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Stephens Second Annual Energy Executive Summit – Murphy Oil Corp

Murphy Oil Corp · May 16, 2018 · 36 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. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 1
    STEPHENS SECOND ANNUAL ENERGY EXECUTIVE SUMMIT MAY 16, 2018 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER MURPHY OIL CORPORATION www.m urp h yo i lc o rp.c om NYSE: MUR 1
  2. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 2
    Agenda 01 COMPANY UPDATE 02 PORTFOLIO REVIEW 03 EXPLORATION REVIEW 04 TAKEAWAYS MURPHY OIL CORPORATION www.m urp h yo i lc o rp.c om NYSE: MUR 3
  3. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 3
    Murphy At A Glance 2017 Proved Reserves 46% Gas 47% Oil Long Corporate History, IPO 1956 19% US Onshore 37% Canada Onshore Global Offshore & North American Onshore Portfolio 7% 698 Canada Offshore 3% MMBOE Diverse Portfolio…
  4. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 4
    Committed to Returning Cash to Shareholders Dividend + Buyback Payout % of Adj CFO, 2015 2017 Returned 4.3 BN to Shareholders, Since 1961 35% MUR 30% Returned 2.5 BN to Shareholders in Last 10 Years 25% 20% Sustained High…
  5. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 5
    2018 Plan Production 167 170 2018 Production Guidance 167 170 MBOEPD, 170 166 169 60% Liquids 168 167.5 2018 Major Annual CAPEX Spend 1.11 BN 166 MBOEPD 670 MM Onshore 164 270 MM Offshore 162 130 MM Exploration 160 1Q 2018…
  6. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 6
    1Q 2018 Highlights Achieving High-Margin Returning Cash to Generating Strong Returns & Production from Shareholders & Building Maintaining Healthy Liquidity Diversified Assets Long-Term Portfolio 1Q 18 Total Production 168…
  7. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 7
    1Q 2018 Diversified Portfolio Drives High Cash Margins 1Q 2018 Sales Basis Price Premium Oil Margins Widening to WTI 42% Natural Gas 52% Oil Brent/MCO 85 (Malaysian Crude Oil)* 24% LLS* 80 31% WTI 75 Oil-Indexed Gas 11% 31%…
  8. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 8
    Executing on Our Strategy in 1Q 2018 Returning to Offshore Exploration at Bottom of Cycle Develop DIFFERENTIATED PERSPECTIVES In Gulf of Mexico & Brazil Acreage Acquisitions Underexplored Basins & Plays Drilled First Appraisal Wells at…
  9. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 9
    Our Strategy Drives Profitable Growth Value-Adding Production Growth Measured, Oil-Weighted Production Growth 300 Within Cash Flow 200 Plan Returns Over 800 MM to Shareholders MBOEPD with Current Dividend Policy 100 Plan…
  10. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 10
    PORTFOLIO REVIEW MURPHY OIL CORPORATION www.m urp h yo i lc o rp.c om NYSE: MUR 11
  11. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 11
    Eagle Ford Shale Highlights Operated Well Delivery 45 Wells Online FY 2018 Atascosa 6 Tilden Wells Online 1Q 18 Avg IP30 775 BOEPD Karnes 22 Wells Online 2Q 18 10 Well Pad in Karnes, 10 Wells in Tilden Karnes Catarina & 2 Wells in…
  12. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 12
    Tupper Montney Highlights Henry Hub Dry Natural Gas Break-Even Prices, /MCF Top Tier North American Dry Natural Gas Play 6.00 Operated Well Delivery 5.00 5 Wells Online FY 2018 3 Upper Montney, 2 Middle Montney Avg EUR 18 BCF…
  13. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 13
    Kaybob Duvernay 2018 Well Delivery Plan Operated Well Delivery FY 18 Budget: Drill 17 Wells, Online 23 Wells Contingent: Drill +7 Wells, Online +7 Wells Pad Wells Window Online A 01-12 1 Oil 1Q 2018 B 15-16 2 Oil 1Q 2018 C…
  14. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 14
    Kaybob Duvernay Highlights Increased Kaybob Production 92% from 1Q 2017 to 1Q 2018 Drilling Pacesetter Wells 1Q 18 Drilling Cost per Foot 110 1Q 18 /CLAT 600 Appraisal Wells Update Online 1Q 2018 01-12 Pad (1 Well) Oil, IP30 900 BOEPD,…
  15. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 15
    Offshore Operations Highlights Malaysia Gulf of Mexico Sabah Operated Kikeh DTU Gas Lift Project 80% Complete, Online 3Q 18 Medusa Subsea Well Workover Complete Kakap Phase 2 Drilling to Start 4Q 18, 155 MBOPD 1Q Clipper Comingled Wells…
  16. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 16
    EXPLORATION REVIEW MURPHY OIL CORPORATION www.m urp h yo i lc o rp.c om NYSE: MUR 17
  17. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 17
    Exploration Update GOM Deepwater Samurai (GC 432) Murphy 50% WI, Operator Spud Appraisal Well 2Q 18, Net Well Cost 30 MM Mean Gross Resource Potential 75 MMBOE, Gross Resource Upside Potential 200 MMBOE GOM Deepwater New Low-Cost…
  18. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 18
    2Q 4Q 18 Exploration Plan GOM King Cake Prospect (AT 23) Mexico Palenque Prospect (Deepwater Block 5) Murphy 31.5% WI, Operator Murphy 30% WI, Operator, Partners PETRONAS, Expected Spud 3Q 18 Ophir & Sierra Oil & Gas Mean Gross…
  19. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 19
    Takeaways Executing on the 2018 Plan Achieving High Cash Margins from Diverse, Oil-Weighted Portfolio Delivering Pacesetter Onshore Wells Maintaining Offshore Production with Innovative Projects Implementing New Exploration…
  20. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 20
    APPENDIX MURPHY OIL CORPORATION www.m urp h yo i lc o rp.c om NYSE: MUR 21
  21. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 21
    Guidance 2Q 2018 2Q 2018 2Q 2018 Guidance 2Q Liquids (BOPD) Gas (MCFD) 2Q Production: US Eagle Ford Shale 38,600 31,000 Gulf of Mexico 15,350 12,600 Canada Tupper Montney 233,800 Kaybob Duvernay & Placid Montney 5,500 23,500…
  22. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 22
    2018 Hedging Positions Volumes Area Commodity Type (BOPD) Price (USD/BBL) Start Date End Date United States WTI Fixed Price Derivative Swap 21,000 54.88 4/1/2018 12/31/2018 Volumes Area Commodity Type (MMCFD) Price (MCF) Start…
  23. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 23
    2017 Asset Overview At December 31, 2017 Crude Oil NGLs Natural Gas Total Proved Developed Reserves: (Millions of Barrels) (Billions of Cubic Feet) (Millions of Barrels Equivalent) United States 126.3 23.3 127.7 170.9 Canada 21.9 1.0…
  24. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 24
    Increasing Reserves & Lowering F&D Costs in 2017 3 Year F&D Costs Maintaining High-Margin, Oil-Weighted Portfolio 30 Organic Reserves Replacement 113% 25 Total Reserves Replacement 123% /BOE 20 1 Year F&D Costs of 13.09/BOE…
  25. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 25
    1Q 18 Financial Overview Adjustments to 1Q 18 Earnings Impact of 2017 Tax Cuts & Jobs Act 120 MM Foreign Exchange Gains 12 MM 1Q 1Q Mark-to-Market Loss on Crude Oil Contract 11 MM MM (Except per Share) 2018 2017 Continuing Operations…
  26. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 26
    1Q 18 Financial Details Operating Expenses (OPEX) 1Q 18 9.07/BOE 0.70/BOE Higher Due to Workover Expenses at Kodiak 0.42/BOE Higher Due to Offset Frac Impacts at Eagle Ford Shale Impacted by Additional Sand & Water Disposal Costs as…
  27. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 27
    Credit Metrics vs E&P Peers FY 2017 2017 Net Debt / Adj EBITDAX 2017 Net Debt / Proved Reserves (/BOE)* 5x 4.6x 9 5x 7.74 8 4x 3.6x 7 4x 3.3x 5.80 2.9x 6 5.21 3x 2.3x 2.4x 5 4.48 4.60 3x 2.1x 2.1x 2x 1.7x 1.8x 1.8x 4 3.40…
  28. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 28
    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…
  29. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 29
    NA Onshore Running Room Spacing Inter-Well Spacing Area Net Acres PDP Wells Reservoir Remaining Wells Total Well Count* (Acres) (ft) NA Onshore Total 413,156 1,222 5,176 6,398 Lower EFS 60 40 350 Karnes 10,918 274 Upper EFS 158 80…
  30. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 30
    Eagle Ford Shale Peer Acreage OIL Murphy EOG Lewis/BP ConocoPhillips CONDENSATE Marathon Pioneer EP Energy Pioneer Encana Carrizo GAS Chesapeake Sanchez MURPHY OIL CORPORATION www.m urp h yo i lc o rp.c om NYSE: MUR 37
  31. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 31
    Tupper Montney Peer Acreage MURPHY OIL CORPORATION www.m urp h yo i lc o rp.c om NYSE: MUR 38
  32. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 32
    Kaybob Duvernay Peer Acreage Volatile Oil KAYBOB EAST SHELL Gas Condensate PARAMOUNT ENCANA CENOVUS KAYBOB WEST SIMONETTE SAXON Fox Creek CHEVRON Wet Gas XTO PLACID REPSOL 6 Miles MURPHY OIL CORPORATION…
  33. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 33
    Placid Montney Peer Acreage Condensate Limit KAYBOB EAST CIOC PARAMOUNT CNRL CENOVUS RMP ENCANA KAYBOB WEST SIMONETTE Fox Creek SAXON CHEVRON DELPHI XTO PLACID Dry Gas Limit 6 Miles MURPHY OIL CORPORATION…
  34. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 34
    BAL YR 2018 Montney Gas Alberta Sales Prices Tupper Montney AECO Hedge Emerson 2.19 2.40 AECO Spot 0.81 1.02 1.59 MARKET Dawn 2.53 PRICE US/MMBTU 0.89 TOTAL TRANSPORT 1.64 ALBERTA PRICE US/MM Malin Chicago 2.17 2.49…
  35. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 35
    Brazil Exploration Update Renewed Exploration Portfolio with Low-Cost Entry & Long-Term Opportunities in 6-Blocks Farfan 400 MMBOE Barra Cumbe Farm-In to QGEPs Sergipe-Alagoas Blocks 400 MMBOE 50 MMBOE Secured Blocks 351 & 428…
  36. Stephens Second Annual Energy Executive Summit – Murphy Oil Corp – slide 36
    Vietnam Exploration Update Cuu Long Basin Block 15-1/05 Murphy 35% WI, Non-Op Working to LDV Field Up to 250 MMBOE Become Operator & Increase to 40% WI Gross Recoverable LDT Prospect Expected Spud 2Q 18 Block 15-01/05 Mean Gross…

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