Looking at income by segment. In the E&P segments, net income for the second quarter of 2012 was $230.1 million compared to net income in the second quarter of 2011 of $243.3 million. Lower E&P earnings for the 2012 quarter were primarily due to lower crude oil and North American natural gas price realizations. Crude oil and gas liquids production for the current quarter was approximately 104,000 barrels per day as compared to approximately 94,200 barrels per day in the corresponding 2011 quarter. The increase is mostly attributable to production at Kikeh and in the Eagle Ford Shale area of South Texas. Natural gas sales volumes averaged 507 million cubic feet per day in the second quarter of 2012 compared to 457 million cubic feet per day in the second quarter of last year. This increase was attributable to higher production at the Tupper West areas in British Columbia.In the downstream segment, we have net income from continuing operations in the second quarter of 2012 of $80.5 million compared to net income from continuing operations in the second quarter of last year of $60.1 million. The increase in the 2012 quarter was primarily attributable to operations in the U.K. where we experienced improved refining and retail margins. In the corporate segment, second quarter 2012 saw a net charge of $15.2 million compared to a net charge in the second quarter of last year of $23.4 million. The lower charges related to favorable impacts on transactions denominated in foreign currencies and to a higher proportion of financing costs being capitalized to ongoing oil development projects offshore in Malaysia.
Murphy Oil Management Discusses Q2 2012 Results - Earnings Call Transcript
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