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Oil & gas E&P · Energy · Fiscal year ends Dec 31
Murphy Oil reported revenue of $2.7B in the fiscal year ended Dec 2025, down 10.9% from the year before. Operating income was $301M, an operating margin of 11.2%, and net income was $104M. Operating cash flow of $1.2B less capital expenditure of $29M left free cash flow of $1.2B. Net debt was $895M.
Ranks among the 34 oil & gas e&p companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,801 | 4,220 | 3,449 | 3,019 | 2,690 |
| Cost of revenue | 0.0 | 172 | 51.7 | 3.1 | 0.0 |
| Gross profit | 2,801 | 4,048 | 3,397 | 3,015 | 2,690 |
| Selling, general & admin | 122 | 131 | 117 | 110 | 137 |
| Operating incomederived: revenue − total costs | 281 | 1,587 | 1,042 | 603 | 301 |
| Interest expense | 222 | 151 | 112 | 106 | 96.1 |
| Pre-tax income | 42.9 | 1,450 | 921 | 568 | 183 |
| Income tax | −5.9 | 309 | 196 | 78.3 | 44.6 |
| Net income | −73.7 | 965 | 662 | 407 | 104 |
| Diluted EPS | −0.48 | 6.13 | 4.22 | 2.70 | 0.72 |
| Diluted shares | 154 | 157 | 157 | 151 | 144 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 521 | 492 | 317 | 424 | 377 |
| Receivables | 258 | 391 | 344 | 273 | 347 |
| Inventory | 54.2 | 54.5 | 54.5 | 54.9 | 57.3 |
| Current assets | 881 | 972 | 752 | 785 | 817 |
| Net PP&E | 8,128 | 8,228 | 8,225 | 8,055 | 8,136 |
| Total assets | 10,305 | 10,309 | 9,767 | 9,667 | 9,833 |
| Payables | 623 | 544 | 447 | 472 | 572 |
| Current liabilities | 1,164 | 1,258 | 847 | 943 | 1,063 |
| Long-term debt | 2,461 | 1,818 | 1,325 | 1,270 | 1,272 |
| Total liabilities | 5,984 | 5,160 | 4,217 | 4,326 | 4,596 |
| Shareholders' equity | 4,157 | 4,995 | 5,363 | 5,194 | 5,118 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,422 | 2,180 | 1,749 | 1,729 | 1,248 |
| Capital expenditure | 20.2 | 129 | 35.6 | 8.1 | 29.0 |
| Free cash flow | 1,402 | 2,052 | 1,713 | 1,721 | 1,219 |
| Depreciation & amortisation | 795 | 777 | 862 | 866 | 978 |
| Stock-based compensation | 43.7 | 74.6 | 58.8 | 40.8 | 50.1 |
| Share buybacks | 0.0 | 0.0 | 150 | 301 | 103 |
| Dividends paid | 77.2 | 128 | 171 | 180 | 186 |
| Dividend per share | 0.50 | 0.82 | 1.10 | 1.20 | 1.30 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 50.7% | −18.3% | −12.5% | −10.9% |
| Operating income growth (YoY) | – | 463.8% | −34.3% | −42.2% | −50.0% |
| EPS growth (YoY) | – | – | −31.2% | −36.0% | −73.3% |
| Gross margin | 100.0% | 95.9% | 98.5% | 99.9% | 100.0% |
| Operating margin | 10.0% | 37.6% | 30.2% | 20.0% | 11.2% |
| Net margin | −2.6% | 22.9% | 19.2% | 13.5% | 3.9% |
| Return on equityBlank when equity is negative | −1.8% | 19.3% | 12.3% | 7.8% | 2.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.1% | 17.5% | 11.7% | 6.9% | 3.4% |
| Free cash flow margin | 50.0% | 48.6% | 49.7% | 57.0% | 45.3% |
| Cash conversion (CFO ÷ net income) | −19.3x | 2.26x | 2.64x | 4.25x | 12.0x |
| Receivable days | 34 | 34 | 36 | 33 | 47 |
| Inventory days | – | 116 | 385 | 6363 | – |
| Payable days | – | 1154 | 3156 | 54763 | – |
| Interest cover | 1.27x | 10.5x | 9.27x | 5.69x | 3.14x |
| Debt ÷ equity | 0.59x | 0.36x | 0.25x | 0.24x | 0.25x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,939 | 1,326 | 1,008 | 847 | 895 |
| Current ratio | 0.76x | 0.77x | 0.89x | 0.83x | 0.77x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.