Murphy Oil Shares Fall After Disappointing Exploration-Well Results

Dow Jones01-21 02:14

By Elias Schisgall

Shares of Murphy Oil fell after the company said its Ivory Coast exploration well failed to find hydrocarbons at commercial levels.

Shares dipped 8.8% to $30.94 midday. The stock is down 4% over the past year.

The company said Tuesday that its Civette-1X well reached a total depth of nearly 14,000 feet and encountered noncommercial hydrocarbons.

"A key outcome at Civette is that we confirmed the presence of hydrocarbons in this frontier play--a meaningful success in early-stage exploration," Murphy Chief Executive Officer Eric Hambly said.

"While Civette did not meet commercial thresholds, the well provided insights that strengthen our subsurface understanding for the potential of the basin and inform the remaining prospectivity on the CI-502 Block," Hambly said.

The company said it would continue its Ivory Coast exploration program with its partner Societe Nationale d'Operations Petrolieres de la Cote d'Ivoire, also known as Petroci.

Murphy holds a 90% working interest in the CI-502 Block, while Petroci holds the other 10%, Murphy said.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

January 20, 2026 13:14 ET (18:14 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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The stock is down 4% over the past year. \n\n\n  The company said Tuesday that its Civette-1X well reached a total depth of nearly 14,000 feet and encountered noncommercial hydrocarbons. \n\n\n  \"A key outcome at Civette is that we confirmed the presence of hydrocarbons in this frontier play--a meaningful success in early-stage exploration,\" Murphy Chief Executive Officer Eric Hambly said. \n\n\n  \"While Civette did not meet commercial thresholds, the well provided insights that strengthen our subsurface understanding for the potential of the basin and inform the remaining prospectivity on the CI-502 Block,\" Hambly said. \n\n\n  The company said it would continue its Ivory Coast exploration program with its partner Societe Nationale d'Operations Petrolieres de la Cote d'Ivoire, also known as Petroci. \n\n\n  Murphy holds a 90% working interest in the CI-502 Block, while Petroci holds the other 10%, Murphy said. \n\n\n \n\n\n  Write to Elias Schisgall at elias.schisgall@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  January 20, 2026 13:14 ET (18:14 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2605143341","isCrawlerRequest":true}