Murphy Oil (MUR) FY2025 results: revenue $2.7 billion, down 10.2% on the year
Murphy Oil Corp. (MUR) reported revenue of $2.7 billion for fiscal 2025, the year ended 31 December 2025, down 10.2% on the year before. Net income was $104 million, down 74.4%, and diluted earnings per share $0.72. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 16 new.
- Full-year net income and EPS: Net income attributable to Murphy was $104.2 million, or $0.72 diluted EPS, for 2025, against $407.2 million in 2024. Fourth-quarter net income was $11.9 million, or $0.08 per diluted share.
- Free cash flow down from 2024: Free cash flow was $301.3 million for 2025, against $754.0 million in 2024, and $109.6 million in the fourth quarter. Net cash provided by continuing operations was $1,247.8 million for 2025.
- Quarter output above guidance midpoint: Fourth-quarter net production was 181,431 BOEPD excluding noncontrolling interest, with oil at 87,044 BOPD in the quarter.
- Hai Su Vang-2X flow test: Drill stem tests on Hai Su Vang-2X indicated about 12,000 BOPD combined flow from the primary reservoir. The company said the recoverable resource midpoint is now toward the high end of the 170 to 430 MMBOE range.
- Cello and Banjo discoveries: Cello #1 encountered 30 feet of net pay and Banjo #1 encountered 50 feet, both in the Gulf of America, after quarter end.
From this 10-K
Murphy Oil explores for and produces oil and natural gas, with onshore and offshore operations. It produces crude oil, natural gas and natural gas liquids mainly in the U.S. and Canada, and it explores in targeted areas worldwide, including Brazil, Côte d'Ivoire and Vietnam. It was incorporated in Louisiana in 1950 as Murphy Corporation and reincorporated in Delaware in 1964, and in 2013 its U.S. refining and marketing business was separated from it. It reports three geographic segments, the U.S., Canada and all other countries, and its headquarters are in Houston, Texas.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 2,719 | 3,028 | 3,460 | -10.2% | |
| Cost of revenue | 0.0 | 3.1 | 51.7 | ||
| Gross profit | 2,719 | 3,025 | 3,408 | -10.1% | |
| Gross margin | 100.0% | 99.9% | 98.5% | ||
| Selling, general and administrative | 137 | 110 | 117 | +24.8% | |
| Operating income | 301 | 603 | 1,042 | -50.0% | |
| Operating margin | 11.1% | 19.9% | 30.1% | ||
| Interest expense | 96.1 | 106 | 112 | -9.3% | |
| Pre-tax income | 183 | 568 | 921 | -67.8% | |
| Income tax | 44.6 | 78.3 | 196 | -43.1% | |
| Effective tax rate | 24.4% | 13.8% | 21.3% | ||
| Net income | 104 | 407 | 662 | -74.4% | |
| Net margin | 3.8% | 13.4% | 19.1% | ||
| Diluted EPS | $0.72 | $2.70 | $4.22 | -73.3% |
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 1,248 | 1,729 | 1,749 | -27.8% | |
| Cash from investing | -1,029 | -908 | -999 | ||
| Cash from financing | -264 | -717 | -924 | ||
| Depreciation and amortisation | 978 | 866 | 862 | +12.9% | |
| Share-based compensation | 50.1 | 40.8 | 58.8 | +22.7% | |
| Buybacks | 103 | 301 | 150 | -65.9% | |
| Dividends paid | 186 | 180 | 171 | +3.5% | |
| Dividend per share | $1.30 | $1.20 | $1.10 | +8.3% | |
| Diluted shares, weighted | 144m | 151m | 157m | -4.6% | |
| Shares outstanding at period end | 143m | 146m | 153m | -2.1% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 5,118 | 5,194 | 5,363 | -1.5% | |
| Non-controlling interest | 118 | 148 | 187 | -19.8% | |
| Debt | 1,385 | 1,270 | 1,325 | +9.0% | |
| Operating lease liabilities | 538 | 537 | 552 | +0.1% | |
| Other liabilities | 2,673 | 2,518 | 2,340 | +6.2% | |
| Total liabilities and equity | 9,833 | 9,667 | 9,767 | +1.7% | |
| Fixed assets | 8,136 | 8,055 | 8,225 | +1.0% | |
| Cash and equivalents | 377 | 424 | 317 | -10.9% | |
| Receivables | 347 | 273 | 344 | +27.2% | |
| Inventory | 57.3 | 54.9 | 54.5 | +4.4% | |
| Other assets | 915 | 862 | 826 | +6.2% | |
| Total assets | 9,833 | 9,667 | 9,767 | +1.7% |
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.