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Simmons 19th Annual Energy Conference – Murphy Oil Corp

Murphy Oil Corp · Feb 28, 2019 · 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. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 1
    SIMMONS 19TH ANNUAL ENERGY CONFERENCE FEBRUARY 28, 2019 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER MURPHY OIL CORPORATION www.m ur p h yo i lc o r p.c om NYSE: MUR 1
  2. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 2
    Agenda 01 COMPANY UPDATE 02 PORTFOLIO UPDATE 03 EXPLORATION UPDATE 04 LOOKING AHEAD 05 TAKEAWAYS MURPHY OIL CORPORATION www.m ur p h yo i lc o r p.c om NYSE: MUR 3
  3. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 3
    Delivering Our 2018 Plan Generating Aligning Executing Oil-Weighted Profitable Growth Financial Priorities with 2018 Plan & Increasing from Diversified Assets Generating Shareholder Value Low-Cost Resources FY 18 Production 171…
  4. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 4
    Increasing Reserves & Lowering F&D Costs in 2018 Increased Proved Reserves Maintaining High-Margin, Oil-Weighted Portfolio Organic Reserves Replacement 166% (Pre-Transaction) Total Reserves Replacement 287% (Post-Transaction) 3 Year…
  5. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 5
    Leading Consistent Reserve Additions 2010 to 2017 Revisions / Beginning Proved Reserves % - Annual Basis 40% 30% 20% 10% 0% -10% -20% -30% -40% MUR MUR A B C D E F G H I J K L M N 2010 2011 2012 2013 2014 2015 2016…
  6. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 6
    ONSHORE OFFSHORE PORTFOLIO UPDATE MURPHY OIL CORPORATION www.m ur p h yo i lc o r p.c om NYSE: MUR 7
  7. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 7
    Revitalizing US Gulf of Mexico Portfolio MP GOM Transaction Highlights US Gulf of Mexico Assets Immediately Accretive Cash Flow Generator Increased US GOM Proved Reserves by 70 MMBOE Tahoe Increased Production 3x from 1Q to 4Q 2018…
  8. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 8
    Executing in Global Offshore Malaysia US Gulf of Mexico Sabah Dalmatian Completed Kikeh DTU Gas Lift Project Pump Installation Completed, 96% Uptime Achieved 30 MMBBL Gross Production at Siakap North Currently Delivering Gross…
  9. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 9
    PORTFOLIO REVIEW EXPLORATION UPDATE MURPHY OIL CORPORATION www.m ur p h yo i lc o r p.c om NYSE: MUR 10
  10. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 10
    Focusing On Strategic Exploration Offshore Mexico US Gulf of Mexico Vietnam Cholula Prospect (DW Block 5) Hoffe Park (MC 165) Cuu Long Basin LDT Prospect (Block 15-1/05) Murphy 30% WI, Operator Murphy 50% WI, Operator Murphy 40% WI,…
  11. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 11
    Leading Offshore Drilling Execution US Gulf of Mexico Deep Water Drilling Days vs Total Depth Offshore Ability Competitive Advantage 0 0 50 100 150 200 250 300 350 400 Lowered Deep Water Drillship Crew 5000 19% vs 2015 Levels…
  12. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 12
    ONSHORE PORTFOLIO UPDATE MURPHY OIL CORPORATION www.m ur p h yo i lc o r p.c om NYSE: MUR 13
  13. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 13
    Producing Consistent Results in the Eagle Ford Shale Operated Well Delivery 49 Wells Online FY 18 8 Wells Online 4Q 18 in Catarina Atascosa Karnes Avg IP30 860 BOEPD 6 Lower Eagle Ford Shale & 2 Upper Eagle Ford Shale Wells Tilden…
  14. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 14
    Delivering Low Cost Production in Tupper Montney Operated Well Delivery 5 Wells Online FY 18 Successful AECO Price Mitigation Realized 4Q 18 C2.86/MCF* vs AECO Realized Avg of C1.78/MCF Generated 2018 Free Cash Flow of 21.5 MM Realized…
  15. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 15
    Growing & De-Risking Kaybob Duvernay Operated Well Delivery 27 Wells Online FY 18 Kaybob North Kaybob East 129 Locations 5 Wells Online 4Q 18 187 Locations Acreage De-Risked with Exception of Two Creeks H Simonette 135 Locations F…
  16. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 16
    Continuing Strong Execution in the Kaybob Duvernay Simonette Cumulative Production Saxon & Kaybob West Cumulative Production Substantial Production Growth 160 & Continued Outperformance 140 01-12B 01-12 TC 300 16-03 Average 16-03…
  17. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 17
    ONSHORE LOOKING AHEAD MURPHY OIL CORPORATION www.m ur p h yo i lc o r p.c om NYSE: MUR 18
  18. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 18
    How Are You Thinking About Capital Allocation 2018 2019 Generating Free Cash Flow After Dividend Generating Free Cash Flow After Dividend At Strip Growing Profitable Production Growth Generating Measured Profitable Growth Allocating…
  19. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 19
    2019 Capital Program 2019 Total CAPEX 2019 Annual Capex Guidance 1.25 1.45 BN US Onshore 878 MM Allocated to NA Onshore 8% 1% Unconventional 9% Canada Onshore Increasing Eagle Ford Shale Spend 38% 43% North America Offshore…
  20. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 20
    Reallocating Capital to Oil-Weighted Assets Allocating 60% to Eagle Ford Shale & NA Offshore Capital Spending Changes 2018 to 2019 600 Eagle Ford Shale 600 MM 40% Increase from 2018 500 470 MM for Drilling & Completions & 130 MM for…
  21. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 21
    Increasing Low Break-Even Locations for High Return Growth Over 50% Onshore Oil-Weighted Locations Break-Even < 40/BBL Eagle Ford Shale 50% of Remaining Locations with Break-Even of Tupper Montney 1,400+ Remaining Locations 40/BBL &…
  22. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 22
    Building High Return with Low-Cost Offshore Projects Maintaining Production at Existing Fields with Low-Cost Offshore Projects Low-Cost, Innovative Projects 100% 140 MM CAPEX in 2019 for Long-Term Offshore Projects with High IRRs 80%…
  23. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 23
    Positioning Company for Long-Term Value Creation Completing a Very Successful 2018 Net Income, TSR & Reserves Spending Within Our Means & Maintaining Strong Free Cash Flow Yield Generating Measured Profitable Growth Allocating…
  24. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 24
    ONSHORE APPENDIX MURPHY OIL CORPORATION www.m ur p h yo i lc o r p.c om NYSE: MUR 25
  25. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 25
    Guidance 1Q 19 1Q 2019 1Q 2019 Guidance 1Q Liquids (BOPD) Gas (MCFD) 1Q Production: US Eagle Ford Shale 34,800 28,800 US Gulf of Mexico 1 52,750 20,000 Canada Tupper Montney 220,000 Canada Kaybob Duvernay & Placid Montney 8,400…
  26. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 26
    2019 Hedging Positions Volumes Area Commodity Type (MMCFD) Price (MCF) Start Date End Date Montney Natural Gas Fixed Price Forward Sales at AECO 59 C2.81 1/1/2019 12/31/2020 Montney Natural Gas Fixed Price Forward Sales at AECO 10…
  27. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 27
    Financial Position as of December 31, 2018 Note Maturity Profile 2,000 Maturity Profile* 2.8 BN Total Debt (Excluding Capital Lease) Total Bonds Outstanding BN 2.8 Weighted Avg Fixed Coupon 5.5% Total Liquidity 1.6 BN Weighted Avg…
  28. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 28
    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 ur p h yo i lc o r p.c om NYSE: MUR 35
  29. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 29
    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…
  30. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 30
    Placid Montney Peer Acreage Condensate Limit KAYBOB EAST CIOC PARAMOUNT RMP CNRL CENOVUS ENCANA KAYBOB WEST SIMONETTE Fox Creek SAXON CHEVRON DELPHI XTO PLACID Dry Gas Limit 6 Miles MURPHY OIL CORPORATION…
  31. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 31
    Tupper Montney Peer Acreage MURPHY OIL CORPORATION www.m ur p h yo i lc o r p.c om NYSE: MUR 38
  32. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 32
    Mexico Exploration Update Mexico Deepwater Block 5 Block 10 Block 21 Murphy 30% WI, Operator, Partners 30.5 MM 110.2 MM Repsol, PETRONAS, Ophir Shell PETRONAS, Ophir & Sierra Oil & Gas Block 20 Block Name 90.2 MM Cash Bonus…
  33. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 33
    Gulf of Mexico Exploration Update Hoffe Park (MC 165) Exploration Murphy 50% WI, Operator Middle Miocene Expected Spud 3Q 19 Net Mean Resource Potential 30 MMBOE to 48 MMBOE (Upside) Net Well Cost 23 MM Hoffe Park MURPHY OIL…
  34. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 34
    Vietnam Exploration Update Cuu Long Basin LDT Prospect (Block 15-1/05) LDV Field Murphy 40% WI, Operator Up to 250 MMBOE Gross Recoverable Oligocene Faulted 3-Way Fractured Reservoir Expected Spud 1Q 19, Commitment Well Block…
  35. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 35
    Vulcan Basin Australia Exploration Update Murphy Block Vulcan Basin Blocks Oil Field AC/P-58 Murphy 40% 60% WI, Operator Gas Field Jurassic Play Ceduna Basin Fairway Target Spud 2020 Identifying Multiple Prospects, Up to 200…
  36. Simmons 19th Annual Energy Conference – Murphy Oil Corp – slide 36
    Brazil Exploration Update Renewed Exploration Portfolio with Low-Cost Entry & Long-Term Opportunities in 6 Blocks Farfan 400 MMBOE Progressing 2018 Seismic Program Barra Cumbe 400 MMBOE 50 MMBOE Farm-In to QGEPs Sergipe-Alagoas…

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