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00 4Q 2025 Earnings Presentation 2025 FOURTH QUARTER EARNINGSERIC M. HAMBLYPRESIDENT AND CHIEF EXECUTIVE OFFICERJANUARY 29, 2026CONFERENCE CALL AND WEBCAST
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11 4Q 2025 Earnings Presentation CAUTIONARY ST ATEMENTCautionary 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 inthis presentation, 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 consider closelythe 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, availablefrom 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”, “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, aresubject 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 thecompany’s future operating results or activities and returns or the company's ability and intent to replace or increase reserves, increase production, generate returns and rates of return, replace or increasedrilling 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 environmental, social and governance matters, make capital expenditures, pay and/or increase dividends or make share repurchasesand 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 limited to: macroconditions in the oil and natural gas industry, including supply and 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 toenvironmental, 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 ormarkets of health pandemics and related government responses; natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; cyber attacks and othercybersecurity risks; any failure to obtain necessary regulatory approvals; the impact of current and future laws, rulings and governmental regulations; any inability to service or refinance our outstanding debtor to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, 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 these future 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 U.S. Securities and Exchange Commission (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 and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Investors and others should note that we 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 material information 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 on our website is not part of, and is not incorporated into, thispresentation. Each forward-looking statement contained in this presentation speaks only as of the date of this presentation. Except as required by applicable law, Murphy Oil Corporation undertakes no dutyto publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.Non-GAAP Financial Measures – This presentation contains certain non-GAAP financial measures that management believes are useful tools for internal use and the investment community in evaluatingMurphy Oil Corporation’s overall financial performance. These non-GAAP financial measures are broadly used to value and compare companies in the crude oil and natural gas industry. Not all companiesdefine these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for financial measures prepared in accordance with US generally accepted accounting principles(GAAP) and should therefore be considered only as supplemental to such GAAP financial measures. Definitions and reconciliations of these measures are included in the appendix.
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22 4Q 2025 Earnings Presentation Eagle Ford ShaleGulf of AmericaOffshore CanadaProductionExplorationDevelopmentOnshore CanadaCôte d’IvoireVietnamMoroccoMURPHY A T A GLANCE 24Q 2025 Earnings Presentation An independent exploration and production company with a diverse portfolio that provides operational flexibility and exploration upside 1 Excluding noncontrolling interest. Proved reserves are based on YE 2025 third-party audited volumes using SEC pricing2 As of Dec 31, 2025; Eagle Ford Shale assumes an annual 30-well program; Tupper Montney assumes an annual 15-well program, Kaybob Duvernay assumes an annual 5-well programStrategic Capital AllocationBalancedRisk andGrowthHistory ofStrongExecutionMulti-Basin P ortfolioGulf ofAmericaLong runway ofhigh-return projectsOnshoreUnited States~1,040 future locations,~25 years of inventory2<$55 / BBL WTIOffshoreCanadaCapital efficient,low-cost oil barrelsOnshoreCanada~50 years of inventory2Future pricing upsidewith LNG ramp up21%39%40%2025 Production124%20%56%2025 Proved Reserves1US Onshore Offshore Canada Onshore182MBOEPD715MMBOE
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33 4Q 2025 Earnings Presentation UNIQUE INVESTMENT PROPOSITION 3 Multi-basin Portfolio with OperationalFinancial Discipline Driving Shareholder ReturnsIndustry Leading Track Record ofTransformativeExploration UpsideDecades of High-quality InventoryMaintaining Strong Proved Reserve Life 4Q 2025 Earnings Presentation Note: Production volumes and financial amounts exclude noncontrolling interest DISCOVERY TO FIRST OIL >700 MMBOEProved reserves$4.5 BNCumulative shareholder returnssince 2013FLEXIBILITYto respond to macro cycles50 YEARSof onshore inventory1 BBOE+unrisked gross resource potential
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44 4Q 2025 Earnings Presentation STRONG BALANCE SHEET AND SHAREHOLDER RETURNSBond Maturity Profile3$ MM$0$200$400$6002026 2027 2028 2029 2030 2031 2032 2033 2034 2042Long-Term Debt Profile3$1.6 BNTotal Bonds Outstanding6.2%Weighted Avg Fixed Coupon9.1 yearsWeighted Avg Years to MaturityFinancial Highlights 1 As of December 31, 2025; liquidity is pro forma for RCF upsizing (closed Jan 2) and includes $1.9 billion undrawn and $377 million cash inclusive of NCI2 See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions and other information3 As of January 23, 2026Cumulative 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 2025Cumulative DividendsCumulative Repurchases Liquidity of~$2.3 billion1Maintaining low leverage of 1.0x1,2Free Cash Flow of $300 MM in FY 2025Returned $286 MM to shareholders FY 2025; $46 MM in 4Q 2025 $550 MM Board authorized share repurchase program2,3Minimum of 50% of adjusted FCF2allocated to shareholder returns and up to 50% to the balance sheet
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55 4Q 2025 Earnings Presentation ENHANCED LIQUIDITY AND DEBT MA TURITY PROFILE791491186003401,350 $0$500$1,000$1,5002025 2026 2027 2028 2029 2030 2031 2032 2033 2034 // 2042BondsRCFMurphy Debt Maturities – Pre-Transaction $MM 0 01186005003402,000 $0$500$1,000$1,500$2,0002025 2026 2027 2028 2029 2030 2031 2032 2033 2034 // 2042BondsRCFMurphy Debt Maturities – Post-Transaction $MM NewNoteBond Issuance•Completed transaction in January 2026•Issued $500 MM of 2034 notes at 6.500%•Refinanced 2027 and 2028 notes•$227 MM in notes retired•Paid off remaining senior unsecured revolving credit facility balance of $100 MMRevolving Credit Facility Upsize•Completed transaction in January 2026•Extended and upsized revolving credit facility•Increased from $1.35 BN to $2.0 BN•Maturity extended from 2029 to 2031Note: Revolving Credit Facility transaction closed on January 2, 2026Bond issuance and refinancing transactions closed on January 23, 2026Figures may not add due to rounding
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66 4Q 2025 Earnings Presentation 2025 PROVED RESERVES24%20%56%•Total proved reserves of 715 MMBOE at YE 2025, 103% total reserve replacement•Pioneer FPSO acquisition added ~16 MMBOE of proved reserves in the Cascade and Chinook fields•57% proved developed reserves and 41% liquids-weighting•Proved reserve life of 11 yearsNote: Production volumes, sales volumes, reserves and financial amounts exclude noncontrolling interest, unless otherwise statedReserves are based on preliminary SEC YE 2025 audited proved reserves715MMBOE2025 Proved ReservesBy AreaUS OnshoreOffshoreCanada Onshore58%60%57%59%57%0100200300400500600700800YE 2021 YE 2022 YE 2023 YE 2024 YE 2025Proved DevelopedProved UndevelopedProved Reserves MMBOE36%5%59%41% Liquids-Weighted2025 Proved ReservesBy ProductOilNGLNatural Gas Maintaining Proved Reserves and Reserve Life
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77 4Q 2025 Earnings Presentation 4Q PRODUCTION, PRICING AND REVENUEGenerating Solid Revenue From Oil Production20%40%40%Eagle Ford Shale36,000 BOEPDOffshore72,000 BOEPDOnshore Canada73,000 BOEPD4Q 2025ProductionNote: Production volumes and financial amounts exclude noncontrolling interest. 4Q Revenue represents total sales from production. Prices are in USD, exclude hedges and are before transportation, gathering, and processing. Figures may not add due to rounding26%57%17%Eagle Ford Shale$152 MMOffshore$332 MMOnshore Canada$98 MM4Q 2025Revenue4Q 2025 Realized Pricing•$59.21 / BBL oil•$17.43 / BBL natural gas liquids•$2.34 / MCF natural gas181 MBOEPD, 87 MBOPD•48% oil, 6% NGLs, 46% natural gas•Production above midpoint of guidance range due to better well performance in the Gulf of America 181MBOEPD$582Million
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88 4Q 2025 Earnings Presentation Eagle Ford ShaleTupper Montney Kaybob Duvernay Gulf of America Offshore Canada 4Q 2025 ASSET UPDA TES Note: Production volumes exclude non-controlling interest36 MBOEPD68% Oil | 84% LiquidsDrilled 6 wells in 4Q 2025; 3 of the wells came online during 1Q 2026405 MMCFD100% Natural Gas5 MBOEPD62% Oil | 74% LiquidsBegan drilling 8-well pad; wells to come online in 3Q 202664 MBOEPD80% Oil | 87% LiquidsDrilled discoveries at Banjo #1 and Cello #1 exploration wells 8 MBOPD100% OilNon-operatedHibernia 4Q25: 3.2 MBOPDTerra Nova 4Q25: 4.7 MBOPDBegan drilling 4-well pad; wells to come online in 2Q 2026
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99 4Q 2025 Earnings Presentation 2025 OPERA TIONS AND EXPLORA TION UPDATE
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1010 4Q 2025 Earnings Presentation ADVANCING STRA TEGIC PRIORITIES 104Q 2025 Earnings Presentation Maintaining Consistent Operational ExcellenceExpanding Multi-basin P ortfolioShareholderReturnsIncrease in quarterly dividend to $1.40 / share annualized Returned$286 MMto shareholders in 2025 throughdividends and share buybackAnnounced success at Hai Su Vang-2Xappraisal wellInitiated 3-well exploration program in Côte d’IvoireProduced in FY 25, toward the high-end of guidanceReduction in total company OPEX year over year Signed Petroleum Agreement to explore in offshore Morocco Note: Production volumes and financial amounts exclude noncontrolling interest 182 MBOEPDIn drilling costs in Eagle Ford drilling program year over year7% DECREASE8%20%
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1111 4Q 2025 Earnings Presentation VIETNAM FIELD DEVELOPMENT PROJECT ON TRACKLac Da Vang (Golden Camel) Development 1 Murphy 40% (Op), PetroVietnam Exploration Production 35%, SK Earthon 25%2 Floating storage and offloading vessel Project Updates•Development drilling ongoing•Targeting first oil in 4Q 2026•Development through 2029Field Overview1•100 MMBOE estimated gross recoverable resource•Estimated 10 – 15 MBOEPD net peak production•$120 MM capital budget for FY 2026Timing2026 Key Milestones1Q 2026Launch FSO22Q 2026Complete Pipeline Work3Q 2026Install Platform Topsides and FSO24Q 2026First Oil Lac Da Vang (Golden Camel) – FSO Construction
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1212 4Q 2025 Earnings Presentation Proven Offshore ExpertiseData-driven portfolio with diverse shallow and deepwater capital-efficient projectsAligns with Global Energy NeedsSustained investment in conventional oil to meet long-term energy demandSustainable, Organic GrowthStrategy balances existing producing assets with high-impact exploration prospectsEXPLORING BEYOND SHALE 124Q 2025 Earnings Presentation Leveraging unique offshore capabilities to drive shareholder value Gulf of AmericaCôte d’lvoireVietnamExploration Focus AreasMorocco
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1313 4Q 2025 Earnings Presentation VIETNAM APPRAISAL SUCCESS 1 Murphy 40% (Operator), PetroVietnam Exploration Production 35%, SK Earthon 25%Acreage as of January 26, 2026 Hai Su Vang-2X Appraisal Success Announced Jan 2026•Drilled in Block 15-2/171•Encountered 429 feet of net oil pay from two reservoirs•332 feet in the deeper, primary reservoir•97 feet in the shallow reservoir•Successfully deepened the primary reservoir oil-down-to by 413 feet without encountering water•Total hydrocarbon column extended to ~1,600 feet•Primary reservoir achieved an aggregate flow rate of ~12,000 BOPD•Tested in two sections; each section achieved ~6,000 BOPD max rate•Primary reservoir recoverable resource midpoint toward the upper end of the previously guided range (170 MMBOE – 430 MMBOE)•Shallow reservoir not included in range •Further appraisal wells planned for 2026•HSV-3X in Block 15/1-05 and HSV-4X in Block 15-2/17Hai Su Vang-1X Initial Exploration Well Announced Jan 2025•Drilled in Block 15-2/171•Encountered 370 feet of net oil pay from two reservoirs•Achieved facility-constrained flow rate of 10,000 BOPD•37-degree API oil; Gas-oil ratio ~1,100 SCF / BBL Miles 100 Cuu Long BasinDiscovery WellAppraisal WellField Development ProjectMurphy DiscoveryMurphy WI BlockSelect Murphy Exploration Inventory Hai Su Vang (Golden Sea Lion) Discovery
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1414 4Q 2025 Earnings Presentation EXECUTING EXPLORA TION PROGRAM AS PLANNED 1 Mean to upward gross resource potentialSee Appendix for additional information on exploration wells VietnamExploration and appraisalHSV-2X, 40% WISuccessful appraisalHSV-3X, 40% WI2026 | 1H 2026HSV-4X, 40% WI2026 | 1H 2026 Gulf of AmericaInfrastructure-led explorationBanjo #1, 48.5% WI Oil Discovery; 50 feet net payCello #1, 48.5% WI Oil Discovery; 30 feet net pay Côte d’IvoireTesting three independent playsCivette, 90% WINon-commercialCaracal, 90% WI150 – 360 MMBOE1| 1H 2026Bubale, 90% WI340 – 850 MMBOE1| 1H 2026On TrackOn Track On TrackOn Track On TrackLDT -N-1X, 40% WI2026 | 2H 2026
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1515 4Q 2025 Earnings Presentation 2026 CAPIT AL AND PRODUCTION PLAN
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1616 4Q 2025 Earnings Presentation 2026 CAPITAL PLAN Note: Accrual CAPEX, excluding noncontrolling interest; figures may not add due to rounding 26%23%20%13%16%3%$1.25BillionFY 2026E CAPEX By Area$1.2 - $1.3 BNAccrued CAPEXGulf of AmericaUS OnshoreExplorationCanadaVietnamCorporate$0$200$400$600$800$1,000$1,200$1,4002025A 2026EYoY Capital Program$ MMGulf of AmericaCanadaExplorationCorporateUS OnshoreVietnam DevelopmentVietnam AppraisalCAPEX plan in-line with 2025•75% to Development, 12% Exploration Drilling, 6% Appraisal•70% of CAPEX in 1H2026•Eagle Ford capital 25% lower year over year given capital efficiencies•Gulf of America capital 10% higher year over year driven by high-impact Chinook #8 well•Increased capital spend in Vietnam for development and appraisalFY 2026 Guidance 16
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1717 4Q 2025 Earnings Presentation 2026 PRODUCTION PLAN Note: Figures may not add due to rounding, production excludes noncontrolling interest 167 – 175 MBOEPD | 81-89 BOPD33%23%40%5%171MBOEDFY 2026E Production By AreaGulf of America US Onshore Canada OnshoreOffshore Canada Vietnam•50% oil vs. 48% in FY25•Lower total production YoY driven by:•10% lower production in Tupper Montney given less wells online and higher royalty•10% lower production in the Gulf of America given minimal new production online before Chinook #8 well in 2H 2026•1Q 2026 Production Guidance 164,000 – 172,000 MBOEPD•50% oil, 56% liquids•Includes planned downtime of:•4 MBOEPD in the Gulf of America for planned facility maintenance •4 MBOEPD in onshore assets17 FY 2026 Guidance
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1818 4Q 2025 Earnings Presentation 2026 NORTH AMERICA ONSHORE PLAN38 MBOEPD71% Oil | 87% Liquids$285 MM CAPEXMaintaining production with 25% less CAPEX YoY 18 operated wells online in Catarina12 operated wells online in Karnes13 gross non-operated wells online370 MMCFD100% Natural Gas$100 MM CAPEX6 MBOEPD64% Oil | 74% Liquids$35 MM CAPEX051015201Q 2026E 2Q 2026E 3Q 2026E 4Q 2026E02468101Q 2026E 2Q 2026E 3Q 2026E 4Q 2026E02468101Q 2026E 2Q 2026E 3Q 2026E 4Q 2026EMaintaining production with 30% less CAPEX YoY 4 wells online10% lower YoY production given smaller well program and higher royalty rate8 wells online2026 royalty expected at ~9% vs. 5% in 2025Eagle Ford ShaleKaybob DuvernayTupper Montney 184Q 2025 Earnings Presentation Operated Wells Online Operated Wells Online Operated Wells Online
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1919 4Q 2025 Earnings Presentation 2026 NORTH AMERICA OFFSHORE PLAN 19 4Q 2025 Earnings Presentation LongclawCascadeChinookSt. Malo King’s QuayZephyrusPioneer FPSO 1 Production rates reflect peak production; Zephyrus rate is combined rate of Zephyrus #1 and Zephyrus #2 Gulf of America Operated•Chinook (+11 MBOEPD net)1 •Longclaw (+1 MBOEPD net)1Non-Operated•St. Malo•Zephyrus (+2 MBOEPD net)156 MBOEPD81% Oil | 88% Liquids$330 MM Development CAPEX$65 MM Exploration CAPEXGulf of AmericaOffshore CanadaNon-operated assetsHibernia 3.4 MBOEPDTerra Nova 4.3 MBOEPD8 MBOEPD100% Oil$25 MM CAPEX Offshore PlatformFPSO Murphy WI BlockDiscoveryMiles 500
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2020 4Q 2025 Earnings Presentation 2026 INTERNA TIONAL OFFSHORE PLANLac Da Vang (Golden Camel) Development ProjectFirst oil expected 4Q 20262 MBOEPD in 4Q26 | 86% OilHai Su Vang (Golden Sea Lion)Appraisal ProgramHai Su Vang-3X in 1H 26Hai Su Vang-4X in 1H 26$215 MM T otal CAPEXCaracal - Block CI-102Recoverable resource estimate: 150 – 360 MMBOEBubale - Block CI-709Recoverable resource estimate: 340 – 850 MMBOE1Lac Da T rang (White Camel) ExplorationBlock 15-1/05Potential tie-in to Lac Da Vang$150 MM1Exploration CAPEXNote: Recoverable resource estimate range represents the mean to upward gross resource potential1 Côte d’Ivoire exploration CAPEX of $150MM includes partial Civette-1X costs204Q 2025 Earnings Presentation VietnamCôte d’Ivoire
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2121 4Q 2025 Earnings Presentation 1Q 2026 GUIDANCET otal(BOEPD)Gas(MCFD)NGLs(BOPD)Oil(BOPD)Producing Asset37,30028,8005,60026,900US – Eagle Ford Shale56,10046,0003,80044,700– Gulf of America excl. NCI1 60,900364,000-200Canada – Tupper Montney4,7008,5005002,800– Kaybob Duvernay8,800--8,800– Offshore200--200Other164,000 – 172,0001Q Production Volume (BOEPD) excl. NCI 1$500 - $5801Q CAPEX ($ MM) excl. NCI 2$100 - $1401Q Exploration Expense ($ MM)1 Excludes noncontrolling interest of MP GOM of 4,500 BOPD oil, 200 BOPD NGLs and 1,600 MCFD natural gas2 Excludes noncontrolling interest of MP GOM of $13 MM50%44%6%OilNGLNatural Gas1Q 2026 Production Guidance by Product
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2222 4Q 2025 Earnings Presentation FY 2026 GUIDANCET otal(BOEPD)Gas(MCFD)NGLs(BOPD)Oil(BOPD)Producing Asset38,50030,6006,00027,400US – Eagle Ford Shale56,30041,9003,60045,800– Gulf of America excl. NCI1 62,000371,200-200Canada – Tupper Montney5,8009,0006003,800– Kaybob Duvernay7,700--7,700– Offshore500400-400Vietnam200--200Other167,000 – 175,000Full Year 2026 Production Volume (BOEPD) excl. NCI1$1,200 - $1,300Full Year 2026 CAPEX ($ MM) excl. NCI 2$220 - $300Full Year Exploration Expense ($ MM)1 Excludes noncontrolling interest of MP GOM of 5,500 BOPD oil, 200 BOPD NGLs and 1,700 MCFD natural gas2 Excludes noncontrolling interest of MP GOM of $53 MMFY 2026 Onshore Wells Online01020301Q 2026E 2Q 2026E 3Q 2026E 4Q 2026EEagle Ford Shale (Non-Op)Eagle Ford ShaleTupper MontneyKaybob Duvernay
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2323 4Q 2025 Earnings Presentation STRA TEGY DRIVES LONG- TERM SHAREHOLDER VALUEEXPLORE DEVELOP DELIVER 234Q 2025 Earnings Presentation Lac Da Vang (Golden Camel): Targeting first oil in Vietnam in 4Q 2026Gulf of America: Executing high-return, oil weighted projectsEagle Ford Shale: Maintaining production at 30-35 MBOEPDTupper Montney: Maintaining gross production near 500 MMCFDLong-term organic growthReturn of minimum of 50% of adjusted FCF to shareholdersDisciplined reinvestment rate,balancing financial stewardship, growth, and free cash flowStrong balance sheet and leverage metricsFINANCIAL DISCIPLINE AND OPERATIONAL EXCELLENCEDrilling meaningful exploration wells in Côte d’IvoireProgressing Vietnam discoveries toward a material business in the 2030’sPrioritizing infrastructure-led exploration in the Gulf of AmericaEntering frontier basins with high potential
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2424 4Q 2025 Earnings Presentation APPENDIX
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2525 4Q 2025 Earnings Presentation SUPPLEMENT AL INFORMA TIONCapital Allocation PlanThe 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 achievedShare Repurchase ProgramThe 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 factorsAdjusted Free Cash Flow (Non-GAAP)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 properties, distributions to NCI, dividends, withholding tax on stock-based inventive awards, and other payments such as debt tender and issuance costs and contingent consideration payments. See reconciliation slide for calculation.Leverage (Non-GAAP)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) attributable to Murphy (non-GAAP). See reconciliation slide for calculation.
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2626 4Q 2025 Earnings Presentation GLOSSARY OF ABBREVIA TIONSAECO: Alberta Energy Company, the Canadian benchmark price for natural gasAPI: American Petroleum InstituteBBL: 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 dayMCF: Thousands of cubic feetMCFD: Thousands cubic feet per day MM: 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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2727 4Q 2025 Earnings Presentation NON-GAAP FINANCIAL MEASURE DEFINITIONS AND RECONCILIA TIONSThe 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. Murphy undertakes no obligation to publicly update or revise any Non-GAAP financial measure definitions and related reconciliations.
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2828 4Q 2025 Earnings Presentation NON-GAAP RECONCILIA TIONY ear Ended – Dec 31, 2024Y ear Ended – Dec 31, 2025Three Months Ended –Dec 31, 2024Three Months Ended –Dec 31, 2025(Millions of dollars)1,729.01,247.8433.6249.6Net Cash provided by continuing operations activities (GAAP)1 (74.9)74.1(43.0)53.6Exclude: (decrease) increase in non-cash working capital1,654.11,321.9390.6303.2Operating cash flow excluding working capital adjustments(900.1)(1,020.6)(170.0)(193.6)Less: property additions and dry hole costs754.0301.3220.6109.6Free Cash Flow (Non-GAAP)(180.0)(186.2)(43.8)(46.4)Less: cash dividend paid(118.6)(63.8)(22.0)(20.6)Less: distributions to noncontrolling interest(40.6)(0.4)(40..6)(0.4)Less: debt costs(25.3)(9.8)-(2.1)Less: withholding tax on stock-based incentive awards(8.0)(29.0)(4.9)(4.6)Less: acquisition of oil and natural gas properties381.512.1109.335.5Adjusted Free Cash Flow (Non-GAAP)1 Includes noncontrolling interest in MP GOM Adjusted Free Cash FlowMurphy 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 properties, distributions to NCI, dividends, withholding tax on stock-based inventive awards, and other payments such as debt tender and issuance costs and contingent consideration payments.Management believes adjusted free cash flow is important information to provide as it is used by management to evaluate the Company’s ability to generate additional cash from business operations. Adjusted free cash flow is a non-GAAP financial measure and should not be considered a substitute for other financial measures as determined in accordance with accounting principles generally accepted in the United States of America (GAAP). Murphy’s definition of adjusted free cash flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Adjusted free cash flow as reported by Murphy may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with other performance measured prepared in accordance with GAAP. Therefore, we believe it is important to view adjusted free cash flow as supplemental to our entire statement of cash flows.
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2929 4Q 2025 Earnings Presentation NON-GAAP RECONCILIA TIONLeverageMurphy 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 information may be useful to investors and analysts to gain a better understanding of the Company’s financial position. Murphy’s definition of leverage and adjusted EBITDA is limited and does wholly represent the company’s ability to service debt due to the absence of other obligations or payments, and the accrual nature of adjusted EBITDA. Leverage and Adjusted EBITDA are non-GAAP financial measures and may not be comparable to similarly titled measures used by other companies and should not be considered a substitute for measures prepared in accordance with U.S. GAAP. Therefore, we believe it is important to view leverage and adjusted EBITDA as supplemental to our entire financial statements.Twelve Months EndedThree Months EndedDecember 31, 2025March 31, 2025June 30, 2025September 30, 2025December 31, 2025(Millions of dollars)104.2 73.0 22.3 (3.0)11.9Net income (loss) attributable to Murphy2(GAAP)44.6 32.7 1.1 4.1 6.6 Income tax expense96.1 23.5 25.1 24.7 22.8 Interest expense, net946.8 187.4 250.8 275.0 233.5 Depreciation, depletion and amortization expense1,191.7 316.6 299.3 300.8 274.8 EBITDA attributable to Murphy2(Non-GAAP)92.0 --92.0 -Impairment of assets29.4-34.3 (13.4)8.5Foreign exchange (gain) loss51.5 12.5 12.9 13.2 12.9 Accretion of asset retirement obligations(1.7)8.9 (10.3)(2.5)2.2Unrealized (gain) loss on derivative instruments(0.5) 0.6 (1.3)0.5 (0.3) Discontinued operations (income) loss1,362.4338.6 334.9 390.6 298.1 Adjusted EBITDA1attributable to Murphy2(Non-GAAP)1 Murphy defines adjusted EBITDA as net income (loss) attributable to Murphy before interest, taxes, depreciation, depletion and amortization, impairment expense, discontinued operations, foreign exchange gains and losses, mark-to-market gains and losses on derivative instruments, accretion of asset retirement obligations and certain other items that management believes affect comparability between periods. 2 ‘Attributable to Murphy’ represents the economic interest of Murphy excluding a 20% noncontrolling interest in MP GOM.3 Net Income from continuing operations, attributable to Murphy (GAAP) for the last twelve months ended December 31, 2025.December 31, 2025(Millions of dollars)2.5 Current maturities of long-term debt, finance lease1,382.6Long-term debt, including finance lease obligations1,385.1Total Debt13.4xTotal Debt including finance lease obligations(GAAP) / Net Income3 (GAAP)1.0xLeverage (Non-GAAP)
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3030 4Q 2025 Earnings Presentation 2025 SUSTAINABILITY REPORT HIGHLIGHTSCONTINUED ENVIRONMENT AL STEWARDSHIPSTRONG GOVERNANCE OVERSIGHTPOSITIVEL Y IMP ACTING 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 2304Q 2025 Earnings Presentation
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3131 4Q 2025 Earnings Presentation FY 2025 ASSET UPDA TES 1 Eagle Ford CAPEX includes $23 MM for acquisition; Gulf of America CAPEX includes $104 MM for Pioneer FPSO acquisitionProduction volumes exclude non-controlling interestEagle Ford Shale$388 MM CAPEX1Brought 34 operated and 18 non-operated new wells onlineTupper Montney5 MBOEPD61% Oil | 73% LiquidsKaybob Duvernay$83 MM CAPEXBrought 10 new wells onlinePlant full for a record 5 months during FY 202563 MBOEPD80% Oil | 87% LiquidsGulf of America$300 MM CAPEX1Completed planned 2025 workover activityDrilled discoveries at Banjo #1 and Cello #1 exploration wells 7 MBOPD100% OilOffshore Canada$19 MM CAPEXHibernia: 3.0 MBOPDTerra Nova: 4.0 MBOPD $51 MM CAPEXBrought 4 new wells online Drilled longest wells in company history during FY 202538 MBOEPD70% Oil | 85% Liquids415 MMCFD100% Natural Gas
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3232 4Q 2025 Earnings Presentation VIETNAM EXPLORATION AND APPRAISAL 1 Murphy 40% (Operator), PetroVietnam Exploration Production 35%, SK Earthon 25%. Acreage as of January 26, 2026 Hai Su Vang-2X (Golden Sea Lion) Appraisal, Block 15-2/171•Encountered 429 feet of net oil pay from two reservoirs•Primary reservoir achieved aggregate flow rate of ~12,000 BOPD•Primary reservoir recoverable resource midpoint toward the upper end of the previously guided range (170 MMBOE – 430 MMBOE)•Shallow reservoir not included in range •HSV-3X and HSV-4X appraisal wells planned for 2026Hai Su Vang-1X (Golden Sea Lion) Discovery, Block 15-2/171•Encountered 370 feet of net oil pay from two reservoirs•Achieved facility-constrained flow rate of 10,000 BOPD•High quality, 37-degree API oil; Gas-oil ratio ~1,100 SCF / BBLLac Da Hong-1X (Pink Camel) Discovery, Block 15-1/051•Encountered 106 feet of net oil pay from one reservoir•High quality, 38-degree API oil•Preliminary mean to upward gross recoverable resource potential•30 MMBOE – 60 MMBOELac Da T rang North (White Camel) Exploration Prospect, Block 15-1/051•Exploration well planned for 2026•Mean to upward gross recoverable resource potential•40 MMBOE – 80 MMBOE Miles 100 Cuu Long BasinDiscovery WellAppraisal WellField Development ProjectMurphy DiscoveryMurphy WI BlockSelect Murphy Exploration Inventory
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3333 4Q 2025 Earnings Presentation CÔTE D’IVOIRE EXPLORA TION Tano BasinMurphy WI Block Other BlockDiscoveryKey Producing FieldKey Exploration ProjectMurene 1XCÔTE D’IVOIRE GHANACI-102CI-531CI-103CI-709BaleinePecan TEN Jubilee SankofaPaonCivette-1XCI-502500 milesCaracalNote: Acreage as of January 26, 20261 Murphy 90% (Operator), Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire (PETROCI) 10% Three-Well Exploration ProgramBubaleExploration Program Initiated in Dec 2025•Drilling with the Transocean Deepwater Skyros at a rig rate of $361k/dayCivette -Block CI-5021•Encountered non-commercial hydrocarbons across multiple intervalsCaracal -Block CI-1021•Spud Jan 2026•Mean to upward gross recoverable resource potential•150 MMBOE – 360 MMBOE Bubale -Block CI-7091•Mean to upward gross recoverable resource potential•340 MMBOE – 850 MMBOE Submitted Field Development Plan for P aon in 2025
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3434 4Q 2025 Earnings Presentation GULF OF AMERICA EXPLORA TION2025 Exploration Program•Prospects located near Murphy-operated Delta House FPS1•Drilled discovery at Cello #1in 4Q 2025•Mississippi Canyon 385•Murphy 48.5% WI (Operator)•30 feet of net oil pay•Drilled discovery at Banjo #1 in 1Q 2026•Mississippi Canyon 385•Murphy 48.5% WI (Operator)•50 feet of net oil payDecember 2025 Lease Sale•Apparent high bidder on 14 blocksNote: Acreage as of January 26, 20261 Floating production system Gulf of America Exploration Area Miles 500 Offshore PlatformMurphy WI BlockDiscoveryKey Exploration ProjectKodiak Front RunnerMedusaGuilderSilver Dollar WestSilver DollarLibertyLongclawPowerballNinjaCascadeChinookLuciusSt. Malo Whydah/Leibniz/GuadalupeDelta HouseRushmore King’s QuayOcotillo #1Dalmatian S.Banjo #1 ZephyrusCello #1 Miles 30Banjo #1Cello #1Delta House MC385MC386 MC387MC431 MarmalardMC255MC299 MC300SOB II MC301 Producing Oil Field Focused on Low-Risk, Infrastructure-Led Exploration
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3535 4Q 2025 Earnings Presentation CURRENT FIXED PRICE CONTRACTSEnd DateStart DatePrice($/MCF)Volumes(MMCF/D)T ypeCommodity3/31/20261/1/2026C$3.0350Fixed Price Forward Sales at AECO1Natural Gas6/30/20264/1/2026C$2.9478Fixed Price Forward Sales at AECO1Natural Gas9/30/20267/1/2026C$2.9478Fixed Price Forward Sales at AECO1Natural Gas12/31/202610/1/2026C$3.0059Fixed Price Forward Sales at AECO1Natural Gas12/31/20271/1/2027C$3.149.5Fixed Price Forward Sales at AECO1Natural GasNote: As of January 26, 20261 These contracts are for physical delivery of natural gas volumes at a fixed price, with no mark-to-market income adjustment AECO Price Risk Mitigation – Tupper Montney, Canada
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3636 4Q 2025 Earnings Presentation Kaybob Duvernay420 Locations~50 years of inventory < $57 / BBL WTIProvides optionality to produce more oil NORTH AMERICA ONSHORE LOCA TIONSRobust Inventory With Low Breakeven RatesDiversified, Low Breakeven P ortfolioMulti-basin portfolio provides optionality in all price environmentsTupper Montney720 Locations~50 years of inventory Low breakeven driven by plant ownershipNote: As of December 31, 2025Breakeven rates are based on estimated costs of a 4-well pad program at a 10% rate of returnTupper Montney assumes an annual 15-well program. Eagle Ford assumes an annual 30-well program, Kaybob Duvernay assumes an annual 5-well programEagle Ford Shale1,040 Locations~25 years of inventory < $55 / BBL WTI0100200300400500<$35 $35-$45 $45-$55 >$55050100150200250<$1.42 $1.42-$1.44 $1.44-$1.48 >$1.48Breakeven Natural Gas Price ( US$ / MCF AECO) Breakeven Oil Price ( US$ / BBL WTI)Breakeven Oil Price (US$ / BBL WTI)Remaining Locations0306090120150180<$47 $47-$52 $52-$57 >$57
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3737 4Q 2025 Earnings Presentation OFFSHORE DEVELOPMENT OPPORTUNITIESMulti-Year Inventory of High-Return ProjectsDiversified, Low Breakeven Opportunities in Offshore P ortfolio•Identified offshore projects provide a multi-year inventory•Ongoing exploration efforts will further expand offshore portfolioIdentified Offshore Project PortfolioPercent of Total Resource by Area Note: As of December 31, 2025Breakeven rates are based on current estimated costs at a 10% rate of returnGulf of AmericaSE AsiaOffshore Canada Resource with First Oil by YearPercent of Total Resource by YearProjects Include28projects15projects240 MMBOE of total resources with < $40 / BBL WTI breakeven30 MMBOE of total resources with > $40 / BBL WTI breakeven 58%35%7%28%6%7%17%2%40%202620272028202920302031+~270MMBOE43Projects
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3838 4Q 2025 Earnings Presentation GULF OF AMERICA Note: Acreage as of January 26, 20261 Excluding noncontrolling interest2 Anadarko is a wholly-owned subsidiary of Occidental Petroleum PRODUCING ASSETSMurphy WI1OperatorAsset80%MurphyCascade86%MurphyChinook80%MurphyClipper56%MurphyDalmatian50%MurphyFront Runner27%ShellHabanero34%MurphyKhaleesi59%KosmosKodiak16%Anadarko2Lucius24%MurphyMarmalard65%MurphyMarmalard East48%MurphyMedusa34%MurphyMormont52%MurphyNeidermeyer75%MurphyPowerball50%MurphySamurai27%MurphySon of Bluto II20%ChevronSt. Malo24%W&TTahoe Gulf of America Exploration Area Offshore Platform FPSO Murphy WI BlockDiscoveryKey Exploration ProjectMiles 500Kodiak Front RunnerMedusaGuilderSilver Dollar WestSilver DollarLibertyLongclawPowerballNinjaCascadeChinookLuciusSt. Malo Whydah/Leibniz/GuadalupeDelta HouseRushmore King’s QuayOcotillo #1Dalmatian S. ZephyrusBanjo #1Cello #1
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3939 4Q 2025 Earnings Presentation 2025 FOURTH QUARTER EARNINGSERIC M. HAMBLYPRESIDENT AND CHIEF EXECUTIVE OFFICERJANUARY 29, 2026CONFERENCE CALL AND WEBCAST