Murphy Oil (MUR) Reports Q3 Loss Per Share of $9.26

Murphy Oil (NYSE: MUR) reported Q3 EPS of ($9.26), does not compare to the analyst estimate of ($0.93).

OVERHEAD COST REDUCTIONS

Management has taken a proactive approach toward improving Murphy's efficiency and structure in direct response to the low commodity price environment. Over the course of the year, the company has announced and implemented key organizational changes. The overall savings is currently expected to be reflected as a reduction in 2015 G&A expense by approximately 18 percent from 2014 levels, or $64 million, and will be fully realized in 2016. Following initiatives to streamline the organization in response to low commodity prices, year-end 2015 staffing levels are expected to be reduced by approximately 23 percent from a year earlier.

2015 CAPITAL EXPENDITURE GUIDANCE

Capital expenditure guidance for full-year 2015 is reaffirmed at $2.3 billion. For the nine-months ended September 30, 2015, the company had spent $1.7 billion. Details for capital expenditures can be found in the attached schedules.

For earnings history and earnings-related data on Murphy Oil (MUR) click here.

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