2024 FOURTH QUARTER EARNINGS CONFERENCE CALL AND WEBCAST JANUARY 30, 2025 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 1
Advancing Strategic Priorities DELEVER EXECUTE EXPLORE RETURN Reduced debt by 50 MM in Produced 177 MBOEPD in FY 2024 Drilled oil discovery at Hai Su Entered Murphy 3.0 of FY 2024 Vang-1X exploration well in Preparing for Lac Da…
Delivering Shareholder Returns Within Capital Allocation Framework1 Adjusted Free Cash Murphy 3.0 Flow Formula Murphy 2.0 Long-term debt Murphy 1.0 1.3 BN Long-term debt Long-term debt of 1.3 BN 1.8 BN Cash Flow From Operations…
Production, Pricing and Revenue Generating High Revenue From Oil Production 4Q 2024 Production 4Q 2024 Revenue by Area by Area Onshore Canada Eagle Ford Shale 80 MM Eagle Ford Shale 151 MM 30,200 BOEPD 13% 17% 24% Onshore…
Financial Results Generating Income to Support Corporate Priorities 4Q 2024 Financial Results Net Income Attributable to Murphy 4Q 2024 FY 2024 Net income 50 MM; adjusted net income 51 MM ( MM except per share) Income (loss) 50 407…
Financial Results Strong Balance Sheet Provides Financial Flexibility for Strategic Priorities Enhancing Financial Position Through Capital Markets Bond Maturity Profile1 MM Transactions in 2024 700 Long-Term Debt Profile1 Reduced debt…
Natural Gas Marketing Strategy Provides Price Diversification Continuing to mitigate price exposure to AECO in Tupper Montney Canadian Natural Gas Market Sales Points asset through diversification Canada currently produces 18 BCFD…
2024 Proved Reserves Maintaining Proved Reserves and Reserve Life Total proved reserves of 713 MMBOE at YE 2024, 83% total reserve 2024E Proved Reserves By Area replacement Added 12 MMBOE of proved reserves for non-operated St. Malo…
Hai Su Vang-1X Discovery Update Cuu Long Basin, Vietnam Cuu Long Basin Hai Su Vang-1X Oil Discovery, Block 15-2/17 Discovery Well SU TU VANG LAC DA CAM COMPLEX Planned Well Murphy 40% (Op), PetroVietnam Exploration Murphy WI Block…
Cte dIvoire 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 CI-102 Progressing Development and Exploration Plans…
2024 Onshore Update Consistent Production From Multi-Decade Inventory Tupper Montney Drilling Rig 4Q 2024 Total Onshore Production 100 MBOEPD Eagle Ford Shale 30 MBOEPD, 85% liquids 4 operated wells online in Catarina as planned 6…
2024 Offshore Update Oil-Weighted Offshore Assets Generate High-Margin Barrels Gulf of Mexico Kings Quay Floating Production System 4Q 2024 Total Production 75 MBOEPD, 82% Oil Gulf of Mexico 68 MBOEPD, 80% oil Completing operated…
2025 CAPITAL AND PRODUCTION PLAN www.murphyoilcorp.com NYSE: MUR 15
2025 Capital Plan Allocating Capital to Develop Assets and Increase Future Resource Potential Executing Highly-Accretive Projects FY 2025E CAPEX FY 2025 guidance 1,135 MM 1,285 MM CAPEX By Area 60% of spend is in 1H 2025 2% 85% of…
2025 Production Plan Forecasting Production Growth Across Portfolio 1Q 2025 Production Guidance 159 167 MBOEPD FY 2025E Production By Area 83.5 MBOPD or 51% oil, 57% liquids Impacted by: 19% 4.4 MBOEPD of planned operated onshore…
2025 Eagle Ford Shale Plan Enhancing Portfolio Through Capital Efficiency Gains Eagle Ford Shale Acreage 360 MM 2025 Capital Budget, 33 MBOEPD 75% oil, 88% liquids 35 operated wells online 18 Karnes, 13 Catarina, KARNES 4 Tilden wells…
2025 Tupper Montney Plan Capital Efficiencies Gained Through Improved Field Development Plan 85 MM 2025 Capital Budget, 375 MMCFD Tupper Montney Acreage 10 operated wells online TUPPER WEST Assumes C2.73 / MMBTU AECO and 6.7% royalty…
2025 Kaybob Duvernay Plan Future Oil-Weighted Optionality Kaybob Duvernay Acreage 55 MM 2025 Capital Budget, 5 MBOEPD KAYBOB NORTH 64% oil, 74% liquids KAYBOB EAST 4 operated wells online 2 operated wells drilled for 2026…
2025 Offshore Plan Executing Highly-Accretive Development Projects 545 MM 2025 Offshore Capital Budget Operated 2025 Gulf of Mexico Projects 78 MBOEPD Forecast for FY 2025 Field / Facility Activity Online Delta House 1 workover 1H 2025…
Lac Da Vang Field Development Project Update Cuu Long Basin, Vietnam Field Overview Cuu Long Basin Murphy 40% (Op), PetroVietnam Exploration Production 35%, Planned Well LAC DA CAM SU TU VANG SK Earthon 25% COMPLEX Murphy WI…
2025 Gulf of Mexico Exploration Plan Focused on Low-Risk, Infrastructure-Led Exploration 2025 Exploration Plan Gulf of Mexico Exploration Area Prospects located near Murphy-operated Ocotillo 1 Delta House FPS1 Silver Dollar…
2025 Vietnam Exploration Plan Significant Resource Upside in Offshore Vietnam Cuu Long Basin Lac Da Hong-1X, Block 15-1/05 SU TU VANG Murphy 40% (Op), PetroVietnam Exploration Discovery Well Planned Well LAC DA CAM COMPLEX…
Near-Term Strategy Maintaining Modest Production Growth From Current Assets While Testing Material Upside 2025-2026 Asset Plan Existing Producing Assets Near-Term Organic Growth Generating Low, Single-Digit Production Growth…
Sets Up For Long-Term Success Multi-Basin Portfolio Provides Long Runway of Opportunities Long-Term Asset Plan Existing Producing Assets Future Organic Growth Prioritizing offshore growth while maintaining onshore investment…
2024 FOURTH QUARTER EARNINGS CONFERENCE CALL AND WEBCAST JANUARY 30, 2025 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 29
Ongoing Commitment to Sustainability Goals Acting to Support All Stakeholders CONTINUED POSITIVELY IMPACTING OUR STRONG ENVIRONMENTAL STEWARDSHIP PEOPLE AND COMMUNITIES GOVERNANCE OVERSIGHT ADVANCING OUR CLIMATE GOALS Well-defined…
1Q 2025 Guidance Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US Eagle Ford Shale 18,300 4,000 21,400 25,900 Gulf of Mexico excluding NCI1 51,400 4,700 57,500 65,700 Canada Tupper Montney 400 - 336,000 56,400 Kaybob…
Current Fixed Price Contracts AECO Price Risk Mitigation Tupper Montney, Canada Volumes Price Commodity Type (MMCF/D) (MCF) Start Date End Date Natural Gas Fixed Price Forward Sales at AECO1 40 C2.75 1/1/2025 12/31/2025 Natural Gas…
North America Onshore Locations 50 Years of Robust Inventory With Low Breakeven Rates Diversified, Low Breakeven Portfolio Eagle Ford Shale and Kaybob Duvernay Multi-basin portfolio provides optionality in 20 years of inventory < 50 /…
Offshore Development Opportunities Multi-Year Inventory of High-Return Projects Diversified, Low Breakeven Opportunities in Offshore Portfolio Resources To Be Developed By Year Percent MMBOE by Year Multi-year inventory of identified…
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 - 1,323 750 Inter-Well Gross…
Eagle Ford Shale Peer Acreage Acreage as of January 28, 2025 www.murphyoilcorp.com NYSE: MUR 43
Kaybob Duvernay Peer Acreage Murphy Paramount Whitecap Veren CNRL Kiwetinohk PCC Cenovus GMT Hitic Halo Logan Cygnet Duvernay Energy Open Crown Other Leased Battery Facility 6 Miles Acreage as of January 28,…
Gulf of Mexico Murphy Blocks PRODUCING ASSETS Gulf of Mexico Exploration Area Asset Operator Murphy WI1 Ocotillo 1 Cascade Murphy 80% Chinook Murphy 86% Silver Dollar Clipper Murphy 80% Silver Dollar West Dalmatian Murphy 56%…
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 Asset Overview Potiguar Basin Murphy 100% (Op) Murphy WI Block Other Block Hold WI in 3 blocks, spanning 775 M Discovered Field gross acres Kilometers Proven oil basin in proximity to…
2024 FOURTH QUARTER EARNINGS CONFERENCE CALL AND WEBCAST JANUARY 30, 2025 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 49
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