Aramco Cuts CapEx By $10 Billion As Profits Plunge [zero hedge]
Murphy Oil Corporation (MUR)
Last murphy oil corporation earnings: 1/30 06:00 am
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Source: zero hedge
Aramco Cuts CapEx By $10 Billion As Profits Plunge In the aftermath of Saudi Arabia's declaration of an oil price war last weekend, which sent the price of crude tumbling about 30% overnight, and making profitability life for US E&P companies virtually impossible, it didn't take long for US shale producers to take the hammer to their spending plans, and following a historic cut to Occidental dividend , which was slashed from 79 cents to just 11 cents, the first such cut in almost three decades... ... coupled with a massive cut to the company's capex plans, which are now expected to be just $3.5- $3.7 billion, down from from $5.2 billion to $5.4 billion, a torrent of other shale names has followed suit in announcing massive capex cuts to reflect the new price war reality: Devon energy reduced its 2020 capex by $500MM to $1.3BN. Murphy Oil reduced 2020 capex from $1.4-$1.5Bn to $950mm. Aoache reduced 2020 capex from $1.6 - $1.9Bn to $1.0 - $1.2Bn ONEOK reduced 2020 growth capex by -$500
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News
- Returns On Capital Are Showing Encouraging Signs At Murphy Oil (NYSE:MUR) [Yahoo! Finance]Yahoo! Finance
- Why Murphy Oil (MUR) is a Top Momentum Stock for the Long-Term [Yahoo! Finance]Yahoo! Finance
- A new business is coming to property where a Midlands Wells Fargo bank was. What to know [Yahoo! Finance]Yahoo! Finance
- Murphy Oil Co. (NYSE: MUR) had its price target raised by analysts at KeyCorp from $50.00 to $54.00. They now have an "overweight" rating on the stock.MarketBeat
- Murphy Oil Co. (NYSE: MUR) had its price target raised by analysts at Piper Sandler from $49.00 to $55.00. They now have an "overweight" rating on the stock.MarketBeat
MUR
Earnings
- 1/25/24 - Miss
MUR
Sec Filings
- 4/1/24 - Form 4
- 4/1/24 - Form 4
- 3/21/24 - Form ARS
- MUR's page on the SEC website