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Murphy Oil (MUR) investor relations material
Murphy Oil Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Third quarter 2025 production reached up to 206,936 BOE/d, surpassing guidance and driven by strong well productivity in Eagle Ford Shale and Tupper Montney, with no storm downtime in the Gulf of America.
Operational excellence was demonstrated through record well performance, cost reductions, and major milestones in international projects, including Vietnam's Lac Da Vang and Côte d'Ivoire.
Returned $240 million to shareholders YTD 2025 via buybacks and dividends, and reduced debt by $50 million.
Net loss from continuing operations in Q3 2025 was driven by a $115 million impairment at the Dalmatian field and lower oil prices.
Exploration programs are active across three continents, targeting over 1 billion BOE in gross resource potential.
Financial highlights
Liquidity at September 30, 2025 was $1.6 billion, including $1.2 billion undrawn credit and $426 million cash.
Q3 2025 revenue from production was $720.97 million, with realized oil prices at $66.18/BBL and lease operating expense per BOE at $9.39.
Adjusted net income for Q3 2025 was $58.1 million, adjusted EBITDA was $390.6 million, and free cash flow for the quarter was $218.8 million.
Capital expenditures for Q3 were $163.9 million, below guidance, reflecting improved capital efficiency.
Leverage ratio at quarter-end was 1.0x, with $1.4 billion in total debt and a 6.1% weighted average coupon.
Outlook and guidance
Full-year 2025 production guidance is 174,500–182,500 BOE/d, with Q4 guidance at 176,000–184,000 BOE/d and CAPEX of $1,135–$1,285 million.
2026 capital program expected at $1.1–$1.3 billion, with increased exploration spending and lower onshore allocation.
Lac Da Vang project in Vietnam is on track for first oil in Q4 2026.
Minimum 50% of adjusted free cash flow allocated to shareholder returns.
Flexible capital program allows for adjustments in response to commodity price volatility.
What drove Dalmatian asset impairment?
Capital allocation for remaining share repurchase
What caused Q3 CAPEX drop and Q4 rebound?
Explain Cote d'Ivoire exploration well re-sequence
What 2026 CapEx is 'sticky' in downcycle?
Quantify onshore efficiency impact on breakevens
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Next Murphy Oil earnings date
Q4 202529 Jan, 2026
Next Murphy Oil earnings date
Q4 202529 Jan, 2026
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Frequently asked questions
Murphy Oil Corporation is an independent exploration and production company engaged in the acquisition, exploration, development, and production of oil and natural gas. The company operates primarily in the United States and Canada, with additional activities in select international markets. Murphy Oil's portfolio includes onshore and offshore assets, focusing on crude oil, natural gas, and natural gas liquids production. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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