Murphy Oil Swings To Q1 Net Loss

(RTTNews) - Murphy Oil Corp. (MUR) reported a net loss for the first quarter of $14.4 million or $0.08 per share, compared to net income of $155.3 million or $0.85 per share for the year-ago quarter.

Income from continuing operations for the first quarter was $3.5 million or $0.02 per share, compared to $169.3 million or $0.93 per share in the prior year quarter. Results in the 2015 quarter included a $199.5 million after tax gain on a 10% sale in Malaysia.

Excluding items, adjusted net loss for the first qaurter was $198.5 million or $1.11 per share, compared to an adjusted earnings of $174.8 million or $0.96 per share in the first quarter of last year.

Revenue for the first quarter fell to $921.75 million from $1.29 billion a year ago.

Analysts polled by Thomson REuters expected the company to report a loss of $0.87 per share on revenue of $764.11 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward, the company expects second quarter production to be 197,000 boepd. The company maintained its full year 2015 production guidance of 195,000 boepd to 207,000 boepd.