Murphy Oil Corporation announced that it has successfully priced $500 million of 6.500% senior unsecured notes due 2034 under its existing shelf registration statement filed with the SEC. The transaction attracted orders in excess of $1.2 billion, allowing the Company to set the coupon at 6.500%. The offering is expected to close on January 23, 2026, subject to customary conditions. This pricing reflects strong investor demand for long-dated credit exposure to upstream energy names.

Murphy Oil expects to use the net proceeds from the 2034 notes offering to redeem in full its outstanding 5.875% senior notes due 2027 and 6.375% senior notes due 2028. Together, those notes have an aggregate principal amount of approximately $400 million. Any remaining proceeds will be deployed for general corporate purposes, including funding ongoing exploration activities in North America and Southeast Asia and maintaining financial flexibility for capital projects.

In Vietnam’s Phu Khanh Basin, Murphy Oil’s 100%-operated Hai Su Vang-2X appraisal well encountered a continuous oil-bearing sandstone interval measuring 55 feet in net pay, exceeding the 40-foot estimate from the initial Hai Su Vang-1X discovery. Preliminary reservoir testing indicates oil column mobility consistent with light crude quality. This result potentially positions the Hai Su Vang accumulation as larger in reserve size than the Company’s first Vietnam project, which held approximately 75 million barrels of recoverable oil. Further appraisal and follow-up wells are scheduled for late Q2, targeting deeper structural traps mapped on 3D seismic.