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2月前
Murphy Oil Corporation Announces First Quarter ResultsMay 6, 2026 4:31 PM
Business Wire Exceeded Upper End of Guidance Range with Production of 174 MBOEPD
Spud Chinook #8 Development Well in Gulf of America, Hai Su Vang-3X Appraisal Well in Vietnam, and Bubale-1X Exploration Well in Côte d’Ivoire in Line with Plan Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the first quarter ended March 31, 2026. As a supplement to this release, Murphy has also furnished a Quarterly Stockholder Update. Unless otherwise noted, the financial and operating highlights and metrics discussed in this commentary exclude noncontrolling interest (NCI).† (Millions of dollars, except volumes and per share amounts) Three months ended March 31, 2026 Net income attributable to Murphy $ 53.0 Net income attributable to Murphy per common share - Diluted $ 0.37 Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) 1 $ 46.5 Adjusted net income from continuing operations per average common share - Diluted (Non-GAAP) 1 $ 0.32 Adjusted EBITDA attributable to Murphy (Non-GAAP) 1 $ 382.9 Adjusted EBITDAX attributable to Murphy (Non-GAAP) 1 $ 465.7 Net cash provided by continuing operations activities $ 321.2 Operating cash flow excluding working capital adjustments (Non-GAAP) 1 $ 429.2 Free cash flow (Non-GAAP) 1 $ 41.4 Oil production, net (BOPD) 2 87,217 Total production, net (BOEPD) 2 174,236 Capital expenditures (CAPEX) 3 $ 465.0 Lease operating expense from continuing operations ($/BOE) 2 $ 8.70 1 Please see our schedules of adjusted net income, adjusted EBITDA and adjusted EBITDAX and free cash flow for details and reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures. 2 Barrels of oil per day (BOPD), barrels of oil equivalent (BOE) and barrels of oil equivalent per day (BOEPD). 3 Capital expenditures for the first quarter ended March 31, 2026 excluding acquisition-related costs of $22.7 million were $442.3 million. Highlights for the first quarter include: Produced 174,200 BOEPD, exceeding the high end of quarterly guidance due to outperformance in the Eagle Ford Shale and strong uptime in the Gulf of America Spud Bubale-1X, the third exploration well in Côte d’Ivoire Progressed the Hai Su Vang-3X appraisal well in Vietnam, with results from the full appraisal program anticipated in the third quarter of 2026 Spud the Chinook #8 well in the Gulf of America, a key development well expected to come online in the second half of this year with a gross initial production rate of 15 MBOEPD Brought online 15 wells in the Eagle Ford Shale, with the wells driving a 17 percent improvement in 60-day cumulative oil production compared to wells drilled in 2025 Subsequent to the first quarter: Approved development of the Banjo and Cello fields, targeting first production in the fourth quarter of 2027 In late March, Murphy submitted an offer for four exploration blocks in offshore Cameroon which was accepted subsequent to quarter end; final terms are pending further discussions with the Republic of Cameroon “During these uncertain times, our strategy is to stay anchored to what we control—disciplined capital allocation, safe and reliable operations, and our long-cycle projects. In the first quarter, this focus translated into strong execution across our portfolio with meaningful progress at Lac Da Vang in Vietnam, advancement of the high-impact Chinook #8 well in the Gulf of America, and sustained outperformance from our US and Canada onshore programs,” stated Eric M. Hambly, President and Chief Executive Officer. SHAREHOLDER RETURNS During the first quarter of 2026, we paid $50 million in quarterly dividends. While the Company elected not to repurchase shares this quarter, it retained significant flexibility, with $550 million remaining under its share repurchase authorization and 143.3 million shares outstanding as of March 31, 2026. FINANCIAL POSITION Murphy had approximately $2.38 billion of liquidity on March 31, 2026, comprised of the undrawn $2.00 billion senior unsecured credit facility and approximately $380 million of cash and cash equivalents, inclusive of NCI. During the quarter, Murphy paid down $100 million of debt under the senior unsecured credit facility. As of March 31, 2026, Murphy’s total debt of $1.55 billion was comprised of long-term, fixed-rate notes, with no drawings under the senior unsecured credit facility. The fixed-rate notes had a weighted average maturity of 8.9 years and a weighted average coupon of 6.2 percent. ONSHORE OPERATIONS SUMMARY In the first quarter of 2026, the onshore business produced approximately 106 MBOEPD, which included 36 percent liquids. Onshore Oil Production (BOPD) Total Production
(BOEPD) Eagle Ford Shale 28,500 39,900 Tupper Montney 200 61,900 Kaybob Duvernay 2,800 4,400 Eagle Ford Shale – Brought online fifteen new wells, including twelve in Karnes and three in Catarina. An additional twenty wells are expected to come online in Catarina during the remainder of 2026. Onshore Canada – Progressed drilling a four-well pad in Kaybob Duvernay and brought wells online subsequent to quarter end. In Tupper Montney, progressed an eight-well pad with wells expected to come online in the third quarter of 2026. OFFSHORE OPERATIONS SUMMARY Excluding NCI, the offshore business produced approximately 68 MBOEPD in the first quarter of 2026, which included 88 percent liquids. Offshore Oil Production
(BOPD) Total Production
(BOEPD) Gulf of America 46,600 58,800 Canada 9,000 9,000 Gulf of America – Spud the Chinook #8 development well, targeting first oil in the second half of 2026 with a gross initial production rate of 15 MBOEPD. Vietnam – Progressed construction of the Floating Storage and Offloading vessel (FSO), which is now ready to launch and will be delivered to location in the third quarter of 2026 in line with schedule. The project is on track for first oil in the fourth quarter of this year. 2Q 2026 PRODUCTION AND CAPITAL EXPENDITURE GUIDANCE The table below illustrates second quarter 2026 guidance. 2Q 2026 Guidance Producing Asset Oil (BOPD) NGLs (BOPD) Natural Gas (MCFD) Total (BOEPD) Eagle Ford Shale 27,600 5,600 29,900 38,200 Gulf of America, excl. NCI 44,800 3,700 45,300 56,100 Tupper Montney 100 — 329,400 55,000 Kaybob Duvernay 4,600 500 9,300 6,700 Offshore Canada 8,800 — — 8,800 Other 200 — — 200 Total Net Production, excl. NCI 1 (BOEPD) 161,000 to 169,000 Capital Expenditures, excl. NCI 2 ($MM) $350 - $430 Exploration Expense ($ MM) $70 - $110 Full Year 2026 Guidance Total Net Production, excl. NCI 3 (BOEPD) 167,000 to 175,000 Capital Expenditures, excl. NCI 4 ($ MM) $1,200 to $1,300 Exploration Expense ($ MM) $220 - $300 1 Excludes noncontrolling interest of MP GOM of 5,200 BOPD of oil, 200 BOPD of NGLs and 1,700 MCFD natural gas 2 Excludes noncontrolling interest of MP GOM of $20 million 3 Excludes noncontrolling interest of MP GOM of 5,500 BOPD of oil, 200 BOPD of NGLs and 1,700 MCFD natural gas 4 Excludes noncontrolling interest of MP GOM of $53 million The table below details the 2026 onshore well delivery plan by quarter. 2026 Onshore Wells Online 1Q
2026A 2Q
2026E 3Q
2026E 4Q
2026E 2026E
Total Eagle Ford Shale 15 6 14 – 35 Kaybob Duvernay – 4 – – 4 Tupper Montney – – 8 – 8 Non-Op Eagle Ford Shale – – 6 – 6 Note: All well counts are shown gross. Eagle Ford Shale non-operated working interest averages 17 percent. CONFERENCE CALL AND WEBCAST SCHEDULED FOR MAY 7, 2026 Murphy will host a conference call to discuss first quarter 2026 financial and operating results on Thursday, May 7, 2026, at 9:00 a.m. ET. The call can be accessed either via the Internet through the events calendar on the Murphy Oil Corporation Investor Relations website at http://ir.murphyoilcorp.com or via telephone by dialing toll free 1-800-715-9871, conference ID 9924118. For additional information, please refer to the First Quarter 2026 Earnings Presentation and Quarterly Stockholder Update available under the News and Events section of the Investor Relations website. FINANCIAL DATA Summary financial data and operating statistics for first quarter 2026, with comparisons to the same period from the previous year, are contained in the attached schedules. Additionally, a schedule indicating the impacts of items affecting comparability of results between periods and a reconciliation of the non-GAAP financial measures of adjusted net income from continuing operations attributable to Murphy, EBITDA, EBITDAX, adjusted EBITDA, adjusted EBITDAX, free cash flow and adjusted free cash flow to the most directly comparable GAAP financial measures for such periods are also included. ABOUT MURPHY OIL CORPORATION Murphy Oil Corporation is an independent oil and natural gas company with a multi-basin onshore and offshore portfolio and significant exploration opportunities. The Company has more than a century-long history of demonstrating strong execution and innovative, full-cycle development capabilities with a focus on value creation that drives shareholder returns. Murphy’s foresight and financial discipline, along with its culture of adaptability and accountability, will allow the Company to continue its outstanding legacy and exceptional reputation. The Company’s current operations include extensive inventory located onshore in the Eagle Ford Shale, Tupper Montney and Kaybob Duvernay, as well as offshore in the Gulf of America and Canada. Murphy also strives to create long-term shareholder value through offshore exploration and development in the Gulf of America, Vietnam and Côte d’Ivoire. Additional information can be found on the Company’s website at www.murphyoilcorp.com. FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the Company’s future operating results or activities and returns or the Company's ability and intent to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other environmental, social and governance matters, make capital expenditures, pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and natural gas industry, including supply and demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; geopolitical concerns (including the current conflict in Iran); increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or markets of health pandemics and related government responses; natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; cyber attacks and other cybersecurity risks; any failure to obtain necessary regulatory approvals; the impact of current and future laws, rulings and governmental regulations; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets, banking system or economies in general, including inflation, trade policies, tariffs and other trade restrictions. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the Company; therefore, we encourage investors, the media, business partners and others interested in the Company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this news release. Each forward-looking statement contained in this news release speaks only as of the date of this news release. Except as required by applicable law, Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. NON-GAAP FINANCIAL MEASURES This news release contains certain non-GAAP financial measures that management believes are useful tools for internal use and the investment community in evaluating Murphy Oil Corporation’s overall financial performance. These non-GAAP financial measures are broadly used to value and compare companies in the crude oil and natural gas industry. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for financial measures prepared in accordance with US generally accepted accounting principles (GAAP) and should therefore be considered only as supplemental to such GAAP financial measures. Please see the attached schedules for reconciliations of the differences between the non-GAAP financial measures used in this news release and the most directly comparable GAAP financial measures. † In accordance with GAAP, Murphy reports the 100 percent interest, including a 20 percent noncontrolling interest (NCI), in its subsidiary, MP Gulf of Mexico, LLC (MP GOM). The GAAP financials include the NCI portion of revenue, costs, assets and liabilities and cash flows. Unless otherwise noted, the financial and operating highlights and metrics discussed in this news release, but not the accompanying schedules, exclude the NCI, thereby representing only the amounts attributable to Murphy. MURPHY OIL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, (Thousands of dollars, except per share amounts) 2026 2025 Revenues and other income Revenue from production $ 732,354 $ 672,730 Total revenue from sales to customers 732,354 672,730 Gain (loss) on derivative instruments — (9,459 ) Gain on sale of assets and other operating income 1,198 2,440 Total revenues and other income 733,552 665,711 Costs and expenses Lease operating expenses 143,464 205,079 Severance and ad valorem taxes 13,746 8,650 Transportation, gathering and processing 47,061 48,851 Exploration expenses, including undeveloped lease amortization 82,815 14,488 Selling and general expenses 34,870 30,915 Depreciation, depletion and amortization 254,376 194,160 Accretion of asset retirement obligations 14,514 14,045 Other operating expense 4,441 5,629 Total costs and expenses 595,287 521,817 Operating income from continuing operations 138,265 143,894 Other income (loss) Other income 9,852 2,402 Interest expense, net (28,977 ) (23,523 ) Total other loss (19,125 ) (21,121 ) Income from continuing operations before income taxes 119,140 122,773 Income tax expense 49,945 32,722 Income from continuing operations 69,195 90,051 Loss from discontinued operations, net of income taxes (542 ) (633 ) Net income including noncontrolling interest 68,653 89,418 Less: Net income attributable to noncontrolling interest 15,667 16,382 NET INCOME ATTRIBUTABLE TO MURPHY $ 52,986 $ 73,036 NET INCOME PER COMMON SHARE – BASIC Continuing operations $ 0.37 $ 0.51 Discontinued operations — — Net income $ 0.37 $ 0.51 NET INCOME PER COMMON SHARE – DILUTED Continuing operations $ 0.37 $ 0.50 Discontinued operations — — Net income $ 0.37 $ 0.50 Cash dividends per common share $ 0.350 $ 0.325 Average common shares outstanding (thousands) Basic 143,082 144,284 Diluted 144,381 145,072 MURPHY OIL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, (Thousands of dollars) 2026 2025 Operating Activities Net income including noncontrolling interest $ 68,653 $ 89,418 Adjustments to reconcile net income to net cash provided by continuing operations activities Depreciation, depletion and amortization 254,376 194,160 Unsuccessful exploration well costs and previously suspended exploration costs 67,043 190 Deferred income tax expense 36,864 16,343 Accretion of asset retirement obligations 14,514 14,045 Long-term non-cash compensation 15,433 9,905 Amortization of undeveloped leases 2,270 1,654 Loss from discontinued operations 542 633 Unrealized loss on derivative instruments — 8,916 Other operating activities, net (30,539 ) (11,799 ) Net increase in non-cash working capital (107,972 ) (22,784 ) Net cash provided by continuing operations activities 321,184 300,681 Investing Activities Property additions and dry hole costs (387,838 ) (368,421 ) Acquisition of oil and natural gas properties (22,681 ) (1,364 ) Net cash required by investing activities (410,519 ) (369,785 ) Financing Activities Retirement of debt (227,489 ) — Early redemption of debt cost (2,369 ) — Debt issuance 500,000 — Debt issuance cost (7,819 ) — Borrowings on revolving credit facility 175,000 250,000 Repayment of revolving credit facility (275,000 ) (50,000 ) Issue costs of revolving credit facility (12,213 ) — Repurchase of common stock, including excise tax (777 ) (100,072 ) Cash dividends paid (50,173 ) (47,026 ) Distributions to noncontrolling interest — (6,955 ) Withholding tax on stock-based incentive awards (7,849 ) (7,673 ) Finance lease obligation payments (419 ) (116 ) Net cash provided by financing activities 90,892 38,158 Effect of exchange rate changes on cash and cash equivalents — 291 Net increase (decrease) in cash and cash equivalents 1,557 (30,655 ) Cash and cash equivalents at beginning of period 377,196 423,569 Cash and cash equivalents at end of period $ 378,753 $ 392,914 MURPHY OIL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Thousands of dollars) March 31, 2026 December 31, 2025 ASSETS Cash and cash equivalents $ 378,753 $ 377,196 Other current assets 558,198 439,516 Total current assets $ 936,951 $ 816,712 Property, plant and equipment, net 8,265,324 8,136,346 Operating lease assets, net 738,315 805,464 Other long-term assets 95,044 74,104 Total assets $ 10,035,634 $ 9,832,626 LIABILITIES AND EQUITY Current maturities of long-term debt, finance lease $ 2,547 $ 2,514 Accounts payable 645,829 572,183 Operating lease liabilities 270,214 278,834 Other current liabilities 215,596 209,218 Total current liabilities $ 1,134,186 $ 1,062,749 Long-term debt, including finance lease obligation 1,548,147 1,382,566 Asset retirement obligations 972,503 970,908 Non-current operating lease liabilities 479,161 537,773 Other long-term liabilities 668,757 641,933 Total liabilities $ 4,802,754 $ 4,595,929 Murphy Shareholders' Equity 5,098,896 5,118,380 Noncontrolling interest 133,984 118,317 Total liabilities and equity $ 10,035,634 $ 9,832,626 MURPHY OIL CORPORATION SCHEDULE OF ADJUSTED NET INCOME (LOSS) (unaudited) Three Months Ended March 31, (Millions of dollars, except per share amounts) 2026 2025 Net income attributable to Murphy (GAAP) 1 $ 53.0 $ 73.0 Discontinued operations loss 0.5 0.6 Net income from continuing operations attributable to Murphy 53.5 73.6 Adjustments: Foreign exchange gain (9.4 ) — Unrealized loss on derivative instruments — 8.9 Total adjustments, before taxes (9.4 ) 8.9 Income tax (benefit) expense related to adjustments 2.4 (1.8 ) Total adjustments, after taxes (7.0 ) 7.1 Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) $ 46.5 $ 80.7 Adjusted net income from continuing operations per average diluted share (Non-GAAP) $ 0.32 $ 0.56 1 Excludes amounts attributable to a noncontrolling interest in MP GOM. Non-GAAP Financial Measures Presented above is a reconciliation of net income (loss) to adjusted net income from continuing operations attributable to Murphy. Adjusted net income excludes certain items that management believes affect the comparability of results between periods. Management believes this is important information to provide because it is used by management to evaluate the Company’s operational performance and trends between periods and relative to its industry competitors. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s financial results. Adjusted net income is a non-GAAP financial measure and should not be considered a substitute for net income (loss) as determined in accordance with GAAP. The pretax and income tax impacts for adjustments in the above table are shown below by area of operation and geographical location and corporate, as applicable, and exclude the share attributable to noncontrolling interests. Three Months Ended March 31, 2026 (Millions of dollars) Pretax Tax Net Corporate $ (9.4 ) $ 2.4 $ (7.0 ) Total adjustments $ (9.4 ) $ 2.4 $ (7.0 ) MURPHY OIL CORPORATION SCHEDULE OF EBITDA, ADJUSTED EBITDA, EBITDAX AND ADJUSTED EBITDAX (unaudited) Three Months Ended March 31, (Millions of dollars) 2026 2025 Net income attributable to Murphy (GAAP) 1 $ 53.0 $ 73.0 Income tax expense 49.9 32.7 Interest expense, net 29.0 23.5 Depreciation, depletion and amortization expense 1 246.9 187.4 EBITDA attributable to Murphy (Non-GAAP) 1 $ 378.8 $ 316.6 Exploration expenses 1 82.8 14.5 EBITDAX attributable to Murphy (Non-GAAP) 1 $ 461.6 $ 331.1 EBITDA attributable to Murphy (Non-GAAP) 1 $ 378.8 $ 316.6 Foreign exchange gain (9.4 ) — Accretion of asset retirement obligations 1 13.0 12.5 Unrealized loss on derivative instruments — 8.9 Discontinued operations loss 0.5 0.6 Adjusted EBITDA attributable to Murphy (Non-GAAP) 1 $ 382.9 $ 338.6 Exploration expenses 1 82.8 14.5 Adjusted EBITDAX attributable to Murphy (Non-GAAP) 1 $ 465.7 $ 353.1 1 Excludes amounts attributable to a noncontrolling interest in MP GOM. Non-GAAP Financial Measures Presented above is a reconciliation of net income (loss) to earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, earnings before interest, taxes, depreciation and amortization, and exploration expenses (EBITDAX) and adjusted EBITDAX. Management believes EBITDA, adjusted EBITDA, EBITDAX and adjusted EBITDAX are important information to provide because they are used by management to evaluate the Company’s operational performance and trends between periods and relative to its industry competitors. Adjusted EBITDAX excludes certain items that management believes affect the comparability of results between periods. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s financial results. EBITDA, adjusted EBITDA, EBITDAX and adjusted EBITDAX are non-GAAP financial measures and should not be considered a substitute for net income (loss) or Cash provided by operating activities as determined in accordance with GAAP. MURPHY OIL CORPORATION SCHEDULE OF FREE CASH FLOW AND ADJUSTED FREE CASH FLOW (unaudited) Three Months Ended March 31, (Millions of dollars) 2026 2025 Net cash provided by continuing operations activities (GAAP) $ 321.2 $ 300.7 Exclude: increase in non-cash working capital 108.0 22.8 Operating cash flow excluding working capital adjustments (Non-GAAP) 429.2 323.5 Less: property additions and dry hole costs 1 (387.8 ) (368.4 ) Free cash flow (Non-GAAP) $ 41.4 $ (44.9 ) Less: cash dividends paid (50.2 ) (47.0 ) Less: distributions to noncontrolling interest — (7.0 ) Less: debt costs (22.4 ) — Less: withholding tax on stock-based incentive awards (7.8 ) (7.7 ) Less: acquisition of oil and natural gas properties (22.7 ) (1.4 ) Adjusted free cash flow (Non-GAAP) $ (61.7 ) $ (108.0 ) 1 Property additions for the three months ended March 31, 2025 include a payment of $125.0 million for the purchase of a floating production, storage, and offloading vessel in the Gulf of America, including amounts attributable to a noncontrolling interest in MP GOM. Non-GAAP Financial Measures Presented above is a reconciliation of net cash provided by continuing operations activities to free cash flow (FCF) and adjusted FCF. Management believes FCF and adjusted FCF are important information to provide because they are additional measures of liquidity and are used by management to evaluate the Company’s ability to internally generate cash, excluding the timing impacts of working capital, and to measure funds available for investing and financing activities. Management also believes this information may be useful to investors and analysts to monitor the Company’s financial health over time. FCF and adjusted FCF are non-GAAP financial measures and should not be considered a substitute for net cash provided by operating, investing, or financing activities as determined in accordance with GAAP. MURPHY OIL CORPORATION FUNCTIONAL RESULTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 (Millions of dollars) Revenues Income (Loss) Revenues Income (Loss) Exploration and production United States ¹ $ 575.5 $ 156.6 $ 509.5 $ 107.9 Canada 155.2 31.7 165.7 41.5 Other 2.9 (82.7 ) — (11.2 ) Total exploration and production 733.6 105.6 675.2 138.2 Corporate — (36.4 ) (9.5 ) (48.2 ) Income from continuing operations 733.6 69.2 665.7 90.0 Discontinued operations, net of tax — (0.5 ) — (0.6 ) Net income including noncontrolling interest $ 733.6 $ 68.7 $ 665.7 $ 89.4 Less: Net income attributable to noncontrolling interest 15.7 16.4 Net income attributable to Murphy $ 53.0 $ 73.0 1 Includes results attributable to a noncontrolling interest in MP GOM. MURPHY OIL CORPORATION PRODUCTION-RELATED EXPENSES (unaudited) Three Months Ended March 31, (Dollars per barrel of oil equivalents sold) 2026 2025 United States – Onshore Lease operating expense $ 9.02 $ 13.02 Severance and ad valorem taxes 3.40 3.45 Depreciation, depletion and amortization expense 31.58 29.35 United States – Offshore 1 Lease operating expense $ 11.17 $ 21.37 Severance and ad valorem taxes 0.13 0.08 Depreciation, depletion and amortization expense 17.69 15.42 Canada – Onshore Lease operating expense $ 5.53 $ 5.51 Severance and ad valorem taxes 0.14 0.06 Depreciation, depletion and amortization expense 4.42 4.40 Canada – Offshore Lease operating expense $ 17.42 $ 16.89 Depreciation, depletion and amortization expense 11.22 8.26 Total E&P continuing operations 1 Lease operating expense $ 8.89 $ 13.90 Severance and ad valorem taxes 0.85 0.59 Depreciation, depletion and amortization expense 2 15.62 13.00 Total oil and gas continuing operations – excluding noncontrolling interest Lease operating expense 3 $ 8.70 $ 13.74 Severance and ad valorem taxes 0.88 0.61 Depreciation, depletion and amortization expense 2 15.67 13.01 1 Includes amounts attributable to a noncontrolling interest in MP GOM. 2 Excludes expenses attributable to the Corporate segment. 3 Lease operating expense per barrel of oil equivalent sold for total oil and gas continuing operations, excluding NCI and workover costs, was $8.26 and $10.41 for the three months ended March 31, 2026 and 2025, respectively. MURPHY OIL CORPORATION CAPITAL EXPENDITURES (unaudited) Three Months Ended March 31, (Millions of dollars) 2026 2025 Exploration and production United States 1 $ 259.1 $ 322.1 Canada 62.1 55.4 Other 147.6 43.1 Total 468.8 420.6 Corporate 9.1 4.2 Total capital expenditures - continuing operations 1 477.9 424.8 Less: capital expenditures attributable to noncontrolling interest 12.9 21.9 Total capital expenditures - continuing operations attributable to Murphy 2 465.0 402.9 Charged to exploration expenses 3 United States 1 4.2 5.1 Canada — 0.1 Other 76.3 7.7 Total charged to exploration expenses - continuing operations 1,3 80.5 12.9 Less: charged to exploration expenses attributable to noncontrolling interest — — Total charged to exploration expenses - continuing operations attributable to Murphy 80.5 12.9 Total capitalized - continuing operations attributable to Murphy $ 384.5 $ 390.0 1 Includes amounts attributable to a noncontrolling interest in MP GOM. 2 For the three months ended March 31, 2026, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $22.7 million, (2025: $1.4 million), is $442.3 million (2025: $401.5 million). 3 For the three months ended March 31, 2026, the total charged to exploration expense attributable to Murphy excludes amortization of undeveloped leases of $2.3 million (2025: $1.6 million). MURPHY OIL CORPORATION PRODUCTION SUMMARY (unaudited) Three Months Ended March 31, (Barrels per day unless otherwise noted) 2026 2025 Net crude oil and condensate United States - Onshore 28,497 16,974 United States - Offshore 1 51,839 55,587 Canada - Onshore 2,932 2,584 Canada - Offshore 9,006 8,855 Other 224 255 Total net crude oil and condensate 92,498 84,255 Net natural gas liquids United States - Onshore 5,856 4,072 United States - Offshore 1 4,298 3,804 Canada - Onshore 528 538 Total net natural gas liquids 10,682 8,414 Net natural gas – thousands of cubic feet per day United States - Onshore 33,082 26,190 United States - Offshore 1 51,153 51,150 Canada - Onshore 377,001 346,892 Total net natural gas 461,236 424,232 Total net hydrocarbons - including NCI 2,3 180,053 163,374 Noncontrolling interest Net crude oil and condensate – barrels per day (5,281 ) (5,779 ) Net natural gas liquids – barrels per day (226 ) (170 ) Net natural gas – thousands of cubic feet per day (1,857 ) (1,234 ) Total noncontrolling interest 2,3 (5,817 ) (6,154 ) Total net hydrocarbons - excluding NCI 2,3 174,236 157,220 1 Includes net volumes attributable to a noncontrolling interest in MP GOM. 2 Natural gas converted on an energy equivalent basis of 6:1. 3 NCI - noncontrolling interest in MP GOM. MURPHY OIL CORPORATION SALES SUMMARY (unaudited) Three Months Ended March 31, (Barrels per day unless otherwise noted) 2026 2025 Net crude oil and condensate United States - Onshore 28,497 16,974 United States - Offshore 1 52,205 54,133 Canada - Onshore 2,932 2,584 Canada - Offshore 7,579 11,128 Other 455 — Total net crude oil and condensate 91,668 84,819 Net natural gas liquids United States - Onshore 5,856 4,072 United States - Offshore 1 4,298 3,804 Canada - Onshore 528 538 Total net natural gas liquids 10,682 8,414 Net natural gas – thousands of cubic feet per day United States - Onshore 33,082 26,190 United States - Offshore 1 51,153 51,150 Canada - Onshore 377,001 346,892 Total net natural gas 461,236 424,232 Total net hydrocarbons - including NCI 2,3 179,223 163,938 Noncontrolling interest Net crude oil and condensate – barrels per day (5,333 ) (5,567 ) Net natural gas liquids – barrels per day (226 ) (170 ) Net natural gas – thousands of cubic feet per day (1,857 ) (1,234 ) Total noncontrolling interest 2,3 (5,869 ) (5,942 ) Total net hydrocarbons - excluding NCI 2,3 173,354 157,996 1 Includes net volumes attributable to a noncontrolling interest in MP GOM. 2 Natural gas converted on an energy equivalent basis of 6:1. 3 NCI - noncontrolling interest in MP GOM. MURPHY OIL CORPORATION WEIGHTED AVERAGE PRICE SUMMARY (unaudited) Three Months Ended March 31, 2026 2025 Crude oil and condensate – dollars per barrel United States - Onshore $ 73.44 $ 71.65 United States - Offshore 1 70.97 72.32 Canada - Onshore 2 65.89 63.34 Canada - Offshore 2 78.19 74.36 Other 2 71.04 — Natural gas liquids – dollars per barrel United States - Onshore 17.60 23.16 United States - Offshore 1 16.45 27.02 Canada - Onshore 2 27.73 36.08 Natural gas – dollars per thousand cubic feet United States - Onshore 3.74 3.38 United States - Offshore 1 5.68 4.33 Canada - Onshore 2 2.44 2.38 1 Prices include the effect of noncontrolling interest in MP GOM. 2 U.S. dollar equivalent. MURPHY OIL CORPORATION FIXED PRICE FORWARD SALES AND COMMODITY HEDGE POSITIONS AS OF MAY 4, 2026 (unaudited) Volumes (MMCF/D) Price/MCF Remaining Period Area Commodity Type 1 Start Date End Date Canada Natural Gas Fixed price forward sales 78 C$2.94 4/1/2026 6/30/2026 Canada Natural Gas Fixed price forward sales 78 C$2.94 7/1/2026 9/30/2026 Canada Natural Gas Fixed price forward sales 59 C$3.00 10/1/2026 12/31/2026 Canada Natural Gas Fixed price forward sales 9.5 C$3.14 1/1/2027 12/31/2027 1 Fixed price forward sale contracts listed above are accounted for as normal sales and purchases for accounting purposes. View source version on businesswire.com: https://www.businesswire.com/news/home/20260505024046/en/ Investor Contacts:
InvestorRelations @westview-9358
Beth Heller, 281-675-9363 Original: Murphy Oil Corporation Announces First Quarter Results
US Market News
2月前
Quarterly Stockholder Update by Murphy Oil CorporationMay 6, 2026 4:32 PM
Business Wire This letter serves as a supplement to our earnings release for the first quarter of 2026. Please see the information regarding forward-looking statements and non-GAAP financial information1 included at the end of this letter. Unless otherwise noted, the financial and operating highlights and metrics discussed in this letter exclude noncontrolling interest (NCI)2. Murphy Oil Corporation Stockholders, The first quarter of 2026 unfolded against one of the most volatile macroeconomic backdrops the energy sector has experienced in years. During the quarter, global energy markets were shaped by heightened geopolitical risks which drove a sharp increase in oil prices. While these events highlighted the importance of secure and dependable supply, they also reinforced the cyclical nature of our industry and the importance of a resilient and flexible business model. During these uncertain times, our strategy is to stay anchored to what we control—disciplined capital allocation, safe and reliable operations, and our long-cycle projects. In the first quarter, this focus translated into strong execution across our portfolio with meaningful progress at Lac Da Vang in Vietnam, advancement of the high-impact Chinook #8 well in the Gulf of America, and sustained outperformance from our US and Canada onshore programs. We also took steps to preserve our balance sheet strength, enhance liquidity, and improve our debt maturity profile. In the quarter, our unhedged position enabled the Company to fully capture the upside from higher oil prices. Given the potential for prices to move meaningfully in either direction, we elected not to implement any oil hedges during the quarter. Our strong financial standing allows us to sustain this approach while preserving the flexibility to adapt to market changes and maximize shareholder value. With respect to our capital expenditure (CAPEX) plan, we are avoiding incremental spending tied to short-term price moves and are keeping our 2026 CAPEX guidance unchanged. As we maintain capital discipline, we are preserving investment optionality and continue to assess three focus areas that will inform our future capital guidance: (1) the macro environment and the durability of commodity prices, (2) results from our exploration and appraisal program in Côte d’Ivoire and Vietnam, and (3) activity plans from our non-operated partners. Maximizing shareholder returns continues to be at the core of our capital allocation decisions as we evaluate options to balance portfolio investments, share buybacks, and net debt reduction. FIRST QUARTER 2026 SUMMARY Murphy exceeded the high end of our production guidance range during the first quarter, producing 174,200 barrels of oil equivalent per day (BOEPD). Realized pricing increased significantly to $72.28 per barrel of oil, a 22 percent quarter-over-quarter increase driven by geopolitical events. On the other hand, a mild winter led to weaker natural gas prices, with Murphy realizing $2.87 per thousand cubic feet (MCF) in the first quarter. Notably, despite persistent weakness in AECO prices, our diversification strategy in Canada enabled us to realize USD $2.44 per MCF in the first quarter compared to USD $1.46 per MCF AECO average. Net income in the quarter was $53.0 million, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)1 was $382.9 million, and operating cash flow excluding working capital adjustments was $429.2 million. OPERATIONAL UPDATE During the first quarter, we executed as planned. In the Eagle Ford Shale, we brought online 15 wells including 12 in Karnes and 3 in Catarina. These wells extended our track record of strong execution, delivering 17% cumulative oil outperformance versus the 2025 type curve over the first 60 days. I want to highlight our Catarina wells, where we drilled some of the longest wells in Dimmit County this quarter while achieving an 11 percent lower cost per completed lateral foot and 27 percent higher 60-day cumulative oil production compared to 2025. This is especially noteworthy as the remainder of our planned Eagle Ford Shale program this year is concentrated in Catarina. In onshore Canada, we brought online four Kaybob Duvernay wells subsequent to quarter end and progressed eight Tupper Montney wells scheduled to come online in the third quarter. Our 2025 Tupper Montney wells continue to be among the best performers in the history of the asset. Overall, the robust performance of our new onshore wells in both the Eagle Ford Shale and Canada further supports our development strategy, and I am proud of the team for their effective execution. Offshore, we spud our high-impact Chinook #8 development well in the Gulf of America. We are on track to bring the well online in the second half of the year and are excited about the economics of this well supported by our purchase of the Pioneer FPSO (Floating Production, Storage, and Offloading vessel) last year. At our Lac Da Vang (Golden Camel) development project in Vietnam, development drilling is progressing in line with plan and the FSO (Floating Storage and Offloading vessel) is ready to launch. The project continues to track on schedule, with first production slated for the fourth quarter of this year. Lac Da Vang is a cornerstone of our Vietnam portfolio, and its steady progress reinforces our execution capabilities and the long-term growth potential in the region. PRODUCTION As previously noted, Murphy delivered strong operational execution in the first quarter with production averaging 174,200 BOEPD, exceeding the high end of our quarterly guidance of 172,000 BOEPD. Average oil production of 87,200 barrels of oil per day (BOPD) also exceeded guidance of 83,500 BOPD. The outperformance this quarter was driven by better performance across our onshore assets, higher uptime at our offshore facilities, and lower planned downtime due to efficient maintenance operations. We expect production to dip slightly in the second quarter driven primarily by onshore well timing. We accelerated our first quarter Eagle Ford Shale wells to earlier in the quarter, and our second quarter wells will come on late in the quarter, resulting in a quarter-over-quarter decline. We remain firmly on track to meet our full year production guidance. CAPITAL EXPENDITURES CAPEX during the first quarter was $465 million, below our guidance midpoint of $540 million, primarily reflecting phasing of certain exploration and appraisal costs to later in the year. Our 2026 capital program was designed to maintain financial discipline while balancing near-term execution with long-cycle value creation. This program offers us the ability to adjust the pace of investment as the year progresses. As noted previously, we currently expect our full year CAPEX to be within the previously communicated range. OPERATING COSTS Operating expenses in the first quarter averaged $8.70 per BOE, lower than our typical range of $10 to $12 per BOE. Although higher production did contribute to a lower unit cost, this temporary reduction is primarily due to in-year cost phasing. Looking at the year as a whole, we expect our operating expenses to be in line with our previously communicated range. EXPLORATION AND APPRAISAL UPDATE As announced in January, we drilled a successful appraisal well at Hai Su Vang-2X in Vietnam. We are currently finishing operations at the Hai Su Vang-3X appraisal well, and will next move to Hai Su Vang-4X, the final appraisal well in the program. We plan to share an updated resource range estimate at the conclusion of this appraisal campaign. Results from these wells will also inform our field development plan for Hai Su Vang, a key milestone towards formal sanctioning of the project. In Côte d’Ivoire, we continue to drill the third well in our exploration program — Bubale-1X. We will share results upon completion of drilling operations. In the Gulf of America, subsequent to quarter end, we have sanctioned the development of the recent Banjo and Cello field discoveries and are targeting first oil in the fourth quarter of 2027. These projects are expected to contribute 4 MBOEPD average net production in 2028, demonstrating Murphy’s ability to rapidly transition from discovery to development by leveraging existing infrastructure to accelerate value realization. Additionally in the Gulf of America, the Bureau of Ocean Energy Management (BOEM) has now formally awarded us all fourteen blocks where we were named apparent high bidder during the December 2025 federal lease sale. These blocks provide a mix of lower-risk, infrastructure-led development opportunities and higher-impact prospects, offering both near-term upside and longer-term growth. At quarter end, Murphy submitted an offer for four exploration blocks in offshore Cameroon. The offer was subsequently accepted by the Republic of Cameroon, pending further discussions to finalize the Production Sharing Contracts. FINANCIAL PERFORMANCE, SHAREHOLDER RETURNS AND BALANCE SHEET As previously communicated, our capital allocation plan allocates a minimum of 50 percent of adjusted free cash flow1 to share buybacks and dividend increases, with the remainder allocated to the balance sheet. During the first quarter, we distributed $50 million of dividends to shareholders. At the end of the quarter, we had $550 million remaining under our board-authorized share repurchase program. As the year progresses, we will continue to monitor the markets and will balance net debt reductions and share buybacks in line with our capital allocation plan. At the end of the first quarter, we were favorably positioned with a strong balance sheet reflecting total debt and net debt (non-GAAP) of $1.55 billion and $1.17 billion, respectively. Net debt is comprised of total debt less cash and cash equivalents of approximately $380 million. We had no outstanding balances on our unsecured revolving credit facility and, as a result of the bond transaction completed in January, our nearest debt maturity is now in 2029. CLOSING As we move forward, we remain acutely aware of the evolving macroeconomic landscape and the dynamic nature of global energy markets. Given our flexible portfolio and resilient business model, we are confident in our ability to seize opportunities and navigate challenges, ensuring the long-term strength of our Company while maintaining our commitment to operational excellence and financial discipline. Thank you for your continued trust as a valued Murphy Oil Corporation stockholder. Eric M. Hambly President and Chief Executive Officer CONFERENCE CALL AND WEBCAST SCHEDULED FOR MAY 7, 2026 Murphy will host a conference call to discuss first quarter 2026 financial and operating results on Thursday, May 7, 2026, at 9:00 a.m. ET. The call can be accessed either via the Internet through the events calendar on the Murphy Oil Corporation Investor Relations website at http://ir.murphyoilcorp.com or via telephone by dialing toll free 1-800-715-9871, conference ID 9924118. For additional information, please refer to the First Quarter 2026 Earnings Presentation available under the News and Events section of the Investor Relations website. FORWARD-LOOKING STATEMENTS This letter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the Company’s future operating results or activities and returns or the Company's ability and intent to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other environmental, social and governance matters, make capital expenditures, pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and natural gas industry, including supply and demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; geopolitical concerns (including the current conflict in Iran); increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or markets of health pandemics and related government responses; natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; cyber attacks and other cybersecurity risks; any failure to obtain necessary regulatory approvals; the impact of current and future laws, rulings and governmental regulations; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets, banking system or economies in general, including inflation, trade policies, tariffs and other trade restrictions. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the Company; therefore, we encourage investors, the media, business partners and others interested in the Company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this letter. Each forward-looking statement contained in this letter speaks only as of the date of this letter. Except as required by applicable law, Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. 1 This letter contains certain non-GAAP financial measures that management believes are useful tools for internal use and the investment community in evaluating Murphy Oil Corporation’s overall financial performance. These non-GAAP financial measures are broadly used to value and compare companies in the crude oil and natural gas industry. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for financial measures prepared in accordance with US generally accepted accounting principles (GAAP) and should therefore be considered only as supplemental to such GAAP financial measures. Please see Exhibit 99.1 on Form 8-K filed on May 6, 2026, for reconciliations of the differences between the non-GAAP financial measures used in this letter and the most directly comparable GAAP financial measures. 2 In accordance with GAAP, Murphy reports the 100 percent interest, including a 20 percent noncontrolling interest (NCI), in its subsidiary, MP Gulf of Mexico, LLC (MP GOM). The GAAP financials include the NCI portion of revenue, costs, assets and liabilities and cash flows. Unless otherwise noted, the financial and operating highlights and metrics discussed in this letter exclude the NCI, thereby representing only the amounts attributable to Murphy. View source version on businesswire.com: https://www.businesswire.com/news/home/20260505536937/en/ Investor Contacts:
InvestorRelations @westview-9358
Beth Heller, 281-675-9363 Original: Quarterly Stockholder Update by Murphy Oil Corporation
US Market News
5月前
Murphy Oil Corporation Announces Fourth Quarter and Full Year 2025 Results, Preliminary Year-End 2025 Reserves, 2026 Capital Expenditure and Production GuidanceJanuary 28, 2026 4:41 PM
Business Wire
Announced Successful Appraisal Well at Hai Su Vang-2X in Offshore Vietnam,
Maintained 11 Year Reserve Life with Preliminary Proved Reserves of 715 MMBOE,
Signed Petroleum Agreement for Morocco New Country Entry,
Increased Dividend by 8 Percent in 2026
Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the fourth quarter ended December 31, 2025. As a supplement to this release, Murphy has also furnished a Quarterly Stockholder Update.
Unless otherwise noted, the financial and operating highlights and metrics discussed in this commentary exclude noncontrolling interest (NCI).†
(Millions of dollars, except volumes and per share amounts)
Three months ended
December 31, 2025
Year ended
December 31, 2025
Net income attributable to Murphy
$
11.9
$
104.2
Net income attributable to Murphy per common share - Diluted
$
0.08
$
0.72
Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) 1
$
19.7
$
197.0
Adjusted net income from continuing operations per average common share - Diluted (Non-GAAP) 1
$
0.14
$
1.37
Adjusted EBITDA attributable to Murphy (Non-GAAP) 1
$
298.1
$
1,362.4
Adjusted EBITDAX attributable to Murphy (Non-GAAP) 1
$
352.4
$
1,474.0
Net cash provided by continuing operations activities
$
249.6
$
1,247.8
Free cash flow (Non-GAAP) 1
$
109.6
$
301.3
Oil production, net (BOPD) 2
87,044
87,321
Total production, net (BOEPD) 2
181,431
182,294
Capital expenditures (CAPEX) 3
$
340.8
$
1,157.0
Lease operating expense from continuing operations ($/BOE) 2
$
9.16
$
10.89
(1)
Please see our schedules of adjusted net income, adjusted EBITDA and adjusted EBITDAX and free cash flow for details and reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.
(2)
Barrels of oil per day (BOPD), barrels of oil equivalent (BOE) and barrels of oil equivalent per day (BOEPD).
(3)
Capital expenditures for the fourth quarter and year ended December 31, 2025 exclude acquisition-related costs of $4.6 million and $29.0 million, respectively.
Highlights for the fourth quarter include:
Produced 181,400 BOEPD, exceeding the midpoint of quarterly guidance
Spud four exploration and appraisal wells - Hai Su Vang-2X (Golden Sea Lion) in Vietnam, Civette-1X in Côte d’Ivoire, and Cello #1 and Banjo #1 in the Gulf of America - in line with plan
Initiated development drilling at Lac Da Vang (Golden Camel) development project in Vietnam ahead of schedule
Paid down $50 million of debt under the senior unsecured credit facility and returned $46 million to shareholders through quarterly dividend
Named apparent high bidder on 14 exploration blocks in the Gulf of America lease sale on December 10, 2025
Highlights for the full year 2025 include:
Produced 182,300 BOEPD, at the high end of annual production guidance range
Drilled oil discoveries at the Lac Da Hong-1X (Pink Camel) and Hai Su Vang-1X (Golden Sea Lion) exploration wells in Vietnam
Returned $286 million to shareholders through $186 million in quarterly dividends and $100 million in stock repurchases
Closed the strategic acquisition of the Pioneer floating production, storage and offloading vessel (FPSO) in the Gulf of America for $104 million net purchase price
Achieved a seven percent year over year reduction in drilling costs in the Eagle Ford Shale (EFS) while delivering the highest-performing EFS wells in Company history at Karnes and Catarina
Reduced lease operating expense per BOE by twenty percent compared to 2024
Subsequent to the fourth quarter:
Completed Drill Stem Tests (DST) on the Hai Su Vang-2X (Golden Sea Lion) appraisal well indicating an approximate 12,000 BOPD combined flow rate from the primary reservoir
Raised estimate of recoverable resource at Hai Su Vang (Golden Sea Lion) in offshore Vietnam following a successful appraisal well, with the midpoint now toward the high end of the previous guidance range of 170 to 430 MMBOE
Drilled oil discoveries at Cello #1 and Banjo #1 exploration wells in the Gulf of America, and announced a dry hole at Civette-1X in Côte d’Ivoire
Signed a Petroleum Agreement securing an operated working interest position in Morocco’s Gharb Deep Offshore deepwater block, enabling future exploration
Upsized senior unsecured revolving credit facility from $1.35 billion to $2.00 billion and extended maturity from 2029 to 2031
Issued $500 million aggregate principal amount of 6.500 percent senior notes due 2034, redeemed a total of $227 million of senior notes due 2027 and 2028, and paid down the remaining $100 million balance on the senior unsecured revolving credit facility
Increased the quarterly cash dividend by eight percent to $0.35 per share, or $1.40 per share annualized for 2026
“Throughout 2025 we stayed true to our strategy — allocate capital with discipline, execute our core plan, and pursue selective, high impact exploration. We delivered record-setting well performance in our onshore program, advanced our exploration agenda, and strengthened our liquidity and debt maturity profile. Our Hai Su Vang discovery and appraisal success, along with our broader Vietnam portfolio, position us for material new growth over the coming decade. Our accomplishments in 2025 have provided a robust foundation for continued progress in 2026, positioning us to deliver sustainable value through all market cycles,” stated Eric M. Hambly, President and Chief Executive Officer.
SHAREHOLDER RETURNS
In the fourth quarter of 2025, shareholder returns totaled $46 million through the quarterly dividend. In 2025, Murphy returned $286 million to shareholders, which includes $100 million of share repurchases, or 3.6 million shares, and $186 million in dividends.
The Company had $550 million remaining under its share repurchase authorization and 142.8 million shares outstanding as of December 31, 2025.
FINANCIAL POSITION
Murphy had approximately $1.6 billion of liquidity on December 31, 2025, comprised of $1.25 billion undrawn under the $1.35 billion senior unsecured credit facility (subsequently upsized to $2.00 billion) and $377 million of cash and cash equivalents, inclusive of NCI. During the quarter, Murphy paid down $50 million of debt under the senior unsecured credit facility.
As of December 31, 2025, Murphy’s total debt of $1.4 billion was comprised of long-term, fixed-rate notes and $100 million drawn under the senior unsecured credit facility. The fixed-rate notes had a weighted average maturity of 8.3 years and a weighted average coupon of 6.1 percent.
YEAR-END 2025 PROVED RESERVES
After producing 67 MMBOE for the year, Murphy’s preliminary year-end 2025 proved reserves were 715 MMBOE, consisting of 36 percent oil and 41 percent liquids. Reserve replacement was 103 percent in 2025.
The Company maintained a consistent reserve life of 11 years with 57 percent proved developed reserves.
2025 Proved Reserves – Preliminary *
Category
Net Oil (MMBBL)
Net NGLs (MMBBL)
Net Gas (BCF)
Net Equiv. (MMBOE)
Proved Developed (PD)
161
21
1,341
406
Proved Undeveloped (PUD)
94
15
1,203
309
Total Proved (TP)
255
36
2,544
715
*
Proved reserves exclude NCI and are based on preliminary year-end 2025 third-party audited volumes using SEC pricing.
ONSHORE OPERATIONS SUMMARY
In the fourth quarter of 2025, the onshore business produced approximately 109 MBOEPD, which included 31 percent liquids. No new wells were brought online in the quarter.
Onshore
Oil Production (BOPD)
Total Production (BOEPD)
Eagle Ford Shale
24,400
36,100
Tupper Montney
200
68,000
Kaybob Duvernay
3,300
5,200
Eagle Ford Shale – Continued drilling and completion activity in Karnes and Catarina; wells are expected to come online in the first quarter of 2026.
Onshore Canada – Began drilling a four-well pad in Kaybob Duvernay and an eight-well pad in Tupper Montney; wells are expected to come online in 2026.
OFFSHORE OPERATIONS SUMMARY
Excluding NCI, in the fourth quarter of 2025, the offshore business produced approximately 72 MBOEPD, which included 88 percent liquids.
Offshore
Oil Production (BOPD)
Total Production (BOEPD)
Gulf of America
51,000
64,000
Canada
7,900
7,900
Gulf of America – Spud the Cello #1 and Banjo #1 exploration wells during the fourth quarter. Subsequent to quarter end, Murphy drilled discoveries at Cello #1 and Banjo #1, with the wells encountering 30 feet and 50 feet of net pay, respectively.
Vietnam – Installed the platform jacket and initiated development drilling at the Lac Da Vang (Golden Camel) development project. The project remains on schedule for first oil in the fourth quarter of 2026.
MOROCCO NEW COUNTRY ENTRY
During the first quarter, Murphy signed a Petroleum Agreement securing an operated position in Morocco’s Gharb Deep Offshore deepwater block which covers more than 4 million acres. Murphy holds a 75 percent working interest in the block, with the remaining 25 percent working interest held by the Office National des Hydrocarbures et des Mines (ONHYM). The Petroleum Agreement does not include any firm well commitments in the initial three-year exploration phase.
“We are excited about our entry into Morocco, which offers exposure to exploration in a frontier basin with attractive entry costs and competitive terms. This entry is consistent with our strategy of developing a diverse exploration portfolio that balances risk, material upside, and value,” said Hambly.
2026 PRODUCTION AND CAPITAL EXPENDITURE GUIDANCE
The table below illustrates first quarter and full year 2026 guidance.
1Q 2026 Guidance
Producing Asset
Oil
(BOPD)
NGLs
(BOPD)
Natural Gas
(MCFD)
Total
(BOEPD)
Eagle Ford Shale
26,900
5,600
28,800
37,300
Gulf of America, excl. NCI
44,600
3,800
46,000
56,100
Tupper Montney
200
—
364,000
60,900
Kaybob Duvernay
2,800
500
8,500
4,700
Offshore Canada
8,800
—
—
8,800
Other
200
—
—
200
Total Net Production, excl. NCI 1 (BOEPD)
164,000 to 172,000
Capital Expenditures, excl. NCI 2 ($MM)
$500 - $580
Exploration Expense ($ MM)
$100 - $140
Full Year 2026 Guidance
Total Net Production, excl. NCI 3 (BOEPD)
167,000 to 175,000
Capital Expenditures, excl. NCI 4 ($ MM)
$1,200 to $1,300
1 Excludes noncontrolling interest of MP GOM of 4,500 BOPD of oil, 200 BOPD of NGLs and 1,600 MCFD natural gas
2 Excludes noncontrolling interest of MP GOM of $13 million
3 Excludes noncontrolling interest of MP GOM of 5,500 BOPD of oil, 200 BOPD of NGLs and 1,700 MCFD natural gas
4 Excludes noncontrolling interest of MP GOM of $53 million
The table below illustrates the capital allocation by area.
2026 Capital Expenditure Guidance
Area
Total CAPEX $MMs
Percent of Total CAPEX
Offshore
Gulf of America
$330
26%
Offshore Canada
$25
2%
Vietnam - Lac Da Vang Development
$120
9%
Vietnam - Hai Su Vang Appraisal
$75
6%
Onshore
Eagle Ford Shale
$285
23%
Tupper Montney
$100
8%
Kaybob Duvernay
$35
3%
Exploration
Exploration - Drilling
$150
12%
Exploration - Data Acquisition and Other
$95
8%
Corporate
$35
3%
The table below details the 2026 onshore well delivery plan by quarter.
2026 Onshore Wells Online
1Q 2026
2Q 2026
3Q 2026
4Q 2026
2026 Total
Eagle Ford Shale
15
13
2
–
30
Kaybob Duvernay
–
4
–
–
4
Tupper Montney
–
–
8
–
8
Non-Op Eagle Ford Shale
–
–
2
11
13
Note: All well counts are shown gross. Eagle Ford Shale non-operated working interest averages 23 percent.
CONFERENCE CALL AND WEBCAST SCHEDULED FOR JANUARY 29, 2026
Murphy will host a conference call to discuss fourth quarter 2025 financial and operating results on Thursday, January 29, 2026, at 9:00 a.m. ET. The call can be accessed either via the Internet through the events calendar on the Murphy Oil Corporation Investor Relations website at http://ir.murphyoilcorp.com or via telephone by dialing toll free 1-800-717-1738, reservation number 30479. For additional information, please refer to the Fourth Quarter 2025 Earnings Presentation and Quarterly Stockholder Update available under the News and Events section of the Investor Relations website.
FINANCIAL DATA
Summary financial data and operating statistics for fourth quarter 2025, with comparisons to the same period from the previous year, are contained in the attached schedules. Additionally, a schedule indicating the impacts of items affecting comparability of results between periods and a reconciliation of the non-GAAP financial measures of adjusted net income from continuing operations attributable to Murphy, EBITDA, EBITDAX, adjusted EBITDA, adjusted EBITDAX, free cash flow and adjusted free cash flow to the most directly comparable GAAP financial measures for such periods are also included.
ABOUT MURPHY OIL CORPORATION
Murphy Oil Corporation is an independent oil and natural gas company with a multi-basin onshore and offshore portfolio and significant exploration opportunities. The Company has more than a century-long history of demonstrating strong execution and innovative, full-cycle development capabilities with a focus on value creation that drives shareholder returns. Murphy’s foresight and financial discipline, along with its culture of adaptability and accountability, will allow the Company to continue its outstanding legacy and exceptional reputation. The Company’s current operations include extensive inventory located onshore in the Eagle Ford Shale, Tupper Montney and Kaybob Duvernay, as well as offshore in the Gulf of America and Canada. Murphy also strives to create long-term shareholder value through offshore exploration and development in the Gulf of America, Vietnam and Côte d’Ivoire. Additional information can be found on the Company’s website at www.murphyoilcorp.com.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the Company’s future operating results or activities and returns or the Company's ability and intent to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other environmental, social and governance) matters, make capital expenditures, pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and natural gas industry, including supply and demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; geopolitical concerns; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or markets of health pandemics and related government responses; natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; cyber attacks and other cybersecurity risks; any failure to obtain necessary regulatory approvals; the impact of current and future laws, rulings and governmental regulations; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets, banking system or economies in general, including inflation, trade policies, tariffs and other trade restrictions. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the Company; therefore, we encourage investors, the media, business partners and others interested in the Company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this news release. Each forward-looking statement contained in this news release speaks only as of the date of this news release. Except as required by applicable law, Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
NON-GAAP FINANCIAL MEASURES
This news release contains certain non-GAAP financial measures that management believes are useful tools for internal use and the investment community in evaluating Murphy Oil Corporation’s overall financial performance. These non-GAAP financial measures are broadly used to value and compare companies in the crude oil and natural gas industry. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for financial measures prepared in accordance with US generally accepted accounting principles (GAAP) and should therefore be considered only as supplemental to such GAAP financial measures. Please see the attached schedules for reconciliations of the differences between the non-GAAP financial measures used in this news release and the most directly comparable GAAP financial measures.
† In accordance with GAAP, Murphy reports the 100 percent interest, including a 20 percent noncontrolling interest (NCI), in its subsidiary, MP Gulf of Mexico, LLC (MP GOM). The GAAP financials include the NCI portion of revenue, costs, assets and liabilities and cash flows. Unless otherwise noted, the financial and operating highlights and metrics discussed in this news release, but not the accompanying schedules, exclude the NCI, thereby representing only the amounts attributable to Murphy.
MURPHY OIL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
(Thousands of dollars, except per share amounts)
2025
2024
2025
2024
Revenues and other income
Revenue from production
$
613,084
$
669,574
$
2,689,845
$
3,014,856
Sales of purchased natural gas
—
—
—
3,742
Total revenue from sales to customers
613,084
669,574
2,689,845
3,018,598
Gain (loss) on derivative instruments
(1,144
)
(363
)
5,927
(1,707
)
Gain on sale of assets and other operating income
12,617
1,749
23,051
11,583
Total revenues and other income
624,557
670,960
2,718,823
3,028,474
Costs and expenses
Lease operating expenses
160,254
220,182
765,240
936,960
Severance and ad valorem taxes
7,472
8,156
39,238
39,162
Transportation, gathering and processing
48,626
53,366
199,693
210,827
Costs of purchased natural gas
—
—
—
3,147
Exploration expenses, including undeveloped lease amortization
54,281
15,148
111,670
133,538
Selling and general expenses
38,640
31,160
137,332
110,085
Depreciation, depletion and amortization
240,804
215,444
977,753
865,753
Accretion of asset retirement obligations
14,577
13,443
57,730
52,511
Impairment of assets
—
28,381
115,002
62,909
Other operating expense
564
492
13,928
10,989
Total costs and expenses
565,218
585,772
2,417,586
2,425,881
Operating income from continuing operations
59,339
85,188
301,237
602,593
Other income (loss)
Other income (loss)
(7,668
)
37,032
(22,299
)
70,902
Interest expense, net
(22,770
)
(43,661
)
(96,072
)
(105,926
)
Total other loss
(30,438
)
(6,629
)
(118,371
)
(35,024
)
Income from continuing operations before income taxes
28,901
78,559
182,866
567,569
Income tax expense
6,641
13,417
44,552
78,272
Income from continuing operations
22,260
65,142
138,314
489,297
Income (loss) from discontinued operations, net of income taxes
313
(689
)
485
(2,812
)
Net income including noncontrolling interest
22,573
64,453
138,799
486,485
Less: Net income attributable to noncontrolling interest
10,682
14,117
34,565
79,314
NET INCOME ATTRIBUTABLE TO MURPHY
$
11,891
$
50,336
$
104,234
$
407,171
NET INCOME (LOSS) PER COMMON SHARE – BASIC
Continuing operations
$
0.08
$
0.35
$
0.73
$
2.73
Discontinued operations
—
—
—
(0.02
)
Net income
$
0.08
$
0.35
$
0.73
$
2.71
NET INCOME (LOSS) PER COMMON SHARE – DILUTED
Continuing operations
$
0.08
$
0.34
$
0.72
$
2.72
Discontinued operations
—
—
—
(0.02
)
Net income
$
0.08
$
0.34
$
0.72
$
2.70
Cash dividends per common share
$
0.325
$
0.300
$
1.300
$
1.200
Average common shares outstanding (thousands)
Basic
142,761
145,843
143,124
150,011
Diluted
144,175
146,797
144,025
151,027
MURPHY OIL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
(Thousands of dollars)
2025
2024
2025
2024
Operating Activities
Net income including noncontrolling interest
$
22,573
$
64,453
$
138,799
$
486,485
Adjustments to reconcile net income to net cash provided by continuing operations activities
Depreciation, depletion and amortization
240,804
215,444
977,753
865,753
Unsuccessful exploration well costs and previously suspended exploration costs
30,012
3,653
30,095
73,201
Deferred income tax expense
11,368
27,298
34,673
72,434
Impairment of assets
—
28,381
115,002
62,909
Accretion of asset retirement obligations
14,577
13,443
57,730
52,511
Long-term non-cash compensation
16,614
14,997
45,128
45,057
Amortization of undeveloped leases
4,727
1,880
11,634
9,587
(Income) loss from discontinued operations
(313
)
689
(485
)
2,812
Unrealized (gain) loss on derivative instruments
2,198
363
(1,706
)
1,707
Other operating activities, net
(39,335
)
19,911
(86,763
)
(18,349
)
Net decrease (increase) in non-cash working capital
(53,579
)
43,048
(74,052
)
74,883
Net cash provided by continuing operations activities
249,646
433,560
1,247,808
1,728,990
Investing Activities
Property additions and dry hole costs
(193,604
)
(170,008
)
(1,020,611
)
(900,108
)
Acquisition of oil and natural gas properties
(4,629
)
(4,867
)
(29,034
)
(8,056
)
Proceeds from sales of property, plant and equipment
20,719
—
20,719
—
Net cash required by investing activities
(177,514
)
(174,875
)
(1,028,926
)
(908,164
)
Financing Activities
Retirement of debt
—
(600,112
)
—
(650,112
)
Early redemption of debt cost
—
(15,700
)
—
(15,700
)
Debt issuance
—
600,000
—
600,000
Debt issuance cost
—
(10,145
)
—
(10,145
)
Borrowings on revolving credit facility
75,000
—
550,000
350,000
Repayment of revolving credit facility
(125,000
)
—
(450,000
)
(350,000
)
Issue costs of debt facility
(400
)
(14,718
)
(418
)
(14,718
)
Repurchase of common stock
—
(1,218
)
(102,620
)
(301,350
)
Cash dividends paid
(46,406
)
(43,753
)
(186,205
)
(179,961
)
Distributions to noncontrolling interest
(20,630
)
(21,962
)
(63,841
)
(118,580
)
Withholding tax on stock-based incentive awards
(2,074
)
—
(9,743
)
(25,310
)
Finance lease obligation payments
(695
)
(163
)
(1,238
)
(665
)
Net required by financing activities
(120,205
)
(107,771
)
(264,065
)
(716,541
)
Effect of exchange rate changes on cash and cash equivalents
(691
)
1,432
(1,190
)
2,210
Net increase (decrease) in cash and cash equivalents
(48,764
)
152,346
(46,373
)
106,495
Cash and cash equivalents at beginning of period
425,960
271,223
423,569
317,074
Cash and cash equivalents at end of period
$
377,196
$
423,569
$
377,196
$
423,569
MURPHY OIL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(Thousands of dollars)
December 31,
2025
December 31,
2024 1
ASSETS
Cash and cash equivalents
$
377,196
$
423,569
Other current assets
439,516
361,710
Property, plant and equipment, net
8,136,346
8,054,653
Operating lease assets, net
805,464
777,536
Other long-term assets
74,104
50,011
Total assets
$
9,832,626
$
9,667,479
LIABILITIES AND EQUITY
Current maturities of long-term debt, finance lease
$
2,514
$
871
Accounts payable
572,183
472,165
Operating lease liabilities
278,834
253,208
Other current liabilities
209,218
216,570
Long-term debt, including finance lease obligation
1,382,566
1,274,502
Asset retirement obligations
970,908
960,804
Non-current operating lease liabilities
537,773
537,381
Other long-term liabilities
641,933
610,135
Total liabilities
$
4,595,929
$
4,325,636
Murphy Shareholders' Equity
5,118,380
5,194,250
Noncontrolling interest
118,317
147,593
Total liabilities and equity
$
9,832,626
$
9,667,479
1
Reclassified to conform to current presentation.
MURPHY OIL CORPORATION
SCHEDULE OF ADJUSTED NET INCOME (LOSS) (unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
(Millions of dollars, except per share amounts)
2025
2024
2025
2024
Net income attributable to Murphy (GAAP) 1
$
11.9
$
50.4
$
104.2
$
407.2
Discontinued operations (income) loss
(0.3
)
0.7
(0.5
)
2.8
Net income from continuing operations attributable to Murphy
11.6
51.1
103.7
410.0
Adjustments:
Impairment of assets 1
—
28.4
92.0
62.9
Foreign exchange (gain) loss
8.5
(34.8
)
29.4
(45.4
)
Unrealized (gain) loss on derivative instruments
2.2
0.4
(1.7
)
1.7
Write-off of previously suspended exploration well
—
—
—
26.1
Refinancing and early redemption of debt costs (non-cash)
—
3.7
—
3.7
Total adjustments, before taxes
10.7
(2.3
)
119.7
49.0
Income tax (benefit) expense related to adjustments
(2.6
)
2.2
(26.4
)
(8.3
)
Tax benefits on investments in foreign areas
—
—
—
(34.0
)
Total adjustments, after taxes
8.1
(0.1
)
93.3
6.7
Adjusted net income from continuing operations attributable to Murphy (Non-GAAP)
$
19.7
$
51.0
$
197.0
$
416.7
Adjusted net income from continuing operations per average diluted share (Non-GAAP)
$
0.14
$
0.35
$
1.37
$
2.76
1
Excludes amounts attributable to a noncontrolling interest in MP GOM.
Non-GAAP Financial Measures
Presented above is a reconciliation of net income (loss) to adjusted net income from continuing operations attributable to Murphy. Adjusted net income excludes certain items that management believes affect the comparability of results between periods. Management believes this is important information to provide because it is used by management to evaluate the Company’s operational performance and trends between periods and relative to its industry competitors. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s financial results. Adjusted net income is a non-GAAP financial measure and should not be considered a substitute for net income (loss) as determined in accordance with GAAP.
The pretax and income tax impacts for adjustments in the above table are shown below by area of operation and geographical location and corporate, as applicable, and exclude the share attributable to noncontrolling interests.
Three Months Ended December 31, 2025
Year Ended December 31, 2025
(Millions of dollars)
Pretax
Tax
Net
Pretax
Tax
Net
Exploration & Production:
United States
$
—
$
—
$
—
$
92.0
$
(19.4
)
$
72.6
Corporate
10.7
(2.6
)
8.1
27.7
(7.0
)
20.7
Total adjustments
$
10.7
$
(2.6
)
$
8.1
$
119.7
$
(26.4
)
$
93.3
MURPHY OIL CORPORATION
SCHEDULE OF EBITDA, ADJUSTED EBITDA, EBITDAX AND ADJUSTED EBITDAX (unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
(Millions of dollars)
2025
2024
2025
2024
Net income attributable to Murphy (GAAP) 1
$
11.9
$
50.4
$
104.2
$
407.2
Income tax expense
6.6
13.4
44.6
78.3
Interest expense, net
22.8
43.6
96.1
105.9
Depreciation, depletion and amortization expense 1
233.5
207.3
946.8
833.1
EBITDA attributable to Murphy (Non-GAAP) 1
$
274.8
$
314.7
$
1,191.7
$
1,424.5
Exploration expenses 1
54.3
15.1
111.6
133.5
EBITDAX attributable to Murphy (Non-GAAP) 1
$
329.1
$
329.8
$
1,303.3
$
1,558.0
EBITDA attributable to Murphy (Non-GAAP) 1
$
274.8
$
314.7
$
1,191.7
$
1,424.5
Impairment of asset 1
—
28.4
92.0
62.9
Foreign exchange (gain) loss
8.5
(34.8
)
29.4
(45.4
)
Accretion of asset retirement obligations 1
12.9
12.0
51.5
46.9
Unrealized (gain) loss on derivative instruments
2.2
0.4
(1.7
)
1.7
Write-off of previously suspended exploration well
—
—
—
26.1
Discontinued operations (income) loss
(0.3
)
0.7
(0.5
)
2.8
Adjusted EBITDA attributable to Murphy (Non-GAAP) 1
$
298.1
$
321.4
$
1,362.4
$
1,519.5
Other exploration expenses 2
54.3
15.1
111.6
107.4
Adjusted EBITDAX attributable to Murphy
(Non-GAAP) 1
$
352.4
$
336.5
$
1,474.0
$
1,626.9
1
Excludes amounts attributable to a noncontrolling interest in MP GOM.
2
Other exploration expenses consist of exploration expenses as reported in the consolidated statement of operations excluding amounts relating to the write-off of previously suspended exploration well included in Adjusted EBITDA calculation above.
Non-GAAP Financial Measures
Presented above is a reconciliation of net income (loss) to earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, earnings before interest, taxes, depreciation and amortization, and exploration expenses (EBITDAX) and adjusted EBITDAX. Management believes EBITDA, adjusted EBITDA, EBITDAX and adjusted EBITDAX are important information to provide because they are used by management to evaluate the Company’s operational performance and trends between periods and relative to its industry competitors. Adjusted EBITDAX excludes certain items that management believes affect the comparability of results between periods. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s financial results. EBITDA, adjusted EBITDA, EBITDAX and adjusted EBITDAX are non-GAAP financial measures and should not be considered a substitute for net income (loss) or Cash provided by operating activities as determined in accordance with GAAP.
MURPHY OIL CORPORATION
SCHEDULE OF FREE CASH FLOW AND ADJUSTED FREE CASH FLOW (unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
(Millions of dollars)
2025
2024
2025
2024
Net cash provided by continuing operations activities (GAAP)
$
249.6
$
433.6
$
1,247.8
$
1,729.0
Exclude: (decrease) increase in non-cash working capital
53.6
(43.0
)
74.1
(74.9
)
Operating cash flow excluding working capital adjustments
303.2
390.6
1,321.9
1,654.1
Less: property additions and dry hole costs 1
(193.6
)
(170.0
)
(1,020.6
)
(900.1
)
Free cash flow (Non-GAAP)
$
109.6
$
220.6
$
301.3
$
754.0
Less: cash dividends paid
(46.4
)
(43.8
)
(186.2
)
(180.0
)
Less: distributions to noncontrolling interest
(20.6
)
(22.0
)
(63.8
)
(118.6
)
Less: debt costs
(0.4
)
(40.6
)
(0.4
)
(40.6
)
Less: withholding tax on stock-based incentive awards
(2.1
)
—
(9.8
)
(25.3
)
Less: acquisition of oil and natural gas properties
(4.6
)
(4.9
)
(29.0
)
(8.0
)
Adjusted free cash flow (Non-GAAP)
$
35.5
$
109.3
$
12.1
$
381.5
1
Property additions for the year ended December 31, 2025, includes a payment of $125.0 million for the purchase of a floating production, storage, and offloading vessel in U.S. Offshore, including amounts attributable to a noncontrolling interest in MP GOM.
Non-GAAP Financial Measures
Presented above is a reconciliation of net cash provided by continuing operations activities to free cash flow (FCF) and adjusted FCF. Management believes FCF and adjusted FCF are important information to provide because they are additional measures of liquidity and are used by management to evaluate the Company’s ability to internally generate cash, excluding the timing impacts of working capital, and to measure funds available for investing and financing activities. Management also believes this information may be useful to investors and analysts to monitor the Company’s financial health and its performance over time. FCF and adjusted FCF are non-GAAP financial measures and should not be considered a substitute for net cash provided by operating, investing, or financing activities as determined in accordance with GAAP.
MURPHY OIL CORPORATION
FUNCTIONAL RESULTS OF OPERATIONS (unaudited)
Three Months Ended
December 31, 2025
Three Months Ended
December 31, 2024
(Millions of dollars)
Revenues
Income
(Loss)
Revenues
Income
(Loss)
Exploration and production
United States 1
$
483.2
$
85.2
$
572.2
$
102.9
Canada
129.9
9.0
95.9
(3.5
)
Other
12.7
(36.1
)
3.2
(14.0
)
Total exploration and production
625.8
58.1
671.3
85.4
Corporate
(1.2
)
(35.8
)
(0.3
)
(20.2
)
Income from continuing operations
624.6
22.3
671.0
65.2
Discontinued operations, net of tax
—
0.3
—
(0.7
)
Net income including noncontrolling interest
$
624.6
$
22.6
$
671.0
$
64.5
Less: Net income attributable to noncontrolling interest
10.7
14.2
Net income attributable to Murphy
$
11.9
$
50.3
Year Ended
December 31, 2025
Year Ended
December 31, 2024
(Millions of dollars)
Revenues
Income
(Loss)
Revenues
Income
(Loss)
Exploration and production
United States ¹
$
2,159.8
$
308.5
$
2,508.3
$
561.9
Canada
531.9
54.8
509.7
49.0
Other
15.7
(66.6
)
6.6
(12.5
)
Total exploration and production
2,707.4
296.7
3,024.6
598.4
Corporate
11.4
(158.4
)
3.9
(109.1
)
Income from continuing operations
2,718.8
138.3
3,028.5
489.3
Discontinued operations, net of tax
—
0.5
—
(2.8
)
Net income including noncontrolling interest
$
2,718.8
$
138.8
$
3,028.5
$
486.5
Less: Net income attributable to noncontrolling interest
34.6
79.3
Net income attributable to Murphy
$
104.2
$
407.2
1
Includes results attributable to a noncontrolling interest in MP GOM.
MURPHY OIL CORPORATION
PRODUCTION-RELATED EXPENSES (unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
(Dollars per barrel of oil equivalents sold)
2025
2024
2025
2024
United States – Onshore
Lease operating expense
$
10.39
$
13.10
$
9.15
$
13.02
Severance and ad valorem taxes
2.00
2.76
2.56
3.33
Depreciation, depletion and amortization expense
30.26
29.69
30.02
29.36
United States – Offshore 1
Lease operating expense
$
12.18
$
20.95
$
17.78
$
21.38
Severance and ad valorem taxes
0.08
0.03
0.10
0.05
Depreciation, depletion and amortization expense
16.06
14.12
16.13
13.69
Canada – Onshore
Lease operating expense
$
4.79
$
4.89
$
4.75
$
5.18
Severance and ad valorem taxes
0.05
0.05
0.05
0.05
Depreciation, depletion and amortization expense
4.54
4.69
4.38
4.82
Canada – Offshore
Lease operating expense
$
30.21
$
30.31
$
21.12
$
22.43
Depreciation, depletion and amortization expense
8.83
9.23
9.81
9.55
Total E&P continuing operations 1
Lease operating expense
$
9.45
$
13.45
$
11.10
$
13.91
Severance and ad valorem taxes
0.44
0.50
0.57
0.58
Depreciation, depletion and amortization expense 2
14.08
13.04
14.06
12.72
Total oil and gas continuing operations – excluding noncontrolling interest
Lease operating expense
$
9.16
$
13.12
$
10.89
$
13.60
Severance and ad valorem taxes
0.45
0.52
0.59
0.60
Depreciation, depletion and amortization expense 2
14.11
13.04
14.09
12.71
1
Includes amounts attributable to a noncontrolling interest in MP GOM.
2
Excludes expenses attributable to the Corporate segment.
MURPHY OIL CORPORATION
CAPITAL EXPENDITURES (unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
(Millions of dollars)
2025
2024
2025
2024
Exploration and production
United States 1
$
182.6
$
116.8
$
796.9
$
691.9
Canada
25.5
15.3
152.8
138.3
Other
130.3
43.4
247.1
105.5
Total
338.4
175.5
1,196.8
935.7
Corporate
12.0
12.7
21.2
29.1
Total capital expenditures - continuing operations 1
350.4
188.2
1,218.0
964.8
Less: capital expenditures attributable to noncontrolling interest
5.0
2.4
32.0
12.0
Total capital expenditures - continuing operations attributable to Murphy 2
$
345.4
$
185.8
$
1,186.0
$
952.8
Charged to exploration expenses 3
United States 1
5.5
4.1
33.5
90.0
Canada
—
—
0.3
0.4
Other
43.9
9.1
66.2
33.5
Total charged to exploration expenses - continuing operations 1,3
49.4
13.2
100.0
123.9
Less: charged to exploration expenses attributable to noncontrolling interest
—
—
0.1
—
Total charged to exploration expenses - continuing operations attributable to Murphy 4
49.4
13.2
99.9
123.9
Total capitalized - continuing operations attributable to Murphy
$
296.0
$
172.6
$
1,086.1
$
828.9
1
Includes amounts attributable to a noncontrolling interest in MP GOM.
2
For the three months ended December 31, 2025, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $4.6 million (2024:nil), is $340.8 million (2024: $185.8 million). For the year ended December 31, 2025, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $29.0 million (2024: nil), is $1,157.0 million (2024: $952.8 million).
3
For the three months and year ended December 31, 2025, total charged to exploration expense attributable to Murphy, excludes amortization of undeveloped leases of $4.8 million (2024: $1.9 million) and $11.7 million (2024 $9.6 million), respectively.
4
For the three months ended December 31, 2025 and 2024, no amounts were expensed for previously suspended exploration costs. For the year ended December 31, 2025, total charged to exploration expense attributable to Murphy, excluding previously suspended exploration costs of nil (2024: $26.1 million), is $99.9 million (2024: $97.8 million).
MURPHY OIL CORPORATION
PRODUCTION SUMMARY (unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
(Barrels per day unless otherwise noted)
2025
2024
2025
2024
Net crude oil and condensate
United States - Onshore
24,374
21,006
26,186
21,151
United States - Offshore 1
56,686
60,085
56,797
63,047
Canada - Onshore
3,431
2,810
2,958
2,868
Canada - Offshore
7,941
7,346
6,981
7,251
Other
270
213
275
219
Total net crude oil and condensate
92,702
91,460
93,197
94,536
Net natural gas liquids
United States - Onshore
5,765
4,833
5,870
4,442
United States - Offshore 1
4,708
4,244
4,436
4,544
Canada - Onshore
608
668
521
597
Total net natural gas liquids
11,081
9,745
10,827
9,583
Net natural gas – thousands of cubic feet per day
United States - Onshore
35,504
26,434
33,415
25,028
United States - Offshore 1
52,582
59,204
51,793
57,228
Canada - Onshore
415,026
395,134
422,742
398,786
Total net natural gas
503,112
480,772
507,950
481,042
Total net hydrocarbons - including NCI 1,2
187,635
181,334
188,682
184,293
Noncontrolling interest
Net crude oil and condensate – barrels per day
(5,658
)
(6,034
)
(5,876
)
(6,358
)
Net natural gas liquids – barrels per day
(226
)
(172
)
(217
)
(199
)
Net natural gas – thousands of cubic feet per day
(1,920
)
(1,745
)
(1,767
)
(1,942
)
Total noncontrolling interest 1,2
(6,204
)
(6,497
)
(6,388
)
(6,881
)
Total net hydrocarbons - excluding NCI 1,2
181,431
174,837
182,294
177,412
1
Includes net volumes attributable to a noncontrolling interest in MP GOM (NCI).
2
Natural gas converted on an energy equivalent basis of 6:1.
MURPHY OIL CORPORATION
SALES SUMMARY (unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
(Barrels per day unless otherwise noted)
2025
2024
2025
2024
Net crude oil and condensate
United States - Onshore
24,374
21,006
26,186
21,151
United States - Offshore 1
55,590
61,510
56,532
63,612
Canada - Onshore
3,431
2,810
2,958
2,868
Canada - Offshore
5,486
2,241
7,451
6,445
Other
445
441
226
230
Total net crude oil and condensate
89,326
88,008
93,353
94,306
Net natural gas liquids
United States - Onshore
5,765
4,833
5,870
4,443
United States - Offshore 1
4,708
4,244
4,436
4,543
Canada - Onshore
608
668
521
597
Total net natural gas liquids
11,081
9,745
10,827
9,583
Net natural gas – thousands of cubic feet per day
United States - Onshore
35,504
26,434
33,415
25,028
United States - Offshore 1
52,582
59,204
51,793
57,228
Canada - Onshore
415,026
395,134
422,742
398,786
Total net natural gas
503,112
480,772
507,950
481,042
Total net hydrocarbons - including NCI 1,2
184,259
177,882
188,838
184,063
Noncontrolling interest
Net crude oil and condensate – barrels per day
(5,492
)
(6,241
)
(5,837
)
(6,438
)
Net natural gas liquids – barrels per day
(226
)
(172
)
(217
)
(198
)
Net natural gas – thousands of cubic feet per day
(1,920
)
(1,745
)
(1,767
)
(1,942
)
Total noncontrolling interest 1,2
(6,038
)
(6,704
)
(6,349
)
(6,960
)
Total net hydrocarbons - excluding NCI 1,2
178,221
171,178
182,489
177,103
1
Includes net volumes attributable to a noncontrolling interest in MP GOM (NCI).
2
Natural gas converted on an energy equivalent basis of 6:1.
MURPHY OIL CORPORATION
WEIGHTED AVERAGE PRICE SUMMARY (unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Crude oil and condensate – dollars per barrel
United States - Onshore
$
59.20
$
70.44
$
64.59
$
75.77
United States - Offshore 1
59.28
69.92
65.69
76.36
Canada - Onshore 2
51.59
64.02
57.16
67.49
Canada - Offshore 2
62.63
75.81
68.77
82.22
Other 2
65.48
76.95
69.26
77.59
Natural gas liquids – dollars per barrel
United States - Onshore
17.72
21.53
19.38
20.20
United States - Offshore 1
16.43
23.91
20.40
23.37
Canada - Onshore 2
22.57
32.86
29.60
34.14
Natural gas – dollars per thousand cubic feet
United States - Onshore
3.03
2.28
2.91
1.90
United States - Offshore 1
3.84
2.69
3.75
2.40
Canada - Onshore 2
2.10
1.69
1.79
1.59
1
Prices include the effect of noncontrolling interest in MP GOM.
2
U.S. dollar equivalent.
MURPHY OIL CORPORATION
FIXED PRICE FORWARD SALES AND COMMODITY HEDGE POSITIONS
AS OF JANUARY 26, 2026 (unaudited)
Volumes
(MMCF/d)
Price/MCF
Remaining Period
Area
Commodity
Type 1
Start Date
End Date
Canada
Natural Gas
Fixed price forward sales
50
C$3.03
1/1/2026
3/31/2026
Canada
Natural Gas
Fixed price forward sales
78
C$2.94
4/1/2026
6/30/2026
Canada
Natural Gas
Fixed price forward sales
78
C$2.94
7/1/2026
9/30/2026
Canada
Natural Gas
Fixed price forward sales
59
C$3.00
10/1/2026
12/31/2026
Canada
Natural Gas
Fixed price forward sales
9.5
C$3.14
1/1/2027
12/31/2027
1
Fixed price forward sale contracts listed above are accounted for as normal sales and purchases for accounting purposes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260127182401/en/
Investor Contacts:
InvestorRelations@murphyoilcorp.com
Atif Riaz, 281-675-9358
Beth Heller, 281-675-9363
Dimitra Vlachou, 713-502-7054
Original: Murphy Oil Corporation Announces Fourth Quarter and Full Year 2025 Results, Preliminary Year-End 2025 Reserves, 2026 Capital Expenditure and Production Guidance
US Market News
5月前
Quarterly Stockholder Update by Murphy Oil CorporationJanuary 28, 2026 4:42 PM
Business Wire
Murphy Oil Corporation (NYSE: MUR):
Murphy Oil Corporation Stockholders,
This letter serves as a supplement to our earnings release for the fourth quarter of 2025. Please see the information regarding forward-looking statements and non-GAAP financial information1 included at the end of this letter. Unless otherwise noted, the financial and operating highlights and metrics discussed in this letter exclude noncontrolling interest (NCI).2
2025 IN REVIEW
2025 was a pivotal year for Murphy, marked by momentum in our exploration program and strong execution in our core business. We delivered some of the best wells in Company history in onshore US and Canada, accompanied by robust execution across our offshore assets. We capped the year with exploration and appraisal success across two continents, drilling a successful appraisal well at our Hai Su Vang (Golden Sea Lion) asset in Vietnam, and announcing discoveries with our Cello #1 and Banjo #1 wells in the Gulf of America.
In 2025, we averaged production of 182 thousand barrels of oil equivalent per day (MBOEPD), up from 177 MBOEPD in 2024 and toward the higher end of our 2025 guidance range. We generated $1.2 billion of cash from continuing operations and approximately $300 million in free cash flow, of which $286 million was returned to shareholders through quarterly dividends and share buybacks. As a result of ongoing focus on cost management, we achieved lease operating expense per barrel of oil equivalent (LOE/BOE) of $10.89 in 2025, a 20 percent reduction compared to the prior year.
In our US onshore program, we set Company records for the longest laterals. We also captured meaningful capital efficiency gains, with our drilling cost per well decreasing by seven percent year over year. As we highlighted during the third quarter, our Karnes and Catarina wells were top performing wells for the Company and they continued this strong performance in the fourth quarter. Compared to analogous peers in the area, our Karnes and Catarina wells achieved the highest average peak production rates per 1,000 feet of completed lateral length.
In onshore Canada, we drilled the longest laterals in Company history at both Tupper Montney and Kaybob Duvernay and maintained the Tupper Montney West plant at full capacity for five consecutive months, marking our longest duration to date.
In the Gulf of America, we completed the 2025 planned workover program and maintained strong uptime at our key facilities. We purchased the Pioneer FPSO (Floating Production, Storage, and Offloading vessel), which extends the economic life of the field and enhances the economics of our high-impact Chinook #8 development well expected to come online later in 2026.
In Vietnam, we continued to execute our Lac Da Vang (Golden Camel) field development plan. The project has progressed on budget and on schedule, and we remain on track for first oil in the fourth quarter of 2026. Additionally, we started and ended the year on a high note in Vietnam, achieving exploration success at the Lac Da Hong (Pink Camel) and Hai Su Vang (Golden Sea Lion) fields in early 2025, and concluding with a successful appraisal well at Hai Su Vang which helps us further refine our resource estimate. Our Hai Su Vang discovery and subsequent appraisal success, along with our broader Vietnam portfolio, position us for material new growth over the coming decade.
The global energy market in 2025 was marked by volatility and structural shifts, with geopolitical tensions shaping oil price expectations and investment risk. Amid this uncertainty, Murphy remained focused on what we can control – operational excellence, disciplined capital allocation, and a solid balance sheet and liquidity. We accomplished this alongside the advancement of our exploration and development projects which will help us maximize long-term shareholder value.
FOURTH QUARTER 2025 SUMMARY
Following a robust third quarter, our assets maintained strong performance in the fourth quarter, with production averaging 181 MBOEPD, above our 180 MBOEPD guidance midpoint. Oil production averaged 87 thousand barrels of oil per day (MBOPD) in the fourth quarter, in line with our guidance. Fourth quarter production was lower than the 200 MBOEPD delivered in the third quarter due to the absence of new wells coming online during the quarter.
Realized oil prices were $59.21 per barrel in the fourth quarter, $6.97 per barrel lower than the third quarter driven by a softer global oil price environment. On the other hand, realized natural gas prices increased 56 percent or $0.84 per thousand cubic feet (MCF) to $2.34 per MCF in the fourth quarter, driven by weather and seasonal demand. Also in the fourth quarter, net income was $11.9 million, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)1 was $298.1 million, cash flow from operations was $249.6 million, and we generated adjusted free cash flow1 of $35.5 million.
During the fourth quarter, our operational activity was heavily focused on exploration and appraisal, as we spud Civette – our first Côte d’Ivoire exploration well – along with the Banjo #1 and Cello #1 wells in the Gulf of America, and the Hai Su Vang (Golden Sea Lion) appraisal well (HSV-2X) in Vietnam.
In December, we participated in the federal offshore lease sale in the Gulf of America and were named apparent high bidder for leases on fourteen blocks. These blocks, pending award by the Bureau of Ocean Energy Management (BOEM), will add depth and near-term actionable opportunities to our offshore portfolio.
CAPITAL EXPENDITURES
Capital expenditures (CAPEX) for the fourth quarter were $341 million, lower than our quarterly guidance of $392 million, primarily due to the timing of exploration and long-lead development activity. For full year 2025, CAPEX was $1,157 million, towards the lower end of our guidance range of $1,135 to $1,285 million. These CAPEX numbers include the Pioneer FPSO purchase in the first quarter, but exclude other acquisition-related costs of $29 million.
OPERATING COSTS
Operating expenses in the fourth quarter averaged $9.16 per BOE and were positively impacted by a one-time $15 million ($0.90 per BOE) insurance reimbursement associated with workover costs from earlier in the year . For the full year 2025, operating costs were $10.89 per BOE. Going forward, we expect our operating expenses to be in line with our previously communicated $10 to $12 per BOE range.
EXPLORATION AND APPRAISAL UPDATE
In early January 2026, we announced successful results from our Hai Su Vang-2X appraisal well in Vietnam. The well found 429 feet of net oil pay across two reservoirs and did not encounter an oil-water contact, indicating that the midpoint of our recoverable resource range is likely towards the higher end of the previously guided 170 to 430 MMBOE range. With this recent appraisal success, Wood Mackenzie estimates Hai Su Vang to be the largest oil find in Southeast Asia in the last two decades. We are excited about these strong results as they highlight the emergence of a material business in Vietnam which will further enhance our portfolio returns. We will provide an updated resource range upon completion of the appraisal campaign. The rig has moved to the HSV-3X appraisal well to be followed by the HSV-4X appraisal well, both of which are included in our $1.2 billion to $1.3 billion capital budget for 2026.
In the Gulf of America, we spud the Banjo #1 and Cello #1 exploration wells in the fourth quarter and announced both as discoveries in January 2026. These infrastructure-led wells will help maintain production levels and will be tied back to the Murphy-operated Delta House FPS (Floating Production System), supporting continued operational stability and cost efficiencies.
In Côte d’Ivoire, our Civette-1X well encountered non-commercial hydrocarbons and was expensed as a dry hole. The outcome was disappointing, although frontier exploration, by nature, involves high-risk outcomes. We will use the insights gained from Civette to deepen our understanding of the CI-502 block and assess remaining prospectivity. We remain optimistic about the potential of the next two wells, Caracal and Bubale, with each well testing independent plays.
In January 2026, Murphy signed a Petroleum Agreement securing an operated position in Morocco's Gharb Deep Offshore deepwater block which covers over 4 million acres, or the equivalent of more than 700 Gulf of America blocks. Murphy holds a 75 percent working interest in the block, with the remaining 25 percent held by Office National des Hydrocarbures et des Mines (ONHYM). We are excited about our entry into Morocco, which offers exposure to exploration in a frontier basin with attractive entry costs and competitive terms. This entry is consistent with our strategy of developing a diverse exploration portfolio that balances risk, material upside, and value.
FINANCIAL PERFORMANCE, SHAREHOLDER RETURNS AND BALANCE SHEET
As previously communicated, our Capital Allocation Plan allocates a minimum of 50 percent of adjusted free cash flow1 to share buybacks and potential dividend increases, with the remainder allocated to the balance sheet. During 2025, we distributed $186 million of dividends to shareholders and repurchased $100 million of stock, or 3.6 million shares. We have $550 million remaining in our board-authorized share repurchase program.
At year-end 2025, we were favorably positioned with a strong balance sheet reflecting total debt and net debt of $1.4 billion and $1.0 billion, respectively. We had $100 million drawn on our unsecured revolving credit facility at the end of the quarter, which is a $50 million decrease over the prior quarter.
In early January 2026, we proactively took steps to enhance our balance sheet flexibility and liquidity. We upsized and extended our senior unsecured revolving credit facility (RCF), increasing access to capital from $1.35 billion to $2.00 billion and extending maturity from 2029 to 2031. We also issued $500 million of 2034 notes at 6.500 percent coupon, using the proceeds to retire near-term maturities and pay off our RCF balance. These actions increase liquidity and extend our maturity profile, providing greater optionality for managing our offshore business and funding long-cycle value-creating investments.
2026 OUTLOOK
As we look ahead to 2026, Murphy is strategically positioned to navigate anticipated market volatility. Our 2026 capital plan balances shareholder returns, a strong financial position, and capital investments to deliver long-term value. The projected 2026 CAPEX range of $1.2 billion to $1.3 billion is consistent with our spending in 2025. At a high level, we will allocate approximately 75 percent of our capital spend in 2026 to development, with the remainder directed towards exploration drilling, appraisal drilling, seismic data acquisitions, and corporate CAPEX. Notable year-over-year changes in development spending include a 25 percent reduction in capital expenditures in our Eagle Ford asset, driven by improved efficiency that allows us to maintain production at 2025 levels. Additionally, we are increasing investment in our Gulf of America assets, primarily associated with the high-impact Chinook #8 well scheduled to begin production in the the second half of 2026.
We anticipate total production to decrease from 182 MBOEPD in 2025 to 171 MBOEPD in 2026, primarily due to lower net natural gas volumes at Tupper Montney. The reduction in Tupper Montney natural gas volumes reflects the timing of new wells and higher royalty rates driven by anticipated AECO price strength. Notably, while higher AECO prices adversely impact production through higher royalties, they boost our revenue realization as our Tupper asset is expected to generate over 35 percent in additional cash flow in 2026 compared to 2025. Furthermore, we plan to reach gas processing plant capacity with eight new wells versus ten new wells in the prior year. Overall, we expect to exit 2026 strong, supported by Chinook #8 and our Lac Da Vang (Golden Camel) asset coming online in the second half of the year.
On the exploration and appraisal front, we look forward to completing our high impact exploration and appraisal drilling campaigns in the first half of 2026. At Hai Su Vang (Golden Sea Lion), we will drill two additional appraisal wells in 2026 which will help us narrow the recoverable resource range and inform our approach to developing the field. Recent appraisal results have reinforced our expectation that our Vietnam business will produce 30 to 50 net MBOEPD in the early 2030's. In Côte d'Ivoire, we will continue our three-well exploration program with Caracal followed by Bubale, with each well testing an independent play.
While we have the capability to flex our capital and production plan if market conditions warrant, Murphy's strategy prioritizes long-term value creation over short-term metrics. We proactively strengthened our balance sheet and enhanced liquidity to position ourselves to invest confidently through temporary dips in the market. With that said, we will continue to prioritize balance sheet strength and capital discipline if faced with prolonged market weakness.
CLOSING
As we navigate the evolving energy landscape, our commitment to operational excellence, responsible stewardship, and long-term value creation remains unwavering. With US shale production forecasted to plateau in the early 2030s, we believe Murphy, with its diverse portfolio, is uniquely positioned to deliver long-term value for shareholders. Through market cycles, our focus remains clear: strong execution, organic growth, and sustainable returns.
Thank you for your continued trust as a valued Murphy Oil Corporation stockholder.
Eric M. Hambly
President and Chief Executive Officer
CONFERENCE CALL AND WEBCAST SCHEDULED FOR JANUARY 29, 2026
Murphy will host a conference call to discuss fourth quarter 2025 financial and operating results on Thursday, January 29, 2026, at 9:00 a.m. ET. The call can be accessed either via the Internet through the events calendar on the Murphy Oil Corporation Investor Relations website at http://ir.murphyoilcorp.com or via telephone by dialing toll free 1-800-717-1738, reservation number 30479. For additional information, please refer to the Fourth Quarter 2025 Earnings Presentation available under the News and Events section of the Investor Relations website.
FORWARD-LOOKING STATEMENTS
This letter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the Company’s future operating results or activities and returns or the Company's ability and intent to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other environmental, social and governance) matters, make capital expenditures, pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and natural gas industry, including supply and demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; geopolitical concerns; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or markets of health pandemics and related government responses; natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; cyber attacks and other cybersecurity risks; any failure to obtain necessary regulatory approvals; the impact of current and future laws, rulings and governmental regulations; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets, banking system or economies in general, including inflation, trade policies, tariffs and other trade restrictions. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the Company; therefore, we encourage investors, the media, business partners and others interested in the Company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this letter. Each forward-looking statement contained in this letter speaks only as of the date of this letter. Except as required by applicable law, Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
1 This letter contains certain non-GAAP financial measures that management believes are useful tools for internal use and the investment community in evaluating Murphy Oil Corporation’s overall financial performance. These non-GAAP financial measures are broadly used to value and compare companies in the crude oil and natural gas industry. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for financial measures prepared in accordance with US generally accepted accounting principles (GAAP) and should therefore be considered only as supplemental to such GAAP financial measures. Please see Exhibit 99.1 on Form 8-K filed on January 28, 2026, for reconciliations of the differences between the non-GAAP financial measures used in this letter and the most directly comparable GAAP financial measures.
2 In accordance with GAAP, Murphy reports the 100 percent interest, including a 20 percent noncontrolling interest (NCI), in its subsidiary, MP Gulf of Mexico, LLC (MP GOM). The GAAP financials include the NCI portion of revenue, costs, assets and liabilities and cash flows. Unless otherwise noted, the financial and operating highlights and metrics discussed in this letter exclude the NCI, thereby representing only the amounts attributable to Murphy.
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Investor Contacts:
InvestorRelations@murphyoilcorp.com
Atif Riaz, 281-675-9358
Beth Heller, 281-675-9363
Dimitra Vlachou, 713-502-7054
Original: Quarterly Stockholder Update by Murphy Oil Corporation
Timothy Smith
13年前
Murphy Oil Announces Preliminary Quarterly and Annual Financial Results
Jan 30, 2013 4:53:00 PM
Copyright Business Wire 2013
EL DORADO, Ark.--(BUSINESS WIRE)-- Murphy Oil Corporation (NYSE: MUR) announced today that its net income in the fourth quarter of 2012 was $158.7 million ($0.82 per diluted share) compared to a net loss of $113.9 million ($0.59 per diluted share) in the fourth quarter of 2011. Net income in the fourth quarter of 2012 was improved over the same 2011 quarter principally due to lower impairment expenses and income tax benefits associated with operating losses in two foreign countries in the current period. The just completed quarter included total impairment charges of $261.0 million ($239.6 million after taxes) associated with both oil production operations in Republic of the Congo and ethanol production operations in Hereford, Texas. The Congo impairment related primarily to unsuccessful drilling operations in the fourth quarter and the removal of proved oil reserves at year-end 2012 at the Azurite field. The field continues to produce while we evaluate future options. Operating results in the fourth quarter of the prior year included an impairment charge for Azurite of $368.6 million. The Hereford ethanol plant was deemed impaired at year-end 2012 due to an expectation of weak future ethanol crush spreads. Income tax benefits in the upstream business totaled $108.3 million associated with tax deductions for operating losses in Republic of the Congo and Suriname. The 2012 fourth quarter included a loss from discontinued operations of $3.7 million ($0.02 per diluted share), compared to income from discontinued operations of $4.0 million ($0.02 per diluted share) in the 2011 quarter. Income from continuing operations in the fourth quarter of 2012 was $162.4 million ($0.84 per diluted share), but was a loss of $117.9 million ($0.61 per diluted share) a year ago.
For the year of 2012, net income totaled $970.9 million ($4.99 per diluted share) compared to $872.7 million ($4.49 per diluted share) in 2011. Net income included income from discontinued operations of $6.8 million ($0.04 per diluted share) in 2012 and $143.2 million ($0.74 per diluted share) in 2011. Income from continuing operations for the years of 2012 and 2011 totaled $964.1 million ($4.95 per diluted share) and $729.5 million ($3.75 per diluted share), respectively.
Net Income
Three Months Ended Years Ended
December 31,
December 31,
2012
2011
2012
2011
(Millions of Dollars)
Exploration and Production $ 145.0 (144.6 ) 905.0 614.2
Refining and Marketing 38.5 61.0 157.6 190.3
Corporate
(21.1
)
(34.3
)
(98.5
)
(75.0
)
Income (loss) from continuing operations 162.4 (117.9 ) 964.1 729.5
Income (loss) from discontinued operations
(3.7
)
4.0
6.8
143.2
Net income (loss)
$
158.7
(113.9 ) 970.9 872.7
Income (loss) per Common share – Diluted:
Income (loss) from continuing operations $ 0.84 (0.61 ) 4.95 3.75
Net income (loss) 0.82 (0.59 ) 4.99 4.49
Fourth quarter 2012 vs. Fourth quarter 2011
Exploration and Production (E&P)
Income for the Company’s E&P continuing operations was $145.0 million in the fourth quarter of 2012 compared to a loss of $144.6 million in the same quarter of 2011. The improvement in earnings in the fourth quarter 2012 compared to the same period in 2011 was primarily attributable to a larger impairment charge in Republic of the Congo in 2011 and income tax benefits recognized in 2012 totaling $108.3 million associated with operating losses in Republic of the Congo and Suriname. The 2012 quarter also benefited from higher crude oil sales volumes and lower exploration expenses, but these were mostly offset by lower oil and natural gas sales prices and higher overall extraction and administrative expenses. The increase in extraction expenses in the current year was attributable to higher worldwide average crude oil production and higher depreciation unit rates in Malaysia associated with ongoing capital development activities.
E&P Metrics
Three Mos. Ended Years Ended
December 31, December 31,
2012
2011
2012
2011
Oil Production Volume – Bbls. per day 132,918 108,771 112,591 103,160
Natural Gas Sales Volume – MCF per day 473,487 487,991 490,124 457,365
Total BOE Production Volume – BOE per day 211,833 190,103 194,278 179,388
Average Realized Oil Sales Price – $ per Bbl. $ 92.82 96.67 95.58 94.18
Average Realized North American Natural Gas Sales Price – $ per MCF
$ 3.34 3.67 2.65 4.08
Average Realized Sarawak Natural Gas Sales Price – $ per MCF
$ 6.78 7.85 7.50 7.10
Exploration expenses totaled $137.2 million in the fourth quarter 2012, down from $185.6 million in the 2011 quarter. The decrease was primarily attributable to lower dry hole costs associated with unsuccessful exploratory drilling in the 2012 quarter in Canada and Brunei, partially offset by higher dry hole costs in the current quarter in Republic of the Congo.
Additionally, the 2012 quarter had lower leasehold amortization expense in the Kurdistan region of Iraq compared to the prior year.
Worldwide production totaled 211,833 barrels of oil equivalent per day in the 2012 fourth quarter, an 11% increase from the 190,103 barrels of oil equivalent per day produced in the 2011 quarter. Crude oil, condensate and gas liquids production was 132,918 barrels per day in the 2012 quarter compared to 108,771 barrels per day in 2011. The oil production increase in the current year was primarily attributable to an ongoing development drilling program in the Eagle Ford Shale area of South Texas as well as purchase of additional working interests in the Thunder Hawk and Front Runner fields in the Gulf of Mexico during 2012. Natural gas sales volumes averaged 473 million cubic feet per day in quarter four 2012, down 3% from the 488 million cubic feet per day sold in the prior year’s quarter. The 2012 reduction was primarily attributable to lower gas volumes produced at the Tupper area in Western Canada due to a planned shut-in of certain wells and virtually no development drilling in this area in the 2012 quarter because of continued weak North American natural gas sales prices. Natural gas production in 2012 in the U.S. was above 2011 levels primarily due to the development drilling program in the Eagle Ford Shale.
The average sales price for the Company’s crude oil, condensate and gas liquids was $92.82 per barrel for continuing operations in the 2012 fourth quarter, down from $96.67 per barrel in the 2011 quarter. Natural gas sales prices in North America averaged $3.34 per thousand cubic feet (MCF) in the 2012 quarter, down from $3.67 per MCF in the 2011 quarter. Natural gas sold from fields offshore Sarawak, Malaysia, averaged $6.78 per MCF in the 2012 quarter compared to $7.85 per MCF a year ago.
Refining and Marketing (R&M)
The Company’s refining and marketing business generated a quarterly profit from continuing operations of $38.5 million in the fourth quarter 2012 compared to a profit of $61.0 million in the same quarter a year earlier. U.S. R&M continuing operations generated earnings of $22.0 million in the fourth quarter of 2012 compared to earnings of $50.7 million in the 2011 quarter. The earnings reduction for this business in 2012 was principally the result of an impairment charge of $39.6 million after taxes to reduce the carrying value of the Hereford, Texas ethanol plant. The Company’s U.S. ethanol plants experienced weaker operating results in the 2012 quarter compared to the prior year due to depressed ethanol crush spreads. U.S. retail marketing operations reflected improved results as margins for this business averaged 14.1 cents per gallon in the 2012 quarter compared to 13.0 cents per gallon in the 2011 quarter. Retail operations also benefited from improved merchandise margins in the current quarter compared to a year ago. The U.K. R&M operations posted a net profit of $16.5 million in the 2012 quarter compared to a profit of $10.3 million in 2011, with the improved results based on better overall unit margins for this business.
Downstream Metrics
Three Mos. Ended Years Ended
December 31 December 31
2012
2011
2012
2011
U.S. Retail Fuel Margins – Per gallon $ 0.141 0.130 0.129 0.156
U.S. Retail Merchandise sales per store month $ 154,730 157,425 156,429 158,144
U.K. Refinery Inputs – Bbls. per day 133,599 138,492 132,613 135,391
U.K. R&M Unit Margins – Per Bbl. $ 2.21 1.38 1.94 (0.67 )
Total Petroleum and Other Product Sales –
Bbls. per day* 494,406 465,946 474,949 556,434
*Includes 122,361 bbls. per day in the 2011 year related to discontinued operations.
Corporate
Corporate activities incurred after-tax costs of $21.1 million in the fourth quarter of 2012, well below the net costs of $34.3 million in the 2011 quarter. The 2012 cost reduction was primarily related to favorable effects from transactions denominated in foreign currencies. The 2012 quarter included an after-tax benefit of $3.5 million from foreign currencies, compared to an after-tax charge of $11.6 million in the 2011 quarter. The Company also had lower net interest expense in the 2012 quarter due to capitalizing a larger portion of its financing costs to oil development projects in the current period. Administrative expenses were higher in the 2012 quarter compared to a year earlier due to additional costs for professional services and employee compensation.
Discontinued Operations
The loss from discontinued operations was $3.7 million ($0.02 per diluted share) in the fourth quarter 2012, compared to income of $4.0 million ($0.02 per diluted share) in the 2011 fourth quarter. The 2012 quarterly results included income tax adjustments related to the Company’s former U.S. oil refineries which were sold in 2011, mostly offset by profits from U.K. oil and gas production operations. The quarterly profit a year ago was primarily attributable to results of the U.K. oil and gas production operations. The sale of these U.K. oil and gas assets is expected to be completed during the first quarter 2013.
Year 2012 vs. Year 2011
Exploration and Production (E&P)
The Company’s E&P continuing operations earned $905.0 million for the full year 2012 compared to $614.2 million in 2011. The improvement in 2012 earnings versus 2011 was primarily attributable to higher oil production and lower impairment and exploration expenses in 2012, plus income tax benefits recognized in the current year related to U.S. tax deductions for losses incurred in Republic of the Congo and Suriname. The current year also benefited from marginally higher average crude oil sales prices. The 2011 period included a $13.1 million after-tax gain on sale of gas storage assets in Spain. Unfavorable effects in 2012 included lower North American natural gas sales prices and higher extraction expenses, with the latter caused by increased production levels and higher overall per-unit depreciation rates.
Total exploration expense was $380.9 million in 2012, down from $489.4 million in 2011. Exploration costs were lower in the current year due to more drilling success in 2012, plus lower geophysical expense in the Gulf of Mexico, Malaysia, Brunei and the Kurdistan region of Iraq.
Total worldwide production in 2012 was 194,278 barrels of oil equivalent per day, an 8% increase from 179,388 barrel equivalents produced in 2011. Total crude oil, condensate and gas liquids production averaged 112,591 barrels per day in 2012, an increase of 9% compared to the 2011 level of 103,160 barrels per day. The increase in the current year was mostly attributable to higher production in the Eagle Ford Shale area of South Texas and at the Kikeh field, offshore Sabah, Malaysia. Natural gas sales volumes increased from 457 million cubic feet per day in 2011 to 490 million cubic feet per day in 2012. The 7% increase in gas volumes in the current year was primarily attributable to higher production in the Tupper area and the Eagle Ford Shale. Natural gas volumes would have increased more in 2012 but for the fact that the Company voluntarily shut-in certain wells and significantly reduced development drilling in Western Canada due to depressed North American natural gas sales prices.
The average sales price for crude oil and other liquids for continuing operations was $95.58 per barrel in 2012 compared to $94.18 per barrel in 2011. North American natural gas was sold at an average price of $2.65 per MCF in 2012, significantly below the 2011 average of $4.08 per MCF. However, natural gas volumes produced offshore Sarawak were sold for $7.50 per MCF in 2012, up from $7.10 per MCF in the prior year.
Refining and Marketing (R&M)
The Company’s refining and marketing continuing operations generated a profit of $157.6 million in the year of 2012 compared to a profit of $190.3 million in 2011. U.S. R&M profits from continuing operations were $105.4 million in 2012 compared to $223.6 million in 2011. Operating results in 2012 for the U.S. R&M business were lower than 2011 due to weaker retail marketing margins and significantly lower margins for ethanol production operations. Per gallon margins for U.S. retail operations averaged 12.9 cents in 2012 compared to 15.6 cents in 2011. Ethanol production operating results were adversely affected by both weaker crush spreads and a $39.6 million after-tax asset impairment charge related to the Hereford, Texas plant. The U.K. R&M business produced a net profit of $52.2 million in 2012 compared to a net loss of $33.3 million in 2011. The improvement in U.K. operating results was attributable to more than a $2.60 per barrel increase in unit margins in the current year.
Corporate
Corporate after-tax costs were $98.5 million in the year of 2012 compared to costs of $75.0 million in 2011. The significant unfavorable variance in 2012 compared to the prior year was mostly associated with foreign currency effects. Although after-tax effects from transactions denominated in foreign currencies were minimal in 2012, the prior year benefited from an after-tax gain of $20.7 million. The 2012 period also had higher administrative costs compared to 2011, primarily associated with more employee compensation and professional service expenses in the later period. However, net interest expense was lower in 2012 than 2011 essentially due to higher levels of interest capitalized to oil development projects in the current year.
Discontinued Operations
Income from discontinued operations was $6.8 million in 2012 compared to $143.2 million in 2011. The 2011 results primarily related to income for two U.S. refineries sold in late 2011, including $113.1 million of operating profits and an $18.7 million net gain on disposal. Income from discontinued operations in both years included operating profits for U.K. offshore oil and gas assets that are expected to be sold in the first quarter 2013.
Steven A. Cossé, President and Chief Executive Officer, commented, “The just completed 2012 was an important year for our Company. Murphy’s Board decided to separate our U.S. downstream subsidiary into an independent public company; the completion of this process is expected during 2013. The U.S. retail business executed a new contract with Walmart, which will provide growth opportunities for this company for the next several years. In the oil and gas business, once again our reserves replacement significantly exceeded our oil and gas production volumes. We continued growth in our Eagle Ford Shale operation, where total production averaged 15,000 net barrels of oil equivalent per day for 2012, with expected 2013 annual production increasing to 30,000 net barrel equivalents per day. We added acreage and working interests in Canada and the Gulf of Mexico, while finalizing sale agreements for our oil and gas properties in the U.K. that are expected to close in the first quarter of this year. We also paid a $2.50 per share special dividend and commenced a stock buyback program near year-end.
“We anticipate total worldwide production volumes of 200,000 barrels of oil equivalent per day in the first quarter of 2013. Sales volumes of oil and natural gas are projected to average 202,000 barrels of oil equivalent per day during the quarter. At the present time, we expect income from continuing operations in the first quarter to range between $0.55 and $0.90 per diluted share. The first quarter estimate includes projected exploration expense of between $70 million and $140 million, and a loss from our downstream businesses of approximately $10 million. Results could vary based on the risk factors described below.”
The public is invited to access the Company’s conference call to discuss fourth quarter 2012 results on Thursday, January 31 at 12:00 p.m. CST either via the Internet through the Investor Relations section of Murphy Oil’s Web site at http://www.murphyoilcorp.com/ir or via the telephone by dialing 1-888-503-8172. The telephone reservation number for the call is 6962469. Replays of the call will be available through the same address on Murphy Oil’s Web site, and a recording of the call will be available through February 4 by calling 1-888-203-1112 and referencing reservation number 6962469. Audio downloads will also be available on the Murphy Web site through March 1 and via Thomson StreetEvents for their service subscribers.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future events or results, including Murphy’s plans to separate its U.S. downstream business and to divest its U.K. downstream and U.K. upstream operations, are subject to inherent risks and uncertainties. Factors that could cause one or more of these forecasted events not to occur include, but are not limited to, a failure to obtain necessary regulatory approvals, a failure to obtain assurances of anticipated tax treatment, a deterioration in the business or prospects of Murphy or its U.S. downstream business, adverse developments in Murphy or its U.S. downstream operation’s markets, adverse developments in the U.S. or global capital markets, credit markets or economies generally or a failure to execute a sale of the U.K. downstream or U.K. upstream operations on acceptable terms or in the timeframe contemplated. Factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements include, but are not limited to, the volatility and level of crude oil and natural gas prices, the level and success rate of our exploration programs, our ability to maintain production rates and replace reserves, customer demand for our products, adverse foreign exchange movements, political and regulatory instability, and uncontrollable natural hazards. For further discussion of risk factors, see Murphy’s 2011 Annual Report on Form 10-K and the September 30, 2012 Quarterly Report on Form 10-Q on file with the U.S. Securities and Exchange Commission. Murphy undertakes no duty to publicly update or revise any forward-looking statements.
MURPHY OIL CORPORATION
CONSOLIDATED FINANCIAL DATA SUMMARY
(Unaudited)
FOURTH QUARTER
2012
2011*
Revenues $ 7,389,228,000 6,794,033,000
Income (loss) from continuing operations $ 162,391,000 (117,953,000 )
Net income (loss) $ 158,687,000 (113,928,000 )
Income (loss) from continuing operations per Common share
Basic $ 0.84 (0.61 )
Diluted 0.84 (0.61 )
Net income (loss) per Common share
Basic $ 0.82 (0.59 )
Diluted 0.82 (0.59 )
Average shares outstanding
Basic 193,451,849 193,604,685
Diluted 194,402,979 194,485,708
YEAR
Revenues $ 28,626,046,000 27,638,121,000
Income from continuing operations $ 964,046,000 729,471,000
Net income $ 970,876,000 872,702,000
Income from continuing operations per Common share
Basic $ 4.97 3.77
Diluted 4.95 3.75
Net income per Common share
Basic $ 5.01 4.51
Diluted 4.99 4.49
Average shares outstanding
Basic 193,902,335 193,409,621
Diluted 194,668,737 194,512,402
*Reclassified to conform to current presentation.
Murphy Oil Corporation
Barry Jeffery, 870-864-6501
Source: Murphy Oil Corporation
----------------------------------------------
Murphy Oil Corporation
Barry Jeffery
870-864-6501
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