This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Murphy Oil's CEO Discusses Q1 2012 Results - Earnings Call Transcript

In the downstream segment from continuing operations, we had net income in the first quarter of 2012 is actually a net loss of $4.2 million compared to net income in the first quarter of 2011 from continuing operations of $300,000. In the U.S. downstream operations reported a loss of $7.2 million in the 2012 quarter compared to income of $9 million in 2011, mostly as a result of lower retail fuel margins, which averaged $0.02 per gallon lower in the current quarter and lower retail fuel sales volumes, which were down about 6% year-over-year. Merchandise margins for the 2012 quarter were essentially flat with last year. Results for ethanol production operations were also downy year-on-year due to weaker crush spreads.

U.K. downstream operations recorded income of $3 million in the 2012 quarter compared to a net less of $8.7 million last year. The improvement was largely due to better refinery margins and higher throughput volumes at the Milford Haven refinery.

In the corporate segment, we had a net charge of $27.3 million first quarter of this year compared to a net charge of $22.3 million in the first quarter 2011. This unfavorable variance is mostly attributable to higher administrative costs and lower interest income in the current quarter.

At the end of the first quarter 2012, the long-term debt amounted just under $250 million, a 2.7% of total capital employed. Cash, cash equivalents and short-term investments totaled over $1.4 billion at March 31.

Earlier this week, our 10-year $350 million bond matured and were paid off through borrowing under our revolving credit agreement. We're currently working a process to sell $500 million of new 10-year notes. The proceeds from which, if successful, will be used to repay those borrowings and for general corporate purposes. And with that, I'll turn it over to David.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs