Murphy Oil Corporation · NYSE:MUR
Murphy Oil — Investor Presentation (May 2025)
46 slides from Murphy Oil's investor presentation, May 19, 2025
Slide 1: Investor Update May 2025
1 www.murphyoilcorp.com NYSE: MUR 1 INVESTOR UPDATE MAY 2025
Slide 2: Cautionary Statement
2 www.murphyoilcorp.com NYSE: MUR 2 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
3 www.murphyoilcorp.com NYSE: MUR 3 Agenda 04 01 Exploration Murphy at a Glance 05 02 Looking Ahead Murphy Priorities 06 03 Appendix Murphy 2025 Plan
Slide 4: Murphy at a Glance
4 www.murphyoilcorp.com NYSE: MUR 4 Murphy at a Glance Murphy is an independent exploration and production company, with a diverse portfolio that provides exploration upside 16% 45% 39% 157 MBOEPD 1Q 2025 Production 1 24% 22% 54% 2024 Proved Reserves 1 713 MMBOE US Onshore Offshore Canada Onshore Mu
Slide 5: Murphy Priorities
5 www.murphyoilcorp.com NYSE: MUR 5 MURPHY PRIORITIES
Slide 6: Advancing Strategic Priorities in 1Q 2025
6 www.murphyoilcorp.com NYSE: MUR 6 Advancing Strategic Priorities in 1Q 2025 Maintaining Consistent Operational Excellence Expanding Multi - Basin Portfolio Delivering Capital Allocation Commitment 1 Lost Time Injury is a workplace injury or illness that results in an employee / contractor being un
Slide 7: Capital Allocation Plan Delivers Shareholder Returns
7 www.murphyoilcorp.com NYSE: MUR 7 Capital Allocation Plan 1 Delivers Shareholder Returns 1 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 opportun
Slide 8: Strong Balance Sheet Underpins Financial Flexibility
8 www.murphyoilcorp.com NYSE: MUR 8 • Maintaining ample liquidity with senior unsecured credit facility and cash on hand • Targeting long - term debt of $1.0 billion • No near - term debt maturities Strong Balance Sheet Underpins Financial Flexibility Conservative Financial Policies Strategic Market
Slide 9: Gulf of America Pioneer FPSO Acquisition
9 www.murphyoilcorp.com NYSE: MUR 9 Gulf of America Walker Ridge Area Offshore Platform FPSO Murphy WI Block Discovery Key Exploration Project Miles 50 0 Front Runner Medusa Liberty Longclaw Powerball Ninja Cascade Chinook Lucius St. Malo Rushmore King’s Quay Zephyrus Strategic, Value - Creating Pio
Slide 10: Murphy 2025 Plan
10 www.murphyoilcorp.com NYSE: MUR 10 MURPHY 2025 PLAN
Slide 11: 2025 Capital and Production Plan
11 www.murphyoilcorp.com NYSE: MUR 11 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 • $300 MM accrued CAPEX Maintaining FY 2025 Guidance • 174.5 – 182.5 MBOEPD, 50% oil, 5
Slide 12: Eagle Ford Shale Update
12 www.murphyoilcorp.com NYSE: MUR 12 Eagle Ford Shale Update Enhancing Portfolio Through Capital Efficiency Gains 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 history at 13,976 ft in Catarina 2Q 2025
Slide 13: Tupper Montney Update
13 www.murphyoilcorp.com NYSE: MUR 13 Tupper Montney Update Capital Efficiencies Gained Through Improved Field Development Plan 1Q 2025 340 MMCFD Net, 100% Natural Gas • 5 operated wells online • Drilled the two longest Tupper Montney laterals in company history at 13,881 ft and 13,602 ft 2Q 2025 Pl
Slide 14: Kaybob Duvernay Update
14 www.murphyoilcorp.com NYSE: MUR 14 Kaybob Duvernay Update Future Oil - Weighted Optionality Acreage as of May 5 , 2025 1Q 2025 4 MBOEPD, 58% Oil, 71% Liquids • No new wells online • Progressed 2025 drilling program 2025 Plan • 4 operated wells online in 3Q 2025 • 2 operated wells drilled for 2026
Slide 15: Offshore Update
15 www.murphyoilcorp.com NYSE: MUR 15 Offshore Update Executing Highly - Accretive Development Projects Total Offshore 1Q 2025 71 MBOEPD, 83% Oil Gulf of America 1Q 2025 62 MBOEPD, 81% Oil • Operated Mormont #4 well online in 1Q 2025 • Operated Samurai #3 workover online in 2Q 2025 • Progressing ope
Slide 16: Lac Da Vang (Golden Camel) Field Development Project Update
16 www.murphyoilcorp.com NYSE: MUR 16 Lac Da Vang (Golden Camel) Field Development Project Update Cuu Long Basin, Vietnam Acreage as of May 5, 2025 1 Lost Time Injury is a workplace injury or illness that results in an employee / contractor being unable to perform their regular duties for at least o
Slide 17: Benefits of Multi-Basin Portfolio
17 www.murphyoilcorp.com NYSE: MUR 17 Benefits of Multi - Basin Portfolio Oil - Weighted Offshore Assets Generate High - Margin Barrels World - Class Offshore Operating Capabilities Create Competitive Advantage • Offshore projects are among the highest - returning investments in portfolio • Oil - we
Slide 18: Exploration
18 www.murphyoilcorp.com NYSE: MUR 18 EXPLORATION
Slide 19: Exploration Strategy Overview
19 www.murphyoilcorp.com NYSE: MUR 19 Exploration Strategy Overview Key Strategies • Increasing exposure to international emerging and frontier basins • Balancing portfolio between shallow - water and deep - water opportunities • Exploiting unique combination of development and exploration opportuni
Slide 20: Gulf of America Exploration Update
20 www.murphyoilcorp.com NYSE: MUR 20 Gulf of America Exploration Area Miles 50 0 Offshore Platform Murphy WI Block Discovery Key Exploration Project Kodiak Front Runner Medusa Guilder Silver Dollar West Silver Dollar Liberty Longclaw Powerball Ninja Cascade Chinook Lucius St. Malo Whydah/Leibniz/ G
Slide 21: Lac Da Hong-1X (Pink Camel) Discovery
21 www.murphyoilcorp.com NYSE: MUR 21 Lac Da Hong - 1X (Pink Camel) Discovery Cuu Long Basin, Vietnam Acreage as of May 5, 2025 Lac Da Hong - 1X (Pink Camel) Oil Discovery, Block 15 - 1/05 • Murphy 40% (Op), PetroVietnam Exploration Production 35%, SK Earthon 25% • Encountered 106 feet of net oil pa
Slide 22: Hai Su Vang-1X (Golden Sea Lion) Discovery Update
22 www.murphyoilcorp.com NYSE: MUR 22 Hai Su Vang - 1X (Golden Sea Lion) Discovery Update Cuu Long Basin, Vietnam Acreage as of May 5, 2025 Hai Su Vang - 1X (Golden Sea Lion) Oil Discovery, Block 15 - 2/17 • Murphy 40% (Op), PetroVietnam Exploration Production 35%, SK Earthon 25% • Encountered 370 f
Slide 23: Côte d'Ivoire Exploration Update
23 www.murphyoilcorp.com NYSE: MUR 23 Acreage as of May 5, 2025 1 Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire 2 Kobus was previously named Hibou Côte d’Ivoire Exploration Update Initiating Three - Well Exploration Program 2025 Exploration Plan • Civette (Block CI - 502), Murphy 90
Slide 24: Looking Ahead
24 www.murphyoilcorp.com NYSE: MUR 24 LOOKING AHEAD
Slide 25: North America Onshore Locations
25 www.murphyoilcorp.com NYSE: MUR 25 North America Onshore Locations 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 improvement
Slide 26: Offshore Development Opportunities
26 www.murphyoilcorp.com NYSE: MUR 26 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 27: 2025-2026 Asset Plan
27 www.murphyoilcorp.com NYSE: MUR 27 2025 - 2026 Asset Plan 1 Near - Term Strategy… Maintaining Modest Production Growth F rom Current Assets While Testing Material Upside Capital Allocation Plan • Allocating a minimum of 50% of adjusted FCF 3 to share buybacks and potential dividend increases • Pr
Slide 28: Long-Term Asset Plan
28 www.murphyoilcorp.com NYSE: MUR 28 Long - Term Asset Plan Strategy is as of Jan 28, 2025. Assumes $75 WTI oil price, $3.75 Henry Hub natural gas price and no exploration success 1 Eagle Ford Shale and Kaybob Duvernay combined inventory assumes an annual 30 - well program 2 Tupper Montney inventor
Slide 29: 29 www.murphyoilcorp.com NYSE: MUR 29 INVESTOR UPDATE MAY 2025
29 www.murphyoilcorp.com NYSE: MUR 29 INVESTOR UPDATE MAY 2025
Slide 30: Appendix
30 www.murphyoilcorp.com NYSE: MUR 30 Appendix Non - GAAP Definitions and Reconciliations Glossary of Abbreviations 2Q 2025 Guidance Supplemental Information Current Fixed Price Contracts Acreage Maps 1 2 3 4 5 6
Slide 31: Non-GAAP Financial Measure Definitions and Reconciliations
31 www.murphyoilcorp.com NYSE: MUR 31 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. Th
Slide 32: Non-GAAP Reconciliation Adjusted Free Cash Flow
32 www.murphyoilcorp.com NYSE: MUR 32 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 co
Slide 33: Non-GAAP Reconciliation Free Cash Flow
33 www.murphyoilcorp.com NYSE: MUR 33 Non - GAAP Reconciliation Free Cash Flow Presented below is free cash flow (a non - GAAP financial measure calculated as net cash provided by continuing operations activit ies, less non - cash working capital changes, property additions and dry hole costs). Mana
Slide 34: Glossary of Abbreviations
34 www.murphyoilcorp.com NYSE: MUR 34 Glossary of Abbreviations 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
Slide 35: 2Q 2025 Guidance
35 www.murphyoilcorp.com NYSE: MUR 35 2Q 2025 Guidance Total (BOEPD) Gas (MCFD) NGLs (BOPD) Oil (BOPD) Producing Asset 34,200 25,700 4,700 25,200 US – Eagle Ford Shale 64,600 53,700 4,300 51,300 – Gulf of America excluding NCI 1 70,500 421,000 - 300 Canada – Tupper Montney 3,700 7,100 400 2,100 – Ka
Slide 36: Current Fixed Price Contracts
36 www.murphyoilcorp.com NYSE: MUR 36 Current Fixed Price Contracts End Date Start Date Price (MCF) Volumes (MMCF/D) Type Commodity 12/31/2025 4/1/2025 C$2.75 40 Fixed Price Forward Sales at AECO 1 Natural Gas 12/31/2026 1/1/2026 C$3.03 50 Fixed Price Forward Sales at AECO 1 Natural Gas As of May 5,
Slide 37: Environmental Stewardship and Governance
37 www.murphyoilcorp.com NYSE: MUR 37 CONTINUED ENVIRONMENTAL STEWARDSHIP STRONG GOVERNANCE OVERSIGHT POSITIVELY IMPACTING OUR PEOPLE AND COMMUNITIES ADVANCING OUR CLIMATE GOALS 15 - 20% REDUCTION IN GHG EMISSIONS INTENSITY by 2030 compared to 2019 HIGHEST WATER RECYCLING VOLUME in company history Z
Slide 38: Maintaining Proved Reserves and Reserve Life
38 www.murphyoilcorp.com NYSE: MUR 38 24% 22% 54% 2024 Proved Reserves Maintaining Proved Reserves and Reserve Life • 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 related to the waterflood proj
Slide 39: North America Onshore Well Locations
39 www.murphyoilcorp.com NYSE: MUR 39 North America Onshore Well Locations Gross Remaining Locations Inter - Well Spacing (ft) Reservoir Net Acres Area 92 300 Lower EFS 10,155 Karnes 127 850 Upper EFS 99 1,100 Austin Chalk 174 600 Lower EFS 61,611 Tilden 51 1,200 Upper EFS 67 1,200 Austin Chalk 178
Slide 40: Eagle Ford Shale Peer Acreage
40 www.murphyoilcorp.com NYSE: MUR 40 Eagle Ford Shale Peer Acreage Acreage as of May 5, 2025
Slide 41: Kaybob Duvernay Peer Acreage
41 www.murphyoilcorp.com NYSE: MUR 41 Kaybob Duvernay Peer Acreage Paramount CNRL Murphy Kiwetinohk Cenovus Veren Whitecap Other Leased Open Crown Facility Battery PCC GMT Hitic Halo Acreage as of May 5, 2025 Cygnet Duvernay Energy 6 Miles Logan
Slide 42: Tupper Montney Peer Acreage
42 www.murphyoilcorp.com NYSE: MUR 42 Acreage as of May 5, 2025 ARC Montney Tourmaline Montney Advantage Montney Other Competitors Open Crown Shell Montney Ovintiv Montney Birchcliff Montney TCPL Pipeline Murphy Facility Battery Murphy Pipeline 0 10 Miles Peyto Montney Tupper Montney Peer Acreage
Slide 43: Gulf of America Murphy Blocks
43 www.murphyoilcorp.com NYSE: MUR 43 Gulf of America Murphy Blocks Acreage as of May 5, 2025 1 Excluding noncontrolling interest 2 Anadarko is a wholly - owned subsidiary of Occidental Petroleum PRODUCING ASSETS Murphy WI 1 Operator Asset 80% Murphy Cascade 86% Murphy Chinook 80% Murphy Clipper 56%
Slide 44: Exploration Update Sergipe-Alagoas Basin, Brazil
44 www.murphyoilcorp.com NYSE: MUR 44 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 • Evaluatin
Slide 45: Exploration Update Potiguar Basin, Brazil
45 www.murphyoilcorp.com NYSE: MUR 45 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
Slide 46: 46 www.murphyoilcorp.com NYSE: MUR 46 INVESTOR UPDATE MAY 2025
46 www.murphyoilcorp.com NYSE: MUR 46 INVESTOR UPDATE MAY 2025