INVESTOR UPDATE MARCH 2024 www.murphyoilcorp.com NYSE: MUR 0
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 2
Murphy at a Glance Murphy is an independent exploration and production company, producing in three areas with an advantaged portfolio and exploration upside FY 2023 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 1Q 2024 Tupper Montney Update Gulf of Mexico Update Progressing drilling program Currently drilling non-op Lucius 11 well 13 wells to come online in 2Q 2024 as planned Operated Marmalard 1 and 2 zone changes completed…
Advancing Strategic Priorities DELEVER EXECUTE EXPLORE RETURN Achieved FY 2023 debt reduction Produced 186 MBOEPD with Named apparent high bidder on Progressed Murphy 2.0 goal of 500 MM through senior 98 MBOPD, or 52 percent, oil…
Long History of Benefitting Shareholders Paying dividends for more than 60 years 7.0 Billion Maintaining balance sheet integrity with no equity issuances Returned to Shareholders Since 1961 Peer Cumulative Shareholder Returns vs…
Financial Results Strengthening Balance Sheet Historical Dividend Per Share and Net Debt MM Solid Foundation to Withstand Commodity Price Cycles 4,000 1.60 3,500 1.40 1.1 BN of liquidity on Dec 31, 2023 3,000 1.20 Includes 800 MM…
Capital Allocation Priorities Reducing Long-Term Debt, Increasing Shareholder Returns Beyond Quarterly Dividend With Framework1 Adjusted Free Cash Flow Formula Murphy 1.0 Murphy 2.0 Murphy 3.0 Long-Term Debt Long-Term Debt…
Sustainability Highlights Taking Action to Benefit All Stakeholders CONTINUED POSITIVELY IMPACTING OUR PEOPLE STRONG ENVIRONMENTAL STEWARDSHIP AND COMMUNITIES GOVERNANCE OVERSIGHT ADVANCING OUR CLIMATE GOALS CONSISTENTLY…
MURPHY 2024 PLAN www.murphyoilcorp.com NYSE: MUR 12
2024 Capital Plan Prioritizing Capital To Maximize Production and Adjusted Free Cash Flow1 FY 2024E CAPEX Further Delevering, Enhancing Shareholder By Area Returns 3% 12% FY 2024 guidance 920 MM 1.02 BN CAPEX Offshore 38% US…
2024 Production Plan FY 2024E Production 1Q 2024 Production Guidance By Area 163 171 MBOEPD 89 MBOPD or 53% oil, 59% liquids volumes 16% Includes planned downtime of: Offshore 184 48% Canada Onshore 13 MBOEPD of total Gulf of…
2024 North America Onshore Plan Balancing Investments for Free Cash Flow Generation 2024 Onshore Capital Budget 450 MM FY 2024E Wells Online 25 96 MBOEPD Forecast for FY 2024 20 25% oil volumes, 30% liquids volumes 15 Eagle Ford…
Eagle Ford Shale Enhancing Portfolio and Production Through Strong Execution, Improved Completions 320 MM 2024 Capital Budget, 30 MBOEPD Eagle Ford Shale Acreage 71% oil volumes, 86% liquids volumes 19 operated wells online 15…
Tupper Montney New Completions Design Drives Strong Well Performance 90 MM 2024 Capital Budget, 370 MMCFD Tupper Montney Acreage 100% dry gas 13 operated wells online in 2Q 2024 Assumes C2.46 / MMBTU AECO New Completions Design…
Kaybob Duvernay Future Oil-Weighted Optionality Preserved 40 MM 2024 Capital Budget, 4 MBOEPD Kaybob Duvernay Acreage 55% oil volumes, 67% liquids volumes 3 operated wells online in 2Q 2024 Drilling 4-well operated pad in 4Q 2024 for…
2024 Offshore Plan Focusing on Executing Highly-Accretive Development Projects 2024 Offshore Capital Budget 370 MM Highly-Accretive Development and Tieback Projects Field Drilling Completions Online 88 MBOEPD Forecast for FY 2024…
2024 Offshore Workover Projects Execution Update Well Workover Projects Operated Workovers and Projects Operated Marmalard 1 and 2 zone changes Net completed in 1Q 2024 Field Location Project Online Production 8 MM net workover…
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…
2024 Exploration Plan Gulf of Mexico Assets 120 MM 2024 Total Exploration Capital Budget Targeting 120 MMBOE net mean unrisked resources with FY 2024 program Ocotillo Drilling 2 Gulf of Mexico and 2 Vietnam wells Eden Park Orange…
Exploration Update Cuu Long Basin, Vietnam Asset Overview Cuu Long Basin BLOCK 15-01/05 LAC DA TRANG SU TU VANG Murphy 40% (Op), PetroVietnam Exploration NORTH WEST Production 35%, SK Earthon 25% LAC DA TRANG WEST Block…
Development and Exploration Update Tano Basin, Cte dIvoire Asset Overview Tano Basin 1.5 MM gross acres, equivalent to 256 CTE DIVOIRE GHANA Gulf of Mexico blocks CI-102 Initiated seismic reprocessing CI-531 Baleine CI-502…
LOOKING AHEAD www.murphyoilcorp.com NYSE: MUR 26
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…
Consistent Focus for Future Success 2023 2024 and Beyond Protected our employees and the Enduring focus on stakeholder protection and environment further emission improvements Achieved lowest carbon intensity on record Continuing…
INVESTOR UPDATE MARCH 2024 www.murphyoilcorp.com NYSE: MUR 31
1Q 2024 Guidance Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US Eagle Ford Shale 19,400 4,400 24,400 27,900 Gulf of Mexico excluding NCI1 59,500 4,700 56,500 73,600 Canada Tupper Montney 327,100 54,500 Kaybob…
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 162 C2.39 1/1/2024 12/31/2024 Natural Gas Fixed Price…
Financial Results Strengthening Balance Sheet Solid Foundation to Withstand Commodity Debt Maturity Profile1 MM Price Cycles 1,500 1,250 1.1 BN of liquidity on Dec 31, 2023 1,000 Includes 800 MM senior unsecured credit facility 750…
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 January 23, 2024 www.murphyoilcorp.com NYSE: MUR 39
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 January…
Gulf of Mexico Murphy Blocks Gulf of Mexico Assets PRODUCING ASSETS Asset Operator Murphy WI1 Calliope Murphy 29% Cascade Murphy 80% Chinook Murphy 86% Ocotillo Clipper Murphy 80% Eden Park Orange Dalmatian Murphy 56% Silver…
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 MARCH 2024 www.murphyoilcorp.com NYSE: MUR 45
Loading...
