Murphy Oil Corporation reported higher net income in the first quarter of 2013 of $360.6 million on lower revenue of $6.639 billion.
One year ago, the El Dorado-based oil and gas company posted net income of $290.1 million in the first quarter on revenue of $6.956 billion.
“The results of operations improved in 2013 in the United States compared to the prior year, however, lower income in Canada, Malaysia and other areas during the 2013 quarter more than offset the stronger U.S. results,” said Murphy Oil CEO Steven Cossé.
The company’s downstream operations, which will be spinning off later this year, showed improvement.
“United States downstream operations generated a profit of $29.4 million in the 2013 quarter, compared to a loss of $7.2 million in 2012. Improved results for U.S. marketing operations were the primary driver to the higher 2013 income,” Cossé said.
“The process for completing the separation of our U.S. retail business in the second half of the year is going according to plan, largely due to the efforts of the retail management team led by Andrew Clyde. The U.S. retail business operated well in the first quarter 2013, with better than normal fuel margins achieved during the winter season,” he added.