Murphy Oil Corporation has successfully priced an offering of $500 million aggregate principal amount of 6.500% senior unsecured notes maturing in January 2034 under its existing SEC‐registered shelf. The company received strong investor demand, with orders exceeding the initial size by over 2.5 times, allowing it to finalize terms today. The notes will be issued at par and are expected to settle on January 23, 2026, subject to customary closing conditions.

Net proceeds from the offering will be deployed to redeem in full the company’s outstanding 5.875% senior notes due 2027 and 6.375% senior notes due 2028. By refinancing higher‐coupon debt with longer‐dated, lower‐cost obligations, Murphy Oil aims to extend its debt maturity profile and reduce annual cash interest expense by an estimated $15 million to $20 million. Excess proceeds, if any, will be used for general corporate purposes, including capital investments in exploration and production activities.

In Vietnam’s Cuu Long Basin, the Hai Su Vang‐2X appraisal well encountered a thicker oil‐bearing interval than originally projected, with petrophysical analysis indicating an average net pay of 145 feet. The well drilled to a total depth of 9,800 feet and confirmed reservoir quality consistent with the initial discovery. Flow testing is scheduled for late Q1 2026, with follow‐up sidetrack wells planned to delineate the field’s extent and quantify recoverable volumes.

The combination of the liability management transaction and exploration success in Vietnam underscores Murphy Oil’s balanced strategy of disciplined capital allocation and resource growth. By locking in favorable long‐term financing rates and advancing a high‐potential appraisal campaign, the company positions itself to enhance free cash flow generation and reserve replacement. Investors will be watching upcoming free cash flow guidance for 2026 and further drilling results from the Hai Su Vang complex.