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Murphy Oil Corporation MUR reported second-quarter 2026 adjusted earnings of $1.55 per share, up 474.1% year over year. The figure topped the Zacks Consensus Estimate of $1.51 per share by 2.7%.
GAAP earnings were $1.59 per share compared with 16 cents in the year-ago quarter. The difference between GAAP and operating earnings was due to discontinued operations and other items affecting comparability between periods.
Revenues of $928.3 million increased 33.5% and beat the consensus estimate of $871 million by 6.5%. Higher commodity prices and solid operating execution supported the results.
U.S. exploration and production revenues increased 34.4% to $744 million. Canadian revenues advanced 43.1% to $183.6 million, showing that the revenue improvement extended across both major geographic businesses. Corporate contributed $0.7 million in total revenues.
Murphy realized $99.14 per barrel of oil in the quarter, its highest level since 2022 and up 37% sequentially. Gas prices dipped seasonally this quarter, and gas prices realized $1.76 per thousand cubic feet.
Total production volumes reached 169,000 barrels of oil equivalent per day (Boe/d), at the upper end of guidance level of 161,000-169,000 Boe/d. Oil production totaled 85,300 barrels per day.
The onshore business produced 103,800 Boe/d, including 39,100 Boe/d from the Eagle Ford Shale, 58,100 Boe/d from Tupper Montney and 6,600 Boe/d from Kaybob Duvernay. Murphy brought six operated Eagle Ford wells and four Kaybob Duvernay wells online during the quarter.
Offshore production totaled about 65,000 Boe/d. The Gulf of America contributed 57,100 Boe/d, while offshore Canada produced 7,900 Boe/d. In the Gulf of America, Chinook #8 completed drilling and moved into completion activity, with first production expected in the fourth quarter of 2026.
Total costs and expenses fell 4.9% year over year to $573.6 million. Lease operating expenses declined to $143.7 million from $215.6 million, offsetting higher exploration costs of $39.3 million compared with $10.4 million a year earlier.
Lease operating expense, excluding noncontrolling interest, averaged $8.83 per BOE. Selling and general expenses rose to $38.7 million from $36.9 million. Interest expenses were $24.9 million, down 0.8% year over year.
The Bubale-1X well offshore Côte d'Ivoire discovered oil across 100 feet of net pay in two reservoirs. Murphy subsequently started the Bubale West-1X appraisal well and expects the broader appraisal program to include as many as five wells over the next 18-24 months.
In Vietnam, the Hai Su Vang appraisal program established an updated gross recoverable resource estimate of 200-300 million barrels of oil equivalents (Boe). Murphy is targeting a final investment decision by the fourth quarter of 2027. The Lac Da Vang project remains on track for first oil in the fourth quarter of 2026 after pipeline installation, topsides work and FSO mobilization progressed.
In second-quarter 2026, net cash provided by continuing operations was $655.9 million, up from $358.1 million a year ago. Operating cash flow excluding working-capital changes was $588.4 million, while free cash flow totaled $110 million.
As of June 30, 2026, Murphy had about $484 million in cash and cash equivalents and approximately $2.48 billion of liquidity. Total long-term debt stood at $1.55 billion. The company paid $50 million in dividends during the quarter and retained $550 million under its share repurchase authorization.
For the third quarter, MUR expects production of 171,000-179,000 Boe/d and capital expenditures of $380-$460 million, excluding noncontrolling interest. Exploration expense is projected at $135 million.
The company maintained full-year production guidance of 167,000-175,000 Boe/d. However, MUR raised its 2026 capital spending range to $1.5-$1.6 billion from the prior midpoint of $1.25 billion. This increase indicates appraisal spending at Bubale, accelerated Eagle Ford activity and higher Chinook #8 costs. For 2026, exploration expense is projected at $300 million.
Murphy currently has a Zacks Rank # 3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Devon Energy Corporation DVN reported second-quarter 2026 adjusted earnings of $1.57 per share, beating the Zacks Consensus Estimate of $1.30 by 20.77%.
Revenues of $7.41 billion surpassed the consensus estimate of $6.29 billion by 17.81% and increased 73.1% year over year. Strong oil pricing and contributions from the Coterra Energy merger supported the results.
TotalEnergies SE TTE reported second-quarter 2026 operating earnings of $2.68 (€2.31) per share, which lagged the Zacks Consensus Estimate of $3.07 by 12.7%. The bottom line improved 70.7% from the year-ago figure of $1.57 (€1.38).
Total revenues for the second quarter were $57.1 billion, which increased from the year-ago reported figure of $47.9 billion by 27.8%. The metric lagged the Zacks Consensus Estimate of $60.18 billion by 5.13%.
CNX Resources Corporation CNX reported second-quarter 2026 operating earnings of 72 cents per share, beating the Zacks Consensus Estimate of 57 cents by 26.3%. The bottom line increased 22% from the year-ago quarter’s 59 cents.
The company reported revenues of $389 million, which missed the Zacks Consensus Estimate of $413 million by 5.8%.
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