Murphy Oil announces financial results.EL DORADO El Dorado, legendary country of South America El Dorado (ĕl`dərä`dō, –rā`–) [Span.,=the gilded man], legendary country of the Golden Man sought by adventurers in South America. , Ark.--(BUSINESS WIRE)--April 23, 1997--Murphy Oil Corporation's (NYSE NYSE See: New York Stock Exchange : MUR Mur (m  r), Hung., Slovenian, and Croatian Mura (m `rä), river, c. ) President and Chief Executive Officer,
Claiborne Claiborne is a name with multiple meanings: People
Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the in the first quarter of 1996 of $20.3 million, $.45 a share. Net income in the first quarter a year ago, including the now independent Deltic Timber Corporation, totaled $24 million, $.54 a share. Net cash from operating activities excluding changes in noncash working capital items totaled $104.3 million, $2.32 a share, in the first quarter of 1997, up 18 percent from a year ago. In commenting on the operating results, Deming said, "The current quarter was the best first quarter for the Company since 1982. An eight-percent increase in U.S. natural gas sales and higher crude oil sales prices worldwide were significant contributors to our exploration and production operations, which earned $25 million in the current quarter compared to $24.4 million a year ago. Exploration expenses totaled $28.6 million in the current quarter compared to $11.7 million a year ago. "Worldwide downstream From the provider to the customer. Downloading files and Web pages from the Internet is the downstream side. The upstream is from the customer to the provider (requesting a Web page, sending e-mail, etc.). operations earned $7.8 million in the current quarter compared to a loss of $1.9 million a year ago. Margins in our U.S. downstream operations rebounded sharply in the final two months of the quarter, and continued to be strong early in the second quarter." Exploration and production operations in the U.S. earned $12.1 million compared to $13.8 million in the first quarter of 1996. Operations in Canada earned $7.2 million, up from $4.3 million a year ago, and U.K. operations earned $6.1 milliuador earned $2.6 million in the first quarter ensate sales prices averaged $21.81 a barrel in vy oil, an inc percent. The average sales price for synthetic oil Synthetic oil is oil consisting of chemical compounds which were not originally present in crude oil (petroleum) but were artificially made (synthesized) from other compounds. in Canada was $22.02 a 96. In Canada, heavy oil production increK. Production in Ecuador increased 45 percent. Murphy's average natural gas sales price in the U.S. was $2.76 an MCF MCF malignant catarrhal fever. in the current quarter compared to $2.84 a year ag.07 an MCF to $1.77. Sales prices averaged $2.averaged 180 million cubic feet a day, u from 167 million in the first quarter of 1996, with this increase principally offset in Spain, where production ceased at the end of 1996. Refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar , marketing, and transportation operations in the U.S. earned $5.7 million compared to a loss of $2.7 million a year ago. The current quarter included a $4.1 million after-tax benefit related to crude oil swap agreements. Operations in the U.K. earned $.4 million in the current quarter compared to a $.2 million loss in the first quarter of 1996. Earnings from purchasing, transporting, and reselling crude oil in Canada were $1.7 million in the current quarter compared to $1 million in the first quarter of 1996. Refinery crude runs were 151,610 barrels a day compared to 139,716 in the first quarter of 1996. Refined product sales were 159,667 barrels a day, up from 148,335 a year ago. Corporate functions reflected a loss of $2.2 million in the current quarter, unchanged from the first quarter of 1996. -0-
0
Net income 30,616,000 24,014,000
Income per Common share .68
Income from continuing operat*
CONTACT: Murphy Oil Corp., El Dorado
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