Murphy Oil (MUR) Faces Failure in Second Exploration Well Offshore Ivory Coast
The share price of Murphy Oil Corporation (NYSE:MUR) fell by 5.09% between February 18 and February 25, 2026, putting it among the Energy Stocks that Lost the Most This Week.
Murphy Oil Corporation (NYSE:MUR) is a global independent oil and natural gas exploration and production company.
Murphy Oil Corporation (NYSE:MUR) had a setback on February 24 when the company revealed that its second exploration well offshore the Ivory Coast had also failed, after its first well suffered a similar fate last month. Murphy’s second well, Caracal-1X, will now be abandoned and plugged as a dry hole.
Murphy Oil Corporation (NYSE:MUR) holds a 90% working interest in Block CI-502 offshore the Ivory Coast and serves as the operator, while the state-owned Petroci owns the remaining 10%. Despite the setbacks in the first two wells, the two partners remain committed to moving forward with a third well, Bubale-1X, in Block CI-709.
Murphy Oil Corporation (NYSE:MUR) announced in its Q4 earnings call last month that it is targeting net production of 171,000 boed for FY 2026, down from last year’s 182,000 boed.
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