EL DORADO, Ark., Apr 24, 2002 (BUSINESS WIRE) -- Murphy Oil Corporation
(NYSE:MUR):
MURPHY OIL CORPORATION
CONSOLIDATED FINANCIAL DATA SUMMARY
(Unaudited)
FIRST QUARTER 2002 2001
---- ----
Revenues $829,903,000 $1,189,385,000
Net income $2,534,000 $97,836,000
Net income per Common share
Basic $.06 $2.17
Diluted $.06 $2.16
Average shares outstanding
Basic 45,508,953 45,056,307
Diluted 45,903,046 45,314,981
Murphy Oil Corporation (NYSE:MUR) announced today that net income in the first
quarter of 2002 was $2.5 million, $.06 per diluted share, compared to net income
of $97.8 million, $2.16 per diluted share, in the first quarter a year ago. Cash
flow from operating activities, excluding changes in noncash working capital
items, totaled $98.9 million for the current quarter, $2.15 per share, compared
to $203.6 million, $4.49 per share, in the same quarter last year.
Significantly lower oil and North American natural gas sales prices were the
primary reasons for reduced earnings from the Company's exploration and
production operations, which generated a $20.7 million profit in the current
quarter compared to $80.6 million in the first quarter of 2001. The Company's
average natural gas sales price in North America declined by 65% and averaged
$2.28 per thousand cubic feet in the first quarter of 2002 compared to $6.56 in
the 2001 quarter. The Company's crude oil and condensate prices averaged $19.76
per barrel in the current quarter, a decrease of 13% from the 2001 period.
Murphy's first quarter 2002 oil production and natural gas sales volumes were
both quarterly records. Crude oil and gas liquids production averaged 74,292
barrels per day in the first three months of 2002, an increase of 8% from the
same period of 2001. Higher oil production was due to start up of the Terra Nova
field offshore eastern Canada. The Company's natural gas sales averaged 309
million cubic feet per day in 2002, up 24% from the 2001 period as higher gas
production at the Company's Ladyfern field in western Canada more than offset
lower production in the Gulf of Mexico. A $4 million increase in exploration
expense in the 2002 quarter was attributable to more dry hole expense.
The Company's refining and marketing operations lost $13.7 million in the just
completed quarter due to weak refining margins in both the United States and
United Kingdom. Earnings from these and former Canadian pipeline operations
totaled $19.6 million in the 2001 quarter. U.S. results in the current quarter
included an after-tax gain of $3.5 million from sale of the Company's 22%
interest in Butte Pipe Line. Crude oil processed by the Company's U.S.
refineries averaged 112,468 barrels per day in the current quarter compared to
146,592 barrels per day in the first quarter of 2001. U.S. petroleum product
sales totaled 157,504 barrels per day in the first quarter of 2002, down from
164,556 in the 2001 quarter. The 2002 crude processing and sales volumes were
adversely affected by downtime for repairs at both U.S. refineries. Crude oil
refined and petroleum products sold in the U.K. were higher in the 2002 quarter
as comparable volumes in the prior year's first quarter were reduced by downtime
for maintenance at the Milford Haven refinery.
Corporate functions reflected a loss of $4.5 million in the current quarter
compared to a loss of $2.4 million in the first quarter of 2001.
Claiborne P. Deming, President and Chief Executive Officer, commented, "Oil and
natural gas sales prices and downstream margins are showing improvement early in
the second quarter. Currently, we expect earnings for the second quarter of 2002
to be between $.25 and $.75 per share, based on expected average production of
122,000 barrels of oil equivalent a day.
Exploration expense for the quarter could range from $28 to $50 million as we
expense the remaining costs of the first well and drill our second well on Block
K, offshore Malaysia, and we redrill the deepwater Annapolis well, offshore Nova
Scotia. In other areas, we continue significant development projects at our
Medusa and Front Runner deepwater Gulf of Mexico discoveries and the West
Patricia discovery in Block SK 309, offshore Malaysia. In addition, the
expansion of our Meraux refinery is proceeding well."
The public is invited to access the Company's conference call to discuss first
quarter 2002 results on Thursday, April 25, at 12:00 p.m. CDT either via the
Internet through the Investor Relations section of Murphy's website at
http://www.murphyoilcorp.com or via the telephone by dialing 800/240-6709. The
telephone reservation number for the call is 461787.
The forward-looking statements reflected in this release are made in reliance
upon the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. No assurance can be given that the results discussed herein will be
attained and certain important factors that may cause actual results to differ
materially are contained in Murphy's January 15, 1997 Form 8-K report on file
with the U.S. Securities and Exchange Commission.
CONTACT: Murphy Oil Corporation, El Dorado
Investor Relations: Mindy West, 870/864-6315
or
Public Relations: Betty LeBrescu, 870-864-6222
http://www.murphyoilcorp.com
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