8月25日，由巴中发展集团联合各县（区）、巴中经开区、平昌经开区区属国有企业共同出资组建的巴中能源发展集团正式揭牌成立。 巴中市域范围内不仅油气资源丰富、品质优良，具备较高经济价值，更是西南地区唯一实现油气资源大规模发现的地区。 巴中能源发展集团揭牌（巴中市委宣传部供图） 据了解，该集团将代表巴中对外合作、对内统筹，参与油气资源勘探开采、输运销售、转化利用的全过程、全链条，统筹全域资源开发。 同时，巴中市通过绘制《巴中市精细化工产业图谱》"招商地图"，出台《巴中市精细化工产业链2025年融圈建链攻坚行动方案》《巴中市化工园区项目准入 审查管理办法》《巴中市促进制造业项目投资建设七条措施》等招商政策文件，发布《2025年巴中市精细化工产业投资机会清单》，构建起覆盖化工项目全 生命周期的政策支持体系。 巴中市发改委副主任佘勇表示，将进一步对接国家发展改革委、国家能源局以及中石油、中石化，争取将巴中油气勘探开发纳入国省"十五五"重点规划和中 石油、中石化企业发展规划，以及国省相关部门帮扶巴中布局发展石油天然气关联产业，融入建设"川渝千亿方国家油气生产基地"。（巴中市委宣传部） ...

Summary of Murphy Oil (MUR) 2025 Conference Call Company Overview - **Company**: Murphy Oil Corporation (MUR) - **CEO**: Eric Hambly, who has been with the company for approximately 20 years and took over as CEO in January 2025 [2][3] Key Industry Insights - **Exploration and Development**: Murphy Oil has a strong focus on both onshore and offshore operations, with significant international exploration capabilities. The company has a large inventory of shale locations and is actively pursuing exploration and appraisal programs, particularly in Vietnam [4][5] - **Vietnam Projects**: The company announced a world-class discovery in Vietnam shortly after Hambly became CEO, indicating a promising future in the region [2][5] Financial Highlights - **Capital Expenditure**: For 2025, Murphy Oil has earmarked a capital budget of approximately $1.2 billion, with 85% allocated for development activities. The company aims to maintain a capital program between $1.1 billion and $1.3 billion in typical years [10][11] - **Oil Price Sensitivity**: The company can comfortably cover its dividend and capital program with oil prices in the $60 range. However, if prices fall to $55 per barrel for an extended period, adjustments to the capital program may be necessary to protect the balance sheet [10][11] Operational Updates - **Gulf of America**: Murphy Oil is actively working on several wells in the Gulf of America, including new development wells and workovers. The company plans to drill two exploration wells in the third quarter of 2025 [14][15] - **St. Malo Waterflood Project**: The project is expected to contribute to production levels over time, with water injection already underway [17][18] - **Chinook Field**: The company purchased an FPSO for over $100 million, which will enhance the economics of the Chinook development project. A new development well is planned for 2026, with potential production rates of up to 15,000 barrels per day [26][28] Exploration Opportunities - **Hai Su Long Discovery**: The discovery well flowed at 10,000 barrels per day, with an estimated resource of 170 million barrels of oil equivalent. An appraisal well is planned to further assess the structure [46][48] - **Pink Camel Field**: Estimated resources of 30 million to 60 million barrels of oil equivalent, with plans for development tied back to existing infrastructure [51][53] - **Cote D'Ivoire Exploration**: Murphy Oil plans to start a three-well drilling program in Cote D'Ivoire, targeting significant resource potential with a mean estimate of over 400 million barrels [58][60] Cost Management - **Cost Structure**: The company has already streamlined its cost structure significantly since 2020, reducing general and administrative expenses from $243 million in 2019 to approximately $110 million in recent years [7][8] - **Offshore Costs**: While some costs are stable, there are increases in tubular goods and major subsea projects, with cost increases of 30% to 50% noted for subsea projects compared to previous years [36][38] Strategic Outlook - **Long-term Vision**: Murphy Oil aims to differentiate itself from peers through its exploration capabilities and strategic investments in high-potential regions like Vietnam and Cote D'Ivoire. The company is optimistic about its future growth and exploration success [4][5][62] Conclusion - **Overall Sentiment**: The company is confident in its operational performance and strategic direction, with a focus on maintaining a strong balance sheet while pursuing growth opportunities in both existing and new markets [71]