Murphy Oil Corp. has reported a dip in net earnings for the second quarter and the first half of the year, despite production outperforming the high end of guidance.
For the second quarter, Murphy reported a net income of $22.3 million, down from $127.7 million for the corresponding period a year ago. For the first six months of the year, net income was $95.3 million, a decrease from $217.7 million for H1 2024, it said.
Revenues for the quarter under review were $695.6 million, down from $802.7 million for Q2 2024. For the first half of 2025, Murphy posted revenues of $1.4 billion, versus $1.6 billion for H1 2024.
President and Chief Executive Officer Eric M. Hambly remains upbeat. “I am very pleased with our solid operational results in the second quarter, which were achieved through strong new onshore well performance, continued Gulf of America workover progress, and field development execution at Lac Da Vang (Golden Camel). It’s an exciting time at Murphy as we look ahead to significant exploration and appraisal catalysts in the second half of the year”, Hambly said.
The company reported a steady increase in production, averaging 190,000 barrels of oil equivalent per day (boepd) and 90,000 barrels of oil per day (bodp), surpassing the higher end of guidance due to strong new well performance. In the second quarter of 2025, the onshore segment produced about 118,000 boepd, with liquids accounting for 31 percent. The offshore segment produced around 72,000 bopd, with oil representing 82 percent.
Murphy said that in the Gulf of America, it finalized the workover of the Samurai #3 well and resumed production early in the second quarter. The workover for the Khaleesi #2 well was also completed, and production restarted early in the third quarter.
In the second quarter, Murphy also said it continued to progress the Lac Da Vang (Golden Camel) field development in Vietnam. It remains on track for first oil in the latter half of 2026.
To contact the author, email andreson.n.paul@gmail.com
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