Murphy Oil (MUR) Q3 2026 earnings summary

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.