(MENAFN) Murphy Oil Corp. announced that it booked a profit of USD158.7 million in the fourth quarter, up from a net loss of USD113.9 million in 2011's same period, reported AP.
The Arkansas-based oil and gas producer said that in the final quarter of 2012, revenue reached USD7.39 billion, higher by 9 percent from a year before.
Oil output jumped by 22 percent in the period, whereas the average price fell to USD92.82 per barrel from USD96.67.
The company said that the increase in output was mainly generated from drilling in South Texas and the acquisition of new fields in the Gulf of Mexico.
However, sales of natural gas fell by almost 3 percent, and the average price reached USD3.34 per thousand cubic feet, down from USD3.67.
From its refining and marketing operations, the company's earnings declined to USD38.5 million, compared with USD61 million a year before.
Murphy's full-year profit grew to USD970.9 million from USD872.7 million in 2011.
Meanwhile, revenue went up by 4 percent, reaching USD28.63 billion.
It is worth noting that the US firm has operations in the US, the UK, Canada, Malaysia, and the Republic of the Congo, according to the company's website.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.