by Lance Turner
Posted 7/31/2013 03:55 pm
Updated 9 months ago
Murphy Oil Corp. of El Dorado on Wednesday reported net income of $402.6 million, or $2.12 per diluted share, up 36 percent from $295.4 million, or $1.52 per diluted share, during the same quarter last year.
Income from continuing operations was $332.1 million, or $1.75 per diluted share, up 14 percent from $291.3 million, or $1.50 per diluted share, in the same quarter of 2012. The company reported quarterly revenue of $7.2 billion, up slightly from $7.1 billion in the same quarter last year.
The company beat analyst expectations of earnings of $1.55 per share.
The publicly traded oil and gas company said the gains came on higher earnings in the U.S. oil and gas business attributable to growth in oil production in the Eagle Ford Shale area in South Texas.
Net income in the 2013 quarter included income from discontinued operations of $70.5 million, or 37 cents per share, primarily from an after-tax gain of $71.9 million from sale of the Mungo and Monan fields in the United Kingdom during the quarter.
In a news release, Steven A. Cosse, president and CEO, noted "substantial progress" on the company's efforts to spin off its retail gas station business into a separate company, Murphy USA Inc.
"We have received a ruling from the Internal Revenue Service confirming the tax-free status of the transaction and we are making good progress with our Securities and Exchange Commission filing," he said in an earnings release (PDF). "Murphy USA is in the process of finalizing its capital structure. We expect that the Murphy Oil Corporation Board of Directors will consider this progress at its meeting next Wednesday and we would expect to announce the Board's conclusion shortly thereafter."