Earnings At Murphy To Fall By $4.8 Million Due To UK Tax Change

Due to recent changes in British tax law regarding North Sea oil, Murphy is now predicting that its net income will be reduced by $4.8 million during the last three quarters of 2002. According to the company's quarterly report for the period ended March 31st, filed Monday with the SEC, UK tax authorities announced in April that the corporation tax rate would increase to 40% from 30% for profits associated with North Sea oil production. It was also announced that the first year allowance for North Sea capital expenditures would increase from twenty five to one hundred percent, the filing said. Murphy Oil's UK operations earned $13.2 million in the first quarter of the year. © &to=http://www.neftegaz.ru' target=_blank>NEFTEGAZ