US independent Murphy Oil slumped to a heavy loss in the second quarter as low oil prices and falling demand due to the Covid-19 pandemic slashed the company's revenues. Murphy posted a net loss of $317.2 million for the three months to 30 June, a steep decline from the $92.3 million profit booked in the second quarter of 2019. Weighing on the net result was a $146 million non-cash mark-to-market loss on crude oil derivative contracts, a $32 million charge for restructuring expenses, a $16 million non-cash asset impairment charge, and a $12 million non-cash mark-to-market loss on liabilities associated with future contingent consideration. However, even taking into account one-off costs, Murphy posted an adjusted net loss of $109.8 million, compared to an adjusted net profit of $35.6 million a year ago. Hurting the company's underlying results was a steep decline in second-quarter revenue, from nearly $744 million a year ago to just $211.5 million in the recent quarter.
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