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NEW YORK - Moody's Investors Service on Monday raised its outlook on Murphy oil Corp. and affirmed its investment-grade rating, citing its recent production growth and lower reliance on near-term exploration.
The credit ratings agency also said the stable outlook reflects the company's low debt position.
Moody's lifted its outlook on the company to "stable" from "negative" in a research report. The company's debt is currently rated Baa3, the lowest investment-grade rating.
Moody's said its rating remains constrained by the company's "relatively smaller scale" of reserves compared with its peers.
Earlier this month, the El Dorado, Ark., company announced plans to pump more oil out of the ground, thanks to a rally in crude prices. Its third-quarter profit fell 68 percent to $188.9 million.
Shares of Murphy Oil rose $1.60, or 2.7 percent, to $61.37 in afternoon trading.
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