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Q2 2020 Earnings Presentation – Murphy Oil Corp

Murphy Oil Corp · Aug 6, 2020 · 41 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. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 1
    2020 SECOND QUARTER EARNINGS CONFERENCE CALL & WEBCAST AUGUST 6, 2020 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com 0 NYSE: MUR
  2. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 2
    Where Murphy Stands Today Emphasizing flatter production profile to support debt reduction in price recovery Protecting health and safety of employees and contractors by implementing work-from-home processes and operational…
  3. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 3
    2Q 2020 Update Production & Pricing Update 2Q 2020 Production 2Q 2020 Production 168 MBOEPD, 65% Liquids by Area Onshore Canada Includes 17.5 MBOEPD of shut-ins due to prices and 31% 52,000 BOEPD tropical storm Total Offshore 98…
  4. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 4
    2Q 2020 Financial Results 2Q 2020 Results 2Q 2020 (MM Except Per Share) Net loss 317 MM Net Income Attributable to Murphy Adjusted net loss 110 MM Income (loss) (317) 2Q 2020 Adjustments /Diluted share (2.06) One-off income…
  5. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 5
    2Q 2020 Cash Flow Results 2Q 2020 Cash Flow from Continuing Operations Cash Flow Attributable to Murphy (MM) 2Q 2020 1H 2020 Reduced by 106 MM working capital increase Net cash provided by continuing operations (23) 369 Improved by 13…
  6. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 6
    Balance Sheet Resilience Solid Foundation for Commodity Price Cycles Maturity Profile* 1.6 BN senior unsecured credit facility available Total Bonds Outstanding BN 2.8 through Nov 2023 Weighted Avg Fixed Coupon 5.9% 170 MM currently…
  7. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 7
    Kings Quay Transaction Update Kings Quay Floating Production System Fabrication of Kings Quay in the Hyundai Heavy Industries Yard in South Korea Fabrication continues to progress on schedule, despite COVID-19 limitations Complex,…
  8. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 8
    Current Environment www.murphyoilcorp.com NYSE: MUR 8
  9. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 9
    Adapting to a New Energy Landscape Solidifying Structure to Remain Competitive Ensuring Long-Term Resilience Portfolio streamlined through accretive, oil- Maintained total liquidity of 1.6 BN, including weighted transactions since…
  10. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 10
    Navigating Our Business Through Low Commodity Price Cycle Capital and Cost Reductions Adjusting CAPEX to 700 MM at Midpoint 2020 Total CAPEX Represents 50% CAPEX reduction from original 2020 28% guidance 2% US Onshore Offshore 2020…
  11. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 11
    Onshore Portfolio Update www.murphyoilcorp.com NYSE: MUR 11
  12. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 12
    Eagle Ford Shale 2020 Well Delivery and Capital Plan Update 2020 Revised Budget 200 MM Eagle Ford Shale Acreage KARNES 25 operated wells online Wilson 8 non-operated wells online Atascosa Karnes No operated activity planned for…
  13. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 13
    Kaybob Duvernay 2020 Well Delivery and Capital Plan Update Kaybob Duvernay Acreage 2020 Revised Budget 100 MM Kaybob North 16 operated wells online, 11 online 1Q 2020 Kaybob East 10 non-operated wells online at Placid Montney, 4…
  14. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 14
    Tupper Montney 2020 Well Delivery and Capital Plan Update 2020 Revised Budget 15 MM Ongoing AECO Price Risk Mitigation Strategy 4 wells drilled in 1Q 2020, to be completed in 2021 Sold 59 MMCFD at C2.81/MCF for FY 2020 No further work…
  15. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 15
    Offshore Portfolio Update www.murphyoilcorp.com NYSE: MUR 15
  16. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 16
    Gulf of Mexico Short-Term Projects Execution Update Operated Tieback and Workover Projects 2020 Revised Budget 285 MM Drilling & 2Q 2020 72 MBOEPD, 78% Oil, Project Completions Subsea Tie-In First Oil 85% Liquids Front Runner rig…
  17. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 17
    Gulf of Mexico Major Projects Capital Drives Future Production Khaleesi / Mormont / Samurai Major Projects Net CAPEX MM 120 Progressing projects, on track for first 100 oil in 1H 2022 80 Executed rig contract in 3Q 2020 for 60…
  18. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 18
    Vietnam Cuu Long Basin Development Update Asset Overview Cuu Long Basin Murphy 40% (Op), PVEP 35%, SKI 25% VIETNAM 400 MMBOE remaining resource potential on blocks 15-1/05 and 15-2/17 Block 15-1/05 Received approval of the Lac Da…
  19. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 19
    Exploration Update www.murphyoilcorp.com NYSE: MUR 19
  20. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 20
    Exploration Gulf of Mexico Update Mt. Ouray Well (Green Canyon 767) US Gulf of Mexico Green Canyon Acreage Murphy 20% WI, non-operated Drilled 2Q 2020, 7.8 MM net well cost Troika Droshky Aspen Boris Front Dry hole Front Runner…
  21. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 21
    Exploration Other Updates 2020 Revised Budget 60 MM Exploration Focus Areas Mexico Operated, 40% WI Cholula appraisal program approved by CNH 3-year discretionary appraisal program, includes up to 3 appraisal wells and geologic /…
  22. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 22
    Looking Ahead www.murphyoilcorp.com NYSE: MUR 22
  23. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 23
    Dialing In On Future Plans Guiding for 2H 2020 Net production 153 163 MBOEPD for 3Q 2020, including: Storm downtime impact of 4.8 MBOEPD Repair downtime at Delta House facility of 8.0 MBOEPD Non-operated Habanero planned downtime…
  24. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 24
    Where Murphy Stands Today Emphasizing flatter production profile to support debt reduction in price recovery Protecting health and safety of employees and contractors by implementing work-from-home processes and operational…
  25. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 25
    2020 SECOND QUARTER EARNINGS CONFERENCE CALL & WEBCAST AUGUST 6, 2020 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com 25 NYSE: MUR
  26. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 26
    3Q 2020 Guidance Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US Eagle Ford Shale 24,400 4,600 26,200 33,400 Gulf of Mexico excluding NCI1 52,100 5,000 60,900 67,300 Canada Tupper Montney 238,400 39,700 Kaybob…
  27. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 27
    Current Hedging Positions United States Volumes Price Commodity Type (BBL/D) (BBL) Start Date End Date WTI Fixed Price Derivative Swap 45,000 56.42 7/1/2020 12/31/2020 WTI Fixed Price Derivative Swap 15,000 42.93 1/1/2021…
  28. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 28
    Effective Governance Supports Long-Term Financial Strength Expert and Independent Board ESG Management 75% ISS Governance Score vs Peer Average Long-term industry, operating and Health, Safety and Environmental Committee HSE…
  29. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 29
    Mitigating Risk Through Sustainable Environmental Operations Safe Operations Environmental Management GHG Emissions Reduction 0.36 average TRIR over past 5 years 3 IOGP* recordable spills in 1H 2020, 50% reduction in GHG emissions…
  30. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 30
    Employee and Community Investments Support Stable Operations In the Workplace In the Community Human Capital Initiatives United States and Canada Reviewing pay equity annually across employee groups and United Way the organization…
  31. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 31
    Eagle Ford Shale Peer Acreage Murphy OIL EOG Lewis/BP ConocoPhillips Marathon EP Energy Ensign CONDENSATE Ovintiv Callon Chesapeake Sanchez BP GAS Equinor Sundance www.murphyoilcorp.com NYSE: MUR 37
  32. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 32
    Eagle Ford Shale Murphy Spacing vs Peers Karnes Typical Murphy Spacing LEFS 250-500 EOG Offset Spacing LEFS 250 to 500 DVN Offset Spacing LEFS 250 to 500 COP Offset Spacing LEFS 250 to 600 CHK Offset Spacing LEFS 350 to…
  33. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 33
    Kaybob Duvernay Peer Acreage SHELL KAYBOB EAST DVRN Rights 70/30 MUR/ATH Paramount PARAMOUNT Repsol XTO OVINTIV CENOVUS Shell Chevron KAYBOB WEST Ovintiv KEYERA Cenovus SIMONETTE Fox Creek Open Crown - DVRN Other…
  34. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 34
    Tupper Montney Peer Acreage Advantage Montney Crown Land Arc Montney Crown Land Birchcliff Montney Crown Land Ovintiv Montney Crown Land Tourmaline Montney Crown Land Dawson Creek Shell Montney Crown Land Other Competitor…
  35. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 35
    Placid Montney Peer Acreage MONT Rights 70/30 MUR/ATH Cequence KAYBOB EAST Cenovus Hammerhead HAMMERHEAD PARAMOUNT Chevron TANGLE CNRL CNRL CREEK CENOVUS Delphi Ovintiv KAYBOB WEST Open Crown - Mont Other Leased - Mont…
  36. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 36
    Gulf of Mexico Murphy Blocks PRODUCING ASSETS Gulf of Mexico Assets Asset Operator Murphy WI1 Cascade Murphy 80% Dalmatian Neidermeyer Chinook Murphy 80% VK DD Clipper Murphy 80% Marmalard Delta House Cottonwood Murphy 80% Son…
  37. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 37
    Exploration Update Salina Basin, Mexico Block 5 Overview Salina Basin Murphy 40% (Op), Petronas 30%, Wintershall Dea 30% Block 5 34 leads / prospects Mean to upward gross resource potential Block Cholula 5 800 MMBO 2,000 MMBO…
  38. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 38
    Exploration Update Sergipe-Alagoas Basin, Brazil Asset Overview Sergipe-Alagoas Basin ExxonMobil 50% (Op), Enauta Energia S.A. 30%, Murphy 20% BRAZIL Hold WI in 9 blocks, spanning 1.6 MM acres 2.8 BN BOE discovered in basin 1.2 BN…
  39. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 39
    Exploration Update Potiguar Basin, Brazil Potiguar Basin Asset Overview Wintershall Dea 70% (Op), Murphy 30% Murphy WI Block Other Block Hold WI in 3 blocks, spanning 774 M Discovered Field gross acres Petrobras/BP/ Kilometers 0…
  40. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 40
    Vietnam Cuu Long Basin, Vietnam Asset Overview Cuu Long Basin Murphy 40% (Op), PVEP 35%, SKI 25% 400 MMBOE remaining resource potential on VIETNAM blocks 15-1/05 and 15-2/17 Block 15-1/05 Received approval of the Lac Da Vang (LDV)…
  41. Q2 2020 Earnings Presentation – Murphy Oil Corp – slide 41
    2020 SECOND QUARTER EARNINGS CONFERENCE CALL & WEBCAST AUGUST 6, 2020 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com 47 NYSE: MUR

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