Murphy Oil Q1 Profit Falls

(RTTNews) - Murphy Oil Corp. (MUR) reported net income for the first quarter of $155.25 million or $0.85 per share, compared to $360.6 million or $1.88 per share for the year-ago quarter.

Income from continuing operations for the first quarter was $169.3 million or $0.93 per share, compared to $182.7 million or $0.95 per share in the prior year quarter.

Excluding items, adjusted earnings for the first quarter were $174.8 million or $0.96 per share, compared to $187.5 million or $0.98 per share in the first quarter of last year.

Revenue for the first quarter was essentially flat with last year at $1.29 billion.

Analysts polled by Thomson Reuters expected the company to earn $0.96 per share on revenue of $1.32 billion for the first quarter. Analysts' estimates typically exclude special items.

The company currently forecasts its annual production to be in the range of 225,000 - 230,000 boepd.