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Murphy Oil earns most of its revenue from crude oil, particularly from its U.S. offshore fields in the Gulf of America and the Eagle Ford Shale in South Texas. Canada contributes oil and natural gas sales, with Tupper Montney supplying much of the company’s gas production. Buyers pay Murphy for the commodities it delivers; Chevron and ExxonMobil each account for a substantial share of sales.
Most sales prices follow market benchmarks, so revenue depends on both production volumes and oil and gas prices. Some Canadian gas contracts fix prices instead. Murphy relies on third-party transportation and processing facilities to get its production to market.
Producing oil and gas depletes the fields, so Murphy must keep finding, acquiring or developing replacement reserves at costs below the prices it receives. Drilling and development require spending before production brings in revenue. Operations also require government permits and must comply with environmental and safety rules that constrain where and how Murphy can operate.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Murphy Oil hinges on oil prices and offshore production; watch Chevron, absent from this list but the buyer behind 19% of its 2025 sales revenue.
Talos Energy, Inc. shares Murphy Oil’s exposure to oil prices and deepwater production: both explore, develop and sell oil and gas from the Gulf of America. Watch Talos’s deepwater development and output for a comparison with Murphy’s offshore business.
W&T Offshore, Inc. and Murphy Oil both sell oil and gas from Gulf of America fields at market-linked prices, so price changes reach both businesses. W&T’s oil and gas selling prices offer a comparison with Murphy’s largely index-priced U.S. sales.
Ovintiv Inc. shares Murphy Oil’s mix of U.S. oil production and Canadian Montney oil and gas operations, with both earning money by selling their output. Ovintiv’s Montney gas results are the closer comparison for Murphy’s Tupper Montney business.
Magnolia Oil & Gas Corporation gives Murphy Oil holders a South Texas comparison: both produce and sell oil and gas from the Eagle Ford Shale. Watch Magnolia’s drilling spending and production growth when assessing Murphy’s Eagle Ford development.
Occidental Petroleum shares Murphy Oil’s exposure to U.S. onshore and Gulf of America offshore oil and gas production, which both sell to earn revenue. Occidental’s Gulf production is a more relevant comparison for Murphy than its company-wide results.
ExxonMobil pays Murphy Oil for its output while also producing competing oil and gas; its purchases accounted for 12% of Murphy’s 2025 sales revenue. Watch Murphy’s sales to ExxonMobil for the buyer relationship, rather than treating ExxonMobil only as an oil-price peer.
SM Energy Company and Murphy Oil both have substantial South Texas oil and gas production and earn most production revenue from oil sales. Watch SM’s South Texas output and oil revenue, rather than its overall growth, which in 2025 mainly reflected a full year of acquired Uinta production.
Devon Energy and Murphy Oil both produce Eagle Ford oil and gas and sell most output at prices that move with the market. Devon’s oil-heavy Eagle Ford production is the useful comparison for Murphy’s South Texas business.
ConocoPhillips shares Murphy Oil’s exposure to oil and North American gas prices: both explore for, produce and sell oil, gas and natural gas liquids in the U.S. and Canada. Its selling prices provide a market comparison, though Murphy also has fixed-price Canadian gas contracts.
EOG Resources and Murphy Oil share oil and gas price exposure because both produce and sell crude oil, natural gas and natural gas liquids, with substantial U.S. production. EOG’s production costs and drilling returns offer a comparison for Murphy’s U.S. business, not a direct offshore match.
Canadian Natural Resources and Murphy Oil both produce and sell oil and gas in western Canada, exposing them to regional gas markets and global oil prices. Watch Canadian Natural’s western Canadian gas business when assessing Murphy’s Canadian gas revenue.
Shell shares Murphy Oil’s offshore oil and gas development and sales exposure, but also earns money from substantial LNG and downstream businesses. Shell’s deepwater production and cash flow are the closer comparison for Murphy, rather than Shell’s overall results.
Crescent Energy Company and Murphy Oil both earn revenue by selling oil, gas and natural gas liquids from fields in which they hold production interests. Liquids made up about 61% of Crescent’s proved reserves at year-end 2025 and 55% of Murphy’s 2025 continuing-operations production, so compare their oil exposure without confusing reserves with output.
APA and Murphy Oil both combine U.S. oil and gas sales with international exploration and development. APA’s Suriname project progress offers a comparison for the development side of Murphy’s Vietnam plans, not a signal of current Murphy production.
Chord Energy Corporation and Murphy Oil both sell oil, gas and natural gas liquids at market-linked prices, though Chord concentrates on the oil-rich Williston Basin. Watch Chord’s oil selling prices to refiners and marketers, including regional price adjustments, as a comparison for Murphy’s U.S. oil sales.
Permian Resources Corporation and Murphy Oil both sell U.S.-produced oil, gas and natural gas liquids at market-linked prices, but operate in different principal basins. Permian Resources’ selling prices are a useful comparison; its Delaware Basin development is not a direct match for Murphy’s Eagle Ford and offshore fields.
Diamondback Energy shares Murphy Oil’s U.S. oil and gas production exposure, but focuses on Permian onshore shale rather than Murphy’s mix of offshore and onshore fields. Its drilling costs and development pace are a shale comparison, not a guide to Murphy’s offshore production.
Matador Resources and Murphy Oil both earn revenue from U.S. oil and gas production, but Matador concentrates on the Delaware Basin rather than Murphy’s Eagle Ford and offshore fields. Matador’s Delaware drilling and completion spending offers a comparison for liquids-rich development, separate from its fees for processing and transporting other customers’ production.
Northern Oil and Gas, Inc. and Murphy Oil both sell their share of oil and gas production, but Northern funds wells run by third-party operators in different U.S. basins. Watch Northern’s decisions to join new wells: it says lower oil prices usually reduce both the proposals it receives and the share it accepts.
EIA Crude Oil Stocks Change (Oct/16)
The EIA’s weekly stocks report counts crude oil and gasoline held in the United States; changes in crude stocks can shift oil prices, changing what Murphy Oil earns when it sells Eagle Ford and Gulf of America crude at market-linked prices.
Read the crude-stock figure chiefly as a signal about oil supply: a larger build than expected may weigh on prices Murphy Oil receives for U.S. crude, while a draw or smaller build may support them. Gasoline stocks affect the company more indirectly through oil-market prices.
Fed Interest Rate Decision
Murphy Oil’s rate decision tracks the cost of borrowing across the economy; because the company uses revolving credit to help fund drilling and development, higher rates can make new borrowing more expensive.
Expected4.0%Last release4.0%
If it comes in above expectations
If rates rise more than expected, Murphy Oil could face higher costs when it borrows under its credit facility or refinances debt, leaving less cash for drilling and development.
If it comes in below expectations
If rates rise less than expected or fall, Murphy Oil could face lower costs on new or refinanced borrowing, preserving more cash for drilling and development.
ExxonMobil Holdings Corporation earningsXOM
ExxonMobil’s report offers a read on the business and purchasing demand of a buyer that accounted for 12% of Murphy Oil’s 2025 sales revenue.
Read ExxonMobil’s results alongside any disclosed purchasing activity. A firm buyer business and continued purchasing would support an important sales channel for Murphy Oil; weaker buyer activity or purchasing could put that channel under pressure. ExxonMobil’s overall results will not show how much it bought from Murphy, so Murphy’s own disclosed sales are needed to confirm the effect.
Ovintiv Inc. earningsOVV
Ovintiv’s Montney gas production and prices offer a read on the regional gas market relevant to Murphy Oil’s Tupper Montney business.
Compare Ovintiv’s Montney gas production and prices with Murphy Oil’s Canadian gas production and realized prices; the companies do not have identical assets or sales terms. Production alongside firm prices would suggest the regional market is absorbing supply. Rising production with weaker prices would point to greater supply pressure and more risk to Murphy’s Canadian gas revenue.
Talos Energy, Inc. earningsTALO
Talos Energy’s Gulf of America deepwater development and output offer a comparison for the setting around Murphy Oil’s offshore business.
Read Talos Energy’s deepwater project progress and output as a comparison, not as Murphy Oil’s own Gulf results. Advancing projects and supported output would show that the shared offshore setting is delivering production; weaker project progress or output could signal operating or development headwinds, but would not establish Murphy’s performance.
Murphy Oil Corp. earningsThis company
Murphy Oil’s report will show whether production and selling prices in the United States and Canada generate enough cash to fund exploration and development.
Read U.S. and Canadian production and realized oil and gas prices alongside operating cash flow and capital spending. Steady output and prices with cash flow keeping pace with spending would show that sales are funding development; weaker output or prices, with cash flow falling short of spending, would leave less liquidity for development and other cash needs.
W&T Offshore, Inc. earningsWTI
W&T Offshore’s Gulf of America oil and gas selling prices can be compared with Murphy Oil’s market-indexed U.S. sales.
Compare W&T Offshore’s reported oil and gas selling prices with Murphy Oil’s U.S. realized prices; their locations, product mixes and sales terms are not identical. Prices moving in the same direction would suggest a shared market influence on sales revenue. Diverging prices would make regional differentials, product mix or contract terms more important; W&T’s prices are not Murphy’s prices.
Devon Energy Corporation earningsDVN
Devon Energy’s Eagle Ford output and selling prices offer a comparison for the competitive and sales conditions around Murphy Oil’s South Texas business.
Read Devon Energy’s Eagle Ford output and realized oil and gas prices alongside Murphy Oil’s Eagle Ford production and prices. Supported Devon output with firm prices would suggest the South Texas market is absorbing production; output holding while prices weaken could point to regional supply or price pressure on Murphy’s market-linked sales too, though the companies’ assets are not identical.
