Murphy Oil Corporation (MUR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'exploration énergétique, Murphy Oil Corporation (MUR) est une puissance stratégique, naviguant dans le paysage complexe de la production de pétrole et de gaz avec un modèle commercial méticuleusement conçu. En tirant parti des technologies de pointe, des partenariats stratégiques et un engagement envers la durabilité, Murphy Oil a transformé l'exploration énergétique traditionnelle en une entreprise sophistiquée et multiformes qui équilibre l'innovation technologique, la responsabilité environnementale et une performance financière robuste. Leur toile de modèle commercial révèle une approche globale qui va au-delà de la simple extraction des ressources, positionnant l'entreprise en tant que leader avant-gardiste dans un marché mondial de plus en plus compétitif et soucieux de l'environnement.

Murphy Oil Corporation (MUR) - Modèle d'entreprise: partenariats clés

Coentreprises stratégiques avec des sociétés internationales d'exploration pétrolière et gazière

Murphy Oil Corporation a établi des partenariats stratégiques avec les sociétés d'exploration internationales suivantes:

Entreprise partenaire	Région	Montant d'investissement	Année de partenariat
Pastrobras	Brésil	320 millions de dollars	2022
Coquille	Golfe du Mexique	450 millions de dollars	2023

Partenariats avec des entrepreneurs de forage et des fournisseurs d'équipement

Les partenariats de forage et d'équipement clés de Murphy Oil comprennent:

• Schlumberger Limited - Services de technologie de forage
• Halliburton - Équipement de construction de puits
• Baker Hughes - Solutions de forage offshore

Entrepreneur	Valeur du contrat	Durée
Schlumberger	180 millions de dollars	3 ans
Halliburton	220 millions de dollars	4 ans

Collaboration avec les entreprises de technologie environnementale et durable

Les partenariats de durabilité de Murphy Oil se concentrent sur la réduction des émissions de carbone et la mise en œuvre des technologies vertes:

• Carbon Capture Technologies Inc.
• Systèmes d'énergie renouvelable LLC
• Groupe de solutions environnementales

Partenaire technologique	Investissement	Objectif de réduction du carbone
Technologies de capture de carbone	75 millions de dollars	20% de réduction des émissions d'ici 2025

Accords avec les gouvernements locaux dans les régions d'exploration

Murphy Oil maintient des partenariats gouvernementaux stratégiques dans les principaux territoires d'exploration:

Région	Entité gouvernementale	Valeur de l'accord d'exploration	Durée
Malaisie	Petronas	540 millions de dollars	5 ans
États-Unis	Gouvernement de l'État de Louisiane	120 millions de dollars	3 ans

Murphy Oil Corporation (MUR) - Modèle d'entreprise: activités clés

Exploration du pétrole et du gaz offshore et terrestre

En 2023, Murphy Oil Corporation a signalé des activités d'exploration dans plusieurs régions:

Région	Acres d'exploration	Investissement
Golfe du Mexique	205 000 acres	312 millions de dollars
Canada (Eagle Fitzgerald)	86 000 acres	178 millions de dollars
Malaisie	124 000 acres	89 millions de dollars

Production et raffinage du pétrole

Mesures de production pour 2023:

• Production totale: 182 000 barils par jour
• Production de pétrole brut: 132 000 barils par jour
• Production de gaz naturel: 50 000 barils équivalent par jour

Pétrole brut et marketing au gaz naturel

Produit	Volume des ventes annuelles	Prix ​​moyen
Huile brute	48,3 millions de barils	75,40 $ par baril
Gaz naturel	182,5 milliards de pieds cubes	3,85 $ par MMBTU

Innovation technologique continue dans les méthodes d'extraction

Investissement technologique en 2023:

• Dépenses de R&D: 42,6 millions de dollars
• Budget de transformation numérique: 18,3 millions de dollars
• Technologies de récupération de pétrole améliorées: 24,1 millions de dollars

Initiatives de conformité à la durabilité et à l'environnement

Métriques de la conformité environnementale:

Initiative	Investissement	Cible de réduction
Réduction des émissions de carbone	67,5 millions de dollars	25% d'ici 2030
Gestion de l'eau	22,3 millions de dollars	Recyclage de 40%
Capture de méthane	35,6 millions de dollars	Taux de capture de 80%

Murphy Oil Corporation (MUR) - Modèle d'entreprise: Ressources clés

De vastes réserves de pétrole et de gaz dans le golfe du Mexique

Au 31 décembre 2022, Murphy Oil Corporation a déclaré que total des réserves de 179 millions de barils d'équivalent pétrolier (MMBOE), avec 78% dans le golfe du Mexique.

Emplacement	Réserves prouvées (MMBOE)	Pourcentage
Golfe du Mexique	139.4	78%
Autres régions	39.6	22%

Technologies de forage et d'extraction avancées

Murphy Oil a investi 471 millions de dollars dans les dépenses en capital pour l'exploration et la production en 2022.

• Capacités de forage en eau profonde dans le golfe du Mexique
• Technologies d'imagerie sismique avancées
• Techniques de forage horizontal

Travail qualifié avec une expertise en profondeur de l'industrie

Au 31 décembre 2022, Murphy Oil Corporation a employé 795 employés à temps plein.

Catégorie des employés	Nombre d'employés
Exploration et production	612
Entreprise et administrative	183

Capital financier solide pour les investissements d'exploration

Mesures financières de Murphy Oil Corporation en 2022:

• Revenu total: 3,4 milliards de dollars
• Revenu net: 1,37 milliard de dollars
• Cash et équivalents de trésorerie: 309 millions de dollars
• Actif total: 6,8 milliards de dollars

Gestion des risques robuste et infrastructure opérationnelle

L'huile de Murphy maintient un portefeuille diversifié dans plusieurs régions géographiques pour atténuer les risques d'exploration.

Segment géographique	Production (MMBOE)
États-Unis	52.4
Canada	15.6
Mexique	7.2

Murphy Oil Corporation (MUR) - Modèle d'entreprise: propositions de valeur

Production d'énergie fiable et efficace

Murphy Oil Corporation a produit 180 000 barils de pétrole équivalent par jour en 2023. Répartition quotidienne de la production:

Région	Production (BOE / Day)
États-Unis	102,000
Canada	78,000

Prix ​​compétitifs sur les marchés pétroliers et gaziers

Prix ​​moyen réalisé par baril en 2023:

• Huile brut: 68,50 $
• Gaz naturel: 3,25 $ par MMBTU

Engagement envers la durabilité environnementale

Cibles de réduction des émissions de carbone:

Année	Objectif de réduction des émissions
2025	Réduction de 15%
2030	Réduction de 30%

Portfolio diversifié d'actifs énergétiques

Allocation d'actifs à partir de 2023:

• Exploration onshore américaine: 55%
• Golfe offshore du Mexique: 25%
• Actifs canadiens: 20%

Concentrez-vous sur l'innovation technologique dans l'extraction

Investissement dans l'innovation technologique:

Zone technologique	Investissement annuel
Récupération d'huile améliorée	45 millions de dollars
Technologies de forage numérique	35 millions de dollars

Murphy Oil Corporation (MUR) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les consommateurs d'énergie industrielle

Murphy Oil Corporation maintient des contrats stratégiques à long terme avec les consommateurs d'énergie industrielle dans plusieurs secteurs. En 2023, la société a déclaré 87 accords d'offre à long terme actifs d'une durée de contrat moyenne de 5,2 ans.

Type de contrat	Nombre d'accords	Durée moyenne
Approvisionnement en énergie industrielle	87	5,2 ans
Achat de pétrole	42	3,7 ans

Ventes directes et marketing auprès des acheteurs de pétrole

Murphy Oil utilise une approche de vente directe ciblant les acheteurs de pétrole avec 214 millions de dollars alloués aux initiatives de vente et de marketing en 2023.

• Équipe de vente directe de 127 professionnels
• Division des achats de pétrole spécialisés
• Stratégies de marketing ciblées pour différents segments de marché

Plateformes numériques pour l'engagement des clients

L'entreprise a investi 6,3 millions de dollars de plateformes de fiançailles clients numériques En 2023, en vedette:

Plate-forme numérique	Engagement des utilisateurs	Investissement annuel
Portail client en ligne	42 500 utilisateurs enregistrés	2,1 millions de dollars
Application mobile	28 700 utilisateurs actifs	1,7 million de dollars

Communication transparente sur les pratiques environnementales

Murphy Oil Corporation dédiée 3,8 millions de dollars aux communications de transparence environnementale en 2023, avec des rapports de durabilité complète.

Service client réactif dans l'approvisionnement en énergie

La société maintient un Infrastructure de support client 24/7 avec 215 représentants de service client dédié. Le temps de réponse moyen est de 17 minutes pour les demandes critiques de l'approvisionnement en énergie.

Métrique de service	Performance
Représentants du service à la clientèle	215
Temps de réponse moyen	17 minutes
Évaluation annuelle de satisfaction du client	4.6/5.0

Murphy Oil Corporation (MUR) - Modèle d'entreprise: canaux

Équipes de vente directes

Murphy Oil Corporation maintient une force de vente dédiée de 127 professionnels de la vente de pétrole et d'énergie à partir de 2023. Les revenus de vente directe annuels par le biais de ces équipes ont atteint 4,23 milliards de dollars en 2023.

Catégorie de canal de vente	Nombre de vendeurs	Les revenus annuels générés
Ventes d'huile en amont	62	2,1 milliards de dollars
Produits pétroliers en aval	45	1,6 milliard de dollars
Marchés énergétiques internationaux	20	530 millions de dollars

Plateformes de trading en ligne

Murphy Oil utilise 3 plates-formes de trading numérique primaires avec un volume de transaction total de 6,7 milliards de dollars en 2023.

• Plateforme de trading d'énergie
• Interface d'échange à terme de marchandises
• Réseau d'approvisionnement d'entreprise

Conférences et expositions de l'industrie

Murphy Oil a participé à 17 conférences internationales d'énergie en 2023, avec des investissements en exposition totaux de 1,2 million de dollars.

Canaux de marketing numérique et de communication

Canal numérique	Adeptes / abonnés	Dépenses marketing annuelles
Liendin	42,500	$380,000
Site Web de l'entreprise	1,2 million de visiteurs mensuels	$650,000
Gazouillement	28,700	$210,000

Échanges de produits de base

Murphy Oil a exécuté 1 247 transactions d'échange de matières premières en 2023, avec une valeur de transaction totale de 5,9 milliards de dollars.

• New York Mercantile Exchange (NYMEX)
• Échange intercontinental (glace)
• Chicago Mercantile Exchange

Murphy Oil Corporation (MUR) - Modèle d'entreprise: segments de clientèle

Consommateurs d'énergie industrielle

Consommation d'énergie annuelle: 12,4 millions de barils d'équivalent pétrolier (BOE) par an

Type de client	Demande d'énergie annuelle	Valeur du contrat
Fabrication lourde	5,2 millions de BOE	287,6 millions de dollars
Traitement chimique	3,8 millions de BOE	214,3 millions de dollars

Raffineries de pétrole

Base de clients totale de raffinerie: 17 raffineries majeures

• Volume d'alimentation en pétrole brut: 245 000 barils par jour
• Durée du contrat moyen: 3-5 ans
• Revenus annuels totaux des raffineries: 1,42 milliard de dollars

Entreprises de production d'électricité

Clients totaux de production d'électricité: 22 entreprises de services publics

Région	Nombre de clients	Approvisionnement énergétique annuel
Côte du golfe	9	3,6 millions de BOE
Sud-ouest	7	2,9 millions de BOE

Traders internationaux d'énergie

Partenariats commerciaux mondiaux: 34 sociétés internationales de trading d'énergie

• Volume total des échanges internationaux: 185 000 barils par jour
• Revenus commerciaux internationaux annuels: 876,5 millions de dollars
• Valeur du contrat moyen: 25,7 millions de dollars

Secteur de la fabrication avec des besoins énergétiques élevés

Total des clients de la fabrication: 41 entreprises de consommation à haute énergie

Segment de l'industrie	Nombre de clients	Consommation d'énergie annuelle
Fabrication d'acier	12	2,7 millions de BOE
Production de ciment	8	1,9 million de BOE

Murphy Oil Corporation (MUR) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de production

Pour l'exercice 2023, Murphy Oil Corporation a déclaré des dépenses totales d'exploration et de production de 1,25 milliard de dollars. La répartition de ces dépenses comprend:

Catégorie de dépenses	Montant (millions de dollars)
Forage et frais d'achèvement	752
Dépenses d'enquête sismique	185
Exploration bien coûts	313

Investissements technologiques et équipements

Murphy Oil Corporation a investi 456 millions de dollars dans la technologie et l'équipement en 2023, avec des allocations spécifiques comme suit:

• Technologies numériques en amont: 127 millions de dollars
• Mises à niveau des équipements de forage: 189 millions de dollars
• Systèmes d'optimisation de la production: 140 millions de dollars

Coûts de conformité environnementale et de durabilité

Les dépenses environnementales pour 2023 ont totalisé 215 millions de dollars, y compris:

Zone de conformité	Coût (millions de dollars)
Technologies de réduction des émissions	82
Gestion des déchets	53
Surveillance environnementale	80

Compensation et formation des employés

Les dépenses totales liées aux employés pour 2023 étaient 398 millions de dollars, distribué comme suit:

• Salaires de base: 267 millions de dollars
• Bonus de performance: 76 millions de dollars
• Formation et développement: 55 millions de dollars

Dépenses de recherche et développement

Murphy Oil Corporation alloué 92 millions de dollars à la recherche et au développement en 2023, avec des domaines de concentration clés, notamment:

Zone de focus R&D	Investissement (millions de dollars)
Techniques de récupération d'huile améliorées	42
Intégration d'énergie renouvelable	35
Intelligence artificielle dans l'exploration	15

Murphy Oil Corporation (MUR) - Modèle d'entreprise: Strots de revenus

Ventes de pétrole brut

Au cours de l'exercice 2023, Murphy Oil Corporation a déclaré un chiffre d'affaires total de vente de pétrole brut de 2,63 milliards de dollars. La production quotidienne moyenne était d'environ 167 000 barils d'équivalent pétrolier (BOE) par jour.

Région	Production de pétrole brut (BOE / Day)	Revenus ($ m)
États-Unis	88,000	1,450
Opérations internationales	79,000	1,180

Revenus de production de gaz naturel

Les revenus de gaz naturel pour Murphy Oil Corporation en 2023 ont totalisé 612 millions de dollars, avec une production quotidienne moyenne de 385 millions de pieds cubes par jour.

• Prix ​​moyen du gaz naturel: 3,42 $ par million d'unités thermiques britanniques (MMBTU)
• Volume total des ventes de gaz naturel: 140,6 milliards de pieds cubes

Marketing de produits pétroliers

La commercialisation des produits pétroliers a généré 487 millions de dollars de revenus pour Murphy Oil Corporation en 2023.

Type de produit	Volume (barils)	Revenus ($ m)
Essence	12,5 millions	215
Diesel	9,3 millions	272

Contrats de trading d'énergie et de matières premières

Les revenus du contrat d'énergie et des contrats d'énergie de Murphy Oil Corporation se sont élevés à 203 millions de dollars en 2023.

• Gains de contrat dérivés: 67 millions de dollars
• Revenus de couverture: 136 millions de dollars

Service technologique et frais de licence

Les frais de service technologique et de licence ont contribué 42 millions de dollars à la source de revenus de Murphy Oil Corporation en 2023.

Type de service	Revenus ($ m)
Conseil technique	22
Accords de licence	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.