Murphy Oil Corp. (MUR) Misses Q2 EPS by 31c

After the close, Murphy Oil Corp. (NYSE: MUR) reported Q2 EPS of $0.90, $0.31 worse than the analyst estimate of $1.21. Revenue for the quarter came in at $1.35 billion versus the consensus estimate of $1.42 billion.

Roger W. Jenkins, President and Chief Executive Officer, commented, "We continue to make progress on three fronts: profitable production and reserves growth, execution at EFS, and lowering operating expenses. Production growth in the second half of the year is supported by completing all of the Siakap North-Petai well work, full start up of the Dalmatian field, the addition of 97 new EFS wells through mid-year, completion of Syncrude unplanned maintenance, further progress in the start up efforts at the non-operated Kakap-Gumusut field, and the addition of 7 wells through the first half of this year in our Sarawak oil projects. We are pleased with all facets of EFS execution, especially supply cost reductions and well downspacing results. Once again we will more than replace our production in 2014 and our overall operating expenses continue to trend down this year even with the initial start up of several fields."

For earnings history and earnings-related data on Murphy Oil Corp. (MUR) click here.

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