Key Highlights

  • Net income attributable to the company was USD 171.1 million, or USD 1.17 per diluted share, against a loss of USD 3.0 million, or USD 0.02 per share, in the third quarter of 2025.
  • Adjusted net income, a non-GAAP measure, was USD 158.4 million, or USD 1.08 per diluted share, compared with USD 58.1 million, or USD 0.41, a year earlier.
  • Production averaged 192,283 barrels of oil equivalent per day, 7% below the 206,936 reported in the third quarter of 2025, on lower Gulf of America and Eagle Ford Shale volumes.
  • Adjusted EBITDAX attributable to Murphy Oil (NYSE:MUR) rose to USD 543.9 million from USD 423.1 million, and Revenue from production climbed to USD 849.2 million from USD 721.0 million.

Higher Realized Prices Drive a USD 128.2 Million Revenue Gain

Murphy Oil (NYSE:MUR) filed its 10-Q for the quarter ended September 30, 2026 on November 4, 2026. The independent oil and gas producer operates onshore in the Eagle Ford Shale, Tupper Montney and Kaybob Duvernay, and offshore in the Gulf of America, Canada and Vietnam. Net Income including noncontrolling interest was USD 195.5 million against a loss of USD 8.3 million. Revenue from production rose USD 128.2 million on higher realized prices in the United States and Canada, with weighted average U.S. offshore crude at USD 89.38 per barrel against USD 67.00. Lower volumes in the Eagle Ford Shale and Gulf of America partly offset this.

No Impairment and Lower Operating Costs Complete the Swing

The prior-year quarter included a USD 115.0 million impairment tied to the Dalmatian field; there was none this year. Lease operating expenses fell to USD 149.2 million from USD 184.4 million on lower workover activity and insurance proceeds. Offsetting items were a USD 35.2 million rise in income tax expense and a USD 22.7 million rise in other operating expenses for abandonment and environmental remediation. Over nine months, net income attributable to Murphy was USD 456.3 million, or USD 3.13 per diluted share, against USD 92.3 million, and cash from continuing operations was USD 1,517.6 million against USD 998.2 million. Dividends were USD 0.35 per share in the quarter.

Vietnam First Oil, Exploration Wins and Commodity Exposure

Operational highlights included first oil from the Lac Da Vang development offshore Vietnam, an oil discovery at Lac Da Trang North-1X, Chinook number 8 well production in the Gulf of America and 18 Eagle Ford wells brought online. After quarter end, the company secured six exploration blocks in the August Gulf of America lease sale and signed agreements for two offshore blocks in Mauritania. Exploration expense was USD 155.2 million for nine months, including dry hole costs in Cote d'Ivoire and Vietnam. The filing notes WTI futures were USD 89.42 per barrel on September 30 and USD 104.12 at the end of October, so profits remain tied to commodity prices and geopolitical conditions.

Where Things Stand

Prices and the absence of last year's impairment did the work, not volume. Murphy Oil (NYSE:MUR) swung to a USD 1.17 per share profit even though output fell 7%, because realized oil prices rose sharply, operating costs dropped and the USD 115.0 million write-down did not repeat. Adjusted Earnings of USD 1.08 a share, which strip out unusual items, show the improvement is not only 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, Vietnam ramp-up, oil price direction and results from the new exploration acreage.