Murphy Oil Corp. has declared an oil discovery in Block 15-1/05 within the Cuu Lengthy Basin offshore Vietnam.
Exploration nicely Lac Da Hong-1X, or Pink Camel, encountered 106 toes of web oil pay from one reservoir after being drilled to a complete depth of 13,616 toes in 151 toes of water.
Testing yielded a most movement price of two,500 barrels per day (bpd). “Extra testing confirmed high-quality oil with an API gravity of 38 levels”, the Houston, Texas-based oil and gasoline explorer and producer mentioned in its quarterly report.
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The nicely sits 3 miles southwest of Murphy’s Lac Da Vang (Golden Camel) subject undertaking, whose floating storage and offloading vessel started building within the quarter.
Murphy Cuu Lengthy Bac Oil Co. Ltd. operates Block 15-1/05 with a 40 p.c working stake. PetroVietnam Exploration Manufacturing Corp. Ltd., the upstream arm of state-owned Vietnam Nationwide Business-Vitality Group (PetroVietnam), holds 35 p.c and South Korea’s SK Earthon Co. Ltd. 25 p.c.
“The Lac Da Hong (Pink Camel) discovery, mixed with the not too long ago introduced Hai Su Vang (Golden Sea Lion) discovery, deepens our understanding of the useful resource potential in our Cuu Lengthy Basin blocks”, Murphy president and chief govt Eric M. Hambly mentioned. “Every of those discoveries validates our exploration technique and helps optimize future growth plans within the Cuu Lengthy Basin”.
Golden Sea Lion, in Block 15-2/17, confirmed about 370 toes of web oil pay from two reservoirs, drilled in 149 toes of water. Testing resulted in a facility-constrained movement price of 10,000 bpd. The nicely confirmed “high-quality, 37-degree API oil”. Murphy plans to drill an appraisal nicely within the third quarter (Q3).
Murphy estimates the imply to upward gross potential to be 170 million barrels of oil equal (MMboe) to 430 MMboe.
Murphy operates Block 15-2/17 with a 40 p.c curiosity. PetroVietnam owns 35 p.c and SK Earthon 25 p.c.
Elsewhere within the Southeast Asian nation, Murphy owns a 65 p.c working stake in deepwater blocks 144 and 145, which span a mixed 6.55 million acres within the Phu Khanh Basin.
In the meantime for Q1 2025, Murphy reported $73.04 million in web revenue, down from $90 million for a similar three-month interval final 12 months as manufacturing and gross sales volumes, in addition to oil costs, fell.
Adjusted for discontinued operations and different particular objects, web earnings landed at $80.7 million, down from $130.8 million for Q1 2024. Adjusted web earnings per share got here at $0.56, beating the Zacks Consensus Estimate of 48 cents.
Internet output averaged practically 158,000 barrels of oil equal a day (boed), down from round 171,800 boed in Q1 2024. Crude and condensate totaled over 84,800 bpd, down from roughly 97,700 bpd in Q1 2024; a United States manufacturing decline offset a Canadian enhance. Pure gasoline was 424.23 million cubic toes a day (MMcfd), down from 432.85 MMcfd in Q1 2024, regardless of a rise in U.S. onshore manufacturing. Pure gasoline liquids totaled greater than 8,400 bpd, down from about 9,300 bpd as each Canadian and U.S. contributions fell.
Gross sales income totaled $672.73 million, down from $794.85 million. Murphy logged a $9.46 million loss from by-product devices for Q1 2025.
Depreciation, depletion and amortization decreased from $211.13 million for Q1 2024 to $194.16 million for Q1 2025. Additionally affecting the year-on-year earnings distinction was a $34.53-million asset impairment loss booked for Q1 2024.
Earnings from persevering with operations earlier than earnings taxes totaled $122.77 million, down from $145.59 million for Q1 2024. Working actions generated $300.68 million in web money, down from $398.79 million for Q1 2024.
Murphy declared a quarterly dividend of $0.325 per share or $1.3 per share annualized. It repurchased 3.6 million shares for $100 million in Q1 2025. It had $550 million remaining below its buyback program.
“We’ve efficiently achieved the core aims of our capital allocation framework since adopting it in third quarter 2022, as we’ve got repaid roughly 35 p.c of long-term debt, repurchased $550 million of shares and elevated our quarterly dividend 30 p.c”, Hambly mentioned.
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