Murphy Oil 4Q profit falls 43 percent |
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Thu, 01 Feb 2007 00:10
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EL DORADO, Ark. (AFX) - Oil and natural gas company Murphy Oil Corp. on Wednesday said its fourth-quarter profit fell 43 percent, as income from exploration and production fell while costs rose.Quarterly earnings declined to $87.6 million, or 46 cents per share, from $154.6 million, or 82 cents per share during the same period in 2005.The results included a charge of $25.1 million related to an education assistance program and an income tax benefit of $12 million.Revenue grew 5 percent to $3.36 billion from $3.2 billion.The company said income from its exploration and production business fell 30 percent to $90.5 million from $128.7 million, due to lower oil and natural gas sales volumes. Natural gas sales prices also declined in the quarter, the company said.Full-year earnings fell 25 percent to $638.3 million, or $3.37 per share, from $846.5 million, or $4.51 per share in 2005. The results from 2005 included a gain of $104.5 million, or 56 cents per share, related to the sale of oil and gas properties.Revenue improved 21 percent to $14.31 billion from $11.88 billion.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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