Slide 1: Third Quarter 2025 Earnings Conference Call and Webcast
2025 THIRD QUARTER EARNINGS CONFERENCE CALL AND WEBCAST NOVEMBER 6, 2025 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER 3Q 2025 Earnings Presentation 0 0
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: Murphy at a Glance
MURPHY AT A GLANCE An independent exploration and production Onshore Canada company with a diverse portfolio that provides operational flexibility and exploration upside Offshore Canada Eagle Ford Shale Strategic Balanced History of Gulf of America Capital Risk and Strong Allocation Growth Execution
Slide 4: Unique Investment Proposition
UNIQUE INVESTMENT PROPOSITION Multi-basin Portfolio with Transformative Operational Exploration Upside FLEXIBILITY 1 BBOE+ to respond to macro cycles unrisked gross resource potential Financial Discipline Driving Decades of Shareholder Returns High-quality Inventory $4.4 BN 50 YEARS Cumulative share
Slide 5: Strong Balance Sheet and Shareholder Returns
STRONG BALANCE SHEET AND SHAREHOLDER RETURNS Financial Highlights Liquidity of Free Cash Flow of Returned $240 MM to shareholders ~$1.6 billion1 $192 MM YTD2 YTD 2025; $46 MM in 3Q 2025 Maintaining $550 MM Board Minimum of 50% of adjusted FCF2 low leverage authorized share allocated to shareholder r
Slide 6: Advancing Strategic Priorities in 3Q
ADVANCING STRATEGIC PRIORITIES IN 3Q Maintaining Consistent Expanding Return of Capital Operational Excellence Multi-basin Portfolio and Debt Reduction Produced Spud Hai Su Vang-2X Paid down 200 MBOEPD appraisal well on 94 MBOPD October 2 $50 MMof debt Eagle Ford Shale wells online in 3Q Progressed
Slide 7: Production, Pricing and Revenue
PRODUCTION, PRICING AND REVENUE Generating Solid Revenue From Oil Production 11% 25% 3Q 2025 Eagle Ford Shale 3Q 2025 34% Eagle Ford Shale 41% 49,000 BOEPD $232 MM Production Revenue Offshore Offshore 200 68,000 BOEPD Onshore Canada $681 $376 MM Onshore Canada MBOEPD 83,000 BOEPD Million $72 MM 55%
Slide 8: Operations and Exploration Update
OPERATIONS AND EXPLORATION UPDATE 3Q 2025 Earnings Presentation 7 7
Slide 9: 3Q Operations Highlights
3Q OPERATIONS HIGHLIGHTS Onshore RECORD Eagle Ford Shale 9% 94% Onshore Canada 5 132 MBOEPD 29% OIL 6% NGL TOTAL ONSHORE PERFORMANCE REDUCTION HIGHER MONTHS PRODUCTION 65% GAS Three wells online in 3Q were in completion cost per realized natural gas price of full plant capacity all-time top wells dr
Slide 10: Vietnam Field Development Project on Track
VIETNAM FIELD DEVELOPMENT PROJECT ON TRACK Lac Da Vang (Golden Camel) Development Project Updates Lac Da Vang (Golden Camel) – Rig Mobilization • Installed LDV-A platform jacket in 4Q 2025 • Spud first development well in 4Q 2025 • Targeting first oil in 4Q 2026 • Development through 2029 Field Over
Slide 11: Exploring Beyond Shale
EXPLORING BEYOND SHALE Leveraging unique offshore capabilities to drive shareholder value Proven Offshore Expertise Gulf of America Data-driven portfolio with diverse shallow and deepwater capital-efficient projects Vietnam Côte d’lvoire Sustainable, Organic Growth Strategy balances existing produci
Slide 12: Executing Exploration Program as Planned
EXECUTING EXPLORATION PROGRAM AS PLANNED Côte d’Ivoire Vietnam Gulf of America Testing three independent plays Sharpening resource estimate Infrastructure-led exploration range for Hai Su Vang discovery Civette, 90% WI On Cello #1, 40% WI 4Q 440 – 1,000 MMBOE1 | 4Q 2025 Track 4Q 2025 2025 HSV-2X, 40
Slide 13: Looking Ahead
LOOKING AHEAD 3Q 2025 Earnings Presentation 12 12
Slide 14: 2025 Capital and Production Plan
2025 CAPITAL AND PRODUCTION PLAN FY 2025E CAPEX 4Q 2025 Guidance FY 2025 Guidance By Area 176 – 184 MBOEPD 174.5 – 182.5 MBOEPD 9% 2% 48% oil, 54% liquids volumes 48% oil, 55% liquids volumes 12% 36% $392 MM $1,135 - $1,285 MM Accrued CAPEX Accrued CAPEX1 $1,210 12% Million FY 2025 Onshore Wells Onl
Slide 15: 4Q 2025 Guidance
4Q 2025 GUIDANCE Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US – Eagle Ford Shale 25,000 6,100 31,200 36,300 – Gulf of America excl. NCI1 50,000 4,000 49,500 62,300 Canada – Tupper Montney 200 - 403,700 67,500 – Kaybob Duvernay 3,600 500 8,300 5,500 – Offshore 8,200 - - 8,200 Ot
Slide 16: Near-Term Strategy Sets Up for Long-Term Success
NEAR-TERM STRATEGY SETS UP FOR LONG-TERM SUCCESS Multi-Basin Portfolio Provides Long Runway of Opportunities Near-Term Asset Plan Long-Term Asset Plan Modest Production Growth in Existing Producing Assets Maintaining Onshore Investment Optionality in Existing • Offshore: Executing high-return, oil-w
Slide 17: Appendix
APPENDIX 3Q 2025 Earnings Presentation 16 16
Slide 18: Supplemental Information
SUPPLEMENTAL INFORMATION Capital Allocation Plan The timing and magnitude of debt reductions and share repurchases will largely depend on oil and natural gas prices, development costs and operating expenses, as well as any high-return investment opportunities. Because of the uncertainties around the
Slide 19: Glossary of Abbreviations
GLOSSARY OF ABBREVIATIONS AECO: Alberta Energy Company, the Canadian EBITDAX: Income from continuing operations MM: Millions benchmark price for natural gas before taxes, depreciation, depletion and MMBOE: Millions of barrels of oil equivalent amortization, net interest expense, and API: American Pe
Slide 20: 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 21: Non-GAAP Reconciliation: Adjusted Free Cash Flow
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 22: Non-GAAP Reconciliation: Adjusted Free Cash Flow
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 23: Non-GAAP Reconciliation: Leverage
NON-GAAP RECONCILIATION Leverage Murphy defines leverage (a non-GAAP financial ratio) as total debt, including finance lease obligations, divided by adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)1 attributable to Murphy2 (non-GAAP). Management believes this informat
Slide 24: 2025 Sustainability Report Highlights
2025 SUSTAINABILITY REPORT HIGHLIGHTS CONTINUED POSITIVELY IMPACTING OUR STRONG ENVIRONMENTAL STEWARDSHIP PEOPLE AND COMMUNITIES GOVERNANCE OVERSIGHT CLIMATE GOALS 58 % TOTAL RECORDABLE INCIDENT RATE (TRIR) from 2019 to 2024 WELL DEFINED BOARD AND MANAGERIAL OVERSIGHT AND MANAGEMENT OF ESG MATTERS 1
Slide 25: 3Q 2025 Asset Updates
3Q 2025 ASSET UPDATES Eagle Ford Shale Tupper Montney Kaybob Duvernay Gulf of America Offshore Canada 49.3 MBOEPD 466 MMCFD 5.0 MBOEPD 62.4 MBOEPD 5.5 MBOPD 70% Oil | 87% Liquids 100% Natural Gas 65% Oil | 74% Liquids 80% Oil | 87% Liquids 100% Oil 10 operated wells Record quarterly 4 operated wells
Slide 26: Gulf of America Exploration
GULF OF AMERICA EXPLORATION Focused on Low-Risk, Infrastructure-Led Exploration Gulf of America Exploration Area 2025 Exploration Plan Ocotillo #1 • Prospects located near Murphy-operated Delta House FPS1 Silver Dollar Silver Dollar West • Cello #1 (Mississippi Canyon 385) Powerball Medusa Delta Hou
Slide 27: Vietnam Exploration
VIETNAM EXPLORATION Hai Su Vang (Golden Sea Lion) Discovery, Block 15-2/171 Cuu Long Basin • Hai Su Vang – 1X exploration well encountered 370 feet of net oil pay from two reservoirs, drilled in 149 feet of water • In-line with pre-drill mean to upward gross resource potential • 170 MMBOE – 430 MMBO
Slide 28: Côte d'Ivoire Exploration
CÔTE D’IVOIRE EXPLORATION Initiating Three-Well Exploration Program 2025 Exploration Plan Tano Basin • Civette (Block CI-502)1 CÔTE D’IVOIRE GHANA CI-102 • Targeting spud in 4Q 2025 Caracal Baleine • Mean to upward gross resource potential CI-531 CI-502 • 440 MMBOE – 1,000 MMBOE Jubilee • Signed con
Slide 29: 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 10/1/2025 12/31/2025 Natural Gas Fixed Price Forward Sales at AECO1 50 C$3.03 1/1/2026 12/31/2026
Slide 30: 2024 Proved Reserves
2024 PROVED RESERVES Maintaining Proved Reserves and Reserve Life 2024 Proved Reserves By Area • Total proved reserves of 713 MMBOE at YE 2024, 83% total reserve replacement • Added ~12 MMBOE of proved reserves for non-operated St. Malo primarily 24% related to the waterflood project US Onshore • 59
Slide 31: North America Onshore Well Locations
NORTH AMERICA ONSHORE WELL LOCATIONS Eagle Ford Shale Operated Well Locations Tupper Montney Well Locations Gross Inter-Well Gross Remaining Inter-Well Remaining Area Net Acres Reservoir Spacing (ft) Locations Area Net Acres Spacing (ft) Locations Lower EFS 300 92 Tupper Montney 118,235 984 - 1,323
Slide 32: North America Onshore Locations
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 all > 20 years of inventory < $50 / BBL WTI price environments ~ 50 years of total inventory
Slide 33: Offshore Development Opportunities
OFFSHORE DEVELOPMENT OPPORTUNITIES Multi-Year Inventory of High-Return Projects Resources To Be Developed By Year Percent MMBOE by Year Diversified, Low Breakeven Opportunities in Offshore Portfolio • Multi-year inventory of identified offshore projects in portfolio 28% 17% • Maintaining annual offs
Slide 34: Gulf of America
GULF OF AMERICA PRODUCING ASSETS Gulf of America Exploration Area Asset Operator Murphy WI1 Ocotillo #1 Cascade Murphy 80% Silver Dollar Chinook Murphy 86% Silver Dollar West Clipper Murphy 80% Delta House Dalmatian Murphy 56% Powerball Medusa Dalmatian S. Front Runner Murphy 50% Kodiak Zephyrus Cel
Slide 35: Third Quarter Earnings
2025 THIRD QUARTER EARNINGS CONFERENCE CALL AND WEBCAST NOVEMBER 6, 2025 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER 3Q 2025 Earnings Presentation 34 34