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MUR

Murphy Oil

$24.84

-0.05 (-0.20%)

07:08
06/03/19
06/03
07:08
06/03/19
07:08

Murphy Oil announce close of Gulf acquisition, provides updated production view

Murphy Oil announced that its wholly owned subsidiary, Murphy Exploration & Production Company - USA, has closed the previously announced strategic deep water Gulf of Mexico acquisition from LLOG Exploration Offshore, L.L.C. and LLOG Bluewater Holdings, or LLOG. The transaction was previously announced on April 23, with an effective date of January 1. After taking into account customary closing adjustments, Murphy's total cash consideration paid was $1.23 billion, which was funded primarily through the company's $1.6 billion revolver and other sources of liquidity. The acquired assets will be fully owned by Murphy Exploration & Production Company - USA and not part of MP Gulf of Mexico, or MP GOM, the entity which currently owns all of Murphy's legacy producing Gulf of Mexico assets. During the month of June, after accounting for a planned curtailment from a third-party downstream pipeline outage, the average net production for the acquired assets is expected to be approximately 22,000 to 24,000 Boepd. Following the temporary downstream pipeline outage, Murphy anticipates production for the acquired assets for the second half of the year to be 31,000 to 33,000 Boepd, which is in line with previously disclosed annualized production of 32,000 to 35,000 Boepd.

MUR Murphy Oil
$24.84

-0.05 (-0.20%)

05/30/19
05/30/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. UroGen Pharma (URGN) initiated with a Neutral at JPMorgan. 2. Tecnoglass (TGLS) initiated with a Buy at DA Davidson. 3. Krystal Biotech (KRYS) initiated with a Buy at Guggenheim. 4. Huya (HUYA) initiated with a Buy at BofA/Merrill. 5. Murphy Oil (MUR) initiated with an In Line at Evercore ISI. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
05/30/19
EVER
05/30/19
INITIATION
Target $30
EVER
In Line
Murphy Oil initiated with an In Line at Evercore ISI
Evercore ISI started Murphy Oil with an In Line rating and $30 price target.
04/12/19
04/12/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Martin Marietta (MLM) upgraded to Buy from Neutral at Goldman Sachs analyst Jerry Revich saying he is positive on an inflection in the aggregates pricing cycle, an acceleration in infrastructure capital expenditures, and potential return to a "steady recovery" for residential construction in 2020-2021. 2. Adient (ADNT) upgraded to Buy from Neutral at BofA/Merrill with analyst John Murphy saying he believes Adient is in the process of refinancing its debt, despite investor concerns of a potential liquidity crunch, which would allow it to execute on its turnaround. 3. Exact Sciences (EXAS) upgraded to Conviction Buy from Buy at Goldman Sachs with analyst Patrick Donnelly citing his view that the stock is set-up well for the remainder of 2019. 4. Delphi Technologies (DLPH) upgraded to Buy from Neutral at BofA/Merrill with analyst John Murphy saying new CEO Rick Dauch's business review will come to a close in mid-April and expects more formal and constructive updates around Delphi's transformation plan. 5. Murphy Oil (MUR) upgraded to Neutral from Sell at Goldman Sachs with analyst John Murphy saying he believes Adient is in the process of refinancing its debt, despite investor concerns of a potential liquidity crunch, which would allow it to execute on its turnaround. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/12/19
GSCO
04/12/19
NO CHANGE
GSCO
Goldman downgrades California Resources, Chesapeake to Sell, upgrades Murphy
Within the Exploration and Production space, Goldman Sachs analyst Brian Singer recommends selling stocks where the valuation post recent rallies "appears at odds" with the company's competitive positioning. With that in mind, Singer downgraded both California Resources (CRC) and Chesapeake Energy (CHK) to Sell from Neutral. California Resources has a low decline rate and competitive supply cost but unfavorable debt cost that does not warrant the extent of its current valuation premium, says the analyst. For Chesapeake, Singer sees less favorable supply cost and corporate returns. The analyst also upgraded Murphy Oil (MUR) to Neutral from Sell. He believes the stock's current valuation appears more in line with its competitive positioning. Singer recommends buying "low cost oil suppliers" Encana (ECA), Parsley Energy (PE), Pioneer Natural (PXD) and EOG Resources (EOG) and Chevron (CVX).

TODAY'S FREE FLY STORIES

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SFIX

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BLMN

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QIWI

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RLMD

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AGFS

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APTS

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OHI

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SQ

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LDOS

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RETA

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FIS

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AKRX

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EHTH

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