Murphy Oil Corporation

and thank you everyone for joining us this morning. Consistent with our approach last quarter, we released our quarterly stockholder update last night alongside our earnings release. This morning, I will share a few high-level insights and perspectives on our business before we move into Q&A. I'd like to start by thanking our employees for delivering strong operational performance in the third quarter, exceeding the high end of our production guidance for the second quarter in a row. We achieved total production of 200,000 barrels of oil equivalents per day and oil production of 94,000 barrels per day, underscoring the strength and potential of our assets. It's always good to have a quarter where we deliver strong operational performance, both on the production and cost fronts. And we did exactly that in the third quarter. Operating costs in the quarter averaged $9.39 per BOE, 20% less than in the prior quarter. In the third quarter, capital expenditures totaled $164 million, which was below our guidance. While a large part of that lower CapEx was due to timing, it also reflects our ongoing efforts to drive capital efficiencies across our business. On the international development and exploration front, we made significant progress in the third quarter. Our Lock DeVong Golden Camel fuel development is progressing on track, and in fact, we started drilling our first development well earlier this week. This is a major milestone marking our first development in Vietnam. I commend the team for continuing to execute this project safely and ahead of schedule in collaboration with our multiple local and international partners. Our Hai Su Vong 2X appraisal well was put in line with our plan, and Savette, the first of our three-well exploration program in Côte d'Ivoire, is also on track to be sped before year end. This quarter, our exploration teams are working very hard at exploring and appraising prospects across three continents, testing gross resource potential of over 1 billion barrels of oil equivalent. These projects showcase Murphy's international expertize, reputation and partnerships, key differentiators that position us as a partner of choice for global exploration and development. We look forward to sharing the results from our exploration and appraisal program with you in the coming months. As we assess our operational plans for 2026, we are closely monitoring the commodity markets. We remain confident that our strong balance sheet and flexible multi-basin portfolio will allow us to manage near-term volatility while staying on track to achieve our long-term goals. Looking ahead, exploration continues to play a significant part in the Murphy story and we're encouraged to see a renewed focus in the industry on the need for exploration and conventional resources to meet global energy demand. With a robust portfolio of assets and decades of expertise, we are well positioned to capitalize on the opportunities ahead. That's a very brief summary of our quarter and key catalysts for our business, and we will now open the lines up for questions.

Thank you, and ladies and gentlemen, we will now begin the question and answer session. To ask a question, you may press the star followed by the number one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press the star followed by the number two. With that, our first question comes from the line of Arun Jayaram with JP Morgan. Please go ahead.

Hey, Eric and team, good morning. Eric, I was wondering if you could start a little bit around your exploration program in West Africa, maybe some details on the civet well, which you mentioned should spread by year-end. And it looks like you've resequenced the program to include a different prospect for your third exploration program. So I was wondering if you could just give us some more color around that program.