Filing Flows › Murphy Oil (MUR) › Q2 2026 › vs Q1 2026
Murphy Oil (MUR) Q2 2026 vs Q1 2026 (quarter over quarter)
Murphy Oil's revenue rose $195M (+27%) from $734M in Q1 2026 to $928M in Q2 2026. The biggest changes: Net crude oil and condensate revenue +$237M (+40%); Net natural gas revenue −$49.7M (-41%); Net natural gas liquids revenue +$6.9M (+41%). Operating margin 38.2% against 18.8% (+19.4 pts).
Murphy Oil, Q2 2026: revenue $928M (+34% year over year), operating margin 38.2%, net earnings $232M, operating cash flow $656M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 38.2% | 18.8% | +19.4 pts |
| Net margin | 25.0% | 7.2% | +17.8 pts |
| Free cash flow margin | 70.6% | 40.7% | +29.9 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Net crude oil and condensate revenue | $832M | $595M | $237M | +40% |
| Net natural gas revenue | $70.3M | $120M | −$49.7M | -41% |
| Net natural gas liquids revenue | $23.8M | $17.0M | $6.9M | +41% |
| Revenue | $928M | $734M | $195M | +27% |
| Operating profit | $355M | $138M | $216M | +157% |
| Costs & expenses | $574M | $595M | −$21.6M | -4% |
| Pre-tax earnings | $341M | $119M | $222M | +188% |
| Other expense, net | $13.7M | $19.7M | −$6.0M | -30% |
| SG&A | $38.7M | $34.9M | $3.8M | +11% |
| Other operating costs | $535M | $560M | −$25.4M | -5% |
| Net earnings | $232M | $53.0M | $179M | +338% |
| Minority interests | $31.4M | $15.7M | $15.7M | +100% |
| Income tax | $77.0M | $49.9M | $27.1M | +54% |
| Depreciation & amortization | $262M | $254M | $7.7M | +3% |
| Share-based compensation | $8.9M | $13.9M | −$5.0M | -36% |
| Working capital & other | $153M | −$78K | $153M | — |
| Operating cash flow | $656M | $321M | $335M | +104% |
| Free cash flow (OCF − capex) | $655M | $299M | $357M | +119% |
| Capital expenditures | $832K | $22.7M | −$21.8M | -96% |
Questions
How much did Murphy Oil's revenue grow quarter over quarter in Q2 2026?
Murphy Oil's revenue rose $195M (+27%) from $734M in Q1 2026 to $928M in Q2 2026.
What drove Murphy Oil's revenue change in Q2 2026?
Net crude oil and condensate revenue +$237M (+40%); Net natural gas revenue −$49.7M (-41%); Net natural gas liquids revenue +$6.9M (+41%).