Slide 1: 2026 Second Quarter Earnings
2026 SECOND QUARTER EARNINGS CONFERENCE CALL AND WEBCAST AUGUST 6, 2026 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER 2Q 2026 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 Offshore Canada operational flexibility and exploration upside Eagle Ford Shale Morocco Strategic Balanced History of Gulf of America Capital Risk and Strong Vietnam Allocation
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 shar
Slide 5: Strong Balance Sheet And Shareholder Returns
STRONG BALANCE SHEET AND SHAREHOLDER RETURNS 2Q Financial Highlights Liquidity of Free Cash Flow Returned $50 MM ~$2.5 billion1 of $110 MM2 to shareholders Maintaining $550 MM remaining Minimum of 50% of adjusted FCF2 low leverage Board authorized share allocated to shareholder returns of 0.9x2 repu
Slide 6: Operations And Exploration Update
OPERATIONS AND EXPLORATION UPDATE 2Q 2026 Earnings Presentation 5 5
Slide 7: Advancing Strategic Priorities In 2Q 2026
ADVANCING STRATEGIC PRIORITIES IN 2Q 2026 Exploring Beyond Shale Delivering Long-Term Vietnam Shareholder Value Côte d’Ivoire Concluded Côte d’Ivoire Concluded Hai Su Vang (Golden Sea Returned exploration campaign Announced oil discovery at Lion) appraisal campaign Initiated new OBN1 survey to enhan
Slide 8: 2Q Key Metrics
2Q KEY METRICS Production $632 MM $1.55 169 MBOEPD 50% Oil | 7% NGLs | 43% Natural Gas Adjusted EBITDAX2 Adjusted Net Income per Share2 39 65 65 MBOEPD MBOEPD MBOEPD Eagle Ford Shale Offshore Onshore Canada $8.83 $1,067 MM Lease Operating Expense Net Debt2 ($/BOE) Capital Expenditure $17 Realized Pr
Slide 9: 2Q 2026 Asset Updates
2Q 2026 ASSET UPDATES Eagle Ford Shale Tupper Montney Kaybob Duvernay Tupper Montney 39 MBOEPD 347 MMCFD 7 MBOEPD 69% Oil | 86% Liquids 100% Natural Gas 71% Oil | 79% Liquids $89 MM CAPEX $52 MM CAPEX $6 MM CAPEX Brought six operated wells online Brought eight wells online subsequent to Brought onli
Slide 10: Lac Da Vang (Golden Camel) Spotlight
LAC DA VANG (GOLDEN CAMEL) SPOTLIGHT Lac Da Vang (Golden Camel) Platform Lac Da Vang is on Track to First Oil in 4Q 2026 • FSO1 launch and installation of pipelines and platform topsides complete in line with schedule • FSO1 will be installed on location in 3Q 2026 • 100 MMBOE estimated gross recove
Slide 11: Exploring Beyond Shale
EXPLORING BEYOND SHALE Leveraging unique offshore capabilities to drive shareholder value Proven Offshore Expertise Data-driven portfolio with diverse shallow Gulf of America Morocco and deepwater capital-efficient projects Vietnam Sustainable, Organic Growth Côte d’lvoire Strategy balances existing
Slide 12: Delivering Value Through Exploration
DELIVERING VALUE THROUGH EXPLORATION International Portfolio Bubale HSV (Golden Sea Lion)1 Cello & Banjo Fields LDV (Golden Camel)1 RESOURCE CONCEPT FID & EXPLORATION DISCOVERY APPRAISAL FIRST OIL DEFINITION SELECTION DEVELOPMENT Identify material Confirm a working Define resource extent Confirm rec
Slide 13: Executing Exploration Program As Planned
EXECUTING EXPLORATION PROGRAM AS PLANNED Côte d’Ivoire Vietnam1 Gulf of America Appraisal program initiated Exploration and appraisal Infrastructure-led exploration Bubale West-1X New LDT North-1X On Cello #1 Appraisal Well, 2H 2026 Well Exploration Well, 2H 2026 Track Oil Discovery, 1H 2026 Bubale-
Slide 14: Vietnam Exploration And Appraisal
VIETNAM EXPLORATION AND APPRAISAL Murphy WI Block Murphy Discovery Field Development Project Discovery Appraisal Select Murphy Exploration Inventory Acreage as of August 3, 2026 2Q 2026 Earnings Presentation 13 13
Slide 15: Vietnam Exploration And Appraisal
VIETNAM EXPLORATION AND APPRAISAL Lac Da Trang (White Camel) North Exploration Prospect Lac Da Hong (Pink Camel) Discovery • Block 15-1/051 • Block 15-1/051 • Spud in July 2026 • Discovery announced May 2025 • Potential future tie-back to Lac Da Vang development • Encountered 106 feet of net oil pay
Slide 16: Bubale Discovery In Côte d'Ivoire
BUBALE DISCOVERY IN CÔTE D’IVOIRE Discovery Announced in June 2026 Gas Processing Facility 40 miles from Bubale-1X Bubale-1X Discovery Well CI-102 • Encountered 100 feet of net oil pay across the Caracal-1X Turonian and Cenomanian reservoirs CI-502 Non-Commercial • Initial assessment indicates high-
Slide 17: Gulf Of America Exploration
GULF OF AMERICA EXPLORATION Expanding Our Opportunity Set for the Next Decade Gulf of America Exploration Focus Area Exploration Program Ocotillo #1 • Announced Banjo #1 and Cello #1 discoveries in January 2026 Silver Dollar Silver Dollar West • Sanctioned development of Banjo and Cello fields Medus
Slide 18: 2026 Capital And Production Update
2026 CAPITAL AND PRODUCTION UPDATE 2Q 2026 Earnings Presentation 17 17
Slide 19: 2026 Capital Plan Update
2026 CAPITAL PLAN UPDATE Updated Capital Program $ BN FY 2026E CAPEX $1.5 - $1.6 BN 1.8 By Area Accrued CAPEX 1.55 1.6 2% 10% 1.4 1.25 24% $300 MM Increase to CAPEX 1.2 guidance: 8% 1.0 • $100 MM additional spend incurred for the Bubale-1X exploration well 0.8 0.6 10% $1.55 0.4 Billion • $90 MM for
Slide 20: 3Q 2026 Guidance
3Q 2026 GUIDANCE Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US – Eagle Ford Shale 28,400 6,400 33,100 40,300 – Gulf of America excl. NCI1 38,800 3,300 39,900 48,800 Canada – Tupper Montney 100 - 436,000 72,800 – Kaybob Duvernay 3,800 600 9,500 6,000 – Offshore 6,900 - - 6,900 Ot
Slide 21: 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 22: Appendix
APPENDIX 2Q 2026 Earnings Presentation 21 21
Slide 23: Strategy Drives Long-Term Shareholder Value
STRATEGY DRIVES LONG-TERM SHAREHOLDER VALUE FINANCIAL DISCIPLINE AND OPERATIONAL EXCELLENCE EXPLORE DEVELOP DELIVER Executing appraisal program in Lac Da Vang (Golden Camel): Long-term organic growth Côte d’Ivoire Targeting first oil in Vietnam in 4Q 2026 Return of minimum of 50% of adjusted Progres
Slide 24: 2026 Sustainability Report Highlights
2026 SUSTAINABILITY REPORT HIGHLIGHTS CONTINUED POSITIVELY IMPACTING OUR STRONG ENVIRONMENTAL STEWARDSHIP PEOPLE AND COMMUNITIES GOVERNANCE OVERSIGHT CLIMATE GOALS GHG 54 % Total Recordable Incident Rate (TRIR) from 2019 to 2025 WELL-DEFINED BOARD AND MANAGERIAL OVERSIGHT AND MANAGEMENT OF SUSTAINAB
Slide 25: Gulf Of America
GULF OF AMERICA 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 Front Runner Murphy 50% Dalmatian S. Kodiak Habanero She
Slide 26: 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 27: 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 28: 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 88 C$2.81 7/1/2026 9/30/2026 Natural Gas Fixed Price Forward Sales at AECO1 59 C$3.00 10/1/2026 12/31/202
Slide 29: 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 30: 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 th
Slide 31: Glossary Of Abbreviations
GLOSSARY OF ABBREVIATIONS AECO: Alberta Energy Company, the Canadian EBITDAX: Income from continuing operations MCFD: Thousands cubic feet per day benchmark price for natural gas before taxes, depreciation, depletion and MM: Millions amortization, net interest expense, and API: American Petroleum In
Slide 32: Non-GAAP Definitions And Reconciliations
NON-GAAP 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. Murphy undertakes no
Slide 33: Non-GAAP Definitions And Reconciliations
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 operations and certain other items that affect comparability between periods. Murphy defines Adjusted N
Slide 34: Non-GAAP Definitions And Reconciliations
NON-GAAP DEFINITIONS AND RECONCILIATIONS Adjusted EBITDAX Murphy defines Adjusted EBITDAX as net income (loss) attributable to Murphy before interest, taxes, depreciation, depletion and amortization (DD&A), exploration expense, impairment expense, discontinued operations, foreign exchange gains and
Slide 35: Non-GAAP Definitions And Reconciliations
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 may be useful to investors and analysts to gain a b
Slide 36: Non-GAAP Definitions And Reconciliations
NON-GAAP DEFINITIONS AND RECONCILIATIONS 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) for the last twelve months1 attributable to Murphy2 (
Slide 37: 2026 Second Quarter Earnings
2026 SECOND QUARTER EARNINGS CONFERENCE CALL AND WEBCAST AUGUST 6, 2026 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER 2Q 2026 Earnings Presentation 36 36