HOUSTON, Aug 5 - Murphy Oil Corp (MUR.N) on Wednesday said its quarterly earnings fell 74 percent, as oil prices dropped sharply from a year ago and weak fuel demand hurt its refining business.
Net profit in the second quarter was $158.8 million, or 83 cents per share, compared with $619.2 million, or $3.22 in the year-ago quarter.
Excluding one-time items, Murphy earned 97 cents per share, well ahead of the Wall Street estimate for 65 cents a share, according to Reuters Estimates.
Murphy, based in El Dorado, Arkansas, said total crude oil, condensate and gas liquids production was 118,145 barrels per day, down from 139,318 barrels per day in the first quarter of 2009 but was 6 percent higher than a year ago.
Income from continuing operations for Murphy's oil and gas exploration business fell 79 percent while profits at its refining arm tumbled 64 percent.
Shares of Murphy rose 2 cents to $59.70 in electronic trading after the close.
Net profit in the second quarter was $158.8 million, or 83 cents per share, compared with $619.2 million, or $3.22 in the year-ago quarter.
Excluding one-time items, Murphy earned 97 cents per share, well ahead of the Wall Street estimate for 65 cents a share, according to Reuters Estimates.
Murphy, based in El Dorado, Arkansas, said total crude oil, condensate and gas liquids production was 118,145 barrels per day, down from 139,318 barrels per day in the first quarter of 2009 but was 6 percent higher than a year ago.
Income from continuing operations for Murphy's oil and gas exploration business fell 79 percent while profits at its refining arm tumbled 64 percent.
Shares of Murphy rose 2 cents to $59.70 in electronic trading after the close.
