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4Q 2021 Earnings Presentation – Murphy Oil Corp

Murphy Oil Corp · Jan 27, 2022 · 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 2021 Earnings Presentation – Murphy Oil Corp – slide 1
    2021 FOURTH QUARTER EARNINGS CONFERENCE CALL & WEBCAST JANUARY 27, 2022 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 0
  2. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 2
    Why Murphy Oil Sustainable 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. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 3
    4Q 2021 Progress on Strategic Priorities DELEVER EXECUTE EXPLORE Redeemed 150 MM of 2024 Transported Kings Quay FPS to Prepared to spud non-op Cutthroat Senior Notes in 4Q 2021 final Gulf of Mexico location to exploration well in…
  4. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 4
    FY 2021 Progress on Strategic Priorities DELEVER EXECUTE EXPLORE Redeemed 300 MM of 2024 Maintained schedule for major operated Prepared to spud non-op Senior Notes offshore projects with first oil in 2Q 2022 Cutthroat exploration…
  5. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 5
    4Q 2021 Production, Pricing and Revenue Update Oil Production Drives High Revenue 4Q 2021 Production 4Q 2021 Revenue by Area by Area Onshore Canada Eagle Ford Shale 104 MM Eagle Ford Shale 193 MM 33,400 BOEPD 15% 22% 28% 35%…
  6. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 6
    FY 2021 Production, Pricing and Revenue Update Strong Execution Stabilizes Portfolio Results FY 2021 Production FY 2021 Revenue by Area by Area Onshore Canada Eagle Ford Shale 382 MM Eagle Ford Shale 714 MM 35,500 BOEPD 15%…
  7. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 7
    2021 Proved Reserves Maintaining Proved Reserves With Minimal Capital Total proved reserves 699 MMBOE at YE 2021 vs 697 MMBOE at YE 2020 2021E Proved Reserves By Area Achieved 102% total reserve replacement Proved developed reserves…
  8. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 8
    Financial Results Advancing Goals Through Cash Flow Generation Financial Results Net Income Attributable to Murphy 4Q 2021 FY 2021 (MM Except Per Share) Net income 168 MM; adjusted net income 62 MM in 4Q 2021 Income (loss) 168 (74)…
  9. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 9
    Financial Results Strengthening Balance Sheet Solid Foundation for Commodity Price Cycles Long-Term Debt Profile* 521 MM of cash and cash equivalents at Total Bonds Outstanding BN 2.46 Dec 31, 2021 Net debt of 1.9 BN Weighted Avg…
  10. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 10
    2021 Sustainability Highlights Progressing Long-Term Goals With Sustainable Operations Progressing Environmental Goals Achieved lowest carbon emissions intensity in corporate history in-line with top quartile of peers On track to…
  11. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 11
    ONSHORE PORTFOLIO UPDATE www.murphyoilcorp.com NYSE: MUR 11
  12. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 12
    Eagle Ford Shale Solid 2021 Underpinned By Ongoing D&C Improvements 4Q 2021 33 MBOEPD, 69% Oil, 85% Liquids Eagle Ford Shale Acreage 4 operated Catarina wells online in 4Q 2021 Wilson KARNES 2 Upper EFS, 1 Lower EFS, 1 Austin Chalk…
  13. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 13
    Eagle Ford Shale Strong Catarina Well Performance Offers Potential to De-Risk Portfolio Achieving Strong Catarina Results Eagle Ford Shale Austin Chalk Peer Acreage 4 wells online in Catarina in 4Q 2021, 84% oil weighting 2 Upper…
  14. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 14
    Tupper Montney Continual Improvement Drives Stronger Well Performance Tupper Montney Acreage 4Q 2021 263 MMCFD, 100% Natural Gas FY 2021 259 MMCFD, 100% Natural Gas H H H H H Total 14 operated wells online H H H H H…
  15. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 15
    OFFSHORE PORTFOLIO UPDATE www.murphyoilcorp.com NYSE: MUR 15
  16. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 16
    Gulf of Mexico Major Projects Drive Future Free Cash Flow 4Q 2021 61 MBOEPD, 80% Oil, 86% Liquids Khaleesi / Mormont / Samurai Project Update Calliope 1 (Mississippi Canyon 609) back online Began completions on 7-well project in 4Q…
  17. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 17
    Offshore Canada Advancing Terra Nova Asset Life Extension Project Terra Nova Field, Offshore Canada Terra Nova FPSO Suncor 48% (Op), Cenovus 34%, LABRADOR Murphy 18% QUEBEC Partner group advancing asset life extension (ALE)…
  18. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 18
    EXPLORATION UPDATE www.murphyoilcorp.com NYSE: MUR 18
  19. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 19
    2022 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. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 20
    2022 CAPITAL PLAN www.murphyoilcorp.com NYSE: MUR 20
  21. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 21
    2022 Capital Allocation Plan Prioritizing Capital To Support Free Cash Flow Optionality FY 2022 CAPEX Disciplined Capital Plan Supports Further By Area Delevering, Enhanced Shareholder Returns 3% 9% FY 2022 guidance 840 890 MM…
  22. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 22
    2022 Production Plan Major Project Execution Drives Production Ramp FY 2022E Production Strong Execution Ability Strengthens By Area Production Profile 1Q 2022 production 136 142 MBOEPD 19% 53% oil, 60% liquids volumes 44% Offshore…
  23. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 23
    2022 North America Onshore Plan Balancing Investments for Free Cash Generation 2022 Onshore Capital Budget 360 MM 2022 Wells Online 35 95 MBOEPD Forecast for FY 2022 30 30% oil weighting, 34% liquids 25 8% production increase from…
  24. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 24
    2022 Offshore Plan Focused on Executing Major Projects 2022 Offshore Capital Budget 405 MM Development and Tieback Projects 265 MM for major projects in Gulf of Mexico Drilling Dalmatian 1 (Desoto Canyon 90) 65 MM for development and…
  25. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 25
    2022 Exploration Plan Focusing on Core Growth Areas Targeting 200 MMBOE Net Resources in FY 2022 Program 75 MM 2022 CAPEX Cutthroat-1, Sergipe-Alagoas Basin, Brazil US GULF OF MEXICO Murphy 20% WI, non-operated 2.8 BN BOE discovered…
  26. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 26
    LOOKING AHEAD www.murphyoilcorp.com NYSE: MUR 26
  27. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 27
    Disciplined Strategy Leads to Long-Term Value at Conservative Prices 2022 2023 2024 2025 2026 2027 2028 Achieving < 1.4 BN debt by 2024* Realizing average annual production of 195 MBOEPD with Reinvesting 40% of operating cash flow to…
  28. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 28
    Focused on Targeted Priorities DELEVER EXECUTE EXPLORE Establishing FY 2022 goal of 300 MM Progress major operated projects in the Focus on drilling non-op Cutthroat well long-term debt reduction Gulf of Mexico ahead of first oil in…
  29. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 29
    2021 FOURTH QUARTER EARNINGS CONFERENCE CALL & WEBCAST JANUARY 27, 2022 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 29
  30. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 30
    1Q 2022 Guidance Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US Eagle Ford Shale 20,600 4,100 23,300 28,600 Gulf of Mexico excluding NCI1 45,500 3,500 55,800 58,300 Canada Tupper Montney 243,200 40,500 Kaybob…
  31. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 31
    Current Hedging Positions Oil United States Volumes Price Commodity Type (BBL/D) (BBL) Start Date End Date WTI Fixed Price Derivative Swap 20,000 44.88 1/1/2022 12/31/2022 Volumes Put Price Call Price Commodity Type (BBL/D)…
  32. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 32
    Current Hedging Positions Natural Gas Montney, Canada Volumes Price Commodity Type (MMCF/D) (MCF) Start Date End Date Natural Gas Fixed Price Forward Sales at AECO 186 C2.36 1/1/2022 1/31/2022 Natural Gas Fixed Price Forward Sales at…
  33. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 33
    North America Onshore Eagle Ford Shale Operated Well Locations Inter-Well Remaining Area Net Acres Reservoir Spacing (ft) Wells Lower EFS 300 108 Karnes 10,092 Upper EFS 1,000 151 Austin Chalk 1,100 106 Lower EFS 630 231 Tilden…
  34. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 34
    Eagle Ford Shale Peer Acreage www.murphyoilcorp.com NYSE: MUR 40
  35. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 35
    Kaybob Duvernay Peer Acreage KAYBOB EAST Crescent Point PARAMOUNT MUR DVRN Rights Paramount Repsol PCC CENOVUS XTO KAYBOB WEST Crescent Pointl KEYERA Chevron Fox Creek SIMONETTE Kiwetinohk SAXON PCC Cenovus ENERGY…
  36. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 36
    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…
  37. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 37
    Placid Montney Peer Acreage ARC CNRL HALO KAYBOB EAST MUR MONT Rights ARC Cenovus TANGLE PARAMOUNT CNRL SPARTAN Halo DELTA CREEK Kiwetinohk Open Crown - Mont KAYBOB WEST Other Leased - Mont KEYERA Fox Paramount…
  38. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 38
    Gulf of Mexico Murphy Blocks PRODUCING ASSETS Gulf of Mexico Assets Asset Operator Murphy WI1 Dalmatian S. Calliope Murphy 29% Hoffe Park VK DD Cascade Murphy 86% Silver Dollar Chinook Murphy 86% Silver Dollar West Clipper…
  39. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 39
    Exploration Update Gulf of Mexico Interests in 126 Gulf of Mexico OCS Blocks Gulf of Mexico Exploration Area 725,000 total gross acres, 58 exploration blocks Dalmatian S. Hoffe Park VK DD 1 BBOE gross resource potential Silver…
  40. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 40
    2022 Exploration Plan Northwest Borneo Basin, Brunei Brunei Assets Asset Overview Shell 86.949% (Op), Murphy 8.051%, Petronas 5% Block CA-1 reclassified as not held for sale Jagus SubThrust-1X (Block CA-1) Block CA1 Julong East…
  41. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 41
    2022 Exploration Plan Salina Basin, Mexico Block 5 Overview Salina Basin Murphy 40% (Op), Petronas 30%, Block 5 Wintershall Dea 30% 34 leads / prospects Tulum 1-EXP Mean to upward gross resource potential Block Cholula 5 800…
  42. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 42
    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/ Kilometers…
  43. 4Q 2021 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 2021 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 3-year primary exploration period ends HAI SU DEN PHUONG 4Q…
  45. 4Q 2021 Earnings Presentation – Murphy Oil Corp – slide 45
    2021 FOURTH QUARTER EARNINGS CONFERENCE CALL & WEBCAST JANUARY 27, 2022 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 51

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