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Murphy Oil 1Q profit soars, boosted by high crude oil prices

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April 30, 2008

EL DORADO, Ark.—Oil and natural gas company Murphy Oil Corp. said Wednesday its first-quarter profit soared, fueled by higher crude oil prices and sales volumes.

The company earned $409 million, or $2.14 per share, up from a profit of $110.6 million, or 58 cents per share, in the same period a year earlier. The latest quarter's results included a gain of $39.9 million on the company's sale of all Berkana Energy shares in Canada.

Revenue jumped 90 percent to $6.53 billion from $3.43 billion.

Analysts, on average, expected a profit of $1.94 per share, according to a poll by Thomson Financial.

The company said its worldwide crude oil and condensate sales prices averaged $84.95 per barrel for the quarter, compared with $47.89 per barrel in the first quarter of 2007.

Shares rose $1.16 to $91.50 in aftermarket activity. The stock earlier added 60 cents to end regular trading at $90.34.

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