$MUR

MURPHY OIL CORP /DE

CIK:0000717423|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues and other income
Total revenue from sales to customers	$ 926,332	$ 683,065	$ 1,658,686	$ 1,355,795
Gain on derivative instruments	0	10,808	0	1,349
Gain on sale of assets and other operating income	1,975	1,697	3,173	4,137
Total revenues and other income	928,307	695,570	1,661,859	1,361,281
Costs and expenses
Lease operating expenses	143,719	215,554	287,183	420,633
Severance and ad valorem taxes	14,991	10,828	28,737	19,478
Transportation, gathering and processing	45,274	54,070	92,335	102,921
Exploration expenses, including undeveloped lease amortization	39,303	10,399	122,118	24,887
Selling and general expenses	38,670	36,919	73,540	67,834
Depreciation, depletion and amortization	262,106	259,324	516,482	453,484
Accretion of asset retirement obligations	14,870	14,432	29,384	28,477
Other operating expense	14,706	1,833	19,147	7,462
Total costs and expenses	573,639	603,359	1,168,926	1,125,176
Operating income from continuing operations	354,668	92,211	492,933	236,105
Other income (loss)
Other income (loss)	11,247	(32,304)	21,099	(29,902)
Interest expense, net	(24,917)	(25,053)	(53,894)	(48,576)
Total other loss	(13,670)	(57,357)	(32,795)	(78,478)
Income from continuing operations before income taxes	340,998	34,854	460,138	157,627
Income tax expense	77,030	1,032	126,975	33,754
Income from continuing operations	263,968	33,822	333,163	123,873
Income (loss) from discontinued operations, net of income taxes	(437)	1,302	(979)	669
Net income including noncontrolling interest	263,531	35,124	332,184	124,542
Less: Net income attributable to noncontrolling interest	31,356	12,844	47,023	29,226
NET INCOME ATTRIBUTABLE TO MURPHY	$ 232,175	$ 22,280	$ 285,161	$ 95,316
NET INCOME (LOSS) PER COMMON SHARE – BASIC
Continuing operations (in USD per share)	$ 1.62	$ 0.15	$ 2.00	$ 0.66
Discontinued operations (in USD per share)	0	0.01	(0.01)	0
Net income (in USD per share)	1.62	0.16	1.99	0.66
NET INCOME (LOSS) PER COMMON SHARE – DILUTED
Continuing operations (in USD per share)	1.59	0.15	1.96	0.66
Discontinued operations (in USD per share)	0	0.01	(0.01)	0
Net income (in USD per share)	1.59	0.16	1.95	0.66
Cash dividends per common share (in USD per share)	$ 0.350	$ 0.325	$ 0.700	$ 0.650
Average common shares outstanding (thousands)
Basic (in shares)	143,350,677	142,720,904	143,216,239	143,502,425
Diluted (in shares)	146,148,510	143,215,614	145,893,868	144,143,851
Revenue from production
Revenues and other income
Total revenue from sales to customers	$ 926,332	$ 683,065	$ 1,658,686	$ 1,355,795

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income including noncontrolling interest	$ 332,184	$ 124,542
Adjustments to reconcile net income to net cash provided by continuing operations activities
Depreciation, depletion and amortization	516,482	453,484
Unsuccessful exploration well costs and previously suspended exploration costs	80,585	(776)
Deferred income tax expense	92,549	21,216
Accretion of asset retirement obligations	29,384	28,477
Long-term non-cash compensation	25,693	22,016
Amortization of undeveloped leases	4,835	3,909
(Income) loss from discontinued operations	979	(669)
Unrealized gain on derivative instruments	0	(1,371)
Other operating activities, net	(65,121)	(2)
Net (increase) decrease in non-cash working capital	(40,477)	7,905
Net cash provided by continuing operations activities	977,093	658,731
Investing Activities
Property additions and dry hole costs	(866,159)	(678,043)
Acquisition of oil and natural gas properties	(23,513)	(1,383)
Net cash required by investing activities	(889,672)	(679,426)
Financing Activities
Retirement of debt	(227,489)	0
Early redemption of debt cost	(2,369)	0
Debt issuance	500,000	0
Debt issuance cost	(7,819)	0
Borrowings on revolving credit facility	425,000	350,000
Repayment of revolving credit facility	(525,000)	(150,000)
Issue costs of revolving credit facility	(12,274)	(18)
Repurchase of common stock, including excise tax	(777)	(102,620)
Cash dividends paid	(100,344)	(93,412)
Distributions to noncontrolling interest	(21,164)	(18,165)
Withholding tax on stock-based incentive awards	(7,849)	(7,654)
Finance lease obligation payments	(870)	(486)
Net cash provided (required) by financing activities	19,045	(22,355)
Effect of exchange rate changes on cash and cash equivalents	213	(888)
Net increase (decrease) in cash and cash equivalents	106,679	(43,938)
Cash and cash equivalents at beginning of period	377,196	423,569
Cash and cash equivalents at end of period	$ 483,875	$ 379,631

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 483,875	$ 377,196
Accounts receivable, net	443,120	346,759
Inventories	62,011	57,284
Prepaid expenses	37,836	35,473
Total current assets	1,026,842	816,712
Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization of $15,470,662 in 2026 and $15,068,149 in 2025	8,434,791	8,136,346
Operating lease assets	702,528	805,464
Deferred charges and other assets	113,973	74,104
Total assets	10,278,134	9,832,626
Current liabilities
Current maturities of long-term debt, finance lease	2,578	2,514
Accounts payable	671,238	572,183
Income taxes payable	32,330	18,209
Other taxes payable	36,388	28,295
Operating lease liabilities	280,162	278,834
Other accrued liabilities	120,438	120,755
Current asset retirement obligations	59,231	41,959
Total current liabilities	1,202,365	1,062,749
Long-term debt, including finance lease obligation	1,547,864	1,382,566
Asset retirement obligations	981,355	970,908
Deferred credits and other liabilities	245,770	263,596
Non-current operating lease liabilities	433,128	537,773
Deferred income taxes	464,462	378,337
Total liabilities	4,874,944	4,595,929
Equity
Cumulative Preferred Stock, par $100, authorized 400,000 shares, none issued	0	0
Common Stock, par $1.00, authorized 450,000,000 shares, issued 195,100,628 shares at June 30, 2026 and 195,100,628 shares at December 31, 2025	195,101	195,101
Capital in excess of par value	844,653	859,633
Retained earnings	6,876,135	6,691,318
Accumulated other comprehensive loss	(606,066)	(554,227)
Treasury stock	(2,050,809)	(2,073,445)
Murphy Shareholders' Equity	5,259,014	5,118,380
Noncontrolling interest	144,176	118,317
Total equity	5,403,190	5,236,697
Total liabilities and equity	$ 10,278,134	$ 9,832,626