Murphy Oil Stock Earnings Reports

Murphy Oil reported strong operational results in Q3 2025, producing 200,000 BOE/d (94,000 bbl/d oil) and beating the high end of production guidance for the second consecutive quarter. Operating costs improved materially, averaging $9.39/BOE (down ~20% sequentially). CapEx was $164 million, below guidance due largely to timing and ongoing capital-efficiency efforts. International development and exploration activity is a key focus: Lac Da Vang (Golden Camel) development is on track with the first development well recently spud (Vietnam), HSV-2X appraisal well is underway to define reservoir continuity and oil‑water contact, and a three-well West Africa program (Cote d'Ivoire) is set to begin with Civette likely to spud in December. Management emphasized a flexible 2026 capital planning posture, balancing near-term cash flow and balance-sheet strength with continued investment in high-return offshore opportunities; a multi-year CapEx range around $1.1–$1.3 billion was reiterated as a reasonable expectation. The company recorded an impairment related to cancelling two planned Dalmatian wells due to high third‑party facility operating costs; management said this does not reflect producing-asset performance. Onshore (Eagle Ford, Tupper) performance and capital efficiency have materially improved — wells showing 50–100% better early performance in some cases — lowering breakevens and supporting durable cash generation. Share repurchase activity will be modest unless valuation or market dislocation warrants more buying.