This Day On The Street
Continue to site
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 Announces Preliminary Second Quarter Earnings

Steven A. Cossé, President and Chief Executive Officer, commented, “The second quarter of 2012 saw meaningful contributions from both the upstream and downstream business segments. Our Eagle Ford oil development activities have continued the growth momentum, with daily production volumes exceeding 14,000 net barrels of oil equivalent in recent days. Field development work at our important Kikeh oil field continues to go well. In the Gulf of Mexico, we were successful in acquiring 14 new exploration blocks in the recent lease sale and our Board recently sanctioned the development of the Dalmatian property in the DeSoto Canyon area. We continue to be encouraged about the Company's exploration program, where in the Central Dohuk block in the Kurdistan region of Iraq our first well has reached target depth and is now being tested and our remaining 2012 drilling program calls for offshore wells in Malaysia, Congo, the Gulf of Mexico and Australia. Downstream operations remain steady in both the U.S. and U.K. as we continue to offer value priced fuel products to the driving public in both markets.

“We anticipate total worldwide production volumes of about 183,000 barrels of oil equivalent per day in the third quarter of 2012. Sales volumes of oil and natural gas are projected to average 179,000 barrels of oil equivalent per day during this period. We anticipate full year 2012 production volumes of 193,000 barrels of oil equivalent per day. At the current time, we expect net income in the third quarter to range between $0.90 and $1.15 per diluted share. Exploration expense should total between $50 million and $120 million during the quarter. The third quarter estimate includes projected earnings from our downstream businesses of approximately $45 million. Results could vary based on commodity prices, drilling results, timing of crude oil and natural gas sales, retail marketing and U.K. refining margins, and foreign exchange movements.”

6 of 8

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 0.00%
FB $117.81 0.00%
GOOG $701.43 0.00%
TSLA $211.53 0.00%
YHOO $36.94 0.00%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs