Slide 1: Investor Update May 2024
0 www.murphyoilcorp.com NYSE: MUR 0 INVESTOR UPDATE MAY 2024
Slide 2: Cautionary Statement
1 www.murphyoilcorp.com NYSE: MUR 1 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 productio
Slide 3: Agenda
2 www.murphyoilcorp.com NYSE: MUR 2 Agenda 04 01 Murphy Exploration Murphy at a Glance 05 02 Looking Ahead Murphy Priorities 06 03 Appendix Murphy 2024 Plan
Slide 4: Murphy at a Glance
3 www.murphyoilcorp.com NYSE: MUR 3 Murphy at a Glance Onshore United States • Eagle Ford Shale on private lands in Texas with ~1,200 future locations on ~120,000 net acres • Produced 29 MBOEPD in 1Q 2024, comprised of 71% oil and 86% liquids Onshore Canada • Tupper Montney ~1,000 future locations o
Slide 5: Who Is Murphy?
4 www.murphyoilcorp.com NYSE: MUR Who Is Murphy? Sustainable, multi - basin oil and natural gas assets that are safely operated with low carbon emissions intensity across North America High - potential exploration portfolio with industry - leading offshore capabilities Strong generator of free cash
Slide 6: Murphy Priorities
5 www.murphyoilcorp.com NYSE: MUR 5 MURPHY PRIORITIES
Slide 7: What's New in 2Q 2024
6 www.murphyoilcorp.com NYSE: MUR 6 What’s New in 2Q 2024 Eagle Ford Shale Update • 7 operated Catarina wells preparing to come online in 2Q 2024 as planned • 4 non - operated Tilden wells online in 2Q 2024 as planned Tupper Montney Update • 13 wells online in 2Q 2024 as planned • Achieved company r
Slide 8: Advancing Strategic Priorities
7 www.murphyoilcorp.com NYSE: MUR 7 • Remained on track for $300 MM debt reduction goal in 2024, resulting in ~$1.0 BN of total debt outstanding at YE 2024 1 • Spud Gulf of Mexico non - op Ocotillo exploration well in 2Q 2024 with non - op Orange exploration well to immediately follow • Awarded six
Slide 9: Long History of Benefitting Shareholders
8 www.murphyoilcorp.com NYSE: MUR 8 Long History of Benefitting Shareholders $3.7 Billion Returned to Shareholders Since January 1, 2013 > $1.8 Billion in Share Repurchases Since January 1, 2013 > $7.1 Billion Returned to Shareholders Since 1961 > Peer Cumulative Shareholder Returns vs Market Cap <
Slide 10: Targeting Lower Debt with Ample Liquidity
9 www.murphyoilcorp.com NYSE: MUR 9 Financial Results Targeting Lower Debt with Ample Liquidity Solid Foundation to Withstand Commodity Price Cycles • $1.1 BN of liquidity on Mar 31, 2024 • Includes $800 MM senior unsecured credit facility due Nov 2027 with no borrowings as of Mar 31, 2024 • ~65% de
Slide 11: Capital Allocation Priorities
10 www.murphyoilcorp.com NYSE: MUR 10 Capital Allocation Priorities Reducing Long - Term Debt, Increasing Shareholder Returns Beyond Quarterly Dividend With Framework 1 1 The timing and magnitude of debt reductions and share repurchases will largely depend on oil and natural gas prices, developm ent
Slide 12: Ongoing Sustainability Initiatives
11 www.murphyoilcorp.com NYSE: MUR 11 Ongoing Sustainability Initiatives Reducing Greenhouse Gas Emissions • Displaced 0.9 MM gallons of diesel with natural gas in onshore drilling and completions in 1Q 2024 • Reduced flaring and methane emissions with more effective vapor recovery units in the Eagl
Slide 13: Murphy 2024 Plan
12 www.murphyoilcorp.com NYSE: MUR 12 MURPHY 2024 PLAN
Slide 14: 2024 Capital and Production Plan
13 www.murphyoilcorp.com NYSE: MUR 13 2024 Capital and Production Plan Prioritizing Capital To Maximize Production and Adjusted Free Cash Flow 1 2Q 2024 Guidance • 176 – 184 MBOEPD production, 93 MBOPD or 51% oil, 56% liquids volumes • Impacted by: • 2,000 BOEPD of offshore non - op unplanned mainte
Slide 15: 2024 North America Onshore Plan
14 www.murphyoilcorp.com NYSE: MUR 14 2024 North America Onshore Plan Balancing Investments for Free Cash Flow Generation Note: Non - op well cadence subject to change per operator plans Eagle Ford Shale non - operated wells adjusted for 27% average working interest FY 2024E Wells Online 0 5 10 15 2
Slide 16: Eagle Ford Shale
15 www.murphyoilcorp.com NYSE: MUR 15 Eagle Ford Shale Enhancing Portfolio Through Strong Execution 1Q 2024 29 MBOEPD, 86% Liquids • 71% oil volumes • 4 gross non - operated wells online in Tilden 2Q 2024 Plan • 7 operated wells online in Catarina • 4 gross non - operated wells online in Tilden Acre
Slide 17: Tupper Montney
16 www.murphyoilcorp.com NYSE: MUR 16 Tupper Montney Completions Design Drives Ongoing Strong Well Performance 1Q 2024 348 MMCFD Net, 100% Natural Gas • No new wells online 2Q 2024 Well Delivery Schedule • 13 operated wells online • Completes 2024 well delivery program Entered Rockies LNG Partnershi
Slide 18: Kaybob Duvernay
17 www.murphyoilcorp.com NYSE: MUR 17 Kaybob Duvernay Future Oil - Weighted Optionality Preserved 1Q 2024 4 MBOEPD, 68% Liquids • No new wells online 2Q 2024 Well Delivery Schedule • 3 operated wells online • Completes 2024 well delivery program Robust Remaining Well Inventory • 488 future locations
Slide 19: Offshore Update
18 www.murphyoilcorp.com NYSE: MUR 18 Offshore Update Focusing on Executing Highly - Accretive Development Projects Total Offshore 1Q 2024 79 MBOEPD, 84% Oil Gulf of Mexico 1Q 2024 73 MBOEPD, 82% Oil • Drilled Khaleesi #4 , online 2Q 2024 • Drilling Mormont #3 in 2Q 2024, online 3Q 2024 • Non - oper
Slide 20: 2024 Offshore Workovers and Projects
19 www.murphyoilcorp.com NYSE: MUR 19 2024 Offshore Workovers and Projects Execution Update Completed Workovers and Projects • $50 MM 1Q 2024 total workover expense • Operated Marmalard #1 and #2 zone changes completed in 1Q 2024 • Mormont #2 subsea equipment repair completed in 1Q 2024 Upcoming Wor
Slide 21: Lac Da Vang Field Development Project
20 www.murphyoilcorp.com NYSE: MUR 20 Lac Da Vang Field Development Project Cuu Long Basin, Vietnam Lac Da Vang Field Development Overview • Murphy 40% (Op), PetroVietnam Exploration Production 35%, SK Earthon 25% • 100 MMBOE estimated gross recoverable resource • 13 MMBOE of preliminary net proved
Slide 22: Murphy Exploration
21 www.murphyoilcorp.com NYSE: MUR 21 MURPHY EXPLORATION
Slide 23: Gulf of Mexico Exploration Update
22 www.murphyoilcorp.com NYSE: MUR 22 Gulf of Mexico Exploration Area GC WR EW KC GB MC DC LU AT LL HE VK DD Miles 50 0 Offshore Platform FPSO Murphy WI Block Discovery Key Exploration Project Kodiak Front Runner Medusa Eden Park Calliope Nearly Headless Nick Guilder Silver Dollar West Silver Dollar
Slide 24: Exploration Update Cuu Long Basin, Vietnam
23 www.murphyoilcorp.com NYSE: MUR 23 Exploration Update Cuu Long Basin, Vietnam Asset Overview • Murphy 40% (Op), PetroVietnam Exploration Production 35%, SK Earthon 25% • Contracted rig for 2H 2024 exploration program Block 15 - 2/17 • Advancing plans for Hai Su Vang exploration well • Targeting s
Slide 25: Development and Exploration Update Tano Basin, Côte d'Ivoire
24 www.murphyoilcorp.com NYSE: MUR 24 Acreage as of April 30, 2024 1 Murene 1X exploration well on the discovery Calao 2 Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire Development and Exploration Update Tano Basin, Côte d’Ivoire Asset Overview • ~1.5 MM gross acres, equivalent to 256
Slide 26: Looking Ahead
25 www.murphyoilcorp.com NYSE: MUR 25 LOOKING AHEAD
Slide 27: North America Onshore Locations
26 www.murphyoilcorp.com NYSE: MUR 26 North America Onshore Locations More Than 50 Years of Robust Inventory with Low Breakeven Rates Diversified, Low Breakeven Portfolio • Multi - basin portfolio provides optionality in all price environments • Focus on capital efficiency • Culture of continuous im
Slide 28: Offshore Development Opportunities
27 www.murphyoilcorp.com NYSE: MUR 27 Offshore Development Opportunities Multi - Year Inventory of High - Return Projects Diversified, Low Breakeven Opportunities in Offshore Portfolio • Multi - year inventory of identified offshore projects in current portfolio • Maintaining annual offshore product
Slide 29: Disciplined Strategy Leads to Long-Term Value
28 www.murphyoilcorp.com NYSE: MUR 28 Disciplined Strategy Leads to Long - Term Value With Current Assets 1 As of January 25, 2024. Assumes $75 WTI oil price, $3.50 HH natural gas price in FY 2024 and no exploration success 2028 2027 2026 2025 2024 • Realizing average annual production of 210 - 220
Slide 30: Advancing Strategic Priorities
29 www.murphyoilcorp.com NYSE: MUR 29 Advancing Strategic Priorities 1 Murphy 3.0 is when long - term debt is less than or equal to $1.0 BN. At this time, up to 50% of adjusted free cash flow will be distributed through share buybacks and potential dividend increases, with the remaining adjusted FCF
Slide 31: 30 www.murphyoilcorp.com NYSE: MUR 30 INVESTOR UPDATE MAY 2024
30 www.murphyoilcorp.com NYSE: MUR 30 INVESTOR UPDATE MAY 2024
Slide 32: Appendix
31 www.murphyoilcorp.com NYSE: MUR 31 Appendix 1 Glossary of Abbreviations 2 2 Q 2024 Guidance 3 Current Fixed Price Contracts 5 Acreage Maps 4 Supplemental Information
Slide 33: Glossary of Abbreviations
32 www.murphyoilcorp.com NYSE: MUR 32 AECO: Alberta Energy Company, the Canadian benchmark price for natural gas BBL: Barrels (equal to 42 US gallons) BCF: Billion cubic feet BCFE: Billion cubic feet equivalent BN: Billions BOE: Barrels of oil equivalent (1 barrel of oil or 6,000 cubic feet of natur
Slide 34: 2Q 2024 Guidance
33 www.murphyoilcorp.com NYSE: MUR 33 2Q 2024 Guidance Total (BOEPD) Gas (MCFD) NGLs (BOPD) Oil (BOPD) Producing Asset 26,300 22,700 4,000 18,500 US – Eagle Ford Shale 76,100 58,700 4,600 61,700 – Gulf of Mexico excluding NCI 1 63,400 380,600 – – Canada – Tupper Montney 4,000 7,800 500 2,200 – Kaybo
Slide 35: Current Fixed Price Contracts – Natural Gas
34 www.murphyoilcorp.com NYSE: MUR 34 Current Fixed Price Contracts – Natural Gas Tupper Montney, Canada End Date Start Date Price (MCF) Volumes (MMCF/D) Type Commodity 12/31/2024 4/1/2024 C$2.39 162 Fixed Price Forward Sales at AECO Natural Gas 10/31/2024 4/1/2024 US$1.98 25 Fixed Price Forward Sal
Slide 36: 2023 Proved Reserves
35 www.murphyoilcorp.com NYSE: MUR 35 22% 24% 54% 2023 Proved Reserves Maintaining Proved Reserves and Reserve Life • Total proved reserves 724 MMBOE at YE 2023 vs 697 MMBOE at YE 2022 • Achieved 139% total reserve replacement • Added ~13 MMBOE of proved reserves for Lac Da Vang field in Vietnam • M
Slide 37: North America Onshore Well Locations
36 www.murphyoilcorp.com NYSE: MUR 36 North America Onshore Well Locations Gross Remaining Locations Inter - Well Spacing (ft) Reservoir Net Acres Area 91 300 Lower EFS 10,155 Karnes 150 850 Upper EFS 104 1,100 Austin Chalk 202 600 Lower EFS 61,611 Tilden 51 1,200 Upper EFS 86 1,200 Austin Chalk 190
Slide 38: Eagle Ford Shale Peer Acreage
37 www.murphyoilcorp.com NYSE: MUR 37 Eagle Ford Shale Peer Acreage Acreage as of April 30, 2024
Slide 39: Kaybob Duvernay Peer Acreage
38 www.murphyoilcorp.com NYSE: MUR 38 Kaybob Duvernay Peer Acreage 6 Miles Paramount Chevron Murphy Kiwetinohk Cenovus Crescent Point Whitecap Other Leased Open Crown Facility Battery PCC GMT Hitic Halo Acreage as of April 30, 2024 Cygnet Duvernay Energy
Slide 40: Tupper Montney Peer Acreage
39 www.murphyoilcorp.com NYSE: MUR 39 Tupper Montney Peer Acreage ARC Montney Shell Montney Advantage Montney Other Competitors Open Crown Tourmaline Montney Ovintiv Montney Birchcliff Montney TCPL Pipeline Murphy Facility Battery Murphy Pipeline 0 10 Miles Acreage as of April 30, 2024
Slide 41: Gulf of Mexico Murphy Blocks
40 www.murphyoilcorp.com NYSE: MUR 40 Gulf of Mexico Murphy Blocks Acreage as of April 30, 2024 1 Excluding noncontrolling interest 2 Anadarko is a wholly - owned subsidiary of Occidental Petroleum PRODUCING ASSETS Murphy WI 1 Operator Asset 29% Murphy Calliope 80% Murphy Cascade 86% Murphy Chinook
Slide 42: Exploration Update Sergipe-Alagoas Basin, Brazil
41 www.murphyoilcorp.com NYSE: MUR 41 Exploration Update Sergipe - Alagoas Basin, Brazil Asset Overview • ExxonMobil 50% (Op), Enauta Energia S.A. 30%, Murphy 20% • 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 • Evaluating
Slide 43: Exploration Update Potiguar Basin, Brazil
42 www.murphyoilcorp.com NYSE: MUR 42 Exploration Update Potiguar Basin, Brazil Asset Overview • Murphy 100% (Op) • Hold WI in 3 blocks, spanning ~775 M gross acres • Proven oil basin in proximity to Pitu oil discovery Extending the Play Into the Deepwater • >2.1 BBOE discovered in basin • Onshore a
Slide 44: 43 www.murphyoilcorp.com NYSE: MUR 43 INVESTOR UPDATE MAY 2024
43 www.murphyoilcorp.com NYSE: MUR 43 INVESTOR UPDATE MAY 2024