03.11.2022 15:05:27

Murphy Oil Corp. Drops 10% Despite Better Results Than Street Estimates

(RTTNews) - Shares of hydrocarbon exploration company Murphy Oil Corporation (MUR) are falling more than 10% Thursday morning despite reporting better-than-expected third-quarter results.

The company recorded profit of $528.43 million, or $3.36 per share, for the third quarter, higher than $108.46 million or $0.70 per share in the same quarter a year ago.

Excluding one-time items, earnings were $290 million, or $1.84 per share, that beat the average estimate of analysts polled by Thomson Reuters of $1.61 per share.

Quarterly revenue increased to $1.303 billion from $630.7 million last year. The consensus estimate was for $965.03 million.

MUR, currently at $43.35, has traded in the range of $23.50-$50.19 in the last 1 year.

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Murphy Oil Corp. 30,00 -1,32% Murphy Oil Corp.