Murphy Oil Corporation has announced a $500 million offering of senior notes that will mature in 2034. The new notes will replace the company’s existing 5.875% notes due 2027 and 6.375% notes due 2028, allowing Murphy to retire those short‑term obligations and shift its debt profile toward longer maturities.
The net proceeds from the offering will be used to redeem the 2027 and 2028 notes, repay borrowings under the company’s revolving credit facility, cover transaction expenses, and fund general corporate purposes. The interest rate on the new notes has not yet been disclosed; the company will set the coupon at issuance in accordance with market conditions.
Murphy’s debt‑reduction track record underpins the rationale for the refinancing. Since year‑end 2020 the company has cut debt by more than 60%, bringing net debt to roughly $850 million. The recent amendment to its revolving credit facility on January 2 2026 increased commitments to $2 billion and extended the facility’s maturity to January 2031, further strengthening liquidity and extending the overall debt maturity profile.
By extending the maturity of its debt, Murphy is improving cash‑flow flexibility and reducing refinancing risk in the near term. The move also supports the company’s focus on offshore exploration and production, a core element of its “Murphy 3.0” capital‑allocation framework that prioritizes debt reduction, shareholder returns, and disciplined investment in high‑return assets. The refinancing signals confidence in the company’s balance‑sheet strength and its ability to service longer‑dated debt while pursuing growth opportunities.
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