Filing Flows › Murphy Oil (MUR) › Q2 2026 › vs Q2 2025
Murphy Oil (MUR) Q2 2026 vs Q2 2025 (year over year)
Murphy Oil's revenue rose $233M (+33%) from $696M in Q2 2025 to $928M in Q2 2026. The biggest changes: Net crude oil and condensate revenue +$262M (+46%); Net natural gas revenue −$22.6M (-24%); Net natural gas liquids revenue +$4.1M (+21%). Operating margin 38.2% against 13.3% (+24.9 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 38.2% | 13.3% | +24.9 pts |
| Net margin | 25.0% | 3.2% | +21.8 pts |
| Free cash flow margin | 70.6% | 51.5% | +19.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Net crude oil and condensate revenue | $832M | $570M | $262M | +46% |
| Net natural gas revenue | $70.3M | $92.9M | −$22.6M | -24% |
| Net natural gas liquids revenue | $23.8M | $19.7M | $4.1M | +21% |
| Revenue | $928M | $696M | $233M | +33% |
| Operating profit | $355M | $92.2M | $262M | +285% |
| Costs & expenses | $574M | $603M | −$29.7M | -5% |
| Pre-tax earnings | $341M | $36.2M | $305M | +843% |
| Other expense, net | $13.7M | $56.1M | −$42.4M | -76% |
| SG&A | $38.7M | $36.9M | $1.8M | +5% |
| Other operating costs | $535M | $566M | −$31.5M | -6% |
| Net earnings | $232M | $22.3M | $210M | +942% |
| Minority interests | $31.4M | $12.8M | $18.5M | +144% |
| Income tax | $77.0M | $1.0M | $76.0M | 75× |
| Depreciation & amortization | $262M | $259M | $2.8M | +1% |
| Share-based compensation | $8.9M | $11.9M | −$3.0M | -25% |
| Working capital & other | $153M | $64.6M | $88.2M | +137% |
| Operating cash flow | $656M | $358M | $298M | +83% |
| Free cash flow (OCF − capex) | $655M | $358M | $297M | +83% |
| Capital expenditures | $832K | $19K | $813K | 44× |
Questions
How much did Murphy Oil's revenue grow year over year in Q2 2026?
Murphy Oil's revenue rose $233M (+33%) from $696M in Q2 2025 to $928M in Q2 2026.
What drove Murphy Oil's revenue change in Q2 2026?
Net crude oil and condensate revenue +$262M (+46%); Net natural gas revenue −$22.6M (-24%); Net natural gas liquids revenue +$4.1M (+21%).