Murphy Oil reports preliminary Q2 EPS 90c, consensus $1.21 Second quarter production averaged 210,191 boepd. The company noted, "This was approximately 3% below our guidance of 217,000 boepd for the quarter. The shortfall for the quarter was primarily attributed to the global offshore business in Malaysia with lower oil and gas volumes related to a well operational delay on Kikeh, continued unplanned downtime at a third party methanol plant that processes Kikeh associated gas, a rig mobilization delay at a Sarawak oil platform, and various downtime events at shallow- and deep-water facilities."
Murphy Oil downgraded to Sell from Neutral at UBS UBS analyst William Featherston downgraded Murphy Oil to Sell citing the stock's premium valuation relative to peers and the company's declining production and below average inventory. The analyst cut his price target for shares to $41 from $45.