WASHINGTON (dpa-AFX) - Murphy Oil Corp. (MUR) reported that its second-quarter net income declined to $295.4 million or $1.52 per share from $311.6 million or $1.60 per share in the second quarter of 2011. Analysts polled by Thomson Reuters expected the company to report earnings of $1.33 per share for the quarter. Analysts' estimates typically exclude special items.
Net income in the 2011 second quarter included income from discontinued operations of $31.6 million or $0.16 per share, which related to operating results of two U.S. refineries that were sold in the second half of 2011.
Income from continuing operations was $295.4 million or $1.52 per share in the 2012 second quarter, up from $280.0 million $1.44 per share in the second quarter 2011. The increase in 2012 earnings from continuing operations was mostly attributable to improved downstream results compared to the prior year's quarter.
Revenues for the quarter declined to $7.19 billion from $7.42 billion in the prior year quarter.
Two analysts had consensus revenue estimate of $9.59 billion for the quarter.
The company anticipates total worldwide production volumes of about 183,000 barrels of oil equivalent per day in the third quarter of 2012. Sales volumes of oil and natural gas are projected to average 179,000 barrels of oil equivalent per day during this period. The company expects net income in the third quarter to range between $0.90 and $1.15 per share. Analysts expect the company to report earnings of $1.16 per share for the third-quarter.
The company anticipates full year 2012 production volumes of 193,000 barrels of oil equivalent per day.
Copyright RTT News/dpa-AFX