Murphy Oil Corporation Announces Second Quarter Results

Business Wire

4 days ago

HOUSTON--(BUSINESS WIRE)--Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the second quarter ended June 30, 2025.
Unless otherwise noted, the financial and operating highlights and metrics discussed in this commentary exclude noncontrolling interest (NCI). 1
1
From continuing operations and excludes amounts attributable to a noncontrolling interest in MP Gulf of Mexico, LLC (MP GOM).
2
Adjusted net income from continuing operations attributable to Murphy, adjusted earnings before interest, taxes, depreciation and amortization attributable to Murphy (adjusted EBITDA), adjusted EBITDA less exploration expense attributable to Murphy (adjusted EBITDAX), and free cash flow are non-GAAP financial measures and are not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations can be found in the attached schedules.
3
Barrels of oil per day (BOPD) and barrels of oil equivalent per day (BOEPD).
4
Lease operating expense per barrel of oil equivalent sold for total oil and gas continuing operations.
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Highlights for the second quarter include:
Delivered sequential increase in production to 190,000 BOEPD and 90,000 BOPD; production outperformed high-end of guidance on strong new well productivity
Returned $46 million to shareholders through quarterly dividend
Reaffirmed full year CAPEX guidance at the midpoint of the range; full year total company production now trending at the midpoint of the range
Subsequent to the second quarter:
'I am very pleased with our solid operational results in the second quarter which were achieved through strong new onshore well performance, continued Gulf of America workover progress, and field development execution at Lac Da Vang (Golden Camel). It's an exciting time at Murphy as we look ahead to significant exploration and appraisal catalysts in the second half of the year,' said Eric M. Hambly, President and Chief Executive Officer. 'In addition, this quarter we have introduced a Quarterly Stockholder Update which provides deeper insights and leadership perspectives on our business.'
RETURN OF CAPITAL
In the second quarter of 2025, return of capital totaled $46 million through the quarterly dividend. Through the first half of 2025, Murphy has returned $193 million to shareholders, which includes $100 million of share repurchases and $93 million in dividends.
The company had $550 million remaining under its share repurchase authorization and 142.7 million shares outstanding as of June 30, 2025.
FINANCIAL POSITION
Murphy had approximately $1.5 billion of liquidity on June 30, 2025, comprised of $1.15 billion undrawn under the $1.35 billion senior unsecured credit facility and $380 million of cash and cash equivalents, inclusive of NCI.
As of June 30, 2025, Murphy's total debt of $1.48 billion was comprised of long-term, fixed-rate notes and $200 million drawn 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 6.1 percent.
ONSHORE OPERATIONS SUMMARY
In the second quarter of 2025, the onshore business produced approximately 118 MBOEPD, which included 31 percent liquids volumes.
OFFSHORE OPERATIONS SUMMARY
Excluding NCI, in the second quarter of 2025, the offshore business produced approximately 72 MBOEPD, which included 82 percent oil.
Gulf of America – Murphy completed the Samurai #3 workover and returned the well to production early in the second quarter. The Khaleesi #2 workover was completed and returned to production early in the third quarter.
Vietnam – During the second quarter, Murphy continued to advance the Lac Da Vang (Golden Camel) field development and the project remains on schedule for first oil in the second half of 2026. The total project has now achieved 2.5 million work hours with zero Lost Time Injuries.
2025 CAPITAL EXPENDITURE AND PRODUCTION GUIDANCE
The table below illustrates third quarter 2025 production guidance by area.
The table below details the 2025 CAPEX plan by quarter.
The table below details the 2025 onshore well delivery plan by quarter.
2025 Onshore Wells Online
1Q
2025A
2Q
2025A
3Q
2025E
4Q
2025E
2025E
Total
Eagle Ford Shale
-
24
10
-
34
Kaybob Duvernay
-
-
4
-
4
Tupper Montney
5
5
-
-
10
Non-Op Eagle Ford Shale
1
10
7
-
18
Note: All well counts are shown gross. Eagle Ford Shale non-operated working interest averages 21 percent.
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CONFERENCE CALL AND WEBCAST SCHEDULED FOR AUGUST 7, 2025
Murphy will host a conference call to discuss second quarter 2025 financial and operating results on Thursday, August 7, 2025, 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 30769. For additional information, please refer to the Second 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 second 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', 'expressed confidence', '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 decisions 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 ESG (environmental/social/governance) matters, make capital expenditures or 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/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 market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the US 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 US 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. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements.
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.
1 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.
Three Months Ended
June 30,
Six Months Ended
June 30,
(Thousands of dollars)
2025
2024
2025
2024
Operating Activities
Net income including noncontrolling interest
$
35,124
$
156,262
$
124,542
$
270,920
Adjustments to reconcile net income to net cash provided by continuing operations activities
Depreciation, depletion and amortization
259,324
215,543
453,484
426,677
Accretion of asset retirement obligations
14,432
13,053
28,477
25,827
Long-term non-cash compensation
12,111
11,972
22,016
21,823
Deferred income tax expense
4,873
34,450
21,216
53,928
Amortization of undeveloped leases
2,255
2,985
3,909
5,778
Mark-to-market (gain) loss on derivative instruments
(10,287
)
—
(1,371
)
—
Unsuccessful exploration well costs and previously suspended exploration costs
(966
)
25,843
(776
)
58,280
(Income) loss from discontinued operations
(1,302
)
643
(669
)
1,515
Impairment of assets
—
—
—
34,528
Other operating activities, net
11,797
(18,578
)
(2
)
(33,959
)
Net decrease in non-cash working capital
30,689
25,479
7,905
1,126
Net cash provided by continuing operations activities
358,050
467,652
658,731
866,443
Investing Activities
Property additions and dry hole costs
(309,641
)
(267,791
)
(678,043
)
(516,876
)
Acquisition of oil and natural gas properties
—
—
(1,383
)
—
Net cash required by investing activities
(309,641
)
(267,791
)
(679,426
)
(516,876
)
Financing Activities
Borrowings on revolving credit facility
100,000
100,000
350,000
200,000
Repayment of revolving credit facility
(100,000
)
(100,000
)
(150,000
)
(200,000
)
Retirement of debt
—
(50,000
)
—
(50,000
)
Repurchase of common stock
(2,548
)
(55,887
)
(102,620
)
(105,887
)
Cash dividends paid
(46,386
)
(45,772
)
(93,412
)
(91,545
)
Withholding tax on stock-based incentive awards
19
(28
)
(7,654
)
(25,298
)
Distributions to noncontrolling interest
(11,210
)
(38,209
)
(18,165
)
(61,210
)
Finance lease obligation payments
(370
)
(167
)
(486
)
(331
)
Issue costs of debt facility
(18
)
—
(18
)
—
Net required by financing activities
(60,513
)
(190,063
)
(22,355
)
(334,271
)
Effect of exchange rate changes on cash and cash equivalents
(1,179
)
391
(888
)
1,249
Net (decrease) increase in cash and cash equivalents
(13,283
)
10,189
(43,938
)
16,545
Cash and cash equivalents at beginning of period
392,914
323,430
423,569
317,074
Cash and cash equivalents at end of period
$
379,631
$
333,619
$
379,631
$
333,619
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MURPHY OIL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(Thousands of dollars)
June 30,
2025
December 31,
2024 1
ASSETS
Cash and cash equivalents
$
379,631
$
423,569
Other current assets
382,494
361,710
Property, plant and equipment, net
8,347,423
8,054,653
Operating lease assets, net
673,223
777,536
Other long-term assets
56,744
50,011
Total assets
$
9,839,515
$
9,667,479
LIABILITIES AND EQUITY
Current maturities of long-term debt, finance lease
$
910
$
871
Accounts payable
509,225
472,165
Operating lease liabilities
190,659
253,208
Other current liabilities
208,503
216,570
Long-term debt, including finance lease obligation
1,474,959
1,274,502
Asset retirement obligations
980,109
960,804
Non-current operating lease liabilities
494,561
537,381
Other long-term liabilities
623,409
610,135
Total liabilities
$
4,482,335
$
4,325,636
Murphy Shareholders' Equity
5,198,526
5,194,250
Noncontrolling interest
158,654
147,593
Total liabilities and equity
$
9,839,515
$
9,667,479
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1
Reclassified to conform to current presentation.
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MURPHY OIL CORPORATION
SCHEDULE OF ADJUSTED NET INCOME (LOSS) (unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(Millions of dollars, except per share amounts)
2025
2024
2025
2024
Net income attributable to Murphy (GAAP) 1
$
22.3
$
127.7
$
95.3
$
217.7
Discontinued operations (income) loss
(1.3
)
0.6
(0.7
)
1.5
Net income from continuing operations attributable to Murphy
21.0
128.3
94.6
219.2
Adjustments:
Foreign exchange loss (gain)
34.3
(5.5
)
34.3
(16.0
)
Mark-to-market (gain) on derivative instruments
(10.3
)
—
(1.4
)
—
Impairment of assets
—
—
—
34.5
Write-off of previously suspended exploration well
—
—
—
26.1
Total adjustments, before taxes
24.0
(5.5
)
32.9
44.6
Income tax (benefit) expense related to adjustments
(6.5
)
1.4
(8.3
)
(8.8
)
Total adjustments, after taxes
17.5
(4.1
)
24.6
35.8
Adjusted net income from continuing operations attributable to Murphy (Non-GAAP)
$
38.5
$
124.2
$
119.2
$
255.0
Adjusted net income from continuing operations per average diluted share (Non-GAAP)
$
0.27
$
0.81
$
0.83
$
1.66
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1
Excludes amounts attributable to a noncontrolling interest in MP GOM.
Non-GAAP Financial Measures
Presented above is a reconciliation of net income 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 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.
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Three Months Ended June 30, 2025
Six Months Ended June 30, 2025
(Millions of dollars)
Pretax
Tax
Net
Pretax
Tax
Net
Corporate
$
24.0
$
(6.5
)
$
17.5
$
32.9
$
(8.3
)
$
24.6
Total adjustments
$
24.0
$
(6.5
)
$
17.5
$
32.9
$
(8.3
)
$
24.6
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MURPHY OIL CORPORATION
SCHEDULE OF EBITDA, ADJUSTED EBITDA, EBITDAX AND ADJUSTED EBITDAX (unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(Millions of dollars)
2025
2024
2025
2024
Net income attributable to Murphy (GAAP) 1
$
22.3
$
127.7
$
95.3
$
217.7
Income tax expense
1.1
32.7
33.8
62.7
Interest expense, net
25.1
21.0
48.6
41.0
Depreciation, depletion and amortization expense 1
250.8
207.3
438.2
410.1
EBITDA attributable to Murphy (Non-GAAP)
299.3
388.7
615.9
731.5
Exploration expenses
10.3
42.7
24.8
87.1
EBITDAX attributable to Murphy (Non-GAAP)
$
309.6
$
431.4
$
640.7
$
818.6
EBITDA attributable to Murphy (Non-GAAP)
$
299.3
$
388.7
$
615.9
$
731.5
Foreign exchange loss (gain)
34.3
(5.4
)
34.3
(15.9
)
Accretion of asset retirement obligations 1
12.9
11.7
25.4
23.1
Mark-to-market (gain) on derivative instruments
(10.3
)
—
(1.4
)
—
Impairment of asset
—
—
—
34.5
Write-off of previously suspended exploration well
—
—
—
26.1
Discontinued operations (income) loss
(1.3
)
0.6
(0.7
)
1.5
Adjusted EBITDA attributable to Murphy (Non-GAAP)
$
334.9
$
395.6
$
673.5
$
800.8
Other exploration expenses 2
10.3
42.7
24.8
61.0
Adjusted EBITDAX attributable to Murphy
(Non-GAAP)
$
345.2
$
438.3
$
698.3
$
861.8
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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 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 exclude 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 or Cash provided by operating activities as determined in accordance with GAAP.
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MURPHY OIL CORPORATION
SCHEDULE OF FREE CASH FLOW AND ADJUSTED FREE CASH FLOW (unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(Millions of dollars)
2025
2024
2025
2024
Net cash provided by continuing operations activities (GAAP)
$
358.1
$
467.7
$
658.7
$
866.4
Exclude: increase (decrease) in non-cash working capital
(30.7
)
(25.5
)
(7.9
)
(1.1
)
Operating cash flow excluding working capital adjustments
327.4
442.2
650.8
865.3
Less: property additions and dry hole costs 1
(309.6
)
(267.8
)
(678.0
)
(516.9
)
Free cash flow (Non-GAAP)
$
17.8
$
174.4
$
(27.2
)
$
348.4
Less: cash dividends paid
(46.4
)
(45.8
)
(93.4
)
(91.5
)
Less: distributions to noncontrolling interest
(11.2
)
(38.2
)
(18.2
)
(61.2
)
Less: withholding tax on stock-based incentive awards
—
—
(7.7
)
(25.3
)
Less: acquisition of oil and natural gas properties
—
—
(1.4
)
—
Adjusted free cash flow (Non-GAAP)
$
(39.8
)
$
90.4
$
(147.9
)
$
170.4
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1
Property additions for the 2025 period 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. Adjusted FCF excludes certain items that management believes affect the comparability of results between periods. FCF and adjusted FCF are non-GAAP and should not be considered a substitute for net cash provided by operating, investing, or financing activities as determined in accordance with GAAP.
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Six Months Ended
June 30, 2025
Six Months Ended
June 30, 2024
(Millions of dollars)
Revenues
Income
(Loss)
Revenues
Income
(Loss)
Exploration and production
United States ¹
$
1,063.0
$
194.4
$
1,339.1
$
320.2
Canada
294.0
52.0
255.9
28.3
Other
2.9
(18.5
)
4.2
(20.9
)
Total exploration and production
1,359.9
227.9
1,599.2
327.6
Corporate
1.4
(104.1
)
—
(55.2
)
Income from continuing operations
1,361.3
123.8
1,599.2
272.4
Discontinued operations, net of tax
—
0.7
—
(1.5
)
Net income including noncontrolling interest
$
1,361.3
$
124.5
$
1,599.2
$
270.9
Less: Net income attributable to noncontrolling interest
29.2
53.2
Net income attributable to Murphy
$
95.3
$
217.7
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1
Includes results attributable to a noncontrolling interest in MP GOM.
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MURPHY OIL CORPORATION
PRODUCTION-RELATED EXPENSES (unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(Dollars per barrel of oil equivalents sold)
2025
2024
2025
2024
United States – Onshore
Lease operating expense
$
8.20
$
14.61
$
10.08
$
14.14
Severance and ad valorem taxes
2.66
3.73
2.96
3.66
Depreciation, depletion and amortization expense
29.88
29.64
29.68
29.04
United States – Offshore 1
Lease operating expense
$
20.91
$
23.58
$
21.13
$
21.96
Severance and ad valorem taxes
0.14
0.07
0.11
0.06
Depreciation, depletion and amortization expense
16.93
13.44
16.21
13.45
Canada – Onshore
Lease operating expense
$
4.98
$
5.43
$
5.21
$
5.46
Severance and ad valorem taxes
0.05
0.06
0.05
0.06
Depreciation, depletion and amortization expense
4.20
4.76
4.29
4.86
Canada – Offshore
Lease operating expense
$
17.86
$
22.60
$
17.29
$
24.43
Depreciation, depletion and amortization expense
11.47
12.00
9.59
10.71
Total E&P continuing operations 1
Lease operating expense
$
11.95
$
15.27
$
12.83
$
14.83
Severance and ad valorem taxes
0.60
0.61
0.59
0.62
Depreciation, depletion and amortization expense 2
14.28
12.52
13.70
12.64
Total oil and gas continuing operations – excluding noncontrolling interest
Lease operating expense 3
$
11.80
$
15.09
$
12.67
$
14.69
Severance and ad valorem taxes
0.62
0.64
0.61
0.64
Depreciation, depletion and amortization expense 2
14.28
12.52
13.71
12.65
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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 $8.76 and $10.42 for the three months ended June 30, 2025 and 2024, respectively and $9.50 and $10.58 for the six months ended June 30, 2025 and 2024, respectively.
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MURPHY OIL CORPORATION
CAPITAL EXPENDITURES (unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(Millions of dollars)
2025
2024
2025
2024
Exploration and production
United States 1
$
178.4
$
225.8
$
500.5
$
414.3
Canada
45.7
42.2
101.1
109.5
Other
26.7
21.2
69.8
32.5
Total
250.8
289.2
671.4
556.3
Corporate
2.8
4.2
7.0
8.4
Total capital expenditures - continuing operations 1
253.6
293.4
678.4
564.7
Less: capital expenditures attributable to noncontrolling interest
2.8
1.6
24.7
8.9
Total capital expenditures - continuing operations attributable to Murphy 2
250.8
291.8
653.7
555.8
Charged to exploration expenses 3
United States 1
2.2
30.6
7.3
63.8
Canada
—
0.1
0.1
0.2
Other
5.9
9.1
13.6
17.4
Total charged to exploration expenses - continuing operations 1,3
8.1
39.8
21.0
81.4
Less: charged to exploration expenses attributable to noncontrolling interest
0.1
—
0.1
—
Total charged to exploration expenses - continuing operations attributable to Murphy 4
8.0
39.8
20.9
81.4
Total capitalized - continuing operations attributable to Murphy
$
242.8
$
252.0
$
632.8
$
474.4
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1
Includes amounts attributable to a noncontrolling interest in MP GOM.
2
For the three months ended June 30, 2025 and 2024, there were no acquisition-related costs incurred. For the six months ended June 30, 2025, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $105.6 million, primarily related to the purchase of a floating production, storage, and offloading vessel in U.S. Offshore (2024: nil), is $548.1 million (2024: $555.8 million).
3
For the three-month and six-month ended June 30, 2025, total charged to exploration expense attributable to Murphy, excludes amortization of undeveloped leases of $2.3 million (2024: $3.0 million) and $3.9 million (2024 $5.8 million), respectively.
4
For the three months ended June 30, 2025 and 2024, no amounts were expensed for previously suspended exploration costs. For the six months ended June 30, 2025, total charged to exploration expense attributable to Murphy, excluding previously suspended exploration costs of nil (2024: $26.1 million), is $20.9 million (2024: $55.3 million).
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MURPHY OIL CORPORATION
PRODUCTION SUMMARY (unaudited)
(Barrels per day unless otherwise noted)
2025
2024
2025
2024
Net crude oil and condensate
United States - Onshore
28,519
19,873
22,779
20,127
United States - Offshore 1
58,840
66,818
57,222
66,448
Canada - Onshore
2,307
2,978
2,445
2,617
Canada - Offshore
5,638
7,506
7,237
6,885
Other
296
245
275
245
Total net crude oil and condensate
95,600
97,420
89,958
96,322
Net natural gas liquids
United States - Onshore
5,557
4,125
4,818
4,145
United States - Offshore 1
4,720
4,505
4,265
4,596
Canada - Onshore
494
494
516
474
Total net natural gas liquids
10,771
9,124
9,599
9,215
Net natural gas – thousands of cubic feet per day
United States - Onshore
32,389
23,197
29,306
23,714
United States - Offshore 1
52,964
57,762
52,062
55,462
Canada - Onshore
454,310
406,856
400,898
381,155
Total net natural gas
539,663
487,815
482,266
460,331
Total net hydrocarbons - including NCI 2,3
196,315
187,847
179,935
182,259
Noncontrolling interest
Net crude oil and condensate – barrels per day
(6,070
)
(6,717
)
(5,925
)
(6,608
)
Net natural gas liquids – barrels per day
(244
)
(217
)
(207
)
(214
)
Net natural gas – thousands of cubic feet per day
(1,942
)
(2,003
)
(1,590
)
(2,039
)
Total noncontrolling interest 2,3
(6,638
)
(7,268
)
(6,397
)
(7,162
)
Total net hydrocarbons - excluding NCI 2,3
189,677
180,579
173,538
175,097
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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.
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MURPHY OIL CORPORATION
SALES SUMMARY (unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(Barrels per day unless otherwise noted)
2025
2024
2025
2024
Net crude oil and condensate
United States - Onshore
28,520
19,873
22,779
20,127
United States - Offshore 1
58,469
67,507
56,313
67,781
Canada - Onshore
2,307
2,978
2,444
2,617
Canada - Offshore
7,762
5,645
9,436
6,322
Other
457
469
230
240
Total net crude oil and condensate
97,515
96,472
91,202
97,087
Net natural gas liquids
United States - Onshore
5,557
4,125
4,819
4,145
United States - Offshore 1
4,720
4,505
4,264
4,596
Canada - Onshore
494
494
516
474
Total net natural gas liquids
10,771
9,124
9,599
9,215
Net natural gas – thousands of cubic feet per day
United States - Onshore
32,388
23,197
29,306
23,714
United States - Offshore 1
52,964
57,762
52,062
55,462
Canada - Onshore
454,310
406,855
400,898
381,155
Total net natural gas
539,662
487,814
482,266
460,331
Total net hydrocarbons - including NCI 2,3
198,230
186,898
181,179
183,024
Noncontrolling interest
Net crude oil and condensate – barrels per day
(6,014
)
(6,792
)
(5,792
)
(6,798
)
Net natural gas liquids – barrels per day
(243
)
(217
)
(207
)
(214
)
Net natural gas – thousands of cubic feet per day
(1,942
)
(2,003
)
(1,590
)
(2,039
)
Total noncontrolling interest 2,3
(6,581
)
(7,343
)
(6,264
)
(7,352
)
Total net hydrocarbons - excluding NCI 2,3
191,649
179,555
174,915
175,672
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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.
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MURPHY OIL CORPORATION
WEIGHTED AVERAGE PRICE SUMMARY (unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2025
2024
2025
2024
Crude oil and condensate – dollars per barrel
United States - Onshore
$
64.00
$
80.71
$
66.84
$
78.76
United States - Offshore 1
64.48
81.67
68.23
79.61
Canada - Onshore 2
59.94
72.25
61.73
70.24
Canada - Offshore 2
64.76
84.34
70.39
85.25
Other 2
70.86
100.92
70.86
96.43
Natural gas liquids – dollars per barrel
United States - Onshore
19.56
19.48
21.07
20.08
United States - Offshore 1
19.35
22.77
22.75
23.56
Canada - Onshore 2
33.84
35.46
35.00
35.16
Natural gas – dollars per thousand cubic feet
United States - Onshore
2.75
1.59
3.03
1.77
United States - Offshore 1
3.47
2.00
3.89
2.32
Canada - Onshore 2
1.65
1.37
1.96
1.68
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1
Prices include the effect of noncontrolling interest in MP GOM.
2
U.S. dollar equivalent.
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MURPHY OIL CORPORATION
FIXED PRICE FORWARD SALES AND COMMODITY HEDGE POSITIONS
AS OF AUGUST 4, 2025 (unaudited)
Volumes
(MMCF/d)
Price/MCF
Remaining Period
Canada
Natural Gas
Fixed price forward sales
40
C$2.75
7/1/2025
12/31/2025
Canada
Natural Gas
Fixed price forward sales
50
C$3.03
1/1/2026
12/31/2026
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1
Fixed price forward sale contracts listed above are accounted for as normal sales and purchases for accounting purposes.
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