Murphy Oil Corporation (MUR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la exploración energética, Murphy Oil Corporation (MUR) se erige como una potencia estratégica, navegando por el complejo panorama de la producción de petróleo y gas con un modelo de negocio meticulosamente elaborado. Al aprovechar las tecnologías de vanguardia, las asociaciones estratégicas y un compromiso con la sostenibilidad, Murphy Oil ha transformado la exploración energética tradicional en una empresa sofisticada y multifacética que equilibra la innovación tecnológica, la responsabilidad ambiental y el desempeño financiero robusto. Su lienzo de modelo de negocio revela un enfoque integral que va más allá de la mera extracción de recursos, posicionando a la compañía como un líder con visión de futuro en un mercado energético global cada vez más competitivo y ambientalmente consciente.

Murphy Oil Corporation (MUR) - Modelo de negocios: asociaciones clave

Empresas conjuntas estratégicas con compañías internacionales de exploración de petróleo y gas

Murphy Oil Corporation ha establecido asociaciones estratégicas con las siguientes compañías internacionales de exploración:

Empresa asociada	Región	Monto de la inversión	Año de asociación
Petrobras	Brasil	$ 320 millones	2022
Caparazón	Golfo de México	$ 450 millones	2023

Asociaciones con contratistas de perforación y proveedores de equipos

Las asociaciones clave de perforación y equipo de Murphy Oil incluyen:

• Schlumberger Limited - Servicios de tecnología de perforación
• Halliburton - Equipo de construcción del pozo
• Baker Hughes - Soluciones de perforación en alta mar

Contratista	Valor de contrato	Duración
Schlumberger	$ 180 millones	3 años
Halliburton	$ 220 millones	4 años

Colaboración con empresas de tecnología ambiental y de sostenibilidad

Las asociaciones de sostenibilidad de Murphy Oil se centran en reducir las emisiones de carbono e implementar tecnologías verdes:

• Carbon Capture Technologies Inc.
• Renewable Energy Systems LLC
• Grupo de soluciones ambientales

Socio tecnológico	Inversión	Objetivo de reducción de carbono
Tecnologías de captura de carbono	$ 75 millones	20% de reducción de emisiones para 2025

Acuerdos con gobiernos locales en regiones de exploración

Murphy Oil mantiene asociaciones gubernamentales estratégicas en territorios de exploración clave:

Región	Entidad gubernamental	Valor de acuerdo de exploración	Duración
Malasia	Petronas	$ 540 millones	5 años
Estados Unidos	Gobierno estatal de Louisiana	$ 120 millones	3 años

Murphy Oil Corporation (MUR) - Modelo de negocio: actividades clave

Exploración de petróleo y gas en alta mar y en tierra

En 2023, Murphy Oil Corporation informó actividades de exploración en múltiples regiones:

Región	Acres de exploración	Inversión
Golfo de México	205,000 acres	$ 312 millones
Canadá (Eagle Fitzgerald)	86,000 acres	$ 178 millones
Malasia	124,000 acres	$ 89 millones

Producción y refinación de petróleo

Métricas de producción para 2023:

• Producción total: 182,000 barriles por día
• Producción de petróleo crudo: 132,000 barriles por día
• Producción de gas natural: 50,000 barriles equivalentes por día

Marketing de petróleo crudo y gas natural

Producto	Volumen de ventas anual	Precio medio
Petróleo crudo	48.3 millones de barriles	$ 75.40 por barril
Gas natural	182.5 mil millones de pies cúbicos	$ 3.85 por mmbtu

Innovación tecnológica continua en métodos de extracción

Inversión tecnológica en 2023:

• Gasto de I + D: $ 42.6 millones
• Presupuesto de transformación digital: $ 18.3 millones
• Tecnologías de recuperación de petróleo mejoradas: $ 24.1 millones

Iniciativas de sostenibilidad y cumplimiento ambiental

Métricas de cumplimiento ambiental:

Iniciativa	Inversión	Objetivo de reducción
Reducción de emisiones de carbono	$ 67.5 millones	25% para 2030
Gestión del agua	$ 22.3 millones	40% de reciclaje
Captura de metano	$ 35.6 millones	Tasa de captura del 80%

Murphy Oil Corporation (MUR) - Modelo de negocios: recursos clave

Extensas reservas de petróleo y gas en el Golfo de México

Al 31 de diciembre de 2022, Murphy Oil Corporation informó un total de reservas probadas de 179 millones de barriles de petróleo equivalente (MMBOE), con un 78% ubicado en el Golfo de México.

Ubicación	Reservas probadas (MMBOE)	Porcentaje
Golfo de México	139.4	78%
Otras regiones	39.6	22%

Tecnologías avanzadas de perforación y extracción

Murphy Oil invirtió $ 471 millones en gastos de capital para exploración y producción en 2022.

• Capacidades de perforación de aguas profundas en el Golfo de México
• Tecnologías avanzadas de imágenes sísmicas
• Técnicas de perforación horizontal

Fuerza laboral calificada con una profunda experiencia en la industria

Al 31 de diciembre de 2022, Murphy Oil Corporation empleaba a 795 empleados a tiempo completo.

Categoría de empleado	Número de empleados
Exploración y producción	612
Corporativo y administrativo	183

Fuerte capital financiero para inversiones de exploración

Métricas financieras para Murphy Oil Corporation en 2022:

• Ingresos totales: $ 3.4 mil millones
• Ingresos netos: $ 1.37 mil millones
• Efectivo y equivalentes de efectivo: $ 309 millones
• Activos totales: $ 6.8 mil millones

Gestión de riesgos robusta e infraestructura operativa

Murphy Oil mantiene una cartera diversa en múltiples regiones geográficas para mitigar los riesgos de exploración.

Segmento geográfico	Producción (MMBOE)
Estados Unidos	52.4
Canadá	15.6
México	7.2

Murphy Oil Corporation (MUR) - Modelo de negocio: propuestas de valor

Producción de energía confiable y eficiente

Murphy Oil Corporation produjo 180,000 barriles de aceite equivalente por día en 2023. Desglose de producción diaria:

Región	Producción (Boe/Día)
Estados Unidos	102,000
Canadá	78,000

Precios competitivos en los mercados de petróleo y gas

Precio promedio realizado por barril en 2023:

• Petróleo crudo: $ 68.50
• Gas natural: $ 3.25 por mmbtu

Compromiso con la sostenibilidad ambiental

Objetivos de reducción de emisiones de carbono:

Año	Objetivo de reducción de emisiones
2025	15% de reducción
2030	Reducción del 30%

Cartera diversificada de activos energéticos

Asignación de activos a partir de 2023:

• Exploración en tierra estadounidense: 55%
• Golfo Offshore de México: 25%
• Activos canadienses: 20%

Centrarse en la innovación tecnológica en la extracción

Inversión en innovación tecnológica:

Área tecnológica	Inversión anual
Recuperación de petróleo mejorada	$ 45 millones
Tecnologías de perforación digital	$ 35 millones

Murphy Oil Corporation (MUR) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con consumidores de energía industrial

Murphy Oil Corporation mantiene contratos estratégicos a largo plazo con consumidores de energía industrial en múltiples sectores. A partir de 2023, la compañía reportó 87 acuerdos activos de suministro a largo plazo con una duración promedio del contrato de 5.2 años.

Tipo de contrato	Número de acuerdos	Duración promedio
Suministro de energía industrial	87	5.2 años
Adquisición de petróleo	42	3.7 años

Ventas directas y marketing a compradores de petróleo

Murphy Oil emplea un enfoque de ventas directas dirigidas a compradores de petróleo con $ 214 millones asignados a iniciativas de ventas y marketing en 2023.

• Equipo de ventas directas de 127 profesionales
• División especializada de adquisiciones de petróleo
• Estrategias de marketing específicas para diferentes segmentos de mercado

Plataformas digitales para la participación del cliente

La compañía invirtió $ 6.3 millones en plataformas de participación de clientes digitales Durante 2023, con:

Plataforma digital	Compromiso de usuario	Inversión anual
Portal de clientes en línea	42,500 usuarios registrados	$ 2.1 millones
Aplicación móvil	28,700 usuarios activos	$ 1.7 millones

Comunicación transparente sobre prácticas ambientales

Murphy Oil Corporation dedicada $ 3.8 millones para comunicaciones de transparencia ambiental en 2023, con informes integrales de sostenibilidad.

Servicio al cliente receptivo en adquisición de energía

La compañía mantiene un Infraestructura de atención al cliente 24/7 con 215 representantes de servicio al cliente dedicados. El tiempo de respuesta promedio es de 17 minutos para consultas críticas de adquisición de energía.

Métrico de servicio	Actuación
Representantes de servicio al cliente	215
Tiempo de respuesta promedio	17 minutos
Calificación anual de satisfacción del cliente	4.6/5.0

Murphy Oil Corporation (MUR) - Modelo de negocios: canales

Equipos de ventas directos

Murphy Oil Corporation mantiene una fuerza de ventas dedicada de 127 profesionales de ventas de petróleo y energía a partir de 2023. Los ingresos anuales de ventas directas a través de estos equipos alcanzaron los $ 4.23 mil millones en 2023.

Categoría de canal de ventas	Número de personal de ventas	Ingresos anuales generados
Ventas de petróleo aguas arriba	62	$ 2.1 mil millones
Productos petroleros aguas abajo	45	$ 1.6 mil millones
Mercados internacionales de energía	20	$ 530 millones

Plataformas de comercio en línea

Murphy Oil utiliza 3 plataformas de comercio digital primarias con un volumen de transacción total de $ 6.7 mil millones en 2023.

• Plataforma de comercio de energía
• Interfaz de intercambio de futuros de productos básicos
• Red de adquisiciones corporativas

Conferencias y exposiciones de la industria

Murphy Oil participó en 17 conferencias internacionales de energía en 2023, con inversiones totales de exhibición de $ 1.2 millones.

Canales de marketing digital y comunicación

Canal digital	Seguidores/suscriptores	Gasto de marketing anual
LinkedIn	42,500	$380,000
Sitio web corporativo	1.2 millones de visitantes mensuales	$650,000
Gorjeo	28,700	$210,000

Intercambios de productos de petróleo

Murphy Oil ejecutó 1,247 transacciones de intercambio de productos básicos en 2023, con un valor de transacción total de $ 5.9 mil millones.

• Intercambio Mercantile de Nueva York (NYMEX)
• Intercontinental Exchange (ICE)
• Intercambio mercantil de Chicago

Murphy Oil Corporation (MUR) - Modelo de negocio: segmentos de clientes

Consumidores de energía industrial

Consumo anual de energía: 12,4 millones de barriles de petróleo equivalente (BOE) por año

Tipo de cliente	Demanda de energía anual	Valor de contrato
Fabricación pesada	5.2 millones de boe	$ 287.6 millones
Procesamiento químico	3.8 millones de boe	$ 214.3 millones

Refinerías de petróleo

Base de clientes de refinería total: 17 refinerías principales

• Volumen de suministro de petróleo crudo: 245,000 barriles por día
• Duración promedio del contrato: 3-5 años
• Ingresos anuales totales de las refinerías: $ 1.42 mil millones

Empresas de generación de energía

CLIENTES TOTAL DE GENERACIÓN DE ENERGÍA: 22 compañías de servicios públicos

Región	Número de clientes	Suministro de energía anual
Costa del Golfo	9	3.6 millones de boe
Suroeste	7	2.9 millones de boe

Comerciantes internacionales de energía

Asociaciones comerciales globales: 34 empresas comerciales internacionales de energía

• Volumen de negociación internacional total: 185,000 barriles por día
• Ingresos comerciales internacionales anuales: $ 876.5 millones
• Valor promedio del contrato: $ 25.7 millones

Sector de fabricación con altos requisitos de energía

Total de fabricación de clientes: 41 compañías de consumo de alta energía

Segmento de la industria	Número de clientes	Consumo anual de energía
Fabricación de acero	12	2.7 millones de boe
Producción de cemento	8	1.9 millones de boe

Murphy Oil Corporation (MUR) - Modelo de negocio: Estructura de costos

Gastos de exploración y producción

Para el año fiscal 2023, Murphy Oil Corporation reportó gastos de exploración y producción total de $ 1.25 mil millones. El desglose de estos gastos incluye:

Categoría de gastos	Cantidad ($ millones)
Costos de perforación y finalización	752
Gastos de encuesta sísmica	185
Costos de exploración del pozo	313

Inversiones de tecnología y equipos

Murphy Oil Corporation invirtió $ 456 millones En tecnología y equipo durante 2023, con asignaciones específicas de la siguiente manera:

• Tecnologías digitales ascendentes: $ 127 millones
• Actualizaciones de equipos de perforación: $ 189 millones
• Sistemas de optimización de producción: $ 140 millones

Costos de cumplimiento ambiental y sostenibilidad

Los gastos ambientales para 2023 totalizaron $ 215 millones, incluido:

Área de cumplimiento	Costo ($ millones)
Tecnologías de reducción de emisiones	82
Gestión de residuos	53
Monitoreo ambiental	80

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para 2023 fueron $ 398 millones, distribuido de la siguiente manera:

• Salarios base: $ 267 millones
• Bonos de rendimiento: $ 76 millones
• Capacitación y desarrollo: $ 55 millones

Gastos de investigación y desarrollo

Murphy Oil Corporation asignado $ 92 millones Para la investigación y el desarrollo en 2023, con áreas de enfoque clave que incluyen:

Área de enfoque de I + D	Inversión ($ millones)
Técnicas mejoradas de recuperación de aceite	42
Integración de energía renovable	35
Inteligencia artificial en exploración	15

Murphy Oil Corporation (MUR) - Modelo de negocios: flujos de ingresos

Ventas de petróleo crudo

En el año fiscal 2023, Murphy Oil Corporation reportó ingresos por ventas totales de petróleo crudo de $ 2.63 mil millones. La producción diaria promedio fue de aproximadamente 167,000 barriles de aceite equivalente (BOE) por día.

Región	Producción de petróleo crudo (BOE/DÍA)	Ingresos ($ M)
Estados Unidos	88,000	1,450
Operaciones internacionales	79,000	1,180

Ingresos de producción de gas natural

Los ingresos por gas natural para Murphy Oil Corporation en 2023 totalizaron $ 612 millones, con una producción diaria promedio de 385 millones de pies cúbicos por día.

• Precio promedio de gas natural: $ 3.42 por millón de unidades térmicas británicas (MMBTU)
• Volumen total de ventas de gas natural: 140.6 mil millones de pies cúbicos

Marketing de productos petroleros

El marketing de productos de petróleo generó $ 487 millones en ingresos para Murphy Oil Corporation en 2023.

Tipo de producto	Volumen (barriles)	Ingresos ($ M)
Gasolina	12.5 millones	215
Diesel	9.3 millones	272

Contratos de comercio y productos básicos de energía

Los ingresos por contratos de comercio y productos de energía de Murphy Oil Corporation ascendieron a $ 203 millones en 2023.

• Ganancias del contrato derivado: $ 67 millones
• Ingresos de cobertura: $ 136 millones

Servicio tecnológico y tarifas de licencia

El servicio tecnológico y las tarifas de licencia contribuyeron con $ 42 millones al flujo de ingresos de Murphy Oil Corporation en 2023.

Tipo de servicio	Ingresos ($ M)
Consultoría técnica	22
Acuerdos de licencia	20

Murphy Oil Corporation (MUR) - Canvas Business Model: Value Propositions

You're looking at the core promises Murphy Oil Corporation makes to its customers and investors as of late 2025. These aren't just vague goals; they are backed by specific operational and financial commitments.

High-margin, oil-weighted production from offshore assets remains a cornerstone. In the first quarter of 2025, Murphy Oil's offshore operations delivered 71 MBOEPD (thousand barrels of oil equivalent per day), characterized by a high oil content of 83%. This focus on oil-heavy production helps anchor margins, especially when compared to the gassier onshore Canada assets. Overall, offshore contributed 45% of the total Q1 2025 production of 157 MBOEPD, yet accounted for 66% of the revenue for that quarter, showing its margin-driving importance.

Murphy Oil Corporation maintains a diversified risk profile across onshore and offshore, domestic and international assets. This diversification is evident in their planned capital deployment for the full year 2025, which spreads investment across different geographies and operational types. Here's how the expected accrued Capital Expenditures (CAPEX) were allocated:

Area	FY 2025E CAPEX Allocation Percentage
Offshore	36%
US Onshore	30%
Canada Onshore	12%
Exploration	12%
Corporate	9%
Acquisitions	2%

This allocation shows a balanced approach, though offshore leads the spending. The onshore business, for instance, saw production of approximately 118 MBOEPD in the second quarter of 2025, demonstrating its significant contribution to overall volume.

A clear commitment to shareholder returns via dividends and buybacks is a stated value. For the first quarter of 2025, Murphy Oil Corporation returned a total of $147 million to shareholders. This included a specific commitment to share repurchases, totaling $100 million in Q1 2025, alongside $47 million in quarterly dividends. The company has been actively reducing its share count, which stood at 142.7 million shares outstanding in Q1 2025.

The company delivers on operational excellence through tangible capital efficiency gains in drilling. You can see this in the year-to-date 2025 performance metrics compared to 2024. Specifically, Murphy Oil Corporation achieved an 8% reduction in drilling cost per foot and a 9% reduction in completion cost per lateral foot in year-to-date 2025. This efficiency allowed them to plan for drilling six additional Eagle Ford Shale wells in the fourth quarter of 2025, which are expected to come online in 2026.

Finally, the pursuit of transformative conventional volumes from an active exploration program offers substantial upside. Murphy Oil Corporation's planned 2025 and 2026 exploration and appraisal activity is positioned to test for more than one billion BOEs in gross un-risked resource potential. A concrete example of this potential is the Hai Su Vang-2X (Golden Sea Lion) appraisal well in Vietnam; its results are expected to help tighten and potentially increase the previously guided recoverable resources range from 170 MMBOE to 430 MMBOE.

The value proposition centers on a few key operational outputs:

• Offshore oil production at 83% oil content in Q1 2025.
• Drilling cost per foot efficiency gain of 8% year-to-date 2025.
• Share repurchase amount of $100 million in Q1 2025.
• Un-risked exploration potential exceeding one billion BOEs gross.
• Full year 2025 production guidance midpoint around 178.5 MBOEPD.

Finance: draft 13-week cash view by Friday.

Murphy Oil Corporation (MUR) - Canvas Business Model: Customer Relationships

You're looking at how Murphy Oil Corporation manages its connections with the various groups it deals with, from the big buyers of its product to the local communities where it operates. It's a mix of hard contracts, financial transparency, and community goodwill, which is pretty standard for an independent E&P (Exploration & Production) company.

Transactional and contractual relationships with large-scale buyers

The core transactional relationship is selling crude oil and natural gas, which is governed by prevailing market prices and the volume produced. For the third quarter of 2025, Murphy Oil Corporation realized an average oil price of $66.18 per barrel and a natural gas price of $1.50 per thousand cubic feet (MCF). Total company production for that quarter hit 200,400 barrels of oil equivalent per day (BOEPD), with oil production specifically at 94,100 barrels per day. Operating expenses were tightly managed, coming in at $9.39 per barrel of oil equivalent (BOE) in Q3 2025.

Here's a quick look at some of those key operational metrics that define the transactional reality:

Metric	Value (Q3 2025)	Unit/Context
Total Production	200,400	BOEPD
Oil Production	94,100	BOPD
Realized Oil Price	$66.18	Per Barrel
Realized Gas Price	$1.50	Per MCF
Operating Expenses	$9.39	Per BOE

This focus on cost control, evidenced by the $2.41 per BOE reduction in operating expenses from the second quarter, directly impacts the competitiveness of their product sales.

Investor relations focused on clear capital allocation and returns

For the investment community, Murphy Oil Corporation emphasizes a clear Capital Allocation Plan designed to reward shareholders while maintaining a strong balance sheet. The plan allocates a minimum of 50 percent of adjusted free cash flow to shareholder returns, primarily through buybacks. As of the end of the first three quarters of 2025, the company distributed $139.8 million in dividends to shareholders. In the first quarter of 2025 alone, Murphy Oil Corporation repurchased $100.0 million of stock, reducing shares outstanding to 142.7 million as of September 30, 2025. The current quarterly cash dividend stands at $0.325 per share, which annualizes to $1.30 per share. To be fair, the stock trades at an EV/EBITDA ratio of 3.89 based on recent data, suggesting a potentially attractive valuation to some analysts.

Community investment through programs like the El Dorado Promise scholarship

Murphy Oil Corporation's relationship with the El Dorado, Arkansas community is cemented by the El Dorado Promise scholarship, a long-term commitment to local education. The program was established with an initial commitment of $50 million from the Murphy Foundation. Since its inception in January 2007, nearly 1,500 students have received Promise scholarship funding. This relationship is designed to foster a college-going culture, and the maximum scholarship amount is set to cover tuition and mandatory fees equal to the highest in-state, public university rate, which was about $7,500 last year.

Key aspects of this community relationship include:

• Initial funding commitment: $50 million.
• Total students funded since inception: Nearly 1,500.
• Scholarship renewal requirement: Maintaining a 2.0 grade point average and completing 12 credit hours per semester.
• Program duration: The initial commitment was for twenty years.

Direct communication via quarterly updates and SEC filings

Murphy Oil Corporation maintains a structured cadence for communicating with the market, ensuring timely disclosure of performance and strategic direction. You can track this through their regular investor updates, such as the one detailing third quarter 2025 results released on November 5, 2025. Furthermore, required regulatory disclosures are made via SEC filings; for instance, a Form 8-K was filed on August 6, 2025. The company explicitly encourages investors to review materials posted on its Investor Relations website, http://ir.murphyoilcorp.com, as a channel for material information.

Long-term, defintely stable relationships with host governments (e.g., PETROCI)

In international operations, long-term stability with host governments is crucial for asset security and future development, as seen in Côte d'Ivoire with PETROCI Holding. Murphy Oil Corporation holds stakes in five offshore blocks (CI-102, CI-103, CI-502, CI-531, and CI-709) in partnership with PETROCI. The standard working interest split is 90:10 in favor of Murphy Oil Corporation, though for block CI-103, which contains the Paon field, the split is 85:15. These relationships involve joint planning, with the parties agreeing on the 2025 work program and budget during meetings in August 2024. The partnership is also looking ahead, with three prospects slated for a future drilling campaign planned for 2026.

Murphy Oil Corporation (MUR) - Canvas Business Model: Channels

You're looking at how Murphy Oil Corporation moves its barrels and molecules to market, which is critical given their Q3 2025 production hit 200.4 thousand barrels of oil equivalents per day (MBOEPD). The primary channel for crude oil is through direct sales contracts, though the specific refiner counterparties aren't always public, the realized price tells part of the story: for Q3 2025, Murphy Oil Corporation realized $66.18 per barrel for its oil production.

For natural gas, the channels are more explicitly detailed, especially concerning price risk management. Murphy Oil Corporation sells volumes through pipeline networks, with a significant portion of its Canadian gas sales tied to the AECO hub, which saw exceptionally weak prices through the 2025 shoulder season, resulting in a realized natural gas price of only $1.50 per thousand cubic feet (MCF) in Q3 2025. To counter this, they use fixed price forward sales contracts in Canada for physical delivery.

The use of commodity exchanges, specifically NYMEX, is a key channel for price realization hedging on natural gas volumes. Here's a quick look at the derivative positions taken to manage price volatility for 2025 gas volumes:

Time Period	Instrument	Volume Hedged (MMCFD)	Average Price (per MCF)
Q3 2025 Production	NYMEX Natural Gas Swaps	60	$3.65
Q4 2025 Production	NYMEX Natural Gas Swaps	60	$3.74
April - June 2025 Production	NYMEX Natural Gas Swaps	40	$3.58

The company also uses these channels to distribute corporate and financial data to stakeholders. You can find the latest investor materials, including the 3Q 2025 Earnings materials, on the Investor Relations page at http://ir.murphyoilcorp.com. This channel is where they post required filings and updates, such as the declaration of a quarterly cash dividend of $0.325 per share (annualized to $1.30 per share) as of October 1, 2025. The information available includes:

• Investor Materials and Latest Presentation.
• 2025 Sustainability Report and 2024 Annual Report.
• 2025 Proxy Statement and Form 10-Q filings.
• Quarterly Stockholder Updates and Press Releases.

Finally, moving the product requires extensive use of transportation and logistics providers. Given that Murphy Oil Corporation's Q3 2025 production included 94.1 MBOPD of oil and natural gas comprised 47% of the total MBOEPD mix, the scale of third-party pipeline capacity, marine transport for offshore volumes in the Gulf of America and Vietnam, and trucking/rail for onshore assets like Eagle Ford Shale is substantial. The company maintained approximately $1.5 billion of liquidity as of June 30, 2025, which helps manage the working capital tied up in product moving through these complex logistics chains.

Finance: finalize the Q4 2025 realized price sensitivity analysis by end-of-week.

Murphy Oil Corporation (MUR) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Murphy Oil Corporation's output as of late 2025. Honestly, for an upstream and midstream focused company like Murphy Oil Corporation, the customer segments are less about direct retail consumers and more about large-scale industrial and financial entities.

The primary physical customers are those who take the crude oil and natural gas volumes produced. For the three months ended June 30, 2025, Murphy Oil Corporation's total production, net of NCI (Non-Controlling Interests), averaged 189,677 barrels of oil equivalent per day (BOEPD). Of that, oil production, net, was 89,530 BOPD. Total revenue from sales to customers for that period was reported as $683,065.

The customer base can be segmented as follows:

• Global crude oil refiners and marketers.
• Natural gas utilities and industrial consumers in North America.
• Institutional and retail shareholders (institutional ownership is about 95.95% as of June 2025).
• National oil companies (NOCs) and state entities in host countries.
• Commodity traders and financial counterparties for hedging.

The shareholder base represents a distinct, non-revenue customer segment. As of June 2025, Institutional Investors held 95.95% of the company. The total shares outstanding as of June 30, 2025, was 142.7 million shares. There were 808 institutional owners and shareholders who had filed 13D/G or 13F forms with the SEC, holding a total of 162,710,240 shares.

For the commodity and financial side, Murphy Oil Corporation uses fixed price forward sales contracts in Canada to manage price exposure, which directly involves commodity traders and financial counterparties.

Here's a quick look at the scale of production volumes that feed these customer groups for the three months ended June 30, 2025:

Metric	Value	Unit
Total Production, Net	189,677	BOEPD
Oil Production, Net	89,530	BOPD
Revenue from Sales to Customers	$683,065	(in thousands/millions)

Regarding international operations, which often involve NOCs, Murphy Oil Corporation reported drilling an oil discovery at Hai Su Vang-1X in offshore Vietnam, where PetroVietnam Exploration Production Corporation Ltd. holds a 35 percent working interest. This points to direct engagement with state-owned entities in host countries as partners or counterparties.

The North American natural gas customer segment is supported by production from areas like the Tupper Montney, where natural gas production averaged 429 million cubic feet per day (MMCFD) in the third quarter of 2024.

Finance: review the Q3 2025 operational data when it releases on November 6, 2025, to update the BOEPD figures by Wednesday.

Murphy Oil Corporation (MUR) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Murphy Oil Corporation's operations as of late 2025. Understanding where the money goes is key to seeing the financial reality behind their production targets.

Capital Expenditures (CAPEX) represent a significant commitment, funding future production and exploration. Murphy Oil Corporation maintained a wide guidance range for 2025 accrued CAPEX, which includes major purchases like the Pioneer FPSO. The full year 2025 accrued CAPEX guidance range was set between $1,135 million and $1,285 million. This gives a midpoint expectation of approximately $1.21 billion.

Drilling down into the 2025 capital allocation, specific programs have dedicated budgets:

• The exploration program for 2025 was allocated approximately $145 million.
• The Eagle Ford Shale received about $360 million of the 2025 CAPEX.
• Canada onshore operations were allocated approximately $140 million.
• Vietnam and other offshore operations had about $115 million allocated.

Operating costs are closely managed, with Lease Operating Expenses (LOE) showing sequential improvement. For the third quarter of 2025, LOE improved to $9.39 per BOE. This was a significant drop from the second quarter average of $11.80 per BOE. Looking ahead, the expectation for the fourth quarter of 2025 LOE is in the range of $10 to $12 per BOE.

Here's a quick look at how the key operating cost metric tracked through the year:

Metric	Q2 2025 Cost (per BOE)	Q3 2025 Cost (per BOE)	Q4 2025 Expected Range (per BOE)
Lease Operating Expenses (LOE)	$11.80	$9.39	$10.00 to $12.00

Exploration costs are distinct from development CAPEX. The total amount charged to exploration expense attributable to Murphy Oil Corporation in the third quarter of 2025, excluding previously suspended costs, was $50.5 million. This aligns with the overall $145 million allocated for the full 2025 exploration program.

Financing costs factor in through interest expense tied to the balance sheet structure. As of March 31, 2025, Murphy Oil Corporation's total debt stood at $1.48 billion. This debt was primarily comprised of long-term, fixed-rate notes which carried a weighted average coupon of 6.1 percent. While a specific 2025 interest expense figure isn't detailed here, the debt load and coupon rate define this fixed cost component.

General and administrative (G&A) overhead is a necessary fixed cost, though specific 2025 G&A figures weren't explicitly itemized in the same detail as LOE or CAPEX in the latest updates. The cost structure relies on managing these overheads alongside direct operating expenses like LOE.

Murphy Oil Corporation (MUR) - Canvas Business Model: Revenue Streams

You're looking at the core ways Murphy Oil Corporation brings in money, focusing on the hard numbers from their latest reports as of late 2025. The revenue picture is clearly dominated by the sale of hydrocarbons, with a strong emphasis on oil production performance in the third quarter of 2025.

The primary revenue drivers are the sales of crude oil and natural gas, with natural gas liquids (NGLs) making up a smaller, but still present, portion of the total sales volume. Murphy Oil Corporation reported total revenue from production sales (excluding hedges) of $681 Million for the third quarter of 2025, based on a total production of 200.4 MBOEPD for that period, excluding non-controlling interest (NCI).

Here is a breakdown of the key components contributing to that top line:

• Sales of crude oil: Q3 2025 oil production, net, was 94,067 BOPD. This represented 47% of the total production mix by volume for the quarter.
• Sales of natural gas liquids (NGLs): NGLs accounted for 6% of the total production mix by volume in Q3 2025. The realized price for NGLs was $19.36 / BBL.
• Sales of natural gas: Natural gas comprised 47% of the total production mix by volume in Q3 2025. The realized price for natural gas was $1.50 / MCF.

The company's realized pricing for Q3 2025, before accounting for hedges and midstream costs, was:

• Oil: $66.18 / BBL.
• Natural Gas: $1.50 / MCF.
• NGLs: $19.36 / BBL.

The revenue streams are also segmented by asset, which gives you a clearer picture of where the sales dollars are originating. Note that these segment revenues total $680 Million, aligning closely with the reported total revenue of $681 Million for the quarter (excluding hedges).

Revenue Segment (Excluding NCI)	Q3 2025 Production Volume	Q3 2025 Revenue Amount
Eagle Ford Shale	49,000 BOEPD	$232 MM
Offshore	68,000 BOEPD	$376 MM
Onshore Canada	83,000 BOEPD	$72 MM

Revenue from derivative commodity instruments is typically reflected in realized pricing or as separate line items for gains or losses, rather than direct sales revenue. For Q3 2025, Murphy Oil recorded unrealized gains on derivatives of $16 million (pre-tax), which offset a portion of a non-cash impairment charge. This shows the financial impact of their hedging strategy on the bottom line, even if it isn't a direct sales stream.

Regarding the non-controlling interest (NCI) share of project revenue, the operational and financial highlights provided for Q3 2025 production and revenue generally exclude NCI figures, meaning the reported 200.4 MBOEPD and $681 Million revenue are net to Murphy Oil Corporation's controlling interest. The offshore business production figure of 68 MBOEPD specifically excludes NCI.