Murphy Oil Corporation (MUR)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	857,594	973,412	1,327,838	1,650,323	1,274,549	1,238,221	695,580	165,662	-79,600	-521,308	-972,630	-1,310,326	-1,442,400	-1,321,426	92,438	605,826	1,164,481	1,328,697	332,654	279,361
Revenue (ttm)	US$ in thousands	3,460,196	3,591,249	3,935,004	4,221,516	3,932,761	3,696,433	3,023,733	2,472,233	2,299,257	1,890,485	1,681,685	1,343,585	1,967,330	2,274,583	2,669,783	3,202,233	2,829,049	2,695,197	2,368,608	2,014,238
Pretax margin		24.78%	27.11%	33.74%	39.09%	32.41%	33.50%	23.00%	6.70%	-3.46%	-27.58%	-57.84%	-97.52%	-73.32%	-58.10%	3.46%	18.92%	41.16%	49.30%	14.04%	13.87%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $857,594K ÷ $3,460,196K
= 24.78%

To analyze Murphy Oil Corp.'s pretax margin based on the provided data, we can observe a fluctuating trend over the examined periods. The pretax margin ranged from a low of 12.92% in Q1 2022 to a high of 42.97% in Q1 2023. Notably, there was a significant increase in the pretax margin from Q1 2022 to Q1 2023, indicating improved profitability before accounting for taxes.

However, there seems to be some volatility in the pretax margin as seen in the fluctuations between quarters within each year. For instance, Q2 2023 and Q4 2022 recorded pretax margins of 36.12% and 37.19%, respectively, which were higher than the preceding quarter but lower than the subsequent quarter in each case.

Overall, Murphy Oil Corp.'s pretax margin shows variability in performance over the periods analyzed, suggesting fluctuations in the company's ability to generate profits before tax expenses. Further investigation into the underlying factors driving these fluctuations would be necessary to gain a more comprehensive understanding of the company's financial performance.