Key Points – Murphy Oil’s Bubale discovery offshore Côte d’Ivoire encountered oil in two reservoirs and could become a major growth driver, but appraisal work remains.
The first appraisal well is expected to cost about $90 million, with up to five wells possible over the next 18–24 months. – The company reduced its Hai Su Vang resource estimate in Vietnam after a dry appraisal well, though it still sees a potential 200–300 million barrels of oil equivalent and is targeting a final investment decision in late 2027
Lac Da Vang remains on schedule for first oil in the fourth quarter. – Murphy raised its 2026 capital-spending midpoint to $1.55 billion, including additional investment in Bubale and the Eagle Ford. Second-quarter production averaged 169,000 boe/d, while the company reported $110 million in free cash flow, leverage below 1x and about $2.5 billion of liquidity. – 3 Stocks Standing Out and 2 Losing Momentum as the Tech Rally Cracks Murphy Oil (NYSE:MUR) highlighted a new discovery offshore Côte d’Ivoire, revised its 2026 capital program upward and outlined plans to accelerate activity in the Eagle Ford during its second-quarter 2026 earnings call. President and CEO Eric Hambly said the company’s most significant development during the quarter was the Bubale discovery, where the discovery well encountered oil in both the Turonian and Cenomanian reservoirs.
Murphy entered Côte d’Ivoire with a three-well exploration strategy, and the first two wells were non-commercial, Hambly said. – Savvy Investors’ Rate Cut Portfolio: Bonds, Small Caps, Energy “While Bubale has the potential to become a significant growth driver for Murphy, there is still important appraisal work ahead,” Hambly said. The company spudded the Bubale West 1X appraisal well in July, targeting the Turonian reservoir. The well is the first in a potential program of up to five appraisal wells over the next 18 to 24 months.