Murphy Oil Reports Non-Commercial Hydrocarbons at Civette Exploration Well in Côte d'Ivoire
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: Businesswire
- Well Results: Murphy Oil's Civette-1X well in Block CI-502 reached a depth of 13,950 feet (4,252 meters) and confirmed non-commercial hydrocarbons across multiple intervals, providing valuable subsurface insights despite not meeting commercial thresholds.
- Future Exploration Plans: Murphy, in partnership with PETROCI, will continue its exploration efforts in Côte d'Ivoire, targeting the Caracal and Bubale prospects, which have significant resource potential, indicating the company's long-term commitment to the region.
- Ownership Structure: Murphy holds a 90% working interest in Block CI-502 and serves as the operator, while PETROCI retains the remaining 10%, a collaborative approach that helps mitigate risks and optimize resource allocation.
- Strategic Implications: Although the well did not achieve commercial viability, its findings bolster Murphy Oil's confidence in the exploration potential of the region, further solidifying its strategic position in the West African market.
Analyst Views on MUR
Wall Street analysts forecast MUR stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for MUR is 28.40 USD with a low forecast of 22.00 USD and a high forecast of 34.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
11 Analyst Rating
0 Buy
9 Hold
2 Sell
Hold
Current: 33.680
Low
22.00
Averages
28.40
High
34.00
Current: 33.680
Low
22.00
Averages
28.40
High
34.00
About MUR
Murphy Oil Corporation is a global oil and natural gas exploration and production company, with both onshore and offshore operations and properties. The Company produces crude oil and condensate (collectively, crude oil), natural gas and natural gas liquids (NGLs) primarily in the United States and Canada and explores for crude oil, natural gas and NGLs in targeted areas worldwide. In the United States, it produces crude oil, natural gas and NGLs primarily from fields in the Gulf of America and in the Eagle Ford Shale area of South Texas. In Canada, the Company holds working interests in Tupper Montney (100% working interest), Kaybob Duvernay and two non-operated offshore assets - the Hibernia and Terra Nova fields, located offshore Newfoundland and Labrador in the Jeanne d’Arc Basin. In Vietnam, the Company holds an interest in approximately 7.3 million gross acres, consisting of 65% working interest in Blocks 144 & 145, and a 40% interest in Block 15-1/05 and Block 15-2/17.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
