• Announced Successful Appraisal Well at Hai Su Vang-2X in Offshore Vietnam
• Maintained 11 Year Reserve Life with Preliminary Proved Reserves of 715 MMBOE
• Signed Petroleum Agreement for Morocco New Country Entry
• Increased Dividend by 8 Percent in 2026

Murphy Oil Corporation has announced its financial and operating results for the fourth quarter ended December 31, 2025. 

Highlights for the fourth quarter include:

• Produced 181,400 BOEPD, exceeding the midpoint of quarterly guidance
• Spud four exploration and appraisal wells - Hai Su Vang-2X (Golden Sea Lion) in Vietnam, Civette-1X in Côte d’Ivoire, and Cello #1 and Banjo #1 in the Gulf of America - in line with plan
• Initiated development drilling at Lac Da Vang (Golden Camel) development project in Vietnam ahead of schedule
• Paid down $50 million of debt under the senior unsecured credit facility and returned $46 million to shareholders through quarterly dividend
• Named apparent high bidder on 14 exploration blocks in the Gulf of America lease sale on December 10, 2025

Highlights for the full year 2025 include:

• Produced 182,300 BOEPD, at the high end of annual production guidance range
• Drilled oil discoveries at the Lac Da Hong-1X (Pink Camel) and Hai Su Vang-1X (Golden Sea Lion) exploration wells in Vietnam
• Returned $286 million to shareholders through $186 million in quarterly dividends and $100 million in stock repurchases
• Closed the strategic acquisition of the Pioneer floating production, storage and offloading vessel (FPSO) in the Gulf of America for $104 million net purchase price
• Achieved a seven percent year over year reduction in drilling costs in the Eagle Ford Shale (EFS) while delivering the highest-performing EFS wells in Company history at Karnes and Catarina
• Reduced lease operating expense per BOE by twenty percent compared to 2024

Subsequent to the fourth quarter:

• Completed Drill Stem Tests (DST) on the Hai Su Vang-2X (Golden Sea Lion) appraisal well indicating an approximate 12,000 BOPD combined flow rate from the primary reservoir
• Raised estimate of recoverable resource at Hai Su Vang (Golden Sea Lion) in offshore Vietnam following a successful appraisal well, with the midpoint now toward the high end of the previous guidance range of 170 to 430 MMBOE
• Drilled oil discoveries at Cello #1 and Banjo #1 exploration wells in the Gulf of America, and announced a dry hole at Civette-1X in Côte d’Ivoire
• Signed a Petroleum Agreement securing an operated working interest position in Morocco’s Gharb Deep Offshore deepwater block, enabling future exploration
• Upsized senior unsecured revolving credit facility from $1.35 billion to $2.00 billion and extended maturity from 2029 to 2031
• Issued $500 million aggregate principal amount of 6.500 percent senior notes due 2034, redeemed a total of $227 million of senior notes due 2027 and 2028, and paid down the remaining $100 million balance on the senior unsecured revolving credit facility
• Increased the quarterly cash dividend by eight percent to $0.35 per share, or $1.40 per share annualized for 2026

“Throughout 2025 we stayed true to our strategy — allocate capital with discipline, execute our core plan, and pursue selective, high impact exploration. We delivered record-setting well performance in our onshore program, advanced our exploration agenda, and strengthened our liquidity and debt maturity profile. Our Hai Su Vang discovery and appraisal success, along with our broader Vietnam portfolio, position us for material new growth over the coming decade. Our accomplishments in 2025 have provided a robust foundation for continued progress in 2026, positioning us to deliver sustainable value through all market cycles,” stated Eric M. Hambly, President and Chief Executive Officer.

SHAREHOLDER RETURNS

In the fourth quarter of 2025, shareholder returns totaled $46 million through the quarterly dividend. In 2025, Murphy returned $286 million to shareholders, which includes $100 million of share repurchases, or 3.6 million shares, and $186 million in dividends.

The Company had $550 million remaining under its share repurchase authorization and 142.8 million shares outstanding as of December 31, 2025.

FINANCIAL POSITION

Murphy had approximately $1.6 billion of liquidity on December 31, 2025, comprised of $1.25 billion undrawn under the $1.35 billion senior unsecured credit facility (subsequently upsized to $2.00 billion) and $377 million of cash and cash equivalents, inclusive of NCI. During the quarter, Murphy paid down $50 million of debt under the senior unsecured credit facility.

As of December 31, 2025, Murphy’s total debt of $1.4 billion was comprised of long-term, fixed-rate notes and $100 million drawn under the senior unsecured credit facility. The fixed-rate notes had a weighted average maturity of 8.3 years and a weighted average coupon of 6.1 percent.

YEAR-END 2025 PROVED RESERVES

After producing 67 MMBOE for the year, Murphy’s preliminary year-end 2025 proved reserves were 715 MMBOE, consisting of 36 percent oil and 41 percent liquids. Reserve replacement was 103 percent in 2025.

ONSHORE OPERATIONS SUMMARY

In the fourth quarter of 2025, the onshore business produced approximately 109 MBOEPD, which included 31 percent liquids. No new wells were brought online in the quarter.

Eagle Ford Shale – Continued drilling and completion activity in Karnes and Catarina; wells are expected to come online in the first quarter of 2026.

Onshore Canada – Began drilling a four-well pad in Kaybob Duvernay and an eight-well pad in Tupper Montney; wells are expected to come online in 2026.

OFFSHORE OPERATIONS SUMMARY

Excluding NCI, in the fourth quarter of 2025, the offshore business produced approximately 72 MBOEPD, which included 88 percent liquids.

Gulf of America – Spud the Cello #1 and Banjo #1 exploration wells during the fourth quarter. Subsequent to quarter end, Murphy drilled discoveries at Cello #1 and Banjo #1, with the wells encountering 30 feet and 50 feet of net pay, respectively.

Vietnam – Installed the platform jacket and initiated development drilling at the Lac Da Vang (Golden Camel) development project. The project remains on schedule for first oil in the fourth quarter of 2026.

MOROCCO NEW COUNTRY ENTRY

During the first quarter, Murphy signed a Petroleum Agreement securing an operated position in Morocco’s Gharb Deep Offshore deepwater block which covers more than 4 million acres. Murphy holds a 75 percent working interest in the block, with the remaining 25 percent working interest held by the Office National des Hydrocarbures et des Mines (ONHYM). The Petroleum Agreement does not include any firm well commitments in the initial three-year exploration phase.

“We are excited about our entry into Morocco, which offers exposure to exploration in a frontier basin with attractive entry costs and competitive terms. This entry is consistent with our strategy of developing a diverse exploration portfolio that balances risk, material upside, and value,” said Hambly.

The initial phase of operations will include geological studies, seismic evaluation, and early-stage exploration programs, with further investments expected as projects advance.

KeyFacts Energy: Murphy Oil US country profile