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) 723-9521 and entering reservation number 6836831.
Business on 08/03/2017