Slide 1: 2025 Fourth Quarter Earnings
2025 FOURTH QUARTER EARNINGS CONFERENCE CALL AND WEBCAST JANUARY 29, 2026 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER 4Q 2025 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 operational flexibility and exploration upside Offshore Canada Eagle Ford Shale Strategic Balanced History of Gulf of America Morocco Capital Risk and Strong Allocation Growth E
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 share
Slide 5: Strong Balance Sheet and Shareholder Returns
STRONG BALANCE SHEET AND SHAREHOLDER RETURNS Financial Highlights Liquidity of Free Cash Flow of Returned $286 MM to shareholders ~$2.3 billion1 $300 MM in FY 2025 FY 2025; $46 MM in 4Q 2025 Maintaining $550 MM Board Minimum of 50% of adjusted FCF2 low leverage authorized share allocated to sharehol
Slide 6: 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 $500 600 • $227 MM in notes retired $0 79 149 118 340 • Paid o
Slide 7: 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 8: 4Q Production, Pricing and Revenue
4Q PRODUCTION, PRICING AND REVENUE Generating Solid Revenue From Oil Production 17% 20% 26% 40% 4Q 2025 Eagle Ford Shale 4Q 2025 Eagle Ford Shale 36,000 BOEPD $152 MM Production Revenue Offshore Offshore 181 72,000 BOEPD Onshore Canada $582 $332 MM Onshore Canada MBOEPD 73,000 BOEPD Million $98 MM 4
Slide 9: 4Q 2025 Asset Updates
4Q 2025 ASSET UPDATES Eagle Ford Shale Tupper Montney Kaybob Duvernay Gulf of America Offshore Canada 36 MBOEPD 405 MMCFD 5 MBOEPD 64 MBOEPD 8 MBOPD 68% Oil | 84% Liquids 100% Natural Gas 62% Oil | 74% Liquids 80% Oil | 87% Liquids 100% Oil Drilled 6 wells in Began drilling 8-well pad; Began drillin
Slide 10: 2025 Operations and Exploration Update
2025 OPERATIONS AND EXPLORATION UPDATE 4Q 2025 Earnings Presentation 9 9
Slide 11: Advancing Strategic Priorities
ADVANCING STRATEGIC PRIORITIES Maintaining Consistent Expanding Shareholder Operational Excellence Multi-basin Portfolio Returns Returned 182 MBOEPD Announced success at Produced in FY 25, toward the high-end of guidance Hai Su Vang-2X appraisal well $286 MM to shareholders in 2025 through dividends
Slide 12: Vietnam Field Development Project on Track
VIETNAM FIELD DEVELOPMENT PROJECT ON TRACK Lac Da Vang (Golden Camel) Development Project Updates Lac Da Vang (Golden Camel) – FSO Construction • Development drilling ongoing • Targeting first oil in 4Q 2026 • Development through 2029 Field Overview1 • 100 MMBOE estimated gross recoverable resource
Slide 13: Exploring Beyond Shale
EXPLORING BEYOND SHALE Leveraging unique offshore capabilities to drive shareholder value Proven Offshore Expertise Gulf of America Morocco Data-driven portfolio with diverse shallow and deepwater capital-efficient projects Vietnam Côte d’lvoire Sustainable, Organic Growth Strategy balances existing
Slide 14: Vietnam Appraisal Success
VIETNAM APPRAISAL SUCCESS Hai Su Vang (Golden Sea Lion) Discovery Hai Su Vang-2X Appraisal Success Announced Jan 2026 • Drilled in Block 15-2/171 Cuu Long Basin • Encountered 429 feet of net oil pay from two reservoirs • 332 feet in the deeper, primary reservoir • 97 feet in the shallow reservoir •
Slide 15: 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; 30 feet net pay Caracal, 90% WI
Slide 16: 2026 Capital and Production Plan
2026 CAPITAL AND PRODUCTION PLAN 4Q 2025 Earnings Presentation 15 15
Slide 17: 2026 Capital Plan
2026 CAPITAL PLAN FY 2026 Guidance FY 2026E CAPEX By Area YoY Capital Program $ MM $1.2 - $1.3 BN $1,400 Accrued CAPEX 3% $1,200 16% 26% CAPEX plan in-line with 2025 $1,000 • 75% to Development, 12% Exploration Drilling, 6% Appraisal • 70% of CAPEX in 1H2026 $800 $600 13% $1.25 • Eagle Ford capital
Slide 18: 2026 Production Plan
2026 PRODUCTION PLAN FY 2026 Guidance FY 2026E Production By Area 167 – 175 MBOEPD | 81-89 BOPD 5% • 50% oil vs. 48% in FY25 • Lower total production YoY driven by: 33% • 10% lower production in Tupper Montney given less wells online and higher royalty 40% 171 • 10% lower production in the Gulf of A
Slide 19: 2026 North America Onshore Plan
2026 NORTH AMERICA ONSHORE PLAN Eagle Ford Shale Kaybob Duvernay Tupper Montney 38 MBOEPD 6 MBOEPD 370 MMCFD 71% Oil | 87% Liquids 64% Oil | 74% Liquids 100% Natural Gas $285 MM CAPEX $35 MM CAPEX $100 MM CAPEX Maintaining production with Maintaining production with 10% lower YoY production given sm
Slide 20: 2026 North America Offshore Plan
2026 NORTH AMERICA OFFSHORE PLAN Gulf of America Gulf of America Offshore Canada 56 MBOEPD 8 MBOEPD 100% Oil Zephyrus 81% Oil | 88% Liquids $330 MM Development CAPEX $25 MM CAPEX $65 MM Exploration CAPEX Non-operated assets Operated Hibernia 3.4 MBOEPD • Chinook (+11 MBOEPD net) 1 King’s Quay Terra
Slide 21: 2026 International Offshore Plan
2026 INTERNATIONAL OFFSHORE PLAN Vietnam $215 MM Total CAPEX Lac Da Vang (Golden Camel) Hai Su Vang (Golden Sea Lion) Lac Da Trang (White Camel) Development Project Appraisal Program Exploration First oil expected 4Q 2026 Hai Su Vang-3X in 1H 26 Block 15-1/05 2 MBOEPD in 4Q26 | 86% Oil Hai Su Vang-4
Slide 22: 1Q 2026 Guidance
1Q 2026 GUIDANCE Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US – Eagle Ford Shale 26,900 5,600 28,800 37,300 – Gulf of America excl. NCI1 44,700 3,800 46,000 56,100 Canada – Tupper Montney 200 - 364,000 60,900 – Kaybob Duvernay 2,800 500 8,500 4,700 – Offshore 8,800 - - 8,800 Ot
Slide 23: 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 24: 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 25: Appendix
APPENDIX 4Q 2025 Earnings Presentation 24 24
Slide 26: 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 the
Slide 27: 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 28: Non-GAAP Financial Measure Definitions and Reconciliations
NON-GAAP FINANCIAL MEASURE 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. Mu
Slide 29: Non-GAAP Reconciliation: Adjusted Free Cash Flow
NON-GAAP RECONCILIATION Adjusted Free Cash Flow Murphy defines adjusted free cash flow (a non-GAAP financial measure) as net cash provided by continuing operations activities, before non-cash working capital changes, less property additions and dry hole costs, acquisitions of oil and natural gas pro
Slide 30: Non-GAAP Reconciliation: Leverage
NON-GAAP RECONCILIATION 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 believes this informat
Slide 31: 2025 Sustainability Report Highlights
2025 SUSTAINABILITY REPORT HIGHLIGHTS CONTINUED POSITIVELY IMPACTING OUR STRONG ENVIRONMENTAL STEWARDSHIP PEOPLE AND COMMUNITIES GOVERNANCE OVERSIGHT CLIMATE GOALS 58 % TOTAL RECORDABLE INCIDENT RATE (TRIR) from 2019 to 2024 WELL DEFINED BOARD AND MANAGERIAL OVERSIGHT AND MANAGEMENT OF ESG MATTERS 1
Slide 32: FY 2025 Asset Updates
FY 2025 ASSET UPDATES Eagle Ford Shale Tupper Montney Kaybob Duvernay Gulf of America Offshore Canada 38 MBOEPD 415 MMCFD 5 MBOEPD 63 MBOEPD 7 MBOPD 70% Oil | 85% Liquids 100% Natural Gas 61% Oil | 73% Liquids 80% Oil | 87% Liquids 100% Oil $388 MM CAPEX1 $83 MM CAPEX $51 MM CAPEX $300 MM CAPEX1 $19
Slide 33: Vietnam Exploration and Appraisal
VIETNAM EXPLORATION AND APPRAISAL Hai Su Vang-2X (Golden Sea Lion) Appraisal, Block 15-2/171 • Encountered 429 feet of net oil pay from two reservoirs Cuu Long Basin • Primary reservoir achieved aggregate flow rate of ~12,000 BOPD • Primary reservoir recoverable resource midpoint toward the upper en
Slide 34: Côte d'Ivoire Exploration
CÔTE D’IVOIRE EXPLORATION Three-Well Exploration Program Tano Basin Exploration Program Initiated in Dec 2025 CÔTE D’IVOIRE GHANA • Drilling with the Transocean Deepwater Skyros at a rig CI-102 rate of $361k/day Caracal Baleine CI-531 Civette - Block CI-5021 CI-502 • Encountered non-commercial hydro
Slide 35: Gulf of America Exploration
GULF OF AMERICA EXPLORATION Focused on Low-Risk, Infrastructure-Led Exploration Gulf of America Exploration Area 2025 Exploration Program Ocotillo #1 • Prospects located near Murphy-operated Delta House FPS1 Silver Dollar Silver Dollar West • Drilled discovery at Cello #1in 4Q 2025 Powerball Medusa
Slide 36: Current Fixed Price Contracts
CURRENT FIXED PRICE CONTRACTS AECO Price Risk Mitigation – Tupper Montney, Canada Volumes Price Commodity Type (MMCF/D) ($/MCF) Start Date End Date Natural Gas Fixed Price Forward Sales at AECO1 50 C$3.03 1/1/2026 3/31/2026 Natural Gas Fixed Price Forward Sales at AECO1 78 C$2.94 4/1/2026 6/30/2026
Slide 37: 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 38: 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 39: 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 40: 2025 Fourth Quarter Earnings
2025 FOURTH QUARTER EARNINGS CONFERENCE CALL AND WEBCAST JANUARY 29, 2026 ERIC M. HAMBLY PRESIDENT Earnings AND CHIEF EXECUTIVE OFFICER 4Q 2025 Presentation 39 39