Murphy Oil has reported net income of $409 million, or $2.14 per diluted share, for the first quarter of 2008, compared to net income of $110.6 million, or $0.58 per diluted share, for the same period of 2007.
For the first quarter of 2008, Murphy’s income contribution from exploration and production operations was $428 million, compared to $88.8 million in the same quarter of 2007. Murphy’s refining and marketing operations generated income of $10.2 million for the first quarter, compared to income of $35.7 million in the same quarter of 2007.
Claiborne Deming, president and CEO of Murphy Oil, said: Our ongoing development projects continue to progress. The next batch of producing oil wells at the Kikeh field are scheduled for start-up near the end of the second quarter. In addition, our natural gas development at Tupper in British Columbia remains on track for first production in the fourth quarter of 2008.
Exploration drilling in the eastern Gulf of Mexico will commence in the second quarter along with drilling in Block K Malaysia. Our worldwide production volumes are expected to average about 115,000 barrels of oil equivalent per day in the second quarter, but sales volumes are expected to average 108,000 barrels of oil equivalent per day.