INVESTOR UPDATE JUNE 2024 www.murphyoilcorp.com NYSE: MUR 1
Agenda 01 04 Murphy at a Glance Murphy Exploration 02 05 Murphy Priorities Looking Ahead 03 06 Murphy 2024 Plan Appendix www.murphyoilcorp.com NYSE: MUR 3
Murphy at a Glance Murphy is an independent exploration and production company, producing in three areas with an advantaged portfolio and exploration upside 1Q 2024 Production1 Onshore United States Eagle Ford Shale on private lands…
Who Is Murphy 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…
Whats New in 2Q 2024 Gulf of Mexico Exploration Update Eagle Ford Shale Update Evaluating results following logging operations at 7 operated Catarina wells online in 2Q 2024 non-operated Ocotillo 1 well as planned Encountered…
Whats New in 2Q 2024 Share Repurchase1 Updated Exploration Expense Guidance Repurchased 50 MM of stock, or 1.2 MM shares, Revised 2Q 2024 exploration expense to at an average price of 41.19 / share 45 MM from 65 MM Debt Reduction1…
Advancing Strategic Priorities DELEVER EXECUTE EXPLORE RETURN Repurchased 50 MM of debt in 2Q Produced 170 MBOEPD with Evaluating results following logging Progressed Murphy 2.0 20241 via open market transactions 89 MBOPD, or 52…
Ongoing Financial Discipline Drives Top Quartile Performance Free Cash Flow1 / Production Debt / EBITDAX2 Top Quartile Performer / BOE 15 2.5x in FY 2023 10 2.0x Highest free cash flow 5 1.5x producing portfolio 0 MUR 1.0x…
Long History of Benefitting Shareholders Peer Beneficial Ownership by Directors and Executive Officers 7.1 Billion % of Outstanding Shares 14% 12% Returned to Shareholders 10% Since 1961 Peers with < 1.0% ownership 8% 6%…
Financial Results Targeting Lower Debt with Ample Liquidity Solid Foundation to Withstand Commodity Price Debt Maturity Profile2 MM Cycles 1,250 1.1 BN of liquidity on Mar 31, 2024 1,000 Includes 800 MM senior unsecured credit…
Capital Allocation Priorities Reducing Long-Term Debt, Increasing Shareholder Returns Beyond Quarterly Dividend With Framework1 Adjusted Free Cash Flow Murphy 1.0 Murphy 2.0 Murphy 3.0 Formula Long-Term Debt Long-Term Debt…
Ongoing Sustainability Initiatives Reducing Greenhouse Gas Emissions Tupper Montney Produced Water Pond Displaced 0.9 MM gallons of diesel with natural gas in onshore drilling and completions in 1Q 2024 Reduced flaring and methane…
MURPHY 2024 PLAN www.murphyoilcorp.com NYSE: MUR 15
2024 Capital and Production Plan Prioritizing Capital To Maximize Production and Adjusted Free Cash Flow1 2Q 2024 Guidance FY 2024E Production By Area 176 184 MBOEPD production, 93 MBOPD or 51% oil, 56% liquids volumes 16% Impacted…
2024 North America Onshore Plan Balancing Investments for Free Cash Flow Generation 98 MBOEPD Forecast for FY 2024 FY 2024E Wells Online 25 25% oil volumes, 30% liquids volumes 20 Eagle Ford Shale 15 20 operated wells online 10 15…
Eagle Ford Shale Enhancing Portfolio Through Strong Execution 1Q 2024 29 MBOEPD, 86% Liquids Eagle Ford Shale Acreage 71% oil volumes 4 gross non-operated wells online in Tilden KARNES 2Q 2024 Plan TILDEN 7 operated wells online…
Tupper Montney Completions Design Drives Ongoing Strong Well Performance 1Q 2024 348 MMCFD Net, 100% Natural Gas Tupper Montney Acreage No new wells online 2Q 2024 Well Delivery Schedule 13 operated wells online Completes 2024 well…
Kaybob Duvernay Future Oil-Weighted Optionality Preserved 1Q 2024 4 MBOEPD, 68% Liquids Kaybob Duvernay Acreage No new wells online 2Q 2024 Well Delivery Schedule 3 operated wells online Completes 2024 well delivery program Robust…
Offshore Update Focusing on Executing Highly-Accretive Development Projects Total Offshore 1Q 2024 79 MBOEPD, 84% Oil Highly-Accretive Development and Tieback Projects Field Drilling Completions Online Gulf of Mexico 1Q 2024 73 MBOEPD,…
2024 Offshore Workovers and Projects Execution Update Completed Workovers and Projects Operated Workovers and Projects 50 MM 1Q 2024 total workover expense Net Operated Marmalard 1 and 2 zone changes Field Location Project Online…
Lac Da Vang Field Development Project Cuu Long Basin, Vietnam Cuu Long Basin Lac Da Vang Field Development Overview BLOCK 15-01/05 LAC DA TRANG NORTH WEST SU TU VANG Murphy 40% (Op), PetroVietnam Exploration Production 35%, SK…
Exploration Update Gulf of Mexico Gulf of Mexico Exploration Area FY 2024 Exploration Wells Ocotillo Ocotillo 1 (Mississippi Canyon 40) Eden Park VK DD Silver Dollar Oxy 33% (Op), Murphy 33%, Chevron 34% Silver Dollar West…
Exploration Update Cuu Long Basin, Vietnam Asset Overview Cuu Long Basin BLOCK 15-01/05 LAC DA TRANG Murphy 40% (Op), PetroVietnam Exploration NORTH WEST SU TU VANG Production 35%, SK Earthon 25% LAC DA TRANG WEST Contracted rig…
Development and Exploration Update Tano Basin, Cte dIvoire Asset Overview Tano Basin 1.5 MM gross acres, equivalent to 256 Gulf of Mexico blocks CTE DIVOIRE GHANA Seismic reprocessing projects progressing on schedule CI-102 Block…
LOOKING AHEAD www.murphyoilcorp.com NYSE: MUR 28
North America Onshore Locations More Than 50 Years of Robust Inventory with Low Breakeven Rates Diversified, Low Breakeven Portfolio Eagle Ford Shale and Kaybob Duvernay Multi-basin portfolio provides optionality 25 years of…
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…
Disciplined Strategy Leads to Long-Term Value With Current Assets NEAR-TERM LONG-TERM Reducing debt by 300 MM to reach 1.0 BN debt target in Realizing average annual production of 20241 with no debt maturities until Dec 2027 210-220…
Advancing Strategic Priorities Diverse portfolio provides optionality Long runway of opportunities with exploration upside Long history of returning to shareholders Low leverage and zero debt maturities until December 2027…
INVESTOR UPDATE JUNE 2024 www.murphyoilcorp.com NYSE: MUR 33
2Q 2024 Guidance Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US Eagle Ford Shale 18,500 4,000 22,700 26,300 Gulf of Mexico excluding NCI1 61,700 4,600 58,700 76,100 Canada Tupper Montney 380,600 63,400 Kaybob…
Current Fixed Price Contracts Natural Gas Tupper Montney, Canada Volumes Price Commodity Type (MMCFD) (MCF) Start Date End Date Natural Gas Fixed Price Forward Sales at AECO 162 C2.39 4/1/2024 12/31/2024 Natural Gas Fixed Price…
2023 Proved Reserves Maintaining Proved Reserves and Reserve Life Total proved reserves 724 MMBOE at YE 2023 vs 697 MMBOE at YE 2022 2023E Proved Reserves By Area Achieved 139% total reserve replacement Added 13 MMBOE of proved…
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 - 1,323 976 Inter-Well Gross…
Eagle Ford Shale Peer Acreage Acreage as of April 30, 2024 www.murphyoilcorp.com NYSE: MUR 44
Kaybob Duvernay Peer Acreage Murphy Paramount Whitecap Crescent Point Chevron Kiwetinohk PCC Cenovus GMT Hitic Halo Cygnet Duvernay Energy Open Crown Other Leased Battery Facility 6 Miles Acreage as of April…
Gulf of Mexico Murphy Blocks Gulf of Mexico Exploration Area PRODUCING ASSETS Asset Operator Murphy WI1 Ocotillo Eden Park Calliope Murphy 29% VK DD Silver Dollar Cascade Murphy 80% Chinook Murphy 86% Silver Dollar West…
Exploration Update Sergipe-Alagoas Basin, Brazil Sergipe-Alagoas Basin Asset Overview ExxonMobil 50% (Op), Enauta Energia S.A. 30%, Murphy 20% BRAZIL Hold WI in 9 blocks, spanning 1.6 MM gross acres 2.8 BN BOE discovered in basin…
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 gross acres 0 Kilometers 50 Proven oil basin in proximity…
INVESTOR UPDATE JUNE 2024 www.murphyoilcorp.com NYSE: MUR 50
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