Murphy Oil: 2Q Earnings Snapshot
EL DORADO, Ark. (AP) _ Murphy Oil Corp. (MUR) on Thursday reported second-quarter net income of $92.3 million.
The El Dorado, Arkansas-based company said it had net income of 55 cents per share. Earnings, adjusted for non-recurring gains and to account for discontinued operations, were 21 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.
The oil and gas producer posted revenue of $709 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $605.5 million.
Murphy Oil shares have decreased almost 8% since the beginning of the year, while the Standard & Poor’s 500 index has increased 15%. The stock has dropped 35% in the last 12 months.