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Murphy Oil

Murphy Oil (MUR) Q1 2026 Earnings

Reported May 6, 2026 at 4:34 PM ET · SEC Source

Q1 26 EPS

$0.32

BEAT +3.36%

Est. $0.31

Q1 26 Revenue

$732.4M

BEAT +2.44%

Est. $714.9M

vs S&P Since Q1 26

-24.4%

TRAILING MARKET

MUR -22.6% vs S&P +1.8%

Market Reaction

Did MUR Beat Earnings? Q1 2026 Results

Murphy Oil Corporation delivered a modest beat to open fiscal 2026, with first-quarter adjusted diluted EPS of $0.32 topping the $0.31 consensus estimate by 3.36% and revenue of $732.35 million clearing expectations by 2.44% while rising 8.9% year ov… Read more Murphy Oil Corporation delivered a modest beat to open fiscal 2026, with first-quarter adjusted diluted EPS of $0.32 topping the $0.31 consensus estimate by 3.36% and revenue of $732.35 million clearing expectations by 2.44% while rising 8.9% year over year. The headline numbers, however, obscured a more complicated picture beneath the surface: net income fell to $52.99 million from $73.04 million a year ago, as a surge in exploration expenses to $82.81 million from just $14.49 million, tied largely to unsuccessful well costs, and higher DD&A weighed heavily on the bottom line. Production of 174,200 BOEPD exceeded the top of quarterly guidance, driven by Eagle Ford Shale outperformance and strong Gulf of America uptime, while a 22% quarter-over-quarter jump in realized oil prices to $72.28 per barrel helped lift adjusted EBITDA to $382.90 million. Murphy's recent stock momentum now faces a test as the company guides Q2 production slightly lower at 161,000 to 169,000 BOEPD due to well timing, while maintaining its full-year output and capital spending outlook unchanged.

Key Takeaways

  • • Eagle Ford Shale outperformance with 17% improvement in 60-day cumulative oil production vs 2025 wells
  • • Strong uptime at Gulf of America offshore facilities
  • • Higher realized oil prices — 22% quarter-over-quarter increase to $72.28/bbl driven by geopolitical events
  • • Unhedged oil position enabled full capture of commodity price upside
  • • Lease operating expenses of $8.70/BOE well below typical $10–$12 range due to higher production and cost phasing

MUR Forward Guidance & Outlook

Murphy maintains full-year 2026 production guidance of 167,000 to 175,000 BOEPD and capital expenditure guidance of $1.2 billion to $1.3 billion, both unchanged. Q2 2026 production guidance is 161,000 to 169,000 BOEPD with capex of $350–$430 million and exploration expense of $70–$110 million. Production is expected to dip slightly in Q2 due to well timing — Eagle Ford Shale wells were accelerated to early Q1 while Q2 wells will come on late. The company remains unhedged on oil and is monitoring three areas to inform future capital decisions: macro environment and commodity price durability, exploration/appraisal results in Côte d'Ivoire and Vietnam, and non-operated partner activity plans. Operating expenses are expected to normalize to $10–$12 per BOE for the full year. Chinook #8 targets first oil in H2 2026, Lac Da Vang in Vietnam targets Q4 2026 first oil, and Banjo/Cello fields target Q4 2027 first production with 4 MBOEPD net in 2028.

24/7 Wall St

MUR YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

MUR Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26
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MUR Revenue by Geography

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“During these uncertain times, our strategy is to stay anchored to what we control—disciplined capital allocation, safe and reliable operations, and our long‑cycle projects. In the first quarter, this focus translated into strong execution across our portfolio with meaningful progress at Lac Da Vang in Vietnam, advancement of the high-impact Chinook #8 well in the Gulf of America, and sustained outperformance from our US and Canada onshore programs.”

— Eric M. Hambly, Q1 2026 Earnings Press Release

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