Murphy Oil (MUR) FY2023 results: revenue $3.5 billion, down 12.0% on the year

Murphy Oil Corp. (MUR) reported revenue of $3.5 billion for fiscal 2023, the year ended 31 December 2023, down 12.0% on the year before. Net income was $662 million, down 31.4%, and diluted earnings per share $4.22. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue

$3.5 billion

-12.0% on the year

FY2016FY2023

Operating margin

30.1%

40.3% a year earlier

FY2016FY2023

Net income

$662 million

-31.4% on the year

FY2016FY2023

Diluted EPS

$4.22

-31.2% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	3,460	3,933	2,299	-12.0%
Cost of revenue	51.7	172	0.0	-70.0%
Gross profit	3,408	3,761	2,299	-9.4%
Gross margin	98.5%	95.6%	100.0%
Selling, general and administrative	117	131	122	-10.5%
Operating income	1,042	1,587	281	-34.3%
Operating margin	30.1%	40.3%	12.2%
Interest expense	112	151	222	-25.5%
Pre-tax income	921	1,450	42.9	-36.5%
Income tax	196	309	-5.9	-36.7%
Effective tax rate	21.3%	21.3%	-13.7%
Net income	662	965	-73.7	-31.4%
Net margin	19.1%	24.5%	-3.2%
Diluted EPS	$4.22	$6.13	-$0.48	-31.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	1,749	2,166	1,422	-19.3%
Cash from investing	-999	-1,109	-418
Cash from financing	-924	-1,082	-795
Depreciation and amortisation	862	777	795	+10.9%
Share-based compensation	58.8	74.6	43.7	-21.2%
Buybacks	150	0.0	0.0
Dividends paid	171	128	77.2	+33.3%
Dividend per share	$1.10	$0.82	$0.50	+33.3%
Diluted shares, weighted	157m	157m	154m	-0.5%
Shares outstanding at period end	153m	155m	154m	-1.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	5,363	4,995	4,157	+7.4%
Non-controlling interest	187	154	163	+21.2%
Debt	1,325	1,818	2,461	-27.1%
Operating lease liabilities	552	743	761	-25.7%
Other liabilities	2,340	2,599	2,762	-10.0%
Total liabilities and equity	9,767	10,309	10,305	-5.3%
Fixed assets	8,225	8,228	8,128	-0.0%
Cash and equivalents	317	492	521	-35.5%
Receivables	344	391	258	-12.1%
Inventory	54.5	54.5	54.2	-0.1%
Other assets	826	1,143	1,344	-27.8%
Total assets	9,767	10,309	10,305	-5.3%

10-K for the year ended 31 December 2023, filed 23 February 2024: the filing.