Mur­phy Oil re­ports $17.5M loss in 2Q

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM - STEPHEN STEED

Mur­phy Oil Corp. on Wed­nes­day said it lost $17.5 mil­lion in its sec­ond quar­ter, com­pared with a profit of $2.9 mil­lion for the same quar­ter a year ago. Earn­ings per share dropped 10 cents for the quar­ter.

Based in El Do­rado, Mur­phy re­ported to­tal op­er­at­ing rev­enue for the quar­ter at $509.6 mil­lion, about $98 mil­lion more than in the sec­ond quar­ter of 2016.

The com­pany re­ported an ad­justed loss of $19.1 mil­lion, com­pared with an ad­justed loss of $62 mil­lion, or 36 cents per share, for the sec­ond quar­ter of 2016.

“The most sig­nif­i­cant items af­fect­ing the ad­justed loss were a U.S. tax ben­e­fit of $21 mil­lion re­lated to in­vest­ments in for­eign ex­plo­ration ar­eas and an af­ter-tax gain of $15 mil­lion for mark-to-mar­ket of open crude oil hedge con­tracts,” the com­pany said. “Th­ese were es­sen­tially off­set by a $31 mil­lion non-cash for­eign ex­change loss due to the weak­en­ing of the U.S. dol­lar com­pared to the Cana­dian dol­lar and a $6 mil­lion de­ferred tax ex­pense on undis­tributed for­eign earn­ings.”

Earn­ings from con­tin­u­ing op­er­a­tions be­fore in­ter­est, taxes, de­pre­ci­a­tion and amor­ti­za­tion to­taled $258 mil­lion, or $17.71 per bar­rel of oil equiv­a­lent sold.

“We con­tinue to suc­cess­fully ex­e­cute on our 2017 plan,” Roger Jenkins, Mur­phy’s pres­i­dent and chief ex­ec­u­tive of­fi­cer, said in a com­pany news re­lease. “We have sta­bi­lized pro­duc­tions lev­els and main­tained high … per­for­mance across all our op­er­ated assets.” Jenkins also said the com­pany cut op­er­at­ing costs to their low­est level in a decade.

Shares of Mur­phy Oil fell 60 cents, or 2.3 per­cent, to close Wed­nes­day at $25.68 be­fore the earn­ings re­port was re­leased.

A con­fer­ence call to dis­cuss Mur­phy’s sec­ond-quar­ter re­port will start to­day at 10 a.m.

The call can be ac­cessed through the In­vestor Re­la­tions sec­tion of Mur­phy Oil’s web­site, http:// ir.mur­phy­oil­corp.com, or by phone by di­al­ing (877) 7239521 and en­ter­ing reser­va­tion num­ber 6836831.

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