Murphy Oil is a mid-sized independent oil and gas E&P company that produces crude oil, natural gas, and NGLs primarily in the U.S. and Canada, with an expanding international portfolio. In the U.S., Murphy produces from the deepwater Gulf of America — its highest-margin, oil-weighted business — and the Eagle Ford Shale in South Texas, which Murphy runs at a steady ~30,000–35,000 net BOE/day. In Canada, Murphy's dominant asset is the Tupper Montney in British Columbia, a large natural gas resource where Murphy holds 100% working interest and operates at plant capacity. Murphy also holds a liquids-weighted position in the Kaybob Duvernay in Alberta. Together, the U.S. and Canada produced ~189,000 BOE/day in 2025. Murphy sells oil and NGLs at market-linked prices and natural gas into North American markets, including sales connected to the LNG Canada export facility. Murphy's long-term growth strategy centers on building a material position in Vietnam, where Murphy is developing the Lac Da Vang field (first oil targeted late 2026) and appraising the Hai Su Vang discovery, which management believes can deliver 30,000–50,000 net BOE/day by the early 2030s. Murphy also holds exploration positions in Côte d'Ivoire and Morocco. Murphy targets returning at least 50% of adjusted free cash flow to shareholders via buybacks and dividends, while managing toward a long-term net debt target of ~$1B.