Murphy Oil Corporation · NYSE:MUR
Murphy Oil — Q2 2025 Earnings Presentation
35 slides from Murphy Oil's earnings presentation, Aug 7, 2025
Slide 1: Second Quarter 2025 Earnings Conference Call and Webcast
2025 SECOND QUARTER EARNINGS CONFERENCE CALL AND WEBCAST AUGUST 7, 2025 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 1
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: Advancing Strategic Priorities in 2Q 2025
Advancing Strategic Priorities in 2Q 2025 >30% Increase Maintaining Consistent Sequential Increase in in Karnes Well Performance1 Production to 190 MBOEPD + Operational Excellence above high-end of guidance 2025 Tupper Wells Rank in Murphy top 20 All-Time Exploration and Appraisal Closed Eagle Ford
Slide 4: Capital Allocation Plan Delivers Shareholder Returns
Capital Allocation Plan1 Delivers Shareholder Returns Total Shares Outstanding by Year Since 2013 MM shares 190 180 170 Targeting long-term debt of $1.0 BN $550 MM 160 Minimum of 50% of adjusted FCF Board authorized share 150 allocated to share buybacks and repurchase program2 142.7 potential divide
Slide 5: Production, Pricing and Revenue
Production, Pricing and Revenue Generating High Revenue From Oil Production 2Q 2025 Production 2Q 2025 Revenue by Area by Area 13% 21% 28% Eagle Ford Shale Eagle Ford Shale 41% 39,000 BOEPD $184 MM 190 Offshore $647 MM Offshore MBOEPD 72,000 BOEPD $381 MM Onshore Canada Onshore Canada 79,000 BOEPD $
Slide 6: Strong Balance Sheet Underpins Financial Flexibility
Strong Balance Sheet Underpins Financial Flexibility Financial Highlights • Maintaining ample liquidity with senior unsecured credit Conservative facility and cash on hand Financial Policies • Targeting long-term debt of $1.0 billion • No near-term debt maturities Liquidity of Targeting investment ~
Slide 7: Proactively Managing the Cost Structure
Proactively Managing the Cost Structure Net G&A G&A $/BOE Bond Interest Expense2 250 3.50 200 3.00 200 Greater than Achieved ~50% 150 ~50% reduction or $500 MM 2.50 reduction1 ~$175 MM of cumulative cumulative 150 savings1 savings3 2020 – 2024 2.00 2021 – 2024 $/BOE 100 1.50 100 1.00 50 50 0.50 0 0.
Slide 8: Highlights From Our 2025 Sustainability Report
Highlights From Our 2025 Sustainability Report 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
Slide 9: Operations Update
OPERATIONS UPDATE www.murphyoilcorp.com NYSE: MUR 9
Slide 10: Eagle Ford Shale Update
Eagle Ford Shale Update 2Q 2025 39 MBOEPD, 72% Oil, 86% Liquids Murphy Operated Karnes Well Performance • 24 operated wells online – 18 Karnes, 3 Catarina and 3 Tilden 225 Greater than 30% increase wells; 10 gross non-operated wells online 200 2025 avg. 2-month • Karnes 5-well infill pad (4 lower /
Slide 11: Canada Onshore Update
Canada Onshore Update Canada Onshore 2Q 2025 79 MBOEPD, 96% Natural Gas Top Murphy Operated Tupper West Wells 25 Tupper Montney 2Q 2025 75 MBOEPD, 100% Natural Gas 2025 10-well program all rank in top 20 all-time 20 • 5 operated wells online; 2025 well program complete IP30 (MMCFD) • Reached Tupper
Slide 12: Offshore Update
Offshore Update Total Offshore 2Q 2025 72 MBOEPD, 82% Oil Operated 2025 Gulf of America Projects Gulf of America 2Q 2025 66 MBOEPD, 80% Oil Field / Facility Activity Online • Operated Samurai #3 workover completed; well Delta House 1 workover 3Q 2025 returned to production in 2Q 2025 King’s Quay 4 d
Slide 13: Lac Da Vang (Golden Camel) Field Development Project Update
Lac Da Vang (Golden Camel) Field Development Project Update Field Overview Field Schematic • Murphy 40% (Op), PetroVietnam Exploration Production 35%, SK Earthon 25% • 100 MMBOE estimated gross recoverable resource • Estimated 10 – 15 MBOEPD net peak production • $110 MM capital budget for FY 2025 P
Slide 14: Exploration Update
EXPLORATION UPDATE www.murphyoilcorp.com NYSE: MUR 14
Slide 15: Exploration Strategy Overview
Exploration Strategy Overview Key Strategies Exploration Core Focus Areas • Increasing exposure to international emerging and frontier basins • Balancing portfolio between shallow-water and deep-water opportunities • Exploiting unique combination of development and exploration opportunities in Vietn
Slide 16: Gulf of America Exploration Update
Gulf of America Exploration Update Focused on Low-Risk, Infrastructure-Led Exploration 2025 Exploration Plan Gulf of America Exploration Area Ocotillo #1 • Prospects located near Murphy-operated Delta House FPS1 Silver Dollar • Cello #1 (Mississippi Canyon 385) Silver Dollar West Medusa Delta House
Slide 17: Vietnam Exploration Update
Vietnam Exploration Update Cuu Long Basin, Vietnam Hai Su Vang-1X (Golden Sea Lion) Discovery, Block 15-2/171 Cuu Long Basin • Encountered 370 feet of net oil pay from two reservoirs, drilled in 149 feet of water • In-line with pre-drill mean to upward gross resource potential • 170 MMBOE – 430 MMBO
Slide 18: Côte d'Ivoire Exploration Update
Côte d’Ivoire Exploration Update Initiating Three-Well Exploration Program 2025 Exploration Plan Tano Basin • Civette (Block CI-502), Murphy 90% (Op), PETROCI1 10% CÔTE D’IVOIRE GHANA • Targeting spud in 4Q 2025 CI-102 Caracal • Mean to upward gross resource potential CI-531 Baleine CI-502 • 440 MMB
Slide 19: Looking Ahead
LOOKING AHEAD www.murphyoilcorp.com NYSE: MUR 19
Slide 20: 2025 Capital and Production Plan
2025 Capital and Production Plan Allocating Capital to Develop Assets and Increase Future Resource Potential 3Q 2025 Guidance FY 2025E CAPEX • 185 – 193 MBOEPD, 47% oil, 52% liquids volumes By Area • Includes 3.5 MBOEPD of assumed Gulf of America storm downtime • Includes 1 MBOEPD (~80% Oil) from Ea
Slide 21: Near-Term Strategy…
Near-Term Strategy… Maintaining Modest Production Growth From Current Assets While Testing Material Upside 2025-2026 Asset Plan1 Existing Producing Assets Near-Term Organic Growth Generating Low, Single-Digit Production Growth Progressing High-Impact Projects • Offshore: Executing high-return, oil-w
Slide 22: …Sets Up For Long-Term Success
…Sets Up For Long-Term Success Multi-Basin Portfolio Provides Long Runway of Opportunities Long-Term Asset Plan Existing Producing Assets Future Organic Growth Prioritizing offshore growth while maintaining onshore investment optionality Focused international and Gulf of America exploration • Gulf o
Slide 23: Second Quarter Earnings Conference Call and Webcast
2025 SECOND QUARTER EARNINGS CONFERENCE CALL AND WEBCAST AUGUST 7, 2025 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 23
Slide 24: Appendix
Appendix 1 Non-GAAP Definitions and Reconciliations 2 Glossary of Abbreviations 3 3Q 2025 Guidance 4 Current Fixed Price Contracts 5 Supplemental Information 6 Acreage Maps www.murphyoilcorp.com NYSE: MUR 24
Slide 25: 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 26: Non-GAAP Reconciliation
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 27: Glossary of Abbreviations
Glossary of Abbreviations AECO: Alberta Energy Company, the Canadian EBITDAX: Income from continuing operations MCF: Thousands of cubic feet benchmark price for natural gas before taxes, depreciation, depletion and amortization, net interest expense, and MCFD: Thousands cubic feet per day BBL: Barre
Slide 28: 3Q 2025 Guidance
3Q 2025 Guidance Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US – Eagle Ford Shale 33,200 6,200 33,500 45,000 – Gulf of America excluding NCI1 45,600 3,600 46,800 57,000 Canada – Tupper Montney 200 - 450,800 75,300 – Kaybob Duvernay 4,500 500 8,500 6,400 – Offshore 5,000 - - 5,00
Slide 29: 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 40 C$2.75 7/1/2025 12/31/2025 Natural Gas Fixed Price Forward Sales at AECO1 50 C$3.03 1/1/2026 12/31/2026
Slide 30: 2024 Proved Reserves
2024 Proved Reserves Maintaining Proved Reserves and Reserve Life • Total proved reserves of 713 MMBOE at YE 2024, 83% total reserve 2024 Proved Reserves By Area replacement • Added ~12 MMBOE of proved reserves for non-operated St. Malo primarily 24% related to the waterflood project US Onshore 713
Slide 31: North America Onshore Well Locations
North America Onshore Well Locations Eagle Ford Shale Operated Well Locations Tupper Montney Well Locations Inter-Well Gross Remaining Inter-Well Gross Remaining Area Net Acres Spacing (ft) Locations Area Net Acres Reservoir Spacing (ft) Locations Tupper Montney 118,235 984 - 1,323 750 Lower EFS 300
Slide 32: North America Onshore Locations
North America Onshore Locations 50 Years of Robust Inventory With Low Breakeven Rates Diversified, Low Breakeven Portfolio Eagle Ford Shale and Kaybob Duvernay • Multi-basin portfolio provides optionality in > 20 years of inventory < $50 / BBL WTI all price environments ~ 50 years of total inventory
Slide 33: Offshore Development Opportunities
Offshore Development Opportunities Multi-Year Inventory of High-Return Projects Diversified, Low Breakeven Opportunities in Offshore Portfolio Resources To Be Developed By Year Percent MMBOE by Year • Multi-year inventory of identified offshore projects in current portfolio 17% • Maintaining annual
Slide 34: Gulf of America
Gulf of America Murphy Blocks PRODUCING ASSETS Gulf of America Exploration Area Asset Operator Murphy WI1 Ocotillo #1 Cascade Murphy 80% Chinook Murphy 86% Silver Dollar Clipper Murphy 80% Silver Dollar West Dalmatian Murphy 56% Medusa Delta House Powerball Dalmatian S. Front Runner Murphy 50% Kodia
Slide 35: Second Quarter Earnings Conference Call and Webcast
2025 SECOND QUARTER EARNINGS CONFERENCE CALL AND WEBCAST AUGUST 7, 2025 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 35