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The oil and natural gas industry is impacted by global commodity pricing and as a result the prices for the Company’s primary products are often volatile and are affected by the levels of supply and demand for energy.
−Removed: As discussed in the “ Results of Operations ” section discussing revenues, on page 33 , lower average crude oil and higher natural gas pricing during the second quarter of 2025 compared to the same period in 2024 directly impacted the Company’s product sales revenue.
−Removed: As of close on August 4, 2025, forward price curves for existing forward contracts for the remainder of 2025 and 2026 are shown in the following table.
+Added: As discussed in the “ Results of Operations ” section discussing revenues, on page 36 , lower average crude oil and higher natural gas pricing during the third quarter of 2025 compared to the same period in 2024 directly impacted the Company’s product sales revenue.
+Added: As of close on November 3, 2025, forward price curves for existing forward contracts for the remainder of 2025 and 2026 are shown in the following table.
WTI ($/BBL) 61.05 60.37
8 unchanged sentences
government has announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions.
+Added: In August 2025, however, the U.S.
+Added: Court of Appeals for the Federal Circuit ruled that many of the tariffs imposed under the Trump Administration exceed presidential authority and therefore are invalid, though the decision has been stayed pending U.S.
+Added: Supreme Court review.
+Added: This ruling introduces additional uncertainty as to the scope and durability of existing and future tariff measures.
Current uncertainties about tariffs and their effects on trading relationships may affect costs for and availability of goods and services used in E&P operations or contribute to inflation in the countries in which we operate.
−Removed: Although we are continuing to monitor the economic effects of such announcements, as well as opportunities to mitigate their related impacts, costs and other effects associated with the tariffs remain uncertain.
+Added: Although we are continuing to monitor the economic effects of such announcements and developments, as well as opportunities to mitigate their related impacts, costs and other effects associated with the tariffs remain uncertain.
We cannot predict what impact economic factors (including, but not limited to, inflation, global conflicts, trade policies, tariffs, other trade restrictions, and possible economic recession) may have on future commodity pricing and future costs for goods and services in the E&P operations.
Lower prices or higher costs, should they occur, will result in lower profits and operating cash flows and could result in material future impairment charges.
−Removed: For the third quarter of 2025, production is expected to average between 185.0 and 193.0 thousand barrels of oil equivalents per day, excluding noncontrolling interest.
+Added: For the fourth quarter of 2025, production is expected to average between 176.0 and 184.0 thousand barrels of oil equivalents per day, excluding noncontrolling interest.
The Company’s capital expenditures for 2025 are expected to be between $1,135 million and $1,285 million, excluding noncontrolling interest.
This includes net acquisition capital of $104 million for the BW Pioneer FPSO in the Gulf of America, and excludes $23.0 million for the purchase of additional working interests in Eagle Ford Shale acreage primarily operated by Murphy.
−Removed: The Cello #1 (Mississippi Canyon 385) and Banjo #1 (Mississippi Canyon 385) exploration wells in the Gulf of America will be drilled in the third and fourth quarters of 2025.
−Removed: The Company remains on schedule to commence a three-well exploration program in Côte d’Ivoire in the fourth quarter of 2025.
−Removed: We will also begin drilling an appraisal well at our recent Hai Su Vang-1X (Golden Sea Lion), Block 15/2-17 oil discovery well in the third quarter, with results expected in the fourth quarter.
−Removed: In addition, we continue field development activities in Vietnam at Lac Da Vang (Golden Camel), Block 15-1/05, with scheduled first oil anticipated in the fourth quarter of 2026.
+Added: The Company remains on schedule to commence a three-well exploration program in Côte d’Ivoire in the fourth quarter of 2025, consisting of the Civette-1X (Block CI-502), Caracal-1X (Block CI-102), and Bubale-1X (Block CI-709) wells.
+Added: Murphy is also continuing the drilling of the Hai Su Vang-2X (Golden Sea Lion) appraisal well in Block 15-2/17, offshore Vietnam, with results anticipated in the fourth quarter.
+Added: The Cello #1 (Mississippi Canyon 385) and Banjo #1 (Mississippi Canyon 385) exploration wells in the Gulf of America will also be drilled in the fourth quarter of 2025.
+Added: Finally, we will continue field development activities in Vietnam at Lac Da Vang (Golden Camel), Block 15-1/05, with scheduled first oil anticipated in the fourth quarter of 2026.
Capital and other expenditures are routinely reviewed and planned capital expenditures may be adjusted to reflect differences between budgeted and forecast cash flow during the year.
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The Company will primarily fund its capital program in 2025 using operating cash flow and available cash.
−Removed: If oil and/or natural gas prices weaken, actual cash flow generated from operations could be reduced such that capital spending reductions are required and/or additional borrowings under available credit facilities might be required during the year to maintain funding of the Company’s ongoing development projects.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
Outlook (Continued)
+Added: or natural gas prices weaken, actual cash flow generated from operations could be reduced such that capital spending reductions are required and/or additional borrowings under available credit facilities might be required during the year to maintain funding of the Company’s ongoing development projects.
The Company plans to utilize any surplus cash (not planned to be used by operations, investing activities, dividends or payment to noncontrolling interests) in accordance with the Company’s capital allocation plan designed to allow for additional shareholder returns and debt reduction.
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Based on current market conditions and our planned exploration and appraisal program, the Company is currently more likely to use available adjusted Free Cash Flow for share repurchases than bond repayment.
−Removed: Subsequent to the balance sheet date, on July 4, 2025, the current U.S.
+Added: On July 4, 2025, the current U.S.
Administration signed into law the OBBBA legislation, which includes a broad range of tax reform provisions affecting corporations.
1 unchanged sentence
The OBBBA also modifies certain international tax provisions effective for tax years beginning after December 31, 2025.
−Removed: The Company is currently evaluating the impact of these tax law changes and will recognize the income tax effects in the consolidated financial statements beginning in the period in which the OBBBA was signed into law.
−Removed: On August 8, 2024, the Company’s Board of Directors authorized a share repurchase program whereby the Company can repurchase up to $1,100 million of the Company’s common stock, of which $550 million remains available to repurchase as of June 30, 2025.
+Added: The Company evaluated the effects of the OBBBA in accordance with ASC 740, Income Taxes, and determined that the legislation did not have a material impact on its consolidated financial statements for the period ended September 30, 2025.
+Added: The Company will continue to monitor any subsequent regulatory guidance related to the OBBBA.
+Added: On August 8, 2024, the Company’s Board of Directors authorized a share repurchase program whereby the Company can repurchase up to $1,100 million of the Company’s common stock, of which $550 million remains available to repurchase as of September 30, 2025.
The Company continues to monitor the impact of commodity prices on its financial position and is currently in compliance with the covenants related to the senior unsecured RCF (see Note E ).
−Removed: As of August 4, 2025, the Company has entered into forward fixed price delivery contracts to manage risk associated with certain future oil and natural gas sales prices as follows:
+Added: As of November 3, 2025, the Company has entered into forward fixed price delivery contracts to manage risk associated with certain future oil and natural gas sales prices as follows:
Price/MCF Remaining Period
7 unchanged sentences
United States Natural Gas Fixed price derivative swap 60 $3.74 10/1/2025 12/31/2025
−Removed: United States Natural Gas Fixed price derivative swap 60 $3.74 10/1/2025 12/31/2025
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
27 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.