EarningsQ2 2026 Earnings Report
MX:MUR Q2 2026 EPS Results
Actual EPS$26.57
Consensus EPS$26.86
Beat/MissMissed by -$0.29
One Year Ago EPS$4.63
MX:MUR Q2 2026 Revenue Results
Actual Revenue$15.88B
Expected Revenue$15.23B
Beat/MissBeat by +$648.36M
YoY Revenue Growth+35.61%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
MX:MUR Upcoming Earnings
Murphy Oil's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:MUR Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted meaningful exploration success (Bubale discovery), operational outperformance (production above guidance, Eagle Ford strength, Tupper Montney), strong balance sheet metrics (free cash flow, liquidity, leverage <1x) and clear plans to fund organic growth. Those positives were tempered by a dry hole and resource downwards revision at Hai Su Vang, higher-than-expected appraisal well costs at Bubale, and uncertainty around elevated near-term capital needs and 2027 spend that will depend on appraisal results. Overall the company presents multiple growth pathways while emphasizing disciplined, staged appraisal and balance sheet protection.Company Guidance
Bubale Discovery in Côte d'Ivoire
Discovery well encountered oil in both the Turonian and Cenomanian reservoirs; appraisal program under way with Bubale West-1X spud in July as first of up to 5 potential appraisal wells; company allocated roughly $190 million to Bubale in the revised 2026 program (≈$100M incremental discovery spend + $90M first appraisal well).
Increased 2026 Capital Program Focused on Organic Growth
Midpoint of 2026 capital expenditure guidance increased from $1.25 billion to $1.55 billion (≈+24%); company states almost all incremental spend supports organic growth projects (Bubale and Eagle Ford emphasized).
Strong near-term cash generation and balance sheet metrics
Generated $110 million of free cash flow in the quarter, returned $50 million to shareholders via dividend (≈45% of reported free cash flow), maintained net leverage below 1x and ended quarter with approximately $2.5 billion of liquidity; company expects positive full-year free cash flow at current commodity prices despite higher capex.
Operational outperformance and production
Second quarter production averaged 169,000 barrels of oil equivalent per day, above the midpoint of guidance; outperformance led by stronger Tupper Montney and continued Eagle Ford outperformance.
Eagle Ford acceleration to fund growth
Shifted $70 million of incremental 2026 capital into Eagle Ford to accelerate activity; expected to add approximately 5,000–6,000 boe/d in 2027 and to serve as a near-term, high-return, oil-weighted source of cash flow and financial flexibility.
Vietnam development progress and longer-term upside
Lac Da Vang on schedule for first oil in Q4 (pipeline, topsides and FSO milestones complete); expected Lac Da Vang net production by end of 2027 of ~5,000–9,000 bbl/d and a further ramp to ~10,000–15,000 bbl/d through 2028–2029; Hai Su Vang remains a material opportunity (company cites 200–300 million barrels oil equivalent even after downward revision) and FID targeted for Q4 2027.
Gulf of America development milestones
Chinook #8 reached 26,000 ft total depth and remains on track to come online in Q4; Lac Da Vang project milestones complete and on schedule for Q4 first oil.
MX:MUR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed