Murphy Oil Corporation (MUR) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

This morning, I will begin by sharing some key insights about our performance and then focus primarily on the year ahead. Before we dive in, I want to thank our employees. Their hard work and commitment made last year's impressive exploration and operational successes possible. Looking back, 2025 was underpinned by strong execution across our assets, despite a challenging commodity price environment. Our production, both for the fourth quarter and full year, exceeded guidance as we delivered some of the best performing onshore wells in company history and maintained strong uptime at our key offshore facilities. We also managed costs closely, reducing lease operating expenses by 20% year over year and capital expenditures below guidance, partly due to realized efficiency gains in our Eagleford Shale program. Exploration and appraisal results were certainly the highlights of 2025 as we advanced more exploration and appraisal wells across three continents in the fourth quarter alone. Knowing that many of you were keenly anticipating the results from these wells, we released updates as they became available. We reported a highly successful appraisal result at Hai Su Vong, Golden Sea Lionfield. Oil discoveries at both of our exploration wells in the Gulf of America and unfortunately, a dry hole at Savette in Cote d'Ivoire. Although the results for Savette were disappointing, we remain optimistic about the next two prospects in the program, Caracol and Boubal, as all three wells were strategically chosen to target independent plays. In Vietnam, the Hai Su Bong Golden Sea Lion appraisal found 429 feet of net oil pay without encountering the oil-water contact. indicating a resource that is significantly above our initial midpoint of 170 million barrels of oil equivalents. Al...