Murphy Oil net income nears $2 billion
by January 28, 2009 4:43 pm 59 views
El Dorado-based Murphy Oil Corp. announced today (Jan. 28) fiscal 2008 net income of $1.77 billion, up over the $766.5 million in 2007.
The energy exploration and production company posted 2008 total revenue of $27.51 billion, up more than 49% over fiscal 2007.
Details from the company’s earnings report include:
• The Company’s exploration and production operations earned $1.63 billion in 2008 compared to $657.1 million in 2007.
• Exploration expenses of $313.3 million in 2008 were up from $203.1 million in 2007.
• Crude oil and gas liquids production averaged 118,254 barrels per day in 2008 compared to 91,522 barrels per day in 2007.
• Crude oil and gas liquids sales volumes were 123,854 barrels per day in the current year compared to 87,602 barrels per day in 2007.
• Natural gas sales were 56 million cubic feet per day in 2008 compared to 61 million cubic feet per day in 2007.
• The Company’s refining and marketing operations generated record annual income of $313.8 million in 2008, compared to profits of $205.7 million in 2007. The improved results in 2008 were caused mostly by higher U.S. retail gasoline margins and higher refining earnings in the U.K.
Shares of Murphy Oil (NYQ: MUR) closed Wednesday at $48.27, up 21 cents.