The share price of Murphy Oil Corporation surged by 14.61% in the week ending January 14, 2026. The increase followed a company announcement on January 7 regarding a successful appraisal well in Vietnam.
Murphy Oil reported that the Hai Su Vang-2X well, located offshore Vietnam in the Cuu Long Basin, confirmed a major oil discovery. The well encountered 332 feet of net oil pay in a deeper primary reservoir and 97 feet in a shallower reservoir. During flow testing, the primary reservoir achieved a production rate of 6,000 barrels of oil per day.
Based on these results, Murphy Oil stated it is increasing the midpoint estimate of recoverable resources for the primary reservoir toward the high end of a previous range of 170 to 430 million barrels of oil equivalent. The company now says the high end of that range exceeds 430 million barrels of oil equivalent. Murphy Oil plans to continue its appraisal campaign with two additional wells to further refine the resource estimates for both reservoirs.
Eric Hambly, President and CEO of Murphy Oil Corporation, commented on the discovery. "This is a pivotal moment for our Vietnam business," Hambly said. "The success of HSV-2X not only reinforces the commerciality of the Hai Su Vang field but also sets the stage for a robust development program. We are proud of our team’s execution and remain committed to working closely with our partners and the Vietnamese Government to unlock the full potential of this asset."
Following the announcement, analyst reactions were reported. On January 7, Roth Capital analyst Leo Mariani reiterated a 'Neutral' rating on Murphy Oil stock and assigned a price target of $25. Also on January 7, Barclays raised its price target on the stock from $26 to $29 while maintaining an 'Underweight' rating.