Rob Black's Energy Market Roundup For April 27 (BHI, MUR, XOM)

Murphy Oil (MUR) announced first quarter operating earnings were $113.9 million, or $0.60 per share, compared to estimates of $0.73 per share. Results were weaker than expected in refining and marketing due to expenses for ongoing costs and $13 million of unrecoverable repairs at the Meraux, LA refinery, which has been shutdown since hurricane Katrina. As a result, downstream operations incurred an after-tax loss of $37.3 million. Downstream results were $23.2 million, or $0.12 per share below estimates.

Baker Hughes (BHI) was upgraded to Strong Buy at Raymond James following strong 1st quarter performance. Price target goes to $115. The sale of Baker Hughes' minority interest in Western Geco will net approximately $1.8 billion, and be used towards share repurchases. Baker Hughes revised its 2006 earnings guidance upwards to a range of $3.90 and $4.20 to reflect improved pricing and stronger market activity.

Exxon Mobil (XOM) reported higher quarterly profits as the price of oil surged. But the company missed analyst estimates and failed to top last quarter's record earnings. The company said it earned $8.4 billion which translates to almost $1,146 a second. Last quarter Exxon earned $10.7 billion. The growth in demand that's been driving prices higher will extend well into the next decade.