Integrated oil company Murphy Oil Corp has reported a sharp rise in quarterly  profit, spurred by record oil and gas prices.

Net income for the third quarter jumped to $118.7 million, or $1.27 per  share, from $68.7 million, or 74 cents per share, in the year-earlier quarter. Earnings from continuing operations were $1.24 per share, the El Dorado, Arkansas-based company said. Analysts expected earnings of $1.05 per share, according to Reuters Estimates.
Murphy said worldwide crude oil and condensate sales prices averaged $40.12 per barrel for the quarter compared with $25.53 per barrel in the third quarter of 2003.
But that was partially offset by lower natural gas sales volumes, higher exploration expenses and uninsured expenses of $2.6 million to repair damages from Hurricane Ivan in the Gulf of Mexico.