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Property, Plant and Equipment | 3 Months Ended
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Mar. 31, 2025
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | Note D – Property, Plant and Equipment Exploratory Wells Under FASB guidance, exploratory well costs should continue to be capitalized when the well has found a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. As of March 31, 2025, the Company had total capitalized drilling costs pending the determination of proved reserves of $96.8 million. The following table reflects the net changes in capitalized exploratory well costs during the three-month periods ended March 31, 2025 and 2024.
(Thousands of dollars) | 2025 |  | 2024
Beginning balance at January 1 | $ | 72,055 |  |  | $ | 49,118 |
Additions pending the determination of proved reserves | 24,790 |  |  | 11,538 |
Capitalized exploratory well costs charged to expense | — |  |  | (26,471) |
Balance at March 31 | $ | 96,845 |  |  | $ | 34,185 |
Capital additions of $24.8 million, for the quarter ended March 31, 2025, are mainly for the Hai Su Vang-1X (Golden Sea Lion), Block 15/2-17 and Lac Da Hong-1X (Pink Camel), Block 15-1/05 exploration wells in Vietnam and long-lead equipment for the Cello #1 and Banjo #1 exploration wells (Mississippi Canyon 385) in the Gulf of America. The Lac Da Hong-1X (Pink Camel) exploration well in Vietnam encountered 106 feet of net oil pay from one reservoir. There were no capitalized well costs charged to dry hole expense for the three months ended March 31, 2025. Capitalized well costs charged to dry hole expense of $26.5 million for the three months ended March 31, 2024 were related to the Hoffe Park #1 (Mississippi Canyon 166) exploration well in the Gulf of America. The preceding table excludes well costs of $0.2 million and $5.9 million incurred and expensed directly to dry hole for the three months ended March 31, 2025 and 2024, respectively. In 2025, the amount primarily relates to the finalization of previous dry hole wells, and in 2024, the amount primarily relates to the non-operated Oso #1 (Atwater Valley 138) exploration well in the Gulf of America. The following table provides an aging of capitalized exploration well costs based on the date the drilling was completed for each individual well.
| March 31,
| 2025 |  | 2024
(Thousands of dollars) | Amount |  | No. of Wells |  |  |  | Amount |  | No. of Wells |  |
Aging of capitalized well costs: |  |  |  |  |  |  |  |  |  |  |
Zero to one year | $ | 9,421 |  |  | 2 |  |  |  |  | $ | 11,641 |  |  | 4 |  |  |
One to two years | 65,160 |  |  | 3 |  |  |  |  | — |  |  | — |  |  |
Two to three years | — |  |  | — |  |  |  |  | — |  |  | — |  |  |
Three years or more | 22,264 |  |  | 3 |  |  |  |  | 22,544 |  |  | 3 |  |  |
| $ | 96,845 |  |  | 8 |  |  |  |  | $ | 34,185 |  |  | 7 |  |  |
Of the $87.4 million of exploration well costs capitalized more than one year at March 31, 2025, $59.0 million was in Vietnam, $21.2 million was in the Gulf of America, $4.4 million was in Canada, and $2.7 million was in Brunei. In all geographical areas, either further appraisal or development drilling is planned and/or development studies/plans are in various stages of completion. Property Additions During the first quarter of 2025, Murphy purchased a floating production storage and offloading vessel (FPSO) from BW Offshore (UK) Limited for a gross purchase price of $125.0 million, subject to customary closing adjustments. This acquisition includes an initial $100.0 million payment in the first quarter of 2025. The remaining balance will be due when certain contractual obligations are met, which is expected by the end of the second quarter of 2025. The FPSO will remain at its current location, supporting operations at the Cascade field (Walker Ridge 206 and 250) and Chinook field (Walker Ridge 469 and 425) in the Gulf of America. BW Offshore (UK) Limited will continue to provide operations and maintenance services under a new five-year contract. Impairments There were no impairments in the three months ended March 31, 2025. There were pretax impairments of $34.5 million in the three months ended March 31, 2024 related to the Calliope fie ld in Mississippi Canyon in the Gulf of America, in which operational issues led to a reserve reduction.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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