Murphy Oil Corporation announced earnings and production results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported income from continuing operations was $180.5 million or $0.96 per diluted share compared to income of $123.9 million or $0.64 per diluted share in the fourth quarter of 2012. Income from continuing operations in the fourth quarter of 2013 was above the 2012 quarter due to higher recognized U.S. income tax benefits associated with investments in two foreign countries the company is exiting, an impairment charge in the prior year's quarter that did not repeat in 2013, and higher oil sales volumes. Net income included a loss from discontinued operations of $105.1 million or $0.56 per diluted share in the 2013 fourth quarter, compared to income from discontinued operations of $34.8 million or $0.18 per diluted share in the 2012 quarter. Net income amounted to $75.4 million or $0.40 per diluted share compared to net income of $158.7 million or $0.82 per diluted share a year ago.

For the full year, the company reported net income for the full year 2013 amounted to $1.12 billion or $5.94 per diluted share compared to net income of $970.9 million or $4.99 per diluted share a year ago. Income from continuing operations totaled $888.1 million or $4.69 per diluted share and $806.5 million or $4.14 per diluted share, respectively. Income from discontinued operations was $235.4 million or $1.25 per diluted share in 2013 and $164.4 million or $0.85 per diluted share in 2012.

For the fourth quarter, the company reported oil production volume of 139,660 Bbls. per day against 132,918 Bbls. per day a year ago. Natural gas sales volume was 399,570 MCF per day against 473,487 MCF per day a year ago. Total BOE production volume was 206,255 against 211,833 BOE per day a year ago.

For the year, the company reported oil production volume of 135,078 Bbls. per day against 112,591 Bbls. per day a year ago. Natural gas sales volume was 423,846 MCF per day against 490,124 MCF per day a year ago. Total BOE production volume was 205,719 against 194,278 BOE per day a year ago.

The company anticipate total worldwide production volumes of 205,000 barrels of oil equivalent per day in the first quarter of 2014. Sales volumes of oil and natural gas are projected to average only 196,000 barrels of oil equivalent per day during the quarter. Total exploration expense in the first quarter of 2014 is expected to be in a range of $60 million to $150 million.