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EX - 99.1 2 mur - 2021q1xex991.htm EX - 99.1 EXHIBIT 99.1 MURPHY OIL CORPORATION ANNOUNCES FIRST QUARTER 2021 RESULTS Executes Successful Financial Transactions and Operations , - Achieving First Step in Delevering HOUSTON , Texas , May 6 , 2021 Murphy Oil Corporation ( NYSE : MUR ) today announced its financial and operating results for the first quarter ended March 31 , 2021 , including a net loss attributable to Murphy of $ 287 million , or $ 1.87 net loss per diluted share . Excluding total after - tax charges of $ 297 million , comprised primarily of $ 128 million of non - cash asset impairments on the non - operated Terra Nova asset , $ 121 million unrealized non- cash mark - to - market losses on crude oil derivative contracts and $ 29 million cost of early redemption of debt , adjusted net income was $ 10 million , or $ 0.06 net income per diluted share . Unless otherwise noted , the financial and operating highlights and metrics discussed in this commentary exclude noncontrolling interest . 1 Highlights for the first quarter include : • • Issued $ 550 million of 6.375 percent senior notes due 2028 , and used proceeds and cash to redeem $ 576 million of senior notes due 2022 Monetized the King's Quay floating production system and fully repaid borrowings under the $ 1.6 billion senior unsecured credit facility • Achieved total debt reduction of $ 233 million , or 8 percent , for the quarter from year - end 2020 • Produced 155 thousand barrels of oil equivalent per day , above the midpoint of guidance , with 88 thousand barrels of oil per day • Acquired additional working interests in the non - operated Lucius field for $ 20 million , with expected payout in approximately one year • Announced changes to the compensation program , including establishing a free cash flow metric and adding a greenhouse gas emissions reduction metric to the company's Annual Incentive Plan