v3.26.1
Business Segments
 6 Months Ended
Jun. 30, 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 June 30, 2026
Revenue from production
$743.0 $183.3 $— $926.3 $— $926.3 
Gain on sale of assets and other operating income
1.0 0.3 — 1.3 0.7 2.0 
Total revenues and other income
744.0 183.6 — 927.6 0.7 928.3 
Lease operating expenses
Lease operating expenses and taxes other than income
69.7 45.3 0.3 115.3 — 115.3 
Repair and maintenance
17.8 0.7 — 18.5 — 18.5 
Workovers6.0 3.9 — 9.9 — 9.9 
Total lease operating expenses
93.5 49.9 0.3 143.7 — 143.7 
Severance and ad valorem taxes14.1 0.9 — 15.0 — 15.0 
Transportation, gathering and processing24.6 20.7 — 45.3 — 45.3 
Selling and general expenses7.6 7.0 2.7 17.3 21.4 38.7 
Exploration Expenses
Geological and geophysical10.2 — 1.0 11.2 — 11.2 
Dry holes and previously suspended exploration costs
(0.4)— 13.9 13.5 — 13.5 
Other exploratory costs, including undeveloped lease amortization and delay lease rentals
5.0 — 9.6 14.6 — 14.6 
Total exploration expenses14.8 — 24.5 39.3 — 39.3 
Depreciation, depletion and amortization220.5 39.2 — 259.7 2.4 262.1 
Accretion of asset retirement obligations11.9 2.7 0.2 14.8 0.1 14.9 
Other operating expenses
16.4 — 0.3 16.7 (2.0)14.7 
Interest Income(0.6)— — (0.6)(2.3)(2.9)
Interest expense, net of capitalization
0.1 (0.1)0.1 0.1 24.8 24.9 
Income tax expense
Current income tax expense1.9 14.5 — 16.4 4.9 21.3 
Deferred income tax expense (benefit)
64.1 (3.2)1.7 62.6 (6.9)55.7 
Total income tax expense (benefit)
66.0 11.3 1.7 79.0 (2.0)77.0 
Other segment costs (income)
0.9 0.1 0.4 1.4 (9.3)(7.9)
Segment income (loss) - including NCI 1
$274.2 $51.9 $(30.2)$295.9 $(32.4)$263.5 
Additions to property, plant, equipment$263.2 $64.3 $128.8 $456.3 $7.1 $463.4 
Total assets at quarter-end
6,919.3 1,979.5 801.3 9,700.1 578.010,278.1 
1 Includes results attributable to a noncontrolling interest in MP GOM.
Exploration and Production
(Millions of dollars)
United
States 1
CanadaOtherTotal
E&P		Corporate and Discontinued OperationsConsolidated
Total
Three Months Ended June 30, 2025
Revenue from production
$552.2 $127.9 $2.9 $683.0 $— $683.0 
Gain on sale of assets and other operating income1.3 0.4 — 1.7 13.1 14.8 
Total revenues and other income553.5 128.3 2.9 684.7 13.1 697.8 
Lease operating expenses
Lease operating expenses and taxes other than income
100.0 46.6 0.9 147.5 — 147.5 
Repair and maintenance
13.9 1.1 — 15.0 — 15.0 
Workovers52.6 0.5 — 53.1 — 53.1 
Total lease operating expenses
166.5 48.2 0.9 215.6 — 215.6 
Severance and ad valorem taxes10.5 0.3 — 10.8 — 10.8 
Transportation, gathering and processing30.3 23.8 — 54.1 — 54.1 
Selling and general expenses4.8 5.7 2.6 13.1 23.8 36.9 
Exploration Expenses
Geological and geophysical0.7 — 0.2 0.9 — 0.9 
Dry holes and previously suspended exploration costs
(1.0)— 0.1 (0.9)— (0.9)
Other exploratory costs, including undeveloped lease amortization and delay lease rentals
3.6 — 6.8 10.4 — 10.4 
Total exploration expenses3.3 — 7.1 10.4 — 10.4 
Depreciation, depletion and amortization218.3 38.1 1.2 257.6 1.7 259.3 
Accretion of asset retirement obligations11.6 2.6 0.2 14.4 — 14.4 
Other operating expenses
1.3 0.7 (1.4)0.6 1.2 1.8 
Interest income
(0.5)— — (0.5)(2.7)(3.2)
Interest expense, net of capitalization— 0.2 — 0.2 24.9 25.1 
Income tax expense
Current income tax expense (benefit)
0.7 0.3 0.2 1.2 (5.0)(3.8)
Deferred income tax expense (benefit)
19.2 (2.2)(0.7)16.3 (11.5)4.8 
Total income tax expense (benefit)
19.9 (1.9)(0.5)17.5 (16.5)1.0 
Other segment costs1.0 0.1 0.1 1.2 35.3 36.5 
Segment income (loss) - including NCI 1
$86.5 $10.5 $(7.3)$89.7 $(54.6)$35.1 
Additions to property, plant, equipment$176.2 $45.7 $20.8 $242.6 $2.7 $245.4 
Total assets at quarter-end
6,984.9 2,038.6 364.4 9,387.9 451.6 9,839.5 
1 Includes results attributable to a noncontrolling interest in MP GOM.
Exploration and Production
(Millions of dollars)
United
States 1
CanadaOtherTotal
E&P
Corporate and Discontinued Operations
Consolidated
Total
Six Months Ended June 30, 2026
Revenue from production
$1,317.7 $338.1 $2.9 $1,658.7 $— $1,658.7 
Gain on sale of assets and other operating income
1.8 0.7 — 2.5 0.7 3.2 
Total revenues and other income
1,319.5 338.8 2.9 1,661.2 0.7 1,661.9 
Lease operating expenses
Lease operating expenses and taxes other than income
150.5 87.1 1.1 238.7 — 238.7 
Repair and maintenance
30.1 1.4 — 31.5 — 31.5 
Workovers10.7 6.3 — 17.0 — 17.0 
Total lease operating expenses
191.3 94.8 1.1 287.2 — 287.2 
Severance and ad valorem taxes27.0 1.7 — 28.7 — 28.7 
Transportation, gathering and processing49.7 42.6 — 92.3 — 92.3 
Selling and general expenses13.1 14.5 4.7 32.3 41.2 73.5 
Exploration Expenses
Geological and geophysical11.0 — 1.8 12.8 — 12.8 
Dry holes and previously suspended exploration costs
(0.4)— 81.0 80.6 — 80.6 
Other exploratory costs, including undeveloped lease amortization and delay lease rentals
9.9 — 18.8 28.7 — 28.7 
Total exploration expenses20.5 — 101.6 122.1 — 122.1 
Depreciation, depletion and amortization437.4 73.2 1.1 511.7 4.8 516.5 
Accretion of asset retirement obligations23.5 5.3 0.4 29.2 0.2 29.4 
Other operating expenses
20.4 0.1 0.6 21.1 (2.0)19.1 
Interest Income(0.8)— — (0.8)(4.6)(5.4)
Interest expense, net of capitalization
0.2 — 0.1 0.3 53.6 53.9 
Income tax expense
Current income tax expense
2.9 24.2 0.3 27.4 7.1 34.5 
Deferred income tax expense (benefit)
101.4 (1.6)5.1 104.9 (12.4)92.5 
Total income tax expense (benefit)
104.3 22.6 5.4 132.3 (5.3)127.0 
Other segment costs (income)
2.0 0.5 0.7 3.2 (17.8)(14.6)
Segment income (loss) - including NCI 1
$430.9 $83.5 $(112.8)$401.6 $(69.4)$332.2 
Additions to property, plant, equipment$518.0 $126.4 $200.1 $844.5 $16.4 $860.9 
Total assets at quarter-end
6,919.3 1,979.5 801.3 9,700.1 578.010,278.1 
1 Includes results attributable to a noncontrolling interest in MP GOM.
Exploration and Production
(Millions of dollars)
United
States 1
CanadaOtherTotal
E&P
Corporate and Discontinued Operations
Consolidated
Total
Six Months Ended June 30, 2025
Revenue from production
$1,059.7 $293.2 $2.9 $1,355.8 $— $1,355.8 
Gain on sale of assets and other operating income 3.3 0.8 — 4.1 3.6 7.7 
Total revenues and other income
1,063.0 294.0 2.9 1,359.9 3.6 1,363.5 
Lease operating expenses
Lease operating expenses and taxes other than income
200.3 91.9 1.2 293.4 — 293.4 
Repair and maintenance
24.1 2.6 — 26.7 — 26.7 
Workovers99.7 0.8 — 100.5 — 100.5 
Total lease operating expenses
324.1 95.3 1.2 420.6 — 420.6 
Severance and ad valorem taxes18.8 0.7 — 19.5 — 19.5 
Transportation, gathering and processing59.0 43.9 — 102.9 — 102.9 
Selling and general expenses6.8 11.7 4.5 23.0 44.8 67.8 
Exploration Expenses
Geological and geophysical3.9 — 0.5 4.4 — 4.4 
Dry holes and previously suspended exploration costs
(0.8)— 0.1 (0.7)— (0.7)
Other exploratory costs, including undeveloped lease amortization and delay lease rentals
6.3 0.1 14.8 21.2 — 21.2 
Total exploration expenses9.4 0.1 15.4 24.9 — 24.9 
Depreciation, depletion and amortization377.6 70.5 1.3 449.4 4.1 453.5 
Accretion of asset retirement obligations23.0 5.1 0.4 28.5 — 28.5 
Other operating expenses4.0 1.7 (1.3)4.4 3.1 7.5 
Interest Income(0.9)— — (0.9)(6.0)(6.9)
Interest expense, net of capitalization
— — 0.1 0.1 48.5 48.6 
Income tax expense
Current income tax expense (benefit)1.3 14.0 0.2 15.5 (2.9)12.6 
Deferred income tax expense (benefit)
43.7 (1.6)(0.7)41.4 (20.2)21.2 
Total income tax expense (benefit)
45.0 12.4 (0.5)56.9 (23.1)33.8 
Other segment costs
1.8 0.6 0.3 2.7 35.6 38.3 
Segment income (loss) - including NCI 1
$194.4 $52.0 $(18.5)$227.9 $(103.4)$124.5 
Additions to property, plant, equipment$493.2 $101.1 $56.1 $650.4 $7.0 $657.4 
Total assets at quarter-end
6,984.9 2,038.6 364.4 9,387.9 451.6 9,839.5 
1 Includes results attributable to a noncontrolling interest in MP GOM.