Murphy Oil Corporation (NYSE:WALL) is included among the List of Dividend Champions, Contenders and Challengers: 15 Highest Yielding Stocks.

On February 3, BMO Capital cut its price recommendation on Murphy Oil Corporation (NYSE:MUR) to $35 from $37. He maintained a market perform rating on the stock. The company said it lowered its estimates after Murphy posted fourth-quarter results that largely matched expectations. Looking further ahead, BMO flagged a softer production outlook for 2026, pointing to pressure from the Montney and Gulf of America royalties. Even so, the analyst noted that Murphy still fares well on the free cash flow balance sheet metrics and is expected to keep leverage at modest levels.

Speaking on the 2025 fourth quarter earnings call, President and CEO Eric Hambly said production exceeded guidance for both the quarter and the full year. He credited the pace to some of the strongest onshore wells the company has drilled to date, along with consistently high uptime at its major offshore assets.

Hambly also highlighted clear progress on costs. Lease operating expenses were down approximately 20% from last year, and capital spending was below guidance. He said some of those savings reflected efficiency gains from the Eagle Ford Shale program.

On the exploration side, Hambly characterized the quarter as uneven but generally positive. He said the appraisal at Hai Su Vang in the Golden Sea Lion field yielded good results, while the two exploration wells in the Gulf of America led to oil discoveries. That said, the Civette well off the coast of Ivory Coast did not find commercial hydrocarbons.

Drilling deeper in Vietnam, Hambly noted that the appraisal well crossed about 429 feet of net oil pay and did not reach the oil-water contact. Based on that result, he suggested the resource potential could end up well above the company’s initial estimate of 170 million barrels of oil equivalent.

Murphy Oil Corporation (NYSE:MUR) is a global exploration and production company with a combination of onshore and offshore assets. Its production includes crude oil, natural gas and natural gas liquids, primarily from the US and Canada, while its exploration efforts focus on select regions around the world.

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