.95 vs. MUR: 2.52 )
MUR' s 10-Year Yield on cost (5-Year) Range
Min: 1.17   Max: 3.83
Current: 2.52

1.17
3.83
Share Buyback Rate 0.70
MUR's Share Buyback Rate is ranked higher than
92% of the 142 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: -0.40 vs. MUR: 0.70 )
MUR' s 10-Year Share Buyback Rate Range
Min: 0.7   Max: -0.8
Current: 0.7

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 1.40
MUR's Price/Tangible Book is ranked higher than
81% of the 165 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 1.45 vs. MUR: 1.40 )
MUR' s 10-Year Price/Tangible Book Range
Min: 0.88   Max: 2.76
Current: 1.4

0.88
2.76
Price/DCF (Projected) 1.50
MUR's Price/DCF (Projected) is ranked higher than
81% of the 103 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 1.31 vs. MUR: 1.50 )
MUR' s 10-Year Price/DCF (Projected) Range
Min: 1.09   Max: 12.09
Current: 1.5

1.09
12.09
Price/Median PS Value 1.40
MUR's Price/Median PS Value is ranked higher than
66% of the 161 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.83 vs. MUR: 1.40 )
MUR' s 10-Year Price/Median PS Value Range
Min: 0.43   Max: 1.62
Current: 1.4

0.43
1.62
Price/Graham Number 0.90
MUR's Price/Graham Number is ranked higher than
85% of the 151 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.99 vs. MUR: 0.90 )
MUR' s 10-Year Price/Graham Number Range
Min: 0.47   Max: 1.95
Current: 0.9

0.47
1.95
Earnings Yield (Greenblatt) 12.50
MUR's Earnings Yield (Greenblatt) is ranked higher than
88% of the 179 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 11.30 vs. MUR: 12.50 )
MUR' s 10-Year Earnings Yield (Greenblatt) Range
Min: 6.1   Max: 44.2
Current: 12.5

6.1
44.2
Forward Rate of Return (Yacktman) 3.99
MUR's Forward Rate of Return (Yacktman) is ranked higher than
84% of the 135 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 11.03 vs. MUR: 3.99 )
MUR' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -1.1   Max: 39.3
Current: 3.99

-1.1
39.3

Business Description

Industry: Oil & Gas - Integrated » Oil & Gas Integrated
Compare:XOM, RDS.B, CVX, EC, PBR » details
Traded in other countries:MUQ.Germany
Murphy Oil Corporation was originally incorporated in Louisiana in 1950 as Murphy Corporation. It was reincorporated in Delaware in 1964, at which time it adopted the name Murphy Oil Corporation and was reorganized in 1983 to operate mainly as a holding company of its various businesses. It is an oil and gas exploration and production company with refining and marketing operations in the United States and the United Kingdom. The Company operations are classified into two business activities: 'Exploration and Production' and 'Refining and Marketing.' For reporting purposes, Murphy's exploration and production activities are subdivided into six geographic segments, including the United States, Canada, Malaysia, the United Kingdom, Republic of the Congo and all other countries. The Company's refining and marketing activities are subdivided into geographic segments for North America and United Kingdom. The Company's exploration and production business explores for and produces crude oil, natural gas and natural gas liquids worldwide. The Company's exploration and production management team in Houston, Texas directs the Company's worldwide exploration and production activities. The Company's crude oil, condensate and natural gas liquids production in 2011 averaged 103,160 barrels per day, a decrease of 19% compared to 2010. The decrease was primarily due to lower 2011 oil production at the Kikeh field, offshore Sabah Malaysia, where several wells were shut-in for a portion of the year for well work due to sand production issues. The Company's refining and marketing businesses are located in the United States and the United Kingdom and mainly consist of operations that refine crude oil and other feedstocks into petroleum products such as gasoline and distillates, buy and sell crude oil and refined products and transport and market petroleum products. Murphy Oil USA, Inc. 'MOUSA', a wholly owned subsidiary of Murphy Oil Corporation, owns and operates two refineries in the United States. The Company operates in the oil and gas industry and experiences intense competition from other oil and gas companies, which include state-owned foreign oil companies, major integrated oil companies, independent producers of oil and natural gas and independent refining companies. The Company's businesses are subject to various U.S. federal, state and local environmental, health and safety laws and regulations and are also subject to similar laws and regulations in other countries in which it operates.

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