Fitch Affirms Murphy Oil's IDR At 'BBB-'; Outlook Stable

(RTTNews) - Fitch Ratings said Thursday that it has affirmed the Issuer Default Rating and related unsecured ratings of Murphy Oil Corp. (MUR) at 'BBB-'.

The Rating Outlook remains Stable.

Fitch said Murphy Oil's ratings are supported by its relatively high exposure to liquids; high gas realizations linked to international gas sales; strong full cycle netbacks; historically solid operational metrics, including robust reserve replacement and three-year finding, development, and acquisition costs; the company's operator status on a majority of its properties which supports capex flexibility; and its onshore position in the Eagle Ford, which is expected to be a major growth engine of Murphy's portfolio over the next several years.