Murphy Oil Corporation press release

Murphy Oil Corporation Announces Third Quarter Results

2026-11-04

NYSE - New York Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · United States · Production & Operations

Exceeded Upper End of Production Guidance

Achieved Exploration Success in Vietnam

Advanced Appraisal Program Offshore Côte d’Ivoire

Initiated First Oil at Lac Da Vang (Golden Camel) Offshore Vietnam

Commenced Production from Chinook #8 in the Gulf of America

Raised Full Year 2026 Production Guidance

Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the third quarter ended September 30, 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 September 30, 2026 | | | | Net income attributable to Murphy | $ | 171.1 | | | Net income attributable to Murphy per common share - Diluted | $ | 1.17 | | | Adjusted net income from continuing operations attributable to Murphy

(Non-GAAP) 1 | $ | 158.4 | | | Adjusted net income from continuing operations per average common share - Diluted (Non-GAAP) 1 | $ | 1.08 | | | Adjusted EBITDA attributable to Murphy (Non-GAAP) 1 | $ | 510.9 | | | Adjusted EBITDAX attributable to Murphy (Non-GAAP) 1 | $ | 543.9 | | | Net cash provided by continuing operations activities | $ | 540.5 | | | Operating cash flow excluding working capital adjustments (Non-GAAP) 1 | $ | 515.0 | | | Free cash flow (Non-GAAP) 1 | $ | 48.2 | | | Oil production, net (BOPD) 2 | | 84,164 | | | Total production, net (BOEPD) 2 | | 186,495 | | | Capital expenditures (CAPEX) | $ | 422.2 | | | Lease operating expense from continuing operations ($/BOE) 2 | $ | 8.20 | |

| 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). |

Highlights for the third quarter include:

Produced 186,500 BOEPD, above quarterly guidance of 171,000 to 179,000 BOEPD, driven by accelerated Eagle Ford Shale activity, new well outperformance and lower royalties in the Tupper Montney, and minimal storm downtime in the Gulf of America Raised full-year production guidance to a range of 176,000 to 178,000 BOEPD, reflecting a 6,000 BOEPD midpoint increase Advanced the Bubale appraisal program offshore Côte d’Ivoire, with the Bubale West-1X well encountering approximately 88 feet of net oil pay in the Turonian reservoir and additional hydrocarbons in the deeper Albian reservoir Discovered oil at the Lac Da Trang (White Camel) North-1X exploration well offshore Vietnam, encountering approximately 131 feet of net oil pay Achieved first oil from the Lac Da Vang (Golden Camel) development offshore Vietnam, less than three years after project sanction Commenced production from the Chinook #8 development well in the Gulf of America, with production in line with expectations Brought online 14 operated and four non-operated wells in the Eagle Ford Shale and eight wells in the Tupper Montney

Subsequent to the third quarter:

Secured six exploration blocks from the August Gulf of America federal offshore lease sale Signed agreements with the government of Mauritania for two offshore exploration blocks

“The results we delivered this quarter reflect our ability to create value at every stage of the asset life cycle. From finding oil to efficiently bringing it online and reliably operating our assets, this breadth of capabilities is what differentiates Murphy,” stated Eric M. Hambly, President and Chief Executive Officer.

SHAREHOLDER RETURNS

During the third quarter of 2026, Murphy paid $50 million in quarterly dividends to the shareholders.

While the Company elected not to repurchase shares in the third quarter, it retains significant flexibility with $550 million remaining under its share repurchase authorization. As of September 30, 2026, there were 143.4 million shares outstanding.

FINANCIAL POSITION

Murphy had approximately $2.50 billion of liquidity on September 30, 2026, comprised of the undrawn $2.00 billion senior unsecured credit facility and approximately $500 million of cash and cash equivalents, inclusive of NCI.

As of September 30, 2026, Murphy’s total debt was $1.63 billion, approximately $80 million higher than the prior quarter, reflecting the recognition of a finance lease for the Lac Da Vang FSO (Floating Storage and Offloading) vessel in Vietnam through 2039. The Company’s $1.54 billion of long-term, fixed-rate notes have a weighted average maturity of 8.4 years and a weighted average coupon of 6.3 percent.

ONSHORE OPERATIONS SUMMARY

In the third quarter of 2026, the onshore business produced approximately 125,400 BOEPD, which included 34 percent liquids.

| Onshore | Oil Production (BOPD) | Total Production (BOEPD) | | Eagle Ford Shale | 30,200 | 43,600 | | Tupper Montney | 200 | 76,000 | | Kaybob Duvernay | 3,700 | 5,800 |

Eagle Ford Shale – Brought online 14 operated wells in Catarina and four non-operated wells in Tilden.

Onshore Canada – Brought online an eight-well pad in Tupper Montney.

OFFSHORE OPERATIONS SUMMARY

Excluding NCI, the offshore business produced approximately 61,100 BOEPD in the third quarter of 2026, which included 88 percent liquids.

| Offshore | Oil Production (BOPD) | Total Production (BOEPD) | | Gulf of America | 42,900 | 53,900 | | Canada | 7,000 | 7,000 | | Vietnam and Brunei | 200 | 200 |

Gulf of America – Commenced production from the Chinook #8 development well, which reached a peak gross rate of approximately 15,000 BOEPD and is producing in line with expectations.

Vietnam – Achieved first oil from the Lac Da Vang (Golden Camel) development project, with initial production in line with expectations.

PRODUCTION AND CAPITAL EXPENDITURE GUIDANCE

The Company is raising its full year 2026 production range to 176,000 to 178,000 BOEPD, consisting of approximately 48 percent oil and 54 percent liquids volumes. This represents a 6,000 BOEPD increase in the midpoint of the previous range.

The table below illustrates fourth quarter and full year 2026 guidance.

| 4Q 2026 Guidance | | | | | | | | | Producing Asset | Oil

(BOPD) | | NGLs

(BOPD) | | Natural Gas

(MCFD) | | Total

(BOEPD) | | Eagle Ford Shale | 26,700 | | 7,200 | | 33,500 | | 39,500 | | Gulf of America, excl. NCI | 45,200 | | 3,100 | | 37,400 | | 54,500 | | Tupper Montney | 100 | | — | | 426,500 | | 71,200 | | Kaybob Duvernay | 3,100 | | 500 | | 8,400 | | 5,000 | | Offshore Canada | 6,800 | | — | | — | | 6,800 | | Vietnam | 700 | | — | | 400 | | 800 | | Brunei | 200 | | — | | — | | 200 | | | | | | | | | | | Total Net Production, excl. NCI 1 (BOEPD) | | 174,000 to 182,000 | | | | | | | Capital Expenditures, excl. NCI 2 ($ MM) | | $190 | | | | | | | Exploration Expense 3 ($ MM) | | $40 | | | | | | | | | | | | | | | | Full Year 2026 Guidance | | | | | | | | | Total Net Production, excl. NCI 4 (BOEPD) | | 176,000 to 178,000 | | | | | | | Capital Expenditures, excl. NCI 5 ($ MM) | | $1,500 to $1,600 | | | | | | | Exploration Expense 6 ($ MM) | | $195 | | | | | | | | | | | | | | | | 1 Excludes noncontrolling interest of MP GOM of 5,500 BOPD of oil, 200 BOPD of NGLs and 1,500 MCFD natural gas | | | | | | | | | 2 Excludes noncontrolling interest of MP GOM of $5 million | | | | | | | | | 3 Primarily G&G costs, no dry hole costs in 4Q | | | | | | | | | 4 Excludes noncontrolling interest of MP GOM of 5,400 BOPD of oil, 200 BOPD of NGLs and 1,800 MCFD natural gas | | | | | | | | | 5 Excludes noncontrolling interest of MP GOM of $70 million | | | | | | | | | 6 Includes dry hole expense of $90 MM | | | | | | | |

The table below details the 2026 onshore well delivery plan by quarter.

| | 2026 Onshore Wells Online | | | | | | | | | | 1Q 2026A | 2Q 2026A | 3Q 2026A | 4Q 2026E | 2026E Total | | | | Eagle Ford Shale | 15 | 6 | 14 | — | 35 | | | | Kaybob Duvernay | — | 4 | — | — | 4 | | | | Tupper Montney | — | — | 8 | — | 8 | | | | Non-Op Eagle Ford Shale | — | — | 4 | — | 4 | | | | Note: All well counts are shown gross. Eagle Ford Shale non-operated working interest averages 24 percent. | | | | | | |

CONFERENCE CALL AND WEBCAST SCHEDULED FOR NOVEMBER 5, 2026

Murphy will host a conference call to discuss third quarter 2026 financial and operating results on Thursday, November 5, 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 833-461-5787, conference ID 940122717. For additional information, please refer to the Third 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 third 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 ongoing conflict in the Middle East involving 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

September 30, | | Nine Months Ended

September 30, | | | | | | | | | | | | | | (Thousands of dollars, except per share amounts) | | 2026 | | | | 2025 | | | | 2026 | | | | 2025 | | | Revenues and other income | | | | | | | | | | | | | | | | | Revenue from production | $ | 849,175 | | | $ | 720,966 | | | $ | 2,507,861 | | | $ | 2,076,761 | | | Gain on derivative instruments | | — | | | | 5,722 | | | | — | | | | 7,071 | | | Gain on sale of assets and other operating income | | 5,799 | | | | 6,297 | | | | 8,972 | | | | 10,434 | | | Total revenues and other income | | 854,974 | | | | 732,985 | | | | 2,516,833 | | | | 2,094,266 | | | Costs and expenses | | | | | | | | | | | | | | | | | Lease operating expenses | | 149,174 | | | | 184,353 | | | | 436,357 | | | | 604,986 | | | Severance and ad valorem taxes | | 13,561 | | | | 12,288 | | | | 42,298 | | | | 31,766 | | | Transportation, gathering and processing | | 47,045 | | | | 48,146 | | | | 139,380 | | | | 151,067 | | | Exploration expenses, including undeveloped lease amortization | | 33,111 | | | | 32,502 | | | | 155,229 | | | | 57,389 | | | Selling and general expenses | | 40,537 | | | | 30,858 | | | | 114,077 | | | | 98,692 | | | Depreciation, depletion and amortization | | 271,432 | | | | 283,465 | | | | 787,914 | | | | 736,949 | | | Accretion of asset retirement obligations | | 15,056 | | | | 14,676 | | | | 44,440 | | | | 43,153 | | | Impairment of assets | | — | | | | 115,002 | | | | — | | | | 115,002 | | | Other operating expense | | 28,574 | | | | 5,902 | | | | 47,721 | | | | 13,364 | | | Total costs and expenses | | 598,490 | | | | 727,192 | | | | 1,767,416 | | | | 1,852,368 | | | Operating income from continuing operations | | 256,484 | | | | 5,793 | | | | 749,417 | | | | 241,898 | | | Other income (loss) | | | | | | | | | | | | | | | | | Other income (loss) | | 2,863 | | | | 15,271 | | | | 23,962 | | | | (14,631 | ) | | Interest expense, net | | (24,199 | ) | | | (24,726 | ) | | | (78,093 | ) | | | (73,302 | ) | | Total other loss | | (21,336 | ) | | | (9,455 | ) | | | (54,131 | ) | | | (87,933 | ) | | Income (loss) from continuing operations before income taxes | | 235,148 | | | | (3,662 | ) | | | 695,286 | | | | 153,965 | | | Income tax expense | | 39,355 | | | | 4,157 | | | | 166,330 | | | | 37,911 | | | Income (loss) from continuing operations | | 195,793 | | | | (7,819 | ) | | | 528,956 | | | | 116,054 | | | Income (loss) from discontinued operations, net of income taxes | | (259 | ) | | | (497 | ) | | | (1,238 | ) | | | 172 | | | Net income (loss) including noncontrolling interest | | 195,534 | | | | (8,316 | ) | | | 527,718 | | | | 116,226 | | | Less: Net income (loss) attributable to noncontrolling interest | | 24,414 | | | | (5,343 | ) | | | 71,437 | | | | 23,883 | | | NET INCOME (LOSS) ATTRIBUTABLE TO MURPHY | $ | 171,120 | | | $ | (2,973 | ) | | $ | 456,281 | | | $ | 92,343 | | | NET INCOME (LOSS) PER COMMON SHARE – BASIC | | | | | | | | | | | | | | | | | Continuing operations | $ | 1.19 | | | $ | (0.02 | ) | | $ | 3.19 | | | $ | 0.64 | | | Discontinued operations | | — | | | | — | | | | (0.01 | ) | | | — | | | Net income (loss) | $ | 1.19 | | | $ | (0.02 | ) | | $ | 3.18 | | | $ | 0.64 | | | NET INCOME (LOSS) PER COMMON SHARE – DILUTED | | | | | | | | | | | | | | | | | Continuing operations | $ | 1.17 | | | $ | (0.02 | ) | | $ | 3.14 | | | $ | 0.64 | | | Discontinued operations | | — | | | | — | | | | (0.01 | ) | | | — | | | Net income (loss) | $ | 1.17 | | | $ | (0.02 | ) | | $ | 3.13 | | | $ | 0.64 | | | Cash dividends per common share | $ | 0.350 | | | $ | 0.325 | | | $ | 1.050 | | | $ | 0.975 | | | Average common shares outstanding (thousands) | | | | | | | | | | | | | | | | | Basic | | 143,377 | | | | 142,731 | | | | 143,270 | | | | 143,245 | | | Diluted | | 146,123 | | | | 142,731 | | | | 145,970 | | | | 143,976 | |