On this page of StockholderLetter.com we present the latest annual shareholder letter from MURPHY OIL CORP — ticker symbol MUR. Reading current and past MUR letters to shareholders can bring important insights into the investment thesis.

 •  3/27/2026 Letter Continued (Full PDF)
 •  3/24/2023 MUR Stockholder Letter
 •  3/21/2024 MUR Stockholder Letter
 •  3/28/2025 MUR Stockholder Letter
 •  More "Oil & Gas Exploration & Production" Category Stockholder Letters
 •  MUR Benford's Law Stock Score = 90

MUR Shareholder/Stockholder Letter Transcript:

2025
ANNUAL
REPORT
LEGACY
IN MOTION
FROM FOUNDATION TO FUTURE

DEAR FELLOW
SHAREHOLDER,
We, at Murphy Oil, operate in a sector that is regularly reshaped by
external drivers that are largely beyond our ability to predict, much less
control. That means that in any one year our priorities, operations, and
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However, the most important driver of our sector stems from one of the
most powerful and enduring realities in human history: the positive
correlation between people   s standards of living and the accessibility of
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This reality, which has lasted for thousands of years and is core to human
security and happiness, is a brilliant foundation on which we have built
Murphy Oil over the last three quarters of a century. It also meshes well
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operations, and just-right size that enables us to be global, sophisticated,
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   Legacy in Motion    and it is particularly apt in our current 76th year of
incorporation.
The quarterly and other updates we provide during the year can be heavy
on detail because we often manage highly technical, sophisticated, and
complex projects (a) ranging from the imagination phase to core
production mode, (b) based onshore and offshore, and (c) situated in
developed and developing countries. So, this annual letter is a good
opportunity to step back from that detail and highlight some of the telling
results that this Legacy in Motion approach produced in the past year.
In 2025, these included:
    Increasing our average production from 177 thousand to 182 thousand
barrels of oil equivalents (BOE) per day
    Reducing our lease operating expenses per BOE by 20 percent from
the prior year
    Decreasing our Eagle Ford Shale drilling cost per well by 7 percent
year over year
    Drilling the longest laterals in our history in both Eagle Ford Shale and
onshore Canada
    Achieving Tupper Montney natural gas production rates at plant
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    Advancing high-impact exploration and appraisal programs in the Gulf
of America, Vietnam and C  te d   Ivoire   evidence of the strength of
our strategic model as well as a demonstration that we continue to
invest in our future
Eric M. Hambly
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   Legacy in Motion
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2025 Production
by Area
21%
40%
182
MBOEPD
39%
US Onshore: 38 MBOEPD
Offshore: 71 MBOEPD
Canada Onshore: 73 MBOEPD

2025 Proved Reserves
by Area
23%
57%
Without turning this letter into a dated repetition of disclosures we have
previously provided, here are a few operating and strategic highlights
from 2025 that provide color and context and show the breadth of our
operations and the substantial investments we make in our future:
In the Gulf of America, we:
715
    maintained industry leading uptime at our key operated facilities,
MMBOE
20%
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    spud our Cello and Banjo discoveries, announced in January 2026, and
US Onshore: 168 MMBOE
Offshore: 143 MMBOE
Canada Onshore: 404 MMBOE
    participated in the federal government   s lease sale, in which we were
high bidder for 14 blocks that provide exploration portfolio depth.
In Vietnam, we:
    achieved exploration success at our Lac Da Hong (Pink Camel) and
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    drilled a successful appraisal well at Hai Su Vang
(Golden Sea Lion), and
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quarter of 2026. We expect you   ll be reading a lot more about our
growing Vietnam business in next year   s letter.
In January 2026, we signed a Petroleum Agreement in Morocco   s Gharb
Deep Offshore block, an agreement giving us a 75 percent working
interest with the remainder owned by a governmental entity. Partnering
with host governments has been a notable and sometimes under-valued
strength of ours: after all, it isn   t enough to identify    good rocks    if you
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all parties.
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performance, a few key metrics of which include:
    Generating $1.2 billion from continuing operations and $301.3 million
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    Distributing $186 million in dividends
    Repurchasing $100 million (or 3.6 million shares) in stock
    Ending the year with $1 billion in net debt
    Achieving operating costs of $10.89 per BOE
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decisions, some of them long in the making. So, I want to supplement this
information by sharing that we continue to invest in our people, our
technology, our stakeholder relationships and our governance, even
though these efforts are often not yet externally visible and their effects
not yet measurable. It is these things that, backed by our long-term focus,
so strongly align us with the most powerful of all economic drivers I
opened this letter describing   the combination of legacy and motion.

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letter   s opening, any effort to look forward should be undertaken with
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environment, our focus remains on a mix of near-term and core
operations, creative and nimble exploration efforts, a conservative
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and everything we touch, and a commitment to being a duration-focused
company.
Total Debt and
Interest Expense
$ Billion
$2.5
$1.8
$1.3
$1.3
2023
2024
$1.4
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    Prioritizing balance sheet strength and discipline in our capital plans
    Allocating ~75 percent of our capital spending on development and
the remainder on exploration and appraisal related activities
    Receiving strong support from our Gulf of America assets while
developing our Vietnam assets
2021
2022
Total Debt
2025
Total Interest Expense
    Managing what we cannot anticipate
Thank you for your interest in Murphy. We welcome input and support
from all our stakeholders as our legacy moves forward.
Total Return of Capital
$ Million
$480
Sincerely,
$321
$286
$128
$77
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2021
2022
Dividend
2023
2024
2025
Repurchases
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metrics may not add due to rounding.
Unless otherwise noted, the production,
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this Shareholder Letter and accompanying
information exclude the noncontrolling
interest in MP Gulf of Mexico, LLC (MP
GOM), thereby representing only the
amounts attributable to Murphy. Proved
reserves are based on year-end 2025
third-party audited volumes using SEC
pricing.
1
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3/27/2026 Letter Continued (Full PDF)

 

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