'The Lac Da Hong (Pink Camel) discovery, combined with the recently announced Hai Su Vang (Golden Sea Lion) discovery, deepens our understanding of the resource potential in our Cuu Long Basin blocks'.
This well is situated three miles southwest of Murphy's Lac Da Vang (Golden Camel) field project, where the construction of a floating storage and offloading vessel began in the same quarter. Murphy Cuu Long Bac Oil Co. Ltd. operates Block 15-1/05 with a 40% working interest, while PetroVietnam Exploration Production Corp. Ltd., the upstream arm of PetroVietnam, holds 35%, and South Korea's SK Earthon Co. Ltd. owns 25%.
Murphy's President and CEO, Eric M. Hambly, commented on the discovery, stating: "The Lac Da Hong (Pink Camel) discovery, combined with the recently announced Hai Su Vang (Golden Sea Lion) discovery, deepens our understanding of the resource potential in our Cuu Long Basin blocks. Each of these discoveries validates our exploration strategy and helps optimize future development plans in the Cuu Long Basin."
The Hai Su Vang discovery, located in Block 15-2/17, encountered around 370 feet of net oil pay from two reservoirs. Drilled in 149 feet of water, testing resulted in a facility-constrained flow rate of 10,000 bpd, with the well producing high-quality oil with a 37-degree API gravity. Murphy plans to drill an appraisal well for this discovery in Q3 2025. The company estimates the mean to upward gross potential for these discoveries at 170 million to 430 million barrels of oil equivalent (MMboe).
Murphy also holds a 65% operating stake in deepwater blocks 144 and 145 in the Phu Khanh Basin, covering a combined 6.55 million acres.
For Q1 2025, Murphy reported a net profit of $73.04 million, down from $90 million in the same quarter of 2024, due to declines in production, sales volumes, and oil prices. Adjusted net income for Q1 2025 was $80.7 million, a decrease from $130.8 million a year earlier. Adjusted earnings per share were $0.56, exceeding analysts' expectations of $0.48.
Murphy’s net output averaged nearly 158,000 barrels of oil equivalent per day (boed), down from 171,800 boed in Q1 2024. Crude and condensate production fell to over 84,800 bpd, while natural gas output dropped to 424.23 million cubic feet per day (MMcfd). Sales revenue for the quarter totaled $672.73 million, down from $794.85 million in Q1 2024.
In response to these results, Murphy declared a quarterly dividend of $0.325 per share, or $1.30 annually, and repurchased 3.6 million shares for $100 million. The company still has $550 million remaining under its share buyback program.
"We have successfully achieved the core objectives of our capital allocation framework since adopting it in Q3 2022, as we have repaid approximately 35% of long-term debt, repurchased $550 million of shares, and increased our quarterly dividend by 30%," said Hambly.
