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2Q 2021 Earnings Presentation – Murphy Oil Corp

Murphy Oil Corp · Aug 5, 2021 · 39 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. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 1
    2021 SECOND QUARTER EARNINGS CONFERENCE CALL & WEBCAST AUGUST 5, 2021 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 0
  2. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 2
    Why Murphy Oil Oil and natural gas assets that are safely operated with low carbon emissions intensity in three operating areas across North America High-potential exploration portfolio with industry-leading offshore…
  3. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 3
    2Q 2021 Progress on Strategic Priorities DELEVER EXECUTE EXPLORE Achieved initial debt reduction Brought onshore wells online ahead of Participated in drilling a event in 1Q 2021 of 8%, or schedule and under budget discovery in…
  4. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 4
    2021 Sustainability Report Highlights Continued Environmental Leadership and Stewardship Revised and strengthened climate change position Obtained third-party assurance of 2020 Scope 1 and 2 GHG emissions Established goal of zero…
  5. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 5
    2Q 2021 Production, Pricing and Revenue Update 2Q 2021 Production 2Q 2021 Revenue by Area by Area Onshore Canada Eagle Ford Shale 88 MM Eagle Ford Shale 200 MM 41,500 BOEPD 12% 24% 30% 29% Onshore Canada 51,300 BOEPD 171…
  6. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 6
    2Q 2021 Financial Results 2Q 2021 Results 2Q 2021 (MM Except Per Share) Net Income Attributable to Murphy Net loss 63 MM; adjusted net income 91 MM Income (loss) (63) One-Off Income Adjustments After-Tax /Diluted share (0.41) MTM…
  7. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 7
    Achieving Disciplined Capital Execution to Support 2021 Priorities Continuing Plan Execution Accrued CAPEX by Quarter MM 800 2Q 2021 accrued CAPEX of 198 MM aligned with plan Primary business units CAPEX heavily weighted to 1H 2021…
  8. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 8
    ONSHORE PORTFOLIO UPDATE www.murphyoilcorp.com NYSE: MUR 8
  9. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 9
    North America Onshore Balancing Investments for Free Cash Generation to Delever Balance Sheet 2021 Wells Online 2Q 2021 Onshore Activity 25 Eagle Ford Shale 20 3 operated wells + 29 gross non-operated wells* online 15 Tupper…
  10. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 10
    Eagle Ford Shale Base Production Outperforms While Lowering Costs 2Q 2021 42 MBOEPD, 75% Oil, 88% Liquids Eagle Ford Shale Acreage 3 operated wells online, all Catarina Lower EFS Wilson KARNES Avg 1,080 BOEPD IP30, 87% oil Atascosa…
  11. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 11
    Eagle Ford Shale Analyzing Results in Austin Chalk De-Risk Murphy Locations Achieving Strong Austin Chalk Results Eagle Ford Shale Austin Chalk Peer Acreage Recent Karnes wells meaningfully outperforming type curve Avg 1,400 BOEPD…
  12. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 12
    Tupper Montney Increasing Recoveries While Lowering Costs Tupper Montney Acreage 2Q 2021 248 MMCFD, 100% Natural Gas 10 wells online, activity complete for FY 2021 H Lowering D&C costs H H H H 24% reduction since FY 2017…
  13. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 13
    OFFSHORE PORTFOLIO UPDATE www.murphyoilcorp.com NYSE: MUR 13
  14. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 14
    Gulf of Mexico Major Projects Drive Future Free Cash Flow Khaleesi / Mormont / Samurai Facilities Launched drilling campaign 2Q 2021 Project Installation / Components Fabrication Commissioning Hook-up Drilled Samurai 3 well Kings…
  15. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 15
    Progressing Kings Quay Floating Production System Kings Quay Floating Production System Kings Quay Sailaway Completed construction in 2Q 2021 Sailing to shore base in Gulf of Mexico, expected arrival late 3Q 2021 Pipeline welding,…
  16. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 16
    EXPLORATION UPDATE www.murphyoilcorp.com NYSE: MUR 16
  17. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 17
    2021 Exploration Plan Northwest Borneo Basin, Brunei Northwest Borneo Basin Asset Overview Shell 86.949% (Op), Murphy 8.051%, Petronas 5% Partners assessing development and appraisal plan Block CA-1 reclassified as not held for sale…
  18. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 18
    2021 Exploration Plan Gulf of Mexico Mississippi Canyon 35 Asset Overview Silverback Chevron 35% (Op), Shell 30%, Petronas VK 15%, Murphy 10%, Ecopetrol 10% MC Acreage is adjacent to large position held by Murphy and partners Hoffe…
  19. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 19
    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…
  20. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 20
    LOOKING AHEAD www.murphyoilcorp.com NYSE: MUR 20
  21. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 21
    Tightening 2021 Capital Program Focusing CAPEX On High-Margin Assets 2021 Total CAPEX 325 MM allocated to Gulf of Mexico 24% 2021 Gulf of Mexico spending primarily directed toward major US Onshore projects, providing long-term…
  22. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 22
    Disciplined Strategy Leads to Long-Term Value Delever, Execute, Explore 2021 2024 Capital Allocation Optionality Achieve < 1.4 BN debt by 2024* Reduce debt further Spend annual average CAPEX of 600 MM Allocate additional capital to…
  23. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 23
    Focused on Targeted Priorities DELEVER EXECUTE EXPLORE Increased goal for 2Q 4Q Progress major projects in Focus on drilling non-op 2021 long-term debt reduction the Gulf of Mexico ahead of wells in Gulf of Mexico, to 300 MM from…
  24. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 24
    2021 SECOND QUARTER EARNINGS CONFERENCE CALL & WEBCAST AUGUST 5, 2021 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 24
  25. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 25
    3Q 2021 Guidance Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US Eagle Ford Shale 26,700 4,900 28,600 36,400 Gulf of Mexico excluding NCI1 52,200 4,300 59,600 66,400 Canada Tupper Montney 302,000 50,300 Kaybob…
  26. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 26
    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 7/1/2021 12/31/2021 WTI Fixed Price Derivative Swap 20,000 44.88 1/1/2022…
  27. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 27
    Balance Sheet Stability Solid Foundation for Commodity Price Cycles Maturity Profile* 418 MM of cash and cash equivalents at Total Bonds Outstanding BN 2.783 June 30, 2021 Announced 150 MM partial redemption of 6.875% Weighted Avg…
  28. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 28
    North America Onshore Eagle Ford Shale Operated Well Locations Inter-Well Remaining Area Net Acres Reservoir Spacing (ft) Wells Lower EFS 300 106 Karnes 10,092 Upper EFS 600 142 Austin Chalk 1,200 97 Lower EFS 600 264 Tilden…
  29. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 29
    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 35
  30. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 30
    Kaybob Duvernay Peer Acreage www.murphyoilcorp.com NYSE: MUR 36
  31. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 31
    Tupper Montney Peer Acreage Advantage Montney ARC Montney Birchcliff Montney Ovintiv Montney Dawson Creek Tourmaline Montney Shell Montney Other Competitor Montney Open Crown - Montney Murphy Montney Dry Gas Limit TCPL…
  32. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 32
    Placid Montney Peer Acreage www.murphyoilcorp.com NYSE: MUR 38
  33. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 33
    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…
  34. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 34
    Gulf of Mexico Major Projects CAPEX and Production Cadence Major projects include Khaleesi, Mormont, Samurai and St. Malo waterflood Major Projects Net CAPEX MM 90 75 60 45 30 15 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q…
  35. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 35
    2021 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 775 M Discovered Field gross acres Petrobras/BP/…
  36. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 36
    2021 Exploration Update Salina Basin, Mexico Block 5 Overview Salina Basin Murphy 40% (Op), Petronas 30%, Block 5 Wintershall Dea 30% 34 leads / prospects Tulum Mean to upward gross resource potential Block Cholula 5 800 MMBO…
  37. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 37
    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…
  38. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 38
    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 3-year primary exploration period HAI SU DEN PHUONG DONG 1…
  39. 2Q 2021 Earnings Presentation – Murphy Oil Corp – slide 39
    2021 SECOND QUARTER EARNINGS CONFERENCE CALL & WEBCAST AUGUST 5, 2021 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 45

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