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4Q 2020 Earnings Presentation – Murphy Oil Corp

Murphy Oil Corp · Jan 29, 2021 · 45 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. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 1
    2020 FOURTH QUARTER EARNINGS CONFERENCE CALL & WEBCAST JANUARY 28, 2021 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 0
  2. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 2
    Executing Our Strategy Targeting flatter oil production profile with Tupper Montney natural gas production development Employ Foresight, Talent and Financial Maintaining capital discipline throughout commodity price cycles to support…
  3. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 3
    Leaning into Challenges with Sustainable Solutions Solidifying the Company to Ensuring Long-Term Operating in Remain Competitive Resilience Multiple Basins Established flatter production profile to Reduced CAPEX and cost structure…
  4. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 4
    4Q 2020 Production and Pricing Update 4Q 2020 Production 4Q 2020 Production 149 MBOEPD, 62% Liquids by Area Previously guided 15 MBOEPD of shut-ins due to Gulf 34% Onshore Canada 51,200 BOEPD of Mexico storm season and planned…
  5. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 5
    FY 2020 Production and Pricing Update FY 2020 Production FY 2020 Production 164 MBOEPD, 63% Liquids by Area Impacted by record-breaking Gulf of Mexico storm 32% Onshore Canada 52,700 BOEPD downtime 94 MBOPD oil production Total…
  6. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 6
    2020 Proved Reserves Total proved reserves 697 MMBOE at YE 2020 vs 801 MMBOE Proved Reserves MMBOE at YE 2019 Total proved reserves declined 13% due to: Lower crude oil prices and less capital allocation toward shale production…
  7. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 7
    Maintaining Onshore 2P Reserves Capital Allocation in Multi-Year Plan Drives Reserve Eagle Ford Shale 2P Reserves MMBOE Bookings 500 Reduced capital allocation to Eagle Ford Shale and 400 Kaybob Duvernay resulted in PUDs transferred to…
  8. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 8
    4Q 2020 Financial Results 4Q 2020 Results 4Q 2020 (MM Except Per Share) Net loss 172 MM Net Income Attributable to Murphy Adjusted net loss 14 MM Income (loss) (172) 4Q 2020 Adjustments /Diluted share (1.11) One-off income adjustments…
  9. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 9
    4Q 2020 Cash Flow Results Cash Flow from Continuing Operations, Including Kings Quay Cash Flow Attributable to Murphy (MM) 4Q 2020 FY 2020 Reduced by 13 MM working capital increase in 4Q 2020 and 39 MM in FY 2020 Net cash provided by…
  10. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 10
    Balance Sheet Stability Solid Foundation for Commodity Price Cycles Maturity Profile* 1.6 BN senior unsecured credit facility matures Nov 2023, 200 MM currently drawn Total Bonds Outstanding BN 2.8 All debt is unsecured, senior credit…
  11. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 11
    ENVIRONMENT, SAFETY AND GOVERNANCE www.murphyoilcorp.com NYSE: MUR 11
  12. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 12
    Committed to Benefitting All Stakeholders Environmental Management Protecting Our People Expert and Independent Board 4 IOGP* recordable spills FY 2020, equaling rate of Strong COVID-19 protocols, resulting in offshore Board members…
  13. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 13
    2020 Sustainability Report Highlights Aligned to the TCFD framework Sustainability Report Reported to SASB disclosure topics and metrics Disclosure Framework Included TCFD and SASB content indices Environment Social…
  14. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 14
    ONSHORE PORTFOLIO UPDATE www.murphyoilcorp.com NYSE: MUR 14
  15. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 15
    Eagle Ford Shale 4Q 2020 and FY 2020 Update 4Q 2020 31 MBOEPD, 71% Oil, 87% Liquids Eagle Ford Shale Acreage FY 2020 36 MBOEPD, 73% Oil, 87% Liquids Wilson KARNES 197 MM CAPEX Atascosa Karnes 25 operated, 10 non-operated wells…
  16. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 16
    Kaybob Duvernay 4Q 2020 and FY 2020 Update 4Q 2020 10 MBOEPD, 64% Oil, 75% Liquids Kaybob Duvernay Acreage FY 2020 11 MBOEPD, 65% Oil, 75% Liquids 94 MM CAPEX, including Placid Montney 16 operated wells online 10 non-operated wells…
  17. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 17
    Tupper Montney 4Q 2020 and FY 2020 Update 4Q 2020 234 MMCFD, 100% Natural Gas FY 2020 238 MMCFD, 100% Natural Gas Mitigating AECO Exposure 14 MM CAPEX FY 2020 Tupper Montney Natural Gas Sales 4 wells drilled in 1Q 2020, to be…
  18. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 18
    OFFSHORE PORTFOLIO UPDATE www.murphyoilcorp.com NYSE: MUR 18
  19. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 19
    Gulf of Mexico Short-Term Projects Execution Update 4Q 2020 63 MBOEPD, 78% Oil, Operated Tieback and Workover Projects 85% Liquids Drilling & Storm downtime of 8.2 MBOEPD Project Completions Subsea Tie-In First Oil Unplanned downtime…
  20. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 20
    Gulf of Mexico Major Projects Capital Drives Future Production Kings Quay Floating Production System Major Projects Net CAPEX MM 90 Fabrication progressing on schedule, despite 75 COVID-19 limitations 60 Construction 90% complete,…
  21. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 21
    EXPLORATION UPDATE www.murphyoilcorp.com NYSE: MUR 21
  22. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 22
    Exploration Update Gulf of Mexico Interests in 126 Gulf of Mexico OCS Blocks Gulf of Mexico Exploration Area 725,000 total gross acres, 54 exploration blocks Silverback Dalmatian S. Hoffe Park VK DD 1 BBOE gross resource potential…
  23. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 23
    2021 CAPITAL PLAN www.murphyoilcorp.com NYSE: MUR 23
  24. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 24
    2021 Capital Program 2021 Total CAPEX Production 149 - 157 MBOEPD 1Q 2021 24% US Onshore 155 - 165 MBOEPD 4% Production Offshore FY 2021 Canada Onshore 11% 2021 Exploration 675 - 725 Million 47% CAPEX Other GUIDANCE FY…
  25. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 25
    North America Onshore Balancing Investments for Free Cash Generation 2021 Onshore Capital Budget 265 MM Eagle Ford Shale Operated Well Locations 170 MM Eagle Ford Shale Inter-Well Remaining Area Net Acres Reservoir Spacing (ft) Wells…
  26. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 26
    Tupper Montney Project Low Carbon Intensity Development Drives Attractive Cash Margins Why Sanction Tupper Montney Now Annual Cumulative Cash Margin Per Well MM Employ capital allocation process that maximizes free long term cash flow…
  27. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 27
    Tupper Montney Development High Impact Development Drives Future Cash Flows Tupper Montney Production and Cumulative FCF Tupper Montney Development Plan 500 250 Commitment to infrastructure approved 2Q 2018; 400 200 sanctioned 4Q…
  28. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 28
    2021 Exploration Plan Silverback Farm-In Silverback (Mississippi Canyon 35) Silverback Farm-in for 10% WI, non-operated VK Attractive play-opening trend MC Acreage is adjacent to large position held by Hoffe Park Murphy and…
  29. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 29
    2021 Exploration Plan 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…
  30. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 30
    2021 Exploration Plan Salina Basin, Mexico Block 5 Overview Salina Basin Murphy 40% (Op), Petronas 30%, Block 5 Wintershall Dea 30% Batopilas 34 leads / prospects Linares Mean to upward gross resource potential Block Cholula 5…
  31. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 31
    LOOKING AHEAD www.murphyoilcorp.com NYSE: MUR 31
  32. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 32
    Strategic Multi-Year Plan Overview 2021 2024 Dynamic Plan to Manage Cash Flow and CAPEX After Dividend Annual Average Capital Spend 2021 2024 Generating cumulative free cash flow after dividend at a conservative price Achieving…
  33. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 33
    Murphy Priorities Managing capital expenditures to maintain appropriate liquidity and 1 support a flatter oil production profile 2 Delivering a right-sized dividend to shareholders 3 Focusing on debt reduction in a long-term oil…
  34. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 34
    2020 FOURTH QUARTER EARNINGS CONFERENCE CALL & WEBCAST JANUARY 28, 2021 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 34
  35. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 35
    1Q 2021 Guidance Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US Eagle Ford Shale 20,600 4,300 23,400 28,800 Gulf of Mexico excluding NCI1 50,900 5,800 68,500 68,100 Canada Tupper Montney 245,600 40,900 Kaybob…
  36. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 36
    Current Hedging Positions United States Volumes Price Commodity Type (BBL/D) (BBL) Start Date End Date WTI Fixed Price Derivative Swap 45,000 42.77 1/1/2021 12/31/2021 WTI Fixed Price Derivative Swap 20,000 44.88 1/1/2022…
  37. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 37
    Eagle Ford Shale Peer Acreage Murphy OIL EOG Lewis/BP ConocoPhillips Marathon EP Energy Ensign CONDENSATE Ovintiv Callon Chesapeake Mesquite Energy BP GAS Equinor Sundance www.murphyoilcorp.com NYSE: MUR 43
  38. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 38
    Kaybob Duvernay Peer Acreage www.murphyoilcorp.com NYSE: MUR 44
  39. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 39
    Tupper Montney Peer Acreage Advantage Montney Crown Land Arc Montney Crown Land Birchcliff Montney Crown Land Ovintiv Montney Crown Land Dawson Creek Tourmaline Montney Crown Land Shell Montney Crown Land Other Competitor…
  40. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 40
    Placid Montney Peer Acreage www.murphyoilcorp.com NYSE: MUR 46
  41. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 41
    Gulf of Mexico Murphy Blocks PRODUCING ASSETS Gulf of Mexico Exploration Area Asset Operator Murphy WI1 Silverback Dalmatian S. Cascade Murphy 80% Hoffe Park VK DD Chinook Murphy 80% Silver Dollar Clipper Murphy 80% Silver Dollar…
  42. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 42
    2021 Exploration Plan Potiguar Basin, Brazil Potiguar Basin Asset Overview Wintershall Dea 70% (Op), Murphy 30% Murphy WI Block Other Block Hold WI in 3 blocks, spanning 775 M Discovered Field gross acres Petrobras/BP/ Kilometers…
  43. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 43
    Development Update Cuu Long Basin, Vietnam Asset Overview Cuu Long Basin BLOCK 15-01/05 LAC DA TRANG Murphy 40% (Op), PVEP 35%, SKI 25% NORTH WEST SU TU VANG LAC DA TRANG Block 15-1/05 WEST Received approval of the Lac Da…
  44. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 44
    Exploration Update Cuu Long Basin, Vietnam Asset Overview Cuu Long Basin 5 Murphy 40% (Op), PVEP 35%, SKI 25% BLOCK 15-02/17 HAI SU BAC HAI SU VANG Block 15-2/17 Signed joint operating agreement with HAI SU DEN PHUONG…
  45. 4Q 2020 Earnings Presentation – Murphy Oil Corp – slide 45
    2020 FOURTH QUARTER EARNINGS CONFERENCE CALL & WEBCAST JANUARY 28, 2021 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 51

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