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4Q 2022 Earnings Presentation – Murphy Oil Corp

Murphy Oil Corp · Jan 26, 2023 · 48 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 2022 Earnings Presentation – Murphy Oil Corp – slide 1
    2022 FOURTH QUARTER EARNINGS CONFERENCE CALL & WEBCAST JANUARY 26, 2023 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 0
  2. 4Q 2022 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 2022 Earnings Presentation – Murphy Oil Corp – slide 3
    Progressing Strategic Priorities DELEVER EXECUTE EXPLORE Achieved 2022 debt reduction goal of 650 MM Completed the Khaleesi, Mormont, Samurai field Spud operated Oso-1 well in 4Q 2022 with through senior notes redemptions, partial…
  4. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 4
    4Q 2022 Production, Pricing and Revenue Update Generating High Revenues From Oil Production 4Q 2022 Production 4Q 2022 Revenue by Area by Area Onshore Canada Eagle Ford Shale 110 MM Eagle Ford Shale 196 MM 32,300 BOEPD 12% 19%…
  5. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 5
    FY 2022 Production, Pricing and Revenue Update Growing Oil Production While Achieving High Realizations Drives Strong Revenues FY 2022 Production FY 2022 Revenue by Area by Area Onshore Canada Eagle Ford Shale 462 MM Eagle Ford…
  6. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 6
    2022 Proved Reserves Maintaining Proved Reserves and Reserve Life Total proved reserves 697 MMBOE at YE 2022 vs 699 MMBOE at YE 2021 2022E Proved Reserves By Area Achieved 98% total reserve replacement Maintained proved reserves from…
  7. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 7
    Financial Results Advancing Goals Through Cash Flow Generation 4Q 2022 Financial Results Net Income Attributable to Murphy (MM Except Per Share) 4Q 2022 FY 2022 Net income 199 MM; adjusted net income 173 MM Income (loss) 199 965 4Q…
  8. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 8
    Financial Results Strengthening Balance Sheet Solid Foundation for Commodity Long-Term Debt Profile* Price Cycles Total Bonds Outstanding BN 1.82 492 MM of cash and cash equivalents at Dec 31, 2022 Weighted Avg Fixed Coupon 6.19%…
  9. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 9
    Enhanced Sustainability Reporting Drives High Rankings Reduced GHG Intensity and Flared Volumes Lowered emissions intensity 5% YoY to lowest level on record Reduced flared volumes from onshore assets to lowest level by the Institutional…
  10. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 10
    ONSHORE PORTFOLIO UPDATE www.murphyoilcorp.com NYSE: MUR 10
  11. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 11
    Eagle Ford Shale Enhancing Portfolio and Production Through Strong Execution, Improved Completions 4Q 2022 32 MBOEPD, 85% Liquids Eagle Ford Shale Acreage 2 non-operated wells online in Karnes FY 2022 34 MBOEPD, 86% Liquids KARNES…
  12. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 12
    Tupper Montney Ongoing Price Diversification Reduces AECO Exposure 4Q 2022 288 MMCFD Net Tupper Montney Acreage FY 2022 296 MMCFD Net 20 operated wells online Mitigating AECO Exposure in 4Q 2022* 293 MMCFD of fixed forward sales 63…
  13. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 13
    Kaybob Duvernay Maintaining Production With Well Optimization 4Q 2022 5 MBOEPD, 72% Liquids Kaybob Duvernay Acreage Kaybob FY 2022 6 MBOEPD, 74% Liquids North Kaybob East 3 operated wells online Stable Operations Simonette…
  14. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 14
    OFFSHORE PORTFOLIO UPDATE www.murphyoilcorp.com NYSE: MUR 14
  15. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 15
    Gulf of Mexico Generating Future Free Cash Flow With Development and Tieback Opportunities Gulf of Mexico Assets 4Q 2022 84 MBOEPD, 81% Oil FY 2022 72 MBOEPD, 80% Oil Eden Park Dalmatian S. VK DD Silver Dollar Development and…
  16. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 16
    Khaleesi, Mormont, Samurai Field Development Details Completed Initial Phase Khaleesi, Mormont, Samurai Fields Field Development Project Achieved first oil at Kings Quay FPS April 2022, industry-leading facility uptime of 97% since…
  17. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 17
    EXPLORATION UPDATE www.murphyoilcorp.com NYSE: MUR 17
  18. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 18
    2022 Exploration Update Gulf of Mexico Gulf of Mexico Exploration Area Oso-1 (Atwater Valley 138) Murphy 33% (Op), Anadarko* 33%, Eden Park Dalmatian S. VK DD Ridgewood 33% Silver Dollar Silver Dollar West Spud in 4Q 2022 with…
  19. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 19
    2023 CAPITAL PLAN www.murphyoilcorp.com NYSE: MUR 19
  20. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 20
    2023 Capital Allocation Plan Prioritizing Capital To Maximize Production and Adjusted Free Cash Flow 1 FY 2023E CAPEX Further Delevering, Enhancing Shareholder By Area Returns 3% 11% FY 2023 guidance 875 MM 1.025 BN CAPEX Offshore…
  21. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 21
    2023 Production Plan Increasing Oil-Weighted Production Though Strong Execution Ability FY 2023E Production 1Q 2023 production guidance 161 169 MBOEPD By Area 92 MBOPD or 56% oil, 62% liquids volumes Includes planned downtime of 7.1…
  22. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 22
    2023 North America Onshore Plan Balancing Investments for Free Cash Flow Generation 2023 Onshore Capital Budget 455 MM FY 2023E Wells Online 35 90 MBOEPD Forecast for FY 2023 30 29% oil volumes, 35% liquids volumes 25 325 MM Eagle…
  23. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 23
    2023 Offshore Plan Focusing on Executing Highly-Accretive Development Projects 2023 Offshore Capital Budget 365 MM Highly-Accretive Development and Tieback Projects Field Drilling Completions Online 89 MBOEPD Forecast for FY 2023…
  24. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 24
    2023 Exploration Plan Gulf of Mexico Gulf of Mexico Exploration Area Targeting 195 MMBOE Net Mean Unrisked Resources in FY 2023 Program Dalmatian S. 100 MM 2023 capital budget Eden Park VK DD Silver Dollar Material opportunities…
  25. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 25
    LOOKING AHEAD www.murphyoilcorp.com NYSE: MUR 25
  26. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 26
    Capital Allocation Priorities Reducing Long-Term Debt, Increasing Shareholder Returns Beyond Quarterly Dividend With Framework1 Initial 300 MM Share Repurchase Program2 Authorized by Board Adjusted Free Cash Flow Formula Cash Flow…
  27. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 27
    Disciplined Strategy Leads to Long-Term Value With Current Assets NEAR-TERM LONG-TERM Reducing debt by 500 MM in YE 2023* Realizing average annual production of Reinvesting 40% of operating cash flow* to 210 MBOEPD with 53% average…
  28. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 28
    North America Onshore Locations More Than 50 Years of Robust Inventory with Low Breakeven Rates Diversified, Low Breakeven Portfolio Multi-basin portfolio provides optionality Eagle Ford Shale and Kaybob Duvernay in all price…
  29. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 29
    Offshore Development Opportunities Multi-Year Inventory of High-Return Projects Diversified, Low Breakeven Opportunities in Offshore Portfolio Multi-year inventory of identified offshore projects in current portfolio Maintaining annual…
  30. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 30
    Progressing Strategic Priorities DELEVER EXECUTE EXPLORE Targeting 500 MM debt reduction goal in 2023, Manage 2023 well program to deliver 10% oil Focus on drilling operated Oso-1 well in Gulf resulting in 1.3 BN of total debt…
  31. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 31
    2022 FOURTH QUARTER EARNINGS CONFERENCE CALL & WEBCAST JANUARY 26, 2023 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 31
  32. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 32
    1Q 2023 Guidance Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US Eagle Ford Shale 19,200 4,100 23,900 27,300 Gulf of Mexico excluding NCI1 66,000 5,700 70,900 83,500 Canada Tupper Montney 265,200 44,200 Kaybob…
  33. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 33
    Current Fixed Price Contracts Natural Gas Tupper Montney, Canada Volumes Price Commodity Type (MMCF/D) (MCF) Start Date End Date Natural Gas Fixed Price Forward Sales at AECO 269 C2.36 1/1/2023 3/31/2023 Natural Gas Fixed Price…
  34. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 34
    2022 Sustainability Report Highlights CONTINUED POSITIVELY IMPACTING OUR STRONG ENVIRONMENTAL STEWARDSHIP PEOPLE AND COMMUNITIES GOVERNANCE OVERSIGHT from 2019 to 2021 from 2019 to 2021 Well-defined Board and managerial oversight…
  35. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 35
    North America Onshore Well Locations Tupper Montney Well Locations Inter-Well Area Net Acres Spacing (ft) Remaining Wells Eagle Ford Shale Operated Well Locations Tupper Montney 118,235 984-1323 993 Inter-Well Remaining Area Net…
  36. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 36
    Eagle Ford Shale Peer Acreage www.murphyoilcorp.com NYSE: MUR 43
  37. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 37
    Kaybob Duvernay Peer Acreage HALO GMT HITIC KAYBOB EAST Murphy Crescent Paramount Point Whitecap Crescent Point Chevron PARAMOUNT Kiwetinohk PCC CENOVUS Cenovus PCC KAYBOB WEST GMT Hitic KEYERA Halo SIMONETTE Open…
  38. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 38
    Tupper Montney Peer Acreage Advantage Montney ARC Montney Birchcliff Montney Ovintiv Montney Tourmaline Montney Shell Montney Other Competitors Open Crown Murphy TCPL Pipeline Murphy Pipeline Battery Facility 0 Miles…
  39. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 39
    Placid Montney Peer Acreage ARC CNRL KAYBOB EAST HALO Murphy PARAMOUNT ARC Cenovus HWN RIDGEBACK CNRL ENERGY Halo KAYBOB WEST HWN Energy I3 I3 Energy KEYERA SIMONETTE Kiwetinohk Open Crown SAXON Other Leased PGI…
  40. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 40
    Gulf of Mexico Murphy Blocks Gulf of Mexico Assets PRODUCING ASSETS Asset Operator Murphy WI1 Dalmatian S. Calliope Murphy 29% Eden Park VK DD Cascade Murphy 80% Silver Dollar Chinook Murphy 86% Silver Dollar West Clipper…
  41. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 41
    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)…
  42. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 42
    Exploration Update Gulf of Mexico Gulf of Mexico Exploration Area Interests in 108 Gulf of Mexico OCS Blocks 650,000 total gross acres Eden Park Dalmatian S. VK DD 70 exploration blocks Silver Dollar West Silver Dollar…
  43. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 43
    Exploration Update Salina Basin, Mexico Salina Basin Block 5 Overview Block 5 Murphy 40% (Op), Petronas 30%, Wintershall Dea 30% Proven oil basin in proximity to multiple oil discoveries Tulum-1EXP in Miocene section Cholula First…
  44. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 44
    Exploration Update Sergipe-Alagoas Basin, Brazil Sergipe-Alagoas Basin Asset Overview ExxonMobil 50% (Op), Enauta Energia S.A. 30%, BRAZIL Murphy 20% Hold WI in 9 blocks, spanning 1.6 MM acres 2.8 BN BOE discovered in basin 351…
  45. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 45
    Exploration Update Potiguar Basin, Brazil Potiguar Basin Asset Overview Murphy WI Block Murphy 100% (Op) Other Block Discovered Field Hold WI in 3 blocks, spanning 775 M Kilometers gross acres 0 50 Proven oil basin in…
  46. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 46
    Development Update Cuu Long Basin, Vietnam Cuu Long Basin Asset Overview LAC DA TRANG BLOCK 15-01/05 NORTH WEST SU TU VANG Murphy 40% (Op), PVEP 35%, SKE 25% LAC DA TRANG Block 15-1/05 WEST Received approval of the Lac Da…
  47. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 47
    Exploration Update Cuu Long Basin, Vietnam Cuu Long Basin Asset Overview 5 BLOCK 15-02/17 Murphy 40% (Op), PVEP 35%, SKE 25% HAI SU BAC HAI SU VANG Block 15-2/17 HAI SU DEN 2-year exploration extension to 4Q 2024 PHUONG…
  48. 4Q 2022 Earnings Presentation – Murphy Oil Corp – slide 48
    2022 FOURTH QUARTER EARNINGS CONFERENCE CALL & WEBCAST JANUARY 26, 2023 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 55

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