News

Murphy Oil Announces Fourth Quarter Financial Results

Published

1 year ago

January 30, 2025

Staff Reports

HOUSTON – Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the fourth quarter ended December 31, 2024, including net income attributable to Murphy of $50 million, or $0.34 net income per diluted share. Excluding discontinued operations and other items affecting comparability between periods, adjusted net income attributable to Murphy was $51 million, or $0.35 adjusted net income per diluted share.

For full year 2024, the company recorded net income attributable to Murphy of $407 million, or $2.70 net income per diluted share. Murphy reported adjusted net income, which excludes both the results of discontinued operations and other items affecting comparability between periods, of $417 million, or $2.76 adjusted net income per diluted share.

Unless otherwise noted, the financial and operating highlights and metrics discussed in this commentary exclude noncontrolling interest (NCI). ¹

Highlights for the fourth quarter include:

Drilled an oil discovery at Hai Su Vang-1X in offshore Vietnam and encountered approximately 370 feet of net oil pay from two reservoirs
Commenced LDV-A platform construction and executed the contract for the floating storage and offloading vessel for the Lac Da Vang field development project in Vietnam
Upsized new five-year senior unsecured credit facility to $1.35 billion, significantly enhancing liquidity with a nearly 70 percent increase from previous facility
Issued $600 million aggregate principal amount of 6.000 percent senior notes due 2032, and redeemed a total $600 million of senior notes due 2027, 2028 and 2029
Recorded lowest net debt in over a decade at approximately $850 million
Completed seismic reprocessing for Côte d’Ivoire

Highlights for full year 2024 include:

Achieved lowest Total Recordable Incident Rate since 2016
Entered Murphy 3.0 of capital allocation framework, repurchased $300 million of stock or 8.0 million shares, and repurchased $50 million of senior notes
Recorded lowest annual selling and general expense since 2002 at $108 million
Achieved record high peak gross production rate of 496 million cubic feet per day (MMCFD) in Tupper Montney, effectively reaching processing plant capacity
Drilled a discovery at the non-operated Ocotillo #1 exploration well in Mississippi Canyon 40 in the Gulf of Mexico
Awarded six deepwater blocks from Gulf of Mexico Federal Lease Sale 261

Subsequent to the fourth quarter:

Announced an additional 8 percent increase of the quarterly cash dividend to $0.325 per share, or $1.30 per share annualized for 2025

“I am pleased that in 2024, we continued to focus on our priorities of Delever, Execute, Explore and Return. As a result, we achieved Murphy 3.0 of our capital allocation framework, strengthened our balance sheet, increased our liquidity, made two impactful discoveries and advanced our Lac Da Vang field development project in Vietnam,” said Eric M. Hambly, President and Chief Executive Officer. “Our discoveries at Hai Su Vang-1X in Vietnam and non-operated Ocotillo #1 in the Gulf of Mexico demonstrate our commitment to organically creating shareholder value and increasing our resource potential. These opportunities, alongside our existing portfolio, provide multi-basin optionality as we strive to remain an industry leader for decades to come. In 2025, we are looking forward to drilling multiple exploration prospects in the Gulf of Mexico, Vietnam and Côte d’Ivoire, and continually rewarding shareholders with our long-standing dividend and further share repurchases.”

FOURTH QUARTER 2024 RESULTS

The company recorded net income attributable to Murphy of $50 million, or $0.34 net income per diluted share, for the fourth quarter 2024. Adjusted net income, which excludes both the results of discontinued operations and certain other items that affect comparability of results between periods, was $51 million, or $0.35 per diluted share for the same period. Details for fourth quarter results and an adjusted net income reconciliation can be found in the attached schedules.

Earnings before interest, taxes, depreciation and amortization (EBITDA) attributable to Murphy were $315 million. Earnings before interest, tax, depreciation, amortization and exploration expenses (EBITDAX) attributable to Murphy were $330 million. Adjusted EBITDA attributable to Murphy was $321 million. Adjusted EBITDAX attributable to Murphy was $337 million. Reconciliations for fourth quarter EBITDA, EBITDAX, adjusted EBITDA and adjusted EBITDAX can be found in the attached schedules.

Fourth quarter production averaged 175 thousand barrels of oil equivalent per day (MBOEPD), which included 85 thousand barrels of oil per day (MBOPD). Production impacts of 10.8 MBOEPD were mostly attributed to:

5.6 MBOEPD of unplanned downtime across operated assets, including 1.8 MBOEPD due to a mechanical issue at a Khaleesi well, 1.4 MBOEPD for an offshore rig delay for the Samurai #3 well workover in the Gulf of Mexico, and 2.4 MBOEPD for other onshore and offshore assets;
2.8 MBOEPD of unplanned downtime across non-operated assets, including 2.4 MBOEPD for offshore weather impacts;
1.9 MBOEPD of lower performance as a result of a revised Eagle Ford Shale completion design on a four-well Catarina pad that was less successful than anticipated; and
0.5 MBOEPD due to a timing delay in the Mormont #4 (Green Canyon 478) well as a result of evaluating and completing additional pay.

Accrued capital expenditures (CAPEX) for fourth quarter 2024 totaled $186 million, excluding NCI. Details for fourth quarter production and CAPEX can be found in the attached schedules.

FULL YEAR 2024 RESULTS

The company recorded net income attributable to Murphy of $407 million, or $2.70 net income per diluted share, for full year 2024. Adjusted net income, which excludes both the results of discontinued operations and certain other items that affect comparability of results between periods, was $417 million, or $2.76 per diluted share for the same period. Details for full year 2024 results and an adjusted net income reconciliation can be found in the attached schedules.

EBITDA attributable to Murphy was $1.4 billion. EBITDAX attributable to Murphy was $1.6 billion. Adjusted EBITDA attributable to Murphy was $1.5 billion. Adjusted EBITDAX attributable to Murphy was $1.6 billion. Reconciliations for full year 2024 EBITDA, EBITDAX, adjusted EBITDA and adjusted EBITDAX can be found in the attached schedules.

Production for full year 2024 averaged 177 MBOEPD, which included 88 MBOPD. Accrued CAPEX for full year 2024 totaled $953 million, excluding NCI. Details for full year 2024 production and CAPEX can be found in the attached schedules.

CAPITAL ALLOCATION FRAMEWORK

Share Repurchases

In 2024, Murphy repurchased $300 million of stock, or 8.0 million shares. Murphy did not repurchase any shares in the fourth quarter. The company had $650 million remaining under its share repurchase authorization and 145.8 million shares outstanding as of December 31, 2024.

FINANCIAL POSITION

As previously announced, in the fourth quarter Murphy issued $600 million of 6.000 percent senior notes due 2032 and redeemed a total $600 million of senior notes, comprised of $338 million of senior notes due 2027, $200 million of senior notes due 2028 and $62 million of senior notes due 2029.

Also in the fourth quarter, Murphy entered into a new five-year senior unsecured credit facility, with a total facility size of $1.35 billion as of December 31, 2024. This represents a nearly 70 percent increase from the previous credit facility.

Murphy had approximately $1.8 billion of liquidity on December 31, 2024, with no borrowings on the $1.35 billion senior unsecured credit facility and $424 million of cash and cash equivalents, inclusive of NCI.

As of December 31, 2024, Murphy’s total debt of $1.27 billion was comprised of long-term, fixed-rate notes with a weighted average maturity of 9.4 years and a weighted average coupon of 6.1 percent.

“We executed a series of debt transactions during the fourth quarter to extend our maturity profile by two years, and I am excited at the 6.000 percent rate we received on our new 2032 senior notes. More importantly, our bank group remained supportive of Murphy as we strive to achieve investment grade, and we established a new credit facility with nearly 70 percent more liquidity than our previous facility,” said Thomas J. Mireles, Executive Vice President and Chief Financial Officer. “Through our focus on delevering, we have achieved our lowest net debt in over a decade at approximately $850 million, with a strong net debt to total capital ratio of only 13 percent. This solid balance sheet positions us well to capitalize on future opportunities.”

YEAR-END 2024 PROVED RESERVES

After producing 65 MMBOE for the year, Murphy’s preliminary year-end 2024 proved reserves were 713 MMBOE, consisting of 37 percent oil and 42 percent liquids. Total reserve replacement was 83 percent in 2024.

The company maintained a consistent reserve life of 11 years with 59 percent proved developed reserves.

	2024 Proved Reserves – Preliminary *
Category	Net Oil (MMBBL) Advertisement	Net NGLs (MMBBL)	Net Gas (BCF)	Net Equiv. (MMBOE) Advertisement
Proved Developed (PD)	172	24	1,360 Advertisement	422
Proved Undeveloped (PUD)	89	14 Advertisement	1,127	291
Total Proved	261 Advertisement	38	2,487	713
* Proved reserves exclude NCI and are based on preliminary year-end 2024 third-party audited volumes using SEC pricing. Advertisement

OPERATIONS SUMMARY

Onshore

In the fourth quarter of 2024, the onshore business produced approximately 100 MBOEPD, which included 29 percent liquids volumes.

Eagle Ford Shale – Production averaged 30 MBOEPD with 69 percent oil volumes and 85 percent liquids volumes in the fourth quarter. As planned, Murphy brought online four operated wells in Catarina during the quarter, and drilled six operated and one non-operated well in Karnes in preparation for its 2025 well delivery program.

Tupper Montney – During the fourth quarter, natural gas production averaged 387 MMCFD. As planned, Murphy drilled two operated wells during the quarter in preparation for its 2025 well delivery program.

Kaybob Duvernay – Production averaged 4 MBOEPD with 56 percent oil volumes and 71 percent liquids volumes in the fourth quarter.

Offshore

Excluding NCI, in the fourth quarter of 2024, the offshore business produced approximately 75 MBOEPD, which included 82 percent oil.

Gulf of Mexico – Production averaged approximately 68 MBOEPD, consisting of 80 percent oil during the fourth quarter. During the quarter, Murphy drilled and began completing the Mormont #4 (Green Canyon 478) well and progressed the Samurai #3 (Green Canyon 432) well workover.

Also during the quarter, Murphy sanctioned the non-operated Zephyrus development project in the Gulf of Mexico in 2024, with targeted first oil in second half 2025.

Canada – In the fourth quarter, production averaged 7 MBOEPD, consisting of 100 percent oil.

Vietnam – During the fourth quarter, Murphy progressed the Lac Da Vang field development project by commencing construction of the LDV-A platform and executing the contract for the floating storage and offloading vessel.

EXPLORATION

Vietnam – As previously announced, during the fourth quarter Murphy drilled an oil discovery at the Hai Su Vang-1X exploration well in Block 15-2/17 in the Cuu Long Basin, located 40 miles offshore Vietnam. The well was drilled to total depth of 13,124 feet in 149 feet of water. Hai Su Vang-1X encountered approximately 370 feet of net oil pay from two reservoirs.

Murphy achieved a facility-constrained flow rate of 10,000 BOPD. Additional testing showed high-quality, 37-degree oil with a gas-oil ratio of approximately 1,100 standard cubic feet per barrel.

Murphy’s subsidiary, Murphy Cuu Long Tay Oil Co., Ltd., is the operator of the block with 40 percent working interest. PetroVietnam Exploration Production Corporation Ltd. holds 35 percent working interest and SK Earthon Co., Ltd. holds the remaining 25 percent.

Côte d’Ivoire – In the fourth quarter, Murphy received final seismic data and completed reprocessing in preparation for its upcoming three-well exploration drilling program.

2025 CAPITAL EXPENDITURE AND PRODUCTION GUIDANCE

The 2025 CAPEX plan is expected to be in the range of $1,135 million to $1,285 million. Full year 2025 production is expected to be in the range of 174.5 to 182.5 MBOEPD, consisting of approximately 91 MBOPD oil and 101 MBOEPD liquids volumes, equating to 51 percent oil and 57 percent liquids volumes, respectively.

Production for first quarter 2025 is estimated to be in the range of 159 to 167 MBOEPD with 83.5 MBOPD, or 51 percent, oil volumes. Production is impacted by 4.4 MBOEPD of planned operated onshore downtime and 2.9 MBOEPD of planned offshore downtime, primarily at non-operated assets. Both production and CAPEX guidance ranges exclude NCI.

2025 CAPEX by Quarter ($ MMs)
1Q 2025E	2Q 2025E	3Q 2025E Advertisement	4Q 2025E	FY 2025E
$425	$280 Advertisement	$275	$230	$1,210

Accrual CAPEX, based on midpoint of guidance range and excluding NCI.

The table below illustrates the capital allocation by area.

2025 Capital Expenditure Guidance
Area	Total CAPEX $ MMs Advertisement	Percent of Total CAPEX
Offshore
Gulf of Mexico	$410 Advertisement	34
Hibernia / Terra Nova	$20	2 Advertisement
Vietnam and Other	$115	9
Exploration Advertisement	$145	12
Onshore
Eagle Ford Shale Advertisement	$360	30
Kaybob Duvernay / Tupper Montney	$140 Advertisement	11
Corporate	$20	2 Advertisement

Offshore

Murphy has allocated approximately $410 million of its 2025 CAPEX to the Gulf of Mexico for operated and non-operated development drilling and field development projects.

Murphy plans to spend approximately $20 million of CAPEX in offshore Canada in 2025, with the majority designated for non-operated Hibernia development drilling.

Approximately $115 million of CAPEX has been allocated to Vietnam and other offshore operations in 2025. This includes $20 million for Lac Da Vang development drilling and $90 million designated for Lac Da Vang field development activities, with the remaining $5 million allocated to Paon field development in Côte d’Ivoire.

Exploration

The company has allocated approximately $145 million to its 2025 exploration program, which includes drilling two operated exploration wells in the Gulf of Mexico, one exploration well in Côte d’Ivoire, the Lac Da Hong-1X exploration well in Vietnam and a Hai Su Vang appraisal well in Vietnam.

“We have an ambitious exploration program ahead of us over the next 18 months, with operated wells planned in the Gulf of Mexico, Vietnam and Côte d’Ivoire, in addition to an appraisal well in Vietnam. This optionality across multiple play types in key basins provides significant resource upside for our offshore business. It is an exciting time at Murphy, and exploration will remain a key differentiator and value creator for our company for years to come,” said Hambly.

Onshore

Murphy plans to spend approximately $360 million of its 2025 CAPEX in the Eagle Ford Shale, with $275 million allocated to drill 34 and bring online 35 operated wells, as well as drill 24 and bring online 28 non-operated wells. The remaining $85 million will support field development.

Approximately $140 million of Murphy’s 2025 CAPEX is allocated to Canada onshore. The company plans to spend $65 million in the Tupper Montney to drill 8 and bring online 10 operated wells, with $50 million allocated in the Kaybob Duvernay to drill 6 and bring online 4 operated wells. The remaining $25 million is designated for field development in both areas.

The table below details the 2025 onshore well delivery plan by quarter.

2025 Onshore Wells Online Advertisement
	1Q 2025	2Q 2025	3Q 2025	4Q 2025 Advertisement	2025 Total
Eagle Ford Shale	–	21 Advertisement	14	–	35
Kaybob Duvernay Advertisement	–	–	4	– Advertisement	4
Tupper Montney	5	5 Advertisement	–	–	10
Non-Op Eagle Ford Shale Advertisement	1	11	4	12 Advertisement	28

Note: All well counts are shown gross. Eagle Ford Shale non-operated working interest averages 26 percent.

Detailed guidance for the first quarter and full year 2025 is contained in the attached schedules.

FIXED PRICE FORWARD SALES CONTRACTS

The company employs derivative commodity instruments to manage certain risks associated with commodity price volatility and underpin capital spending associated with certain assets. Murphy holds NYMEX natural gas swaps of 20 MMCFD of January 2025 production at an average price of $3.20 per thousand cubic feet (MCF), 40 MMCFD of February through June 2025 production at an average price of $3.58 per MCF, 60 MMCFD of third quarter 2025 production at an average price of $3.65 per MCF and 60 MMCFD of fourth quarter 2025 production at $3.74 per MCF.

Murphy also maintains fixed price forward sales contracts in Canada to mitigate volatility of AECO prices. These contracts are for physical delivery of natural gas volumes at a fixed price, with no mark-to-market income adjustments. Details for the current fixed price contracts can be found in the attached schedules.

CONFERENCE CALL AND WEBCAST SCHEDULED FOR JANUARY 30, 2025

Murphy will host a conference call to discuss fourth quarter 2024 financial and operating results on Thursday, January 30, 2025, at 9:00 a.m. EST. The call can be accessed either via the Internet through the events calendar on the Murphy Oil Corporation Investor Relations website at http://ir.murphyoilcorp.com or via telephone by dialing toll free 1-800-717-1738, reservation number 18687. For additional information, please refer to the Fourth Quarter 2024 Earnings Presentation available under the News and Events section of the Investor Relations website.

FINANCIAL DATA

Summary financial data and operating statistics for fourth quarter 2024, with comparisons to the same period from the previous year, are contained in the attached schedules. Additionally, a schedule indicating the impacts of items affecting comparability of results between periods, a reconciliation of EBITDA, EBITDAX, adjusted EBITDA and adjusted EBITDAX between periods, as well as guidance for the first quarter and full year 2025, are also included.

CAPITAL ALLOCATION FRAMEWORK

This news release contains references to the company’s capital allocation framework and adjusted free cash flow. As previously disclosed, Murphy now allocates capital pursuant to Murphy 3.0 of the company’s capital allocation framework, under which the company allocates a minimum of 50 percent of adjusted free cash flow to shareholder returns, primarily through buybacks. Murphy will continue to assess the appropriate shareholder return allocation under the framework, including potential dividend increases. The remainder of adjusted free cash flow will be allocated to the balance sheet as the company maintains the $1.0 billion total long-term debt goal.

Adjusted free cash flow is defined as cash flow from operations before working capital change, less capital expenditures, distributions to NCI and projected payments, quarterly dividend and accretive acquisitions.

ABOUT MURPHY OIL CORPORATION

As an independent oil and natural gas exploration and production company, Murphy Oil Corporation believes in providing energy that empowers people by doing right always, staying with it and thinking beyond possible. Murphy challenges the norm, taps into its strong legacy and uses its foresight and financial discipline to deliver inspired energy solutions. Murphy sees a future where it is an industry leader who is positively impacting lives for the next 100 years and beyond. Additional information can be found on the company’s website at www.murphyoilcorp.com.

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El Dorado Business Leader Madison Murphy to Receive Statewide Leadership in Free Enterprise Award

Published

16 hours ago

July 21, 2026

Sandy Sanford

Madison Murphy being honored as tourism person of the year at the Governor's Conference on Tourism. Photo from GoElDorado.com

LITTLE ROCK, AR – Throughout his career, Madison Murphy has earned a reputation as one of Arkansas’ most respected business leaders, with decades of service spanning corporate leadership, education, philanthropy, and the arts. This fall, that legacy will be recognized on a statewide stage.

The El Dorado native has been named one of two recipients of the Leadership in Free Enterprise Award, presented by Economics Arkansas, a nonprofit, nonpartisan organization dedicated to advancing economic and personal finance education across the state.

Murphy graduated from Hendrix College in Conway in 1980 with a degree in economics and business administration before returning to El Dorado to begin his career with Murphy Oil Corporation as a junior accountant. He quickly advanced through the company’s ranks, serving as a junior auditor and associate auditor before accepting international assignments in London, England, with Murphy Eastern Oil and in New Orleans, Louisiana, with Murphy’s Ocean Drilling and Exploration Company.

Despite opportunities abroad, Murphy chose to return home in 1988, joining Murphy Oil as vice president of planning. Over the years, he held several executive leadership positions, including treasurer, chief financial and administrative officer, and ultimately chairman of the board. He continues to serve as a member of the Murphy Oil Board of Directors.

Beyond Murphy Oil, his leadership has extended across Arkansas’ business and civic landscape. Murphy served for a decade on the Arkansas Highway Commission, spent more than 11 years on the board of BancorpSouth, and also served on the board of Deltic Timber Corporation.

He is a founding member of the Murphy Arts District (MAD), co-owner of Presqu’ile Winery, president of the Murphy Foundation, and has served as chairman of the board of Murphy USA since the company’s 2013 spinoff from Murphy Oil.

Economics Arkansas selected Murphy for the Leadership in Free Enterprise Award in recognition of his commitment to promoting the principles and success of free enterprise throughout Arkansas.

Formerly known as the Arkansas Council on Economic Education, Economics Arkansas equips PreK-12 educators with the training and classroom resources needed to teach economics and personal finance. The organization believes that preparing teachers creates a multiplier effect, allowing generations of Arkansas students to gain practical financial knowledge and a stronger understanding of the marketplace.

Murphy will be honored during the organization’s annual awards ceremony on Nov. 4 at the DoubleTree Hotel in Little Rock. Also receiving recognition that evening will be Walter Hussman Jr., chairman of the Arkansas Democrat-Gazette.

Tickets for the event are $125 and may be purchased online or by calling 501-682-4230.

Featured

Murphy-Pitard Jewelers Joins Downtown El Dorado’s Christmas in July Celebration

Published

19 hours ago

July 21, 2026

Jax Sanford

EL DORADO, Ark. – Christmas is coming early to historic downtown El Dorado as Murphy-Pitard Jewelers invites the community to celebrate the Christmas in July festivities, taking place Thursday, July 23, through Saturday, July 25.

Following the success of last year’s event, Murphy-Pitard is bringing the celebration back with an even greater focus on festive fun, holiday planning, and the excitement of brand-new jewelry arrivals.

Throughout the three-day event, customers will have the opportunity to get a first look at the store’s newest collections, recently hand-selected at market, while shopping the best selection before the holiday season begins.

“The response to Christmas in July last year was incredible, and we couldn’t wait to bring it back,” said Amanda Pitard, owner of Murphy-Pitard Jewelers. “It’s such a fun way to celebrate with our community, introduce the new pieces we found at market, help customers start their Christmas wish lists early, and remind everyone it’s never too early to start planning for the holidays. Whether you’re beginning your Christmas shopping or simply enjoying the festivities downtown, we hope you’ll stop in and celebrate with us.”

Guests can enjoy holiday treats, festive decorations, Christmas music, and plenty of Christmas cheer while exploring the store’s newest arrivals. Murphy-Pitard Jewelers is proud to join the Downtown Business Association and Main Street El Dorado, celebrating Christmas in July as downtown businesses spread holiday cheer with festive activities and create a fun shopping experience throughout historic downtown El Dorado.

Customers are encouraged to create their Christmas wish list during the event for a chance to win a $500 Murphy-Pitard Jewelers shopping spree through a special Christmas in July Wish & Win giveaway.

For the first time, Murphy-Pitard Jewelers is introducing a special Christmas layaway program during Christmas in July. The three-day offer allows customers to reserve gifts with 0% down, NO interest, and five equal monthly payments, making it easy to plan ahead for the holidays while securing the store’s newest arrivals. (Restrictions apply. See store for complete details.)

Additional highlights include Santa Savings, featuring select merchandise specially marked for the event, as well as a visit from Summer Santa on Saturday.

Murphy-Pitard Jewelers’ Christmas in July will take place during regular business hours:

Thursday- Friday, July 23- July 24: 10:00 a.m. – 5:30 p.m.
Saturday, July 25: 10:00 a.m. – 5:00 p.m.

For more information about Murphy-Pitard Jewelers, visit the store in historic downtown El Dorado, call (870) 863-8818, or follow Murphy-Pitard Jewelers on Facebook for event updates and sneak peeks of the newest arrivals.

News

Chamber To Hold Business Hour On Tuesday

Published

2 days ago

July 20, 2026

Grant Merrill

EL DORADO – Business leaders, entrepreneurs and community members will have an opportunity to expand their professional networks this week during the El Dorado-Union County Chamber of Commerce’s July Business Hour.

The monthly networking event will be hosted by South Arkansas College on Tuesday from 4 to 5 p.m. at the college’s Health Sciences Building, located at 401 W. Wesson Street in El Dorado.

The Business Hour is designed to bring together Chamber members and local professionals for an informal hour of networking, conversation and relationship building. Attendees will also have the opportunity to tour SouthArk’s Health Sciences Building while connecting with fellow business leaders, community partners and area professionals.

Chamber officials say the event is a chance for attendees to make new business connections, strengthen existing relationships and stay engaged with the local business community. The networking event is open to Chamber members and those interested in becoming more involved in the area’s business community.

News

South Arkansas Communities Receive More Than $1.5 Million In Funding

Published

2 days ago

July 20, 2026

Grant Merrill

EL DORADO — Communities in Union, Ouachita and Columbia counties will receive more than $1.5 million in state grant funding as part of a statewide investment announced Monday by Gov. Sarah Huckabee Sanders and the Arkansas Economic Development Commission.

The funding is part of more than $12.5 million awarded through the Community Development Block Grant (CDBG), Rural Services Block Grant and Rural Community Grant programs to support infrastructure improvements, public facilities, fire protection and community development projects across Arkansas.

Locally, Junction City in Union County received a $498,635 Community Development Block Grant, while Louann in Ouachita County was awarded $499,999 and McNeil in Columbia County received $499,606 through the same program.

Additional funding was awarded through the Rural Community Grant program. The Junction City Volunteer Fire Department received $15,000, Mount Holly Volunteer Fire Department received $12,705, Chidester was awarded $10,990.50, and the Town of Emerson received $14,986.26.

Gov. Sanders said investing in local communities helps improve quality of life while supporting long-term growth across the state.

“Arkansas’ success starts with our local communities,” Sanders said. “These funds help local leaders build the places that bring neighbors together, improve quality of life and build on what Arkansans already know: there is no better place in America to live, work and raise a family than the Natural State.”

Arkansas Economic Development Commission Executive Director Clint O’Neal said the grants provide communities with resources to strengthen infrastructure and expand economic opportunities.

The Community Development Block Grant program helps fund projects such as public facilities, senior centers, childcare centers, health facilities, drainage improvements and economic development initiatives.

Meanwhile, the Rural Services Block Grant and Rural Community Grant programs provide funding for projects including community centers, fire stations, fire equipment, parks, walking trails and storm warning sirens.

In total, the state awarded 88 grants totaling $12,522,736 to cities, counties and rural communities across Arkansas. Locally, the awards will support community improvements, public safety and infrastructure projects throughout Union, Ouachita and Columbia counties.

News

El Dorado Native and Arkansas Business Leader Emon Mahony Jr. Dies at 85

Published

2 days ago

July 20, 2026

Grant Merrill

EL DORADO — El Dorado native and longtime Arkansas business leader Emon Mahony Jr., whose leadership at Arkansas Oklahoma Gas Corp. and decades of public service helped shape communities across the state, has died at the age of 85. TalkBusiness.net first reported Mahony’s death.

Mahony, who was born in El Dorado on May 5, 1941, built a distinguished career spanning business, government and conservation before returning to his hometown after retirement to manage his family’s timber, oil and natural gas interests.

He served as president of Fort Smith-based Arkansas Oklahoma Gas Corp. (AOG) from 1977 to 1996 and remained chairman of the board until 1998. During his tenure, Mahony helped transform the company into a customer-focused utility while also becoming one of the Fort Smith region’s most influential civic leaders.

Perhaps his most enduring legacy was his leadership in expanding Lake Fort Smith, a project that secured the region’s long-term water supply. Mahony championed the effort to raise the lake’s dam and win voter approval for a half-cent sales tax that helped fund the more than $200 million project.

Completed in 2006, the expansion tripled the reservoir’s capacity, increasing water storage from about 8.4 billion gallons to nearly 28 billion gallons while more than doubling daily water production from 21.5 million gallons to 45.5 million gallons. The project also led to the creation of the modern Lake Fort Smith State Park, which features cabins, hiking trails, campgrounds, a marina and visitor facilities.

Throughout his career, Mahony held leadership roles on numerous corporate and public boards. He served on the board of what was then City National Bank in Fort Smith, was a longtime director and former chairman of the Fort Smith Regional Chamber of Commerce, and served on the board of Alltel Corp. before the telecommunications company was acquired by Verizon in 2009.

Mahony also dedicated years to public service. He worked as a senior aide to longtime U.S. Sen. John McClellan from 1968 to 1975, served on the Arkansas-Oklahoma River Compact Commission, was appointed by Gov. David Pryor to the Arkansas Soil and Water Commission, and later became part of Gov. Mike Beebe’s transition team. He also served as one of the first members of the U.S. Marshals Museum board of directors.

Beyond business and government, Mahony was a passionate conservation advocate. He served as a trustee of The Nature Conservancy in Arkansas, supported the creation of the one-eighth-cent conservation sales tax benefiting the Arkansas Game and Fish Commission, and worked to establish conservation easements protecting natural ecosystems.

On Sunday, former Gov. Mike Beebe remembered Mahony as “a good friend and great Arkansan.”

Former colleagues also reflected on Mahony’s leadership and mentorship.

Mike Callan, who served as AOG president from 2008 to 2014, said Mahony hired him in 1984 and remained his mentor and friend for more than four decades.

“He was my boss for 12 years, my mentor and friend for 42 years,” Callan said. “One of his many traits I admired was that when we discussed any subject he had already thought about it more than anyone else involved.”

Fred Kirkwood, who retired from AOG earlier this year after a 40-year career, credited Mahony with changing the company’s culture by emphasizing customer service at a time when that philosophy was uncommon in the utility industry.

Attorney Ben Shipley III, whom Mahony recruited to AOG as vice president and general counsel, said Mahony consistently encouraged community involvement and always focused on projects that benefited the public.

David Olive, founder of Catalyst Partners and a longtime Fort Smith attorney, said Mahony’s greatest gift was improving every community he served.

“Emon Mahony’s legacy is that he had the ability to make communities better wherever he lived,” Olive said. “His contributions were immense and the Fort Smith area is better because of the time he lived here.”

According to his obituary, Mahony was preceded in death by his parents, Emon Armstrong Mahony Sr. and Mabel Farmer Mahony; his brothers, Mike and Jodie; daughter Terry Donathan Julian; and son Paul Donathan.

He is survived by his wife, Kay; daughter Liza Nevenhoven and husband Scott; son Emon Ossian Mahony and wife Esther Teo; son Trent Donathan; and eight grandchildren.

Visitation will be held from 5 to 7 p.m. Friday, July 24, at Young’s Funeral Directors in El Dorado. Funeral services are scheduled for 11 a.m. Saturday, July 25, at First Presbyterian Church in El Dorado.