Murphy Oil bounces back with 1Q profit
Murphy Oil Corp. on Wednesday reported $58.5 million in net income, or 34 cents per share, in the first quarter of 2017. The three-month period was an improvement from a year ago, when the El Dorado-based company reported a net loss of $198.8 million, or $1.16 per share.
Losses adjusted to account for discontinued operations and nonrecurring gains were 6 cents per share for the quarter. That topped analyst expectations for a loss of 3 cents per share.
Revenue of $664.6 million was an increase from a year ago, when Murphy reported $430.3 million. It beat analyst expectations of $531.9 million for the quarter.
The company will host a conference call to discuss the first quarter at 10 a.m. today. The call can be accessed online through the Investor Relations section of Murphy Oil's website http://ir.murphyoilcorp.com or by dialing (877) 795-3649. The telephone reservation number is 7717232.
-- Robbie Neiswanger
Murphy USA reports $3M 1st-quarter loss
Murphy USA Inc. reported a net loss of $3 million during the first quarter of 2017, which was a decline from the $85.9 million in net income it earned during the same three-month period in 2016.
The El Dorado-based company said the previous year included a $56 million gain on disposition of the CAM pipeline system.
Murphy USA, which reported a per share loss of 8 cents in the quarter, also posted $3 billion in revenue. The revenue was a 20 percent increase from $2.5 billion a year ago.
Revenue from petroleum product sales increased to $2.4 billion during the quarter, while Murphy USA reported merchandise sales of $565.8 million. The company opened five stores during the quarter with construction in progress at 35 new sites.
Shares of Murphy USA stock closed Wednesday at $66.25, up 49 cents.
-- Robbie Neiswanger
Arkansas Index falls 0.35, ends at 340.34
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, dropped 0.35 to 340.34 Wednesday.
"The real estate sector underperformed following the Federal Open Market Committee's decision to leave benchmark interest rates unchanged, accompanied by a statement projecting that recent economic weakness is not expected to last," said Leon Lants, managing director at Stephens Inc. in Little Rock.
Total volume for the index was 23.1 million shares.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 05/04/2017