Slide 1: Fourth Quarter 2024 Earnings Conference Call and Webcast
2024 FOURTH QUARTER EARNINGS CONFERENCE CALL AND WEBCAST JANUARY 30, 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
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 Entered Murphy 3.0 of FY 2024 Vang-1X exploration well in • Preparing for Lac Da Vang offshore Vietnam with appraisal Capital Allocation • Achi
Slide 4: 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 5: Generating High Revenue From Oil Production
Production, Pricing and Revenue Generating High Revenue From Oil Production 4Q 2024 Production 4Q 2024 Revenue by Area by Area Onshore Canada Eagle Ford Shale $80 MM Eagle Ford Shale $151 MM 30,200 BOEPD 13% 17% 24% Onshore Canada 40% 69,300 BOEPD 175 $629 MM MBOEPD 43% Offshore 75,300 BOEPD Offshor
Slide 6: Generating Income to Support Corporate Priorities
Financial Results Generating Income to Support Corporate Priorities 4Q 2024 Financial Results Net Income Attributable to Murphy 4Q 2024 FY 2024 • Net income $50 MM; adjusted net income $51 MM ($ MM except per share) Income (loss) $50 $407 • EBITDA $315 MM; adjusted EBITDA $321 MM $/Diluted share $0.
Slide 7: Strong Balance Sheet Provides Financial Flexibility for Strategic Priorities
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 8: 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 9: 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 2024E 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 10: 2024 Operations Results
2024 OPERATIONS RESULTS www.murphyoilcorp.com NYSE: MUR 10
Slide 11: Hai Su Vang-1X Discovery Update
Hai Su Vang-1X Discovery Update Cuu Long Basin, Vietnam Cuu Long Basin Hai Su Vang-1X 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 35%, SK Earthon 25% Producing Natura
Slide 12: Côte d'Ivoire Development and Exploration Update
Côte d’Ivoire Development and Exploration Update Tano Basin, Côte d’Ivoire Asset Overview Tano Basin • ~1.5 MM gross acres, equivalent to 256 Gulf of Mexico blocks CÔTE D’IVOIRE GHANA CI-102 Progressing Development and Exploration Plans Caracal Baleine CI-531 • Completed seismic reprocessing in 4Q 2
Slide 13: 2024 Onshore Update
2024 Onshore Update Consistent Production From Multi-Decade Inventory Tupper Montney – Drilling Rig 4Q 2024 Total Onshore Production 100 MBOEPD • Eagle Ford Shale 30 MBOEPD, 85% liquids • 4 operated wells online in Catarina as planned • 6 operated, 1 non-op Karnes wells drilled for 2025 completion •
Slide 14: 2024 Offshore Update
2024 Offshore Update Oil-Weighted Offshore Assets Generate High-Margin Barrels Gulf of Mexico – King’s Quay Floating Production System 4Q 2024 Total Production 75 MBOEPD, 82% Oil • Gulf of Mexico 68 MBOEPD, 80% oil • Completing operated Mormont #4 (Green Canyon 478) well, online 1Q 2025 • Progressin
Slide 15: 2025 Capital and Production Plan
2025 CAPITAL AND PRODUCTION PLAN www.murphyoilcorp.com NYSE: MUR 15
Slide 16: 2025 Capital Plan
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 17: 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 18: 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, 13 Catarina, KARNES 4 Tilden wells TILDEN • 28 gross non-operated wells online – 10 Tilden, 1
Slide 19: 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 20: 2025 Kaybob Duvernay Plan
2025 Kaybob Duvernay Plan Future Oil-Weighted Optionality Kaybob Duvernay Acreage $55 MM 2025 Capital Budget, 5 MBOEPD KAYBOB NORTH • 64% oil, 74% liquids KAYBOB EAST • 4 operated wells online • 2 operated wells drilled for 2026 completion KAYBOB Improved Field Development Plan WEST TWO CREEKS • ~42
Slide 21: 2025 Offshore Plan
2025 Offshore Plan Executing Highly-Accretive Development Projects $545 MM 2025 Offshore Capital Budget Operated 2025 Gulf of Mexico Projects 78 MBOEPD Forecast for FY 2025 Field / Facility Activity Online Delta House 1 workover 1H 2025 $410 MM for Gulf of Mexico, 68 MBOEPD King’s Quay 4 development
Slide 22: Lac Da Vang Field Development Project Update
Lac Da Vang Field Development Project Update Cuu Long Basin, Vietnam Field Overview Cuu Long Basin • Murphy 40% (Op), PetroVietnam Exploration Production 35%, Planned Well LAC DA CAM SU TU VANG SK Earthon 25% COMPLEX Murphy WI Block • 100 MMBOE estimated gross recoverable resource Producing Oil Fiel
Slide 23: 2025 Gulf of Mexico Exploration Plan
2025 Gulf of Mexico Exploration Plan Focused on Low-Risk, Infrastructure-Led Exploration 2025 Exploration Plan Gulf of Mexico 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 24: 2025 Vietnam Exploration Plan
2025 Vietnam Exploration Plan Significant Resource Upside in Offshore Vietnam Cuu Long Basin Lac Da Hong-1X, Block 15-1/05 SU TU VANG • Murphy 40% (Op), PetroVietnam Exploration Discovery Well Planned Well LAC DA CAM COMPLEX Production 35%, SK Earthon 25% Murphy WI Block • Targeting spud in 1Q 2025
Slide 25: 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 26: Looking Ahead
LOOKING AHEAD www.murphyoilcorp.com NYSE: MUR 26
Slide 27: 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 Mexico exploration • Gulf of
Slide 29: Fourth Quarter 2024 Earnings Conference Call and Webcast
2024 FOURTH QUARTER EARNINGS CONFERENCE CALL AND WEBCAST JANUARY 30, 2025 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER 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: Adjusted Earnings
Non-GAAP Reconciliation ADJUSTED EARNINGS Murphy defines Adjusted Earnings as net income attributable to Murphy1 adjusted to exclude discontinued operations and certain other items that affect comparability between periods. Adjusted Earnings is used by management to evaluate the company’s operationa
Slide 33: Non-GAAP Reconciliation: EBITDA and EBITDAX
Non-GAAP Reconciliation EBITDA and EBITDAX Murphy defines EBITDA as net income (loss) attributable to Murphy1 before interest, taxes, depreciation, depletion and amortization (DD&A). Murphy defines EBITDAX as net income (loss) attributable to Murphy before interest, taxes, DD&A and exploration expen
Slide 34: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation ADJUSTED EBITDA Murphy defines Adjusted EBITDA as net income (loss) attributable to Murphy1 before interest, taxes, depreciation, depletion and amortization (DD&A), impairment expense, discontinued operations, foreign exchange gains and losses, mark-to-market gains and losses
Slide 35: Non-GAAP Reconciliation: Adjusted EBITDAX
Non-GAAP Reconciliation ADJUSTED EBITDAX Murphy defines Adjusted EBITDAX as net income (loss) attributable to Murphy1 before interest, taxes, depreciation, depletion and amortization (DD&A), exploration expense, impairment expense, discontinued operations, foreign exchange gains and losses, mark-to-
Slide 36: 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 37: 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 38: 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 Mexico 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 - - 10,9
Slide 39: 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 40: 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 41: 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 42: 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 43: Peer Acreage: Eagle Ford Shale
Eagle Ford Shale Peer Acreage Acreage as of January 28, 2025 www.murphyoilcorp.com NYSE: MUR 43
Slide 44: 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 January 28, 2025 www.murphyoilcorp.com NYSE: MUR 44
Slide 45: 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 January 28, 2025 www.murphyoilcorp.com NYSE: MUR 45
Slide 46: Murphy Blocks: Gulf of Mexico
Gulf of Mexico Murphy Blocks PRODUCING ASSETS Gulf of Mexico 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% Kodiak
Slide 47: 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 48: 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 49: Fourth Quarter 2024 Earnings Conference Call and Webcast
2024 FOURTH QUARTER EARNINGS CONFERENCE CALL AND WEBCAST JANUARY 30, 2025 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 49