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Murphy Oil earnings nearly quadruple in first quarter Thursday, May 1, 2008 Arkansas News Bureau LITTLE ROCK - Murphy Oil Corp. on Wednesday reported first-quarter profits of $409 million, nearly four times greater than profits of $110.6 million in the same quarter last year. About $40 million was attributed to a one-time after-tax gain, but the bulk of it was explained by rising crude oil prices and sales volumes, the El Dorado-based company said. First-quarter revenues topped $6.5 billion, compared to $3.4 billion in the comparable period last year. "Crude oil sales prices have continued to strengthen in April, and margins throughout the U.S. downstream system are still being adversely affected by the high crude oil prices," CEO Claiborne Deming said. Shares of Murphy Oil Corp. (NYSE: MUR) closed Wednesday at $90.34, up 60 cents. |
