Key Highlights

  • Net income attributable to the company reached USD 171.1 million, or USD 1.17 per diluted share, versus a USD 3.0 million loss (USD 0.02 a share) in the third quarter of 2025 at Murphy Oil (NYSE:MUR).
  • Adjusted net income, a non-GAAP measure, came to USD 158.4 million, or USD 1.08 per diluted share, up from USD 58.1 million, or USD 0.41, a year earlier.
  • Output averaged 192,283 barrels of oil equivalent per day, 7% under the 206,936 recorded in the third quarter of 2025, as Gulf of America and Eagle Ford Shale volumes declined.
  • Adjusted EBITDAX climbed to USD 543.9 million from USD 423.1 million, while Revenue from production rose to USD 849.2 million from USD 721.0 million.

Realized Prices Lift Production Revenue by USD 128.2 Million

A 10-Q filed November 4, 2026 covers the period ended September 30, 2026. Murphy also runs offshore positions across the Gulf of America, Canada and Vietnam, while its onshore plays include the Eagle Ford Shale, Tupper Montney and Kaybob Duvernay. Tables show Net Income including noncontrolling interest of USD 195.5 million versus a loss of USD 8.3 million. Production revenue rose USD 128.2 million as realized prices strengthened in the U.S. and Canada; U.S. offshore crude averaged USD 89.38 a barrel, up from USD 67.00. Lower Eagle Ford and Gulf of America volumes partly offset that gain. The narrative cites USD 195.8 million for continuing operations, so this report uses the table amount.

Absence of an Impairment and Leaner Operating Costs Complete the Turnaround

The year-earlier period carried a USD 115.0 million impairment linked to the Dalmatian field, and nothing comparable was recorded this year. Lease operating expenses declined to USD 149.2 million from USD 184.4 million, helped by less workover activity and insurance proceeds. Pulling the other way, income tax expense went up USD 35.2 million and other operating costs, linked to abandonment and environmental remediation, grew USD 22.7 million. Nine-month profit attributable to Murphy came to USD 456.3 million (USD 3.13 a diluted share), against USD 92.3 million a year earlier, and cash from continuing operations totaled USD 1,517.6 million against USD 998.2 million. Quarterly dividends were USD 0.35 a share.

Vietnam Oil, Exploration Acreage and Commodity Exposure

Milestones were first oil at the Lac Da Vang project off Vietnam and an oil find at Lac Da Trang North-1X, production from the eighth Chinook well in the Gulf of America and 18 Eagle Ford wells brought online. After quarter end, the company won six exploration blocks in the August Gulf of America lease sale and signed agreements covering two offshore blocks in Mauritania. Exploration expense reached USD 155.2 million over nine months, including dry hole costs in Cote d'Ivoire and Vietnam. WTI futures were USD 89.42 per barrel on September 30 and USD 104.12 at the end of October, so results remain tied to commodity prices and geopolitical conditions.

Where Things Stand

Prices and the lack of last year's impairment did the heavy lifting, not volume. Murphy Oil (NYSE:MUR) swung to a USD 1.17 per share profit even as output fell 7%, because realized oil prices rose sharply, operating costs dropped and the USD 115.0 million write-down did not recur. Adjusted Earnings of USD 1.08 a share, which strip out unusual items, suggest the improvement is more than accounting. The filing gives no production guidance in the extract reviewed and no share price reaction. Next markers are Gulf of America and Eagle Ford volumes, the Vietnam ramp-up, the direction of oil prices and results from the new exploration acreage.