Key Highlights

  • Third quarter Revenue was USD 854.97 million against a USD 781.53 million estimate, with adjusted EPS of USD 1.08.
  • GAAP diluted EPS was USD 1.17 against a USD 0.02 loss, with attributable Net Income of USD 171.1 million.
  • Full year 2026 production guidance is now 176.0 to 178.0 thousand BOE per day, against a prior 167.0 to 175.0.
  • Production was 192,283 BOE per day including noncontrolling interest, against 206,936 BOE per day a year earlier.

Murphy Oil (NYSE:MUR) raised its full year 2026 production guidance to 176.0 to 178.0 thousand barrels of oil equivalent per day, excluding noncontrolling interest, from a prior 167.0 to 175.0. Management attributed the change mainly to accelerated Eagle Ford Shale activity, new well outperformance and lower royalties at Tupper Montney. The update came with third quarter revenue of USD 854.97 million against an estimate of USD 781.53 million and adjusted EPS of USD 1.08 against an estimate of USD 0.91.

Guidance and Outlook Detail

Fourth quarter production is guided to average 174.0 to 182.0 thousand BOE per day, excluding noncontrolling interest. Full year capital expenditures, excluding noncontrolling interest, are guided at USD 1,500 million to USD 1,600 million, funded primarily from Operating Cash Flow and available cash.

In the Gulf of America, the company is progressing the Cello #1 and Banjo #1 wells and currently places first production for them in the fourth quarter of 2027. In Côte d'Ivoire, the Bubale appraisal program is described as including two to four wells over the next 18 to 24 months. In Vietnam, the Hai Su Vang final Investment decision is currently placed in late 2027.

The Quarter in Detail

Revenues and other income were USD 854.97 million against USD 732.99 million a year earlier. Net income from continuing operations including noncontrolling interest was USD 195.8 million against a net loss of USD 7.8 million. The company tied the change to higher revenue from production, which increased USD 128.2 million, the absence of the USD 115.0 million Impairment recorded a year earlier, and lower Lease operating expenses, partly offset by higher income tax expense.

GAAP diluted EPS was USD 1.17. Adjusted EBITDA attributable to the company was USD 510.9 million against USD 390.6 million.

Operations, Cash and Capital Returns

Total hydrocarbon production declined 7% from the third quarter of 2025. Management cited natural declines in the Gulf of America and the timing of new wells in the Eagle Ford Shale and Tupper Montney, partly offset by higher Canada Offshore volumes from less downtime at Terra Nova. The company brought online 14 operated and four non-operated Eagle Ford wells.

Nine-month cash from continuing operations was USD 1,517.6 million against USD 998.2 million. Cash and cash equivalents were USD 500.3 million, with USD 2.0 billion available on the revolving Credit facility. Long-term Debt was USD 1,623.1 million following a USD 500.0 million issue of 6.50% notes due 2034 used to redeem the 2027 and 2028 notes. The quarterly Dividend was USD 0.35 per share against USD 0.325, and no shares were repurchased in the first nine months, with USD 550.1 million remaining under the authorization.

Reference Points for Investors

Revenue of USD 854.97 million sits alongside adjusted EPS of USD 1.08, GAAP diluted EPS of USD 1.17 and cash of USD 500.3 million. Production of 192,283 BOE per day compares with the full year guidance of 176.0 to 178.0 thousand BOE per day excluding noncontrolling interest.

Management named dated items: Cello #1 and Banjo #1 production in the fourth quarter of 2027, the Hai Su Vang decision in late 2027, and an agreement in Cameroon before year end. It also noted six Gulf of America blocks secured after the quarter and agreements with Mauritania for two offshore blocks. The company said it currently leans toward share repurchases over bond repayment for available adjusted free cash flow.