Murphy Oil (MUR) FY2024 results: revenue $3.0 billion, down 12.5% on the year

Murphy Oil Corp. (MUR) reported revenue of $3.0 billion for fiscal 2024, the year ended 31 December 2024, down 12.5% on the year before. Net income was $407 million, down 38.5%, and diluted earnings per share $2.70. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2025.

Revenue

$3.0 billion

-12.5% on the year

FY2017FY2024

Operating margin

19.9%

30.1% a year earlier

FY2017FY2024

Net income

$407 million

-38.5% on the year

FY2017FY2024

Diluted EPS

$2.70

-36.0% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	3,028	3,460	3,933	-12.5%
Cost of revenue	3.1	51.7	172	-93.9%
Gross profit	3,025	3,408	3,761	-11.2%
Gross margin	99.9%	98.5%	95.6%
Selling, general and administrative	110	117	131	-6.2%
Operating income	603	1,042	1,587	-42.2%
Operating margin	19.9%	30.1%	40.3%
Interest expense	106	112	151	-5.7%
Pre-tax income	568	921	1,450	-38.4%
Income tax	78.3	196	309	-60.0%
Effective tax rate	13.8%	21.3%	21.3%
Net income	407	662	965	-38.5%
Net margin	13.4%	19.1%	24.5%
Diluted EPS	$2.70	$4.22	$6.13	-36.0%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,729	1,749	2,166	-1.1%
Cash from investing	-908	-999	-1,109
Cash from financing	-717	-924	-1,082
Depreciation and amortisation	866	862	777	+0.5%
Share-based compensation	40.8	58.8	74.6	-30.5%
Buybacks	301	150	0.0	+100.9%
Dividends paid	180	171	128	+5.3%
Dividend per share	$1.20	$1.10	$0.82	+9.1%
Diluted shares, weighted	151m	157m	157m	-3.6%
Shares outstanding at period end	146m	153m	155m	-4.5%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	5,194	5,363	4,995	-3.1%
Non-controlling interest	148	187	154	-21.0%
Debt	1,270	1,325	1,818	-4.1%
Operating lease liabilities	537	552	743	-2.6%
Other liabilities	2,518	2,340	2,599	+7.6%
Total liabilities and equity	9,667	9,767	10,309	-1.0%
Fixed assets	8,055	8,225	8,228	-2.1%
Cash and equivalents	424	317	492	+33.6%
Receivables	273	344	391	-20.8%
Inventory	54.9	54.5	54.5	+0.7%
Other assets	862	826	1,143	+4.3%
Total assets	9,667	9,767	10,309	-1.0%

10-K for the year ended 31 December 2024, filed 27 February 2025: the filing.