Murphy Oil (MUR) Gains Following Significant Oil Discovery Offshore Vietnam

Core Viewpoint - Murphy Oil Corporation has experienced a significant increase in share price due to a major oil discovery offshore Vietnam, highlighting its potential for growth in the energy sector [1][3]. Group 1: Company Developments - Murphy Oil Corporation successfully drilled the Hai Su Vang-2X appraisal well offshore Vietnam, confirming a major oil discovery in the Cuu Long Basin [3]. - The well encountered 332 feet of net oil pay in the deeper primary reservoir and 97 feet in the shallow reservoir, with the primary reservoir achieving a production rate of 6,000 barrels of oil per day during flow testing [3]. - The company plans to continue its appraisal campaign with two additional wells to refine the range of recoverable resources for both reservoirs [3]. Group 2: Market Reactions - Following the successful appraisal, Roth Capital analyst Leo Mariani reiterated a 'Neutral' rating on Murphy Oil, assigning a price target of $25 [4]. - Barclays raised its price target on Murphy Oil from $26 to $29 while maintaining an 'Underweight' rating on the shares [4]. Group 3: Executive Commentary - Eric Hambly, President and CEO of Murphy Oil, emphasized the significance of the HSV-2X success for the company's operations in Vietnam and the potential for a robust development program [4].