Murphy Oil (MUR) Q3 2026 Earnings
Adjusted figure excludes a $1.5 million pre-tax foreign exchange gain, $0.4 million related tax expense, and $11.8 million of tax benefits on investments in foreign areas; GAAP diluted EPS was $1.17.
How Did MUR Stock React to Q3 2026 Earnings?
Did MUR Beat Earnings? Q3 2026 Results
Yes. Murphy Oil reported Q3 2026 earnings of $1.08 a share on Nov 4, 2026, beating the $0.86 consensus estimate by 25.3%. Revenue was $855.0M against a $787.1M estimate.
Murphy Oil Corporation delivered a strong third quarter for fiscal 2026, posting adjusted EPS of $1.08 against a consensus estimate of $0.86, a beat of 25.32%, while revenue of $854.97 million cleared expectations by 8.62% and grew 18.6% year over year. The headline driver was a production surge to 186,495 BOEPD, well above the 171,000–179,000 BOEPD guidance range, fueled by an accelerated Eagle Ford Shale pad that brought 14 Catarina wells online, including six originally slated for the fourth quarter. On a GAAP basis, the company posted net income of $171.10 million, compared to a loss of $3.00 million in the year-ago period. Looking ahead, Murphy raised its full-year 2026 production guidance by 6,000 BOEPD at the midpoint to 176,000–178,000 BOEPD, while fourth-quarter output is guided to 174,000–182,000 BOEPD; management also highlighted that Lac Da Vang and Chinook are projected to generate roughly $1.00 billion in combined free cash flow over five years at $80.00 Brent, underscoring confidence in the company's growing offshore portfolio.
- Production of 186,500 BOEPD exceeded guidance of 171,000–179,000 BOEPD
- Accelerated Eagle Ford Shale activity: 14 Catarina wells online, including six originally planned for Q4
- New well outperformance and lower royalties in Tupper Montney; eight-well pad kept Tupper West plant at full capacity
- Minimal storm downtime in the Gulf of America
- Unhedged oil position captured elevated prices; realized $89.35/bbl oil
- Eagle Ford well cost per lateral foot down 26% vs 2025
- LOE of $8.20/BOE vs $9.39/BOE a year ago
“The results we delivered this quarter reflect our ability to create value at every stage of the asset life cycle. From finding oil to efficiently bringing it online and reliably operating our assets, this breadth of capabilities is what differentiates Murphy.”
Murphy Oil CEO, on the earnings call
What Is Murphy Oil's Outlook?
**Q4 2026 guidance:** - Production of 174,000–182,000 BOEPD, excluding NCI. - Capex of about $190 million and exploration expense of about $40 million (primarily G&G, no dry hole costs). - Lower sequential volumes reflect onshore well delivery timing and higher Tupper Montney gas royalties tied to stronger seasonal pricing. About 70% of the decline is natural gas. - Hurricane Isaias reduced the Q4 outlook by about 3,700 BOEPD. - LOE is expected to be higher in Q4 due to Gulf of America workovers and Lac Da Vang start-up costs. **Full-year 2026 guidance:** - Production raised to 176,000–178,000 BOEPD (about 48% oil, 54% liquids). - Capex of $1.5–$1.6 billion (midpoint $1.55 billion, unchanged). - Exploration expense of $195 million, including $90 million of dry hole expense. - LOE expected toward the lower end of the $10–$12/BOE range. **Longer term:** - Lac Da Vang is expected to contribute 3–5 MBOEPD in 2027, growing to a 10–15 MBOEPD net peak in 2028 or 2029. - Hai Su Vang FID is targeted for late 2027. - A Cameroon agreement is expected before year-end. - Murphy plans increased Eagle Ford investment in 2027 and further evaluation of the Côte d'Ivoire and Vietnam discoveries. - At $80 Brent, Chinook and Lac Da Vang are expected to generate about $1 billion of combined free cash flow over five years.
MUR YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $855.0M | $720.9M | +18.6% |
| Operating Income | $256.5M | $5.8M | +4,327.5% |
| Net Income | $171.1M | $2.9M | +5,855.8% |
MUR Revenue by Segment
MUR Revenue by Geography
When Does Murphy Oil Report Next?
Figures from SEC filings and company reports. Not investment advice.