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  Economics : Type Curve

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Eagle Ford Shale Analyzing Results in Austin Chalk De-Risk Murphy Locations Achieving Strong Austin Chalk Results Eagle Ford Shale Austin Chalk Peer Acreage Recent Karnes wells meaningfully outperforming type curve Avg 1,400 BOEPD IP30 rate 100 Karnes locations as of FYE 2020 Operators near Murphy Catarina acreage reporting robust production rates Volatile Oil Working to delineate their acreage Proposed Dimmit Austin Chalk Test 1 Murphy Austin Chalk well online in Catarina in 4Q 2021 Condensate Potential to de-risk 110 Catarina locations as of FYE 2020 Wet Gas La Salle 2021 Karnes Austin Chalk Well Performance 120,000 Webb Cumulative Oil (BBL) 100,000 Dry Gas 80,000 60,000 40,000 MEXICO 20,000 0 0 20 40 60 80 100 120 140 160 180 Days Online 10 Miles EFS HC phase windows are approximate Average Austin Chalk Recent Karnes Austin Chalk Wells Murphy 2019-2020 Chesapeake EOG SM Energy Permitted Catarina Austin Chalk www.murphyoilcorp.com NYSE: MUR 11
Murphy Oil Corp
August 2021

SOUTH TEXAS: AUSTIN CHALK SUCCESS CONTINUES SUCCESSFUL TEST RESULTS ACROSS ENTIRE ACREAGE POSITION South Texas: 155,000 total net acres; significant Austin Chalk Wells Currently Producing area delineated for Austin Chalk development, supporting an expected 400 locations Austin Chalk wells producing 50-80% liquids(1) Liquids content is predictable: high oil/NGLs in the 120 North, high NGLs in the east, high gas in the South Focused on delineating to confirm areal extent 100 and completing wells to test development spacing Cumulative Production (Mboe per 1,000 / 3-stream) 80 Average Production(2) Austin Chalk Wells 60 40 20 0 0 60 120 180 240 300 360 420 480 540 600 660 720 780 840 900 960 1020 1080 Days on Production Completed through 2020 2021 new eastern wells online 2021 JV wells online (1) Based on wells (including joint-development wells) with more than 30 days of production; includes oil and NGLs based on IP30. (2) Includes 15 gross wells currently on production, including three joint-development wells. 14
SM Energy Company
July 2021

Exceptional Well Results and Deep Inventory Premier Oil Strong PDP Base with High Margin / Strong Balance Advantaged Regulatory and Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity Infrastructure Position D&M Avg. Oil Type Curve for 2021 and 2022 TILs (BBL/d) Fayette 10,000 Type Curve Assumptions (1) TEXAS Oil BBL/d Oil IP30 Rate (BBL/d) 900+ Matocha(5) Nevels Addax(5) 1H: IP-9 1,256 BBL/d EUR (MBoe) 625 (2) 1H: IP-20 912 BBL/d CLL: 8,568 Capex (MM) 6.25 CLL: 6,298 1,000 Average LL (ft.) 8,300 Well Level IRR 50/BBL 40% Gonzales % Oil 80% NAB Hunter 100 Avg. WI% 82% 1H: IP-20 1,237 BBL/d CLL: 9,510 10 0 10 20 30 40 50 60 70 80 90 100 110 Lombardo Unit Months 2H: IP-30 1,102 BBL/d CLL: 5,652 2020 Outperformance and Future Inventory Javelina (PSA) A1H: IP-30 1,150 BBL/d 2020 spud wells currently outperforming D&M projections by CLL:7,822 B2H: IP-30 1,126 BBL/d approximately 12% on a cumulative basis Southern Bock (PSA) CLL: 6,604 A1H: IP-30 1,549 BBL/d D&M total inventory of 500 locations(3) CLL:6,381 B2H: IP-30 1,284 BBL/d Lavaca CLL: 8,349 o Top 250 locations average 40%+ IRR at 50/BBL(4) Blonde Unit 2H: IP-30 1,040 BBL/d Relatively open undrilled lease geometries allow for long CLL:5,920 ACREAGE PVAC laterals and efficient multi-well pads De Witt RECENTLY ACQUIRED EAGLE FORD PEERS 1) Type curve assumptions are estimates based on 2020 YE D&M Reserve Report and on managements internal estimates as of March 8, 2021. 2) Capital expenditure assumptions include Drilling, Completion, Facilities, and Tie-in expenditures. Average Drilling and Completion capital of 5.75 MM per well. 3) Based on 2020 YE D&M Reserve Report. 10 4) Estimated well level returns based on D&M type curves at December 31, 2020. 5) As of March 7, 2021.
Penn Virginia Corp
March 2021

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