Murphy Oil Corp
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.90%.
Did MUR Beat Earnings? Q3 2025 Results
Murphy Oil Corporation delivered a sharply stronger-than-expected third quarter, posting adjusted EPS of $0.41 against a consensus estimate of $0.18, a beat of 131.90%, while revenue of $732.99 million cleared the $671.24 million estimate by 9.20%, even as total revenue slipped 2.7% year over year. The standout driver was operational execution, with production reaching 200.4 MBOEPD, exceeding the high end of guidance for the second consecutive quarter, fueled by strong new well productivity in the Eagle Ford Shale and zero storm downtime in the Gulf of America. On a GAAP basis, the company recorded a net loss due to a $92.00 million non-cash impairment on the Dalmatian field, tied to a decision to exit future investment there given unfavorable third-party cost allocations. Capital discipline was equally evident, with quarterly CAPEX of just $163.90 million well below the $260.00 million guidance. Looking ahead, Murphy expects full-year production near the high end of its 174,500 to 182,500 BOEPD guidance range, with the Lac Da Vang project in Vietnam on track for first oil in Q4 2026.
- Production outperformed high end of guidance at 200.4 MBOEPD driven by strong new well productivity and no storm downtime in Gulf of America
- Eagle Ford Shale Catarina wells surpassed initial production expectations with three wells ranking as all-time top three in Dimmit County
- Tupper Montney delivered record quarterly gross production of 77.8 MBOEPD
- Gulf of America facilities achieved exceptional uptime: Delta House 100%, King's Quay 99.9%, Pioneer 99.8%
- Operating expenses improved to $9.39 per BOE, down 20% sequentially
- Drilling cost per foot reduced by 8% and completion cost per lateral foot by 9% year-to-date vs 2024
- Eagle Ford Shale operating costs down 36% compared to Q3 2024
- Weak AECO natural gas pricing was a significant headwind with natural gas at 47% of production mix
“I am pleased with our operational performance across our asset base including Eagle Ford, Tupper Montney, and Gulf of America. I am proud of our team for continuing to innovate and evolve our completions and flowback designs to achieve higher capital efficiency in our onshore operations. We saw great performance from our Gulf of America asset and successfully completed all planned workover activity. Additionally, subsequent to quarter end, we executed major milestones on our Lac Da Vang (Golden Camel) project. We remain focused on core execution as we progress our impactful offshore exploration and appraisal program across three continents in the fourth quarter.”
Murphy Oil CEO, on the earnings call
Forward Guidance & Outlook
Murphy reaffirmed full year 2025 production guidance of 174,500 to 182,500 BOEPD and expects production to be closer to the high end of this range. Full year CAPEX guidance remains at $1,135 million to $1,285 million. Q4 2025 production is guided at 176,000 to 184,000 BOEPD with CAPEX of $370 million to $390 million. Operating expense is expected to be $10 to $12 per BOE in Q4 2025. The Lac Da Vang (Golden Camel) project in Vietnam remains on schedule for first oil in Q4 2026. Management expects a subdued oil price environment in H1 2026 with a modest rebound into 2027. Key exploration results are expected in Q4 2025 from the Hai Su Vang-2X appraisal well in Vietnam and the Civette exploration well in Côte d'Ivoire.
MUR YoY Financials
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MUR Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.