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Murphy Oil earnings exceed expectations

Murphy Oil Corp. (NYSE: MUR) expects income for the first quarter of 2007 to range between 60 cents and 65 cents per diluted share. That topped analysts' expectations of 53 cents per share, according to The Associated Press.

Murphy Oil Corp. (NYSE: MUR) expects income for the first quarter of 2007 to range between 60 cents and 65 cents per diluted share. That topped analysts' expectations of 53 cents per share, according to The Associated Press.

In the worldwide downstream business, the company's retail margins were robust early in the quarter before declining, while refining margins finished the quarter strongly, Murphy said in a press release. Income from downstream operations is expected to be between $40 million and $45 million for the quarter.

Earnings may vary based on prices and volumes from the sale of the company's crude oil production, and due to variances in projected and actual downstream operating margins.

Murphy Oil has scheduled its conference call at noon on April 26 to discuss quarterly results.

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