Murphy Oil Q2 Profit Decreases, but beats estimates

(RTTNews) - Murphy Oil (MUR) announced a profit for second quarter that decreased from last year but beat the Street estimates.

The company's bottom line totaled $98.29 million, or $0.62 per share. This compares with $350.56 million, or $2.23 per share, in last year's second quarter.

Excluding items, Murphy Oil reported adjusted earnings of $124.4 million or $0.79 per share for the period.

Analysts on average had expected the company to earn $0.78 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 25.9% to $814.59 million from $1.10 billion last year.

Murphy Oil earnings at a glance (GAAP) :

-Earnings (Q2): $98.29 Mln. vs. $350.56 Mln. last year. -EPS (Q2): $0.62 vs. $2.23 last year. -Analyst Estimates: $0.78 -Revenue (Q2): $814.59 Mln vs. $1.10 Bln last year.