Murphy Oil Q2 Earnings Call Highlights

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Sat, August 8, 2026 astatine 3:03 PM CDT 7 min read

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Murphy Oil's Bubale find offshore Côte d'Ivoire encountered lipid successful 2 reservoirs and could go a large maturation driver, but appraisal enactment remains. The archetypal appraisal good is expected to outgo astir $90 million, with up to 5 wells imaginable implicit the adjacent 18–24 months.
The institution reduced its Hai Su Vang assets estimation successful Vietnam aft a adust appraisal well, though it inactive sees a imaginable 200–300 cardinal barrels of lipid equivalent and is targeting a last concern determination successful precocious 2027. Lac Da Vang remains connected docket for archetypal lipid successful the 4th quarter.
Murphy raised its 2026 capital-spending midpoint to $1.55 billion, including further concern successful Bubale and the Eagle Ford. Second-quarter accumulation averaged 169,000 boe/d, portion the institution reported $110 cardinal successful escaped currency flow, leverage beneath 1x and astir $2.5 cardinal of liquidity.

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Murphy Oil (NYSE:MUR) highlighted a caller find offshore Côte d'Ivoire, revised its 2026 superior programme upward and outlined plans to accelerate enactment successful the Eagle Ford during its second-quarter 2026 net call.

President and CEO Eric Hambly said the company's astir important improvement during the 4th was the Bubale discovery, wherever the find good encountered lipid successful some the Turonian and Cenomanian reservoirs. Murphy entered Côte d'Ivoire with a three-well exploration strategy, and the archetypal 2 wells were non-commercial, Hambly said.

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"While Bubale has the imaginable to go a important maturation operator for Murphy, determination is inactive important appraisal enactment ahead," Hambly said. The institution spudded the Bubale West 1X appraisal good successful July, targeting the Turonian reservoir. The good is the archetypal successful a imaginable programme of up to 5 appraisal wells implicit the adjacent 18 to 24 months.

Bubale Appraisal to Proceed successful Stages

Hambly said the Bubale West 1X good is designed to trial reservoir continuity, thickness and prime down dip from the find well, portion besides seeking to found a deeper lipid level. A palmy effect would supply Murphy with greater assurance that the find supports a commercialized development, though the full assets scope would stay uncertain.

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