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Murphy Oil Posts Strong Q2 Profit, Hits Oil Pay at Bubale Wells

Murphy Oil logoMurphy Oil
Sig3.40Sen+7.10Env-2.70Soc0.00Gov0.00

Murphy Oil reported second-quarter net income of $232.2 million and production of 169,000 barrels of oil equivalent per day, at the top of its guidance range. The Bubale-1X exploration well in Block CI-709 encountered 100 feet of net pay, leading to a follow-up appraisal spud at Bubale West-1X. The company targeted first oil for Q4 2026, raised full-year capital spending to $1.55 billion, paid $50 million in dividends, and generated $110 million in free cash flow.

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