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BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp

Murphy Oil Corp · Nov 14, 2014 · 35 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. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 1
    BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE NOVEMBER 14, 2014 ROGER JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER MURPHY OIL CORPORATION www.m urp h yo i lc o rp.c om NYSE: MUR 1
  2. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 2
    Agenda Progress Continues Investing in Murphy Managing Oil Price Pullback Adding Value with Our North America Portfolio Executing Projects in the Global Offshore Creating a High Impact Exploration Program MURPHY OIL…
  3. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 3
    3Q 2014 Progress Continues Portfolio Optimization Signed PSA to Sell-Down 30% of Murphy Malaysia for 2.0 billion Closed on U.K. Retail Sale Sep 30th Decommission Milford Haven Refinery; Operate Petroleum Storage & Distribution…
  4. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 4
    Operational Metrics Net Production, MBOEPD Lease Operating Expense*, /BOE 235 15.00 225 13.00 230 12.61 215 11.95 12.03 11.81 11.00 205 10.53 9.00 210 195 204 206 7.00 185 194 175 5.00 1Q 14 2Q 14 3Q 14 2012 2013…
  5. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 5
    Consistent Cash Flow Metrics Ahead of Peers 60 EBITDA/BOE, /BOE 60 EBITDAX/BOE, /BOE 55 55 50 50 45 45 40 40 48.53 48.47 49.33 48.80 47.95 35 35 43.77 41.00 41.42 42.14 41.26 41.04 38.11 36.75 30 30 33.54 25 25…
  6. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 6
    Production Growth & Improved Guidance Net Production, BOEPD 250,000 Production Growth 225,000 9% Growth 2013 to 2014 200,000 220 250 to 230 7% CAGR 2012 to 2014 175,000 206 204 210 225 194 Predictable Onshore Growth 150,000 Major…
  7. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 7
    Continued Shareholder Focus Regular Dividends*, /sh Dividend Growth 1.60 0.15/sh Increase from 1.25/sh to 1.40/sh 1.40 1.20 Announced Aug 6, 2014 1.00 0.80 Share Repurchase Program 0.60 0.40 Announced a New 500 Million Program…
  8. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 8
    Leading Production Growth Production (2008-2013), MBOEPD 250 200 220 to 225 150 100 50 0 60% Increase 2008 to 2013 2008 2009 2010 2011 2012 2013 2014E 15% 5-Year Production CAGR (2008-2013), MBOEPD 80% Oil &…
  9. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 9
    Leading Reserves Growth Proved Reserves (2008-2013), MMBOE 800 700 5 Year Avg Replacement 180% 600 Impact of *Malaysia Sell-Down on Proved Reserves 500 31 Dec. 2013 = 687.9 MMBOE 400 300 01 Jan. 2014 = 630.1 MMBOE 200 57.8 MMBOE 100…
  10. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 10
    Delivering Volume with Value Production Growth Reserves Life Increasing 235 PRODUCTION, MBOEPD Proved Reserves, % Change 2011 to 2013 40% 215 195 30% MUR 175 155 20% MRO 135 NBL 115 10% OXY APC 95 COP EOG 75 0% 2007 2008 2009…
  11. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 11
    Oil-Weighted Portfolio Delivers Strong Cash Flow Metrics EBITDA/BOE (2013) EBITDA/BOE (YTD 2014) 70 60 60 50 50 42.14 41.26 40 2014 YTD Avg. = 38.11 2013 Avg. = 33.54 40 MUR 30 30 MUR MUR 20 20 MUR 10 10 0 0…
  12. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 12
    Supply Cost (YTD, September 2014) Oil Fields Opex /BOE DD&A /BOE Eagle 15.22 28.18 43.40 Ford Block K 15.39 26.10 41.49 Gulf of Mexico 13.99 26.35 40.34 87% of Liquids Production SK Oil* 10.65 27.56 38.21 Canada 16.30…
  13. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 13
    Wellhead Netback Prices (/bbl) 110 100 90 80 70 60 50 Q3 2014 **Q4 2014E Brent MUR GOM MUR EFS EFS* MUR Kikeh Midland Basin* Bakken* Niobrara* *From Wood Mackenzie Ltd., Intercontinental Exchange, Inc., Argus…
  14. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 14
    Performance v. Peers 2014E Net Debt/EBITDA (Consensus Est.) 90-Day TSR v. 2014E Net Debt/EBITDA (Consensus Est.) 5.3x 40% 5.0x 5.0x 30% Outlier for Recent 4.5x Acquisition 4.2x 20% 4.0x 10% 3.6x 3.4x 3.2x 0% 3.1x 2.9x…
  15. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 15
    Financial Stability LTD-to-Cap Net Debt-to-Cap 32% 26% 23% 20% Liquidity Sources 16% 11% Cash Flow 3% Revolver Sale Proceeds YE 2011 YE 2012 YE 2013 3Q 2014 Source: Evaluate Energy Net Debt-to-Cap (3Q 2014) Investment…
  16. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 16
    EFS Continuous Improvement Net, MBOEPD Op Well Count 60 600 50 500 Continued Production Growth 40 400 Driving Operating Costs Down 30 300 20 200 Lower D&C Costs 10 100 0 0 50% Spud to TD Improvement Since 2010 2010 2011 2012…
  17. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 17
    Eagle Ford Shale - Running Room 0 10 mi NORTH TILDEN 200 Wells CATARINA Brought On by KARNES Year-End TILDEN 10+ Years Drilling Inventory at Murphy Acreage Current Pace Lower EFS Op & Lower EFS Spacing Lower EFS Wells…
  18. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 18
    EFS - Resource Potential 800 Catarina DS 730 MMBOE 20 Karnes U 95 700 Unrisked Tilden U 262 800 600 Downspacing & WELLS 266 Catarina U Performance Catarina Karnes 230 DS DS 500 Tilden DS 157 41 75 Tilden 215 O/s 400…
  19. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 19
    Karnes Upper EFS Pilots Upper EFS Performance Upper EFS Well 2+ Years History on 60+ Acre Spacing in Karnes Tracking Offset Lower EFS Test Staggered Upper & Lower Laterals Approx. 20 Acre Downspacing Early Results Encouraging…
  20. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 20
    Tilden Upper EFS Pilots 2014 Upper EFS Tests Upper EFS Performance 380 Initial Tilden Results Positive No Direct Communication with Lower EFS Test Staggered Upper & Lower Laterals 2014 Upper EFS Test L L L U Early Results…
  21. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 21
    Catarina Upper EFS Pilots Planned Upper EFS Test 3 Year History in South Briggs Lower Initial Rate but Solid EUR Planned Staggered EFS Test Catarina Upper EFS Potential Upper EFS Test Upper EFS Test 3 Months Production Planned…
  22. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 22
    Montney Recent Well Performance 12-17 Pad 6-35 Pad 12-17 Pad 6-35 Pad Foam (100 Ton) Slick Water (100 Ton) Historical Foam (50 Ton) 3 Rigs Drilling 19 New Wells Online in 2014 New Completions Working 6.5 BCF Current EUR…
  23. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 23
    Seal Long Term EOR Focus 6 Billion BBL Oil-In-Place Significant Reserve Upside Focus on Thermal EOR Cadotte Thermal CSS Pilot On Track Commercial Development Targets 36 MMBO Recoverable Oil 8,000 BOPD Peak Rate BOPD SOR First…
  24. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 24
    Global Offshore Malaysia Gulf of Mexico Siakap North-Petai Dalmatian Production to Plan Two Wells Started-up in 2Q 2014 Adding New Well Excellent Well Performance Kakap-Gumusut Tie-back to Petronius Main Project Achieved First…
  25. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 25
    Recent Project Sanction to Deliverability Gross BOEPD Production Deliverability /BOE DD&A Rate 40,000 60 35,000 35,000 35,000 50 30,000 48 40 25,000 39 23,400 35 20,000 21,333 30 32 29 27 15,000 15,833 14,100 20 13,250…
  26. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 26
    Gulf of Mexico Dalmatian DALMATIAN Murphy Leasehold Mid-Lwr Subsalt Play Dalmatian North Murphy HBP Upper Miocene Amplitude Play Murphy Facility Jurassic Norphlet Play Dalmatian Dalmatian Dalmatian South 70% W.I.…
  27. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 27
    Gulf of Mexico - Medusa 0 2,000 4,000 FEET Current Well MEDUSA SPAR Manifold Medusa Expansion Project Murphy Leasehold 60% W.I. (Operator) Mid-Lwr Subsalt Play Murphy HBP Current Field Two Wells Upper Miocene…
  28. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 28
    Long Term Oil-Indexed Gas Partnered with PETRONAS Global Leader in LNG MMCFD 800 SK Gas 1.5 TCF EUR Resource 700 1.1 TCF Proven & Certified 600 Block H 500 Phase I Rotan & 3 Satellite Fields 400 905 BCF Gross Reserves 300…
  29. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 29
    Exploration Renewed Strategy Focus Regions New Rules of Road No 100% Wildcat Wells Partner Required for New Country Entry & Well Commitments Lower W.I. % & Participate in More Wells Gulf of Mexico Southeast Asia Strong History…
  30. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 30
    2014 2015 Exploration Program 2014 2015 AREA PROSPECT 3Q 4Q 1Q 2Q GULF OF MEXICO Urca GOM Wells AUSTRALIA Perth Basin Ceduna Basin MALAYSIA Sarawak Currently Drilling Planned Well 3D Seismic MURPHY OIL CORPORATION…
  31. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 31
    GOM: Urca Stand Alone Prospect Near Infrastructure Spud November 8th Murphy Leasehold Mid-Lwr Subsalt Play 2014 Murphy HBP Upper Miocene Amplitude Play Targeting Oil in Murphy Facility Miocene Reservoirs Jurassic Norphlet…
  32. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 32
    GOM: Miocene Amplitude Play Miocene Prospect Map Longspur Salt Salt Sea Eagle Amplitude Driven Miocene Stratigraphic Plays Whydah Predominately Oil with Some Gas Mensa Thunder Hawk Salt Gross Mean Resource Near…
  33. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 33
    GOM: Opal DC853 MUR 50% W.I. Murphy Leasehold Mid-Lwr Subsalt Play APC 50% (Operator) Murphy HBP Upper Miocene Amplitude Play Gross Mean Resource Murphy Facility 250 MMBOE Jurassic Norphlet Play Upper Miocene, Amplitude…
  34. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 34
    GOM: Sea Eagle MC692 Murphy Leasehold Mid-Lwr Subsalt Play MUR 50% W.I. (Operator) Murphy HBP Upper Miocene Amplitude Play Gross Mean Resource 100 SEA EAGLE Murphy Facility Jurassic Norphlet Play MMBOE Mid-Miocene Stratigraphic…
  35. BANK OF AMERICA 2014 GLOBAL ENERGY CONFERENCE – Murphy Oil Corp – slide 35
    Australia Perth Basin Exploration Drilling Abrolhos Targeting Proven Oil Play in Islands Underexplored Offshore Basin Segment Koel PERTH BASIN WA 481 P Material Prospects with AUSTRALIA Significant Upside Cliff Head 3 Well…

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