Murphy Oil Raises 2026 Production Guidance After High Quarter

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter output reached 186,500 BOEPD, above the 171,000-to-179,000 BOEPD range, as the company lifted the full-year midpoint by 6,000 BOEPD.

Murphy Oil Corporation (MUR), an independent oil and natural gas company, produced 186,500 BOEPD in the third quarter ended September 30, 2026, above quarterly guidance of 171,000 to 179,000 BOEPD. The company said the beat came from accelerated Eagle Ford Shale activity, new well outperformance and lower royalties in the Tupper Montney, and minimal storm downtime in the Gulf of America.

That print was the highest of the year. Production was 169,000 BOEPD in the second quarter and 174,200 BOEPD in the first. Murphy raised full-year 2026 production guidance to 176,000 to 178,000 BOEPD, a 6,000 BOEPD increase in the midpoint of the prior range. The company said the new range consists of approximately 48 percent oil and 54 percent liquids.

Net income attributable to Murphy was $171.1 million, or $1.17 a share diluted. Adjusted net income from continuing operations was $158.4 million, or $1.08 a share. Adjusted EBITDA was $510.9 million and adjusted EBITDAX was $543.9 million. Oil production, net, was 84,164 BOPD.

Onshore operations produced approximately 125,400 BOEPD, including 34 percent liquids. Tupper Montney contributed 76,000 BOEPD, Eagle Ford Shale 43,600 BOEPD, and Kaybob Duvernay 5,800 BOEPD. Murphy brought online 14 operated and four non-operated wells in the Eagle Ford and eight wells in the Tupper Montney.

Offshore, excluding noncontrolling interest, production was approximately 61,100 BOEPD, including 88 percent liquids. The Gulf of America produced 53,900 BOEPD, Canada 7,000 BOEPD, and Vietnam and Brunei 200 BOEPD. The Chinook #8 development well in the Gulf of America commenced production, reaching a peak gross rate of approximately 15,000 BOEPD. Murphy said production was in line with expectations.

Vietnam marked the quarter’s exploration and development milestones. Murphy achieved first oil from the Lac Da Vang (Golden Camel) development less than three years after project sanction, with initial production in line with expectations. The Lac Da Trang (White Camel) North-1X exploration well encountered approximately 131 feet of net oil pay. The Bubale West-1X appraisal well offshore Côte d’Ivoire encountered approximately 88 feet of net oil pay in the Turonian reservoir and additional hydrocarbons in the deeper Albian reservoir.

Capital expenditures were $422.2 million. Free cash flow was $48.2 million. Lease operating expense from continuing operations was $8.20 per BOE. Net cash provided by continuing operations activities was $540.5 million.

Murphy paid $50 million in quarterly dividends and elected not to repurchase shares in the third quarter, leaving $550 million remaining under its share repurchase authorization. Shares outstanding were 143.4 million as of September 30.

Total debt was $1.63 billion, approximately $80 million higher than the prior quarter, reflecting recognition of a finance lease for the Lac Da Vang FSO vessel through 2039. Liquidity was approximately $2.50 billion, comprised of an undrawn $2.00 billion senior unsecured credit facility and approximately $500 million of cash and cash equivalents, inclusive of NCI. Long-term, fixed-rate notes of $1.54 billion have a weighted average maturity of 8.4 years and a weighted average coupon of 6.3 percent.

Fourth-quarter 2026 production guidance is 174,000 to 182,000 BOEPD, excluding NCI. Capital expenditures for the quarter are guided at $190 million, excluding NCI. Full-year 2026 capital expenditures are guided at $1.50 billion to $1.60 billion, excluding NCI, and exploration expense is guided at $195 million, including $90 million of dry hole expense.