Murphy Oil Corporation (MUR) posted earnings from continuing operations of 98 cents per share in the third quarter, almost in line with the Zacks Consensus Estimate of 97 cents. However, results were significantly below earnings of $3.04 reported last year, largely driven by lower commodity prices in the Exploration & Production (E&P) segment accompanied by lower earnings from the Refining & Marketing (R&M) operations.  Earnings from Murphy’s E&P business declined 65% from a year ago, primarily based on lower oil and gas prices, higher production costs and depreciation. Exploration expenses improved 55% to $37.9 million in the quarter versus $83.4 million last year, primarily attributable to lower dry hole costs in the Gulf of Mexico and offshore Malaysia, and lower undeveloped lease amortization expense for the Tupper properties. R&M earnings also fell by 57% from last year due to weaker U.S. retail marketing margins and U.K. refining ...