Murphy Oil Corporation (MUR) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

and thank you everyone for joining us this morning. Consistent with our approach last quarter, we released our quarterly stockholder update last night alongside our earnings release. This morning, I will share a few high-level insights and perspectives on our business before we move into Q&A. I'd like to start by thanking our employees for delivering strong operational performance in the third quarter, exceeding the high end of our production guidance for the second quarter in a row. We achieved total production of 200,000 barrels of oil equivalents per day and oil production of 94,000 barrels per day, underscoring the strength and potential of our assets. It's always good to have a quarter where we deliver strong operational performance, both on the production and cost fronts. And we did exactly that in the third quarter. Operating costs in the quarter averaged $9.39 per BOE, 20% less than in the prior quarter. In the third quarter, capital expenditures totaled $164 million, which was below our guidance. While a large part of that lower CapEx was due to timing, it also reflects our ongoing efforts to drive capital efficiencies across our business. On the international development and exploration front, we made significant progress in the third quarter. Our Lock DeVong Golden Camel fuel development is progressing on track, and in fact, we started drilling our first development well earlier this week. This is a major milestone marking our first development in Vietnam. I commend the team for continuing to execute this project safely and ahead of schedule in collaboration with our multiple local and international partners. Our Hai Su Vong 2X appraisal well was put in line with our plan, and Savette, the first of our three-well exploration program in Côte d'Ivoire, is al...