MURPHY OIL CORP 8-K

What Happened

• Murphy Oil Corporation announced on January 23, 2026 that it closed an offering of $500,000,000 aggregate principal amount of 6.500% senior notes due February 15, 2034. The offering was sold under a Terms Agreement dated January 8, 2026, with BofA Securities, Inc. as representative of the underwriters, and the notes were issued under the company’s existing indenture (supplemented by an eighth supplemental indenture dated January 23, 2026). Interest is 6.500% per annum, payable February 15 and August 15 (first interest payment August 15, 2026).

Key Details

• Size and rate: $500,000,000 principal amount; 6.500% interest rate; maturity February 15, 2034.
• Use of proceeds: to redeem in full Murphy’s 5.875% notes due 2027 and 6.375% notes due 2028 (including premiums/fees), repay borrowings under its revolving credit facility, pay transaction fees/expenses, and for general corporate purposes.
• Documents and parties: offering pursuant to the company’s Form S-3 registration; Terms Agreement dated Jan 8, 2026 (BofA as representative); Supplemental Indenture and Base Indenture (trustee: Regions Bank).
• Covenants: the indenture includes customary restrictions (limits on liens, sale/leaseback transactions, certain mergers/sales of assets, and subsidiary indebtedness) and permits optional redemption at specified redemption prices.

Why It Matters

• The transaction replaces near-term debt (2027 and 2028 notes) with a longer-dated obligation maturing in 2034, thereby extending Murphy Oil’s debt maturity profile.
• Net proceeds will reduce short-term leverage by paying down specific notes and borrowings under the revolver, and provide cash for corporate needs.
• Investors should note the fixed 6.50% coupon, the covenant package in the indenture, and the impact on interest and liquidity profiles disclosed in the filing.