Exceeding Production Guidance
Murphy Oil Corporation delivered total production of 200,000 barrels of oil equivalents per day and oil production of 94,000 barrels per day, exceeding the high end of their production guidance for the second consecutive quarter.
Reduction in Operating Costs
Operating costs in the quarter averaged $9.39 per BOE, 20% less than in the prior quarter.
Successful Capital Efficiency
Capital expenditures totaled $164 million, below guidance, reflecting ongoing efforts to drive capital efficiencies.
International Development Milestones
Significant progress was made in international development, including starting the first development well in the Lac Da Vang (Golden Camel) field in Vietnam and keeping the Cote d'Ivoire exploration program on track.
Strong Onshore Operational Improvements
Eagle Ford and Montney wells showed high performance with initial rates and cumulative production significantly above historical averages, with breakeven points as low as $35 or even in the $20s per barrel range.