Murphy has transformed its portfolio. Its JV with Petrobras in Deepwater GoM combined with the acquisition of LLOG Bluewater assets has propelled it to a position among the top five companies in the region by operated daily production. It has also made a spirited return to conventional exploration, a move which could address its longer-term growth challenges. But its actions have failed to impress investors. Delivering in GoM and monetizing its high-profile basin entries will be critical if it is to address its discounted rating. In this report we analyse Murphy’s competitive position, strategic drivers and opportunities for business development.