Murphy Oil Corporation (NYSE:MUR) Q2 2024 Earnings Conference Call August 8, 2024 9:00 AM ET

Company Participants

Kelly Whitley - VP, Investor Relations and Communications
Roger Jenkins - Chief Executive Officer
Eric Hambly - President and COO
Tom Mireles - EVP and CFO

Conference Call Participants

Neal Dingmann - Truist Securities
Arun Jayaram - J.P. Morgan
Neil Mehta - Goldman Sachs
Carlos Escalante - Wolfe Research, LLC
Paul Cheng - Scotia Howard Weil
Leo Mariani - ROTH MKM
Charles Meade - Johnson Rice & Company
Josh Silverstein - UBS

Operator

Good morning, ladies and gentlemen, and welcome to the Murphy Oil Corporation Second Quarter 2024 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Kelly Whitley, Vice President, Investor Relations and Communications. Please go ahead.

Kelly Whitley

Thank you, Operator. Good morning, everyone, and thank you for joining us on our second quarter earnings call today. Joining us is Roger Jenkins, Chief Executive Officer; along with Eric Hambly, President and Chief Operating Officer; and Tom Mireles, Executive Vice President and Chief Financial Officer.

Please refer to the informational slides we've placed on the Investor Relations section of our website as you follow along with our webcast today. Throughout today’s call, production numbers, reserves, financial amounts are adjusted to exclude non-controlling interests in the Gulf of Mexico.

Slide 2. Please keep in mind that some of the comments made during this call will be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. As such, no assurances can be given that these events will occur or that projections will be attained. A variety of factors exist that may cause actual results to differ.

For further discussion of risk factors, see Murphy’s 2023 Annual Report on Form 10-K on file with the SEC. Murphy takes no duty to publicly update or revise any forward-looking statements.

I will now turn the call over to Roger Jenkins. Roger?

Roger Jenkins

Thank you, Kelly. Good morning, everyone, and thanks for listening to our call today. On Slide 3, I would like reiterate our corporate priorities of delever, execute, explore and return. As we continue to progress our capital allocation framework in the second quarter, we repurchased $50 million of senior notes through open market repurchases. Murphy also remains fully committed to achieving our long-term debt goal of $1 billion.

We produced 181,000 barrels equivalent per day in the second quarter, with 50% oil volumes, as we exceeded guidance onshore while delivering our offshore well program. We also advanced our Lac Da Vang field development project in Vietnam by awarding key facilities and pipeline contracts during the quarter. Also during the second quarter, we drilled a discovery well at the non-operated Ocotillo well in the Gulf of Mexico, and we are very pleased at the results. Return to Vietnam are preparing to spread the first of two operated exploration wells in the third quarter.