by Luke Jones
Posted 4/30/2014 04:15 pm
Updated 4 months ago
Income from Murphy Oil Corp.'s slimmed down operations dropped to $169.3 million in the first quarter, down about 7 percent from a year earlier when the company's retail spinoff and a problematic refirnery in the U.K. are excluded.
The crude oil refinery in Milford Haven, Wales, was the biggest part of a $14 million loss "from discontinued operations" that dragged Murphy Oil's net income for the first quarter to $155.25 million. Revenue was $1.28 billion, the company reported Wednesday, which was flat from the same quarter in 2013.
Murphy has been attempting to sell the refinery since 2010. Most recently, the company announced it was entering a "period of consultation" concerning the facility after conversations regarding a potential buyer fell through.
The company has in the past discussed closing the refinery and converting it into a storage facility.
In the release, CEO Richard Jenkins said the company was on track for "record production" in 2014, noting that it would be "the third consecutive year we have achieved record volumes."
Murphy Oil reported net income of $360.6 million in the first quarter of 2013, but in August of last year the comany spun off its retail division into a separate publicly traded company, Murphy USA Inc.