Murphy Oil Corp has increased its quarterly dividend per share by eight percent to $0.35, or $1.4 per share annualized for 2026.
The bump-up comes despite the company expecting a fall in production this year. In 2026 Houston, Texas-based Murphy Oil projects 167,000-175,000 barrels of oil equivalent per day (boepd) in net output excluding non-controlling interest (NCI), compared to 182,294 boepd in 2025, according to its quarterly report.
The 2025 figure grew from 177,412 boepd in 2024, toward the higher end of Murphy Oil’s guidance. In the fourth quarter of 2025, net production excluding NCI climbed to 181,431 boepd from 174,837 boepd in Q4 2024. Q4 2025 production surpassed the midpoint of guidance.
Murphy Oil cited lower natural gas volumes from Tupper Montney for the expected decrease in annual production this year. The decline in the acreage, located in the Western Canadian Sedimentary Basin in British Columbia, “reflects the timing of new wells and higher royalty rates driven by anticipated AECO price strength”, Murphy Oil said.
“Notably, while higher AECO prices adversely impact production through higher royalties, they boost our revenue realization as our Tupper asset is expected to generate over 35 percent in additional cash flow in 2026 compared to 2025. Furthermore, we plan to reach gas processing plant capacity with eight new wells versus 10 new wells in the prior year.
“Overall, we expect to exit 2026 strong, supported by Chinook #8 and our Lac Da Vang (Golden Camel) asset coming online in the second half of the year”.
Q4 2025 net profit was $11.89 million. That was a plunge from $50.34 million for Q4 2024 as lower liquids prices offset an increase in sales volumes and natural gas prices.
After adjustment for nonrecurring items, net income landed at $0.14 per share. That beat the Zacks Consensus Estimate of $0.07 per share.
Net crude and condensate sales averaged 89,326 bpd, up from 88,008 bpd in Q4 2024. The United States offshore accounted for 55,590 bpd of Q4 2025 sales.
Net gas sales averaged 503.11 million cubic feet a day (MMcfd), up from 480.77 MMcfd in Q4 2024. The U.S. offshore contributed 52.58 MMcfd to Q4 2025 sales.
Net sales of natural gas liquids averaged 11,081 bpd, up from 9,745 bpd in Q4 2024.
Sales revenue totaled $613.08 million, down from $669.57 million for Q4 2024.
Operating income from continuing operations totaled $59.34 million, down from $85.19 million for Q4 2024. Net cash from continuing operations was $249.6 million for Q4 2025, while free cash flow stood at $109.6 million.
“At year-end 2025, we were favorably positioned with a strong balance sheet reflecting total debt and net debt of $1.4 billion and $1 billion, respectively. We had $100 million drawn on our unsecured revolving credit facility at the end of the quarter, which is a $50 million decrease over the prior quarter”, said president and chief executive Eric M. Hambly.
Murphy Oil ended 2025 with $377.2 million in cash and cash equivalents and $439.52 million in other current assets.
The quarterly report also announced the company’s entry into Morocco. Murphy Oil signed an agreement with the North African country’s National Office of Hydrocarbons and Mines securing a 75 percent operating stake in the deepwater block Gharb Deep. The license covers over four million acres, the equivalent of more than 700 Gulf of America blocks according to Murphy Oil.
“We are excited about our entry into Morocco, which offers exposure to exploration in a frontier basin with attractive entry costs and competitive terms”, Hambly said.
To contact the author, email jov.onsat@rigzone.com
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