Murphy Oil update not ‘needle moving,’ says Roth Capital

Murphy Oil (MUR) announced that it plans to make a decision on its Bubale exploration well in Cote d’Ivoire within 45 days, with success potentially requiring significant capital through farm-downs, debt, or asset sales, while failure would likely pause activity for 1-1.5 years, Roth Capital tells investors in a research note. Beyond Bubale, Murphy sees substantial prospectivity in its two offshore Vietnam blocks in the Cuu Long Basin and expects to drill multiple exploration wells there from 2027-2029, with remaining potential roughly equal to prior discoveries, Roth says. The firm, which has a Neutral rating and $28 price target on the shares, doesn’t see the update to be “needle moving.”