Murphy Oil Corporation (Murphy) is a global oil and natural gas exploration and production company, with both onshore and offshore operations and properties.
Exploration and Production
The company produces crude oil and condensate (collectively, crude oil), natural gas and natural gas liquids (NGLs) primarily in the U.S. and Canada; and explores for crude oil, natural gas and NGLs in targeted areas worldwide.
During 2024, Murphy’s principal exploration and production activities were conducted...
Murphy Oil Corporation (Murphy) is a global oil and natural gas exploration and production company, with both onshore and offshore operations and properties.
Exploration and Production
The company produces crude oil and condensate (collectively, crude oil), natural gas and natural gas liquids (NGLs) primarily in the U.S. and Canada; and explores for crude oil, natural gas and NGLs in targeted areas worldwide.
During 2024, Murphy’s principal exploration and production activities were conducted in the U.S. by wholly-owned Murphy Exploration & Production Company – USA and its subsidiaries, in Canada by wholly-owned Murphy Oil Company Ltd. and its subsidiaries, and in Brazil, Brunei, CÔte d’Ivoire and Vietnam by wholly-owned Murphy Exploration & Production Company – International and its subsidiaries. Murphy’s operations and production in 2024 were in the U.S., Canada and Brunei.
Unless otherwise indicated, all references to the company’s U.S. Offshore and total oil, natural gas and NGLs production, sales volumes, and proved reserves include a noncontrolling interest in MP Gulf of Mexico, LLC.
Murphy’s worldwide 2024 production on a barrel of oil equivalent basis (six thousand cubic feet of natural gas equals one barrel of oil) was 184,293 barrels of oil equivalent per day (BOEPD).
The United States
In the U.S., Murphy produces crude oil, natural gas and NGLs primarily from fields in the Gulf of America and in the Eagle Ford Shale area of South Texas. The company produced 93,184 barrels (BBL) of crude oil and NGLs (collectively, liquids) per day and approximately 82 million cubic feet (MMCF) of natural gas per day in the U.S. in 2024.
Offshore
The company holds rights to approximately 580 thousand gross acres in the Gulf of America. During 2024, approximately 72% of total U.S. hydrocarbon production was produced at fields in the Gulf of America, of which approximately 90% was derived from ten fields, including the operated Khaleesi, Mormont, Cascade and Chinook, Samurai, Marmalard, Dalmatian and Powerball fields, as well as the non-operated St. Malo, Kodiak and Lucius fields. Total average daily production in the Gulf of America in 2024 was 67,591 BBL of liquids and 57 MMCF of natural gas.
Onshore
The company holds rights to approximately 133 thousand gross acres in South Texas in the Eagle Ford Shale unconventional oil and natural gas play. During 2024, approximately 28% of total U.S. hydrocarbon production was produced in the Eagle Ford Shale. Total 2024 production in the Eagle Ford Shale area was 25,521 BBL of liquids per day and 24.9 MMCF per day of natural gas.
Canada
In Canada, the company holds working interests in Tupper Montney (100% working interest), Kaybob Duvernay and two non-operated offshore assets – the Hibernia and Terra Nova fields, located offshore Newfoundland and Labrador in the Jeanne d’Arc Basin.
Onshore
Murphy has approximately 139 thousand gross acres of Tupper Montney mineral rights located in northeast British Columbia. In addition, the company holds a 70% working interest in Kaybob Duvernay lands in Alberta. The company has approximately 166 thousand gross acres of Kaybob Duvernay mineral rights. Daily production in 2024 in Canada Onshore averaged 3,465 BBL of liquids and 399 MMCF of natural gas.
Offshore
The company holds a non-operated interest in approximately 133 thousand gross acres offshore Canada. Murphy has a 6.5% working interest in Hibernia Main, a 4.3% working interest in Hibernia South Extension, and an 18.0% working interest in Terra Nova. Oil production in 2024 was 7,251 BBL of oil per day for the two offshore Canadian fields.
Brazil
The company holds a 20% non-operated working interest in nine blocks in the offshore regions of the Sergipe-Alagoas Basin (SEAL) in Brazil (SEAL-M-351, SEAL-M-428, SEAL-M-430, SEAL-M-501, SEAL-M-503, SEAL-M-505, SEAL-M-573, SEAL-M-575 and SEAL-M-637). Murphy has a 100% working interest in three blocks in the Potiguar Basin (POT-M-857, POT-M-863 and POT-M-865).
Murphy’s total acreage position in Brazil as of December 31, 2024, is approximately 2.5 million gross acres, offsetting several major discoveries.
Brunei
The company has a working interest of 8.051% in Block CA-1 as of December 31, 2024. Oil production in 2024 was 219 BBL of oil per day for Brunei.
Total proved reserves for its Jagus East discovery in Block CA-1 at December 31, 2024 were approximately 0.2 million BBL of liquids and 172 MMCF of natural gas. Block CA-1 covers 2 thousand gross acres.
Vietnam
The company holds an interest in 7.3 million gross acres, consisting of 65% working interest in Blocks 144 & 145, and a 40% interest in Block 15-1/05 and Block 15-2/17. The company is the operator of each of the three Production Sharing Contracts (PSCs).
Block 15-1/05 contains the Lac Da Vang (Golden Camel) discovered field in the Cuu Long Basin where, in 2023, the company received government approval of the field development plan, and the Board of Directors of the company (the Board) sanctioned the project. Development activity is in progress, with first oil planned in 2026. The Lac Da Trang-1X (White Camel) exploration well was drilled in April 2019 and the company anticipates drilling the Lac Da Hong-1X (Pink Camel) exploration well in 2025.
In Block 15-2/17, the company completed its geological and geophysical commitment work, which included 3D seismic reprocessing. In the fourth quarter 2024, the company drilled an oil discovery at the Hai Su Vang-1X (Golden Sea Lion) exploration well, which encountered approximately 370 feet of net pay from two reservoirs. Additional evaluation is ongoing and future appraisal drilling will be conducted.
In Blocks 144 & 145, the company acquired 2D seismic in 2013 and undertook seabed surveys in 2015 and 2016.
CÔte d’Ivoire
During the second quarter of 2023, Murphy signed PSCs as operator for five deepwater blocks in the Tano Basin offshore CÔte d’Ivoire, Africa. The five blocks have a total area of 1.5 million gross acres, with Murphy holding a 90% working interest in four blocks and an 85% working interest in the fifth block. Societe Nationale d’Operations Petrolières de la CÔte d’Ivoire holds the remaining working interest for each block.
Commitments for the initial exploration periods across the five blocks consist of seismic reprocessing. Block CI-103 includes the Paon discovery, appraised with multiple wells by a previous operator. The PSC for this block also includes a commitment to submit a field development plan for this discovery by the end of 2025.
Regulation
The company is subject to the requirements of the U.S. Occupational Safety and Health Act (OSHA) and comparable foreign and state laws that regulate the protection of the health and safety of workers.
In Canada, the company is subject to Federal Occupational Health and Safety Legislation, the provincially administered Occupational Health and Safety Act (Alberta), the Workers Compensation Act (British Columbia) and the Workplace Hazardous Materials Information System (WHMIS).
In Canada, Murphy is subject to GHG regulations and resultant carbon pricing programs specific to the jurisdiction of operation.
History
The company was incorporated in 1950. It was formerly known as Murphy Corporation and changed its name to Murphy Oil Corporation in 1964.