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