Murphy’s earnings take dive

Allen Baker

Murphy Oil Co. reported net income of $28.8 million in the fourth quarter, down 69 percent from $93.2 million in profits a year earlier. The company made $41.7 million in the third quarter.

Liquids production rose 7 percent to 70,687 daily barrels, but the average price for that oil slid 34 percent to $16.90 per barrel. Gas volume was up 20 percent to 297 million cubic feet a day.

For the year, the El Dorado, Ark., company earned a record $330.9 million, which included a $71 million gain from selling Canadian pipeline assets. The overall profit figure was up 11 percent from $296.8 million in 2000 profits. While earnings from exploration and production declined $90 million to $188 million for the year, refining and marketing profit was up 63 percent to $89 million.

The company is only expecting to break even in the first quarter of this year.

Revenues for the quarter were $849 million, down 33 percent from a year ago.

Annual revenues declined a bit to $4.48 billion from $4.64 billion.