Murphy Oil Corp.'s net income rose 7 percent and revenue rose 17 percent as the company benefited from higher prices for natural gas and crude oil. But higher exploration and extraction costs and lower sales volumes were reasons why the third-quarter results fell short of Wall Street's forecasts, and shares slipped.
The oil company's net income was $202.8 million, or $1.05 per share, short of the $1.10 per share that analysts surveyed by Thomson Reuters expected. A year ago, the company earned $188.9 million, or 98 cents per share.
Revenue rose 17 percent to $6.06 billion, also short of analysts' predictions. Analysts expected $6.3 billion.
The stock fell 62 cents to $65.10 in after-hours trading, after falling 13 cents to finish the regular trading session at $65.72.
