"Wells Fargo's revised thesis centers on Vietnam production sharing contract modeling refined through recent webinar insights, reinforcing long-term offshore value even as the firm acknowledges the opportunity remains long dated and valuation stays anchored to near-term cash flow."
"Murphy's Vietnam business is expected to produce 30 to 50 net MBOEPD in the early 2030s, with two additional Hai Su Vang appraisal wells planned for 2026."
"Murphy raised its quarterly dividend 8% to $0.35 per share and carries $550 million remaining under its share repurchase authorization, providing income while buybacks reduce share count over time."
Murphy Oil Corporation's shares have increased by 29% year-to-date and 48% over the past year, reaching a 52-week high of $41.92. Analysts generally hold a cautious view, with a consensus target of $35.53. Wells Fargo raised its price target to $38, citing improved visibility in Vietnam's offshore production. Key developments include successful appraisal wells and a targeted first oil date for Lac Da Vang in Q4 2026. Murphy's Vietnam operations are expected to produce significant net oil, while the company also focuses on capital returns and dividend growth.
Read at 24/7 Wall St.
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