EXPLORATION DRIVEN. DELIVERY FOCUSED. BARCLAYS CAPITAL 2013 CEO ENERGY-POWER CONFERENCE ROGER JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER SEPTEMBER 11, 2013 MURPHY OIL CORPORATION www.murphyoilcorp.com NYSE: MUR 1
Agenda Company Overview Strategy Exploration Global Offshore North America Onshore Takeaways MURPHY OIL CORPORATION www.murphyoilcorp.com NYSE: MUR 3
COMPANY OVERVIEW AND STRATEGY MURPHY OIL CORPORATION www.murphyoilcorp.com NYSE: MUR 4
A New Murphy Oil - Pure Play E&P Completed Spin-off of MUSA Aug 30, 2013 Oil Weighted- Focused- Needle Moving-- Exploration Program Complementary NA Onshore Position with New EFS Legacy Asset Continued Strong Production and…
Continued Shareholder Focus Authorized Share Repurchase up to 1 Billion 500 Million Completed; Retired 8 Million Shares at 62.16 per Share Reviewing New Program Post Spin Consistent- Long Term Dividend Growth Regular Dividends*,…
Sustainable Production Growth Record 300 Net, MBOEPD 250 200 Top Quartile Growth 150 85% 100 78% Oil Weighted Profile 50 0 2007 2008 2009 2010 2011 2012 2013E 2014E 2015E 2016E Oil & SK Gas Dry & Assoc. Gas Continued Growth to…
Oil-Weighted Resource Base Proved Reserves MMBOE Proved Reserves: 604 2012 Net Increase 70 MMBOE 534 PUD 439 455 5 Year Average Replacement 160% 402 PDP 76% Oil & SK Gas Projects Reserves, Resources & Risked Exploration: 2008…
2013 E&P Capital Allocation 2013 E&P Capital 2013 Development Capital 4.1 Billion 3.6 Billion 13% 40% 38% 42% 47% 11% 9% Exploration Development Drilling Eagle Ford GOM Field Development Canada Malaysia Capital Program…
Managing Cash Flow with New Hedging Program Crude Hedged Volumes 35% Strong WTI Hedging 30% 33% Position in EFS 25% 20% 26% 24% Seal Netback 15% Opportunities 10% 5% 0% EFS Seal EFS Working Additional ROY 2013 Jan - Jun 2014 Montney…
Our Strategy Develop Differentiated Perspectives In Underexplored Basins and Plays The Key to Our Success Continue to be a Preferred Partner to NOCs and Regional Independents Complement our Offshore Business by Developing…
2013 EBITDA and Net Income Results Upstream EBITDA 1H 2013 (/BOE) Upstream Income 1H 2013 (/BOE) 60 20 50 15 40 30 10 MUR MUR 20 5 10 0 0 Adjusted to Exclude Discontinued Operations, After Tax Impairments, and…
Exploration Portfolio Focus Regions Play Type Focus: Large Structures in New Areas Gulf of Oil-Prone Deepwater Mexico Southeast Stratigraphic Asia Clusters in Shallow Water Atlantic Margin Australia Program Goal: 150 Risked…
Leading Exploration Acreage Position 2012 Net Offshore Acreage/Production, Km2/MBOEPD 350 300 250 200 MUR 150 100 50 0 Peer Group: APA, APC, COP, HES, MRO, NBL, OXY, TLM Sources: WoodMac Pathfinder; Capital IQ…
Australia Browse Basin Large Prospects in a Proven Play-Oil Linked Pricing Bassett West-1 20ft of Gas Pay Potential Remains on Structure Acquiring 3D Seismic Dufresne-1 Bassett Dufresne-1- Drilling West-1 Non- Commercial…
Atlantic Margin - Cameroon Multiple Prospects and Leads Stacked Fan Play Early Tertiary Late Cretaceous 2,800 MMBOE Total Gross PMEAN Drilling Elombo Eboni-1 Well Gross PMEAN Resource 600 MMBOE Eboni-1 Location Eboni-1…
Gulf of Mexico Madagascar Long History of Success 2,400 MMBOE Total Gross Resource PMEAN Strong Position in Emerging Norphlet Oil Play Jurassic Norphlet Madagascar Titan Farm-in to 30% W.I. Promoted Farm-down Gross Resources…
GLOBAL OFFSHORE MURPHY OIL CORPORATION www.murphyoilcorp.com NYSE: MUR 20
Global Offshore Deepwater Developments Siakap North / Petai Kakap Medusa Expansion Dalmatian 1st Prod Nov 13 1st Prod Dec 13 1st Prod May 15 1st Prod Feb 14 32% W.I. 14% W.I. 60% W.I. 70% W.I. Tie-Back to Kikeh 150 MBOPD Gross 2…
Malaysia Shallow Water Developments Serendah Patricia South Acis Permas 1st Prod Jun 13 1st Prod Oct 13 1st Prod Oct 13 1st Prod Dec 13 Above Plan Pre-drill Hook- Topsides Facility Production up Complete Installed Fabrication…
Malaysia: Block K 25 New 2013 Block K Production 20 Net, MBOEPD Siakap North/ Petai Kakap 15 Siakap North/ Petai 10 Kakap 5 Kikeh Key Asset New Completion Designs - 2013 2014 2015 2016 Working 140 Kakap Early…
Sarawak Gas: Long Term Value 300 10.00 Rate Price 9.00 250 Average Gas Rate (MMCFD) 8.00 1.5 TCF P2 EUR Resource Gas Price ( / MCF) 7.00 200 6.00 1.1 TCF Total EUR Proven 150 5.00 & Certified 4.00 Phase II -…
Malaysia Block H:The 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 1.5MTPA FLNG Operated by Block H Gross Estimated…
GOM Business Strong Net Income & Cash Flow Provider Dalmatian History of Ability Project Favorable Terms & 175+ Leases Regulator Net, MBOEPD 50 40 Well Developed 30 Dalmatian Infrastructure 20 10 Base Production -…
NORTH AMERICA ONSHORE MURPHY OIL CORPORATION www.murphyoilcorp.com NYSE: MUR 27
Seal Long Term Focus 6 Billion Bbls Oil In Place Thermal Cadotte Significant Reserve Upside 2013 Polymer Thermal CSS Seal 2013 Central Polymer Focus North Focus Polymer Successful Pilot Project Harmon Central Seal Expected…
Onshore Canada Long View Properties Add a map Montney: Option on Gas Price 3.6 TCF Resource 4.50 Alberta 5.4 TCF Resource 5.00 Quality De-risked Asset Recent Liquids LNG Long Term Option Success 150,000 Net Acres…
Eagle Ford Shale New Legacy Asset N TILDEN KARNES 328 Wells Drilling Pearsall 272 Producing Wells Focus 16 Facilities Area Ground Floor Entry High Value Pipeline Projects in Place De-risked by Industry Drilling & Completions…
EFS Upside: Downspacing Manka Wells Offset Wells KARNES 1200 Manka Pilot 0 10 mi 1000 TILDEN Y-Bar Pilot Gross, MBOEPD 800 600 400 200 0 1 10 19 28 37 46 55 Days 40 Acre Pilot Encouraging Y-Bar Pilot Manka…
EFS - Longer Laterals 200 Karnes Field Example Utilizing Longer Laterals in 180 Karnes, Tilden & Catarina 160 Roos 1H Lateral Length 6,827 EUR 660 MBO, 798 MBOE Encouraging Initial Results 140 Roos 1 30% Higher IP vs. Type…
EFS Field Review Tilden is Working Current Wells Base Wells Add. Gross YTD Lowest Field Acres EUR/Well D&C Cost Larger Positive Acreage On Prod 80 Acres Base (MBOE) (MM) (MM) Drilling & Completion Karnes 13,425 78 142 71…
EFS Resource 700 660MMBOE - 3P + Down Spacing Resource Base Is Growing 600 125 131 MMBOE Proved YE12 44 MMBOE Unproved Proved thru 500 Mid Year 2013 125 400 410 MMBOE 65 3P EURs Improving 2012 to 2013 300 Karnes 580 730 MBOE 175…
Quality Assets with High Margins - EBITDAX/BOE Production Growth CANADA ONSHORE /BOE 2012 21 CANADA OFFSHORE /BOE 2012 2016, MBOEPD 1H 2013 21 2012 89 MALAYSIA* /BOE 100 1H 2013 92 2012 66 Total 2016* Netback Prices 1H 2013 66…
Takeaways Well Positioned to Move Forward as Pure E&P Growth is Visible, High-Margin & Oil-Weighted Exploration Focus Multiple High-Impact Tests in Next 12 MonthsStrong Acreage Position Complementary Onshore Eagle Ford a New…
EXPLORATION DRIVEN. DELIVERY FOCUSED. BARCLAYS CAPITAL 2013 CEO ENERGY-POWER CONFERENCE ROGER JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER SEPTEMBER 11, 2013 MURPHY OIL CORPORATION www.murphyoilcorp.com NYSE: MUR 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…
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…
Non-GAAP Reconciliation CASH FLOW Murphy defines Cash Flow as net cash provided by operating activities before changes in noncash operating working capital, geological and geophysical expenses and other exploration expenses, proceeds…
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