EL DORADO, Ark. (AP) _ Murphy Oil Corp. (MUR) on Wednesday reported a first-quarter loss of $416.1 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the El Dorado, Arkansas-based company said it had a loss of $2.71. Losses, adjusted for one-time gains and costs, were 30 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 35 cents per share.
The oil and gas producer posted revenue of $1 billion in the period. Its adjusted revenue was $603.1 million, which also topped Street forecasts. Four analysts surveyed by Zacks expected $598.3 million.
Murphy Oil shares have decreased 61% since the beginning of the year, while the Standard & Poor's 500 index has decreased 12%. In the final minutes of trading on Wednesday, shares hit $10.39, a decrease of 61% in the last 12 months.