Bloomberg News

Murphy Oil Slumps After Forecast Misses Estimates: Dallas Mover

January 31, 2013

Murphy Oil Corp. (MUR:US), the U.S. producer with operations in Texas, the U.K. and Indonesia, fell the most in more than eight months after forecasting first-quarter profit that fell short of estimates.

Murphy, based in El Dorado, Arkansas, declined 5.3 percent to $59.52 at the close in New York, the most since May 3.

Per-share profit this quarter will be 55 cents to 90 cents excluding some items, Murphy said in a statement after the close of U.S. trading yesterday. Analysts were expecting $1.27, the average of 12 estimates compiled by Bloomberg.

“Murphy’s portfolio really hasn’t delivered since Kikeh,” an offshore natural gas field in Indonesia that began production in 2007, John Herrlin, a New York-based analyst for Societe Generale SA (GLE), said in a note today, cutting his rating on the stock to hold from buy.

To contact the reporter on this story: Jim Polson in New York at jpolson@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net


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Companies Mentioned

  • MUR
    (Murphy Oil Corp)
    • $65.33 USD
    • -0.72
    • -1.1%
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