v3.26.1
Business Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business Segments
Note P – Business Segments
Information about business segments and geographic operations is reported in the following tables. For geographic purposes, revenues are attributed to the country in which the sale occurs. Corporate includes interest income, other gains and losses, interest expense and unallocated overhead and is shown in the tables to reconcile the business segments to consolidated totals. The Company has accounted for its former United Kingdom (U.K.), Malaysia and U.S. refining and marketing operations as discontinued operations for all periods presented. Murphy’s President and Chief Executive Officer, Eric M. Hambly, acts as the Chief Operating Decision Maker (CODM).
“Other segment costs (income)” below are those items that are included in Segment income (loss) but are not regularly provided to the CODM or are reported to the CODM but are not considered to be significant segment expenses. “Other segment costs (income)” for the periods presented included certain pension amortization costs allocated to the reportable segments, and dividend income attributed to the Canada segment.
Exploration and Production
(Millions of dollars)
United
States 1
CanadaOtherTotal
E&P
Corporate and Discontinued Operations
Consolidated
Total
Three Months Ended March 31, 2026
Revenue from production
$574.7 $154.8 $2.9 $732.4 $— $732.4 
Gain on sale of assets and other operating income
0.8 0.4 — 1.2 — 1.2 
Total revenues and other income
575.5 155.2 2.9 733.6 — 733.6 
Lease operating expenses
Lease operating expenses and taxes other than income
80.8 41.8 0.8 123.4 — 123.4 
Repair and maintenance
12.3 0.7 — 13.0 — 13.0 
Workovers4.7 2.4 — 7.1 — 7.1 
Total lease operating expenses
97.8 44.9 0.8 143.5 — 143.5 
Severance and ad valorem taxes12.9 0.8 — 13.7 — 13.7 
Transportation, gathering and processing25.2 21.9 — 47.1 — 47.1 
Selling and general expenses5.5 7.5 2.1 15.1 19.8 34.9 
Exploration Expenses
Geological and geophysical0.8 — 0.8 1.6 — 1.6 
Dry holes and previously suspended exploration costs
— — 67.1 67.1 — 67.1 
Other exploratory costs, including undeveloped lease amortization and delay lease rentals
4.9 — 9.2 14.1 — 14.1 
Total exploration expenses5.7 — 77.1 82.8 — 82.8 
Depreciation, depletion and amortization216.9 34.0 1.1 252.0 2.4 254.4 
Accretion of asset retirement obligations11.6 2.6 0.2 14.4 0.1 14.5 
Other operating expenses
4.0 0.1 0.3 4.4 — 4.4 
Interest Income(0.2)— — (0.2)(2.3)(2.5)
Interest expense, net of capitalization
0.1 0.1 — 0.2 28.8 29.0 
Income tax expense
Current income tax expense
1.0 9.6 0.3 10.9 2.2 13.1 
Deferred income tax expense (benefit)
37.3 1.6 3.4 42.3 (5.5)36.8 
Total income tax expense (benefit)
38.3 11.2 3.7 53.2 (3.3)49.9 
Other segment costs (income)
1.1 0.4 0.3 1.8 (8.6)(6.8)
Segment income (loss) - including NCI 1
$156.6 $31.7 $(82.7)$105.6 $(36.9)$68.7 
Additions to property, plant, equipment$254.8 $62.1 $71.3 $388.2 $9.3 $397.5 
Total assets at quarter-end
6,916.5 1,980.3 660.7 9,557.5 478.110,035.6 
1 Includes results attributable to the noncontrolling interest in MP GOM.
Exploration and Production
(Millions of dollars)
United
States 1
CanadaOtherTotal
E&P
Corporate and Discontinued Operations
Consolidated
Total
Three Months Ended March 31, 2025
Revenue from production
$507.4 $165.3 $— $672.7 $— $672.7 
Gain on sale of assets and other operating income (loss)
2.1 0.4 — 2.5 (9.5)(7.0)
Total revenues and other income
509.5 165.7 — 675.2 (9.5)665.7 
Lease operating expenses
Lease operating expenses and taxes other than income
100.3 45.2 0.4 145.9 — 145.9 
Repair and maintenance
10.2 1.6 — 11.8 — 11.8 
Workovers47.1 0.3 — 47.4 — 47.4 
Total lease operating expenses
157.6 47.1 0.4 205.1 — 205.1 
Severance and ad valorem taxes8.4 0.3 — 8.7 — 8.7 
Transportation, gathering and processing28.7 20.2 — 48.9 — 48.9 
Selling and general expenses2.0 6.0 1.9 9.9 21.0 30.9 
Exploration Expenses
Geological and geophysical3.2 — 0.3 3.5 — 3.5 
Dry holes and previously suspended exploration costs
0.2 — — 0.2 — 0.2 
Other exploratory costs, including undeveloped lease amortization and delay lease rentals
2.7 0.1 8.0 10.8 — 10.8 
Total exploration expenses6.1 0.1 8.3 14.5 — 14.5 
Depreciation, depletion and amortization159.4 32.4 0.1 191.9 2.3 194.2 
Accretion of asset retirement obligations11.3 2.5 0.2 14.0 — 14.0 
Other operating expenses2.6 0.9 0.1 3.6 2.0 5.6 
Interest Income(0.4)— — (0.4)(3.3)(3.7)
Interest expense, net of capitalization
— — — — 23.5 23.5 
Income tax expense
Current income tax expense
0.5 13.7 — 14.2 2.1 16.3 
Deferred income tax expense (benefit)
24.5 0.6 — 25.1 (8.7)16.4 
Total income tax expense (benefit)
25.0 14.3 — 39.3 (6.6)32.7 
Other segment costs
0.9 0.4 0.2 1.5 0.4 1.9 
Segment income (loss) - including NCI 1
$107.9 $41.5 $(11.2)$138.2 $(48.8)$89.4 
Additions to property, plant, equipment$317.1 $55.4 $35.3 $407.8 $4.2 $412.0 
Total assets at quarter-end
7,046.3 1,963.4 345.7 9,355.4 464.9 9,820.3 
1 Includes results attributable to the noncontrolling interest in MP GOM.