Murphy Oil Corp (NYSE: MUR)

Murphy Oil Corporation is a global oil and natural gas exploration and production company that engages in the exploration, development, and production of crude oil, natural gas, and natural gas liquids. The company operates both onshore and offshore properties primarily in the United States and Canada, with additional activities in Brazil, Brunei, Côte d’Ivoire, and Vietnam. In the United States, it holds interests in the Gulf of America and the Eagle Ford Shale of South Texas. In Canada, it holds interests in the Tupper Montney, Kaybob Duvernay, Hibernia and Terra Nova fields. Internationally, the company holds acreage in offshore Brazil, Brunei, Côte d’Ivoire and Vietnam. Its asset base includes unconventional shale plays, deepwater fields, and mature producing basins.

The company generates revenue from the sale of crude oil, natural gas, and natural gas liquids. Revenue is determined by the volumes produced and the prevailing market prices for these hydrocarbons. Murphy Oil Corporation sells its production under market based contracts to various downstream purchasers, including refiners, traders, and other energy market participants. The company’s revenue is subject to fluctuations in oil and natural gas prices, which are influenced by global supply and demand dynamics.

The company operates through the following segments.

• Corporate segment: includes interest income, interest expense, foreign exchange effects, corporate risk management activities, and administrative costs not allocated to the E&P segments.

Murphy Oil Corporation holds a diversified portfolio of onshore and offshore assets across the United States, Canada, and select international regions, providing a balanced exposure to various hydrocarbon basins. The company focuses on low cost resource plays such as the Eagle Ford Shale in South Texas and the Tupper Montney in British Columbia, while also maintaining exposure to deepwater developments in the Gulf of America and offshore Canada. In 2025, the company’s average daily production was 188,682 barrels of oil equivalent, reflecting growth from the prior year. Its proved reserves totaled 730 million barrels of oil equivalent at year end 2025, with a significant portion located in the United States and Canada. To develop its undeveloped reserves, Murphy Oil Corporation spent approximately $690 million in 2025 to convert proved undeveloped reserves to proved developed reserves, and it expects to invest between $450 million and $800 million annually over the next three years for similar activities. This mix of assets allows the firm to mitigate commodity price volatility and capture value across different stages of the hydrocarbon value chain. Murphy competes with other independent exploration and production companies as well as larger integrated oil firms in the pursuit of profitable drilling opportunities.

The company sells its crude oil, natural gas, and natural gas liquids to refiners, traders, and other energy market participants. Sales are typically conducted under short term agreements that reflect prevailing market prices.