Murphy Oil Corporation (MUR Quick QuoteMUR - Free Report) is slated to report third-quarter 2024 financial results on Nov. 7, before market open. The company delivered an earnings surprise of 10.96% in the last reported quarter.

Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.

Let us discuss the factors that might have impacted MUR’s quarterly performance.

Factors to Consider for MUR’s Q3 Results

Murphy Oil’s third-quarter earnings are expected to have benefited from the production ramp-up in its domestic and international assets. The company is expected to have benefited from new wells that are added in the Gulf of Mexico and Eagle Ford Shale.

MUR’s ongoing debt-reduction initiatives are expected to have lowered capital servicing expenses, thus boosting margins in the to-be-reported quarter. Share buybacks are also likely to have aided the bottom line in third-quarter 2024.

Quarterly production volumes are likely to have been adversely impacted by storm downtime in the Gulf of Mexico region. The sudden slide in the prices of commodities during the third quarter might have adversely impacted the topline.

MUR’s Q3 Expectations

The Zacks Consensus Estimate for sales is pegged at $757.3 million, indicating a decline of nearly 21.1% from the year-ago reported figure. The consensus mark for earnings per share is pegged at 76 cents, implying a decline of 52.2% from the prior-year reported figure.

Murphy Oil anticipates quarterly production in the range of 181.5-189.5 thousand barrels of oil equivalent per day (MBOEPD). Out of the expected production, 50% is anticipated to have been oil. The Zacks Consensus Estimate is pegged at 188.21 MBOEPD.

What Our Quantitative Model Predicts for MUR

Our proven model does not conclusively predict an earnings beat for Murphy Oil this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here, as you will see below.

Murphy Oil Corporation Price and EPS Surprise

Murphy Oil Corporation price-eps-surprise | Murphy Oil Corporation Quote

Earnings ESP of MUR: Murphy Oil has an Earnings ESP of -6.53% at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

MUR’s Zacks Rank: Murphy Oil currently carries a Zacks Rank #4 (Sell).

Stocks to Consider

Investors can consider the following players from the same sector that, per our model, have the right combination to beat on earnings in this reporting cycle.

Array Technologies (ARRY Quick QuoteARRY - Free Report) is slated to post third-quarter results on Nov. 7, 2024. ARRY currently has an Earnings ESP of +19.22% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for ARRY’s third-quarter 2024 earnings has risen 7.7% in the past 30 days.

Civitas Resources, Inc. (CIVI Quick QuoteCIVI - Free Report) is set to release third-quarter numbers on Nov. 7, 2024. CIVI presently has an Earnings ESP of +0.18% and a Zacks Rank #3.

The Zacks Consensus Estimate for CIVI’s third-quarter 2024 earnings implies a decline of 16.6% in the past 30 days.

Helmerich & Payne, Inc. (HP Quick QuoteHP - Free Report) is scheduled to report fiscal fourth-quarter figures on Nov. 14, 2024. PBF has an Earnings ESP of +2.90% and a Zacks Rank #3 at present.

The Zacks Consensus Estimate for HP’s third-quarter 2024 earnings indicates an increase of 2.6% in the past 30 days.