Murphy Oil Corporation Announces 35 Percent Capital Expenditure Reduction For 2020
Murphy Oil Corporation (MUR)
Last murphy oil corporation earnings: 1/30 06:00 am
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Source: Business Wire
Maintains Commitment to Dividend EL DORADO, Ark.--(BUSINESS WIRE)--Murphy Oil Corporation (NYSE: MUR) announced today that it has revised its capital spending plans for 2020 given current market conditions and recent commodity price volatility.Murphy’s revised 2020 budget is approximately $950 million. The reduction of approximately $500 million equates to a nearly 35 percent revision from the midpoint of the previously announced corporate budget of $1.4 billion to $1.5 billion. Murphy will release further details of its revised plan on a later date.“Under current conditions, we believe this capital reduction program allows for financial flexibility and preservation of our longstanding dividend. As always, we will not sacrifice safety in our efforts to reduce costs across all our assets, as it remains a core value within Murphy,” stated Roger W. Jenkins, President and Chief Executive Officer.The revised plan will be achieved through the following:Delaying certain US Gulf of Mexico
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News
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- 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