Murphy Oil Corporation · NYSE:MUR
Murphy Oil — Barclays 40th Annual Energy-Power Conference 2026
39 slides from Murphy Oil's conference presentation, Sep 8, 2026
Slide 1: Barclays 40th Annual Energy-Power Conference 2026
0 0 September 2026 Investor Presentation Barclays 40th Annual Energy - Power Conference 2026 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER SEPTEMBER 9, 2026
Slide 2: Cautionary Statement
1 1 September 2026 Investor Presentation 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 prod
Slide 3: Murphy at a Glance
2 2 September 2026 Investor Presentation Eagle Ford Shale Gulf of America Offshore Canada Production Exploration Development Onshore Canada Côte d’Ivoire Vietnam Morocco 2 An independent exploration and production company with a diverse portfolio that provides operational flexibility and exploration
Slide 4: Unique Investment Proposition
3 3 September 2026 Investor Presentation UNIQUE INVESTMENT PROPOSITION 3 Multi - basin Portfolio with Operational Financial Discipline Driving Shareholder Returns Industry Leading Track Record of Transformative Exploration Upside Decades of High - quality Inventory Maintaining Strong Proved Reserve
Slide 5: Strong Balance Sheet and Shareholder Returns
4 4 September 2026 Investor Presentation STRONG BALANCE SHEET AND SHAREHOLDER RETURNS Bond Maturity Profile $ MM $0 $200 $400 $600 2026 2027 2028 2029 2030 2031 2032 2033 2034 2042 Long - Term Debt Profile $1.6 BN Total Bonds Outstanding 6.3% Weighted Avg Fixed Coupon 8.7 years Weighted Avg Years to
Slide 6: Operations and Exploration Update
5 5 September 2026 Investor Presentation OPERATIONS AND EXPLORATION UPDATE
Slide 7: Advancing Strategic Priorities in 2Q 2026
6 6 September 2026 Investor Presentation ADVANCING STRATEGIC PRIORITIES IN 2Q 2026 6 September 2026 Investor Presentation Exploring Beyond Shale Delivering Long - Term Shareholder Value Returned $50 MM to shareholders through dividends Concluded Côte d’Ivoire exploration campaign Announced oil disco
Slide 8: 2Q Key Metrics
7 7 September 2026 Investor Presentation 2Q KEY METRICS 1 Development CAPEX includes $7 MM of corporate CAPEX 2 See Appendix for reconciliation of non - GAAP measures and slide notes providing definitions and other information Note: Production volumes and financial amounts exclude noncontrolling int
Slide 9: 2Q 2026 Asset Updates
8 8 September 2026 Investor Presentation 2Q 2026 ASSET UPDATES 1 Development CAPEX; excludes exploration costs of $14 MM Note: Production volumes and CAPEX exclude noncontrolling interest Eagle Ford Shale Brought six operated wells online Longer laterals continue to drive outperformance and cost eff
Slide 10: Lac Da Vang (Golden Camel) Spotlight
9 9 September 2026 Investor Presentation LAC DA VANG (GOLDEN CAMEL) SPOTLIGHT 1 FSO: Floating storage and offloading vessel Lac Da Vang is on Track to First Oil in 4Q 2026 • FSO 1 launch and installation of pipelines and platform topsides complete in line with schedule • FSO 1 will be installed on l
Slide 11: Exploring Beyond Shale
10 10 September 2026 Investor Presentation Proven Offshore Expertise Data - driven portfolio with diverse shallow and deepwater capital - efficient projects Aligns with Global Energy Needs Sustained investment in conventional oil to meet long - term energy demand Sustainable, Organic Growth Strategy
Slide 12: Delivering Value Through Exploration
11 11 September 2026 Investor Presentation Our Differentiated Expertise Our Track Record 2x Portfolio depth to double offshore reserves via exploration ~40% Faster discovery - to - first - oil than the industry average ~99% 2 Uptime for key offshore facilities driven by ongoing operational excellenc
Slide 13: Portfolio Success Drives Lower-Cost Reserve Growth
12 12 September 2026 Investor Presentation Implied per unit cost $/BOE 1 Portfolio Success Drives Lower - Cost Reserve Growth Organic Growth Drives Long - term Value Buying versus Finding Resources • Murphy’s recent discoveries have added resources at an estimated cost under $2 per BOE • Portfolio s
Slide 14: Executing Exploration Program as Planned
13 13 September 2026 Investor Presentation EXECUTING EXPLORATION PROGRAM AS PLANNED Vietnam 1 Exploration and appraisal LDT North - 1X Exploration Well, 2H 2026 HSV - 4X Dry Hole, 2H 2026 HSV - 3X Successful Appraisal, 1H 2026 Gulf of America Infrastructure - led exploration Banjo #1 Oil Discovery,
Slide 15: Vietnam Exploration and Appraisal
14 14 September 2026 Investor Presentation VIETNAM EXPLORATION AND APPRAISAL Acreage as of August 3 , 2026 Discovery Appraisal Field Development Project Murphy Discovery Murphy WI Block Select Murphy Exploration Inventory 14 September 2026 Investor Presentation
Slide 16: Vietnam Exploration and Appraisal
15 15 September 2026 Investor Presentation VIETNAM EXPLORATION AND APPRAISAL 1 Murphy 40% (Operator), PetroVietnam Exploration Production 35%, SK Earthon 25%, Murphy took operatorship of Block 15 - 1/05 in 2018 Lac Da Trang (White Camel) North Exploration Prospect • Block 15 - 1/05 1 • Spud in July
Slide 17: Bubale Discovery in Côte d'Ivoire
16 16 September 2026 Investor Presentation Gas Processing Facility 40 miles from Bubale - 1X BUBALE DISCOVERY IN CÔTE D’IVOIRE Note: Acreage as of August 3, 2026 1 Block CI - 709 Murphy 90% (Operator), Block CI - 103 Murphy 85% (Operator) Discovery Announced in June 2026 Bubale - 1X Bubale - 1X Disc
Slide 18: Gulf of America Exploration
17 17 September 2026 Investor Presentation GULF OF AMERICA EXPLORATION Exploration Program • Announced Banjo #1 and Cello #1 discoveries in January 2026 • Sanctioned development of Banjo and Cello fields • T argeting first oil in 4Q 2027 with combined average net production contribution of approxima
Slide 19: 2026 Capital and Production Update
18 18 September 2026 Investor Presentation 2026 CAPITAL AND PRODUCTION UPDATE
Slide 20: 2026 Capital Plan Update
19 19 September 2026 Investor Presentation 2026 CAPITAL PLAN UPDATE Note: Accrual CAPEX, excluding noncontrolling interest; figures may not add due to rounding 24% 23% 22% 10% 8% 10% 2% $1.55 Billion FY 2026E CAPEX By Area $1.5 - $1.6 BN Accrued CAPEX Gulf of America US Onshore Exploration Canada Vi
Slide 21: Incremental 2026 CAPEX Adds Value in 2027 and Beyond
20 20 September 2026 Investor Presentation INCREMENTAL 2026 CAPEX ADDS VALUE IN 2027 AND BEYOND 1 R epresents mean to upward gross recoverable predrill resource range Note: Accrual CAPEX, excluding noncontrolling interest $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 2026 Original 2026 Updated U
Slide 22: 3Q 2026 Guidance
21 21 September 2026 Investor Presentation 3Q 2026 GUIDANCE Total (BOEPD) Gas (MCFD) NGLs (BOPD) Oil (BOPD) Producing Asset 40,300 33,100 6,400 28,400 US – Eagle Ford Shale 48,800 39,900 3,300 38,800 – Gulf of America excl. NCI 1 72,800 436,000 - 100 Canada – Tupper Montney 6,000 9,500 600 3,800 – K
Slide 23: FY 2026 Guidance
22 22 September 2026 Investor Presentation FY 2026 GUIDANCE Total (BOEPD) Gas (MCFD) NGLs (BOPD) Oil (BOPD) Producing Asset 38,500 30,600 6,000 27,400 US – Eagle Ford Shale 56,300 41,900 3,600 45,800 – Gulf of America excl. NCI 1 62,000 371,200 - 200 Canada – Tupper Montney 5,800 9,000 600 3,800 – K
Slide 24: Appendix
23 23 September 2026 Investor Presentation APPENDIX
Slide 25: Strategy Drives Long-Term Shareholder Value
24 24 September 2026 Investor Presentation STRATEGY DRIVES LONG - TERM SHAREHOLDER VALUE EXPLORE DEVELOP DELIVER 24 September 2026 Investor Presentation Lac Da Vang (Golden Camel): Targeting first oil in Vietnam in 4Q 2026 Gulf of America: Executing high - return, oil weighted projects Eagle Ford Sh
Slide 26: 2026 Sustainability Report Highlights
25 25 September 2026 Investor Presentation 2026 SUSTAINABILITY REPORT HIGHLIGHTS CONTINUED ENVIRONMENTAL STEWARDSHIP STRONG GOVERNANCE OVERSIGHT POSITIVELY IMPACTING OUR PEOPLE AND COMMUNITIES have received El Dorado Promise Scholarships since 2007 ~4,900 STUDENTS In Charitable Contributions from 20
Slide 27: Gulf of America
26 26 September 2026 Investor Presentation GULF OF AMERICA Note: Acreage as of August 3 , 2026 1 Excluding noncontrolling interest 2 Anadarko is a wholly - owned subsidiary of Occidental Petroleum PRODUCING ASSETS Murphy WI 1 Operator Asset 80% Murphy Cascade 86% Murphy Chinook 80% Murphy Clipper 56
Slide 28: Offshore Development Opportunities
27 27 September 2026 Investor Presentation OFFSHORE DEVELOPMENT OPPORTUNITIES Multi - Year Inventory of High - Return Projects Diversified, Low Breakeven Opportunities in Offshore Portfolio • Identified offshore projects provide a multi - year inventory • Ongoing exploration efforts will further exp
Slide 29: North America Onshore Locations
28 28 September 2026 Investor Presentation Kaybob Duvernay 420 Locations ~50 years of inventory < $57 / BBL WTI Provides optionality to produce more oil NORTH AMERICA ONSHORE LOCATIONS Robust Inventory With Low Breakeven Rates Diversified, Low Breakeven Portfolio Multi - basin portfolio provides opt
Slide 30: Current Fixed Price Contracts
29 29 September 2026 Investor Presentation CURRENT FIXED PRICE CONTRACTS End Date Start Date Price ($/MCF) Volumes (MMCF/D) Type Commodity 9/30/2026 7/1/2026 C$2.81 88 Fixed Price Forward Sales at AECO 1 Natural Gas 12/31/2026 10/1/2026 C$3.00 59 Fixed Price Forward Sales at AECO 1 Natural Gas 12/31
Slide 31: 2025 Proved Reserves
30 30 September 2026 Investor Presentation 2025 PROVED RESERVES 24% 20% 56% • 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 and Chinook fields • 57% proved developed reserves and 41% liquids
Slide 32: Supplemental Information
31 31 September 2026 Investor Presentation SUPPLEMENTAL INFORMATION Capital Allocation Plan The timing and magnitude of debt reductions and share repurchases will largely depend on oil and natural gas prices, developm ent costs and operating expenses, as well as any high - return investment opportun
Slide 33: Glossary of Abbreviations
32 32 September 2026 Investor Presentation GLOSSARY OF ABBREVIATIONS AECO: Alberta Energy Company, the Canadian benchmark price for natural gas API : American Petroleum Institute BBL: Barrels (equal to 42 US gallons) BCF: Billion cubic feet BCFE: Billion cubic feet equivalent BN: Billions BOE: Barre
Slide 34: Non-GAAP Definitions and Reconciliations
33 33 September 2026 Investor Presentation NON - GAAP DEFINITIONS AND RECONCILIATIONS Six Months Ended – Jun 30, 2025 Six Months Ended – Jun 30, 2026 Three Months Ended – Jun 30, 2025 Three Months Ended – Jun 30, 2026 (Millions of dollars) 658.7 977.1 358.1 655.9 Net Cash provided by continuing oper
Slide 35: Non-GAAP Definitions and Reconciliations
34 34 September 2026 Investor Presentation 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 op erations and certain other items that affect comparab
Slide 36: Non-GAAP Definitions and Reconciliations
35 35 September 2026 Investor Presentation NON - GAAP DEFINITIONS AND RECONCILIATIONS Adjusted EBITDAX Murphy defines Adjusted EBITDAX as net income (loss) attributable to Murphy before interest, taxes, depreciation, depletion a nd amortization (DD&A), exploration expense, impairment expense, discon
Slide 37: Non-GAAP Definitions and Reconciliations
36 36 September 2026 Investor Presentation 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 m
Slide 38: Non-GAAP Definitions and Reconciliations
37 37 September 2026 Investor Presentation NON - GAAP DEFINITIONS AND RECONCILIATIONS Leverage Murphy defines leverage (a non - GAAP financial ratio) as total debt, including finance lease obligations, divided by adjusted ear nings before interest, taxes, depreciation and amortization (EBITDA) for t
Slide 39: Barclays 40th Annual Energy-Power Conference 2026
38 38 September 2026 Investor Presentation Barclays 40th Annual Energy - Power Conference 2026 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER SEPTEMBER 9, 2026
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