At a glance
Murphy Oil Corporation is worth $6.16B, about 60 times its fiscal 2025 earnings. Revenue fell 10.2% to $2.72B in fiscal 2025, with 3.8% kept as profit; over 5 years it has grown 6.7% a year. It pays a 3.21% dividend yield, raised every year for at least 4 years, and returned $1.30B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +60.5% over the past year with dividends reinvested and +12.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 79.1% in the 2020 crash (S&P 500: 33.7%) and 40.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months and 3 months after the lows.
The business in plain English
Murphy Oil is a Houston-based oil and gas producer. It drills for crude oil, natural gas and natural gas liquids (NGLs, such as propane) and sells them at prices tied to market benchmarks such as West Texas Intermediate (WTI) and Brent. Its U.S. refining and marketing business was split off in 2013. In 2025, crude oil brought in 81.9% of its $2.72 billion of revenue, natural gas 14.1% and NGLs 2.9%.
Murphy reports three geographic segments: the U.S., Canada and other countries. The U.S. produced 90% of the company's oil and NGLs in 2025. About 65% of U.S. output came from offshore Gulf of America fields such as Mormont and St. Malo, and 35% came from the Eagle Ford Shale in South Texas. Canada supplies most of its natural gas, from the Tupper Montney in British Columbia and the Kaybob Duvernay in Alberta.
Output averaged 188,682 barrels of oil equivalent per day in 2025, up 2.4%. That unit counts gas and oil together. Murphy also explores abroad. Its 10-K, filed February 25, 2026, said first oil from the Lac Da Vang field off Vietnam was planned for 2026. The company also holds exploration blocks off Brazil, Côte d'Ivoire and Morocco. Proved reserves are the oil and gas it expects to recover profitably, and they totaled 730.0 million barrels of oil equivalent at December 31, 2025.
Price history
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MUR +60.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Net crude oil and condensate revenue | $2.23B | 81.9% |
| Net natural gas revenue | $382.3M | 14.1% |
| Net natural gas liquids revenue | $80.2M | 2.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $928.3M, up 33.5% from a year earlier, and net income was $232.2M (+942.1%).
- For fiscal 2025, revenue was $2.72B (-10.2% year over year; +6.7% a year from FY2020 to FY2025) with a 3.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.7% good |
|---|---|
| Operating margin | 11.1% watch |
| Return on equity (FY2025) | 2% weak |
| Return on assets (FY2025) | 1.1% weak |
| Net cash (cash minus debt) | $-1.07B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.97B | $-1.15B | — |
| FY2021 | $2.30B | $-73.7M | — |
| FY2022 | $3.93B | $965.0M | — |
| FY2023 | $3.46B | $661.6M | — |
| FY2024 | $3.03B | $407.2M | — |
| FY2025 | $2.72B | $104.2M | — |
Valuation snapshot
| Market value | $6.16B |
|---|---|
| P/E ratio | 59.7 |
| Dividend yield | 3.21% |
Rank among 1514 US companies
Market value at each year end
Murphy Oil’s market value went from $5.36B at the end of 2016 to $6.16B on Oct 28, 2026, up 15%; since the end of 2025 it is up 38%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.16B | +38.2% |
| 2025 | $4.46B | +1.1% |
| 2024 | $4.41B | -33.0% |
| 2023 | $6.59B | -1.4% |
| 2022 | $6.69B | +65.8% |
| 2021 | $4.03B | +117.0% |
| 2020 | $1.86B | -55.9% |
| 2019 | $4.21B | +4.1% |
| 2018 | $4.05B | -24.5% |
| 2017 | $5.36B | -0.0% |
| 2016 | $5.36B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MUR price data to Oct 28, 2026 | +41.7% | +60.5% | +2.3% | +12.6% | +8.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +41.7% |
| 2025 | +8.8% |
| 2024 | -26.8% |
| 2023 | +2.0% |
| 2022 | +68.4% |
| 2021 | +121.4% |
| 2020 | -52.7% |
| 2019 | +19.4% |
| 2018 | -22.1% |
| 2017 | +3.4% |
| 2016 | +45.9% |
| 2015 | -53.9% |
| 2014 | -20.3% |
| 2013 | +28.3% |
| 2012 | +14.1% |
| 2011 | -23.8% |
| 2010 | +40.1% |
| 2009 | +24.5% |
| 2008 | -47.0% |
| 2007 | +68.7% |
| 2006 | -4.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 45.3% over that stretch · deepest drop along the way 63%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 76.3% over that stretch · deepest drop along the way 79.1%, back to its old high 14 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 56.1% over that stretch · deepest drop along the way 40.4%, back to its old high 3.2 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 2 sales ($1.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 11, 2026 | Daniel R Hanchera Senior Vice President | sell | $1.6M |
| Mar 3, 2026 | Maria A Martinez Senior Vice President | sell | $301K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.7% | Mar 31, 2025 |
| Vanguard Portfolio Management | 5.32% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.1% | Mar 31, 2026 |
| Vanguard Capital Management | 5% | Sep 30, 2026 |
| FMR LLC | 2.2% | Mar 31, 2026 |
ETFs with the most weight in MUR
| PXE Invesco Energy Exploration & Production ETF | 2.5% |
| FTIF First Trust Bloomberg Inflation Sensitive Equity ETF | 1.6% |
| OILT Texas Capital Texas Oil Index ETF | 1.34% |
| GRPM Invesco S&P MidCap 400 GARP ETF | 1.2% |
| VRAI Virtus Real Asset Income ETF | 1.06% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 0.83% |
| CCNR ALPS | CoreCommodity Natural Resources ETF | 0.74% |
| FLOW Global X U.S. Cash Flow Kings 100 ETF | 0.65% |
What could go wrong
- Exploration wells can come up dry. Exploration drilling is costly and uncertain. After December 31, 2025, Murphy's Civette-1X and Caracal-1X wells off Côte d'Ivoire found no commercially viable oil or gas. Caracal-1X will be abandoned as a dry hole.
- Heavy reliance on Gulf of America fields. About 65% of Murphy's 2025 US production came from offshore Gulf of America fields. Hurricanes, accidents or equipment failures there can halt output, and insurance may not cover every loss.
- Results swing with oil prices. Crude oil made up 81.9% of 2025 revenue. WTI, the main US oil price, averaged $64.81 a barrel in 2025, down from $75.72 in 2024. Net income fell 74.4% that year.
- Overseas projects carry political and delay risks. Murphy's annual report, filed in February 2026, planned first oil from Vietnam's Lac Da Vang field in 2026. Murphy is also exploring off Morocco. Political shifts, tax changes or delays abroad can hurt returns.
- Reserves must be replaced and can shrink. Fields run down as they produce. Murphy must keep finding or buying new reserves (oil and gas it expects to recover). These are engineers' estimates that can be revised down if prices fall.
- Dividend exceeds earnings; debt adds pressure. Dividends of $1.30 per share were higher than diluted earnings of $0.72 per share in 2025. Debt was about $1.55 billion as of June 30, 2026, so weaker prices could squeeze buybacks and dividends.
Recent events
- Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Quarterly results released; Other company announcement
- New debt or financial obligation; Other company announcement
- Debt obligation accelerated; Other company announcement
For income and retirement investors
Murphy pays a dividend, but the record is uneven. Regular dividends fell from $0.625 per share in 2020 to $0.50 in 2021. They then rose four years in a row to $1.30 in 2025. Dividends paid in 2025 equaled 178.6% of net income, which is more than the company earned. The yield was 3.21% as of October 28, 2026. Murphy also spent $554 million on buybacks from 2023 through 2025, and the share count fell 7.2% between October 2021 and July 2026.
The stock has swung hard in downturns. It fell 63% during the 2008 financial crisis and had not regained its July 2008 peak as of October 28, 2026. In the 2020 COVID crash it dropped 79.1% and took 14 months to recover. Between the market's January 2022 peak and its October 2022 low, Murphy rose 56.1%, though it slid 40.4% from June to July 2022. Single stocks, especially commodity producers, carry more risk than diversified funds.
Questions investors ask
How does Murphy Oil make money?
Murphy Oil makes money by producing and selling crude oil, natural gas and natural gas liquids. In 2025, crude oil brought in 81.9% of its $2.72 billion of revenue, natural gas 14.1% and natural gas liquids 2.9%. Most of its oil comes from offshore fields in the Gulf of America and from the Eagle Ford Shale in South Texas. Most of its natural gas comes from the Tupper Montney and Kaybob Duvernay areas of western Canada.
Does Murphy Oil pay a dividend?
Yes. Murphy paid $1.30 per share in regular dividends in 2025, up from $1.20 in 2024. That was its fourth straight annual increase. The yield was 3.21% as of October 28, 2026. The record has a break: the dividend fell from $0.625 per share in 2020 to $0.50 in 2021. Dividends paid in 2025 equaled 178.6% of net income, so that year's earnings did not cover them.
Where does Murphy Oil drill for oil and gas?
Mainly in the U.S. and Canada. In 2025, about 65% of Murphy's U.S. production came from offshore Gulf of America fields such as Mormont, Khaleesi and St. Malo. About 35% came from the onshore Eagle Ford Shale in South Texas. In Canada it produces natural gas in British Columbia and Alberta and holds small stakes in the Hibernia and Terra Nova fields off Newfoundland. It also produced a little oil in Brunei and explores off Vietnam, Brazil, Côte d'Ivoire and Morocco.
How much debt does Murphy Oil have?
Murphy had about $1.55 billion of total debt as of June 30, 2026. It held $484 million of cash and investments, which leaves roughly $1.07 billion of net debt. On the same date, shareholders' equity was $5.26 billion and total assets were $10.28 billion. The company's 10-K warns that financing may not always be available and that interest rates can affect cash flows. That matters for a business whose income moves with oil and gas prices.
Why is Murphy Oil's P/E ratio so high?
Mainly because 2025 earnings were low. The price-to-earnings (P/E) ratio is the share price divided by a year's profit per share. It was 59.7 as of October 28, 2026, based on 2025 diluted earnings of $0.72 per share. Net income fell 74.4% to $104 million in 2025, when West Texas Intermediate oil averaged $64.81 a barrel, down from $75.72 in 2024. In the quarter ended June 30, 2026, net income was $232 million.