Murphy Oil Corporation (MUR) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:02.031 This 00:00:02.094 -- 00:00:07.420 morning, I will begin by sharing some key insights about our performance and then focus 00:00:07.420 -- 00:00:13.547 primarily on the year ahead. Before we dive in, I want to thank our employees. 00:00:13.547 -- 00:00:18.734 Their hard work and commitment made last year's impressive exploration and operational 00:00:18.734 -- 00:00:21.357 successes possible. 00:00:21.357 -- 00:00:23.319 Looking back, 2025 00:00:23.319 -- 00:00:28.666 was underpinned by strong execution across our assets, despite a challenging commodity 00:00:28.666 -- 00:00:33.796 price environment. Our production, both for the fourth quarter and full year, 00:00:33.796 -- 00:00:38.864 exceeded guidance as we delivered some of the best performing onshore wells in 00:00:38.864 -- 00:00:45.173 company history and maintained strong uptime at our key offshore facilities. 00:00:45.173 -- 00:00:50.502 We also managed costs closely, reducing lease operating expenses by 20% year 00:00:50.502 -- 00:00:55.830 over year and capital expenditures below guidance, partly due to realized 00:00:55.830 -- 00:00:59.583 efficiency gains in our Eagleford Shale program. 00:00:59.583 -- 00:01:04.690 Exploration and appraisal results were certainly the highlights of 2025 as 00:01:04.690 -- 00:01:09.416 we advanced more exploration and appraisal wells across three continents in the fourth 00:01:09.416 -- 00:01:13.722 quarter alone. Knowing that many of you were keenly anticipating the results from these 00:01:13.722 -- 00:01:18.068 wells, we released updates as they became available. 00:01:18.068 -- 00:01:24.156 We reported a highly successful appraisal result at Hai Su Vong, Golden Sea Lionfield. 00:01:24.156 -- 00:01:29.190 Oil discoveries at both of our...