Murphy Oil Corporation · NYSE:MUR
Murphy Oil — Q3 2026 Earnings Presentation
39 slides from Murphy Oil's earnings presentation, Nov 5, 2026
Slide 1: 2026 Third Quarter Earnings Conference Call and Webcast
2026 THIRD QUARTER EARNINGS CONFERENCE CALL AND WEBCAST NOVEMBER 5, 2026 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER 3Q 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 Mauritania Capital Risk and Strong Vietnam
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 $4.6 BN1 50 YEARS Cumulative sha
Slide 5: Strong Balance Sheet and Shareholder Returns
STRONG BALANCE SHEET AND SHAREHOLDER RETURNS 3Q Financial Highlights Liquidity of Free Cash Flow Returned $50 MM $2.5 billion1 of $48 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 repurc
Slide 6: Operations and Exploration Update
OPERATIONS AND EXPLORATION UPDATE 3Q 2026 Earnings Presentation 5 5
Slide 7: Advancing Strategic Priorities in 3Q 2026
ADVANCING STRATEGIC PRIORITIES IN 3Q 2026 Expanding Our Exploration Portfolio Delivering Long-Term Vietnam Shareholder Value Côte d’Ivoire Advanced Bubale appraisal with Discovered oil at Lac Da Trang Returned success at Bubale West-1X Finalizing appraisal plans for (White Camel) North-1X Potential
Slide 8: 3Q Key Metrics
3Q KEY METRICS Production $544 MM $1.08 186 MBOEPD 45% Oil | 7% NGLs | 48% Natural Gas Adjusted EBITDAX2 Adjusted Net Income per Share2 44 61 82 MBOEPD MBOEPD MBOEPD Eagle Ford Shale Offshore Onshore Canada $8.20 $1,134 MM Lease Operating Expense Net Debt2 ($/BOE) Capital Expenditure $28 Realized Pr
Slide 9: 3Q 2026 Asset Updates
3Q 2026 ASSET UPDATES Eagle Ford Shale Tupper Montney Kaybob Duvernay Tupper Montney 44 MBOEPD 455 MMCFD 6 MBOEPD 69% Oil | 87% Liquids 100% Natural Gas 64% Oil | 73% Liquids $46 MM CAPEX $13 MM CAPEX $3 MM CAPEX Brought 14 operated Catarina wells online Brought eight wells online Well program compl
Slide 10: Lac Da Vang (Golden Camel) Achieves First Oil
LAC DA VANG (GOLDEN CAMEL) ACHIEVES FIRST OIL FIRST OIL IN UNDER 3 YEARS FROM SANCTION Lac Da Vang Platform A and Drilling Rig • Achieved first oil on September 27, 2026 • Ongoing ramp up expected to grow production to 3-5 MBOEPD in FY 2027 New Pic • 10-15 MBOEPD net peak production in 2028-2029 • 1
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 Mauritania Vietnam Sustainable, Organic Growth Côte d’lvoire Strategy balanc
Slide 12: Executed Exploration Program as Planned
EXECUTED EXPLORATION PROGRAM AS PLANNED Côte d’Ivoire Vietnam1 Gulf of America Appraisal program ongoing Exploration and appraisal Infrastructure-led exploration Bubale West-1X LDT North-1X Cello #1 Successful Appraisal, 2H 2026 Oil Discovery, 2H 2026 Oil Discovery, 1H 2026 Bubale-1X HSV-4X Banjo #1
Slide 13: Exploration Creates a Lower-Cost Path to Reserve Replacement
EXPLORATION CREATES A LOWER-COST PATH TO RESERVE REPLACEMENT Buying versus Finding Resources Implied per unit cost $/BOE Portfolio Success Drives Murphy Lower-Cost Reserve Growth Hai Su Vang Finding Cost $0.8 Finding Cost Based on cost of exploration and • Murphy’s recent discoveries have appraisal
Slide 14: Hai Su Vang Spotlight
HAI SU VANG SPOTLIGHT One of the Cuu Long Basin’s Largest Discoveries Cuu Long Basin Source: S&P Upstream Solutions 1 Post Appraisal Recoverable Resource Range of 200 – 300 MMBOE with a 250 MMBOE midpoint 3Q 2026 Earnings Presentation 13 13
Slide 15: Vietnam Exploration and Appraisal
VIETNAM EXPLORATION AND APPRAISAL Murphy WI Block Discovery Appraisal Dry Hole Murphy Discovery Field Development Project Select Murphy Exploration Inventory Platform FSO BLOCK 15-1/05 Acreage as of November 3, 2026 3Q 2026 Earnings Presentation 14 14
Slide 16: Vietnam Exploration and Appraisal
VIETNAM EXPLORATION AND APPRAISAL Lac Da Trang (White Camel) North Discovery Lac Da Hong (Pink Camel) Discovery • Block 15-1/051 • Block 15-1/051 • Discovery announced at Lac Da Trang North-1X in October 2026 • Discovery announced May 2025 • 131 feet of net oil pay from one reservoir • Encountered 1
Slide 17: 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 West–1X Successful Appraisal CI-102 • Encountered 88 feet of net oil pay in the Caracal-1X Turonian reservoir CI-502 Non-Commercial • Additional hydrocarbons encountered in the d
Slide 18: Looking Back: Offshore Portfolio Expansion in 2026
LOOKING BACK: OFFSHORE PORTFOLIO EXPANSION IN 2026 LAC DA VANG PORTFOLIO OUTCOMES VIETNAM First Oil Hai Su Vang 200 – 300 MMBOE Post-appraisal resource estimate Bubale 340 – 850 MMBOE Pre-drill resource estimate Lac Da Vang 100 MMBOE resource estimate 10 – 15 MBOEPD net peak Cello & Banjo Online in
Slide 19: 2026 Capital and Production Guidance
2026 CAPITAL AND PRODUCTION GUIDANCE 3Q 2026 Earnings Presentation 18 18
Slide 20: 4Q 2026 Guidance
4Q 2026 GUIDANCE Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US – Eagle Ford Shale 26,700 7,200 33,500 39,500 – Gulf of America excl. NCI1 45,200 3,100 37,400 54,500 Canada – Tupper Montney 100 - 426,500 71,200 – Kaybob Duvernay 3,100 500 8,400 5,000 – Offshore 6,800 - - 6,800 Vi
Slide 21: FY 2026 Guidance
FY 2026 GUIDANCE Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US – Eagle Ford Shale 28,000 6,900 33,600 40,500 – Gulf of America excl. NCI1 45,000 3,700 44,100 56,100 Canada – Tupper Montney 200 - 400,100 66,800 – Kaybob Duvernay 3,600 500 8,200 5,500 – Offshore 7,700 - - 7,700 Vi
Slide 22: Appendix
APPENDIX 3Q 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): first Long-term organic growth Côte d’Ivoire oil in Vietnam in 3Q 2026 Return of minimum of 50% of adjusted Progressing Vietn
Slide 24: 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 25: 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 26: 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 • Sanctioned development of Banjo and Cello fields Silver Dollar West Medus
Slide 27: 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 28: 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 29: 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 30: 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 59 C$3.00 10/1/2026 12/31/2026 Natural Gas Fixed Price Forward Sales at AECO1 9.5 C$3.14 1/1/2027 12/31/2
Slide 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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)1 for the last twelve months attributable to Murphy2 (
Slide 39: 2026 Third Quarter Earnings
2026 THIRD QUARTER EARNINGS CONFERENCE CALL AND WEBCAST NOVEMBER 5, 2026 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER 3Q 2026 Earnings Presentation 38 38