Murphy Oil boosts oil production, 3Q profit falls 68 percent
Associated Press
11/04/09 3:55 PM PST
EL DORADO, ARK. — Murphy Oil Corp. says it plans to pump more oil out of the ground as a rally in crude prices helps it recover from a tough third quarter.
The El Dorado, Ark.-based oil company reported Wednesday that net income from July to September tumbled 68 percent to $188.9 million, or 98 cents a share. Profit was $584.4 million, or $3.04 a share, a year earlier. Revenue fell 37 percent to $5.18 billion from $8.17 billion.
The results track similar drops for other oil companies including Exxon Mobil and Chevron Corp. The entire industry was hammered in the third quarter as oil prices traded at about $50 a barrel less than the same period in 2008.
Like many of its peers, Murphy Oil responded by pumping more crude to boost revenues. The company, which has petroleum exploration and refining operations in the U.S. and the United Kingdom, said it increased oil and gas production by 28 percent in the third quarter.
Murphy Oil expects to pump even more in the last three months of the year and forecast fourth-quarter earnings of between 75 cents and 90 cents a share.
Murphy Oil shares gave up $1.27, or 2 percent, to $62 in after-hours trading following a 4-cent gain to $63.27 in the regular session.
