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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Murphy Oil
Murphy Oil (MUR) investor relations material
Murphy Oil Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Net production was 186,495 BOEPD, above guidance of 171,000–179,000 BOEPD; FY 2026 production guidance midpoint rose by 6,000 BOEPD to 176,000–178,000 BOEPD.
Adjusted EBITDAX was $543.9M, adjusted net income was $158.4M, and free cash flow was $48.2M; operating cash flow excluding working capital was $515.0M.
Lac Da Vang achieved first oil; exploration and appraisal advanced in Vietnam and Côte d’Ivoire, while Chinook #8 began production in the Gulf of America.
Financial highlights
Q3 revenue was $855.0M versus $733.0M YoY; production revenue was $849.2M versus $721.0M. Operating income was $256.5M versus $5.8M.
Net income attributable to shareholders was $171.1M versus a $3.0M loss; adjusted net income was $158.4M and adjusted diluted EPS was $1.08, versus $58.1M and $0.41 YoY.
Adjusted EBITDAX was $543.9M versus $423.1M YoY; free cash flow was $48.2M versus $199.6M.
Nine-month operating cash flow was $1.52B and capital expenditures were $1.42B; nine-month free cash flow was $199.6M.
Q3 realized prices before hedges and transportation, gathering and processing were $89.35/BBL for oil, $23.08/BBL for NGLs, and $1.84/MCF for natural gas.
Outlook and guidance
FY 2026 production guidance increased to 176,000–178,000 BOEPD; Q4 guidance is 174,000–182,000 BOEPD. FY 2026 capital expenditures are guided at $1.5B–$1.6B.
FY 2026 exploration expense guidance is $195M; Q4 capital expenditures and exploration expense are guided at $190M and $40M, respectively.
Eagle Ford is expected to enter a multi-year ramp; 2027 capital is directionally ~$500M versus ~$300M in recent years, with the budget under development.
Lac Da Vang net production is expected at 3,000–5,000 BOEPD in 2027, with a 7,000–12,000 BOEPD 2027 exit rate and peak of 10,000–15,000 BOEPD in 2028–2029.
Bubale appraisal is expected to include 2–4 wells over 18–24 months; Hai Su Vang FID is anticipated in Q4 2027, while Cello and Banjo first oil is targeted for Q4 2027.
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Latest events from Murphy Oil
- FY production held at 186 MBOEPD as debt reduction and shareholder returns shaped 2024 plans.MUR
Q4 2023 - Exploration breakthroughs and robust cash flows drive growth, with market undervaluing asset strength.MURBarclays 40th Annual Energy-Power Conference
- Q2 2026 net income surged on strong oil prices, major discoveries, and higher capex guidance.MURQ2 2026
- Major project milestones, robust free cash flow, and efficient capital allocation drive 2025 outlook.MURGoldman Sachs Energy, CleanTech & Utilities Conference 2025
- Bubale oil discovery in Côte d'Ivoire accelerates appraisal and boosts growth outlook.MURJ.P. Morgan Natural Resources Conference 2026
- Q1 2026 production exceeded guidance, net income was $53M, and liquidity remains robust.MURQ1 2026
- Vietnam PSCs accelerate cash flow and value through cost recovery, profit sharing, and exploration success.MURStatus update
- 2025 saw high production, strong returns, and an 8% dividend hike, with robust 2026 investment plans.MURQ4 2025
- Q3 net income was $139M with strong buybacks, debt actions, and a CEO transition announced.MURQ3 2024
Next Murphy Oil earnings date
Q4 202628 Jan, 2027
Murphy Oil
Next Murphy Oil earnings date
Q4 202628 Jan, 2027
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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.