MURPHY OIL CORP

2018-2019: Pivot to the Gulf of Mexico

The record available here starts in 2017, so it shows Murphy as an established company rather than its founding. In October 2018 Murphy agreed to combine its Gulf of Mexico producing assets with those of Petrobras America in a new joint venture, with Murphy as operator. It amended its credit facility to allow the deal. The venture closed at the start of December 2018. Murphy contributed fields including Dalmatian, Clipper and Front Runner, while Petrobras contributed higher-profile fields including Lucius, St. Malo, Cascade and Chinook. Murphy paid $900 million in cash to balance the exchange and ended up with 80% of the venture. A new $1.6 billion revolving credit facility, which replaced its prior one, helped fund the deal.

In March 2019 Murphy agreed to sell its entire Malaysia business to Thailand's PTTEP for US$2.127 billion in cash, plus up to $100 million tied to future drilling results. A month later it agreed to buy deepwater Gulf of Mexico assets from LLOG Exploration for $1.375 billion cash, plus up to $250 million contingent. The LLOG deal closed at the end of May 2019 at $1.227 billion after adjustments, 26 blocks in all, funded partly by a new $500 million term loan. The Malaysia sale closed in July for about $2.035 billion and a gain of roughly $1.0 billion, completing the shift toward the U.S. Gulf of Mexico.

Shares on issue fell from about 173 million at the end of 2018 to about 153 million at the end of 2019. The beats do not explain this drop.

2020-2022: Cutting and raising the dividend

In April 2020, as oil and gas prices collapsed during the COVID-19 demand shock, Murphy cut its quarterly dividend 50% to $0.125 per share from $0.25. It also lowered its capital spending plans and reduced executive and director pay. The record is quiet after that until 2022.

In April 2022, with high oil and gas prices driving strong cash flow, Murphy raised the quarterly dividend 17% to $0.175 per share, 40% above a year earlier. In August it raised it again to $0.25 per share ($1.00 a year), double what it paid a year earlier. Also in 2022, a Brazil well, Cutthroat-1, in which Murphy held a 20% non-operated interest, was a dry hole.

2023-2026: Refinancing and Vietnam

Through these years Murphy repeatedly redeemed notes and replaced them with longer-dated ones. Its credit facility went to $800 million in November 2022, then $1.2 billion in October 2024, when it also added notes due 2032. In January 2026 it expanded the facility from $1.35 billion to $2.00 billion and extended its maturity to January 2031. On January 23, 2026 it closed $500 million of 6.500% notes due 2034, with the proceeds redeeming its 2027 and 2028 notes.

In January 2026 Murphy also announced a successful appraisal well, Hai Su Vang-2X, offshore Vietnam in the Cuu Long Basin, a new area of exploration interest. Shares on issue stood at about 143 million.