Murphy Oil Corp. of El Dorado on Thursday reported a fourth-quarter loss of $72 million, down from a profit of $103 million in the same quarter last year.
The publicly traded oil giant (NYSE: MUR) said the loss amounted to 46 cents per share. But adjusted net income, which excludes discontinued operations and other one-time items, was $25 million, or 16 cents per diluted share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 12 cents per share, according to The Associated Press.
Quarterly revenue was $637.5 million, missing forecasts by analysts who expected $758.4 million.
During the third quarter, Murphy Oil closed the divestiture of its Malaysia assets for $2 billion in cash proceeds.
For the full year, profit was $1.15 billion, or $6.98 per share. Adjusted income, which excludes the results of discontinued operations and certain other items, was $144 million, 87 cents per diluted share. Revenue was $2.83 billion.
Murphy also said Thursday that it entered a memorandum of understanding with
Under the deal, Murphy and an affiliate of ArcLight will negotiate agreements over the system's future capital requirements and associated export pipelines construction, ownership and operation, as well as the reimbursement of Murphy's previous capital outlay, including about
The remaining half of the King's Quay FPS will continue to be owned by Ridgewood King's
The deal is set to close in the second quarter.