Murphy Oil Provides Fourth Quarter Earnings Guidance and Reports Malaysian Well Results.
EL DORADO, Ark. -- Murphy Oil Corporation (NYSE NYSE
See: New York Stock Exchange :MUR Mur (mr), Hung., Slovenian, and Croatian Mura (m`rä), river, c. ) expects income for the fourth quarter of 2006 to be between $.40 and $.45 per diluted share.
Production during the quarter is estimated to average 92,000 barrels of oil equivalent (BOE BOE Based on Experience
BOE Board of Education
BOE Boletín Oficial del Estado (Spanish)
BOE Bank of England
BOE Board of Equalization
BOE Board of Elections
BOE Barrel of Oil Equivalent
BOE Bind on Equip ) per day with sales volumes averaging 93,000 BOE per day. Dry hole charges for the quarter are now estimated to be $70 million including a charge of $22 million for the unsuccessful well at the Batu Kapur prospect offshore Sarawak. Total worldwide exploration expense, including dry hole charges, should be approximately $91 million during the quarter.
In the worldwide downstream business, the Company's retail margins declined from the previous quarter's record performance while refining margins were lower as well. Accordingly, total downstream operations are expected to reflect income of $20 million.
Corporate charges for the fourth quarter are expected to be approximately $10 million.
Earnings may vary based on prices and volumes from sale of the Company's crude oil production, and due to variances in projected and actual downstream operating margins.
The forward-looking statements reflected in this release are made in reliance upon the safe harbor Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Form 8-K
The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock.
See 8-K. report on file with the U.S. Securities and Exchange Commission.