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Q3 2023 Earnings Presentation – Murphy Oil Corp

Murphy Oil Corp · Nov 2, 2023 · 42 slides

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Slides

  1. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 1
    2023 THIRD QUARTER EARNINGS CONFERENCE CALL & WEBCAST NOVEMBER 2, 2023 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 1
  2. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 2
    Why Murphy Oil Sustainable, multi-basin oil and natural gas assets that are safely operated with low carbon emissions intensity across North America High-potential exploration portfolio with industry-leading offshore…
  3. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 3
    Advancing Strategic Priorities DELEVER EXECUTE EXPLORE Advanced Murphy 2.0 capital allocation Exceeded upper end of guidance range with production Resuming drilling operated Oso 1 well in framework of 202 MBOEPD, including 103 MBOPD…
  4. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 4
    3Q 2023 Production Pricing and Revenue Update Generating High Revenue From Oil Production 3Q 2023 Production 3Q 2023 Revenue by Area by Area Onshore Canada Eagle Ford Shale 99 MM Eagle Ford Shale 223 MM 37,800 BOEPD 11% 19%…
  5. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 5
    Financial Results Generating Income to Support Corporate Priorities 3Q 2023 Financial Results Net Income Attributable to Murphy (MM Except Per Share) 3Q 2023 Net income 255 MM Income (loss) 255 /Diluted share 1.63 Adjusted net…
  6. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 6
    Executing Capital Allocation Framework1 Increasing Shareholder Returns Beyond Quarterly Dividend Murphy 2.0 Long-Term Debt of 1.0 BN 1.8 BN 75% of adjusted FCF allocated to debt reduction 25% distributed through share buybacks and…
  7. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 7
    ONSHORE PORTFOLIO UPDATE www.murphyoilcorp.com NYSE: MUR 8
  8. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 8
    Eagle Ford Shale Enhancing Portfolio and Production Through Strong Execution, Improved Completions 3Q 2023 38 MBOEPD, 88% Liquids Eagle Ford Shale Acreage 7 operated wells online 4 Catarina, 3 Tilden Operated activity complete for FY…
  9. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 9
    Tupper Montney New Completions Design Drives Strong Well Performance 3Q 2023 414 MMCFD Net Tupper Montney Acreage Activity complete for FY 2023 New Completions Design Enhancing Well Performance Producing 2 of top 10, and 4 of top 15,…
  10. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 10
    Kaybob Duvernay Future Oil-Weighted Optionality Preserved 3Q 2023 5 MBOEPD, 67% Liquids Kaybob Duvernay Acreage Closed divestiture of non-core portion of assets Produced 1.7 MBOEPD, 39% oil Received net cash proceeds of 103 MM Robust…
  11. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 11
    OFFSHORE PORTFOLIO UPDATE www.murphyoilcorp.com NYSE: MUR 12
  12. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 12
    Offshore Update Executing Accretive Development Projects 3Q 2023 89 MBOEPD, 81% Oil Total Offshore Well performance continuing to exceed expectations Development and Tieback Projects Operated Dalmatian 1 (DeSoto Canyon 90) well online…
  13. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 13
    Offshore Workover Projects Execution Update Well Workover Projects Operated Workover Projects Operated Neidermeyer 1 well workover scheduled for Net mid-2024 Field Location Project Online Production Operated Dalmatian 2 subsurface…
  14. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 14
    Lac Da Vang Field Development Project Cuu Long Basin, Vietnam Lac Da Vang Field Development Overview Cuu Long Basin BLOCK 15-01/05 LAC DA TRANG Murphy 40% (Op), PetroVietnam Exploration NORTH WEST SU TU VANG Production 35%, SK…
  15. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 15
    Paon Field Development Project Tano Basin, Cte dIvoire Tano Basin Block CI-103 CTE DIVOIRE GHANA Murphy 85% (Op), PETROCI1 15% CI-102 Includes undeveloped Paon discovery CI-531 Baleine Commitment to submit viable field CI-502…
  16. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 16
    EXPLORATION UPDATE www.murphyoilcorp.com NYSE: MUR 17
  17. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 17
    Exploration Update Cuu Long Basin, Vietnam Cuu Long Basin Asset Overview BLOCK 15-01/05 LAC DA TRANG NORTH WEST SU TU VANG Murphy 40% (Op), PetroVietnam Exploration LAC DA TRANG Production 35%, SK Earthon 25% WEST Block…
  18. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 18
    Exploration Update Tano Basin, Cte dIvoire Tano Basin Asset Overview CTE DIVOIRE GHANA 1.5 MM gross acres, equivalent to 256 CI-102 Gulf of Mexico blocks Baleine CI-531 Initiated seismic reprocessing CI-502 Jubilee Adjacent to oil…
  19. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 19
    Exploration Update Advancing Gulf of Mexico Operated Exploration Plans Gulf of Mexico Exploration Area Oso 1, Atwater Valley 138 Murphy 33.34% (Op) Eden Park Dalmatian S. VK DD Silver Dollar Resuming drilling in 4Q 2023 Silver…
  20. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 20
    LOOKING AHEAD www.murphyoilcorp.com NYSE: MUR 21
  21. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 21
    2023 Capital and Production Plan Increasing Oil-Weighted Production With Disciplined Spending FY 2023E Production 4Q 2023 Guidance By Area 181.5 189.5 MBOEPD1 18% 95 MBOPD or 51% oil, 57% liquids volumes Includes: 186 47% 1.5…
  22. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 22
    Capital Allocation Priorities Reducing Long-Term Debt, Increasing Shareholder Returns Beyond Quarterly Dividend With Framework1 525 MM Remaining Share Repurchase Program2 Authorized by Board Adjusted Free Cash Flow Formula Cash Flow…
  23. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 23
    Disciplined Strategy Leads to Long-Term Value With Current Assets NEAR-TERM LONG-TERM Reducing debt by 500 MM in FY 20231 Realizing average annual production of Reinvesting 40% of operating cash flow1 to 210 MBOEPD with 53% average…
  24. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 24
    Focused On Strategic Priorities Executing on our capital allocation framework Maintaining a conventional and unconventional portfolio with exploration upside Focusing on long-term value creation with oil-weighted assets Share…
  25. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 25
    2023 THIRD QUARTER EARNINGS CONFERENCE CALL & WEBCAST NOVEMBER 2, 2023 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 26
  26. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 26
    4Q 2023 Guidance Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US Eagle Ford Shale 22,800 5,000 27,300 32,400 Gulf of Mexico excluding NCI1 66,300 4,800 64,000 81,800 Canada Tupper Montney 380,300 63,400 Kaybob…
  27. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 27
    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 250 C2.35 10/1/2023 12/31/2023 Natural Gas Fixed Price…
  28. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 28
    Highlights From Fifth Sustainability Report Taking Action to Drive Benefit for All Stakeholders CONTINUED POSITIVELY IMPACTING OUR STRONG ENVIRONMENTAL STEWARDSHIP PEOPLE AND COMMUNITIES GOVERNANCE OVERSIGHT ADVANCING OUR CLIMATE…
  29. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 29
    Murphy Ranked Best for 2021 ESG Performance Independent Benchmarking of North American Upstream Companies, July 2023 Peer Group Consists Overall ESG Scores for the Top 20 Operators (Maximum Points: 300) of 41 of the Largest Murphy Peer…
  30. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 30
    Financial Results Strengthening Balance Sheet Note Maturity Profile2 Solid Foundation to Weather Commodity MM Price Cycles 750 Repurchased 75 MM, or 1.7 MM of shares 500 outstanding, in 3Q 2023 at avg price of 44.53 250 10 Year…
  31. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 31
    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…
  32. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 32
    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…
  33. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 33
    North America Onshore Well Locations Tupper Montney Well Locations Inter-Well Gross Remaining Area Net Acres Spacing (ft) Locations Eagle Ford Shale Operated Well Locations Tupper Montney 118,235 984-1323 993 Inter-Well Gross…
  34. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 34
    Eagle Ford Shale Peer Acreage Acreage as of November 1, 2023 www.murphyoilcorp.com NYSE: MUR 42
  35. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 35
    Kaybob Duvernay Peer Acreage Murphy Paramount Whitecap Crescent Point Chevron Kiwetinohk PCC Cenovus GMT Hitic Halo Cygnet Open Crown Other Leased Battery Facility 6 Miles Acreage as of November 1, 2023…
  36. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 36
    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…
  37. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 37
    Gulf of Mexico Murphy Blocks Gulf of Mexico Assets PRODUCING ASSETS Asset Operator Murphy WI1 Eden Park Dalmatian S. Calliope Murphy 29% VK DD Cascade Murphy 80% Silver Dollar Chinook Murphy 86% Silver Dollar West Clipper Murphy…
  38. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 38
    Offshore Canada Completing Terra Nova Asset Life Extension Project Terra Nova Field, Offshore Canada Terra Nova FPSO Suncor 48% (Op), Cenovus 34%, LABRADOR Murphy 18% QUEBEC Asset life extension project anticipated to return to…
  39. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 39
    Exploration Update Salina Basin, Mexico Salina Basin Block 5 Overview Murphy 40% (Op), PC Carigali Mexico 30%, Wintershall Dea 30% Jokol Proven oil basin in proximity to multiple oil Block 5 discoveries in Miocene section Najaal…
  40. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 40
    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 gross acres 2.8 BN BOE discovered in basin…
  41. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 41
    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…
  42. Q3 2023 Earnings Presentation – Murphy Oil Corp – slide 42
    2023 THIRD QUARTER EARNINGS CONFERENCE CALL & WEBCAST NOVEMBER 2, 2023 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 50

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