Murphy Oil Corporation has announced an oil discovery at the Bubale-1X exploration well in Block CI-709, located approximately 40 miles offshore Côte d’Ivoire. The discovery underscores the prospectivity of the company's acreage in the region and validates its disciplined exploration approach. The well encountered 100 feet (30 meters) of net oil pay across two reservoirs, with preliminary assessment indicating high-quality light oil.

The Bubale-1X well was drilled to a total depth of 20,548 feet (6,263 meters) in 7,795 feet (2,376 meters) of water. It is the third and final well in Murphy’s current three-well exploration campaign in Côte d’Ivoire. Following these results, the company will move into the next phase of evaluation, with one well planned for the second half of 2026 to test the extent of the discovery.

Operational Details and Ownership

The Bubale-1X well was spud in late February 2026 by Murphy CI-709 Oil Co., Ltd., a subsidiary of Murphy Oil Corporation and operator of Block CI-709. The working interest in the block is split between Murphy Oil Corporation and its partner.

Eric Hambly, President and Chief Executive Officer of Murphy Oil Corporation, stated that early results reinforce the prospectivity of the company's Côte d’Ivoire acreage. He emphasized that the results underscore the value of a disciplined and consistent exploration approach. The immediate focus is advancing evaluation plans to define the discovery’s full potential.

Murphy Oil Corporation is an independent oil and natural gas company with a multi-basin onshore and offshore portfolio. The company’s operations include onshore assets in the Eagle Ford Shale, Tupper Montney and Kaybob Duvernay, as well as offshore assets in the Gulf of America and Canada.

Murphy Oil Corporation President and Chief Executive Officer Eric M. Hambly is scheduled to present at the J.P. Morgan 2026 Natural Resources Conference. The presentation is set to take place on Tuesday, June 23, 2026, at 3:00 p.m. Eastern Time. This participation provides investors with an opportunity to hear directly from leadership regarding the company's operations and strategic direction.

Conference Details and Access

The live audio webcast of the presentation will be accessible through the company's investor relations website. Investors and interested parties can listen to the event in real-time. For those unable to attend the live session, a replay of the webcast will be made available. The replay will remain accessible for 30 days following the conclusion of the conference.

About Murphy Oil Corporation

Murphy Oil Corporation operates as an independent oil and natural gas entity. The company manages a diversified portfolio consisting of multi-basin onshore and offshore assets, alongside significant exploration opportunities. With a history spanning more than a century, the company focuses on full-cycle development capabilities and value creation aimed at driving shareholder returns.

Operational Footprint

The company's current operations are concentrated in several key regions. Onshore activities are focused in the Eagle Ford Shale, Tupper Montney, and Kaybob Duvernay areas. Offshore operations are conducted in the Gulf of America and Canada. Additionally, Murphy Oil pursues long-term shareholder value through exploration and development initiatives in the Gulf of America, Vietnam, and Côte d'Ivoire.