Murphy Oil: 2Q Earnings Snapshot
EL DORADO, Ark. (AP) _ Murphy Oil Corp. (MUR) on Wednesday reported second-quarter net income of $45.5 million, after reporting a loss in the same period a year earlier.
The El Dorado, Arkansas-based company said it had profit of 26 cents per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 36 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.
The oil and gas producer posted revenue of $618.2 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $597.8 million.
Murphy Oil shares have increased roughly 5 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 7 percent. In the final minutes of trading on Wednesday, shares hit $32.52, a climb of 25 percent in the last 12 months.