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Murphy Oil income falls in the first quarter

story from Talk Business, a TCW content partner

Murphy Oil Corp. saw profits decline as discontinued operations showed up on the company’s earnings.

The El Dorado-based pure play oil and gas explorer posted net income of $155.2 million on revenue of $1.286 billion. One year ago, Murphy Oil recorded profits of $360.6 million on revenue of $1.290 billion.

Last year, Murphy Oil spun off its retail operations, which put a dent in both revenue and net income.

The company said it reached a new single day production record in March of just over 226,000 barrels of oil equivalent per day (boepd) net, while averaging near 222,000 boepd net for the month of March.

It was also named high lease bidder on 16 new blocks in the Gulf of Mexico in March and added exploration acreage in offshore Namibia in West Africa.

Also during the quarter, Murphy Oil said its board of directors initiated a $250 million share repurchase program.

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The company’s shares (NYSE: MUR) closed trading on Wednesday (April 30) at $63.43. Murphy Oil’s stock has traded between a low of $51.20 and a high of $66.20 during the past year.

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