Refining and Marketing (R&M)The Company’s refining and marketing earnings from continuing operations were $76.3 million in the first six months of 2012, compared to earnings of $60.4 million in the same 2011 period. R&M profit in the U.S. was $66.1 million in the first six months of 2012, down from $84.9 million in the 2011 period. The 2012 earnings reduction was primarily attributable to weaker U.S. retail marketing margins, which averaged $0.137 per gallon in the 2012 six-month period compared to $0.146 per gallon in the 2011 six months. Fuel sales per store month in 2012 were 4.5% lower than in 2011, while merchandise sales per store and merchandise margin as a percent of sales were about flat in 2012 compared to 2011. Ethanol margins were lower in 2012 than in 2011 as average ethanol prices declined more than corn prices in the current year.
Murphy Oil Announces Preliminary Second Quarter Earnings
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