June 2008 -- Murphy Oil Corp. recorded a net income of $766.5 million for 2007, compared to $644.7 million in
2006. Net income for the company's fourth-quarter rose from $88.4 million to $206.1 million from
a year earlier, with refining and marketing operations generating record annual income of $205.7
million in 2007, up from $110.6 million in 2006.
Crude oil and gas liquids production averaged 91,522 barrels per day in 2007 compared to 87,817
barrels per day in 2006. Earnings from the company's exploration and production operations
increased $40.3 million in 2007, which is attributed to higher oil and natural gas sales prices,
lower exploration expenses and a $33.9 million income tax benefit caused by a Canadian Federal
rate reduction.
In addition to acquiring the remaining 70% interest in the Milford Haven, Wales refinery, which
provided a significant boost to the size and strength of refining operations, Murphy Oil also
obtained over 41,700 acres in British Columbia in an area known as "Tupper," 26 blocks in the De
Soto Canyon and Lloyd Ridge areas, and acreage in the Browse Basin offshore northwestern
Australia.
"Crude oil prices have eased a bit in January and we have experienced very tight refining
margins into the new year," noted Claiborne Deming, president and CEO, in a company statement.
"We anticipate total worldwide production in the first quarter 2008 of 125,000 [BOE] per day,
and sales volumes during the quarter should average 142,000 BOE per day."
