Murphy Oil Corporation has successfully priced an offering of $500 million aggregate principal amount of 6.500% senior notes due January 15, 2034. The notes were issued pursuant to the company’s effective shelf registration statement on file with the Securities and Exchange Commission. Settlement is expected to occur on January 23, 2026, subject to customary closing conditions. The interest on the notes will be payable semi-annually on January 15 and July 15 of each year.

Murphy Oil intends to use the net proceeds from the senior notes offering to fund the redemption in full of its outstanding 5.875% senior notes due 2027 and its 6.375% senior notes due 2028. The combined principal amount of the notes to be redeemed approximates $400 million. The redemptions will reduce the company’s annual cash interest expense by an estimated $12 million and extend the weighted‐average debt maturity by roughly six years.

The company reported a larger-than-expected oil interval at its Hai Su Vang-2X appraisal well in the Cuu Long Basin offshore Vietnam. Drilling of the well commenced in October 2025 and encountered a net hydrocarbon column exceeding pre-drill estimates by 20%. The discovery potentially surpasses the reserves of the initial development project, which is slated for first production in late 2026.

Following the Hai Su Vang-2X results, Murphy Oil plans two additional appraisal and follow-up wells in the second quarter of 2026 to further delineate the field’s extent. The company’s management has signaled that the Vietnam appraisal campaign remains a cornerstone of its medium-term growth strategy, targeting a 15% increase in overall proved reserves by year-end 2026.