Murphy Oil Sees Fourth-Quarter Profit Below Estimates

Murphy Oil estimated fourth-quarter income will be lower than current Wall Street estimates, partly due to a decline in retail and refining margins.

It also said worldwide exploration expenses, including dry hole charges of an estimated $70 million, should be approximately $91 million during the quarter.

Fourth-quarter earnings will be between 40 cents and 45 cents a share, the company said. Analysts currently expect 63 cents for the quarter, according to Reuters Estimates.

Production during the quarter is estimated to average 92,000 barrels of oil equivalent (BOE) per day with sales volumes averaging 93,000 BOE per day. Total downstream operations are expected to reflect income of $20 million, with corporate charges of approximately $10 million, Murphy Oil said.