The expansion follows a strong financial quarter for the energy firm, which reported a net profit of $171.1 million, or $1.17 per share. This performance marks a significant reversal from the $3 million loss recorded during the same period last year. Adjusted earnings reached $1.08 per share, comfortably outpacing the 91-cent consensus estimate from FactSet analysts.

Revenue climbed to $855 million, exceeding expectations of $781.5 million. Bolstered by these results, Murphy Oil raised its full-year production guidance by 6,000 barrels of oil equivalent per day, establishing a new target range of 176,000 to 178,000 barrels daily. Investors responded positively to the announcement, pushing shares up 1.1% to $36.33 in after-hours trading.