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November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp

Murphy Oil Corp · Nov 14, 2017 · 37 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. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 1
    GOLDMAN SACHS HIGH YIELD BUS TOUR NOVEMBER 14, 2017 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER
  2. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 2
    Agenda 01 Overview 02 3Q 17 Results & Full Year Outlook 03 Financial Overview 04 Offshore Portfolio 3Q 17 Highlights 05 Onshore Portfolio 3Q 17 Highlights 06 Takeaways MURPHY OIL CORPORATION w w w .m u rphyoi l corp.com…
  3. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 3
    Murphy Overview Where We Work Global, Diversified Portfolio Providing Long-Term Growth while Generating Free Cash Flow Duvernay Montney Growing North American Onshore Calgary Unconventional Assets Hibernia Terra Nova…
  4. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 4
    Strengthening Our Business Through the Commodity Cycle Acquired Kaybob Initiated Tupper Duvernay & Liquids Montney Expansion Rich Montney 30% Malaysia Sell-Down for Farm-In Announced Application Block H 2.0 BN Announced Midland to…
  5. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 5
    The Proven Unique Murphy Strategy Develop DIFFERENTIATED PERSPECTIVES In Midland Basin Entry via Grass Roots Leasing Underexplored Basins & Plays Success in Mexico Bid Round & Vietnam Block 15-01 Farm-In Low Cost Entry Vulcan, Ceduna &…
  6. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 6
    3Q 17 RESULTS & FULL YEAR OUTLOOK MURPHY OIL CORPORATION w w w .m u rphyoi l corp.com N YSE: M U R 7
  7. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 7
    3Q 17 Financial Overview Adjustments to 3Q 17 Earnings 3Q 3Q Foreign Exchange Losses (44 MM) MM (Except per Share) 2017 2016 Mark-to-Market Loss on Crude Oil Contract (12 MM) Consolidated Results Deferred Tax on Undistributed Foreign…
  8. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 8
    3Q 17 Overview Maintaining Price 3Q 17 Production Averaged 154 MBOEPD Onshore Production Averaged 86 MBOEPD (51% Liquids) Advantaged Offshore Production Averaged 68 MBOEPD (73% Liquids) Production from Offshore Assets Generated…
  9. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 9
    Production & Guidance Update 3Q 17 Production Impacts 2017 Annual Capex Spend at 940 MM Reductions Increased from Original Guidance of 890 MM Eagle Ford Shale Partial Field Shut-In, Delayed Completions, 37 MM Midland Basin Acreage,…
  10. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 10
    Diversified Portfolio Yields Premium Netbacks 3Q 17 Sales Basis Price Premium Oil Margins Widening to WTI 65 37% 57% Natural Gas Oil 60 Brent/MCO 28% 29% (Malaysian Crude Oil)* LLS** 55 Dollar per Barrel WTI…
  11. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 11
    FINANCIAL OVERVIEW MURPHY OIL CORPORATION w w w .m u rphyoi l corp.com N YSE: M U R 12
  12. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 12
    Executing On Our Financial Strategy Disciplined Capital Allocation Planning to Achieve Free Cash Flow Over 5-Years while Growing Production Renewing Offshore Portfolio at Bottom of Cycle with Low Capital Commitment Projects…
  13. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 13
    Credit Metrics vs E&P Peers Net Debt* / LTM Adj. EBITDAX* Net Debt* / Proved Reserves (/BOE)** 6x 7 4.8x 5.79 5.99 5x 6 5.06 5 4.74 4.86 3.8x 3.8x 4x 4.21 3.91 3.94 2.9x 4 3.70 3.78 3x 2.5x 2.3x 2.3x 2.82 2.0x 2.1x 3 2.58…
  14. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 14
    ONSHORE OFFSHORE PORTFOLIO 3Q 17 HIGHLIGHTS MURPHY OIL CORPORATION w w w .m u rphyoi l corp.com N YSE: M U R 15
  15. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 15
    Global Offshore 3Q 17 Offshore Operations 3Q 17 Highlights Total Production (BOEPD) 68,000 Total Percent Liquids 73% Malaysia Gulf of Mexico (Operated) Generated 140 MM Free Cash Flow 99% Uptime of Operated Facilities Medusa…
  16. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 16
    Concentrated Focus Areas in Exploration What We Have Done Significantly Narrowed Focus Lower Working Interest Entries Lower Cost High-Value Prospects Developed In-House Specific Basin Expertise Houston Gulf of Mexico Western &…
  17. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 17
    Gulf of Mexico Exploration Update LOUISIANA Dalmatian Renewed Exploration Portfolio with Low-Cost Entry & Near to Mid-Term Leibniz Medusa Opportunities Kodiak Clipper Awarded Block MC 556 Leibniz Prospect Front Runner Thunder Hawk…
  18. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 18
    Vietnam Exploration Update Cuu Long Basin Block 15-1/05 Murphy 35% WI, Non-Op Significant Discovered Resource and Potential Upside 15-1/05 in Lac Da Vang (LDV) Field LDN DRO Progressing Development Plan 15-2/17 On Track for…
  19. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 19
    New Exploration Entry Brazil Renewed Exploration Portfolio with Low-Cost Entry & Long-Term Opportunities Farm-In to QGEPs Sergipe-Alagoas Blocks Secured Blocks 351 & 428 Murphy 20%, ExxonMobil 50% (Op), QGEP 30% 11 MM Net Murphy…
  20. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 20
    ONSHORE PORTFOLIO 3Q 17 HIGHLIGHTS MURPHY OIL CORPORATION w w w .m u rphyoi l corp.com N YSE: M U R 21
  21. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 21
    Eagle Ford Shale 3Q 17 4Q 17 E Eagle Ford Shale 3Q 17 Highlights Total Production (BOEPD) 45,000 52,000 New Wells Online 27 15 On Time Well Delivery Despite Harvey Disruptions Total Percent Liquids 89% 27 New Wells Online Wilson 14…
  22. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 22
    New Entry Midland Basin Gaines Dawson Growing Onshore Portfolio with Grass Roots Leasing Midland Murphy Additional 275 Locations with Break-Even < 40/BBL Basin 1 WCB, 1 LSPB Initial Test Wells 2 Wells Drilled 3Q 17, Online 4Q…
  23. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 23
    Tupper Montney 3Q 17 4Q 17 E Tupper Montney 3Q 17 Highlights Total Production (MMCFD) 208 223 New Wells Online - 5 Recent Activity A-23 Pad (5 Wells) 4Q 17 Drilled & Online Expansion Project Progressing FEED for 2018 Sanction…
  24. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 24
    Kaybob Duvernay 3Q 17 Kaybob Duvernay 3Q 17 Highlights Total Production (BOEPD) 3,750 New Wells Online 3 Increased Production 32% from 1Q 17 to 3Q 17 Appraisal Wells Update 11-18 Pad (3 Wells) Oil Online 3Q 17 Average 9,100 ft…
  25. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 25
    2017 Kaybob Duvernay Appraisal Plan 2017 Appraisal Plan Drill 16 Wells Complete 12 Wells Online 11 Wells E 2017 2018 Appraisal Plans BF C J Highly Scientific & Deliberate D Designed to Appraise Data for Full-Scale A H…
  26. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 26
    ONSHORE TAKEAWAYS MURPHY OIL CORPORATION w w w .m u rphyoi l corp.com N YSE: M U R 27
  27. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 27
    Catalysts Driving Future Value Executing Disciplined Appraisal Program, Significant Activity in 2018 Kaybob Duvernay Shifting to Development Program with Defined & Funded Growth Accelerating Value in Low Cost, Long Life Asset via…
  28. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 28
    Takeaways Achieving Free Cash Flow Over 5 Years while Growing Production Maintaining Cash Balances while Funding Capital Program Continuing Cost Focus, with New Decade-Low LOE/BOE Increasing Portfolio of Low Break-Even Onshore…
  29. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 29
    GOLDMAN SACHS HIGH YIELD BUS TOUR NOVEMBER 14, 2017 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER MURPHY OIL CORPORATION w w w .m u rphyoi l corp.com N YSE: M U R 30
  30. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 30
    APPENDIX MURPHY OIL CORPORATION w w w .m u rphyoi l corp.com N YSE: M U R 31
  31. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 31
    Historical Financials ( Millions) 2014 2015 2016 WTI (/bbl) 93.00 48.80 43.32 HHUB (/MMbtu) 4.34 2.61 2.48 Oil Production (Mbbld) 142,408 126,400 103,400 Gas Production (MMcfd) 445,956 427,614 378,163 NGL Production (Mbbld) 9,239…
  32. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 32
    Hedging Summary Volumes Area Commodity Type (BOPD) Price (USD/BBL) Start Date End Date United States WTI Fixed Price Derivative Swap 22,000 50.41 10/1/2017 12/31/2017 United States WTI Fixed Price Derivative Swap 15,000 53.57 1/1/2018…
  33. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 33
    Guidance 4Q 2017 4Q 2017 4Q 2017 Guidance 4Q Liquids (BOPD) Gas (MCFD) 4Q Production: US - Eagle Ford Shale 46,750 33,500 Gulf of Mexico 13,500 12,500 Canada Tupper Montney - 223,000 Kaybob Duvernay & Placid Montney 4,600 19,500…
  34. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 34
    Asset Overview At December 31, 2016 Crude Oil NGLs Natural Gas Total Proved Developed Reserves: (Millions of Barrels) (Billions of Cubic Feet) (Millions of Barrels Equivalent) United States 113.9 20.8 138.7 157.8 Canada 19.2 0.9 498.9…
  35. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 35
    NA Onshore Running Room Three Main Unconventional Plays: Eagle Ford Shale, Duvernay & Montney Significant Multi-Year Inventory with Stacked Pay Potential Upside Area Net Acres PDP Wells Reservoir Remaining Wells Spacing (Acres) Total…
  36. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 36
    Oil Peer Group Benchmarking 3Q 2017 Lifting Costs Change Q/Q Production Netback (/BOE) 30% 30 25% MUR 25 20% 15% 20 Mean 18/BOE 10% MUR 5% Mean 2% 15 0% 10 -5% -10% 5 -15% -20% 0 Production Netback = E&P Revenues/BOE - Lifting…
  37. November 2017 Goldman Sachs Investor Presentation – Murphy Oil Corp – slide 37
    Bloomberg Definitions Net Income/BOE = Net Income (Loss) as Reported / Total Annual Production EBITDA = Loss from Continuing Operations - Interest & Other Income + Income Tax Expense (Benefit) + Interest Expense - Interest Capitalized…

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