Murphy Oil Corporation · NYSE:MUR
Murphy Oil — Q1 2026 Earnings Presentation
37 slides from Murphy Oil's earnings presentation, May 7, 2026
Slide 1: 2026 First Quarter Earnings Conference Call and Webcast
2026 FIRST QUARTER EARNINGS CONFERENCE CALL AND WEBCAST MAY 7, 2026 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER 1Q 2026 Earnings Presentation 0 0
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT Cautionary Note to US Investors – The United States Securities and Exchange Commission (SEC) requires oil and natural gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to b
Slide 3: Murphy at a Glance
MURPHY AT A GLANCE An independent exploration and production Onshore Canada company with a diverse portfolio that provides Offshore Canada operational flexibility and exploration upside Eagle Ford Shale Morocco Strategic Balanced History of Gulf of America Capital Risk and Strong Vietnam Allocation
Slide 4: Unique Investment Proposition
UNIQUE INVESTMENT PROPOSITION Multi-basin Portfolio with Transformative Operational Exploration Upside FLEXIBILITY 1 BBOE + to respond to macro cycles unrisked gross resource potential Financial Discipline Driving Decades of Shareholder Returns High-quality Inventory $4.5 BN 50 YEARS Cumulative shar
Slide 5: Strong Balance Sheet and Shareholder Returns
STRONG BALANCE SHEET AND SHAREHOLDER RETURNS 1Q Financial Highlights Liquidity of Free Cash Flow Returned $50 MM ~$2.4 billion1 of $41 MM2 to shareholders Maintaining $550 MM Board Minimum of 50% of adjusted FCF2 low leverage authorized share allocated to shareholder returns of 1.1x2 repurchase prog
Slide 6: Operations and Exploration Update
OPERATIONS AND EXPLORATION UPDATE 1Q 2026 Earnings Presentation 5 5
Slide 7: Advancing Strategic Priorities in 1Q 2026
ADVANCING STRATEGIC PRIORITIES IN 1Q 2026 Exploring Beyond Shale Delivering Long-Term Côte d’Ivoire Vietnam Gulf of America Shareholder Value Progressing Bubale-1X, Progressed Hai Su Vang Secured 14 exploration the third well in the appraisal campaign blocks in the Gulf of Returned Côte d’Ivoire exp
Slide 8: 1Q Key Metrics
1Q KEY METRICS Production $466 MM $0.32 174 MBOEPD 50% Oil | 6% NGLs | 44% Natural Gas Adjusted EBITDAX3 Adjusted Net Income per Share3 40 68 66 MBOEPD MBOEPD MBOEPD Eagle Ford Shale Offshore Onshore Canada $8.70 $1,172 MM Lease Operating Expense Net Debt3 ($/BOE) Capital Expenditure $15 1 Realized
Slide 9: 1Q 2026 Asset Updates
1Q 2026 ASSET UPDATES Eagle Ford Tupper Montney Kaybob Duvernay Tupper Montney 40 MBOEPD 370 MMCFD 4 MBOEPD 71% Oil | 86% Liquids 100% Natural Gas 63% Oil | 75% Liquids $99 MM CAPEX $32 MM CAPEX $23 MM CAPEX Brought 15 operated wells online Preparing to bring eight wells online in 3Q Brought online
Slide 10: Offshore Operations Spotlight
OFFSHORE OPERATIONS SPOTLIGHT Vietnam: Lac Da Vang (Golden Camel) Lac Da Vang (Golden Camel) – FSO in Progress • Development drilling ongoing • FSO1 is ready to launch; will be installed on location in 3Q 2026 in line with schedule • Project is on schedule and targeting first oil in 4Q 2026 as plann
Slide 11: Onshore Operations Spotlight
ONSHORE OPERATIONS SPOTLIGHT Eagle Ford Catarina Program Catarina Production by Vintage Cumulative Oil, MBO over number of days 150 Continued Outperformance 27% increase in 60-day cumulative oil 100 compared to Catarina wells drilled in 2025 50 Murphy continues to benefit from a differentiated, oil-
Slide 12: Exploring Beyond Shale
EXPLORING BEYOND SHALE Leveraging unique offshore capabilities to drive shareholder value Proven Offshore Expertise Data-driven portfolio with diverse shallow Gulf of America Morocco and deepwater capital-efficient projects Vietnam Sustainable, Organic Growth Côte d’lvoire Strategy balances existing
Slide 13: Executing Exploration Program as Planned
EXECUTING EXPLORATION PROGRAM AS PLANNED Côte d’Ivoire Vietnam Gulf of America Testing three independent plays Exploration and appraisal Infrastructure-led exploration Civette, 90% WI HSV-2X, 40% WI Cello #1, 48.5% WI Non-commercial Successful appraisal Oil Discovery Caracal, 90% WI HSV-3X, 40% WI O
Slide 14: Vietnam Exploration and Appraisal
VIETNAM EXPLORATION AND APPRAISAL Murphy WI Block Murphy Discovery Field Development Project Discovery Well Appraisal Well Select Murphy Exploration Inventory Acreage as of May 4, 2026 1Q 2026 Earnings Presentation 13 13
Slide 15: Vietnam Exploration and Appraisal
VIETNAM EXPLORATION AND APPRAISAL Hai Su Vang-4X (Golden Sea Lion) Appraisal Lac Da Trang North (White Camel) Exploration Prospect • Block 15-2/171; planned to spud in 2Q 2026 • Block 15-1/051 • Final appraisal well; results will inform development plan • To be spud 2H 2026 Hai Su Vang-3X (Golden Se
Slide 16: Côte d'Ivoire Exploration
CÔTE D’IVOIRE EXPLORATION Three-Well Exploration Program Tano Basin Exploration Program Initiated in December 2025 CÔTE D’IVOIRE GHANA • Drilling with the Transocean Deepwater Skyros at a rig CI-102 rate of $361k/day Caracal-1X Baleine CI-531 Civette - Block CI-5021 CI-502 • Encountered non-commerci
Slide 17: Gulf of America Exploration
GULF OF AMERICA EXPLORATION Expanding Our Opportunity Set for the Next Decade Gulf of America Exploration Focus Area Exploration Program Ocotillo #1 • Announced Banjo #1 and Cello #1 discoveries in January 2026 Silver Dollar Silver Dollar West • Sanctioned development of Banjo and Cello fields Medus
Slide 18: 2026 Capital and Production Plan
2026 CAPITAL AND PRODUCTION PLAN 1Q 2026 Earnings Presentation 17 17
Slide 19: 2026 Capital Plan
2026 CAPITAL PLAN FY 2026 Guidance 2026 Capital Allocation FY 2026E CAPEX By Area $1.2 - $1.3 BN 100% 3% Accrued CAPEX 16% 26% • 70% of CAPEX in 1H2026 • 2026 highlights versus 2025: $1.25 50% • Eagle Ford capital 25% lower 13% given capital efficiencies Billion • Higher Gulf of America capital driv
Slide 20: 2Q 2026 Guidance
2Q 2026 GUIDANCE Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US – Eagle Ford Shale 27,600 5,600 29,900 38,200 – Gulf of America excl. NCI1 44,800 3,700 45,300 56,100 Canada – Tupper Montney 100 - 329,400 55,000 – Kaybob Duvernay 4,600 500 9,300 6,700 – Offshore 8,800 - - 8,800 Ot
Slide 21: FY 2026 Guidance
FY 2026 GUIDANCE Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US – Eagle Ford Shale 27,400 6,000 30,600 38,500 – Gulf of America excl. NCI1 45,800 3,600 41,900 56,300 Canada – Tupper Montney 200 - 371,200 62,000 – Kaybob Duvernay 3,800 600 9,000 5,800 – Offshore 7,700 - - 7,700 Vi
Slide 22: Appendix
APPENDIX 1Q 2026 Earnings Presentation 21 21
Slide 23: Strategy Drives Long-Term Shareholder Value
STRATEGY DRIVES LONG-TERM SHAREHOLDER VALUE FINANCIAL DISCIPLINE AND OPERATIONAL EXCELLENCE EXPLORE DEVELOP DELIVER Drilling meaningful exploration Lac Da Vang (Golden Camel): Long-term organic growth wells in Côte d’Ivoire Targeting first oil in Vietnam in 4Q 2026 Return of minimum of 50% of adjust
Slide 24: Gulf of America
GULF OF AMERICA PRODUCING ASSETS Gulf of America Exploration Area Asset Operator Murphy WI1 Ocotillo #1 Cascade Murphy 80% Silver Dollar Chinook Murphy 86% Silver Dollar West Clipper Murphy 80% Delta House Dalmatian Murphy 56% Powerball Medusa Dalmatian S. Front Runner Murphy 50% Kodiak Zephyrus Cel
Slide 25: Offshore Development Opportunities
OFFSHORE DEVELOPMENT OPPORTUNITIES Multi-Year Inventory of High-Return Projects Resource with First Oil by Year Percent of Total Resource by Year Diversified, Low Breakeven Opportunities in Offshore Portfolio • Identified offshore projects provide a multi-year inventory 28% • Ongoing exploration eff
Slide 26: North America Onshore Locations
NORTH AMERICA ONSHORE LOCATIONS Robust Inventory With Low Breakeven Rates Diversified, Low Breakeven Portfolio Multi-basin portfolio provides optionality in all price environments Tupper Montney Kaybob Duvernay Eagle Ford Shale 720 Locations 420 Locations 1,040 Locations ~50 years of inventory ~50 y
Slide 27: Current Fixed Price Contracts
CURRENT FIXED PRICE CONTRACTS AECO Price Risk Mitigation – Tupper Montney, Canada Volumes Price Commodity Type (MMCF/D) ($/MCF) Start Date End Date Natural Gas Fixed Price Forward Sales at AECO1 78 C$2.94 4/1/2026 6/30/2026 Natural Gas Fixed Price Forward Sales at AECO1 78 C$2.94 7/1/2026 9/30/2026
Slide 28: 2025 Proved Reserves
2025 PROVED RESERVES Maintaining Proved Reserves and Reserve Life 2025 Proved Reserves By Area • Total proved reserves of 715 MMBOE at YE 2025, 103% total reserve replacement • Pioneer FPSO acquisition added ~16 MMBOE of proved reserves in the Cascade 24% and Chinook fields US Onshore • 57% proved d
Slide 29: Enhanced Liquidity and Debt Maturity Profile
ENHANCED LIQUIDITY AND DEBT MATURITY PROFILE Bond Issuance Murphy Debt Maturities – Pre-Transaction $MM $1,500 • Completed transaction in January 2026 • Issued $500 MM of 2034 notes at 6.500% $1,000 1,350 • Refinanced 2027 and 2028 notes $500 • $227 MM in notes retired 600 79 340 149 118 • Paid off
Slide 30: Supplemental Information
SUPPLEMENTAL INFORMATION Capital Allocation Plan The timing and magnitude of debt reductions and share repurchases will largely depend on oil and natural gas prices, development costs and operating expenses, as well as any high- return investment opportunities. Because of the uncertainties around th
Slide 31: Glossary of Abbreviations
GLOSSARY OF ABBREVIATIONS AECO: Alberta Energy Company, the Canadian EBITDAX: Income from continuing operations MM: Millions benchmark price for natural gas before taxes, depreciation, depletion and MMBOE: Millions of barrels of oil equivalent amortization, net interest expense, and API: American Pe
Slide 32: Non-GAAP Definitions and Reconciliations
NON-GAAP DEFINITIONS AND RECONCILIATIONS The following list of Non-GAAP financial measure definitions and related reconciliations is intended to satisfy the requirements of Regulation G of the Securities Exchange Act of 1934, as amended. This information is historical in nature. Murphy undertakes no
Slide 33: Non-GAAP Definitions and Reconciliations
NON-GAAP DEFINITIONS AND RECONCILIATIONS Adjusted Net Income per Share Murphy defines Adjusted Net Income (a non-GAAP measure) as net income attributable to Murphy adjusted to exclude discontinued operations and certain other items that affect comparability between periods. Murphy defines Adjusted N
Slide 34: Non-GAAP Definitions and Reconciliations
NON-GAAP DEFINITIONS AND RECONCILIATIONS Adjusted EBITDAX Murphy defines Adjusted EBITDAX as net income (loss) attributable to Murphy before interest, taxes, depreciation, depletion and amortization (DD&A), exploration expense, impairment expense, discontinued operations, foreign exchange gains and
Slide 35: Non-GAAP Definitions and Reconciliations
NON-GAAP DEFINITIONS AND RECONCILIATIONS Net Debt Murphy defines Net Debt (a non-GAAP financial measure) as total short- and long-term debt, including finance lease obligations, net of cash and cash equivalents. Management believes this information may be useful to investors and analysts to gain a b
Slide 36: Non-GAAP Definitions and Reconciliations
NON-GAAP DEFINITIONS AND RECONCILIATIONS Leverage Murphy defines leverage (a non-GAAP financial ratio) as total debt, including finance lease obligations, divided by adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)1 attributable to Murphy2 (non-GAAP). Management belie
Slide 37: 2026 First Quarter Earnings Conference Call and Webcast
2026 FIRST QUARTER EARNINGS CONFERENCE CALL AND WEBCAST MAY 7, 2026 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER 1Q 2026 Earnings Presentation 36 36