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- **Vietnam Breakthrough**: Hai Su Vang appraisal shows 12,000 BOE/d potential, with 2026 appraisal wells targeting 30,000-50,000 BOE/d peak by mid-2030s.
- **2026 Production Guidance**: 171,000 BOE/d (down 6% YoY) due to gas volume decline, but cash flow resilient.
- **Capital Flexibility**: 10% CapEx reduction possible in 2026; 30-40% cuts feasible in 2027 if needed.
- **Strategic Growth**: Morocco exploration and Gulf of America tiebacks provide optionality for long-term expansion.

**【CEO Opening Remarks】**
- Murphy Oil achieved strong operational execution in 2025, with production exceeding guidance and lease operating expenses reduced by 20% year-over-year.
- Highlighted successful exploration results, including a highly promising appraisal at Vietnam's Hai Su Vang field and oil discoveries in the Gulf of America.
- 2026 strategy focuses on long-term growth through development of high-margin projects (e.g., Lac Da Vang, Chinook) and exploration in Vietnam, Côte d'Ivoire, and Morocco.

**【2025 Performance Summary】**
- Full-year production of 182,000 BOE/d, with Q4 exceeding guidance.
- Exploration success rate of 80%, including 4 wells drilled in Q4 across 3 continents.
- Vietnam's Hai Su Vang appraisal found 429 feet of net oil pay, suggesting resource potential exceeding initial estimates.

**【2026 Outlook】**
- Net production expected to decline to 171,000 BOE/d due to Tupper Montney gas volume reductions, but cash flow impact will be muted.
- Capital expenditures constrained to $1.2 billion, with flexibility to reduce by 10% if needed.
- Key projects: Lac Da Vang development (first oil Q4 2025), Chinook well (high-rate Gulf of America), and 2 appraisal wells in Vietnam.

**【Q&A Highlights】**
- **Vietnam Appraisal Details**: Hai Su Vang-2X well tested at 12,000 BOE/d, with potential for 12,000 BOE/d in a fully developed well. 2 additional appraisal wells planned for H1 2026.
- **CapEx Flexibility**: 10% reduction possible in 2026; 30-40% reduction feasible in 2027 if commodity prices remain low.
- **Morocco Entry**: Low-cost exploration opportunity with existing seismic data; $5 million budget for next 3 years.
- **Production Growth**: Vietnam business expected to surpass Eagle Ford scale by early 2030s, with peak production of 30,000-50,000 BOE/d in the mid-2030s.

Murphy Oil Corporation (MUR) Q4 2025 Earnings Call Transcript

- **Record Production & Cost Efficiency**: Q3 2025 production exceeded guidance at 200,000 BOE/day, with operating costs down 20% to $9.39/BOE.
- **High-Impact Exploration**: Civette well in Cote d'Ivoire targets 400+ million barrels; HSV-2X appraisal in Vietnam to determine field size for 2027 development.
- **Capital Flexibility**: 2026 CapEx guided at $1.1-1.3 billion, prioritizing offshore growth with $60/bbl+ breakeven for major projects.
- **Operational Excellence**: Eagle Ford wells outperform type curve by 50%-100%, driving onshore production growth with minimal capital.

**【CEO Opening Remarks】**
- **Operational Excellence**: Q3 2025 production reached 200,000 barrels of oil equivalents per day (BOE), with oil production at 94,000 barrels per day, exceeding guidance. Operating costs averaged $9.39/BOE, a 20% decline from the prior quarter.
- **Capital Efficiency**: Q3 capital expenditures were $164 million, below guidance, driven by timing and cost optimization.
- **International Growth**: Progress on Lac Da Vang (Golden Camel) field development in Vietnam, with first development well spud this week. Civette exploration well in Cote d'Ivoire expected to spud by year-end, targeting a 400+ million barrel prospect.
- **Exploration Focus**: 2026 plans include testing over 1 billion barrels of oil equivalent across three continents, emphasizing low-cost, high-impact opportunities.

**【Q&A Key Highlights】**
- **West Africa Exploration**: Civette well in Cote d'Ivoire (spud Q4 2025) targets a Santonian-Turonian interval with potential for over 400 million barrels. Bubale prospect resequenced ahead of Kobus due to lower risk and higher resource potential.
- **Vietnam Appraisal**: HSV-2X well aims to determine lateral reservoir continuity and oil-water contact, with results expected to inform field development plans for 2027 FID.
- **Capital Allocation Strategy**: 2026 budget likely within $1.1-1.3 billion range, prioritizing offshore projects (Golden Camel, Cote d'Ivoire) and maintaining flexibility for onshore programs based on oil price ($60+ breakeven for major projects).
- **Operational Efficiency**: Eagle Ford wells achieved 50%-100% above type curve performance with shallow decline rates, driving Q3 production growth. Tupper Montney asset maintains sub-$4/BOE operating costs.
- **Risk Management**: Strong balance sheet allows for disciplined capital allocation, with potential to reduce CapEx in low oil price scenarios ($55/bbl+).

Murphy Oil Corporation (MUR) Q3 2025 Earnings Call Transcript

- **Operational Excellence**: Q2 production of 190,000 BOE/day beat guidance, with Gulf of America workovers completed ahead of schedule. H2 LOE expected to trend at $10-$12/BOE.
- **Exploration Catalysts**: 2025 program targeting >500MMBOE potential, including Gulf of America (Cello #1), Vietnam (Hai Su Vang appraisal), and Côte d'Ivoire (Civette).
- **Cost Efficiency**: Cumulative $700M+ cash savings since 2019 through G&A and interest reductions. Q2 CapEx and LOE beat guidance.
- **Shareholder Returns**: Buybacks prioritized over debt repayment, with $1B net debt target near completion.
- **Risks**: Offshore Canada production constrained by Terra Nova uptime issues; Gulf of America workovers resolved but subject to proactive activity.

**【CEO Opening Remarks】**
- **Operational Execution**: Q2 production of 190,000 BOE/day exceeded guidance, driven by strong new well productivity in Eagle Ford Shale and Tupper Montney. Gulf of America workovers (Samurai #3, Khaleesi #2) completed ahead of schedule.
- **Cost Efficiency**: Q2 CapEx ($251M) and LOE ($11.80/BOE) beat guidance. Full-year production now expected at midpoint of 2025 guidance. H2 LOE projected to trend at $10-$12/BOE.
- **Exploration Momentum**: 2025 exploration program targeting >500MMBOE unrisked potential across Gulf of America, Vietnam, and Côte d'Ivoire. Key wells include Cello #1 (Gulf), Hai Su Vang appraisal (Vietnam), and Civette (Côte d'Ivoire).

**【CFO Financial Commentary】**
- **Tax Benefits**: New U.S. tax law (OBBBA) could provide $40-50M annual tax shield from 2026 onward. Current U.S. cash tax position minimal due to low oil prices.

**【Q&A Highlights】**
- **Exploration Strategy**: Gulf of America rig secured at competitive $360/day rate. Vietnam appraisal well (Hai Su Vang) spud in Q3 to test 400+MMBOE potential. Côte d'Ivoire Civette well targeting 400MMBOE+ mean resource.
- **Eagle Ford Performance**: Q2 Karnes County wells outperformed by 30% vs. prior activity, driven by optimized completion designs (reduced fluid loading, enhanced flowback). Infill Lower Eagle Ford wells (59 remaining) show strong potential.
- **Gulf of America Workovers**: Backlog resolved in Q3, with only proactive workovers planned. Production stability expected post-Q3.
- **Return of Capital**: Share buybacks prioritized over debt repayment, given $1B net debt target near completion. Stock repurchases likely accelerate if oil prices decline.
- **Canada Challenges**: Terra Nova facility uptime issues in Q2, impacting Canadian production. Offshore Canada volumes expected to remain constrained in H2.
- **Montney Efficiency**: Tupper Montney 10-well pad averaged 19.2MMcf/day IP30, constrained by plant capacity. Capital efficiency and fixed-price gas hedges support continued investment despite low AECO prices.

Murphy Oil Corporation (MUR) Q2 2025 Earnings Call Transcript

- **Operational Excellence**: Record-long laterals drilled, 1M work hours without injury, and $147M in Q1 shareholder returns. 
- **FPSO Acquisition**: $104M FPSO purchase with 2-year payback, reducing OpEx by $50M annually. 
- **Vietnam Growth**: Lac Da Hong discovery (106ft oil pay) to be developed alongside Lac Da Vang FPSO, targeting 30,000 bbl/d. 
- **Exploration Potential**: Cote d'Ivoire 3-well program targeting 440M-1B bbl gross resources; Gulf of Mexico 2025 exploration wells at $18M net cost. 
- **Capital Discipline**: 50%+ of free cash flow to shareholders; $55/bbl oil price threshold for 2025 spending cuts.

**【CEO Opening Remarks】**
- Murphy achieved operational milestones, including 1 million work hours without lost time injuries in Vietnam. 
- Drilled record-long laterals (13,976 feet in Eagle Ford) and announced $147M in Q1 shareholder returns ($100M buybacks + $47M dividends). 
- 2025 CapEx guidance remains $1.135B-$1.285B, with flexibility to reduce by 20%-40% in 2026 if oil prices stay below $55/bbl.

**【CFO Financial Highlights】**
- Acquired FPSO for $104M with 2-year payback, reducing annual OpEx by $50M. 
- Q1 revenue $636M with $72/bbl realized oil price. 
- Maintained strong balance sheet ($1.5B liquidity, no near-term debt maturities). 

**【Operations Update】**
- Onshore: 18 Karnes wells online, 3 Catarina wells coming online. 
- Offshore: 71,000 BOE/d production (83% oil), with new Mormont #4 well online. 
- Vietnam: Lac Da Vang FPSO construction underway, targeting first oil Q4 2026. 

**【Exploration Success】**
- Vietnam: Lac Da Hong-1X discovery with 106ft oil pay, 2,500 bbl/day max flow rate. 
- Cote d'Ivoire: 3-well program ($50-60M/well) targeting 440M-1B bbl gross resources. 
- Gulf of Mexico: 2 exploration wells planned for 2025 ($18M net cost). 

**【Q&A Key Takeaways】**
- **Capital Allocation**: 50%+ of free cash flow to shareholders, balance sheet target $1B debt. 
- **Oil Price Sensitivity**: $55/bbl threshold for 2025 spending cuts; $60/bbl+ supports full CapEx. 
- **Vietnam Development**: Lac Da Hong discovery to be tied back to Lac Da Vang FPSO, potential 30,000 bbl/d capacity. 
- **Gas Strategy**: Tupper Montney wells cost $5M-$5.5M, 17-25 MMcf/d production. 
- **Share Buybacks**: Opportunistic at $100M in Q1; no plans to borrow for further repurchases.

Murphy Oil (MUR)-8 May 25-2025 Q1 Earnings call transcript

- **Debt Reduction Success**: $850M net debt at year-end 2024, 60% reduction since 2020, targeting $1B by 2025.
- **Vietnam Discovery**: 10,000 BOPD flow rate in Hai Su Vang, appraisal well planned for Q3 2025.
- **2025 Growth**: 11% production growth to 174,500-182,500 BOE/day, driven by Gulf of Mexico and Vietnam projects.
- **Capital Efficiency**: 6% lower capital intensity in Eagle Ford, 15% higher EUR in Tupper Montney.
- **Shareholder Returns**: 8% dividend increase, 80% of 2024 free cash flow allocated to buybacks.


**【CEO Opening Remarks】**
- Murphy Oil achieved a 60% debt reduction since 2020, reaching $850 million net debt at year-end 2024, with a long-term goal of $1 billion.
- 2024 production of 177,000 BOE/day, including 36 operated and 20 gross non-operated wells. New oil discovery in Vietnam (Hai Su Vang-1X) with 10,000 BOPD flow rate.
- 2025 capital allocation: $1.135B-$1.285B, with 60% spent in H1, 85% on development, and $145M for exploration.
- Dividend increased 8% to $1.30 annualized, with 80% of 2024 adjusted free cash flow allocated to buybacks.

**【CFO Financial Update】**
- Q4 2024 net income: $50M ($0.34 EPS), adjusted EBITDA: $321M, CapEx: $186M.
- Debt maturity extended with 70% increase in unsecured credit facility, ending 2024 with $1.8B liquidity.
- Natural gas marketing strategy: 36% of volumes hedged via fixed-price contracts, 17% exposed to AECO market.
- Proved reserves: 713M BOE (11-year life), 83% reserve replacement ratio.

**【Operations Overview】**
- Gulf of Mexico: 68,000 BOE/day Q4, impacted by 4,400 BOE/day downtime (storms, mechanical issues). 2025 forecast: 78,000 BOE/day, including 68,000 from Gulf of Mexico.
- Vietnam: Lac Da Vang FSO construction begins Q1 2025, first oil targeted for late 2026. Hai Su Vang appraisal well planned for Q3 2025.
- Eagle Ford Shale: 35 operated wells in 2025, 33,000 BOE/day production, optimized completions with 9% longer laterals.
- Tupper Montney: 375 MMcf/day 2025, 15% increase in well EUR via optimized development.

**【Key Q&A Highlights】**
- **Vietnam Capital Allocation**: Lac Da Vang development ($110M 2025), Hai Su Vang appraisal well ($20M net cost). Potential $5-$10/bbl development costs.
- **Gulf of Mexico Challenges**: Q4 downtime resolved by Q2 2025, Samurai 3 well online Q1, Khaleesi 2 well repair Q2.
- **Eagle Ford Performance**: 2025 wells 10% fewer but 9% more rock, 6% lower capital intensity.
- **LNG Canada Impact**: Tupper Montney plant capacity reached, evaluating future expansion based on commodity prices.


Murphy Oil (MUR)-30 Jan 25-2024 Q4 Earnings call transcript

Murphy Oil Corporation (MUR) Q3 2024 Earnings Call Transcript

Murphy Oil (MUR)-8 Aug 24-2024 Q2 Earnings call transcript

Murphy Oil (MUR)-2 May 24-2024 Q1 Earnings call transcript

Murphy Oil (MUR)-25 Jan 24-2023 Q4 Earnings call transcript

- **Production Growth**: Q2 2023 production exceeded guidance by 6,000 BOE/d, with oil volumes up 10% year-over-year to 99,000 BOE/d.
- **Strategic Asset Sale**: CAD 150 million Canadian asset sale proceeds to support $500 million debt reduction and share buybacks.
- **Vietnam Development**: Field development plan approved for Lac Da Fang, targeting 30,000-40,000 BOE/d by 2026.
- **Financial Strength**: Q2 net income of $98 million, with adjusted cash flow of $121 million and $300 million buyback authorization.
- **Exploration Expansion**: New Cote d'Ivoire blocks and Gulf of Mexico tieback projects position Murphy for long-term offshore growth.

**【CEO Summary Section】**
- Murphy Oil reported strong second-quarter production, exceeding guidance by 6,000 barrels of oil equivalent per day (BOE/d), driven by outperformance in the Eagle Ford Shale and Gulf of Mexico. Oil production reached 99,000 BOE/d, a 10% year-over-year increase.
- The company announced the sale of non-core Canadian assets for CAD 150 million, with proceeds to support debt reduction and share buybacks under the Murphy 2.0 framework. The transaction is expected to close in Q3 2023.
- Exploration successes include receiving approval for the Lac Da Fang field development plan in Vietnam and entering new blocks in Cote d'Ivoire. Murphy aims to generate 30,000-40,000 BOE/d from Vietnam by 2026.
- Full-year 2023 production guidance was raised to 180,000-186,000 BOE/d, with a focus on 8% oil volume growth and 10% production growth.

**【CFO Financial Commentary】**
- Second-quarter net income was $98 million ($0.62 per diluted share), with adjusted net income of $124 million ($0.79 per diluted share). Exploration expenses totaled $116 million, including dry hole costs for the Chinook 7 well.
- Cash flow from operations reached $470 million, with adjusted cash flow of $121 million after capital expenditures. Contingent consideration payments of $28 million were made, completing obligations from prior Gulf of Mexico acquisitions.
- Murphy aims to reduce debt by $500 million in H2 2023, targeting a long-term debt goal of $1 billion. The company also authorized a $300 million share repurchase program.

**【Operations Update】**
- Eagle Ford Shale production of 35,000 BOE/d (89% liquids) was supported by 17 new wells, with Tilden pad wells exceeding pre-drill forecasts by 100%. Gulf of Mexico offshore assets produced 86,000 BOE/d, 3% above guidance.
- Montney production of 341 million cubic feet per day (MMcf/d) saw seven wells achieve record IP30 rates of 17 MMcf/d, with two wells exceeding 21 MMcf/d.
- The Canadian asset sale includes 1,700 BOE/d of production and 5.3 million barrels of proved reserves, with remaining Kaybob Duvernay locations weighted 75% to oil.

**【Q&A Highlights】**
- **Debt Reduction**: CFO Tom Mireles confirmed plans to reduce debt by $500 million in H2 2023, prioritizing callable 2025 notes. Proceeds from the Canadian sale will support this goal.
- **Vietnam Development**: CEO Roger Jenkins detailed plans for the Lac Da Fang field, targeting first oil in 2026. Murphy aims to develop 30,000-40,000 BOE/d from Vietnam by 2026.
- **Share Buybacks**: Murphy authorized a $300 million buyback program, with execution expected in Q3 2023 as the company remains undervalued.
- **Exploration Outlook**: Murphy plans to drill two wells in Vietnam in 2024 and maintain a Gulf of Mexico exploration program with 1-2 wells annually.
- **Eagle Ford Allocation**: EVP Eric Hambly highlighted strong Tilden well performance, with plans to maintain Eagle Ford production flat at 30,000-35,000 BOE/d while using cash flow for shareholder returns.


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