Murphy: Higher profits in fourth quarter
Murphy sees higher fourth quarter profits
Murphy Oil said its quarterly profit more than doubled after a federal royalty benefit and 13% increase in production, but the oil and gas company said is first-quarter profit would fall short of analysts' estimates.
Net income in the fourth quarter of last year was $319 million, or $1.65 per share, compared with $127 million, or 67 cents per share, a year earlier.
Murphy said it expects first-quarter earnings of 80 cents to 95 cents per share. Analysts, on average, had expected a first-quarter profit of $1.20 per share, according to Thomson Reuters.
Murphy's oil and gas output from from continuing operations averaged 138,269 barrels per day, up 13% from a year ago.
Shares of Murphy fell about 2% after hours after closing at $51.87.
