Murphy Oil Corporation (MUR) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:02.774 and thank you everyone for joining us this morning. 00:00:02.774 -- 00:00:07.158 Consistent with our approach last quarter, we released our quarterly stockholder update 00:00:07.158 -- 00:00:10.161 last night alongside our earnings release. 00:00:10.161 -- 00:00:14.405 This morning, I will share a few high-level insights and perspectives on our business 00:00:14.405 -- 00:00:16.828 before we move into Q&A. 00:00:16.828 -- 00:00:20.992 I'd like to start by thanking our employees for delivering strong operational performance 00:00:20.992 -- 00:00:24.916 in the third quarter, exceeding the high end of our production guidance for the second 00:00:24.916 -- 00:00:30.231 quarter in a row. We achieved total production of 200,000 barrels of oil equivalents 00:00:30.231 -- 00:00:33.734 per day and oil production of 94,000 00:00:33.734 -- 00:00:39.419 barrels per day, underscoring the strength and potential of our assets. 00:00:39.419 -- 00:00:43.263 It's always good to have a quarter where we deliver strong operational performance, both 00:00:43.263 -- 00:00:48.308 on the production and cost fronts. And we did exactly that in the third quarter. 00:00:48.308 -- 00:00:52.990 Operating costs in the quarter averaged $9.39 per BOE, 20% 00:00:53.753 -- 00:00:59.455 less than in the prior quarter. In the third quarter, capital expenditures totaled $164 00:00:59.455 -- 00:01:04.543 million, which was below our guidance. While a large part of that lower CapEx 00:01:04.543 -- 00:01:09.410 was due to timing, it also reflects our ongoing efforts to drive capital efficiencies 00:01:09.410 -- 00:01:12.171 across our business. 00:01:12.275 -- 00:01:16.121 On the international development and exploration front, we made significant progress 00:01:16.121 -- ...