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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MUR

MUR fundamentals

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