Murphy Oil Corporation · NYSE:MUR
Murphy Oil — Q1 2025 Earnings Presentation
42 slides from Murphy Oil's earnings presentation, May 8, 2025
Slide 1: First Quarter 2025 Earnings Conference Call and Webcast
2025 FIRST QUARTER EARNINGS CONFERENCE CALL AND WEBCAST MAY 8, 2025 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER 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: Advancing Strategic Priorities in 1Q 2025
Advancing Strategic Priorities in 1Q 2025 Drilled the Achieved 1 million work hours with Maintaining Consistent Longest Laterals Zero Lost Time Injuries1 Operational Excellence in company history in the on the platform construction for the Eagle Ford Shale and Lac Da Vang (Golden Camel) field Tupper
Slide 4: Capital Allocation Plan Delivers Shareholder Returns
Capital Allocation Plan1 Delivers Shareholder Returns Total Shares Outstanding by Year Since 2013 MM shares 190 180 $550 MM 170 Targeting long-term debt of $1.0 BN 160 Minimum of 50% of adjusted FCF Board authorized share 150 allocated to share buybacks and repurchase program2 142.7 potential divide
Slide 5: Generating High Revenue From Oil Production
Production, Pricing and Revenue Generating High Revenue From Oil Production 1Q 2025 Production 1Q 2025 Revenue by Area by Area 16% 14% 20% Eagle Ford Shale Eagle Ford Shale 39% 25,400 BOEPD $126 MM 157 Offshore Offshore 70,900 BOEPD $636 MM $419 MM MBOEPD Onshore Canada Onshore Canada 60,900 BOEPD $
Slide 6: Strong Balance Sheet Underpins Financial Flexibility
Strong Balance Sheet Underpins Financial Flexibility Financial Highlights • Maintaining ample liquidity with senior unsecured credit Conservative facility and cash on hand Financial Policies • Targeting long-term debt of $1.0 billion • No near-term debt maturities Liquidity of Targeting investment ~
Slide 7: Strategic, Value-Creating Pioneer FPSO Acquisition
Strategic, Value-Creating Pioneer FPSO Acquisition Gulf of America Walker Ridge Area Transaction Details • Purchase price of $104 MM net • Compelling 2-year payback, independent of oil price Medusa Powerball • Signed 5-year agreement with BW Offshore to continue Zephyrus operating the FPSO1 Liberty
Slide 8: Operations Update
OPERATIONS UPDATE www.murphyoilcorp.com NYSE: MUR 8
Slide 9: Eagle Ford Shale Update
Eagle Ford Shale Update Enhancing Portfolio Through Capital Efficiency Gains Eagle Ford Shale Acreage 1Q 2025 25 MBOEPD, 67% Oil, 83% Liquids • 1 gross non-operated well online in Karnes • Drilled the longest Eagle Ford Shale lateral in company KARNES history at 13,976 ft in Catarina TILDEN 2Q 2025
Slide 10: Tupper Montney Update
Tupper Montney Update Capital Efficiencies Gained Through Improved Field Development Plan 1Q 2025 340 MMCFD Net, 100% Natural Gas Tupper Montney Acreage • 5 operated wells online TUPPER WEST • Drilled the two longest Tupper Montney laterals in company history at 13,881 ft and 13,602 ft Alberta BC 2Q
Slide 11: Kaybob Duvernay Update
Kaybob Duvernay Update Future Oil-Weighted Optionality 1Q 2025 4 MBOEPD, 58% Oil, 71% Liquids Kaybob Duvernay Acreage • No new wells online KAYBOB NORTH • Progressed 2025 drilling program KAYBOB EAST 2025 Plan • 4 operated wells online in 3Q 2025 • 2 operated wells drilled for 2026 completion Improv
Slide 12: Offshore Update
Offshore Update Executing Highly-Accretive Development Projects Total Offshore 1Q 2025 71 MBOEPD, 83% Oil Operated 2025 Gulf of America Projects Gulf of America 1Q 2025 62 MBOEPD, 81% Oil Field / Facility Activity Online • Operated Mormont #4 well online in 1Q 2025 Delta House 1 workover 3Q 2025 • O
Slide 13: Lac Da Vang (Golden Camel) Field Development Project Update
Lac Da Vang (Golden Camel) Field Development Project Update Cuu Long Basin, Vietnam Field Overview Cuu Long Basin • Murphy 40% (Op), PetroVietnam Exploration Production 35%, Discovery Well LAC DA CAM SU TU VANG SK Earthon 25% Murphy WI Block COMPLEX • 100 MMBOE estimated gross recoverable resource P
Slide 14: Exploration Update
EXPLORATION UPDATE www.murphyoilcorp.com NYSE: MUR 14
Slide 15: Exploration Strategy Overview
Exploration Strategy Overview Key Strategies Exploration Core Focus Areas • Increasing exposure to international emerging and frontier basins • Balancing portfolio between shallow-water and deep-water opportunities • Exploiting unique combination of development and exploration opportunities in Vietn
Slide 16: Gulf of America Exploration Update
Gulf of America Exploration Update Focused on Low-Risk, Infrastructure-Led Exploration 2025 Exploration Plan Gulf of America Exploration Area • Prospects located near Murphy-operated Ocotillo #1 Delta House FPS1 Silver Dollar • Cello #1 (Mississippi Canyon 385) Silver Dollar West Medusa Delta House
Slide 17: Lac Da Hong-1X (Pink Camel) Discovery
Lac Da Hong-1X (Pink Camel) Discovery Cuu Long Basin, Vietnam Cuu Long Basin Lac Da Hong-1X (Pink Camel) Oil Discovery, Block 15-1/05 Discovery Well SU TU VANG LAC DA CAM COMPLEX Murphy WI Block • Murphy 40% (Op), PetroVietnam Exploration Producing Oil Field Producing Natural Gas Field Production 35
Slide 18: Hai Su Vang-1X (Golden Sea Lion) Discovery Update
Hai Su Vang-1X (Golden Sea Lion) Discovery Update Cuu Long Basin, Vietnam Cuu Long Basin Hai Su Vang-1X (Golden Sea Lion) Oil Discovery, Block 15-2/17 SU TU VANG Discovery Well LAC DA CAM COMPLEX Murphy WI Block • Murphy 40% (Op), PetroVietnam Exploration Producing Oil Field Producing Natural Gas Fi
Slide 19: Côte d'Ivoire Exploration Update
Côte d’Ivoire Exploration Update Initiating Three-Well Exploration Program 2025 Exploration Plan Tano Basin • Civette (Block CI-502), Murphy 90% (Op), PETROCI1 10% CÔTE D’IVOIRE GHANA CI-102 • Targeting spud 4Q 2025 Caracal Baleine • Mean to upward gross resource potential CI-531 CI-502 • 440 MMBOE
Slide 20: Looking Ahead
LOOKING AHEAD www.murphyoilcorp.com NYSE: MUR 20
Slide 21: 2025 Capital and Production Plan
2025 Capital and Production Plan Allocating Capital to Develop Assets and Increase Future Resource Potential 2Q 2025 Guidance • 177 – 185 MBOEPD, 48% oil, 53% liquids volumes FY 2025E CAPEX By Area • $300 MM accrued CAPEX Maintaining FY 2025 Guidance 9% 2% • 174.5 – 182.5 MBOEPD, 50% oil, 55% liquid
Slide 22: 2025-2026 Asset Plan
Near-Term Strategy… Maintaining Modest Production Growth From Current Assets While Testing Material Upside 2025-2026 Asset Plan1 Existing Producing Assets Near-Term Organic Growth Generating Low, Single-Digit Production Growth Progressing High-Impact Projects • Offshore: Executing high-return, oil-w
Slide 23: Long-Term Asset Plan
…Sets Up For Long-Term Success Multi-Basin Portfolio Provides Long Runway of Opportunities Long-Term Asset Plan Existing Producing Assets Future Organic Growth Prioritizing offshore growth while maintaining onshore investment optionality Focused international and Gulf of America exploration • Gulf o
Slide 24: First Quarter 2025 Earnings Conference Call and Webcast
2025 FIRST QUARTER EARNINGS CONFERENCE CALL AND WEBCAST MAY 8, 2025 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 24
Slide 25: Appendix
Appendix 1 Non-GAAP Definitions and Reconciliations 2 Glossary of Abbreviations 3 2Q 2025 Guidance 4 Current Fixed Price Contracts 5 Supplemental Information 6 Acreage Maps www.murphyoilcorp.com NYSE: MUR 25
Slide 26: 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 27: Non-GAAP Reconciliation
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 28: 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 cubic feet per day BBL: Barre
Slide 29: 2Q 2025 Guidance
2Q 2025 Guidance Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US – Eagle Ford Shale 25,200 4,700 25,700 34,200 – Gulf of America excluding NCI1 51,300 4,300 53,700 64,600 Canada – Tupper Montney 300 - 421,000 70,500 – Kaybob Duvernay 2,100 400 7,100 3,700 – Offshore 7,700 - - 7,70
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 40 C$2.75 4/1/2025 12/31/2025 Natural Gas Fixed Price Forward Sales at AECO1 50 C$3.03 1/1/2026 12/31/2026
Slide 31: Acting to Support All Stakeholders
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 32: 2024 Proved Reserves
2024 Proved Reserves Maintaining Proved Reserves and Reserve Life • Total proved reserves of 713 MMBOE at YE 2024, 83% total reserve 2024 Proved Reserves By Area replacement • Added ~12 MMBOE of proved reserves for non-operated St. Malo primarily 24% related to the waterflood project US Onshore 713
Slide 33: North America Onshore Well Locations
North America Onshore Well Locations Tupper Montney Well Locations Inter-Well Gross Remaining Area Net Acres Spacing (ft) Locations Eagle Ford Shale Operated Well Locations Tupper Montney 118,235 984 - 1,323 750 Inter-Well Gross Remaining Area Net Acres Reservoir Spacing (ft) Locations Lower EFS 300
Slide 34: Diversified, Low Breakeven Portfolio
North America Onshore Locations 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 > 20 years of inventory < $50 / BBL WTI all price environments ~ 50 years of total inventory
Slide 35: 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 17% • Maintaining annual
Slide 36: Peer Acreage - Eagle Ford Shale
Eagle Ford Shale Peer Acreage Acreage as of May 5, 2025 www.murphyoilcorp.com NYSE: MUR 36
Slide 37: Peer Acreage - Kaybob Duvernay
Kaybob Duvernay Peer Acreage Murphy Paramount Whitecap Veren CNRL Kiwetinohk PCC Cenovus GMT Hitic Halo Logan Cygnet Duvernay Energy Open Crown Other Leased Battery Facility 6 Miles Acreage as of May 5, 2025 www.murphyoilcorp.com NYSE: MUR 37
Slide 38: 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 May 5, 2025 www.murphyoilcorp.com NYSE: MUR 38
Slide 39: Murphy Blocks - Gulf of America
Gulf of America Murphy Blocks 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 Dalmatian S. Front Runner Murphy 50% Kodia
Slide 40: Asset Overview - 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
Slide 41: Asset Overview - 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 42: First Quarter 2025 Earnings Conference Call and Webcast
2025 FIRST QUARTER EARNINGS CONFERENCE CALL AND WEBCAST MAY 8, 2025 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 42