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Murphy Oil Swings to Fourth-Quarter Profit on Tax Benefits, Lower Impairment

Murphy Oil Corp. (MUR) swung to a fourth-quarter profit as income-tax benefits helped the oil-and-gas producer's results and as impairment expenses fell.However, shares slid 2.1% to $61.50 after hours as the company projected downbeat earnings for the current period. The stock is up 15% over the past six months.For the current quarter, the company projects income from continuing operations between 55 cents and 90 cents a share, below the $1.30 a share estimate from analysts polled by Thomson Reuters.Murphy Oil said improved earnings were mainly due to income-tax benefits recognized in the latest period of $108.3 million, associated with operating losses in Republic of the Congo and Suriname, as well as lower impairment expenses. The latest period included impairment charges of $261 million associated with oil production operations in Republic of the Congo and ethanol production operations in Texas, while the year-earlier period included an impairment charge of $368.6 million.Murphy, wh...

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  1. Murphy Oil Unveils $250 Million Accelerated Share-Repurchase Deal

    Murphy Oil Corp. (MUR) said it has entered into an accelerated share-repurchase agreement with J.P. Morgan Chase & Co. (JPM) to buy back $250 million of the oil-and-...

  2. Corporate Treasurers Rush to Beat the Clock

    Debt issuance from high-grade companies was set to top $100 billion in November on Tuesday as cautious treasurers move to feed a hungry market and act fast in case b...

  3. Shell Upgrades Schiehallion Field Stake, Sells Seal Area Interest to Murphy

    Royal Dutch Shell (RDSA.LN) announced Wednesday that it agreed to buy Murphy Schiehallion Ltd.'s 5.9% stake in the Schiehallion field west of Shetlands, and to sell ...

  4. Murphy Oil to Spin Off U.S. Downstream Business

    FBN’s Cheryl Casone on Murphy Oil announcing it would spin off its downstream business in the U.S.

  5. NFL Owners Approve Sale of Cleveland Browns

    FBN’s Lori Rothman on the sale of the Cleveland Browns to Jimmy Haslam III.

  6. Murphy Oil Rallies 7% On Spin-off, Dividend

    Murphy Oil Corp. shares jumped 7% in premarket trades Tuesday after it said it'll spin off to its shareholders its U.S. refining and marketing unit, Murphy Oil USA, ...

  7. Investors Bullish on Murphy's Oil

    FBN's Adam Shapiro breaks down late-afternoon market news.

  8. Chevron Weighs On DJIA; Energy Stocks Drop

    Shares of Chevron Corp. fell 2.5% as the worst-performing component of the Dow Jones Industrial Average on Wednesday after the oil major said its third-quarter profi...

  9. Murphy Oil Price Hiked On Third Point Action

    Analysts at Deutsche Bank on Friday hiked their price target on Murphy Oil Corp. to $62 a share from $56 a share after hedge fund Third Point issued a letter to inve...

  10. Applied Materials to Cut as Many as 1,300 Jobs

    FBN’s Robert Gray on Applied Materials cutting as many as 1,300 jobs from its global workforce.

  11. Malaysia Gumusut Field Starts to Pump Oil - Reuters

    Malaysia has started pumping oil from the Gumusut deepwater oilfield off the eastern state of Sabah, Reuters reported on its website, citing unnamed people familiar ...

  12. Energy Markets on Edge as Isaac Approaches

    IAF Advisors managing partner Kyle Cooper on fears in the energy market created by Isaac.

  1. Murphy Oil Swings To Profit

    Murphy Oil Corp. , citing lower impairment costs and overseas tax benefits, reported late Wednesday a fourth-quarter profit of $158.7 million, or 82 cents a share, r...

  2. Activist Investor Elliott Management Seeking to Remake Hess

    Elliott Management Corp. confirmed it is seeking five seats on Hess Corp.'s (HES) board in order to push the company to separate its assets in the oil-rich Bakken Sh...

  3. WEEK AHEAD: Earnings Reporting to Continue with Tech, Energy

    As earnings season continues, a big set of technology and energy companies are scheduled to report results. Additionally, several data reports, including the always ...

  4. Herbalife isn't Dan Loeb's Only Stock; ETFs for Third Point

    Third Point Capital founder Dan Loeb has been getting plenty of press these days. After taking an 8.2 percent stake in controversial and embattled Herbalife (NYSE:HL...

  5. Murphy Reaches Deal With Wal-Mart

    FBN’s Tracy Byrnes on Murphy Oil ’s deal to build gas stations at more than 200 Wal-Mart Supercenters.

  6. Murphy Oil , Wal-Mart Ink Deal to Build 200 Gas Stations

    FBN’s Tracy Byrnes with a morning market update, and news that Murphy Oil has agreed to build more than 200 gas stations at existing Wal-Mart stores.

  7. Murphy Oil to Build 200 Fuel Stations at Existing Wal-Mart Supercenters

    Murphy Oil Corp. (MUR) agreed to build more than 200 new fuel stations over the next three years at existing Wal-Mart Stores Inc. (WMT) supercenters as it continues ...

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