Murphy Oil Corporation, an independent exploration and production company, has reported its 1Q 2025 production and proved reserves figures. The company's production for 1Q 2025 stood at 157 MBOEPD, representing a 16% increase in offshore, 45% increase in onshore U.S., and 39% increase in onshore Canada production compared to the previous period. Additionally, the company's proved reserves for 2024 demonstrated a 24% increase in offshore, 22% increase in onshore U.S., and 54% increase in onshore Canada compared to the prior year.
Murphy Oil has also outlined its strategic priorities for 1Q 2025, focusing on maintaining consistent operational excellence, expanding its multi-basin portfolio, and delivering on its capital allocation commitment. Notably, the company achieved significant milestones, such as drilling the second oil discovery in Vietnam and completing the longest laterals in the Eagle Ford Shale and Tupper Montney.
The company has taken steps to deliver shareholder returns, having repurchased $100 million of stock, or 3.6 million shares, and returned $47 million to shareholders through quarterly dividends in 1Q 2025. Furthermore, Murphy Oil is targeting a long-term debt reduction goal of $1.0 billion, with a cumulative shareholder return of over $5 billion since 2013.
In terms of its capital and production plan, Murphy Oil is allocating capital to develop assets and increase future resource potential. The company's planned 2Q 2025 guidance includes a production range of 177-185 MBOEPD and accrued CAPEX of $300 million. The company aims to maintain its FY 2025 guidance with a production range of 174.5-182.5 MBOEPD and accrued CAPEX of $1,135 million to $1,285 million.
The company also provided updates on its Eagle Ford Shale and Tupper Montney operations. In the Eagle Ford Shale, Murphy Oil enhanced its portfolio through capital efficiency gains, achieving a 67% oil rate and 83% liquids volumes. Meanwhile, in the Tupper Montney, the company gained capital efficiencies through an improved field development plan and mitigated AECO exposure in 1Q 2025.
Murphy Oil Corporation's 1Q 2025 report reflects its efforts to drive operational growth, enhance shareholder value, and strategically manage its exploration and production activities across its diversified portfolio. Following these announcements, the company's shares moved -6.0%, and are now trading at a price of $23.34. For the full picture, make sure to review MURPHY OIL CORP's 8-K report.
