Murphy Oil Corporation · NYSE:MUR
Murphy Oil — Shareholder Meeting (May 2019)
69 slides from Murphy Oil's shareholder meeting presentation, May 7, 2019
Slide 1: Annual Meeting of Stockholders & Supplemental Material
MURPHY OIL CORPORATION 1 www.murphyoilcorp.com NYSE: MUR ANNUAL MEETING OF STOCKHOLDERS & SUPPLEMENTAL MATERIAL EL DORADO, ARKANSAS MAY 2019 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER
Slide 2: Cautionary Statement
MURPHY OIL CORPORATION 2 www.murphyoilcorp.com NYSE: MUR Cautionary Statement Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission (SEC) requires oil and natural gas comp anies, in their filings with the SEC, to disclose proved reserves that a company has demonstr
Slide 3: Murphy Oil Corporation
MURPHY OIL CORPORATION 3 www.murphyoilcorp.com NYSE: MUR Murphy Oil Corporation Continued Focus on Health, Safety & Environment Global Energy Needs Create a Long Runway for Oil & Natural Gas Portfolio Transformation for Long Term Value Long History of Rewarding Shareholders Strategy for Share Price
Slide 4: Sustainability
MURPHY OIL CORPORATION 4 www.murphyoilcorp.com NYSE: MUR SUSTAINABILTY
Slide 5: Published Inaugural Sustainability Report
MURPHY OIL CORPORATION 5 www.murphyoilcorp.com NYSE: MUR Published Inaugural Sustainability Report • Conducting Business in a Manner that Protects Health, Safety & Security of Our People • Committing to Minimize Environmental Impact • Investing in & Engaging with Local Communities • Improving ISS “
Slide 6: Safety & Environment Performance
MURPHY OIL CORPORATION 6 www.murphyoilcorp.com NYSE: MUR Safety & Environment Performance Environment Highlights • Continuous Improvement Reducing Oil Spill Events • Focused on Managing Infrastructure Integrity • Gulf of Mexico Spill - Free Since Start of Tracking Safety Achievements • US Onshore Dr
Slide 7: Green House Gas Performance
MURPHY OIL CORPORATION 7 www.murphyoilcorp.com NYSE: MUR Green House Gas Performance Portfolio & Operational Changes • Exiting High Green House Gas (GHG) Intensity Assets • Acquiring Lower GHG Intensity Assets • Incorporating Emissions Forecasting into Long Term Planning & Strategy • Reviewing Opera
Slide 8: Business Environment
MURPHY OIL CORPORATION 8 www.murphyoilcorp.com NYSE: MUR BUSINESS ENVIRONMENT
Slide 9: International Energy Agency New Policies Scenario
MURPHY OIL CORPORATION 9 www.murphyoilcorp.com NYSE: MUR International Energy Agency New Policies Scenario International Energy Agency (IEA) Scenarios • Current Policies (CP): No Change in Current Policies & No Enhanced Global Effort to Lower Emissions • New Policies (NP): Includes Announced Policie
Slide 10: Increasing Global Oil Supply & Demand
MURPHY OIL CORPORATION 10 www.murphyoilcorp.com NYSE: MUR Increasing Global Oil Supply & Demand • ~$10 Trillion of Investment in Upstream Oil Projects Required to Close the Supply/Demand Gap • US Tight Oil Expected to Deliver 10% of Future Supply Growth • Tight Oil Wells in 2025 Will be Less Product
Slide 11: Oil & Natural Gas Vital Part of Long Term Energy Mix
MURPHY OIL CORPORATION 11 www.murphyoilcorp.com NYSE: MUR Oil & Natural Gas Vital Part of Long Term Energy Mix Murphy is Well Positioned to Help Supply the World’s Energy Demand for Future Decades • Focusing on Oil - Weighted, High Margin Western Hemisphere Assets With Low Carbon Footprint • Growing
Slide 12: Company Overview & Recent Transformation
MURPHY OIL CORPORATION 12 www.murphyoilcorp.com NYSE: MUR COMPANY OVERVIEW & RECENT TRANSFORMATION
Slide 13: Murphy at a Glance
MURPHY OIL CORPORATION 13 www.murphyoilcorp.com NYSE: MUR Murphy at a Glance 2018 Proved Reserves 68% 32% Onshore Offshore 816 MMBOE 50% 7% 43% Oil NGL Natural Gas 57% Liquids - Weighted NOTE: Includes 129 MMBOE from Malaysia; Excludes 66 MMBOE from LLOG Acquisition 26% 30% 28% 16% US Onshore Canada
Slide 14: Deliberate Transformation
MURPHY OIL CORPORATION 14 www.murphyoilcorp.com NYSE: MUR 2014 Sell - Down 30% Malaysia $2.0 BN 2016 Divested Syncrude $ 730 MM 2016 Divested Montney Midstream $ 412 MM 2017 Divested Heavy Oil $51 MM 2019 Divested Malaysia $2.127 BN Deliberate Transformation 2014 – 2015 Repositioning Portfolio Post
Slide 15: Sharpening Focus on Eagle Ford Shale, Gulf of Mexico, Exploration
MURPHY OIL CORPORATION 15 www.murphyoilcorp.com NYSE: MUR Sharpening Focus on Eagle Ford Shale, Gulf of Mexico, Exploration Re - establishing Significant Footprint in Gulf of Mexico – Becoming 5 th Largest Operator Growing Low Cost & Price Advantaged Eagle Ford Shale Asset Continuing New Exploration
Slide 16: Transformation Through Strategic Acquisitions & Divestitures
MURPHY OIL CORPORATION 16 www.murphyoilcorp.com NYSE: MUR Transformation Through Strategic Acquisitions & Divestitures Acquired Gulf of Mexico Assets for $2.3 BN • MP Gulf of Mexico: $961 MM (2) • LLOG: $1.375 BN • Supports Shift to Oil - Weighted, Lower Cost Basins • Increases Net Oil Production •
Slide 17: Unlocking Value With Multiple Transactions
MURPHY OIL CORPORATION 17 www.murphyoilcorp.com NYSE: MUR Unlocking Value With Multiple Transactions Accretive Transactions with Attractive Valuation Metrics (1) Cash: $794 MM, 20% Working Interest in MP Gulf of Mexico: $167 MM $2,127 MM $961 MM $1,375 MM Malaysia Divestiture Gulf of Mexico Acquisit
Slide 18: Gulf of Mexico Overview
MURPHY OIL CORPORATION 18 www.murphyoilcorp.com NYSE: MUR Gulf of Mexico Overview Over 50 Years of Successful Operations 81% 5% 14% Oil NGL Natural Gas FY 18 Production 90% 4% 6% Oil NGL Natural Gas 2018 Proved Reserves 21 MBOEPD 114 MMBOE NOTE: Production Includes 1 Month of MP GOM Assets; Excludes
Slide 19: Revitalizing Gulf of Mexico Assets
MURPHY OIL CORPORATION 19 www.murphyoilcorp.com NYSE: MUR Revitalizing Gulf of Mexico Assets Delivering Free Cash Flow with Efficient Capital Spending • Generates ~$1.0 BN Annual Average EBITDA Per Year • Requires ~$325 MM of Annual Average Capital Spending • Results in Annual Average Free Cash Flow
Slide 20: Exploration Strategy Overview
MURPHY OIL CORPORATION 20 www.murphyoilcorp.com NYSE: MUR Exploration Strategy Overview Focused & Meaningful • Four Primary Exploration Growth Areas • 3 to 5 Exploration Wells per Year • ~10% of Capital Budget $100 – $125 MM/Year Reduced Risk • Proven Oil Provinces • Targeting 20 – 50% Working Inter
Slide 21: US Gulf of Mexico Exploration
MURPHY OIL CORPORATION 21 www.murphyoilcorp.com NYSE: MUR US Gulf of Mexico Exploration Exploration Strategy • Proven/Highly Commercial Miocene Trend • High Value/Short - Cycle Production • Interest in ~100 Leases in Gulf of Mexico Near - Term Exploration Inventory • Hoffe Park #2 (MC 122) • Gross M
Slide 22: Mexico Exploration
MURPHY OIL CORPORATION 22 www.murphyoilcorp.com NYSE: MUR Mexico Exploration Exploration Strategy • Oil - Prone Salina Basin; Under - Explored Deepwater Province • Oil & Natural Gas Sector Closed to Foreign Ownership Until 2014 Block 5 • Block 5 the Most Contested Block in Bid Round • ~110 Gulf of M
Slide 23: Vietnam Exploration
MURPHY OIL CORPORATION 23 www.murphyoilcorp.com NYSE: MUR Vietnam Exploration Exploration Strategy • Proven & Prolific Cuu Long Basin • Test New Play Type • Murphy 40% WI – Operator Remaining Block (15 - 1/05) Potential • 250+ MMBOE Remaining Resource Potential • Awaiting Approval of Block 15 - 2 LD
Slide 24: Brazil Exploration
MURPHY OIL CORPORATION 24 www.murphyoilcorp.com NYSE: MUR Brazil Exploration Exploration Strategy • Exposure to One of the World’s Great Oil Provinces • Potential for Legacy Scale Discoveries Low Cost Entry into Sergipe - Alagoas Basin • Proven Basin with 1.6 BBOE Discovered Since 2012 • Murphy Inte
Slide 25: Eagle Ford Shale Overview
MURPHY OIL CORPORATION 25 www.murphyoilcorp.com NYSE: MUR Eagle Ford Shale Overview Advantages • Low Cost Entry Into World - Class Shale Play • Premium Gulf Coast Pricing for Crude Oil • Predictable Production & Scalable • Completely De - Risked by Industry • Annually Delivering Consistent Profitabl
Slide 26: New Long Range Plan
MURPHY OIL CORPORATION 26 www.murphyoilcorp.com NYSE: MUR NEW LONG RANGE PLAN
Slide 27: Long Term Plan For Sources & Uses of Cash
MURPHY OIL CORPORATION 27 www.murphyoilcorp.com NYSE: MUR Long Term Plan For Sources & Uses of Cash Dec 31 2018 Cash Balance MAL Divestiture Proceeds Use of Proceeds Post-Transactions Cash Balance Free Cash Flow Generated Free Cash Flow Used Dec 31 2023 Cash Balance LLOG Acquisition $1.375 BN 2019 T
Slide 28: Long Term Strategy For Cash Flow Generation & Production Growth
MURPHY OIL CORPORATION 28 www.murphyoilcorp.com NYSE: MUR Long Term Strategy For Cash Flow Generation & Production Growth Providing Solid Five - Year Production Growth • Total Production Compound Annual Growth Rate (CAGR) ~8% • Oil Production CAGR ~12% Balancing Onshore / Offshore Portfolio • Increa
Slide 29: Rewarding Shareholders
MURPHY OIL CORPORATION 29 www.murphyoilcorp.com NYSE: MUR REWARDING SHAREHOLDERS
Slide 30: Long History of Rewarding Shareholders
MURPHY OIL CORPORATION 30 www.murphyoilcorp.com NYSE: MUR Long History of Rewarding Shareholders Source: Bloomberg 0% 5% 10% 15% 20% 25% 30% 35% 40% *2012 Excludes Special Dividend of $2.50/Share Source: Bloomberg MUR Dividend as % of CF from Operations $0 $500 $1,000 $1,500 $2,000 $2,500 1997 1998
Slide 31: Summary of Shareholder Support
MURPHY OIL CORPORATION 31 www.murphyoilcorp.com NYSE: MUR Summary of Shareholder Support Value Returned to Shareholders • $3.8 BN in Common & Special Dividends since 1997 • $1.375 BN in Share Repurchase, including Announced 2019 Plan • $7.65 BN in Common & Special Dividends + Share Repurchase + Spin
Slide 32: Share Price Performance
MURPHY OIL CORPORATION 32 www.murphyoilcorp.com NYSE: MUR SHARE PRICE PERFORMANCE
Slide 33: Total Shareholder Return Performance 2016 – 2018
MURPHY OIL CORPORATION 33 www.murphyoilcorp.com NYSE: MUR Total Shareholder Return Performance 2016 – 2018 7% 21% 23% 30% 31% 37% 38% 39% 39% 39% 40% 46% 47% 50% 68% 71% 113% 0% 20% 40% 60% 80% 100% 120% WLL NBL HES MRO NFX COG APC EOG XEC PXD DVN MUR RRC APA CHK SWN ECA - 53% - 51% - 49% - 48% - 36
Slide 34: Executing Strategy for Share Price Appreciation
MURPHY OIL CORPORATION 34 www.murphyoilcorp.com NYSE: MUR Executing Strategy for Share Price Appreciation • Closing of Malaysia Divestiture • Closing of LLOG Acquisition • Continuing Exploration Success • Executing Share Repurchase Authorization • Maintaining Long Term Cash Flow Targets • Exercising
Slide 35: Lower-Carbon Future
MURPHY OIL CORPORATION 35 www.murphyoilcorp.com NYSE: MUR LOWER - CARBON FUTURE
Slide 36: Comparison of Energy Returns
MURPHY OIL CORPORATION 36 www.murphyoilcorp.com NYSE: MUR Comparison of Energy Returns -20% -15% -10% -5% 0% 5% 10% 5 Year 10 Year 15 Year 20 Year Annual Average Returns by Energy Type vs Murphy Companies WTI Murphy Combined E&P Solar Wind Coal Nuclear - 11% - 3% - 16% - 9% 5% - 3% 4% - 1% 5% 3% - 8
Slide 37: Monitoring Renewable Energy
MURPHY OIL CORPORATION 37 www.murphyoilcorp.com NYSE: MUR Monitoring Renewable Energy • Upstream Oil & Natural Gas Investments Typically Offer Better Returns than Wind & Solar PV • Lower Returns in Renewables also Come with Lower Risk, Similar to Utilities • Global Integrated Companies Adding Natura
Slide 38: Preparing for Lower-Carbon Future
MURPHY OIL CORPORATION 38 www.murphyoilcorp.com NYSE: MUR Preparing for Lower - Carbon Future Engaging with Consultancies, Researchers, Industry Groups & Policy Experts Current Plans • Changing Portfolio Significantly to a Lower Carbon Footprint • Reducing Portfolio Emissions by Continuously Reviewi
Slide 39: Positioning Company for Long Term Value Creation
MURPHY OIL CORPORATION 39 www.murphyoilcorp.com NYSE: MUR Positioning Company for Long Term Value Creation Continuing the Legacy of Rewarding Shareholders Spending Within Our Means & Maintaining Strong Free Cash Flow Yield Enhancing Financial Flexibility & Strengthening Balance Sheet Simplifying Por
Slide 40: Murphy Purpose, Mission, Vision & Values
MURPHY OIL CORPORATION 40 www.murphyoilcorp.com NYSE: MUR Purpose • We Believe in Providing Energy that Empowers People Mission • We Challenge the Norm, Tap into Our Strong Legacy & Use Our Foresight & Financial Discipline to Deliver Inspired Energy Solutions Vision • We See a Future Where We are an
Slide 41: Supplemental Material for Annual Meeting of Stockholders
MURPHY OIL CORPORATION 41 www.murphyoilcorp.com NYSE: MUR SUPPLEMENTAL MATERIAL FOR ANNUAL MEETING OF STOCKHOLDERS EL DORADO, ARKANSAS MAY 2019 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER
Slide 42: Cautionary Statement
MURPHY OIL CORPORATION 42 www.murphyoilcorp.com NYSE: MUR Cautionary Statement Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission (SEC) requires oil and natural gas comp anies, in their filings with the SEC, to disclose proved reserves that a company has demonst
Slide 43: Agenda
MURPHY OIL CORPORATION 43 www.murphyoilcorp.com NYSE: MUR Agenda Finance Offshore Onshore LRP Net Asset Value Review 04 COMPANY UPDATE 01 PORTFOLIO TRANSFORMATION 02 PORTFOLIO REVIEW 03 EXPLORATION REVIEW LOOKING AHEAD 05
Slide 44: Onshore
MURPHY OIL CORPORATION 44 www.murphyoilcorp.com NYSE: MUR ONSHORE COMPANY UPDATE
Slide 45: Accomplishing Our Strategic Objectives in 2018
MURPHY OIL CORPORATION 45 www.murphyoilcorp.com NYSE: MUR Accomplishing Our Strategic Objectives in 2018 x Drilled Successful Samurai Well Increasing Resources x Executed Successful Deep Water Offshore Projects Continue to be a PREFERRED PARTNER to NOCs & Regional Independents x Executed Gulf of Mex
Slide 46: Increasing Financial Strength
MURPHY OIL CORPORATION 46 www.murphyoilcorp.com NYSE: MUR Increasing Financial Strength (500) (250) 0 250 500 750 2015 2016 2017 2018 $ Millions (500) (250) 0 250 500 2015 2016 2017 2018 $ Millions - 1.0 2.0 3.0 4.0 0 500 1,000 1,500 2,000 2015 2016 2017 2018 Debt / EBITDA $ Millions EBITDA Debt / E
Slide 47: Growing Reserves & Lowering F&D Costs in 2018
MURPHY OIL CORPORATION 47 www.murphyoilcorp.com NYSE: MUR $0 $5 $10 $15 $20 $25 $30 2014 2015 2016 2017 2018 $/BOE Growing Reserves & Lowering F&D Costs in 2018 Lowering 3 - Year Average F&D Costs • Organic Reserves Replacement 166% (Pre - Transaction) • Total Reserves Replacement 287% With Petrobra
Slide 48: History of Benefitting Shareholders
MURPHY OIL CORPORATION 48 www.murphyoilcorp.com NYSE: MUR -5% 0% 5% x Denotes Equity Issued in 2016 Source: Bloomberg, as of Dec 31, 2018 Note: Adjusted CFO = Cash Flow from Operations Before Changes in Non - Cash Working Capital History of Benefitting Shareholders 0% 1% 2% 3% 4% MUR Source: FactSet
Slide 49: Safety & Environment Performance
MURPHY OIL CORPORATION 49 www.murphyoilcorp.com NYSE: MUR Safety & Environment Performance HSE Highlights • Continuous Improvement Reducing Oil Spill Events • Gulf of Mexico Spill - Free Since Start of Tracking • Exiting High Green House Gas (GHG) Intensity Assets • Incorporating Emissions Forecasti
Slide 50: Onshore Portfolio Transformation
MURPHY OIL CORPORATION 50 www.murphyoilcorp.com NYSE: MUR ONSHORE PORTFOLIO TRANSFORMATION
Slide 51: Transformation Through Strategic Acquisitions & Divestitures
MURPHY OIL CORPORATION 51 www.murphyoilcorp.com NYSE: MUR Transformation Through Strategic Acquisitions & Divestitures Acquired Gulf of Mexico Assets for $2.3 BN • MP GOM: $961 MM 2 LLOG: $1.375 BN • Supports Portfolio Shift to Oil - Weighted, Lower Cost Western Hemisphere Basins & Increases Net Oil
Slide 52: Onshore Portfolio Review
MURPHY OIL CORPORATION 52 www.murphyoilcorp.com NYSE: MUR ONSHORE PORTFOLIO REVIEW
Slide 53: Murphy's Revitalized Gulf of Mexico Assets
MURPHY OIL CORPORATION 53 www.murphyoilcorp.com NYSE: MUR Murphy’s Revitalized Gulf of Mexico Assets Delivering Free Cash Flow with Efficient Capital Spending • Provides Annualized Average Production of ~85 MBOEPD • Generates ~$1.0 BN Annual Average EBITDA Per Year • Requires ~$325 MM of Annual Aver
Slide 54: Increasing Low Break-Even Locations for High Return Growth
MURPHY OIL CORPORATION 54 www.murphyoilcorp.com NYSE: MUR Increasing Low Break - Even Locations for High Return Growth Kaybob Duvernay • ~140,000 Net Acres • 27 Wells Online FY 2018 • Drilled Longest Lateral to Date 11,476 ft (16 - 14D) • All Remaining Locations with Break - Even of < $45/BBL Tupper
Slide 55: Operated Well Delivery – Eagle Ford Shale
MURPHY OIL CORPORATION 55 www.murphyoilcorp.com NYSE: MUR Operated Well Delivery – 49 Wells Online FY 18 • ~125,000 Net Acres, > 900 Wells Online • >1,800 Remaining Locations • Premium LLS Pricing Improved Drilling & Completion Performance • 2018 Drilling Cost per Foot $122 – 60% Lower than 2011 • 2
Slide 56: Exploration Review
MURPHY OIL CORPORATION 56 www.murphyoilcorp.com NYSE: MUR EXPLORATION REVIEW
Slide 57: Exploration Strategy Overview
MURPHY OIL CORPORATION 57 www.murphyoilcorp.com NYSE: MUR Exploration Strategy Overview Focused & Meaningful • Four Primary Exploration Growth Areas • 3 to 5 Exploration Wells per Year • ~10% of Capital Budget $100 – $125 MM/Year Reduced Risk • Proven Oil Provinces • Targeting 20 – 50% Working Inter
Slide 58: Looking Ahead
MURPHY OIL CORPORATION 58 www.murphyoilcorp.com NYSE: MUR LOOKING AHEAD
Slide 59: Long-Term Strategy For Cash Flow Generation & Production Growth
MURPHY OIL CORPORATION 59 www.murphyoilcorp.com NYSE: MUR Long - Term Strategy For Cash Flow Generation & Production Growth Providing Solid Five - Year Production Growth • Total Production CAGR ~8% • Oil Production CAGR ~12% Balancing Onshore / Offshore Portfolio • Increases US Onshore Production by
Slide 60: Executing Our Strategy for Future Value Creation
MURPHY OIL CORPORATION 60 www.murphyoilcorp.com NYSE: MUR Executing Our Strategy for Future Value Creation Generating Free Cash Flow with a Competitive Dividend Yield Transforming Company Drives Further Profitable Oil - Weighted Growth Focusing on Strategic Exploration Allocating Capital to High Mar
Slide 61: Appendix
MURPHY OIL CORPORATION 61 www.murphyoilcorp.com NYSE: MUR APPENDIX
Slide 62: Non-GAAP Financial Measure Definitions & Reconciliations
MURPHY OIL CORPORATION 62 www.murphyoilcorp.com NYSE: MUR Non - GAAP Financial Measure Definitions & Reconciliations The following 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
Slide 63: Non-GAAP Reconciliation: Free Cash Flow
MURPHY OIL CORPORATION 63 www.murphyoilcorp.com NYSE: MUR Non - GAAP Reconciliation FREE CASH FLOW Murphy defines Free C ash F low as net cash provided from continuing operations activities (as stated in the Consolidated Statements of Cash Flows) reduc ed by capital expenditures and investments. Fre
Slide 64: Non-GAAP Reconciliation: Adjusted Cash Flow From Operations
MURPHY OIL CORPORATION 64 www.murphyoilcorp.com NYSE: MUR Non - GAAP Reconciliation ADJUSTED CASH FLOW FROM OPERATIONS Murphy defines Adjusted Cash Flow from Operations (CFFO) as net cash provided from continuing operations activities (as state d i n the Consolidated Statements of Cash Flows) before
Slide 65: Non-GAAP Reconciliation: EBITDA
MURPHY OIL CORPORATION 65 www.murphyoilcorp.com NYSE: MUR Non - GAAP Reconciliation EBITDA Murphy defines EBITDA as income from continuing operations attributable to Murphy 1 before interest, taxes, depreciation and amortization (DD&A) . Management believes that EBITDA provides useful information fo
Slide 66: Non-GAAP Reconciliation: Debt / EBITDA
MURPHY OIL CORPORATION 66 www.murphyoilcorp.com NYSE: MUR Non - GAAP Reconciliation Debt / EBITDA Murphy defines Debt over EBITDA as Long - term debt plus Current maturities of long - term debt divided by EBITDA . Management believes this is useful for assessing Murphy's financial condition and bala
Slide 67: Non-GAAP Reconciliation: Controllable Costs
MURPHY OIL CORPORATION 67 www.murphyoilcorp.com NYSE: MUR Non - GAAP Reconciliation Controllable Costs Murphy defines Controllable costs per produced BOE as Lease operating expenses plus Selling & general expenses divided by produced barrels of oil equivalent in the period . Management believes this
Slide 68: Abbreviations
MURPHY OIL CORPORATION 68 www.murphyoilcorp.com NYSE: MUR Abbreviations BBL: barrels (equal to 42 US gallons) BCF: billions of cubic feet BCFE: billion cubic feet equivalent BN: billions BOE: barrels of oil equivalent (1 barrel of oil or 6000 cubic feet of natural gas) BOEPD: barrels of oil equivale
Slide 69: Annual Meeting of Stockholders & Supplemental Material
MURPHY OIL CORPORATION 69 www.murphyoilcorp.com NYSE: MUR ANNUAL MEETING OF STOCKHOLDERS & SUPPLEMENTAL MATERIAL EL DORADO, ARKANSAS MAY 2019 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER