Houston-based independent Murphy Oil Corp.’s recent wells at its Eagle Ford Shale and Tupper Montney acreage in Western Canada are “exceeding production expectations,” management said earlier this month.

Murphy Oil

The producer “continues to successfully execute a significant and intricate project in the Gulf of Mexico, while our onshore team has enhanced production volumes and accelerated returns across our North American unconventional business through new completion designs and longer laterals,” CEO Roger Jenkins said during the second quarter earnings call.

“This outstanding execution has enabled us to capitalize on current high oil prices, as the additional production provides excess cash flow to support our delevering strategy, while increasing our dividend.”

Murphy,...