Murphy Oil Q2 adjusted EBITDA beats estimates, raises 2026 capex outlook

Murphy Oil

05/08/2026 21:51

Overview
U.S. oil and gas producer's Q2 adjusted EBITDA beat analyst expectations
Production for Q2 was at the high end of guidance, driven by strong well performance
Company raised full-year capital expenditure outlook to $1.55 bln due to expanded exploration

Outlook
Murphy Oil raises 2026 capital expenditure outlook midpoint to $1.55 bln from $1.25 bln
Company maintains full-year 2026 production guidance midpoint of 171,000 BOEPD
Murphy Oil expects 2026 lease operating expense to be within $10 to $12 per BOE

Result Drivers
BUBALE-1X DISCOVERY - Increased capital spending and future plans driven by significant oil discovery offshore Côte d'Ivoire
STRONG WELL PERFORMANCE - Production outperformance attributed to lower royalty rates and strong well performance at Tupper Montney
HIGHER OIL PRICES - Realized oil price rose 37% quarter-over-quarter due to recent geopolitical events

Company press release: ID:nBw15fH6Ja

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Adjusted EBITDA
Beat
$593 mln
$582.15 mln (10 Analysts)

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 11 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy."
Wall Street's median 12-month price target for Murphy Oil Corp is $42.00, about 9.4% above its August 4 closing price of $38.38
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago

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For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)