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Equities

Update: Market Chatter: US, Vietnam Firms Set to Announce Deals During To Lam Visit

(Updates with Citi's comment in the seventh paragraph.)US and Vietnamese companies are expected to announce a series of agreements in energy, technology, aviation and finance next week as Vietnamese leader To Lam visits New York, Reuters reported Wednesday, citing officials and two documents.The report said the planned agreements are part of Vietnam's efforts to ease trade tensions with the US as the Trump administration threatens new tariffs on the country's exports.An internal planning document lists 29 potential agreements for a Sept. 23 business conference attended by To Lam, Reuters said.Murphy Oil (MUR) and Chevron (CVX) are expected to announce agreements with state-owned Petrovietnam, while ExxonMobil (XOM) is expected to reach an agreement with Vietnam Refinery and Petrochemical, according to the report.Vietjet is expected to announce plans to lease up to 22 aircraft, including 17 Boeing (BA) 737s and five Airbus A321neos, Reuters said, adding it is also expected to sign an agreement with SpaceX (SPCX) to provide Starlink satellite internet service on 120 aircraft.The list also includes potential agreements involving Meta (META), Qualcomm (QCOM), Visa (V), Mastercard (MA) and Citibank (C), the report added.Citi said it is currently unable to provide any specific comments or insights, while all other companies listed in the article did not immediately respond to' requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$C$CVX$MA$META$MUR$QCOM$SPCX$V$XOM
Equities

Market Chatter: US, Vietnam Firms Set to Announce Deals During To Lam Visit

US and Vietnamese companies are expected to announce a series of agreements in energy, technology, aviation and finance next week as Vietnamese leader To Lam visits New York, Reuters reported Wednesday, citing officials and two documents.The report said the planned agreements are part of Vietnam's efforts to ease trade tensions with the US as the Trump administration threatens new tariffs on the country's exports.An internal planning document lists 29 potential agreements for a Sept. 23 business conference attended by To Lam, Reuters said.Murphy Oil (MUR) and Chevron (CVX) are expected to announce agreements with state-owned Petrovietnam, while ExxonMobil (XOM) is expected to reach an agreement with Vietnam Refinery and Petrochemical, according to the report.Vietjet is expected to announce plans to lease up to 22 aircraft, including 17 Boeing (BA) 737s and five Airbus A321neos, Reuters said, adding it is also expected to sign an agreement with SpaceX (SPCX) to provide Starlink satellite internet service on 120 aircraft.The list also includes potential agreements involving Meta (META), Qualcomm (QCOM), Visa (V), Mastercard (MA) and Citibank (C), the report added.All companies listed in the article did not immediately respond to' requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$C$CVX$MA$META$MUR$QCOM$SPCX$V$XOM
Research

Seaport Global Initiate Murphy Oil at Neutral

Murphy Oil (MUR) has an average rating of hold and mean price target of $40.47, according to analysts polled by FactSet.

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Commodities

Williston Rig Count Hits Highest Since October 2025 as Lower 48 Activity Rises, UBS Says

The Williston rig count reached 33, its highest since October 2025, as US Lower 48 activity rose and operators increasingly adopted longer lateral wells, UBS said in a Tuesday note.Williston activity increased by one rig over the week, with the basin's count now 50% above the 22-rig trough reached in mid-February 2026 as higher crude prices supported drilling.Private operators, including Phoenix Operating and Koda Resources, drove much of the recent increase, according to the North Dakota Department of Mineral Resources' monthly update.Among public exploration and production companies, Chord Energy (CHRD) led Williston activity with 4 rigs, while Devon Energy (DVN) and Chevron (CVX) each had three rigs, UBS Evidence Lab data showed.Longer laterals, particularly 4-mile wells, have become a key drilling trend in the basin, with UBS saying the approach can improve capital efficiency and lower supply costs and breakevens.North Dakota's Q2 2026 completions averaged about 13,600 feet in lateral length, up 15% from the state's 2025 average of about 11,800 feet, according to the North Dakota Department of Mineral Resources.Chord Energy had the most visible 4-mile drilling program among public Exploration and Production companies, with such wells accounting for about 40% of its 2026 drilling plan before the company plans to scale the program in 2027.Across the Lower 48, the four-week average active rig count increased 1 rig week-over-week to 620, putting activity 13% above year-end 2025 levels, according to the note.Oil rigs increased 25% from year-end 2025, while gas rigs declined 11% and activity among other rig categories fell materially, UBS said.Permian activity was unchanged overall, as the Delaware added 3 rigs, the Midland lost 2 rigs and other Permian areas declined by 1 rig.Outside the Permian, the Williston Basin, Woodford and Denver-Julesburg each gained 1 rig, while Eagle Ford activity fell by 1 rig.Gas drilling was unchanged in the Haynesville but declined by 1 rig in Appalachia over the week, according to UBS Evidence Lab data.UBS' coverage group and integrated oil companies had 276 active rigs last week, down three from the previous week, with Exxon Mobil (XOM), Occidental Petroleum (OXY), and Murphy Oil (MUR) each adding one rig.Devon Energy, Chevron, SM Energy (SM), California Resources (CRC), Range Resources (RRC) and Gulfport Energy (GPOR) each had 1 fewer rig over the week, potentially reflecting rig movements.Exxon Mobil remained the most active public operator with 35 rigs, followed by Devon Energy with 32, ConocoPhillips (COP) with 30, Occidental Petroleum with 24 and EOG Resources (EOG) with 23, with UBS' coverage group accounting for 45% of Lower 48 active rigs.

$CHRD$COP$CRC$CVX$DVN$GPOR$MUR$OXY$RRC$SM$XOM
Equities

Murphy Oil Appoints New Chief Legal Officer

Murphy Oil (MUR) said late Monday it has appointed Michol Ecklund as senior vice president, chief legal officer and corporate secretary, effective Aug. 31.Ecklund most recently served as general counsel of Anew Climate, the company said.

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Equities

UBS Adjusts Price Target on Murphy Oil to $38 From $41, Maintains Neutral Rating

Murphy Oil (MUR) has an average rating of hold and mean price target of $43.27, according to analysts polled by FactSet.Price: $33.38, Change: $+0.34, Percent Change: +1.04%

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Commodities

Murphy Oil Q2 Output Reaches High End of Guidance, Reaffirms Full-Year Production, CapEx Outlook

Murphy Oil (MUR) Wednesday reported a dip in Q2 output, compared with the prior year period, despite being ahead of the company's guidance for this period.The Arkansas-based company produced a total of 168,995 barrels of oil equivalent per day, down from 189,677 barrels during the corresponding period a year ago, which was primarily attributed to lower offshore volumes.Management, however, noted that its output was at the high end of its guidance, which it attributed to robust well performance at its Tupper Montney assets in Canada.During the quarter, Murphy announced an oil discovery at the Bubale-1X well in offshore Cote d'Ivoire's Block CI-709, with the company encountering 100 feet of net pay across two reservoirs.Looking ahead, the company expects its Q3 output in the range of 171,000 to 179,000 boepd, while reaffirming its full-year guidance of between 167,000 to 175,000 boepd. Murphy also raised its capital spending guidance to $1.55 billion, from its prior midpoint guidance of $1.25 billion.

$MUR
Equities

Murphy Oil Q2 Adjusted Earnings, Revenue Rise

Murphy Oil (MUR) reported Q2 adjusted earnings late Wednesday of $1.55 per diluted share, up from $0.27 a year earlier.Analysts polled by FactSet expected $1.57.Revenue for the quarter ended June 30 rose to $928.3 million from $695.6 million a year earlier.Analysts expected $888.5 million.Murphy shares fell 5% in after-hours trading.

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Equities

Murphy Oil Keeps Quarterly Dividend at $0.35 a Share, Payable Sept. 1 to Holders of Record Aug. 17

Murphy Oil Keeps Quarterly Dividend at $0.35 a Share, Payable Sept. 1 to Holders of Record Aug. 17

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Wire

UBS Lowers Price Target on Murphy Oil to $41 From $44, Maintains Neutral Rating

Murphy Oil (MUR) has an average rating of hold and mean price target of $43.53, according to analysts polled by FactSet.Price: $36.93, Change: $+0.10, Percent Change: +0.29%

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Oil & Energy

Murphy Oil Reports Offshore Oil Discovery in Cote d'Ivoire, With Plans for Another Well

Murphy Oil (MUR) has discovered oil at the Bubale-1X exploration well in Block CI-709, 40 miles offshore Cote d'Ivoire, it said on Monday.The well was drilled to a total depth of 20,548 feet in water depths of 7,795 feet before encountering 100 feet of net oil pay across two reservoir intervals, with preliminary analysis indicating the presence of high-quality light oil.Murphy said the discovery reinforces the prospects of its acreage position in the West African country, adding that it supports its strategy of pursuing targeted exploration opportunities in the region.This marked the third and final well in Murphy's current three-well exploration campaign in the country, with plans for an additional well in the second half of 2026.Murphy holds a 90% working interest in the block, while Cote d'Ivoire's state-owned oil company, Petroci, owns the remaining 10%."We are pleased with the results to date, which underscore the value of a disciplined and consistent exploration approach," the company's President and CEO, Eric Hambly, said.

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Oil & Energy

KeyBanc 'Perplexed' by Market Belief in Imminence of US-Iran Peace

Analysts at KeyBanc have expressed some bewilderment at how oil markets are continuing to buy in to claims repeated over many weeks that a peace deal between the US and Iran is around the corner, despite no deal materializing and the foes having resumed missile strikes once again."We are perplexed by the market's willingness to buy into speculation there is an imminent end to the Iran conflict, driven by comments from the administration and Axios, which has seemingly reported 10 of the last zero peace agreements," KeyBanc said in a research note.The analysts have increased their 2026 West Texas Intermediate/Brent outlook and lowered natural gas forecasts "amid oversupplied markets."It takes the view that strikes by Israel in southern Lebanon are unlikely to push Iran to the negotiating table and that it can continue to put pressure on Trump administration as the world goes without one fifth of its usual oil supply."We believe Iran can wait out this growing crisis faced by the rest of the developed world, ratcheting up pressure on the Trump administration, which is likely to diminish any leverage it believes it has and keep oil prices elevated," it said.Its forecast for 2027 WTI is $77 per barrel versus $73 per barrel on March 27. Analysts also raised estimates for 2028 to $72/bbl.KeyBanc upgraded Murphy Oil (MUR) to overweight with a $48 price target, noting it presents exposure to higher oil prices with half of its estimated 2026 production unhedged.

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Murphy Oil Poised for Cash Flow Uplift Amid High Oil Prices, KeyBanc Says
US Markets

Murphy Oil Poised for Cash Flow Uplift Amid High Oil Prices, KeyBanc Says

Murphy Oil's (MUR) cash flow stands to benefit from higher crude prices, with no end to the Middle East conflict in sight yet, KeyBanc Capital Markets said in a note emailed Thursday.The brokerage has upgraded the West Texas Intermediate outlook to $85 a barrel for this year from $65 at the start of 2026. That should generate incremental cash flows of $666 million for Murphy, which is expected to produce 33.3 million barrels in 2026.None of that production is hedged, which means the oil exploration and production company can sell output at prevailing rates."Profound (cash flow) uplift from unhedged production stream is gamechanger for balance sheet and cash return optionality," KeyBanc analyst Tim Rezvan said.KeyBanc upgraded Murphy's stock to overweight from sector weight, with a $48 price target.The US and Israel attacked Iran at the end of February, resulting in the effective closure of the Strait of Hormuz. While there have been a series of talks following ceasefire deals, the parties are yet to finalize a framework for a long-lasting peace."The growing attacks in Lebanon by Israel appear to be a clear obstacle to a peace deal," Rezvan said. "We strenuously disagree with the view that an imminent agreement between the US and Iran will remove the risk premium that we believe should remain embedded in oil prices for the foreseeable future."Shares of Murphy closed 2% higher on Thursday, and have gained 28% year to date.The company's stock has pulled back 8% from its year-to-date high in April, creating an attractive entry point for investors ahead of second-quarter results, Rezvan said."As physical inventories dwindle and Israel continues attacks in Lebanon, we see upside risks to oil," he said.Price: $40.31, Change: $+1.14, Percent Change: +2.91%

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Sectors

Sector Update: Energy Stocks Mixed Late Afternoon

Energy stocks were mixed late Thursday afternoon, with the NYSE Energy Sector Index increasing 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) 0.1% lower.The Philadelphia Oil Service Sector Index climbed up 1.7%, and the Dow Jones US Utilities Index rose 0.5%.Front-month West Texas Intermediate crude oil fell 3% to $93.11 a barrel, and the global benchmark Brent crude contract dropped 2.7% to $95.18 a barrel. Henry Hub natural gas futures rose 4.7% to $3.37 per 1 million BTU.In sector news, US Treasury Secretary Scott Bessent said waivers allowing countries to buy Russian oil could be granted on a country-by-country basis rather than across the board, Bloomberg reported, citing the official's testimony before the House Ways and Means Committee.In corporate news, Venture Global (VG) shares jumped 5.8% after JPMorgan upgraded the stock to overweight from neutral and increased its price target to $17 from $16.Expro (XPRO) shares surged past 8% after the company said it has filed its definitive proxy statement with the Securities and Exchange Commission regarding its proposed move to redomicile in the Cayman Islands from the Netherlands.Solaris Energy Infrastructure (SEI) is expected to continue to expand capacity despite facing a tight supply chain in the near term, Morgan Stanley said in a note. Morgan Stanley kept its overweight rating and increased its price target to $90 from $81. Solaris shares rose 3%.Murphy Oil (MUR) shares rose 2.3% after KeyBanc upgraded the stock to overweight from sector weight.

$MUR$SEI$VG$XPRO
Wire

Murphy Oil Shares Rise After KeyBanc Upgrade

Murphy Oil (MUR) shares rose 3% in Thursday trading after KeyBanc upgraded the stock to overweight from sector weight, with a price target of $48 per share.Trading volume stood at over 1.2 million shares compared with a daily average of about 2.3 million.Price: $40.33, Change: $+1.16, Percent Change: +2.95%

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Sectors

Sector Update: Energy Stocks Edge Higher Thursday Afternoon

Energy stocks were slightly higher Thursday afternoon, with the NYSE Energy Sector Index increasing 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.2%.The Philadelphia Oil Service Sector Index climbed 1.3%, and the Dow Jones US Utilities Index increased 0.1%.Front-month West Texas Intermediate crude oil fell 4% to $92.18 a barrel, and the global benchmark Brent crude contract dropped 3.2% to $94.64 a barrel. Henry Hub natural gas futures rose 4.2% to $3.35 per 1 million BTU.In sector news, Hezbollah on Thursday rejected the latest ceasefire agreement between Israel and the Lebanese government, demanding a complete Israeli withdrawal from Lebanon as more fighting there hampered efforts to end the Iran war, the Associated Press reported. This comes as the House on Wednesday approved a war powers resolution that would halt US military action against Iran, according to a separate Associated Press report.Separately, President Donald Trump is set to announce $500 million in federal funding to support domestic coal-fired power plants and a coal export terminal, invoking the 1950 Defense Production Act, Bloomberg reported. The plan includes $425 million for 13 existing coal plants and separate Energy Department grants for two new plants in Alaska and West Virginia, Bloomberg said.In corporate news, Murphy Oil (MUR) shares rose 2.8% after KeyBanc upgraded the stock to overweight from sector weight.Expro (XPRO) shares jumped past 6% after the company said it has filed its definitive proxy statement with the Securities and Exchange Commission regarding its proposed move to redomicile in the Cayman Islands from the Netherlands.Solaris Energy Infrastructure (SEI) is expected to continue to expand capacity despite facing a tight supply chain in the near term, Morgan Stanley said in a note. Morgan Stanley retained an overweight rating on the stock and increased its price target to $90 from $81. Solaris shares rose 1.9%.

$MUR$SEI$XPRO
Sectors

Sector Update: Energy

Energy stocks advanced Thursday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each adding about 0.4%.The Philadelphia Oil Service Sector Index climbed up 1.4%, and the Dow Jones US Utilities Index increased 0.2%.Front-month West Texas Intermediate crude oil fell 3.8% to $92.37 a barrel, and the global benchmark Brent crude contract dropped 3.2% to $94.72 a barrel. Henry Hub natural gas futures rose 4.5% to $3.36 per 1 million BTU.In corporate news, Murphy Oil (MUR) shares rose 3% after KeyBanc upgraded the stock to overweight from sector weight.

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Research

KeyBanc Upgrades Murphy Oil to Overweight From Sector Weight, Price Target is $48

Murphy Oil (MUR) has an average rating of hold and mean price target of $44.75, according to analysts polled by FactSet.

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Research

Research Alert: CFRA Keeps Sell Opinion On Shares Of Murphy Oil Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target price by $2 to $31, reflecting a combination of our DCF and relative valuation models. On a relative basis, we apply a 4.0x multiple of enterprise value to projected 2027 EBITDA, slightly below peers, but we think a discounted multiple is reasonable, as we see a narrower surplus of operating cash flow to handle capex requirements than do most peers. This approach yields a value of $26 per share. Meanwhile, our DCF model, using medium-term free cash flow growth of 4% per year, terminal growth of 2%, discounted at a WACC of 6.1%, yields intrinsic value of $37 per share. We lift our 2026 EPS estimate by $2.56 to $3.89 but lower 2027's by $0.18 to $1.85. We see possible risk in 2027 from a commodity price downturn, which could crimp growth in capex spending, or growth in returns to shareholders. Our estimates for 2027 are a fair bit lower than consensus, which has less to do with company-specific factors, and more to do with our take on the macroeconomic view of crude oil prices.

$MUR
Commodities

Murphy Oil Q1 Hydrocarbon Output Exceeds Guidance

Murphy Oil (MUR) Wednesday said its Q1 hydrocarbon production of 174,236 barrels of oil equivalent per day exceeded guidance due to strong performance in the Eagle Ford Shale and high uptime in the Gulf of Mexico, recognized by the US as the Gulf of America.The quarterly production excludes noncontrolling interest of MP Gulf of Mexico, which is 80% owned by Murphy Oil. The Q1 output is higher relative to year-ago levels of 157,220 boe/d.Murphy Oil said 15 wells in the Eagle Ford Shale were brought online during the period, boosting the 60-day cumulative oil production by 17% compared with the previous year's levels.Accordingly, sales volume grew year over year to 173,354 boe/d from 157,996 boe/d.The company reported that its Q1 revenue from US exploration and production rose to $575.5 million during the period, versus $509.5 million in the same quarter of 2025.In Canada, however, it generated $155.2 million in revenue, down from the prior year's $165.7 million.Murphy Oil projects its net production in Q2 to average between 161,000 boe/d and 169,000 boe/d, with full-year guidance ranging from 167,000 boe/d to 175,000 boe/d.

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