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BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp

Murphy Oil Corp · Nov 21, 2013 · 40 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 1
    EXPLORATION DRIVEN. DELIVERY FOCUSED. BANK OF AMERICA MERRILL LYNCH 2013 GLOBAL ENERGY CONFERENCE ROGER JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER NOVEMBER 21, 2013 MURPHY OIL CORPORATION www.murphyoilcorp.com NYSE: MUR 1
  2. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 2
    Agenda Company Overview Strategy Exploration Global Offshore North America Onshore Takeaways MURPHY OIL CORPORATION www.murphyoilcorp.com NYSE: MUR 3
  3. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 3
    COMPANY OVERVIEW AND STRATEGY MURPHY OIL CORPORATION www.murphyoilcorp.com NYSE: MUR 4
  4. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 4
    Murphy Oil - Pure Play E&P Oil Weighted- Needle Moving- Exploration Program Complementary NA Onshore Position with New EFS Legacy Asset Continued Production and Reserves Growth Highly Profitable Oil Portfolio EXPLORATION…
  5. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 5
    Continued Shareholder Focus Authorized Share Repurchase Program up to 1 Billion 500 Million Completed; Retired 8 Million Shares at 62.16 per Share- Prior to Spin 250 Million Repurchase Ongoing Program Approved until April 2014…
  6. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 6
    Sustainable Production Growth Record Net, MBOEPD 300 2014 Growth 250 200 Leader in Production Growth 150 100 Oil Weighted Profile 50 0 2007 2008 2009 2010 2011 2012 2013E 2014E 2015E 2016E New Projects Contribute in Oil & SK…
  7. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 7
    Oil-Weighted Growth in 2014 (boepd) 280,000 5,000 Final Budget 260,000 7,500 5,500 9,900 Work Ongoing 8,000 245,000 8,000 240,000 240,000 11,000 17,000 220,000 203,900 200,000 180,000 MURPHY OIL CORPORATION…
  8. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 8
    Oil-Weighted Resource Base Proved Reserves MMBOE Proved Reserves: 604 534 2012 Net Increase 70 MMBOE PUD 455 402 439 5 Year Average Replacement 160% PDP 76% Oil & SK Gas Projects Reserves, Resources & Risked Exploration: 2008…
  9. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 9
    E&P Strategic Model Global Find Oil and Gas in Be a Preferred Underexplored Offshore Offshore Basins Partner Global Exploration Driven Offshore Execution Ability Demonstrate Superior Project Execution and Field Operation…
  10. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 10
    EXPLORATION MURPHY OIL CORPORATION www.murphyoilcorp.com NYSE: MUR 11
  11. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 11
    Exploration - Renewed Strategy Strong History of Exploration Culture People New Exploration Leadership Team New Rules of Road No 100% wildcat wells Partner Required for New Country Entry and Well Commitments Lower W.I. % and…
  12. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 12
    Exploration Focus Regions 2014-2105 GULF OF MEXICO SOUTHEAST ASIA 6 - 8 Exploration Wells 6 - 8 Exploration Wells ATLANTIC MARGIN 2 - 3 Exploration Wells 150 AUSTRALIA 2 - 4 Exploration Wells Risked Exploration, MBOEPD…
  13. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 13
    Strong Exploration Portfolio & Acreage Position Gross & Net Unrisked PMEAN Resource (mmboe) Net Risked 10,000 1,000 8,000 800 6,000 600 Gross Unrisked Net W.I. % Unrisked 4,000 400 Net Risked 2,000 200 0 0 YE 2011 YE 2012 Oct…
  14. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 14
    Exploration Prospect Portfolio 700 2014 Drilling Program Ntem - 1 600 Net W.I. Risked PMEAN 970 mmboe Gross Unrisked Mean Resources (mmboe) Serai & Bawang Putih 500 Australia 15% GOM 36% 400 S.E. Asia 23% 300…
  15. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 15
    2013-14 Exploration Program BLOCK Q1 - 13 Q2 - 13 Q3 - 13 Q4 - 13 Q1 - 14 Q2 - 14 Q3 - 14 Keratau-1 Kelidang NE-1 130 MMBOE BRUNEI CA-2 Kempas-1 50 MMBOE Serai-1 350 MMBOE INDONESIA Semai II Bawang Putih-1 Dufresne-1 250 MMBOE…
  16. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 16
    Gulf of Mexico Titan Madagascar Jurassic Norphlet Area Murphy Leasehold 2,400 MMBOE Total Gross Resource PMEAN Strong Norphlet Position PTD: 25,000 Titan W.I. 50% (Operator) Madagascar W.I. 30% (Non-Op) Each Prospect…
  17. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 17
    Atlantic Margin - Cameroon Ntem 2,800 MMBOE Atlantic Margin Total Gross PMean Elombo Eboni-1 Multiple Prospects and Leads Stacked Fan Play Early Tertiary Late Cretaceous Spud Q1 2014 600 MMBO Resource Potential Gross…
  18. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 18
    S.E. Asia Brunei Block CA-2 Building Off - Kelidang NE-1 Gas Discovery (80% W.I.) Gross Resource Potential PMEAN Keratau 130 mmboe Kempas 50 mmboe W.I. 30% Kelidang NE Discovery & Follow Up Prospects Evaluating Field…
  19. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 19
    S.E. Asia - Vietnam Building Acreage Position Shallow Water: Block 13/03 W.I. 20% (Non-Op) 85 MMBO PMEAN Gross Block 11-2/11 W.I. 60% (Operator) Working Seismic Hon Khoai Prospect Deep Water: Blocks 144/145 W.I. 65%…
  20. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 20
    Australia Ceduna Basin Murphy (W.I. 50%, Operator) Awarded Block EPP43 16,700 sq km, Equivalent To 700+ GOM Blocks Six Year Initial Period Gulf of Mexico at Same Scale Commitment: 2D & 3D Seismic Vast Unexplored Oil-Prone…
  21. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 21
    GLOBAL OFFSHORE MURPHY OIL CORPORATION www.murphyoilcorp.com NYSE: MUR 22
  22. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 22
    Global Offshore Developments Serendah, Malaysia Patricia, Malaysia Siakap North/Petai, Malaysia Dalmatian, GOM 2013 2014 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun South Acis, Malaysia Permas, Malaysia Kakap,…
  23. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 23
    Malaysia SK Oil Developments Serendah Shallow Water Production 7 6 Shutdown for Sarawak Pipeline Work Fields w. 2013 1st Production 5 Initial Net, MBOPD 4 Permas Production 3 SOUTH ACIS 2 Patricia 1 Original Budget 0…
  24. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 24
    Malaysia: Key Assets 100 Block K Block K 80 New 2013/2014 Production Net, MBOPD 60 Kakap Early Production System Siakap North-Petai Q4 2013 40 Kakap-Gumusut Main Project 20 Q1 2014 0 Highest Priced Crudes in SE Asia 300…
  25. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 25
    Malaysia Block H: Next Gas Project Front End of a New Development Technology Phase 1 (950 BCF) Rotan, Alum, Bemban & Buluh 10 Years Production Targeting Sanction Late 2013 1.5MMTPA FLNG Operated by PETRONAS Block H Gross…
  26. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 26
    NORTH AMERICA ONSHORE MURPHY OIL CORPORATION www.murphyoilcorp.com NYSE: MUR 27
  27. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 27
    Seal Long Term Focus Thermal 6 Billion BBL Oil In Place Cadotte Polymer Seal Significant Reserve Upside 2013 Thermal CSS North 2013 Central Polymer Focus Focus Polymer Harmon Central Seal Successful Pilot Project Valley…
  28. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 28
    Eagle Ford Shale New Legacy Asset 348 Wells Drilled KARNES 287 Producing Wells 16 Facilities Pipeline Projects in Place Ground Floor Entry High Value De-risked by Industry Drilling & Completion Improvements Continue TILDEN…
  29. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 29
    EFS Upside: Downspacing TILDEN Y-Bar Pilot Encouraging Results KARNES Flow Rates Comparable to Manka Pilot Offset 80 Acre Spacing Wells 10 TILDEN 60 KARNES Gross Cumulative, MBO Gross Cumulative, MBO Y-Bar Wells Offset…
  30. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 30
    EFS Well Optimization KARNES Optimized Well Placement CATARINA Match Regional Min. Stress Direction Longer Laterals Projected EUR Improvement Increasing Value in Catarina Opex & Well Count Catarina Karnes 30 200 Briggs Wells…
  31. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 31
    EFS Field Review Tilden is Working Base Down - Larger Positive Acreage Field Acres Current Wells Wells space Gross EUR/Well YTD D&C Lowest Cost 80 Well (MM) On Prod (MBOE) (MM) Acres Adds Drilling & Completion Karnes…
  32. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 32
    EFS Resource 700 660MMBOE - 3P + Down Spacing 600 125 Resource Base Is Growing 500 131 MMBOE Proved YE12 125 Reserves Migration Continues 400 410 MMBOE 65 3P 300 EURs Improving Across Play 175 200 Down Spacing Pilots Underway…
  33. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 33
    FINANCIALS MURPHY OIL CORPORATION www.murphyoilcorp.com NYSE: MUR 34
  34. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 34
    Financial Stability Billion Historically Low Debt 3.0 LTD % Debt/Cap Net Debt 50% Liquidity Sources 2.5 40% Cash Flow 2.0 US Retail Dividend (650 MM) 30% 1.5 Revolver 20% UK Downstream Sale 1.0 10% 0.5 Low Net 0.0 Debt 0%…
  35. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 35
    Quality Assets with High Margins CANADA OFFSHORE Netback Prices Sept YTD Netbacks CANADA ONSHORE Oil : 108.47/BBL Netback Prices Syncrude: 100.24/BBL Seal: 47.97/BBL Montney: 3.05/MCF MALAYSIA Netback Prices Block K: 91.46/BBL…
  36. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 36
    Takeaways Well Positioned to Move Forward as Pure E&P Growth is Visible, High-Margin & Oil-Weighted Rich Portfolio of Discovered Resources Low-Risk Migration Exploration Focused With Strong Acreage Position- Complementary…
  37. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 37
    EXPLORATION DRIVEN. DELIVERY FOCUSED. BANK OF AMERICA MERRILL LYNCH 2013 GLOBAL ENERGY CONFERENCE ROGER JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER NOVEMBER 21, 2013 MURPHY OIL CORPORATION www.murphyoilcorp.com NYSE: MUR…
  38. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 38
    APPENDIX MURPHY OIL CORPORATION www.murphyoilcorp.com NYSE: MUR 39
  39. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 39
    Non-GAAP Financial Measure Definitions & Reconciliations The 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…
  40. BAML GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 40
    Non-GAAP Reconciliation EBITDAX Murphy defines EBITDAX as income from continuing operations before income taxes, exploration expenses, depreciation, depletion and amortization (DD&A), and net interest expense. Management believes…

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