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4Q 2023 Earnings Presentation – Murphy Oil Corp

Murphy Oil Corp · Jan 25, 2024 · 40 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 2023 Earnings Presentation – Murphy Oil Corp – slide 1
    2023 FOURTH QUARTER EARNINGS CONFERENCE CALL & WEBCAST JANUARY 25, 2024 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 0
  2. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 2
    Advancing Strategic Priorities DELEVER EXECUTE EXPLORE RETURN Utilized proceeds from non-core Produced 186 MBOEPD with Named apparent high bidder on Progressed Murphy 2.0 divestiture to progress capital 98 MBOPD, or 52 percent, oil…
  3. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 3
    Production, Pricing and Revenue Generating High Revenue From Oil Production 4Q 2023 Production 4Q 2023 Revenue by Area by Area Onshore Canada Eagle Ford Shale 91 MM Eagle Ford Shale 176 MM 31,400 BOEPD 12% 17% 22% Onshore…
  4. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 4
    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…
  5. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 5
    Financial Results Generating Income to Support Corporate Priorities 4Q 2023 Financial Results Net Income Attributable to Murphy 4Q 2023 FY 2023 (MM Except Per Share) Net income 116 MM; adjusted net income 140 MM Income (loss) 116 662…
  6. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 6
    Financial Results Strengthening Balance Sheet Historical Dividend Per Share and Net Debt MM Solid Foundation to Withstand Commodity Price Cycles 4,000 1.60 1.1 BN of liquidity on Dec 31, 2023 3,500 1.40 3,000 1.20 Includes 800 MM…
  7. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 7
    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…
  8. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 8
    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 Well-defined…
  9. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 9
    4Q 2023 Onshore Update Consistent Production from Multi-Decade Inventory 4Q 2023 Total Onshore Production 100 MBOEPD, 30% Liquids Eagle Ford Shale 31 MBOEPD, 86% liquids 3 non-operated Tilden wells online as planned Tupper Montney 386…
  10. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 10
    4Q 2023 Offshore Update Oil-Weighted Offshore Assets Generate High-Margin Barrels 4Q 2023 Total Production 84 MBOEPD, 82% Oil Gulf of Mexico 81 MBOEPD, 81% oil Brought online operated Dalmatian 1 (DeSoto Canyon 90) well in 4Q 2023…
  11. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 11
    2023 Exploration Update 2024 Exploration Focus Areas Initiated Cte dIvoire Exploration Area Signed PSCs on 5 exploration blocks in 2Q 2023 Commenced seismic reprocessing One block includes undeveloped Paon discovery Committed to…
  12. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 12
    2024 CAPITAL AND PRODUCTION PLAN www.murphyoilcorp.com NYSE: MUR 12
  13. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 13
    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…
  14. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 14
    2024 Production Plan 1Q 2024 Production Guidance 163 171 MBOEPD FY 2024E Production By Area 89 MBOPD or 53% oil, 59% liquids volumes Includes planned downtime of: 16% 13 MBOEPD of total Gulf of Mexico downtime, comprised of: 6…
  15. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 15
    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…
  16. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 16
    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…
  17. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 17
    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 Robust Remaining Well Inventory 488 future…
  18. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 18
    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…
  19. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 19
    2024 Offshore Workover Projects Execution Update Well Workover Projects Operated Workovers and Projects Non-op Lucius 9 well workover completed in Net 4Q 2023, online 1Q 2024 Field Location Project Online Production Operated Marmalard…
  20. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 20
    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…
  21. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 21
    2024 Exploration Plan Gulf of Mexico Assets 120 MM 2024 Total Exploration Capital Budget Targeting 120 MMBOE net mean unrisked Ocotillo resources with FY 2024 program Eden Park Orange Dalmatian S. Drilling 2 Gulf of Mexico and 2…
  22. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 22
    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…
  23. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 23
    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…
  24. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 24
    LOOKING AHEAD www.murphyoilcorp.com NYSE: MUR 24
  25. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 25
    Peer-Leading Balance Sheet and Free Cash Flow Metrics Free Cash Flow Yield TTM2 By Percentage Peer-Leading Cash Flow Yield 15% 13% Financial Strength Provides Low Risk 10% to Sustainable Returns S&P Energy Index = 9.6% Peer…
  26. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 26
    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…
  27. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 27
    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…
  28. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 28
    2023 FOURTH QUARTER EARNINGS CONFERENCE CALL & WEBCAST JANUARY 25, 2024 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 28
  29. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 29
    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…
  30. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 30
    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…
  31. 4Q 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 Eagle Ford Shale and Kaybob Duvernay Multi-basin portfolio provides optionality 25 years of…
  32. 4Q 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. 4Q 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 - 1,323 976 Inter-Well Gross…
  34. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 34
    Eagle Ford Shale Peer Acreage Acreage as of January 23, 2024 www.murphyoilcorp.com NYSE: MUR 41
  35. 4Q 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 Duvernay Energy Open Crown Other Leased Battery Facility 6 Miles Acreage as of January…
  36. 4Q 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. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 37
    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…
  38. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 38
    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…
  39. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 39
    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…
  40. 4Q 2023 Earnings Presentation – Murphy Oil Corp – slide 40
    2023 FOURTH QUARTER EARNINGS CONFERENCE CALL & WEBCAST JANUARY 25, 2024 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 47

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