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1www.murphyoilcorp.comNYSE: MUR1 Pareto Securities’ 32nd Annual Energy ConferenceERIC M. HAMBLYPRESIDENT AND CHIEF EXECUTIVE OFFICERSeptember 10, 2025
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2www.murphyoilcorp.comNYSE: MUR2 Cautionary StatementCautionary 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 acompany has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use certain terms in thispresentation, such as “resource”, “gross resource”, “recoverable resource”, “net risked PMEAN resource”, “recoverable oil”, “resource base”, “EUR” or “estimated ultimate recovery” and similar terms thatthe SEC’s rules prohibit us from including in filings with the SEC. The SEC permits the optional disclosure of probable and possible reserves in our filings with the SEC. Investors are urged to considerclosely the disclosures and risk factors in our most recent Annual Report on Form 10-K filed with the SEC and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file,available from the SEC’s website.This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion ofwords such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “expressed confidence”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”,“project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events,results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied,concerning the company’s future operating results or activities and returns or the company's ability and decisions to replace or increase reserves, increase production, generate returns and rates of return,replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives,plans, goals, ambitions or targets with respect to emissions, safety matters or other ESG (environmental/social/governance) matters, make capital expenditures or pay and/or increase dividends or makeshare repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limitedto: macro conditions in the oil and natural gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; geopolitical concerns; increasedvolatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental,regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or market of healthpandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure toobtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capitalmarkets, credit markets, banking system or economies in general, including inflation, trade policies, tariffs and other trade restrictions. For further discussion of factors that could cause one or more of thesefuture events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the SEC and any subsequent Quarterly Reporton Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Investors and others should note thatwe may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute materialinformation about the company; therefore, we encourage investors, the media, business partners and others interested in the company to review the information we post on our website. The information onour website is not part of, and is not incorporated into, this presentation. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements.
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3www.murphyoilcorp.comNYSE: MUR3 Gulf of AmericaVietnamEagle Ford ShaleOnshore CanadaOffshore CanadaCôte d’IvoireMurphy at a GlanceMurphy is an independent exploration and production company with a diverse portfolio that provides exploration upsideMulti-Basin PortfolioGulf of AmericaLong runway of high-return projectsOffshore CanadaCapital efficient, low-cost oil barrelsOnshore United States~1,100 future locations; ~15 years of inventory < $50 / BBL WTI2Onshore Canada~50 years of inventory2; Future pricing upside with LNG ramp up1 Excluding noncontrolling interest. Proved reserves are based on YE 2024 third-party audited volumes using SEC pricing. 2 As of Dec 31, 2024; Eagle Ford Shale and Kaybob Duvernay inventory assumes an annual 30-well program; Tupper Montney inventory assumes an annual 15-well programProductionExplorationDevelopment21%38%41% 190MBOEPD2Q 2025 Production124%22%54% 2024 Proved Reserves1713MMBOEUS Onshore Offshore Canada OnshoreStrategic Capital AllocationBalanced Risk and GrowthHistory of Strong Execution
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4www.murphyoilcorp.comNYSE: MUR4 Highlights From Our 2025 Sustainability ReportCONTINUED ENVIRONMENTAL STEWARDSHIPSTRONG GOVERNANCE OVERSIGHTPOSITIVELY IMPACTING OUR PEOPLE AND COMMUNITIEShave received EL DORADO PROMISESCHOLARSHIPS since 20074,500+ STUDENTSIN CHARITABLE CONTRIBUTIONSfrom 2020 to 2024$20 MILLIONPROFESSIONAL AND TECHNICALtraining hours completed18,000+TOTAL RECORDABLE INCIDENT RATE (TRIR)from 2019 to 2024FROM 2019 TO 202415% - 20%REDUCTIONIN GHG EMISSIONS INTENSITY*by 2030 compared to 201934% REDUCTIONsince 2019ON TRACK ZEROROUTINEFLARINGby 203050% REDUCTIONin routine flaring volumes since 2019ON TRACKFIVE CONSECUTIVEYEARS OFTHIRD-PARTYASSURANCEof GHG Scope 1and 2 dataCYBERSECURITYESTABLISHED AI POLICYfor security and ethical useSUSTAINABILITY METRICSIN ANNUAL INCENTIVE PLANEnhanced to include methane intensity and water recycling ratioGHG INTENSITY GOALIN ANNUAL INCENTIVE PLANsince 2021WELL DEFINEDBOARD AND MANAGERIAL OVERSIGHTAND MANAGEMENT OF ESG MATTERSFACE-TO-FACE INTERACTIONSWITH INVESTORS400+ BEST PLACE FOR WORKING PARENTS®from 2022 to 2025UNITED STATES PRESIDENT’S VOLUNTEER SERVICE AWARDby the Houston Food Bank for 2021 to 2024 volunteer efforts COMMUNITY HONOR ROLL RECOGNITIONby United Way for more than 10 years AWARDS ANDRECOGNITION CLIMATE GOALS 68%PRODUCED WATER REYCLED65%FLARINGINTENSITY56%METHANEINTENSITY58% *Scope 1 and 2
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5www.murphyoilcorp.comNYSE: MUR5 • Maintaining ample liquidity with senior unsecured credit facility and cash on hand• Targeting long-term debt of $1.0 billion• No near-term debt maturities Strong Balance Sheet Underpins Financial FlexibilityConservative Financial PoliciesStrategic Marketing PlanFocused Capital AllocationTargeting Investment Grade Credit Metrics• Delivering a competitive and sustainable dividend • Prioritizing adjusted FCF for share repurchases, potential dividend increases and balance sheet purposes• Targeting low, single-digit production growth• Current ratings Ba2 (Moody’s) / BB+ (S&P) / BB+ (Fitch) • Maintaining ample liquidity, low leverage and optimal capital structure• Global multi-basin portfolio provides optionality Financial Highlights Bond Maturity Profile1$ MM1 As of Jun 30, 2025 Liquidity of~$1.5 billion1Maintaining low leverage with long-term debt goal of $1.0 billion Targeting investment grade credit metrics • Realizing premium pricing from oil-weighted portfolio• Employing natural gas price diversification strategy• Hedging opportunistically and purposefullyReturned over $190 MMto shareholders in 1H 2025; $46 MM in 2Q 2025$0$200$400$6002025 2026 2027 2028 2029 2030 2031 2032 2042 Long-Term Debt Profile1$1.3 BNTotal Bonds Outstanding6.10%Weighted Avg Fixed Coupon8.9 yearsWeighted Avg Years to Maturity
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6www.murphyoilcorp.comNYSE: MUR6 Capital Allocation Plan1Delivers 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 opportunities. Because of the uncertainties around these matters, it is not possible to forecast how and when the company’s targets might be achieved2 The share repurchase program allows the company to repurchase shares through a variety of methods, including but not limited to open market purchases, privately negotiated transactions and other means in accordance with federal securities laws, such as through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. This repurchase program has no time limit and may be suspended or discontinued completely at any time without prior notice as determined by the company at its discretion and dependent upon a variety of factors3 Other projected payments such as withholding tax on incentive compensation Targeting long-term debt of $1.0 BNBoard authorized share repurchase program2Remaining balance as of June 30, 2025$550 MM Cumulative Shareholder Returns Since 2013 $ BN$0.0$1.0$2.0$3.0$4.0$5.02013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2Q2025Cumulative DividendsCumulative Repurchases Total Shares Outstanding by Year Since 2013 MM shares142.7 140 150 160 170 180 1902013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2Q2025Minimum of 50% of adjusted FCF allocated to share buybacks and potential dividend increasesUp to 50% of adjusted FCF allocated to the balance sheet$2.2$2.2Adjusted Free Cash Flow Formula 3
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7www.murphyoilcorp.comNYSE: MUR7 Exploration Strategy OverviewKey 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 opportunities in Vietnam and Côte d'IvoireFocused and Meaningful• Prioritizing nearfield, infrastructure-led exploration in the Gulf of America• Targeting large, high-impact growth opportunities internationally Disciplined Portfolio Maturation• Investing purposefully in data to mature regional basin understanding, existing portfolio and support leasehold expansion Gulf of AmericaVietnamCôte d’IvoireExploration Core Focus Areas
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8www.murphyoilcorp.comNYSE: MUR8 Vietnam OverviewCuu Long Basin, Vietnam 1 Murphy 40% (Op), PetroVietnam Exploration Production 35%, SK Earthon 25%Acreage as of August 4, 2025 Lac Da Vang (Golden Camel) Field Development Project1• Targeting first oil in 4Q 2026, development through FY 2029• 100 MMBOE estimated gross recoverable resource• Estimated 10 – 15 MBOEPD net peak production• $110 MM capital budget for FY 2025Hai Su Vang-1X (Golden Sea Lion) Discovery, Block 15-2/171• Drilled discovery well in 4Q 2024• In-line with pre-drill mean to upward gross resource potential• 170 MMBOE – 430 MMBOE• Targeting Hai Su Vang-2X spud in September 2025Lac Da Hong-1X (Pink Camel) Discovery, Block 15-1/051• Drilled discovery well in 1Q 2025• Preliminary mean to upward gross resource potential• 30 MMBOE – 60 MMBOE Cuu Long Basin Discovery WellAppraisal WellField Development ProjectMurphy DiscoveryMurphy WI BlockSelect Murphy Exploration Inventory
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9www.murphyoilcorp.comNYSE: MUR9 Acreage as of August 4, 20251 Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire2 Kobus was previously named Hibou Côte d’Ivoire Exploration OverviewInitiating Three-Well Exploration Program2025 Exploration Plan• Civette (Block CI-502), Murphy 90% (Op), PETROCI110%• Targeting spud in 4Q 2025• Mean to upward gross resource potential• 440 MMBOE – 1,000 MMBOE Additional Two Wells To Be Drilled 2026 • Caracal (Block CI-102), Murphy 90% (Op), PETROCI110%• Mean to upward gross resource potential• 150 MMBOE – 360 MMBOE • Kobus2(Block CI-709), Murphy 90% (Op), PETROCI110%• Mean to upward gross resource potential• 410 MMBOE – 1,260 MMBOE Continuing to Mature Additional Portfolio OpportunitiesTano BasinMurphy WI Block Other BlockDiscoveryKey Producing FieldKey Exploration ProjectMurene 1XCÔTE D’IVOIRE GHANACI-102CI-531CI-103CI-709BaleinePecan TEN Jubilee SankofaPaonCivetteCI-502500 kilometersCaracalKobus
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10www.murphyoilcorp.comNYSE: MUR10 Maintaining Onshore Investment Optionality in Existing Producing Assets• Gulf of America and offshore Canada: Continue to execute long runway of development projects • ~270 MMBOE total resources with < $60 / BBL WTI breakeven• Eagle Ford Shale and Kaybob Duvernay: Maintain production with future optionality to increase• ~50 years of inventory2• Tupper Montney: Well-positioned to benefit from advantaged pricing with new Canadian LNG projects and increasing natural gas demand• ~50 years of inventory2Future Organic Growth Through Focused Exploration• Targeting ~10-15% of annual CAPEX allocated to exploration• Hai Su Vang (Golden Sea Lion) and Lac Da Hong (Pink Camel): Targeting first oil late in the decade• Côte d’Ivoire: Progressing field development and exploration program2025-2026 Asset PlanNear-Term Strategy Sets Up for Long-Term SuccessMulti-Basin Portfolio Provides Long Runway of OpportunitiesGenerating Modest Production Growth in ExistingProducing Assets• Offshore: Executing high-return, oil-weighted projects• Eagle Ford Shale: Maintaining production at 30 – 35 MBOEPD • Tupper Montney: Maintaining gross production near 500 MMCFD plant capacityProgressing High-Impact Projects to Generate Near-Term Organic Growth• Lac Da Vang (Golden Camel): Targeting first oil in Vietnam in 4Q 2026 • Hai Su Vang (Golden Sea Lion): Continuing appraisal of oil discovery in Vietnam• Lac Da Hong (Pink Camel): Evaluating optimal development concepts• Paon: Submitting field development plan in Côte d’Ivoire by 4Q 2025• Drilling meaningful exploration wells in Vietnam, Côte d'Ivoire and Gulf of America that test unrisked prospective resources five times current offshore proved reserves1Strategy / Asset Plan is as of Jan 28, 2025. Assumes $72.50 WTI oil price, $3.25 Henry Hub natural gas price and no exploration success1 Offshore reserves of ~160 MMBOE are based on SEC YE 2024 audited proved reserves and exclude noncontrolling interests2 Eagle Ford Shale and Kaybob Duvernay combined inventory assumes an annual 30-well program; Tupper Montney inventory assumes an annual 15-well program Long-Term Asset Plan Delivering Production Growth and Returning Capital
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11www.murphyoilcorp.comNYSE: MUR11 Positioned for Long-Term Value Creation Diverse, multi-basin portfolio with significant inventory of low-breakeven wells and projectsTargeted low-cost exploration optionality provides upside and longevityOngoing operational excellence from high-performing, oil-weighted assetsLong-term, durable shareholder returns with disciplined balance sheet management1 32 4
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12www.murphyoilcorp.comNYSE: MUR12 Pareto Securities’ 32nd Annual Energy ConferenceERIC M. HAMBLYPRESIDENT AND CHIEF EXECUTIVE OFFICERSeptember 10, 2025
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13www.murphyoilcorp.comNYSE: MUR13 AppendixGlossary of Abbreviations1
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14www.murphyoilcorp.comNYSE: MUR14 Glossary of AbbreviationsAECO: Alberta Energy Company, the Canadian benchmark price for natural gasBBL:Barrels (equal to 42 US gallons)BCF:Billion cubic feetBCFE:Billion cubic feet equivalentBN:BillionsBOE:Barrels of oil equivalent (1 barrel of oil or 6,000 cubic feet of natural gas)BOEPD:Barrels of oil equivalent per dayBOPD:Barrels of oil per dayCAGR:Compound annual growth rateD&C:Drilling and completionsDD&A:Depreciation, depletion and amortizationEBITDA:Income from continuing operations before taxes, depreciation, depletion and amortization, and net interest expense EBITDAX:Income from continuing operations before taxes, depreciation, depletion and amortization, net interest expense, and exploration expensesEFS:Eagle Ford ShaleEUR:Estimated ultimate recoveryF&D:Finding and developmentG&A:General and administrative expensesGOA:Gulf of AmericaIP: Initial production rateLOE:Lease operating expenseMBO:Thousands barrels of oilMBOE:Thousands barrels of oil equivalentMBOEPD:Thousands of barrels of oil equivalent per dayMBOPD:Thousands of barrels of oil per day MCF:Thousands of cubic feetMCFD:Thousands cubic feet per dayMM:MillionsMMBOE:Millions of barrels of oil equivalentMMCF:Millions of cubic feetMMCFD:Millions of cubic feet per dayNGL:Natural gas liquidsROR:Rate of returnR/P:Ratio of reserves to annual productionSCF: Standard cubic feetTCF:Trillion cubic feetWI:Working interestWTI:West Texas Intermediate (a grade of crude oil)
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15www.murphyoilcorp.comNYSE: MUR15 Pareto Securities’ 32nd Annual Energy ConferenceERIC M. HAMBLYPRESIDENT AND CHIEF EXECUTIVE OFFICERSeptember 10, 2025