Risk Sleuth
MUR · 10-K filed 25 Feb 2026 · year to 31 Dec 2025

Murphy Oil

39 named things its latest annual report says its results depend on, each in the company's own words. 24 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Third-party transportation and processing infrastructure

depends onnamed as a risk
The Company relies on the availability and capacity of infrastructure, such as transportation and processing facilities, and equipment that are often owned and operated by others.Risk factors (Item 1A)

Partners and platforms

Joint venture partner-operated fields

depends on · approximately 19% of the Company’s total productionnamed as a risk
During 2025, approximately 19% of the Company’s total production was at fields operated by others, while at December 31, 2025, approximately 12% of the Company’s total proved reserves were at fields operated by others.Risk factors (Item 1A)

Other companies

Amended revolving credit facility

depends on · $2.00 billion
Subsequent to year end, in January 2026, the Company entered into an amendment (the “Second Amendment”) to its credit agreement governing a $2.00 billion senior unsecured guaranteed revolving credit facility (Amended RCF) with a maturity date in January 2031.Risk factors (Item 1A)

Also named by TPR

OPEC

exposed to its pricenamed as a risk
the ability of the members of the Organization of the Petroleum Exporting Countries (OPEC) and certain non-OPEC members, for example, Russia, to agree to maintain or adjust production levels;Risk factors (Item 1A)

Also named by APA, CHRD, CPAY, CRC, CRGY, DMLP, KMI, KRP and 9 more

Places

Vietnam

operates in · approximately 12.1 million BBL of liquidsnamed as a risk
Total proved reserves for Lac Da Vang (Golden Camel) field development in Vietnam at December 31, 2025 were approximately 12.1 million BBL of liquids and 7.4 BCF of natural gas.Business (Item 1)

Also named by AAPL, AMKR, ANET, ASO, BBW, CGNX, CIEN, CROX and 16 more

Vietnam

operates in · 4,267 thousand net acresnamed as a risk
Scheduled expirations in 2026 include 4,267 thousand net acres in Vietnam, 558 thousand net acres in Côte d’Ivoire and 28 thousand net acres in U.S. Offshore.Business (Item 1)

Also named by AAPL, AMKR, ANET, ASO, BBW, CGNX, CIEN, CROX and 16 more

Gulf of America

insures or lends to · $850 million for Gulf of America claimsnamed as a risk
The Company also maintains insurance coverage for property damage and well control with a limit of $450 million per occurrence ($850 million for Gulf of America claims), all or part of which could apply to certain sudden and accidental pollution events.Risk factors (Item 1A)

Also named by CVX, JOE, OXY, VTOL, WMB

Côte d’Ivoire

operates in · 1.4 million gross acresnamed as a risk
Murphy operates five offshore PSCs in the Tano Basin offshore Côte d’Ivoire, Africa, with the five blocks having a total area of 1.4 million gross acres.Business (Item 1)

United States

concentrated in · 90% of the Company’s total worldwide liquids and 17% of worldwide natural gas production volumes
These amounts represented 90% of the Company’s total worldwide liquids and 17% of worldwide natural gas production volumes.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Brazil

operates in · approximately 960 thousand gross acres
Murphy’s total acreage position in Brazil as of December 31, 2025 was approximately 960 thousand gross acres, offsetting several major discoveries.Business (Item 1)

Also named by ADM, ASO, AZO, BALL, CPAY, CPRT, CTVA, DE and 32 more

Gulf of America

concentrated in · approximately 65% of total U.S. hydrocarbon production
During 2025, approximately 65% of total U.S. hydrocarbon production was produced at fields in the Gulf of America, of which approximately 91% was derived from ten fields, including the operated Mormont, Khaleesi, Cascade and Chinook, Marmalard, Dalmatian, Neidermeyer and Powerball fields, as well as the non-operated St. Malo, Kodiak and Lucius fields.Business (Item 1)

Also named by CVX, JOE, OXY, VTOL, WMB

British Columbia

operates in · approximately 139 thousand gross acres
Murphy has approximately 139 thousand gross acres of the Tupper Montney mineral rights located in northeast British Columbia.Business (Item 1)

Also named by ELS, ET, SUN, SUNC

Eagle Ford Shale

concentrated in · approximately 35% of total U.S. hydrocarbon production
During 2025, approximately 35% of total U.S. hydrocarbon production was produced in the Eagle Ford Shale.Business (Item 1)

Also named by AROC, KGS

Tupper Montney

operates in · 100% working interest
In Canada, the Company holds working interests in the Tupper Montney (100% working interest), the Kaybob Duvernay and two non-operated offshore assets – the Hibernia and Terra Nova fields, located offshore Newfoundland and Labrador in the Jeanne d’Arc Basin.Business (Item 1)

Kaybob Duvernay

operates in · 70% working interest
In addition, the Company holds a 70% working interest in the Kaybob Duvernay lands in Alberta.Business (Item 1)

Hibernia and Terra Nova fields

operates in · 6,981 BBL of oil per day
Oil production in 2025 was 6,981 BBL of oil per day for the two offshore Canadian fields.Business (Item 1)

Morocco

operates in · 75% working interest
Murphy holds a 75% working interest in the block, with the remaining 25% working interest held by the Office National des Hydrocarbures et des Mines.Business (Item 1)

Brunei

operates in · 8.051%
The Company has a working interest of 8.051% in Block CA-1 as of December 31, 2025.Business (Item 1)

Texas

subject tonamed as a risk
Texas law imposes permitting, disclosure, disposal and well construction requirements on hydraulic fracturing operations, as well as public disclosure of certain information regarding the components used in the hydraulic fracturing process.Risk factors (Item 1A)

Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more

Côte d’Ivoire

operates innamed as a risk
Subsequent to year-end, the Civette-1X exploration well reached a total depth of 13,950 feet and encountered non-commercial hydrocarbons across multiple intervals.Business (Item 1)

Hazards

Hurricanes

concentrated innamed as a risk
Many of the Company’s offshore fields are in the Gulf of America, where hurricanes and tropical storms can lead to shutdowns and damages.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Commodities and inputs

West Texas Intermediate (WTI) crude oil

exposed to its price · $64.81 per barrel in 2025named as a risk
West Texas Intermediate (WTI) crude oil prices averaged $64.81 per barrel in 2025, compared to $75.72 in 2024 and $77.62 in 2023.Risk factors (Item 1A)

Also named by TRGP

NYMEX natural gas

exposed to its price · $3.54 per million British Thermal Units (MMBTU) in 2025named as a risk
The average New York Mercantile Exchange (NYMEX) natural gas sales price was $3.54 per million British Thermal Units (MMBTU) in 2025, compared to $2.24 in 2024 and $2.53 in 2023.Risk factors (Item 1A)

Also named by RRC

AECO natural gas

exposed to its price · C$1.68 per thousand cubic feet (MCF) in 2025named as a risk
The Company also has exposure to the Canadian benchmark natural gas price, Alberta Energy Company (AECO), which averaged C$1.68 per thousand cubic feet (MCF) in 2025, compared to C$1.46 in 2024 and C$2.64 in 2023.Risk factors (Item 1A)

Also named by MOS

Canadian dollar

exposed to its pricenamed as a risk
However, the Canadian dollar is the functional currency for all Canadian operations.Risk factors (Item 1A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

Mars, WTI Houston Magellan East Houston, Heavy Louisiana Sweet and Brent crude oil indices

exposed to its pricenamed as a risk
The most common crude oil indices used to price the Company’s crude include Mars, WTI Houston Magellan East Houston, Heavy Louisiana Sweet and Brent.Risk factors (Item 1A)

Malin and Dawn natural gas hubs

exposed to its pricenamed as a risk
The Company has entered into certain forward fixed price contracts as detailed in the “Outlook” section beginning on page 52 and spot contracts providing exposure to other market prices at specific sales points such as Malin (Oregon, U.S.) and Dawn (Ontario, Canada).Risk factors (Item 1A)

Regulators

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk
On March 8, 2024, the EPA published its final rules imposing new and stricter requirements for methane monitoring, reporting, and emissions control at certain oil and natural gas facilities.Business (Item 1)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

Railroad Commission of Texas

subject tonamed as a risk
In addition, it is possible in the future that certain regulatory bodies such as the Railroad Commission of Texas may enact regulation that bans or reduces flaring for U.S. Onshore operations, and certain regulatory bodies in Canada may decide to revoke permits or pause the issuance of permits as a result of non-compliance with, or litigation related to, environmental, health and safety laws and regulations.Risk factors (Item 1A)

Also named by APA, ATO, DMLP, DVN, NRG, OKE, PR, TPL and 2 more

U.S. Bureau of Ocean Energy Management (BOEM)

subject tonamed as a risk
If the BOEM determines that a company does not have the financial ability to meet its decommissioning and other obligations, that company will be required to post additional financial security as assurance.Risk factors (Item 1A)

Also named by D

U.S. Bureau of Safety and Environmental Enforcement (BSEE)

subject tonamed as a risk
In addition, the BOEM and the BSEE have regulations applicable to lessees in federal waters that impose various safety, permitting and certification requirements applicable to exploration, development and production activities in the Gulf of America, and also require lessees to have substantial U.S. assets and net worth or post bonds or other acceptable financial assurance that the regulatory obligations will be met.Risk factors (Item 1A)

Also named by GEV

Laws and programs

U.S. global tariff under Trade Act of 1974

subject to · 10%named as a risk
Following such ruling, President Trump implemented a 150-day “global tariff” of 10% effective February 24, 2026, using presidential powers under the Trade Act of 1974, and indicated a desire to increase such “global tariff” to 15% and to seek to extend such tariffs under other statutes.Risk factors (Item 1A)

2024-2029 National Outer Continental Shelf Oil and Gas Leasing Program

subject to · only three potential oil and natural gas lease salesnamed as a risk
However, on December 14, 2023, the Secretary of the Interior approved the 2024-2029 National Outer Continental Shelf Oil and Gas Leasing Program, which contemplates only three potential oil and natural gas lease sales in the Gulf of America through 2029.Risk factors (Item 1A)

One Big Beautiful Bill Act (OBBBA)

subject to · at least 30 region-wide sales
The OBBBA replaced the Biden Administration’s five-year offshore leasing plan with at least 30 region-wide sales in the Gulf of America between December 2025 and March 15, 2040, reversed the increases to the Bureau of Land Management’s royalty rates, which were raised under the IRA, and increased U.S. lease sales both onshore and offshore.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

U.S. Oil Pollution Act

subject tonamed as a risk
OPA also requires owners and operators of offshore oil production facilities to establish and maintain evidence of financial responsibility to cover costs that could be incurred in responding to an oil spill.Business (Item 1)

Also named by ELS

Methane Waste Emissions Charge (WEC)

subject tonamed as a risk
The One Big Beautiful Bill Act (OBBBA) passed in July 2025 postponed the implementation of the WEC to 2034.Business (Item 1)

Canada carbon pricing programs

subject tonamed as a risk
In Canada, Murphy is subject to GHG regulations and resultant carbon pricing programs specific to the jurisdiction of operation.Business (Item 1)

OECD Pillar Two

subject to
While we do not currently expect that Pillar Two will have a material impact on our results of operations, we continue to monitor the impact as the OECD provides additional guidance and countries implement legislation.Risk factors (Item 1A)

Also named by APO, BAM, BAX, BF/B, CHRW, COHR, CPNG, CRM and 45 more

Technology

Hydraulic fracturing

depends onnamed as a risk
The Company’s onshore North America oil and natural gas production is dependent on a technique known as hydraulic fracturing whereby water, sand and certain chemicals are injected into deep oil and natural gas bearing reservoirs in North America.Risk factors (Item 1A)

Also named by EOG, RRC, XOM