Murphy Oil fails to find oil at exploration well offshore Mexico
Jan. 06, 2023 10:29 AM ETMurphy Oil Corporation (MUR)By: Carl Surran, SA News Editor2 Comments
Murphy Oil (NYSE:MUR) said Friday it failed to encounter commercial hydrocarbons after concluding drilling operations at an exploration well in Block 5 of the Salina Basin offshore Mexico.
The company is the operator and owns a 40% working interest in Block 5, while Malaysia's Petronas and Germany's Wintershall Dea each hold 30% stakes in the partnership.
In its latest investor update, Murphy (MUR) reiterated its plan to return excess cash flow to shareholders via share buybacks and dividends while also prioritizing long-term debt reduction.
Murphy Oil (MUR) views the robust pricing environment as a time to lower debt to levels previously beyond its reach, Long Player writes in an analysis published on Seeking Alpha.