Murphy Oil Corp. posted second quarter net income of $295.4 million on the strength of improved margins in its refinery and retail operations.
The El Dorado-based oil and gas company reported profits of $295.4 million on revenue of $7.19 billion. One year ago, Murphy Oil recorded profits of $311.6 million on revenue of $7.42 billion.
In the second quarter of 2011, Murphy Oil had a $31.6 million gain from the sale of two refineries that boosted quarterly earnings.
“The second quarter of 2012 saw meaningful contributions from both the upstream and downstream business segments,” said CEO Steven A. Cossé.
NEW BOARD MEMBER, DIVIDEND UPPED
Murphy Oil also added Jeffrey Nolan to its board of directors in the wake of the death of former board chairman William Nolan.
Nolan is President and CEO of Loutre Land and Timber Co., a natural resource company with a primary focus on acquiring and managing timberland and mineral properties.
He's a graduate of Southern Methodist University and received his law degree from Tulane Law School in New Orleans.
Nolan is a director of First Financ
ial Bank, headquartered in El Dorado, where he also serves as chairman of the compensation committee. He also serves on the Board of Directors of the Arkansas Children’s Hospital and Hope Enterprise Corp., a private, non-profit community development financial institution based in Jackson, Mississippi.
Also, the Murphy board of directors declared a quarterly dividend on the company's common stock of $0.3125 per share, or $1.25 per share on an annualized basis. The previous annualized dividend level was $1.10 per share. The dividend is payable September 4, 2012 to holders of record August 17, 2012.
“We are pleased to announce that we will increase the annual dividend by 15¢ per share. The company is in a strong financial position and looking ahead, we foresee healthy production growth and cash flow, and a continuing ability to fund our ongoing growth initiatives, while increasing our dividend payout to our shareholders,” said Cossé.
Shares of Murphy Oil closed trading Wednesday at $54.40. The company's stock has traded between a low of $40.41 a share and $65.50 a share during the past 52 weeks.