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Track Drilling (Rigs by operator) | Completions (Frac Spreads)

  Economics : Rates of Return/ IRR

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Gulf of Mexico Short Cycle Capital Projects Deliver Accelerated Returns Gulf of Mexico Short Cycle Projects Development Timeline Completions New Wells & Tie-Backs Workovers 2019 2020 Dalmatian DC4 2 Nearly Headless Nick Cottonwood Dalmatian Son of Bluto II Son of Bluto II Ourse Nearly Headless Nick Ourse Calliope Calliope 7.50 /BBL 80 MMBOE 21 % IRR Cottonwood Total Net Average Resources CAPEX Project WTI 55/BBL, 2019-2023 Net CAPEX MM Net Production MBOEPD 50 12 10 40 8 Production Generated through 2040 30 6 20 4 2 10 0 4Q 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 0 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021 FY Dalmatian Cottonwood Nearly Headless Nick Son of Bluto II Calliope Ourse Dalmatian Cottonwood NHN SOB II Calliope Ourse Production volumes may vary based on timing and performance Production volumes, reserves and financial amounts exclude non-controlling interest www. m u r p h yo i l c o r p . c o m January 2020 N YS E : MU R 22
Murphy Oil Corp
January 2020

Onshore and Offshore World class assets and top quartile capabilities North America South America Bakken Guyana Bakken, North Dakota Guyana 5 FPSOs 200 MBOED production by 2021 750 MBOD gross production by 2025 20% production CAGR 2018-21 NPV10 breakeven 35/bbl Brent for Ph 1 Average IRR of 50% over the next First production early 2020 60+ rig years of drilling inventory Free cash flow positive post 2021 5 billion of free cash flow 2019 to 2025 North America South East Asia Gulf of Mexico Malaysia / Thailand Deepwater GoM JDA & North Malay Basin 65 MBOED sustainable production 60-70 MBOED plateau production Demonstrated project delivery capability Oil linked pricing in premium gas market Favorable cost environment 2 billion of free cash flow 2019 to 2025 5 billion free cash flow 2019 to 2025 Strong forward investment pipeline of high return cash generative projects All statements at 65/bbl Brent / 60/bbl WTI. 18
Hess Corp
December 2018

Anadarko Petroleum Corp
February 2018

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