S&P 500
7,764.60
+0.10%
Dow Jones
54,006.40
-0.05%
Nasdaq 100
29,816.40
+0.29%
Russell 2000
3,031.82
-0.10%
FTSE 100
10,868.60
-0.30%
Nikkei 225
67,106.30
+1.22%
Murphy Oil

Murphy Oil (MUR) Q2 2026 Earnings

Reported Aug 5, 2026 at 4:37 PM ET · SEC Source

Q2 26 EPS Adjusted

$1.55

MISS 2.17%

Est. $1.58

Q2 26 Revenue

$926.3M

BEAT +4.86%

Est. $883.4M

vs S&P Since Q2 26

-13.9%

TRAILING MARKET

MUR -13.3% vs S&P +0.6%

Market Reaction

Did MUR Beat Earnings? Q2 2026 Results

Murphy Oil delivered a mixed second quarter in 2026, posting adjusted earnings of $1.55 per diluted share, a narrow 2.17% miss against the $1.58 consensus, while revenue of $926.33 million cleared expectations by 4.86% and surged 35.6% from a year ag… Read more Murphy Oil delivered a mixed second quarter in 2026, posting adjusted earnings of $1.55 per diluted share, a narrow 2.17% miss against the $1.58 consensus, while revenue of $926.33 million cleared expectations by 4.86% and surged 35.6% from a year ago, snapping a four-quarter EPS beat streak. The quarter's standout driver was commodity price strength, with the company realizing $99.14 per barrel of oil, its highest since 2022, propelling adjusted EBITDA to $592.70 million and swinging GAAP net income to $232.20 million from just $22.30 million in Q2 2025. Operationally, production of 169,000 BOEPD came in at the upper end of guidance, supported by strong Tupper Montney performance. A significant offshore oil discovery at Bubale-1X off Côte d'Ivoire prompted Murphy to raise its full-year capital expenditure midpoint to $1.55 billion, while full-year production guidance of 167,000 to 175,000 BOEPD was maintained, with first oil at Lac Da Vang still targeted for Q4 2026. The company recently declared a $0.35 quarterly dividend, consistent with its commitment to return at least 50% of adjusted free cash flow to shareholders.

Key Takeaways

  • • Stronger commodity prices with highest realized oil price since 2022 at $99.14/bbl, a 37% quarter-over-quarter increase
  • • Production at upper end of guidance at 169,000 BOEPD driven by strong Tupper Montney well performance and lower royalty rates
  • • Continued cost discipline with LOE of $8.83/BOE
  • • Operational outperformance across base portfolio

MUR Forward Guidance & Outlook

Murphy raised its full-year 2026 capital expenditure midpoint from $1.25 billion to $1.55 billion to advance high-impact appraisal and development opportunities, including ~$190 million for Bubale appraisal in Côte d'Ivoire, ~$70 million for accelerated Eagle Ford Shale investment, and ~$40 million for higher Chinook #8 drilling costs. Full-year production guidance remains 167,000-175,000 BOEPD (excluding NCI). Q3 2026 production guidance is 171,000-179,000 BOEPD with Q3 capex of $380-$460 million. Lac Da Vang and Chinook #8 are both expected to achieve first oil/come online in Q4 2026. Chinook #8 expected gross initial production of ~15 MBOEPD. Hai Su Vang FID targeted by Q4 2027. Bubale appraisal program expected to include up to five wells over 18-24 months. Full-year LOE expected within $10-$12/BOE range. Management intends to return at least 50% of adjusted free cash flow to shareholders.

24/7 Wall St

MUR YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

MUR Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26
24/7 Wall St

MUR Revenue by Geography

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26

“Murphy enters the second half of 2026 with a growing exploration pipeline and multiple pathways to long-term shareholder value creation. Bubale-1X has broadened our opportunity set, Hai Su Vang has progressed from appraisal to development planning, and Lac Da Vang is nearing first oil. The breadth of our portfolio creates optionality, allowing us to prioritize the highest-value opportunities and maximize shareholder returns.”

— Eric M. Hambly, Q2 2026 Earnings Press Release

Back to MUR Stock Page