Slide 1: Investor Update November 2024
INVESTOR UPDATE NOVEMBER 2024 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: Agenda
Agenda 01 04 Murphy at a Glance Murphy Exploration 02 05 Murphy Priorities Looking Ahead 03 06 Murphy 2024 Plan Appendix www.murphyoilcorp.com NYSE: MUR 3
Slide 4: Murphy at a Glance
Murphy at a Glance Murphy is an independent exploration and production company, with a diverse portfolio that provides exploration upside Multi-Basin Production 3Q 2024 Production1 Gulf of Mexico Offshore Canada Onshore United States Onshore Canada 18% Deepwater execution Non-operated partner in Eag
Slide 5: Murphy Priorities
MURPHY PRIORITIES www.murphyoilcorp.com NYSE: MUR 5
Slide 6: Advancing Strategic Priorities
Advancing Strategic Priorities DELEVER EXECUTE EXPLORE RETURN • Reduced debt by $50 MM in • Produced 185 MBOEPD in 3Q 2024 • Spud Hai Su Vang-1X exploration Progressed Murphy 3.0 of YTD 20241 well in 3Q 2024, the first of two • Completed offshore workovers as Vietnam exploration wells Capital Alloca
Slide 7: Strong Balance Sheet Positioned to Withstand Commodity Price Cycles
Strong Balance Sheet Positioned to Withstand Commodity Price Cycles Enhancing Financial Position Through Capital Markets Transactions in 4Q 2024 Issued Tendered Plan to call $600 MM of 6.000% Senior + $521 MM + $79 MM of senior notes in of long-term debt Notes due 2032 4Q 2024 Represents October Ent
Slide 8: Consistent Discipline Drives Strong Financial Performance
Consistent Discipline Drives Strong Financial Performance Peer-Leading Total Cash Return per Share1 $ per share $3 Debt / TTM EBITDAX2 4.0x Performance in 3Q 2024 3.5x 3.0x • Share buybacks are $2 2.5x meaningful with low share 2.0x count $1 1.5x Peer Average = 1.3x 1.0x • Financial strength provide
Slide 9: Delivering Shareholder Returns Within Capital Allocation Framework
Delivering Shareholder Returns Within Capital Allocation Framework1 Adjusted Free Cash Murphy 3.0 – Flow Formula Murphy 2.0 – Long-term debt Murphy 1.0 – ≤ $1.3 BN Long-term debt Long-term debt of $1.3 BN – $1.8 BN Cash Flow From Operations > $1.8 BN Minimum of 50% of Before WC Change ~75% of adjust
Slide 10: Reducing Debt While Generating Shareholder Returns
Reducing Debt While Generating Shareholder Returns Total Debt Reduction $ MM Consistent Focus on Balance $3,000 Sheet and Increasing Shareholder $2,500 Returns $2,000 • Reduced debt by ~60% since YE 2020 $1,500 $1,000 • Returned 110% of adjusted free cash $500 flow to shareholders in YTD 2024 $0 thr
Slide 11: Long History of Benefitting Shareholders
Long History of Benefitting Shareholders • Paying dividends for > 60-year history > $7.4 Billion • Maintaining balance sheet integrity with no equity issuances Returned to Shareholders Since 1961 Peer Cumulative Shareholder Returns vs Market Cap < $10 BN Since January 1, 2013 $4,000 Cumulative Share
Slide 12: Ongoing Commitment to Sustainability Goals
Ongoing Commitment to Sustainability Goals Acting to Support All Stakeholders CONTINUED POSITIVELY IMPACTING OUR STRONG ENVIRONMENTAL STEWARDSHIP PEOPLE AND COMMUNITIES GOVERNANCE OVERSIGHT ADVANCING OUR CLIMATE GOALS Well-defined CONSISTENTLY BOARD AND MANAGERIAL GHG OUTPERFORMING OVERSIGHT US Bure
Slide 13: Murphy 2024 Plan
MURPHY 2024 PLAN www.murphyoilcorp.com NYSE: MUR 13
Slide 14: 2024 Capital and Production Plan
2024 Capital and Production Plan Prioritizing Capital To Maximize Production and Adjusted Free Cash Flow1 FY 2024E CAPEX 4Q 2024 Guidance By Area • 181.5 – 189.5 MBOEPD production, 94 MBOPD or 3% 51% oil, 56% liquids volumes 12% • Includes the following: 38% 13% • 1.5 MBOEPD of planned onshore downt
Slide 15: 2024 North America Onshore Plan
2024 North America Onshore Plan Balancing Investments for Free Cash Flow Generation 98 MBOEPD Forecast for FY 2024 FY 2024E Wells Online 30 • 25% oil volumes, 30% liquids volumes 25 Eagle Ford Shale 20 • 20 operated wells online 15 • 15 Catarina wells 10 • 5 Tilden wells 5 • 20 gross non-operated we
Slide 16: Eagle Ford Shale Update
Eagle Ford Shale Update Enhancing Portfolio Through Strong Execution Eagle Ford Shale Acreage 3Q 2024 32 MBOEPD, 72% Oil, 86% Liquids • 5 operated wells online in Tilden • 3 new wells and 2 refracs KARNES • 3 gross non-operated wells online in Karnes TILDEN • 9 gross non-operated wells online in Til
Slide 17: Tupper Montney Update
Tupper Montney Update Consistent Well Outperformance While Managing Price Risk 3Q 2024 429 MMCFD Net, 100% Natural Gas Tupper Montney Acreage • 2024 well delivery program completed in 2Q 2024 4Q 2024 Plan TUPPER WEST • Initiate drilling for 2025 completion Mitigated AECO Exposure • Achieved realized
Slide 18: Offshore Update
Offshore Update Focusing on Executing Highly-Accretive Development Projects Total Offshore 3Q 2024 75 MBOEPD, 81% Oil Highly-Accretive Development and Tieback Projects • Gulf of Mexico 67 MBOEPD, 79% Oil Field Drilling Completions Online • Canada 8 MBOEPD, 100% Oil Khaleesi 2Q 2024 Gulf of Mexico Wo
Slide 19: Lac Da Vang Field Development Project Update
Lac Da Vang Field Development Project Update Cuu Long Basin, Vietnam Cuu Long Basin Lac Da Vang Field Development Overview BLOCK 15-01/05 LAC DA TRANG NORTH WEST • Murphy 40% (Op), PetroVietnam Exploration Production 35%, SK Earthon 25% LAC DA TRANG WEST • 100 MMBOE estimated gross recoverable resou
Slide 20: Murphy Exploration
MURPHY EXPLORATION www.murphyoilcorp.com NYSE: MUR 20
Slide 21: Exploration Update: Cuu Long Basin, Vietnam
Exploration Update Cuu Long Basin, Vietnam Cuu Long Basin Asset Overview BLOCK 15-01/05 LAC DA TRANG • Murphy 40% (Op), PetroVietnam Exploration NORTH WEST SU TU VANG Production 35%, SK Earthon 25% LAC DA TRANG WEST • $30 MM total net well cost LAC DA VANG Block 15-2/17 LAC DA TRANG DISCOVERY • Spud
Slide 22: Development and Exploration Update: Tano Basin, Côte d'Ivoire
Development and Exploration Update Tano Basin, Côte d’Ivoire Asset Overview Tano Basin • ~1.5 MM gross acres, equivalent to 256 Gulf of Mexico blocks CÔTE D’IVOIRE GHANA CI-102 • Seismic reprocessing ongoing; final data expected 4Q 2024 Baleine CI-531 Diverse Opportunities Adjacent to Oil Discoverie
Slide 23: Looking Ahead
LOOKING AHEAD www.murphyoilcorp.com NYSE: MUR 23
Slide 24: Diversified, Low Breakeven Portfolio
North America Onshore Locations More Than 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 > 25 years of inventory < $50 / BBL all price environments ~ 55 years of total inv
Slide 25: 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 • Maintaining annual offs
Slide 26: Disciplined Strategy Leads to Long-Term Value With Current Assets
Disciplined Strategy Leads to Long-Term Value With Current Assets DELEVER EXECUTE EXPLORE RETURN NEAR-TERM LONG-TERM • Reducing debt to reach $1.0 BN debt target in mid-20251 with no debt • Realizing average annual production of 210-220 MBOEPD with maturities until Dec 2027 > 50% average oil weighti
Slide 27: Progressing On 2024 Goals
Progressing On 2024 Goals Delivering shareholder returns through capital allocation framework Enhancing financial position through capital markets Exceeding production guidance across onshore assets Executing Gulf of Mexico well program Advancing Vietnam development and exploration Expanding portfol
Slide 28: Investor Update
INVESTOR UPDATE NOVEMBER 2024 www.murphyoilcorp.com NYSE: MUR 28
Slide 29: Appendix
Appendix 1 Non-GAAP Definitions, Reconciliations and Measures 2 Glossary of Abbreviations 3 4Q 2024 Guidance 4 Current Fixed Price Contracts 5 Supplemental Information 6 Acreage Maps www.murphyoilcorp.com NYSE: MUR 29
Slide 30: 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 31: Non-GAAP Reconciliation: EBITDA and EBITDAX
Non-GAAP Reconciliation EBITDA and EBITDAX Murphy defines EBITDA as net income (loss) attributable to Murphy1 before interest, taxes, depreciation, depletion and amortization (DD&A). Murphy defines EBITDAX as net income (loss) attributable to Murphy before interest, taxes, DD&A and exploration expen
Slide 32: Non-GAAP Reconciliation: Free Cash Flow
Non-GAAP Reconciliation Free Cash Flow Presented below is free cash flow (a non-GAAP financial measure calculated as net cash provided by continuing operations activities, less non-cash working capital changes, property additions and dry hole costs). Management believes free cash flow is important i
Slide 33: Non-GAAP Reconciliation: Free Cash Flow
Non-GAAP Reconciliation Free Cash Flow Presented below is free cash flow (a non-GAAP financial measure calculated as net cash provided by continuing operations activities, less non-cash working capital changes, property additions and dry hole costs). Management believes free cash flow is important i
Slide 34: Non-GAAP Financial Measure: Enterprise Value
Non-GAAP Financial Measure Enterprise Value Presented below is enterprise value (EV), defined as market capitalization plus outstanding indebtedness less cash and cash equivalents. Enterprise value is a non-GAAP financial measure and should not be considered a substitute for other financial measures
Slide 35: 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 of cubic feet per day BBL: Ba
Slide 36: 4Q 2024 Guidance
4Q 2024 Guidance Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US – Eagle Ford Shale 24,200 4,800 27,300 33,600 – Gulf of Mexico excluding NCI1 59,900 4,900 60,500 74,900 Canada – Tupper Montney 400 – 388,800 65,200 – Kaybob Duvernay 2,400 600 9,400 4,600 – Offshore 7,000 – – 7,000
Slide 37: 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 162 C$2.39 10/1/2024 12/31/2024 Natural Gas Fixed Price Forward Sales at AECO1 40 C$2.75 1/1/2025 12/31/202
Slide 38: Maintaining Proved Reserves and Reserve Life
2023 Proved Reserves Maintaining Proved Reserves and Reserve Life • Total proved reserves 724 MMBOE at YE 2023 vs 697 MMBOE at YE 2022 2023 Proved Reserves By Area • Achieved 139% total reserve replacement • Added ~13 MMBOE of proved reserves for Lac Da Vang field in Vietnam 22% • Maintained proved
Slide 39: 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 Reservoir Spacing (ft) Locations Area Net Acres Spacing (ft) Locations Lower EFS 300 91 Tupper Montney 118,235 984 - 1,323
Slide 40: Benefits of Multi-Basin Portfolio
Benefits of Multi-Basin Portfolio Oil-Weighted Offshore Assets Generate High-Margin Barrels World-Class Offshore Operating Capabilities Create Time from FID to First Production Years Competitive Advantage 10 8 • Offshore projects are among the highest-returning 6 investments in portfolio 4 • Oil-wei
Slide 41: Peer Acreage: Eagle Ford Shale
Eagle Ford Shale Peer Acreage Acreage as of November 5, 2024 www.murphyoilcorp.com NYSE: MUR 41
Slide 42: Peer Acreage: Kaybob Duvernay
Kaybob Duvernay Peer Acreage Murphy Paramount Whitecap Veren Chevron Kiwetinohk PCC Cenovus GMT Hitic Halo Cygnet Duvernay Energy Open Crown Other Leased Battery Facility 6 Miles Acreage as of November 5, 2024 www.murphyoilcorp.com NYSE: MUR 42
Slide 43: Peer Acreage: Tupper Montney
Tupper Montney Peer Acreage Advantage Montney ARC Montney Birchcliff Montney Ovintiv Montney Peyto Montney Shell Montney Tourmaline Montney Other Competitors Open Crown Murphy TCPL Pipeline Murphy Pipeline Battery Facility 0 Miles 10 Acreage as of November 5, 2024 www.murphyoilcorp.com NYSE: MUR 43
Slide 44: Murphy Blocks: Gulf of Mexico
Gulf of Mexico Murphy Blocks PRODUCING ASSETS Gulf of Mexico Exploration Area Asset Operator Murphy WI1 Ocotillo 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% Habanero S
Slide 45: Exploration Update: Sergipe-Alagoas Basin, Brazil
Exploration Update Sergipe-Alagoas Basin, Brazil Sergipe-Alagoas Basin Asset Overview • ExxonMobil 50% (Op), Enauta Energia S.A. 30%, Murphy 20% BRAZIL • Hold WI in 9 blocks, spanning >1.6 MM gross acres • >2.8 BN BOE discovered in basin • >1.2 BN BOE in deepwater since 2007 351 • Evaluating next st
Slide 46: Exploration Update: Potiguar Basin, Brazil
Exploration Update Potiguar Basin, Brazil Asset Overview Potiguar Basin • Murphy 100% (Op) Murphy WI Block Other Block • Hold WI in 3 blocks, spanning ~775 M Discovered Field gross acres Kilometers • Proven oil basin in proximity to Pitu 0 50 oil discovery Petrobras Extending the Play Into the Deepw
Slide 47: Investor Update
INVESTOR UPDATE NOVEMBER 2024 www.murphyoilcorp.com NYSE: MUR 47