WASHINGTON (dpa-AFX) - Murphy Oil Corp. (MUR) announced that net income in the first quarter of 2012 was $290.1 million or $1.49 per share up from $268.9 million or $1.38 per share in the first quarter of 2011. Analysts polled by Thomson Reuters expected the company to report earnings of $1.53 per share for the quarter. Analysts' estimates typically exclude special items.
The 2011 first quarter included income from discontinued operations of $30.5 million or $0.16 per share related to two U.S. refineries and associated marketing assets that were sold at the end of the third quarter of 2011.
Income from continuing operations in the 2011 first quarter was $238.4 million or $1.22 per share. Income from continuing operations and associated diluted income per share were 22% higher in the 2012 quarter compared to the same quarter of 2011. The improved income from continuing operations in 2012 compared to 2011 was primarily due to higher earnings from the Company's exploration and production operations.
Revenues for the quarter rose to $6.99 billion from $6.27 billion in the prior year quarter.
Two analysts had consensus revenue estimate of $7.21 billion for the quarter.
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