Murphy Oil Corporation Earnings: Revenue Up Huge

S&P 500 (NYSE:SPY) component Murphy Oil Corporation (NYSE:MUR) reported net income above Wall Street’s expectations for the first quarter. Murphy Oil Corporation is an oil and gas exploration and production company with refining and marketing operations in the U.S. and the United Kingdom.

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Murphy Oil Earnings Cheat Sheet for the First Quarter

Results: Net income for Murphy Oil Corporation rose to $268.9 million ($1.38/share) vs. $148.9 million (77 cents/share) in the same quarter a year earlier. A rise of 80.6% from the year earlier quarter.

Revenue: Rose 40.6% to $7.35 billion YoY.

Actual vs. Wall St. Expectations: MUR beat the mean analyst estimate of $1/share. Estimates ranged from 75 cents per share to $1.12 per share.

Quoting Management: David Wood, Murphy’s President and Chief Executive Officer, commented, “We began 2011 with a good financial performance mostly attributable to a combination of strong oil prices and better than expected refining margins during the winter season. Once again our financial results have benefited from being heavily weighted with oil production. The higher oil prices did have a dampening effect, however, on our retail gasoline margins, which coupled with the normal weak gasoline demand during the winter, led to thin profits in this U.S. business.”

Key Stats:

The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of 29.4%, with the biggest boost coming in the first quarter of the last fiscal year when revenue rose 53% from the year earlier quarter.

Net income has increased 20.2% year over year on average across the last five quarters. The biggest gain came in the most recent quarter, when income climbed 80.6% from the year earlier quarter.

Competitors to Watch: Marathon Oil Corporation (NYSE:MRO), Western Refining, Inc. (NYSE:WNR), Sunoco, Inc. (NYSE:SUN), Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM), BP plc (NYSE:BP), ConocoPhillips (NYSE:COP), Valero Energy Corporation (NYSE:VLO), Tesoro Corporation (NYSE:TSO), and Hess Corp. (NYSE:HES)

Stock Performance: Shares of MUR are trading flat after hours.

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