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Murphy Oil misses 1Q profit forecasts

EL DORADO, Ark. (AP) _ Murphy Oil Corp. (MUR) on Wednesday reported first-quarter net income of $58.5 million, after reporting a loss in the same period a year earlier.

The El Dorado, Arkansas-based company said it had profit of 34 cents per share. Losses, adjusted for non-recurring gains and to account for discontinued operations, came to 6 cents per share.

The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 5 cents per share.

The oil and gas producer posted revenue of $664.6 million in the period, exceeding Street forecasts. Four analysts surveyed by Zacks expected $531.5 million.

Murphy Oil shares have dropped 17 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 7 percent. In the final minutes of trading on Wednesday, shares hit $25.70, a decrease of 23 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MUR at https://www.zacks.com/ap/MUR

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Keywords: Murphy Oil, Earnings Report