2024 Q1 Form 10-K Financial Statement

#000071742324000008 Filed on February 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $796.4M $842.3M $3.449B
YoY Change -5.38% -13.56% -11.56%
Cost Of Revenue $160.0K $201.0M $836.1M
YoY Change -99.5% -17.35% -1.79%
Gross Profit $796.2M $641.3M $2.613B
YoY Change -1.63% -12.3% -14.29%
Gross Profit Margin 99.98% 76.14% 75.76%
Selling, General & Admin $31.16M $42.91M $117.3M
YoY Change 70.2% 4.36% -10.54%
% of Gross Profit 3.91% 6.69% 4.49%
Research & Development $44.43M $82.29M $234.8M
YoY Change 336.35% 34.92% 76.26%
% of Gross Profit 5.58% 12.83% 8.99%
Depreciation & Amortization $211.1M $212.8M $861.6M
YoY Change 7.9% 5.18% 10.91%
% of Gross Profit 26.52% 33.18% 32.98%
Operating Expenses $31.16M $432.7M $1.539B
YoY Change 70.2% 8.66% 7.07%
Operating Profit $154.1M $208.6M $1.074B
YoY Change -48.09% -37.36% -33.35%
Interest Expense $20.02M -$23.68M -$112.4M
YoY Change -30.62% -31.68% -25.46%
% of Operating Profit 13.0% -11.35% -10.47%
Other Income/Expense, Net -$8.470M -$9.631M -$8.587M
YoY Change -70.72% 41.55% -160.01%
Pretax Income $145.6M $169.5M $921.1M
YoY Change -45.65% -40.02% -36.49%
Income Tax $30.06M $29.11M $195.9M
% Of Pretax Income 20.65% 17.17% 21.27%
Net Earnings $90.00M $116.3M $661.6M
YoY Change -53.04% -41.68% -31.45%
Net Earnings / Revenue 11.3% 13.81% 19.18%
Basic Earnings Per Share $0.59 $0.76 $4.26
Diluted Earnings Per Share $0.59 $0.75 $4.23
COMMON SHARES
Basic Shares Outstanding 152.8M shares 154.5M shares 155.2M shares
Diluted Shares Outstanding 153.8M shares 156.6M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $323.4M $317.1M $317.1M
YoY Change 3.54% -35.55% -35.55%
Cash & Equivalents $323.4M $317.1M $317.1M
Short-Term Investments
Other Short-Term Assets $30.93M $36.67M $36.67M
YoY Change -0.16% 5.69% 5.69%
Inventory $49.66M $54.45M $54.45M
Prepaid Expenses $30.93M $36.67M
Receivables $356.9M $344.0M $344.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $760.9M $752.2M $752.2M
YoY Change -5.11% -22.65% -22.65%
LONG-TERM ASSETS
Property, Plant & Equipment $8.189B $8.970B $8.970B
YoY Change -2.08% -2.22% -2.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $36.67M $44.12M $44.12M
YoY Change -21.11% -72.8% -72.8%
Total Long-Term Assets $8.908B $9.015B $9.015B
YoY Change -5.1% -3.45% -3.45%
TOTAL ASSETS
Total Short-Term Assets $760.9M $752.2M $752.2M
Total Long-Term Assets $8.908B $9.015B $9.015B
Total Assets $9.669B $9.767B $9.767B
YoY Change -5.1% -5.26% -5.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $485.9M $446.9M $446.9M
YoY Change -5.99% -17.82% -17.82%
Accrued Expenses $306.8M $377.9M $377.9M
YoY Change -36.83% -44.97% -44.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $730.0K $723.0K $723.0K
YoY Change 4.73% 3.29% 3.29%
Total Short-Term Liabilities $818.2M $846.5M $846.5M
YoY Change -20.41% -32.7% -32.7%
LONG-TERM LIABILITIES
Long-Term Debt $1.329B $1.328B $1.328B
YoY Change -27.12% -27.11% -27.11%
Other Long-Term Liabilities $304.0M $1.766B $1.766B
YoY Change 0.74% -5.33% -5.33%
Total Long-Term Liabilities $304.0M $3.094B $3.094B
YoY Change 0.74% -16.1% -16.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $818.2M $846.5M $846.5M
Total Long-Term Liabilities $304.0M $3.094B $3.094B
Total Liabilities $4.176B $4.404B $4.404B
YoY Change -14.49% -17.13% -17.13%
SHAREHOLDERS EQUITY
Retained Earnings $6.590B $6.546B
YoY Change 6.22% 8.1%
Common Stock $195.1M $195.1M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.304B $5.363B $5.363B
YoY Change
Total Liabilities & Shareholders Equity $9.669B $9.767B $9.767B
YoY Change -5.1% -5.26% -5.26%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $90.00M $116.3M $661.6M
YoY Change -53.04% -41.68% -31.45%
Depreciation, Depletion And Amortization $211.1M $212.8M $861.6M
YoY Change 7.9% 5.18% 10.91%
Cash From Operating Activities $398.8M $543.1M $1.749B
YoY Change 42.54% 8.28% -19.25%
INVESTING ACTIVITIES
Capital Expenditures $249.1M $163.7M $1.066B
YoY Change -27.87% -189.72% -208.17%
Acquisitions
YoY Change
Other Investing Activities -$12.77M $67.34M
YoY Change -901.82% -154.3%
Cash From Investing Activities -$249.1M -$176.5M -$998.7M
YoY Change -27.87% -2.43% -9.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$150.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$144.2M -376.3M -923.7M
YoY Change 25.78% 27.14% -14.6%
NET CHANGE
Cash From Operating Activities 398.8M 543.1M 1.749B
Cash From Investing Activities -$249.1M -176.5M -998.7M
Cash From Financing Activities -$144.2M -376.3M -923.7M
Net Change In Cash $6.356M -9.743M -173.6M
YoY Change -103.54% -139.51% 585.01%
FREE CASH FLOW
Cash From Operating Activities $398.8M $543.1M $1.749B
Capital Expenditures $249.1M $163.7M $1.066B
Free Cash Flow $149.7M $379.3M $682.7M
YoY Change -328.41% -44.54% -78.33%

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<div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:10pt;font-weight:400;line-height:120%">USE OF ESTIMATES – Preparing the financial statements of the Company in accordance with GAAP requires management to make a number of estimates and assumptions that affect the reporting of amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results may differ from the estimates.</span></div>
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CY2021 mur Share Based Compensation Settled In Cash
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CY2021 mur Incentive Compensation Plan Expense
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CY2023 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022 mur Antidilutive Securities Excluded From Computation Of Earnings Per Share Weighted Average Price
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CY2021 us-gaap Interest Paid Capitalized
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CY2021 mur Noncash Asset Retirement Obligation
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CY2021 mur Increase Decrease In Capital Expenditure Accrual
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CY2022Q4 mur Number Of Offsetting Positions
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CY2023Q4 us-gaap Other Commitment
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CY2023Q4 mur Threshold For Disclosure Of Monetary Sanctions Environmental Proceedings
ThresholdForDisclosureOfMonetarySanctionsEnvironmentalProceedings
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CY2023Q4 mur Threshold For Disclosure Of Monetary Sanctions Not Aware Of Environmental Legal Proceedings
ThresholdForDisclosureOfMonetarySanctionsNotAwareOfEnvironmentalLegalProceedings
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CY2022 us-gaap Depreciation Depletion And Amortization
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CY2022 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
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CY2022 mur Amortization Of Undeveloped Lease
AmortizationOfUndevelopedLease
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CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2022 us-gaap Segment Expenditure Addition To Long Lived Assets
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CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2020Q4 us-gaap Common Stock Shares Outstanding
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CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2022 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
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CY2021 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
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CY2021 us-gaap Stock Repurchased And Retired During Period Shares
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CY2021Q4 us-gaap Common Stock Shares Outstanding
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CY2023 mur Amortization Of Undeveloped Lease
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CY2021Q4 us-gaap Assets
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CY2023Q4 us-gaap Noncurrent Assets
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CY2021Q4 us-gaap Noncurrent Assets
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CY2023 mur Lessee Operating Lease Termination Period
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CY2022 us-gaap Lease Cost
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CY2023 us-gaap Variable Lease Cost
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CY2022 us-gaap Variable Lease Cost
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32200000 usd
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244622000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
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OperatingAndFinanceLeaseLiabilityPaymentsDueYearOne
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
1069000 usd
CY2023Q4 mur Operating And Finance Lease Liability Payments Due Year Two
OperatingAndFinanceLeaseLiabilityPaymentsDueYearTwo
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
1069000 usd
CY2023Q4 mur Operating And Finance Lease Liability Payments Due Year Three
OperatingAndFinanceLeaseLiabilityPaymentsDueYearThree
64772000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
62066000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
1069000 usd
CY2023Q4 mur Operating And Finance Lease Liability Payments Due Year Four
OperatingAndFinanceLeaseLiabilityPaymentsDueYearFour
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
61229000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
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CY2023Q4 mur Operating And Finance Lease Liability Payments Due Year Five
OperatingAndFinanceLeaseLiabilityPaymentsDueYearFive
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2023Q4 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
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CY2023Q4 mur Operating And Finance Lease Liability Payments Due After Year Five
OperatingAndFinanceLeaseLiabilityPaymentsDueAfterYearFive
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Finance Lease Liability Payments Due
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CY2023Q4 mur Operatingand Finance Leases Future Minimum Payments Due
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1372000 usd
CY2023Q4 mur Lessee Operatingand Finance Leases Undiscounted Excess Amount
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0.059
CY2023Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
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CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
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CY2023 us-gaap Operating Lease Payments
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CY2022 us-gaap Operating Lease Payments
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CY2023 us-gaap Finance Lease Interest Payment On Liability
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CY2022 us-gaap Finance Lease Interest Payment On Liability
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CY2023 us-gaap Finance Lease Principal Payments
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CY2022 us-gaap Finance Lease Principal Payments
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q4 mur Discounted Cash Flow Method Percentage
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CY2021Q4 srt Proved Developed Reserves Volume
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CY2022Q4 srt Proved Developed Reserves Volume
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436000000.0 mmbbls
CY2023Q4 srt Proved Developed Reserves Volume
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CY2020Q4 srt Proved Undeveloped Reserve Volume
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304100000 mmbbls
CY2021Q4 srt Proved Undeveloped Reserve Volume
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CY2022Q4 srt Proved Undeveloped Reserve Volume
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CY2023Q4 srt Proved Undeveloped Reserve Volume
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CY2023 us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
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CY2023 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
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27100000 usd
CY2023 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties
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CY2023 us-gaap Costs Incurred Exploration Costs
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198100000 usd
CY2023 us-gaap Costs Incurred Development Costs
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0.63
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.64
CY2023Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.76
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.26
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.22
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.62
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.63
CY2023Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.75
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.22
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.275
CY2023Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.275
CY2023Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.275
CY2023Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.275
CY2023 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.100
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
871400000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1196200000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1166400000 usd
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
986100000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4220100000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-81900000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
515500000 usd
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
734000000.0 usd
CY2022Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
282700000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1450300000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-64900000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
410400000 usd
CY2022Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
574500000 usd
CY2022Q4 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
220800000 usd
CY2022 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
1140800000 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-65500000 usd
CY2022Q2 us-gaap Profit Loss
ProfitLoss
409500000 usd
CY2022Q3 us-gaap Profit Loss
ProfitLoss
574100000 usd
CY2022Q4 us-gaap Profit Loss
ProfitLoss
220600000 usd
CY2022 us-gaap Profit Loss
ProfitLoss
1138700000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-113300000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
350600000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
528300000 usd
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
199400000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
965000000.0 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.73
CY2022Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.27
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
3.40
CY2022Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.28
CY2022 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
6.23
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.73
CY2022Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.24
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
3.36
CY2022Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.26
CY2022 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
6.14
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.73
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.26
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.40
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.28
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
6.22
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.73
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.23
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.36
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.26
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
6.13
CY2022Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.150
CY2022Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.175
CY2022Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.250
CY2022Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.250
CY2022 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.825

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