Murphy Oil Corporation · NYSE:MUR
Murphy Oil — Investor Presentation (March 2025)
45 slides from Murphy Oil's investor presentation, March 2025
Slide 1: Investor Update March 2025
INVESTOR UPDATE MARCH 2025 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: Agenda
Agenda 01 04 Murphy at a Glance Exploration 02 05 Murphy Priorities Looking Ahead 03 06 2025 Capital and Production Plan Appendix www.murphyoilcorp.com NYSE: MUR 3
Slide 4: Murphy at a Glance
Murphy at a Glance Murphy is an independent exploration and production company, with a diverse portfolio that provides exploration upside Multi-Basin Production FY 2024 Production1 Gulf of America Offshore Canada Onshore United States Onshore Canada 17% Deepwater execution Non-operated partner in Ea
Slide 5: Murphy Priorities
MURPHY PRIORITIES www.murphyoilcorp.com NYSE: MUR 5
Slide 6: Advancing Strategic Priorities
Advancing Strategic Priorities DELEVER EXECUTE EXPLORE RETURN • Reduced debt by $50 MM in • Produced 177 MBOEPD in FY 2024 • Drilled oil discovery at Hai Su Advanced Murphy 3.0 of FY 2024 Vang-1X (Golden Sea Lion) • Preparing for Lac Da Vang (Golden exploration well in offshore Capital Allocation •
Slide 7: Delivering Shareholder Returns Within Capital Allocation Framework
Delivering Shareholder Returns Within Capital Allocation Framework1 Adjusted Free Cash Murphy 3.0 – Flow Formula Murphy 2.0 – Long-term debt Murphy 1.0 – ≤ $1.3 BN Long-term debt Long-term debt of $1.3 BN – $1.8 BN Cash Flow From Operations > $1.8 BN Minimum of 50% of Before WC Change ~75% of adjust
Slide 8: Financial Results: Strong Balance Sheet Provides Financial Flexibility
Financial Results Strong Balance Sheet Provides Financial Flexibility for Strategic Priorities Enhancing Financial Position Through Capital Markets Bond Maturity Profile1 $ MM Transactions in 2024 $700 Long-Term Debt Profile1 • Reduced debt by $50 MM in FY 2024 $600 Total Bonds Outstanding $1.27 BN
Slide 9: Long History of Enhancing Shareholder Returns
Long History of Enhancing Shareholder Returns Continued Focus on Share Repurchases Total Shares Outstanding by Year Since 2013 MM shares and Dividend Increases 190 • Reduced share count by ~20% since 2013 180 • Returned ~80% of adjusted free cash flow1 to 170 shareholders in FY 2024 through buybacks
Slide 10: Natural Gas Marketing Strategy Provides Price Diversification
Natural Gas Marketing Strategy Provides Price Diversification • Continuing to mitigate price exposure to AECO in Tupper Montney Canadian Natural Gas Market Sales Points asset through diversification • Canada currently produces ~18 BCFD and has seen a consistent increase in demand for natural gas ove
Slide 11: 2025 Capital and Production Plan
2025 CAPITAL AND PRODUCTION PLAN www.murphyoilcorp.com NYSE: MUR 11
Slide 12: 2025 Capital Plan: Executing Highly-Accretive Projects
2025 Capital Plan Allocating Capital to Develop Assets and Increase Future Resource Potential Executing Highly-Accretive Projects FY 2025E CAPEX • FY 2025 guidance $1,135 MM – $1,285 MM CAPEX By Area • ~60% of spend is in 1H 2025 2% • ~85% of capital is for development 12% • ~70% of capital is opera
Slide 13: 2025 Production Plan
2025 Production Plan Forecasting Production Growth Across Portfolio 1Q 2025 Production Guidance 159 – 167 MBOEPD FY 2025E Production By Area • 83.5 MBOPD or 51% oil, 57% liquids • Impacted by: 19% • 4.4 MBOEPD of planned operated onshore downtime Offshore 44% • 2.9 MBOEPD of planned offshore downtim
Slide 14: 2025 Eagle Ford Shale Plan
2025 Eagle Ford Shale Plan Enhancing Portfolio Through Capital Efficiency Gains Eagle Ford Shale Acreage $360 MM 2025 Capital Budget, 33 MBOEPD • 75% oil, 88% liquids • 35 operated wells online – 18 Karnes, KARNES 13 Catarina, 4 Tilden wells TILDEN • 28 gross non-operated wells online – 10 Tilden, 1
Slide 15: 2025 Tupper Montney Plan
2025 Tupper Montney Plan Capital Efficiencies Gained Through Improved Field Development Plan $85 MM 2025 Capital Budget, 375 MMCFD Tupper Montney Acreage • 10 operated wells online TUPPER WEST • Assumes C$2.73 / MMBTU AECO and 6.7% royalty rate Canadian LNG Continues to Gain Support • Ksi Lisims LNG
Slide 16: 2025 Kaybob Duvernay Plan
2025 Kaybob Duvernay Plan Future Oil-Weighted Optionality $55 MM 2025 Capital Budget, 5 MBOEPD Kaybob Duvernay Acreage KAYBOB NORTH • 64% oil, 74% liquids • 4 operated wells online KAYBOB EAST • 2 operated wells drilled for 2026 completion Improved Field Development Plan KAYBOB • ~420 future locatio
Slide 17: 2025 Offshore Plan
2025 Offshore Plan Executing Highly-Accretive Development Projects $545 MM 2025 Offshore Capital Budget Operated 2025 Gulf of America Projects 78 MBOEPD Forecast for FY 2025 Field / Facility Activity Online $410 MM for Gulf of America, 68 MBOEPD Delta House 1 workover 1H 2025 • 79% oil, 86% liquids
Slide 18: 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%, SK Planned Well LAC DA CAM SU TU VANG Earthon 25% Murphy WI Block COMPLEX • 100 MMBOE estimated gross recoverable resource Pro
Slide 19: Exploration
EXPLORATION www.murphyoilcorp.com NYSE: MUR 19
Slide 20: 2025 Gulf of America Exploration Plan
2025 Gulf of America Exploration Plan 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 Hou
Slide 21: 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 Discovery Well SU TU VANG LAC DA CAM COMPLEX Planned Well • Murphy 40% (Op), PetroVietnam Exploration Murphy WI Block Producing Oil Field Production
Slide 22: 2025 Vietnam Exploration Plan
2025 Vietnam Exploration Plan Significant Resource Upside in Offshore Vietnam Cuu Long Basin Lac Da Hong-1X (Pink Camel) Exploration Well SU TU VANG • Block 15-1/05, Murphy 40% (Op), PetroVietnam Discovery Well Planned Well LAC DA CAM COMPLEX Exploration Production 35%, SK Earthon 25% Murphy WI Bloc
Slide 23: 2025 Côte d'Ivoire Exploration Plan
2025 Côte d’Ivoire Exploration Plan 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 MMB
Slide 24: Looking Ahead
LOOKING AHEAD www.murphyoilcorp.com NYSE: MUR 24
Slide 25: 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 26: 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 27: Near-Term Strategy: 2025-2026 Asset Plan
Near-Term Strategy… Maintaining Modest Production Growth From Current Assets While Testing Material Upside 2025-2026 Asset Plan Existing Producing Assets Near-Term Organic Growth Generating Low, Single-Digit Production Growth Progressing High-Impact Projects • Offshore: Executing high-return, oil-we
Slide 28: 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 29: Investor Update
INVESTOR UPDATE MARCH 2025 www.murphyoilcorp.com NYSE: MUR 29
Slide 30: Appendix
Appendix 1 Non-GAAP Definitions and Reconciliations 2 Glossary of Abbreviations 3 1Q 2025 Guidance 4 Current Fixed Price Contracts 5 Supplemental Information 6 Acreage Maps www.murphyoilcorp.com NYSE: MUR 30
Slide 31: 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 32: 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 33: 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 34: 1Q 2025 Guidance
1Q 2025 Guidance Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US – Eagle Ford Shale 18,300 4,000 21,400 25,900 – Gulf of America excluding NCI1 51,400 4,700 57,500 65,700 Canada – Tupper Montney 400 - 336,000 56,400 – Kaybob Duvernay 2,300 400 7,000 3,900 – Offshore 10,900 - - 10,
Slide 35: 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 1/1/2025 12/31/2025 Natural Gas Fixed Price Forward Sales at AECO1 50 C$3.03 1/1/2026 12/31/2026
Slide 36: 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 37: Maintaining Proved Reserves and Reserve Life
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 38: 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 39: Peer Acreage: Eagle Ford Shale
Eagle Ford Shale Peer Acreage Acreage as of Jan 28, 2025 www.murphyoilcorp.com NYSE: MUR 39
Slide 40: 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 Jan 28, 2025 www.murphyoilcorp.com NYSE: MUR 40
Slide 41: 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 Jan 28, 2025 www.murphyoilcorp.com NYSE: MUR 41
Slide 42: Gulf of America Murphy Blocks
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 43: Exploration Update: 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 44: Exploration Update: 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 45: Investor Update
INVESTOR UPDATE MARCH 2025 www.murphyoilcorp.com NYSE: MUR 45