Murphy Oil quarterly profits more than tripleMurphy Oil Corp. announced Wednesday that first quarter net income more than tripled compared with the same period a year ago.
Murphy Oil Corp. announced Wednesday that first quarter net income more than tripled compared with the same period a year ago.
In an announcement released after markets closed, the company reported net income of $409.0 million, $2.14 per diluted share, versus $110.6 million, or 58 cents per diluted share, in the first quarter of 2007.
The larger profit was attributed to higher crude oil sales prices and sales volumes, which led to improved earnings in the company’s exploration and production business. Murphy’s worldwide crude oil and condensate sales prices averaged $84.95 per barrel compared with $47.89 per barrel in 2007’s first quarter. The period also included a $39.9 million after-tax gain on the sale of all Berkana Energy shares in Canada.
Earnings in the company’s refining and marketing business, including its Superior operations, were hampered by much tighter refining margins compared with the 2007 quarter, the company said. They generated income of $10.2 million versus $35.7 million in the 2007 quarter. Margins for U.S. retail marketing operations were slightly improved in the 2008 quarter.
“We currently expect earnings in the second quarter to be between $1.90 and $2.10 per diluted share. Results could vary based on commodity prices, drilling results, timing of oil sales and refining and marketing margins,” said Claiborne P. Deming, president and chief executive officer.
The company’s conference call will be held at noon Thursday either via the Internet at http://www.murphyoilcorp.com/ir. Audio downloads will be available on the Murphy Web site through June 1.