Murphy Oil Corp (MUR) · Nov 4, 2026 · Earnings

Murphy Oil earnings beat as production tops guidance and outlook rises

Beat — Adjusted EPS $1.08 vs ~$0.91 consensus

Murphy Oil’s third-quarter earnings beat consensus as production exceeded guidance and full-year output was raised, though heavier spending compressed free cash flow.

Murphy Oil is an independent exploration-and-production company balancing U.S. onshore growth in the Eagle Ford and Canadian gas development at Tupper Montney with offshore production and exploration. Its prior full-year 2026 production target was 167,000–175,000 BOEPD, while third-quarter guidance was 171,000–179,000 BOEPD.

The quarter was clearly ahead of the operating bar. Murphy produced 186,500 BOEPD, roughly 6.6% above the midpoint of its 171,000–179,000 BOEPD quarterly target, with the company citing Eagle Ford activity, stronger new wells, lower Tupper Montney royalties and limited storm downtime. 〔0〕

The financial result also beat published expectations. Adjusted diluted EPS was $1.08 versus a published consensus of roughly $0.91, while adjusted EBITDA rose to $510.9 million from $390.6 million a year earlier. The earnings improvement was supported by higher realized oil prices and materially lower lease operating costs, although exploration expense and corporate costs remained elevated.

	Q3 2026	Q3 2025	Consensus / prior guide
Adjusted diluted EPS (Adjusted net income)	$1.08 (Adjusted net income)	$0.41	~$0.91 consensus
Total production, net	186,495 BOEPD (Financial Highlights)	—	171,000–179,000 BOEPD guide
Adjusted EBITDA	$510.9M (Adjusted EBITDA)	$390.6M	—
Free cash flow	$48.2M (Free Cash Flow)	$218.8M	—
Adjusted free cash flow	$(8.4)M (Free Cash Flow)	$124.4M	—
FY 2026 production guidance	176,000–178,000 BOEPD (Production Guidance)	167,000–175,000 BOEPD prior guide	—

The biggest change is the raised production outlook. Full-year guidance moved to 176,000–178,000 BOEPD, lifting the midpoint by 6,000 BOEPD from the previous range. 〔1〕 That is more than routine confirmation: it says recent well performance and asset execution are running ahead of the plan established just one quarter ago.

Cash conversion is the main qualification. Free cash flow fell to $48.2 million from $218.8 million despite stronger operating cash flow, because capital spending rose to $422.2 million from $186.9 million. After dividends and other adjustments, adjusted free cash flow was negative $8.4 million. The company is therefore growing production through a much heavier investment cycle rather than producing a clean cash-flow acceleration.

The balance sheet remains workable but is not getting lighter. Murphy ended the quarter with approximately $2.50 billion of liquidity, but total debt reached $1.63 billion, about $80 million above the prior quarter, largely because of the newly recognized Lac Da Vang FSO finance lease.

Bottom line: This was a meaningful execution beat: production exceeded guidance, earnings cleared consensus and the full-year output target moved higher. The offset is that the growth is capital-intensive, leaving free cash flow much weaker than the headline earnings improvement suggests.

What to watch next

Third-quarter earnings call, November 5, 2026

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Murphy Oil earnings beat as production tops guidance and outlook rises

What to watch next

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