Murphy Oil Corporation reported second-quarter net income of $232.2 million, or $1.59 per diluted share, up from $22 million a year earlier, with production at 169,000 barrels of oil equivalent per day. The company also announced an oil discovery at its Bubale-1X well offshore Côte d'Ivoire, encountering 100 feet of net pay, and advanced its Lac Da Vang project in Vietnam toward first oil in the fourth quarter of 2026. However, Murphy expensed a dry hole at its Hai Su Vang-4X well in Vietnam and raised its full-year capital spending midpoint from $1.25 billion to $1.55 billion. The company ended the quarter with $2.48 billion in liquidity and paid $50 million in dividends, but did not repurchase any shares despite having $550 million remaining under its authorization. Free cash flow was $110 million against $476 million in capital expenditures.
Murphy Oil CorporationNet income jumped tenfold to $232.2 million on strong production and a new oil discovery, though capex was raised.
