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Murphy's Hai Su Vang appraisal success strengthens Vietnam upside case

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   |    Tuesday,January 13,2026

Murphy Oil delivered a meaningful positive update from offshore Vietnam, confirming that its Hai Su Vang (HSV) discovery is becoming both bigger and better defined. New appraisal results strengthen confidence in the resource case and reinforce Vietnam as a credible growth engine alongside Murphy’s Gulf of America cash-flow base and onshore development program.

Appraisal well expands the oil column and confirms stacked pay

The Hai Su Vang-2X (HSV-2X) appraisal well validated a thicker and more robust hydrocarbon system than previously understood. Murphy reported 429 feet of net oil pay across two reservoirs (a primary interval plus a shallow pay zone) and, critically, deepened the oil-down-to by 413 feet without encountering water. In practical terms, the company has pushed the known oil column deeper and improved confidence that the discovery has room to grow.

Testing also supported deliverability. The primary reservoir flowed ~6,000 BOPD during initial tests (with additional testing ongoing), another datapoint pointing toward commercial development potential.

INSERT SLIDE 11 (HSV-2X appraisal results: net oil pay, oil-down-to extension, flow rate, and resource confidence)

Resource outlook moving higher

The more important takeaway is what HSV-2X implies for recoverable volumes. Murphy said the midpoint of recoverable resources for the primary reservoir is now trending toward the upper end of its previously communicated 170–430 MMBOE range, and that the new high-end estimate exceeds 430 MMBOE. Murphy also emphasized that the shallow reservoir upside is not included in that prior range, effectively adding a second layer of optionality.

This is how offshore discoveries become real value drivers: a good discovery turns into a better one when appraisal expands the column, confirms reservoir quality, and shifts the probability-weighted outcome upward.

Why this matters: Vietnam is becoming a durable growth pillar

Murphy has been steadily building Vietnam into a core offshore platform, and HSV-2X strengthens that strategy. With additional appraisal wells planned, the company can further tighten continuity, refine the development concept, and potentially accelerate the path to a more scalable project.

In the context of Murphy’s broader portfolio, Hai Su Vang offers:

• Oil-weighted, longer-cycle upside that complements manufacturing-style onshore development

• Scalability via stacked reservoirs and expanding column definition

• A growing pipeline of Vietnam catalysts that can support Murphy’s cash flow and shareholder-return framework

Bottom line

Hai Su Vang-2X is a clear positive. Murphy confirmed thicker-than-expected pay, extended the known oil column materially, and signaled that the resource distribution is shifting higher, with the high-end case now exceeding the prior 430 MMBOE ceiling. If follow-on appraisal continues to validate continuity and economics, Hai Su Vang has the potential to become one of Murphy’s most meaningful medium-term offshore growth levers.