Murphy Oil Corporation · NYSE:MUR
Murphy Oil — Goldman Sachs Energy, CleanTech & Utilities Conference 2026
26 slides from Murphy Oil's conference presentation, Jan 7, 2026
Slide 1: Goldman Sachs Energy, CleanTech & Utilities Conference 2026
Goldman Sachs Energy, CleanTech & Utilities Conference 2026 January 7th, 2026 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER Murphy January 2026 Investor 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 Capital Risk and Strong Allocation Growth Execution
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 $4.4 BN 50 YEARS Cumulative share
Slide 5: Strong Balance Sheet and Enhanced Liquidity
STRONG BALANCE SHEET AND ENHANCED LIQUIDITY Financial Highlights Liquidity of Free Cash Flow of Returned $240 MM to shareholders ~$2.3 billion1 $192 MM YTD 3Q 20252 YTD 3Q 2025 Maintaining $550 MM Board Minimum of 50% of adjusted FCF2 low leverage authorized share allocated to shareholder returns of
Slide 6: 2025 Capital and Production Plan
2025 CAPITAL AND PRODUCTION PLAN FY Production Tracking Towards High End of Guidance Range FY 2025E CAPEX 4Q 2025 Guidance FY 2025 Guidance By Area 176 – 184 MBOEPD 174.5 – 182.5 MBOEPD 9% 2% 48% oil, 54% liquids volumes 48% oil, 55% liquids volumes 12% 36% $392 MM $1,135 - $1,285 MM Accrued CAPEX A
Slide 7: Operations and Exploration Update
OPERATIONS AND EXPLORATION UPDATE Murphy January 2026 Investor Presentation 6 6
Slide 8: 3Q Operations Highlights
3Q OPERATIONS HIGHLIGHTS Onshore RECORD Eagle Ford Shale 9% 94% Onshore Canada 5 132 MBOEPD 29% OIL 6% NGL TOTAL ONSHORE PERFORMANCE REDUCTION HIGHER MONTHS PRODUCTION 65% GAS Three wells online in 3Q were in completion cost per realized natural gas price of full plant capacity all-time top wells dr
Slide 9: 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) – Rig Mobilization • Installed LDV-A platform jacket in 4Q 2025 • Spud first development well in 4Q 2025 • Targeting first oil in 4Q 2026 • Development through 2029 Field Over
Slide 10: Exploring Beyond Shale
EXPLORING BEYOND SHALE Leveraging unique offshore capabilities to drive shareholder value Proven Offshore Expertise Gulf of America Data-driven portfolio with diverse shallow and deepwater capital-efficient projects Vietnam Côte d’lvoire Sustainable, Organic Growth Strategy balances existing produci
Slide 11: Executing Exploration Program as Planned
EXECUTING EXPLORATION PROGRAM AS PLANNED Côte d’Ivoire Vietnam Gulf of America Testing three independent plays Sharpening resource estimate Infrastructure-led exploration range for Hai Su Vang discovery Civette, 90% WI Cello #1, 48.5% WI 440 – 1,000 MMBOE1 HSV-2X, 40% WI Spud 4Q 2025 Spud 4Q 2025 Sp
Slide 12: Hai Su Vang (Golden Sea Lion) Appraisal Success
HAI SU VANG (GOLDEN SEA LION) APPRAISAL SUCCESS Hai Su Vang-2X Appraisal Success Announced Jan 2026 Cuu Long Basin • Drilled in Block 15-2/171 • Encountered 429 feet of net oil pay from two reservoirs • 332 feet in the deeper, primary reservoir • 97 feet in the shallow reservoir • Successfully deepe
Slide 13: Appendix
APPENDIX Murphy January 2026 Investor Presentation 12 12
Slide 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 #1 Powerball Medusa Delta Hous
Slide 21: Côte d'Ivoire Exploration
CÔTE D’IVOIRE EXPLORATION Initiating Three-Well Exploration Program 2025 Exploration Plan Tano Basin • Civette (Block CI-502)1 CÔTE D’IVOIRE GHANA CI-102 • Spud in 4Q 2025 Caracal Baleine • Mean to upward gross resource potential CI-531 CI-502 • 440 MMBOE – 1,000 MMBOE Jubilee • Transocean Deepwater
Slide 22: Vietnam Exploration & Appraisal
VIETNAM EXPLORATION & APPRAISAL Hai Su Vang (Golden Sea Lion) Appraisal, Block 15-2/171 • Encountered 429 feet of net oil pay from two reservoirs Cuu Long Basin • 332 feet in the deeper, primary reservoir • 97 feet in the shallow reservoir • Primary reservoir achieved flow rate of 6,000 BOPD • Furth
Slide 23: 2024 Proved Reserves
2024 PROVED RESERVES Maintaining Proved Reserves and Reserve Life 2024 Proved Reserves By Area • Total proved reserves of 713 MMBOE at YE 2024, 83% total reserve replacement • Added ~12 MMBOE of proved reserves for non-operated St. Malo primarily 24% related to the waterflood project US Onshore • 59
Slide 24: North America Onshore Well Locations
NORTH AMERICA ONSHORE WELL LOCATIONS Eagle Ford Shale Operated Well Locations Tupper Montney Well Locations Gross Inter-Well Gross Remaining Inter-Well Remaining Area Net Acres Reservoir Spacing (ft) Locations Area Net Acres Spacing (ft) Locations Lower EFS 300 92 Tupper Montney 118,235 984 - 1,323
Slide 25: Gulf of America Producing Assets
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 26: Goldman Sachs Energy, CleanTech & Utilities Conference 2026
Goldman Sachs Energy, CleanTech & Utilities Conference 2026 January 7th, 2026 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER Murphy January 2026 Investor Presentation 25 25
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