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Murphy: 1Q earnings between 90 cents-$1.10.

Murphy Oil Corp. said it expects net income for the first quarter of 2004 to be between 90 cents and $1.10 a share.

The oil company estimated production during the quarter at an average of 136,500 barrels of oil equivalent per day. Murphy said average crude oil and natural gas sales volumes for the quarter should be 136,000 barrels of oil equivalent per day, lower than previously expected due to lower sales volumes in Malaysia.

The company said dry hole charges for the quarter should be between $48 million and $83 million, with total worldwide exploration expense averaging between $57 million and $72 million.

Murphy also said a $15 million after-tax gain on the sale of onshore U.S. properties will be included in revenue in the first quarter. The gain was reflected in previous guidance.
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Title Annotation:Public Company Reports
Comment:Murphy: 1Q earnings between 90 cents-$1.10.(Public Company Reports)
Publication:Arkansas Business
Article Type:Brief Article
Geographic Code:1USA
Date:Apr 19, 2004
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