Murphy Oil 3Q Net Income Up 26 Percent to $284M

by Arkansas Business Staff  on Wednesday, Oct. 30, 2013 4:10 pm  

CEO Rogers Jenkins said the he was happy with oil production levels, which have "exceeded our targets."

Murphy Oil Corp. of El Dorado on Wednesday reported third-quarter net income of $284.8 million, up 26 percent from $226.7 million in the same quarter last year.

Earnings per share reached $1.51, up from $1.16 in the same quarter last year. Earnings per share beat analysts' estimates of $1.46.

The company, which spun off its retail gas station operation in August, said income from continuing operations was $252.1 million, or $1.34 per share, up from $211.7 million, or $1.08 per share, in the same quarter last year. Murphy Oil attribute the rise to higher crude oil production levels.

The company noted that discontinued operations, which includes the results of the spinoff after the companies separated, generated income of $32.7 million, or 17 per share, up from $15 million, or 8 cents per share, during the same quarter last year.

"The completion of the U.S. downstream separation in August was a significant transition step toward converting the company to a fully focused independent [exploration and production] organization," Roger Jenkins, president and CEO, said in a news release. "We continue to progress the sale of our U.K. downstream assets. We wish our former associates at [spinoff] Murphy USA Inc. well as they set sail as a stand-alone entity."

Jenkins also said the he was happy with oil production levels, which have "exceeded our targets."

The company said worldwide production totaled 207,281 barrels of oil equivalent per day in the 2013 third quarter, up from 181,558 barrels of oil equivalent per day in the 2012 quarter.  

Crude oil, condensate and gas liquids production was 138,075 barrels per day, compared to 105,796 barrels per day in the same quarter last year.

 

 

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