Let's turn the conference over to Kelly Whitley, Vice President, Investor Relations and Communications. Please go ahead. Good morning, everyone, and thank you for joining us on our fourth quarter earnings call today. Joining us is Roger Jenkins, President and Chief Executive Officer, along with David Looney, Executive Vice President and Chief Financial Officer, and Eric Hambly, Executive Vice President, Operations. Please refer to the informational slides we have placed on the investor relations section of our website as you follow along with our webcast today. Throughout today's call, production numbers, reserves, and financial amounts are adjusted to exclude non-controlling interest in the Gulf of Mexico. Please keep in mind that some of the comments made during this call will be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. As such, no assurances can be given that these events will occur or that the projections will be attained. A variety of factors exist that may cause actual results to differ. For further discussions of risk factors, see Murphy's 2019 annual report on Form 10-K on file with the SEC. Murphy takes no duty to publicly update or revise any forward-looking statements. I will now turn the call over to Roger Jenkins. Good morning, Kelly. Thank you, everyone, for calling in today. Before we get started reviewing our 2020 and looking forward day to day, I would like to address the recent actions taken by the Biden-Harris administration. Murphy, like all operators across federal lands in the United States, is disappointed but not at all surprised by recent actions. Unfortunately, as a matter of public policy, we believe their efforts is misguided. U.S. emissions peaked over a decade ago in the United States and continue to fall every year. Growth in worldwide greenhouse gas emissions comes primarily from the Far East, Southeast Asia, and Africa. These new initiatives will punish domestic producers and workers but will not lower worldwide emissions. Ironically, any policy that includes the Gulf of Mexico actually hurts the carbon footprint as the Deepwater Gulf has the lowest carbon intensity of all of the E&P business. Last week, the U.S. Department of Interior announced a temporary suspension of delegated authority for 60 days. It is important to note that this order does not limit existing operations under valid leases and provides a method for obtaining necessary approvals. There is potential for delay in consolidation of approval authority. However, to date, we have been pleased with the progress and are moving forward. Murphy is well-positioned to continue execution of our short-term and long-term projects, including Khaleesi, Mormont, Samurai, and our non-operated projects based on approvals in hand, discussions with our regulators, and progress made in the last week obtaining actual approvals to conduct ongoing operations on current leases. We've also seen in the past 2 weeks over 20 approvals given for work in the Gulf of Mexico to not only us, but our peers. Yesterday, the White House announced a pause on new oil and natural gas leasing on federal land and waters pending completion of a comprehensive review and reconsideration of federal oil and gas permitting and leasing practices. This action is also not surprising. Existing and ongoing lease work was not included in the announcement. The administration's recent actions have confirmed the viability of our company strategy and increased the value of our diverse global portfolio. This includes large private U.S. onshore acreage, both onshore and offshore Canada assets, and a robust international exploration portfolio, including offshore Mexico, Brazil, and Vietnam. As you can imagine, there are many pieces here moving forward. We expect once the dust settles, that permitting approvals will return to a process we can work with. It's not in the government's best interest to halt operations in the Gulf for host of financial and legal reasons. Again, we have a diverse portfolio, and all these actions are highly likely to increase oil prices, which will be in our favor over time. That's all I have on this comment today on these remarks, and return to slide two. Murphy remained steadfast in our strategy despite the turmoil of 2020, maintaining our diverse portfolio while operating in a safe, sustainable and physically responsible manner. Our capital discipline leads to a targeted flatter oil production profile with additional free cash flow generation coming from the recently announced Tupper-Montney development, along with long-term price recovery scenario. We remain focused on our shareholders through our longstanding dividend, our employees, contractors, and communities by establishing and practicing our successful COVID-19 protocols. Our portfolio continues to span onshore and offshore locations in both U.S. and Canada, which offers many advantages in today's times. Lastly, Murphy remains a strong company making exploration program on existing acreage in both the Gulf of Mexico and internationally. Slide three. Following the OPEC price war and beginning of the COVID-19 global pandemic last year, we focused on a few primary areas to solidify the company and remain competitive over the long term with multi-basin operations. Murphy completed a significant company-wide reorganization, resulting in reduced G&A costs, as well as lowered our overall cost structure and capital program. Our focus on maximizing free cash flow and maintaining liquidity with the support of crude oil hedges and natural gas forward sale contracts led to the sanctioning of the low-risk Tupper-Montney development and reduced capital allocation toward growing shale oil production. Additionally, we continue to support development plans for both long-term Deepwater Gulf projects, as well as our international exploration program. Slide four. Murphy produced an average of 149,000 barrels equivalent per day in the fourth quarter. These volumes include impacts totaling nearly 4,000 barrels equivalent from two subsea equipment issues, with production expected to restart in the first quarter 2021. The unplanned events in the Gulf of Mexico were partially offset by strong North America onshore performance. Our cash CapEx totaled $111 million for the quarter, inclusive of $1 million in NCI spending. On an accrued basis, CapEx totaled $130 million net to Murphy, excluding King's Quay. Prices continued to improve in the fourth quarter with oil realizations at an average of $42, the highest of course seen since quarter one, and natural gas at $2.36 per thousand cubic feet, also far ahead of prior quarters. On slide five. Our full year 2020 production averaged 164,000 barrels of oil per day. It's a dynamic year. We experienced a record-breaking hurricane season following historically low prices, resulting in industry-wide production shutdowns for a short period. Overall, for the year, we averaged nearly $38 per barrel for realized oil prices, with $1.85 per thousand cubic feet for natural gas. Cash CapEx for the year totaled $760, which included $23 million of NCI CapEx. On an accrued basis, CapEx totaled $712 million, excluding King's Quay and NCI spending as per our guidance. On reserves on slide six, proved reserve base remained sizable at year-end 2020, with 697 million barrels oil equivalent, comprised of 41% liquids and 51% proved developed. Proved reserve life is maintained at more than 11 years. Overall, our total proved reserves were 13% lower from the year-end 2019 due to two primary events. The first was the combination of lower SEC crude oil prices, along with Murphy's shift in focus away from oil shale production growth, which resulted in transfer of Eagle Ford Shale and Kaybob Duvernay PUDs to probable reserves. The change in capital allocation of the current 5-year plan reduced PUDs by over 100 million barrels equivalent. Separately, the sanction of the Tupper Montney development in the fourth quarter resulted in conversion of probable reserves and contingent resources to proven undeveloped, totaling nearly 100 million barrels equivalent. On page seven, while total proved reserves are lower year-over-year, our North American onshore proved plus probable resource remained near 2.5 billion barrels oil equivalent. We maintain the ability to rebook our onshore shale PUDs with adjusted capital plan in the future if we decide to do so, as the reserve transfers were based on capital timing and not subsurface risk. As in any resource booking, it would also depend on prices, cost structure at the time, and a five-year planning cycle change. Overall, Murphy continues to hold more than 3,400 undrilled locations across onshore North America. Further, our U.S. onshore Eagle Ford Shale position is located on private lands. I'm now going to turn it over to David Looney, our CFO, and let him update us on some financial information. David? Thank you, Roger, and good morning. Slide eight. Murphy reported a net loss of $172 million, or a $1.11 net loss per diluted share for the fourth quarter of 2020. After-tax adjustments, including, but not limited to, a non-cash mark-to-market loss on crude oil derivative contracts and contingent consideration totaling $159 million, resulted in an adjusted net loss of $14 million, or a $0.09 adjusted net loss per diluted share. Slide nine. Improving commodity prices led to further strengthening in revenue for the quarter. Overall, our net cash provided by continuing operations rose to $225 million in the fourth quarter, including a $13 million cash outflow from a working capital increase. When combined with property additions and dry hole costs of $135 million, including $38 million for King's Quay, we had positive free cash flow of $90 million in the quarter. Regarding King's Quay, the producer and owner groups continue to make good progress on the array of legal documents, and we look forward to a closing possibly within the next few weeks. For full year 2020, our net cash from continuing operations of $803 million included a $39 million outflow from working capital. Property additions and dry hole costs of $859 million, including King's Quay spending of $113 million, resulted in a negative free cash flow of $56 million for the year. If we exclude the King's Quay expenditures for the year, we would have had positive free cash flow of more than $55 million. We continue to maintain a high level of liquidity with $1.7 billion at year-end, including $311 million of cash and equivalents at December 31st. With our focus on cost reduction measures throughout 2020, we've achieved significantly lower G&A with an approximately 40% reduction in full-year costs from 2019. Lastly, Murphy continues to protect its future cash flow with the addition of 2021 and 2022 crude oil hedges, as well as fixed price forward sales contracts for a portion of our Tupper Montney production through 2024. Slide 10. Liquidity remains a key focus for Murphy, and our balance sheet remains strong with $1.4 billion available under our $1.6 billion senior unsecured credit facility, as well as $311 million of cash and equivalents as of December 31st. We reiterate our goal of reducing our total debt level over time with excess cash flow. This reduced leverage will give us even more resilience through the inevitable commodity price cycles to come. With that, I'll now turn it back over to Roger. Thank you, David. On slide 12, as a company, we're responsible to the environment, employees, and our stakeholders, and have a long history of protecting all, in part due to our strong internal governance processes. I'm particularly proud of how quickly the team established COVID-19 protocols to maintain safe offshore operations. We had zero downtime or disruptions due to those efforts. Murphy achieved another year of low metrics, including 46% reduction year-over-year in total recordable incidents. We expanded our internal diversity inclusion practices and programs and maintained a program to aid impacted employees in times of need through our disaster relief foundation, which we used this summer with hurricane relief on the Louisiana coast. Our operations teams continue their work on minimizing our environmental impact, such as building a new produced water handling system to recycle water in our sanctioned Tupper Montney project, as well as utilizing bi-fuel hydraulic frac spreads on all well completions in Canada, which results in considerable CO2 emissions reductions. While smaller changes individually, they add up to a larger impact over time. On slide 13, on sustainability, last fall, we released our 2020 sustainability report, which features expanded disclosures and metrics. A key highlight of it is our goal of reducing greenhouse gas emissions intensity by 15%-20% by 2030 from 2019. The report also outlines diversity disclosures, workforce development, employee engagement programs. Murphy's also expanded our HSE board committee to include oversight of corporate responsibility, we formed an ESG executive committee and created a new director of sustainability role. We've taken many steps, and we continue to evolve and advance our sustainability efforts. On slide 15 on the Eagle Ford Shale business, we produced 31,000 barrels equivalents per day in the fourth quarter, comprised of 71% oil. For the full year, production averaged 36,000 barrels equivalents per day with $197 million of CapEx, which includes near $50 million for field development as well. We brought online 25 operated and 10 non-operated wells earlier in that year. The team continued their efforts on improving well performance and high-grading production enhancing projects through facility and artificial lift optimization. Murphy's seeing an average base decline rate of 24% for all wells drilled prior to 2021, which in our view is very well positioned. On slide 16, on the Kaybob/Duvernay project, the company produced 10,000 barrels equivalent oil per day in the fourth quarter, comprised of 75% liquids, and averaged 11,000 barrels equivalent per day for the full year. Overall, Murphy spent $94 million in CapEx during the year, including Placid Montney, bringing online 16 operated wells in Kaybob and 10 non-operated wells in Placid. Also in 2020, Murphy completed its drilling program to hold all acreage, resulting in full discretionary future development. Most notable in the second quarter in the Kaybob East 15-19 pad, which is achieving significant results as our best well in Kaybob/Duvernay so far, ranking in the top 2% of all Murphy unconventional wells. Overall, it's competitive with our top-producing wells in Karnes County in the Eagle Ford Shale. Slide 17, in the Tupper Montney, we produced 234 million per day in the fourth quarter and averaged 238 million cubic feet per day full year 2020. Approximately $14 million of CapEx was spent during the year to drill four wells with completions planned this year and ongoing. The Tupper Montney plant expansion was completed during the fourth quarter. Since our last earnings call, Murphy has added significant fixed-price forward sale contracts at AECO Hub through 2024, which combined with improving basis differentials and higher prices, as well as higher EURs, can lead to stronger free cash flow generation. Slide 19, the Gulf of Mexico. Our assets there produced 63,000 barrels equivalent of oil per day in the fourth quarter, comprised of 78% oil. Production volumes were impacted by nearly 4,000 barrels of oil equivalent per day on unplanned downtime due to two subsea equipment issues, in addition to previously guided hurricane downtime in the fourth quarter. Full year 2020 production averaged 70,000 barrels equivalent per day. Short-term projects continue to progress with operated Calliope on schedule for first oil in the second quarter. Non-operated wells in various stages of completions and tie-ins, and we expect oil to begin flowing in the first half of the year to plan. In the Gulf of Mexico, slide 20, on major projects, we remain on schedule with King’s Quay construction at 90% complete and drilling beginning in the second quarter for Khaleesi/Mormont Samurai development. The non-operated St. Malo. On slide 22, in exploration, we participated in the latest OCS Gulf of Mexico lease sale during the fourth quarter, and we were fully awarded eight blocks with five prospects at a net cost of approximately $5.3 million. As a result, our Gulf of Mexico interests today total 54 exploration blocks and 15 key prospects at this time. On slide 24, on our capital program. For 2021, Murphy plans to spend $675 million to $725 million and achieve production of 155,000 to 165,000 barrels equivalent per day. For the first quarter, we expect 157,000 barrels of oil equivalent per day. Approximately 47% of our 2021 CapEx is allocated to offshore Gulf of Mexico, with nearly all dedicated to the major long-term projects that achieve first oil in 2022. Another quarter of our 2021 CapEx is budgeted for the Eagle Ford Shale, with the remainder split between onshore continuing focus on high-margin assets in our oil-weighted portfolio, resulting in free cash flow generation after our dividend. On slide 25. Our North American onshore capital budget is $265 million in 2021. It's focused on maintaining flat production in the Eagle Ford Shale with 170 million king-operated wells and 53 non-operated wells, as well as field development, which is 30% of the total spend. Approximately $85 million is earmarked for newly sanctioned Tupper Montney development program to bring 14 wells online during the year. The remaining $10 million of CapEx supports field development and maintenance in the Kaybob Duvernay and non-operated Placid. Of note, our oil-weighted shale drilling, with more than 1,400 locations in the Eagle Ford Shale and more than 600 in the Kaybob Duvernay. Slide 26. In the Tupper Montney project, we're excited for this opportunity that the development brings to our portfolio. We're seeing lowest basis differentials in five years. Beyond that, we've continual improvement in Murphy's well economics and EURs in the area, creating sustainable, attractive cash carbon intensity in our portfolio. Lastly, the macroeconomics have shifted significantly in our favor in the last few years, with additional takeaway capacity, achieving necessary pipelines, as well as construction beginning on LNG Canada project with a planned in-service date of 2025. On slide 27. The Tupper Montney asset has been a strong, proven resource with rising EURs in recent years and ever-improving cost structure while maintaining very low subsurface risk. We've recently put in place additional fixed price forward shale contracts in 2024, approximately $215 million through 2025. Slide 28. In the fourth quarter, we farmed into an attractive play-opening trend for a 10% non-operated working interest with Chevron as operator. The first well plan is the Silverback prospect, and we will also be provided access to 12 blocks through our participation. On slide 29. We continue to progress our various exploration projects and are excited with the optionality that the non-operated position in Sergipe-Alagoas Basin in Brazil provides our company. Murphy is working with partners to mature our drilling inventory, and our partner plans to spud the first Brazil well in the second half of 2021. In the Salina Basin in Mexico on slide 30, we continue to advance our position there. We have many leads and prospects here and target spudding the first exploration well in late 2021, early 2022. Overview of the LRP on slide 32. A long-term strategy of a dynamic plan to maximize cash flow while managing CapEx after dividend remains unchanged, as is our commitment to a flatter oil production profile. Our Tupper-Montney development leads to an approximately 8% CAGR from 2021 through 2024, while oil growth remains at 3%. Through this, Murphy will generate cumulative free cash flow after dividend at our base price scenario, with significant cash flow achieved in a mid-50s oil price recovery scenario, which will achieve a sizable debt reduction. As we begin with our announcement in 2020 for a lower capital program, their average annual CapEx through 2024 is approximately $600 million, with 2022 being the peak year due to finalizing the major Gulf projects, along with increased Tupper-Montney development. Of course, we maintain a portion allocated to our exploration strategy with a target of drilling three to five wells per year. Slide 33. As we close out 2020 and lean into 2021, Murphy is sticking with our priorities of managing CapEx to support a flatter production profile, when combined with protective hedges, allows for maximum free cash flow generation, strong liquidity and debt reduction and long-term price recovery, as well as consistently paying a dividend to our shareholders. Lastly, I want to extend my sincere gratitude. We're well-positioned heading into 2021. I'll now end my remarks today and be glad to turn it over for any questions anyone may have. Thank you. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the one on your touch-tone phone. You will hear a three-tone prompt acknowledging the request. If you are using a speakerphone, please click the handset before pressing any keys. First question comes from Neal Dingmann at Truist Securities. Please go ahead. Morning, all. Roger, appreciate your prepared comments on the federal leases and permits. I'm just going to have to dive straight into that. Could you give your thoughts on, just in ballpark, how long you anticipate that your current inventory could take you? More specifically, what you all would eventually pivot towards if there was some type of ridiculous permanent federal ban and once your current assets are worked off. Well, actually, as I said, there's short-term and long-term things that we work on every day in the business. It's a business that requires communication with the regulator across several factors. We've continued to be able to do that during the suspension of authority period. We're very pleased with that. Pleased with what's going on with non-operated work on a day-to-day type basis, which in our remarks today, we talked about some subsea wells that are needing to be repaired, and that work is progressing as per even with this suspension. We're well-positioned to start our Khaleesi Mormont project and continue on. Actually, we are ahead of its target on regulatory there and have more permits than you would normally have for development this time. The permits are given pretty close to the drilling date and historically been that way in the Gulf. Well-positioned there. As far as what would we do with some kind of scenario like that, I appreciate that question. Yesterday's executive orders did not mention anything about current leasing. We're finding that everything that's ongoing, like our project, is being treated like an ongoing project, and that's the way it's being treated and being worked today. There's regulatory work going on on a normal business basis today in this building. Naturally, if there were to be some wild, outlandish moratorium, which didn't do well in the Macondo time for the government at all, we have a lot of flexibility. First step maybe would be, hey, let's just stop and have a lot more free cash flow and pay down our 22 notes with this matter, and then continue on. There wouldn't be a need to rush in to go try to duplicate things that we own. That's kind of our first step, and it's quite helpful to us in that regard, if we're able to get these projects back going again. Naturally, we have a big business. In all in all, that's a pretty wild scenario, and the work that we're doing today isn't pointing to that scenario in my view, Neal. No, I agree with you. Just my follow-up, I'll stick with the Gulf. I'm looking at that slide 22, it just really re-emphasizes just how many opportunities you have there. Just wondering, Roger, you have so many of these things, I'm looking at all the exploration projects, as you mentioned, prepared remarks, number of things coming on, not even this year, already planned for next year. I'm just wondering what makes you most excited right now? Seismic advantage in that area. We also have a couple opportunities near FrontRunner, Ninja, that we're happy about because it's nearby. We have a very exciting well to drill at Cascade Chinook in the long run. It's a downthrown fault segment. Major Wilcox plays have been very successful. It's a very big deal for us in the future, a very large type of a well that's near production. We're very happy to partner with Chevron in our new Silverback area, which is adjacent, as shown in the slide here, adjacent to some acres. A new feature. We're very excited that Chevron, again, back to our strategy of being a respected company that people want to work with. We're fortunate to be in a working relationship with a super major that's experienced in the Gulf. I feel we're really well-positioned because that's sort of a company-making thing at the right kind of working interest, but helps us de-risk our blocks if that were to be successful. Those are the highlights there, Neal. Very important. Thank you so much. No, thank you. Thank you. The next question comes from Dun McIntosh at Johnson Rice. Please go ahead. Morning, Roger. Hey, good morning. How you doing? Good. I noticed on the Eagle Ford spend for next year, $170 million, a little less than a third of that's going to be going towards what you call field development. I was hoping you could provide a little more color on what you're going to be building out there. I'll have Eric get his expertise to talk to you all the way through that and everything you need right here. Okay. When we build our capital program, what we lump into field development is pretty much everything other than wells. Building pads, flow lines, pipelines, allocation separators, people costs, things like that. It seems like a large number, but it really is more driven by the well activity. It's not like we're building a massive new facility. We're also working on electrification, some other things involving ESG in this business all the time on improving our flaring and reducing always our emissions. We have a new takeaway of pipeline in Eagle Ford to further reduce flaring that we're excited about. There's CapEx hook in those types of things as well that are required and needed and the right thing to do at this time. All right. Thank you. For a follow-up, on the Tupper Montney, congrats on getting that 10-well program sanctioned. Looking beyond that and kind of longer term with the 6% gas CAGR or 8% versus the oil over the next kind of three or four years, what are you all seeing up there that you think might be stickier, maybe from a demand perspective, an ASIP basis has gotten tightened up the most it's been in five years. Just kind of looking for some color on what all you all are. If you look at the data, it was very variable on a very poor basis, very poor, of which we then did some off-AECO type business to protect our risk, which worked very well for us at that time. The de-bottlenecking by TCPL claimed they were going to do all this capital work. They did the work both east and west, and there was a time where it was difficult to get the gas to a summer storage facility there. Now that they're needing more gas in the country and less capital available by Canadian junior players in Calgary, then the production has greatly dropped. Now we can get the gas to storage, which eliminates this very variable, very low, poor summer month type productions and shut-ins. Also, TCPL had downtime through the years, quite frankly. Because there's less 2 Bcf of less production, there's less downtime. Here we are with this big position, best lowest risk thing we ever had. We started comparing it to low oil prices. We decided this would be a great capital allocation for us. Very good from a greenhouse gas intensity perspective. We feel there's a better chance for oil to go to 60 and make a lot of cash flow on our oil flat production shale than it is for gas here to get $5, let's say. We found a unique way to book the gas in hedges that was very advantageous to us and allows us to almost book, if you will, free cash flow. These reserves are audited, completely audited by McDaniel in Canada, and have been for a long time. Eric is a former executive involving reserve auditing, so we have a top-of-the-line reserve work here. Great operations, incredible ahead of it hedging that we've done, and are really well-positioned in there. That's happened over time. Also, in Canada, they have switched coal out and have less production and need the gas, so we can get the storage. We have LNG long term there, which we are, of course, very familiar with in Malaysia. A lot of those folks involved with LNG we've worked with before, and our outstanding reputation to deliver gas in Canada, I mean, in Asia over these years through LNG will help us in the long run, in my view. All right. Thank you for all that, color. The next question comes from Leo Mariani at KeyBanc. Please go ahead. Morning, Leo. Hey, guys. Just wanted to follow up a little bit on some of those last comments. If I hear you right, sounds like you guys are much more bullish on gas than oil over the next couple of years. Maybe just kind of doing a little bit of a look back just on third quarter. You guys were certainly planning on kind of ramping up Eagle Ford here in 2021 with, I think, some higher expected volumes when oil prices were closer to $40, and now we're kind of over $50 here today on oil. Gas maybe hadn't done all that much in the last several months. It's a little bit better, but not as dramatic of an improvement. I understand you guys had facility work, and there's a lot more capacity now at Tupper, and summer outlook looks better, but just wanted to kind of confirm, are you just more optimistic about gas in the next couple of years versus oil? It just looks like to you that the returns at Tupper are just better now than Eagle Ford, despite higher oil prices? It's not at all that way as far as the bullishness to oil. We still feel oil can go up, and especially with all this regulatory. What we're trying to do and what we said was we want to plan our business on a flatter oil profile in shale, especially Eagle Ford. Because we're well-positioned there with our high oil percent and a very known customer in that area of selling of our oil as needed in that area, we feel that if we keep that flat and oil prices go up, we can make much more free cash flow. We're trying to get out of the debt business and add free cash flow and successfully handle that company. Our folks in Eagle Ford have done a great job on maintaining base and base decline, which I think is very critical. It's not that way at all. We see it as an increase in oil price as a way of keeping shale flatter and making more free cash flow, which is not uncommon, supposedly, by my peers. In Canada, price has been greatly improved, our cost structure improved. We had 15 different reasons why we needed to book that and do that. We're still only going to be making, when this project's full out, around $500 million a day. It's not like we're turning all gas and making Bcfs of gas or anything like that. It's all about, as we said before, a flatter profile with more free cash flow to significantly reduce debt and higher prices. Montney came along on top of that, and you have to say, for a project that's going to go from $240 million to $500 million and fooling around with $80 million CapEx to do that really isn't that difficult, and it's very capital efficient. It's more about a unique project that we have is in our face to be successful with our flat profile, with higher oil prices, to have more free cash flow. It's that. It's nowhere around an anti-bullishness on oil prices or anything like that, Leo, really. Okay. Sorry. Obviously, you guys talk a little about your multi-year ramp at Tupper, 8% between now and 2024, pretty robust. You guys are talking a little bit more kind of flat to 3% on the oil side. How does the Eagle Ford participate once we get out of 2021, and it looks like you're trying to maintain Eagle Ford in 2021 at fourth quarter. Is there a ramp in 2022, 2023, or 2024, or are you going to basically wait till after King's Quay comes on to kind of reallocate CapEx? What's the long-term plan for the Eagle Ford here? Our plan today is, again, to have a flat profile in Eagle Ford to set it up to make. It could probably make $500 to $600 million free cash flow over a four-to-five-year period in mid-50s oil price. That's what we wanted to do today. That's our plan today. It doesn't really have to do with King's Quay or anything like that. Again, our strategy, as you know from most of last year, was this plan. It just so happens that Montney got so positive for us that we added it on with very little change in CapEx, and it improved. It was accretive to all our metrics, our covenant metrics, our free cash flow metrics. It was accretive to everything we did, so we executed on it because our cost structure is so low. It's really that, Leo. Okay. No, that's good color. Maybe just on the Gulf of Mexico here. You guys talked about fairly significant downtime in the fourth quarter. You talked about some downtime moving into first quarter as well. Could you kind of quantify what's baked into the first quarter guide in terms of the downtime here? I was just kind of looking at your guidance, and I think you guys are saying your oil volume's going to be up around 3,000 barrels a day in the first quarter, despite the fact that you had something like 18,000 BOE per day down in the fourth quarter through storms and whatnot. I guess I'm just trying to figure out if there's a bunch of additional downtime in the first quarter. I would have thought it would have been up more. We were well-positioned going into around mid-December in the Gulf, and very well-positioned. We had two one-off subsea events happen that require some equipment to be put offshore and repaired. One was an operated field, one non-op. That is in works now to be done on both at different levels of completion, and we have that in this quarter to be recovered. We also have some very nice wells being drilled at Lucius, operated now, of course, Oxy, that we purchased through the Petrobras agreement through that formation of a JOA. That will be coming online, and we will be increasing production in the second quarter in the Gulf with all that. That's where we are on that, Leo. It was a surprise. A couple of subsea events are being fixed, and we have wells coming on at Lucius as well. Also, our Calliope well that we mentioned, and doing well. Okay. Thanks, guys. Thank you. Appreciate it. Your next question comes from Arun Jayaram at JPMorgan. Please go ahead. Yeah. Good morning. Roger, I wanted to ask you about the 2021-2024 outlook that you've highlighted on slide 32. You guys have provided an outlook of $600 million in CapEx per annum. Yeah. With a little bit of higher CapEx in 2022 with the development projects. I wondered if you could maybe help us think about the year-to-year trajectory from 2022 to 2024 in CapEx. Arun, if I wanted to give you a year-to-year trajectory, I'd put it on the slide. I have it right here in my hand. In four years, we've seen two major price collapses in our business and recover back. Guiding out year-to-year CapEx I don't think is a good idea. There's no secret that our CapEx this year, midpoint of $700, is what it is. I think very well-positioned to do what we're doing with that, with all the money that we're spending that will not contribute to oil production this year or gas. Next year's going to be higher CapEx than this year, and then we're going to be dropping down pretty drastically after that. I prefer to leave it at that right now. A lot happens in a year, but that's our plan. Through the color I provided on the prior calls about the flatter profile and more higher oil prices allowing more cash flow. That's our plan. I think the point here we're trying to make is that we've disclosed the CAGRs. We have our business that we talked about, our oil business, if you will, our offshore business, our Eagle Ford business, and the Duvernay, of course, is an almost 80% liquids business with very high prices and doing well. That business is slightly growing, which has been our plan for nine months, probably. The growth is in the Montney because it's a unique time to get into the Montney and book that, and it was available to us. Through that, though, with conservative oil prices through this four-year period, we will have cash flow cumulative above our dividend in the low 40s or mid-40s at most. In the mid-50s, we can cut our debt in half or more. That's what we're trying to do, working on. My second question is just regarding the Gulf of Mexico development program. You guys are sticking with the timeline around Khaleesi, Mormont, Samurai first oil. Based on what we know today, Roger, and stop me if I'm wrong, you've received two of the 10 permits for the program at Samurai, number three and number four, per IHS. Can you walk us through, and I think the rig arrives in April, but do you get started at Samurai and just wait for the incremental permit approvals? Do you think that we could see some permit approvals during this 60-day timeout from the DOI based on some of your commentary that you mentioned earlier? Thanks, Arun, for that. I don't know where the 10-well thing's coming from. We have a 10-well commitment on a rig to do any kind of work we want for a certain price in the Gulf of Mexico. This is a seven-well phase one development. Phase one meaning for the next few years. I think there's another couple of wells beyond 2023 or something like that. There's four existing wells in the ground out there. They've been drilled, and they're cased, and log everything. There's three wells. When I talk about this, it's Khaleesi, Mormont and Samurai, which we work as one continuous field. We have partners that are different in those. That does not matter at this time. Four existing wells, three new wells to be drilled and completed. You're correct. On a public website, we do hold two drilling permits today. You can't get the completion permit till the wells are drilled. Completion permits often lag drilling permits because a drilling program is a lot more complex and has been. It's nothing new. All the proper documentation. It would be not the norm at all to have all this approved, and I think we're well ahead to have what we have now because we are starting the work in April. I'm not going to comment on the permits we get. They know we don't need them with our schedule, if you will. They know where the rigs are. They run the business. They regulate the business. We have a great relationship with the regulator. Also, we're a very good operator in the Gulf and carry a great standing on spills. We haven't had a spill in the Gulf in over four years, a great safety record, an incredible record as to incidents of non-compliance. We're one of the leading companies. I believe that all helps. Like I said, we're well-positioned here. Now, we have submitted all these permits. As a matter of fact, the completion permits have come back to us for comments. It's quite often to ask questions on these permits. They're engaged in an ongoing field in an ongoing way. There's documentation also, when you start a development like this with the government, to outlay to them that you're going to develop this, and you have to provide that you've got a signed rig contract and the signed ability to put in the pipelines. They're part of an overall process that they know about and we are relying on, and they know this. It's going as we would anticipate, and like I said, it's only one week, but based on what we've seen, we're working with it and moving our business forward. Great. Thanks a lot for that color, Roger. No, thank you. See you soon. Your next question comes from Brian Singer at Goldman Sachs. Please go ahead. Thank you. Good morning. Good morning. Morning. To follow up further on the Tupper Montney gas, you indicated you've gotten the EUR up to what, 21 Bcf, and I wondered, A, is that a function of the longer laterals, or can you add more color on what's changed beyond that? B, is that kind of the going forward expectation for wells at and at the 11,000, the expectation for lateral lengths on a longer-term basis? I'll let Eric handle that for you, Brian, and I'll come back to any other question you might have. Brian, the well performance is driven by two things, longer laterals and also better recovery per lateral foot or lateral meter. If you go back to the beginning of our asset there, we had four Bcf wells that were about 5,000-foot laterals, and now we have 21 Bcf wells that are about 11,000, 12,000 foot. Our plan is to have about 3,000-meter laterals for this development program. You're getting a combination of improved performance per lateral foot plus longer laterals. Going forward, we don't expect to lengthen our laterals from what we've been doing over the last couple of years. Great. Thank you. Then, my follow-up is with regards to slide 32, the slide that focuses on that 2021 to 2024 plan. Can you talk a little bit more about what's baked into that? Is there a wedge at all baked into either CapEx or production, assuming any exploratory discoveries from here? Is there any kind of risking on federal land timing and timing of projects, can you talk about Vietnam, and whether there's anything there that's baked in from either a CapEx or production perspective? There's absolutely no exploration success in the plan. There never has been, and that's why this talk of delaying and permitting really doesn't do anything to our company. As we talked about earlier, we have 15 really good prospects in the Gulf on acreage that we hold, entered into another project with a super major with acreage that they hold today. Again, the executive order yesterday didn't really get into that. Vietnam is a field development that is absolutely in place. It's between 80 and 100 million barrel project. It can be developed. We've submitted the field development plan and working with the regulator there. We're used to working with regulators offshore all over the world and projects. It's about the same. As a matter of fact, people may not realize this, but most international areas copy the U.S. regulatory. We're very used to it. It's a little slower there for that, and when they get that, we could put that into our plan and look at replacing something. Today, it's not in the plan. This is what we own today, what we're doing. We're very knowledgeable about it. We do not have a delay built in on Khaleesi, Mormont, Samurai, nor St. Malo. I feel comfortable with what I understand about the projects not to do that at this time. I'd say we're ahead of schedule on Khaleesi, Mormont, Samurai, which gives us better flexibility. If anything, we're ahead there. That position in the schedule would allow for flexibility in my view, based on what I know today, is the way I feel about it, Brian. Great. Thank you. No, thank you. Thank you. The next question comes from Gail Nicholson at Stephens. Please go ahead. Morning, Gail. Good morning, Roger. Hey, I was curious on the farming opportunities. I feel like people don't fully appreciate your track record and the interest that you guys garner in that. Can you just talk about how that farming opportunities have changed over time and what you kind of see potentially in the future there? Well, there are not many operators in the Gulf at our size and nimbleness, if you will. We've been in the Gulf for a long time. We're a top four operator on gross operated production in the Gulf. Well-known. All of our executive team primarily worked super majors before. We have relationships with super majors. We're respected in that way. There's a lot of opportunity, and this idea about leasing and leasing could be delayed or no future leasing, that we have 54 exploration blocks ourselves. Can you imagine how many BP, Shell, and Chevron have? Going forward, there's been no mention of stopping that at this point. Could be, it hasn't been that way. We'll be able to look at all kinds of things in the Gulf going forward, the way the regulation and executive order is at this time. The issue with some of these things, it's a very nice thing here. It is a rank opportunity and a new play. All my friends really don't like me to talk about it too much. The better and better things I do, my operator friends don't like me to speak about it. I'm caught up in that a little bit, and I'm not going to blow that because I want to keep those relationships and continue to farm into these very unique company-making opportunities such as Silverback, such as Sergipe-Alagoas, and other places where we work. Sometimes that slide wouldn't show what exactly we'd like to say, but that's the business we're in, and that's okay, and we get along with them well, and there's a mutual respect by super majors with our company, and we're proud of it. Great. Just looking at the Montney, you guys have a very impressive all-in cost up there, about $1.44 per Mcfe. I was just kind of curious, as you move into a more steady-state development program, do you think that there's room for incremental cost improvement over time? I'll let Eric answer that for you, Gail. We have a significant percentage of our operating costs that are not variable with production rate. As we fill the gas plant, as Roger mentioned, we'll get up to about 500 million cubic feet at the peak in that project. We'll see the per barrel or per Mcf cost go down. I would model the cost to be, in terms of dollars per year, nearly flat, maybe slight increase with a little bit more cost for new wells, but very minor. Okay, great. Thank you. The next question comes from Paul Cheng at Scotiabank. Please go ahead. Hey. Good morning, Paul. Hey, guys. Good morning. Roger, just curious that in your budget, I suppose that you have a range of oil price you build in. Can you share with us what's that, and how the program may change based on the changes in oil price, if oil price is much higher than that range? You are pretty much fixed to that and say, "Okay, if the higher oil price are just going to generate more free cash flow." How should we look at that program? We don't usually disclose our pricing. We have here a base price that's over the next 4-5 years, I'd describe as at best mid-40s, starting low to mid. We have a recovery case that reaches into the 50s in 2-3 years, mid-50s, never more than that. It is our plan today, to not increase this CapEx and to have the higher oil prices deliver more cash flow to our company balance sheet to be used as we see fit to reduce debt at the appropriate and proper time. No discussions here on a different capital plan, on anything like that today, Paul, going on here at Murphy. Perfect. For montney, it's really a great economic. Right now your plan is get to 500, but you do have a lot of inventory. Is there any plan or any opportunity that you expand that beyond that? Have you talked to the gas plant operator and see whether that is going to see more infrastructure being built? We have a unique agreement when we sold this business, for that provider of the midstream work to build plants at a fixed price or a way of negotiating a price, which we considered to be well-positioned. We did that here, and there's ample area to do it. It can continue to go in 250 million increments, as much as we want there. Right now, we're going through a 2024, 2025 period of keeping it 500 in our current plan and then reevaluate if we want to go more, but we certainly can. I wouldn't see us increasing it in this plan, because again, of all the talk this morning about trying to keep our plan like it is and make more free cash flow. The real unique thing about Montney that may not be understood is that infrastructure's in place. It's been very successful, this plant, from an uptime perspective. All the infrastructure, roads, ponds. We do very well on water capture here, water recycling. This is in place, and we're drilling right in the middle of where we've already built the infrastructure. It's extremely capital efficient here and very unique. We were doing really well on all our work, but the price just changed. The diffs just changed. Everything changed, and we see that you have to make a move, and we had a great plant and a great midstream operator. It's going extremely well. We moved on and went ahead. Roger, how has that process worked in terms of, let's say, who make the decision going to expand the plan, is it the midstream operator or that you guys make a request and then sign a contract with them, they will increase it, or that you sold it from their side? No. We'll have to mutually agree on the next one to work, and we will, and I can't imagine why they wouldn't want to continue. Our sub structure is low, and we're a nice capitalized company for them to be partners with. Two final quick question. First, that for the two December unplanned downtime in the Gulf of Mexico, is that fully fixed, the problem? No. Impact in the first quarter? Boats in the field working on the problems today or this week, and the impact of that, it's already in our guidance as to when we think the wells will come back on. Do you know the impact, Eric? Middle of the quarter. Middle of the quarter should all be flowing, and it's in our guidance. We should assume it's roughly about 5,000 barrel per day? Oh, no. It's not that much. We're trying to look at what is the incremental benefit that in the second quarter we should assume when it's coming back. It's in the plan. It's not that much. The first quarter current guidance would not be that magnitude of downtime from these wells. Probably be about 3,000 off the top of my head. Okay. Finally, that you already have a pretty sizable hedging program for 2021. Should we assume you are pretty offset or that you will look for opportunity to increase that further? In 2021, no, at this time. In 2022, we have done some hedges, which is disclosed in our release, and working on options to review that, but not settled in on that now because feel like we're well-positioned with our cash, feel like we're well-positioned on our liquidity. Really taking a look at the additional hedging for 2022 at this time, and haven't made a decision yet on that. Okay. Thank you. Thank you, Paul. Thank you. Ladies and gentlemen, as a reminder, should you have any questions, please press star followed by one. Next question comes from Josh Silverstein at Wolfe Research. Please go ahead. Good morning, Josh. How you doing? Hey, good morning. Thanks, guys. I'll just follow up on some of the hedges there. You mentioned the $47 number this year to cover the CapEx and the dividend. I'm wondering if that excludes the hedges, since those were put in place at $43. Maybe if you can just give us some trajectory in that longer-term outlook. I imagine the $47 may go higher next year since that's the peak spending. Where would that go to in the 2023, 2024 time period as the bigger projects fall off? Our number here would include the hedges in all calculations. The follow-on question, I'm sorry. In the future, we have some 2022 hedges that's disclosed here today. That's all we have. I have no hedging done prior to that. We do like to hedge some of our production. It depends on how much free cash flow, and where oil goes, and where our liquidity is as to that percent that we would want to do. Historically, have not been that high of a hedger. Reviewing that in great detail. Does that answer your question, Josh? Yeah. Sorry. The second part of it was just the trajectory of where the $47 may go to next year. My guess is maybe it goes up, as you go into 2023 and 2024, where would that $47 fall towards? Well, I wish I knew that. I wouldn't be here talking to you. I believe myself, there's not a lot of liquidity. We're in backwardation now severely. We have seen periods of time before COVID-19 where the backwardation just continues to move to the right, and the curve looks the same. Like I said earlier today, we have a base price of low 40s to mid 40s over a 2020 to 2025 period. In our mind, we're able to cover our dividend and all these big projects during that period cumulatively. Very happy about that. We're able to handle that without a difficulty because we have a lot of projects in the next couple of years that today, as Brian asked a question earlier, there's no exploration CapEx today. We should be well-positioned to handle whatever that'll be. I do believe oil will get into the low 50s personally, to mid 50s after vaccines and COVID and the rebound of demand. There's a long way to go about that. That's what I believe personally, but that doesn't mean that we're planning to have that or anything like that. Okay. Yeah. I'll follow up on that. Can you just talk about the Eagle Ford program as well? It's heavily operated in the first half, and then you're kind of reliant on non-operated activity in the back half of this year. Will this basically help kind of stem the decline from not having much activity in 2020? I'm just curious how the volumes are being risked for the back half, given the shift from operated to non-op. Yep. You're right about our operated program. We have 19 wells to come online in the year, 16 in the first quarter, three in the second quarter, and then our non-operated program is second and third quarter weighted. The non-operated program that we're participating in is quite a large number for us. It works out to be the equivalent on a working interest basis of about 10 wells. Those are material for us relative to our historical non-op contribution. The programs are all well underway, and I don't expect any kind of timing issues or uncertainty around the timing of delivery for the non-operated because we're working closely with the operators. We know what they're doing. They're executing quite well. This is significant non-op positions with BPX. They have an incredible team. We visited with them in detail last year. They purchased this asset for a lot of money. They're very serious about developing it, and we feel pretty good about that non-op right now, Josh. What's somewhat unique about the program is quite a few of the non-operated wells that will come online this year have already been drilled. They're mostly completion activities in 2021. Production expectation for Eagle Ford is flat at about 30,000 barrels a day. Great. That's helpful. Thanks, guys. Bye, Josh. Thank you. I believe that's our last question at this time. Is there one more? Okay, everyone. We're going to return back to work here. We appreciate everyone calling in, and we'll be seeing you in our next quarterly result. Appreciate all your questions and help, and thanks for calling in. Appreciate it. Bye. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.