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Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp

Murphy Oil Corp · Mar 23, 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. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 1
    INVESTOR UPDATE MARCH 23, 2021 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 0
  2. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 2
    Agenda 1 Company Overview 2 Environmental, Social and Governance 3 New for the Quarter 4 2021 Capital Program 5 Onshore Portfolio Update 6 Offshore Portfolio Update 7 Exploration Update 8 Looking Ahead…
  3. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 3
    Murphy Overview Long corporate history, IPO 1956 Advantaged, diverse, low-carbon portfolio on both federal and private lands Oil-weighted production drives high margins Company-making unique exploration portfolio Balance sheet…
  4. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 4
    Murphy at a Glance Office Exploration Production www.murphyoilcorp.com NYSE: MUR 4
  5. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 5
    Executing Our Strategy Employ Foresight, Talent and Financial Discipline to Deliver Inspired Energy Solutions That Benefit Society and Shareholders Operate in a Sustainable, Safe and Conscientious Manner As We Navigate the Energy…
  6. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 6
    ENVIRONMENTAL, SOCIAL AND GOVERNANCE www.murphyoilcorp.com NYSE: MUR 6
  7. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 7
    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…
  8. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 8
    Murphys Role in the Energy Transition As the energy economy transitions under the Paris Agreement, oil and natural gas will continue to play a vital role in the long-term fuel mix Advantaged Portfolio Mix With Low Emissions Reducing…
  9. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 9
    Low-Emissions Energy Generation Total Intensity Including Methane tCO2e/kboe1 Murphy * Deepwater Shale Oil Tight Oil Conventional Shelf Conventional Onshore Heavy Oil Oil Sands 0 10 20 30 40 50 60 70 80 1 The…
  10. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 10
    NEW FOR THE QUARTER www.murphyoilcorp.com NYSE: MUR 10
  11. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 11
    Whats New in 1Q 2021 Closed Kings Quay Floating Production System Transaction Gulf of Mexico Tieback and Workover Projects Proceeds of 270 MM used to repay borrowings on the senior unsecured Operated and non-op subsea repairs complete,…
  12. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 12
    2021 CAPITAL PROGRAM www.murphyoilcorp.com NYSE: MUR 12
  13. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 13
    2021 Capital Program 2021 Total CAPEX Production 149 - 157 MBOEPD 1Q 2021 24% US Onshore Production 4% 155 - 165 MBOEPD FY 2021 11% Offshore Canada Onshore 2021 CAPEX 47% Exploration GUIDANCE 675 - 725 Million FY 2021 14%…
  14. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 14
    ONSHORE PORTFOLIO UPDATE www.murphyoilcorp.com NYSE: MUR 14
  15. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 15
    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…
  16. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 16
    Eagle Ford Shale Eagle Ford Shale Acreage Strong Base Production Delivers Low, KARNES Stable Declines Wilson Low base decline achieved through less Atascosa Karnes downtime, artificial lift optimization and Zavala Frio facility…
  17. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 17
    Tupper Montney Generated Positive Free Cash of 50 MM in FY 2020 Mitigating AECO Exposure Tightening AECO / Henry Hub basis due to improving market FY 2020 Tupper Montney Natural Gas Sales access from infrastructure buildouts has led to…
  18. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 18
    Tupper Montney Project Low Carbon Intensity Development With Attractive Cash Margins Tupper Montney Advantages Annual Cumulative Cash Margin Per Well MM Employ capital allocation process that maximizes free long term cash flow 6 5…
  19. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 19
    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…
  20. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 20
    Kaybob Duvernay Kaybob Duvernay Acreage Lower Costs Support Long-Term Development Established integrated remote operating center, reduces downtime and costs Industry-leading well productivity, in-line with core performance of other…
  21. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 21
    OFFSHORE PORTFOLIO UPDATE www.murphyoilcorp.com NYSE: MUR 21
  22. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 22
    Gulf of Mexico Short-Term Projects Execution Update Operated Tieback and Workover Projects FY 2021 Capital Budget Drilling & 325 MM CAPEX Project Completions Subsea Tie-In First Oil Primarily supports major projects Calliope* 2Q…
  23. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 23
    Gulf of Mexico Major Projects Drive Future Free Cash Flow at Low Breakevens Kings Quay Floating Production System Major Projects Net CAPEX MM 90 Transaction closed 1Q 2021 for 270 MM 75 of proceeds 60 Fabrication progressing on…
  24. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 24
    EXPLORATION UPDATE www.murphyoilcorp.com NYSE: MUR 24
  25. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 25
    Exploration Update FY 2021 Capital Budget Gulf of Mexico Exploration Area 75 MM CAPEX Silverback Dalmatian S. Hoffe Park VK DD Interests in 126 Gulf of Mexico OCS Blocks Silver Dollar Silver Dollar West 725,000 total gross acres,…
  26. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 26
    2021 Exploration Plan Gulf of Mexico 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 partners…
  27. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 27
    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…
  28. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 28
    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…
  29. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 29
    LOOKING AHEAD www.murphyoilcorp.com NYSE: MUR 29
  30. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 30
    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 conservative prices Achieving…
  31. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 31
    Murphy Priorities and Advantages in Energy Transition PRIORITIES ADVANTAGES Managing CAPEX to maintain Advantaged low-carbon footprint across appropriate liquidity and support a flatter multi-basin portfolio oil production profile…
  32. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 32
    INVESTOR UPDATE MARCH 23, 2021 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 32
  33. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 33
    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: Nearly 30% lower crude oil prices and less capital allocation toward shale…
  34. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 34
    Balance Sheet Stability Solid Foundation for Commodity Price Cycles Issued 550 MM of 6.375% Senior Notes due 2028 Debt Profile* in March 2021 Proceeds used to redeem all 2022 senior notes Total Bonds Outstanding BN 2.8 1.6 BN senior…
  35. Scotia Howard Weil Energy Conference March 2021 – 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. Scotia Howard Weil Energy Conference March 2021 – 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. Scotia Howard Weil Energy Conference March 2021 – 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. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 38
    Kaybob Duvernay Peer Acreage www.murphyoilcorp.com NYSE: MUR 44
  39. Scotia Howard Weil Energy Conference March 2021 – 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. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 40
    Placid Montney Peer Acreage www.murphyoilcorp.com NYSE: MUR 46
  41. Scotia Howard Weil Energy Conference March 2021 – 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. Scotia Howard Weil Energy Conference March 2021 – 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. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 43
    Development Update Cuu Long Basin, Vietnam Asset Overview Cuu Long Basin BLOCK 15-01/05 LAC DA TRANG SU TU VANG Murphy 40% (Op), PVEP 35%, SKI 25% NORTH WEST LAC DA TRANG Block 15-1/05 WEST Received approval of the Lac Da…
  44. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 44
    Exploration Update Cuu Long Basin, Vietnam Asset Overview Cuu Long Basin 5 BLOCK 15-02/17 Murphy 40% (Op), PVEP 35%, SKI 25% HAI SU HAI SU BAC VANG Block 15-2/17 Signed joint operating agreement with HAI SU DEN PHUONG partners…
  45. Scotia Howard Weil Energy Conference March 2021 – Murphy Oil Corp – slide 45
    INVESTOR UPDATE MARCH 23, 2021 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 51

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