INVESTOR UPDATE NOVEMBER 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, with a diverse portfolio that provides exploration upside Multi-Basin Production 3Q 2024 Production1 Gulf of Mexico Offshore Canada Onshore United States…
Advancing Strategic Priorities DELEVER EXECUTE EXPLORE RETURN Reduced debt by 50 MM in Produced 185 MBOEPD in 3Q 2024 Spud Hai Su Vang-1X exploration Progressed Murphy 3.0 of YTD 20241 well in 3Q 2024, the first of two Completed…
Strong Balance Sheet Positioned to Withstand Commodity Price Cycles Enhancing Financial Position Through Capital Markets Transactions in 4Q 2024 Issued Tendered Plan to call 600 MM of 6.000% Senior + 521 MM + 79 MM of senior…
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…
Reducing Debt While Generating Shareholder Returns Total Debt Reduction MM Consistent Focus on Balance 3,000 Sheet and Increasing Shareholder 2,500 Returns 2,000 Reduced debt by 60% since YE 2020 1,500 1,000 Returned 110% of…
Long History of Benefitting Shareholders Paying dividends for 60-year history 7.4 Billion Maintaining balance sheet integrity with no equity issuances Returned to Shareholders Since 1961 Peer Cumulative Shareholder Returns vs Market…
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…
MURPHY 2024 PLAN www.murphyoilcorp.com NYSE: MUR 13
2024 Capital and Production Plan Prioritizing Capital To Maximize Production and Adjusted Free Cash Flow1 FY 2024E CAPEX 4Q 2024 Guidance By Area 181.5 189.5 MBOEPD production, 94 MBOPD or 3% 51% oil, 56% liquids volumes 12%…
2024 North America Onshore Plan Balancing Investments for Free Cash Flow Generation 98 MBOEPD Forecast for FY 2024 FY 2024E Wells Online 30 25% oil volumes, 30% liquids volumes 25 Eagle Ford Shale 20 20 operated wells online 15 15…
Eagle Ford Shale Update Enhancing Portfolio Through Strong Execution Eagle Ford Shale Acreage 3Q 2024 32 MBOEPD, 72% Oil, 86% Liquids 5 operated wells online in Tilden 3 new wells and 2 refracs KARNES 3 gross non-operated wells…
Tupper Montney Update Consistent Well Outperformance While Managing Price Risk 3Q 2024 429 MMCFD Net, 100% Natural Gas Tupper Montney Acreage 2024 well delivery program completed in 2Q 2024 4Q 2024 Plan TUPPER WEST Initiate drilling…
Offshore Update Focusing on Executing Highly-Accretive Development Projects Total Offshore 3Q 2024 75 MBOEPD, 81% Oil Highly-Accretive Development and Tieback Projects Gulf of Mexico 67 MBOEPD, 79% Oil Field Drilling Completions Online…
Lac Da Vang Field Development Project Update Cuu Long Basin, Vietnam Cuu Long Basin Lac Da Vang Field Development Overview BLOCK 15-01/05 LAC DA TRANG NORTH WEST Murphy 40% (Op), PetroVietnam Exploration Production 35%, SK Earthon…
Exploration Update Cuu Long Basin, Vietnam Cuu Long Basin Asset Overview 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 30 MM total…
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 Seismic reprocessing ongoing; final data expected 4Q 2024…
LOOKING AHEAD www.murphyoilcorp.com NYSE: MUR 23
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 in 25 years of…
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…
Disciplined Strategy Leads to Long-Term Value With Current Assets DELEVER EXECUTE EXPLORE RETURN NEAR-TERM LONG-TERM Reducing debt to reach 1.0 BN debt target in mid-20251 with no debt Realizing average annual production of 210-220…
Progressing On 2024 Goals Delivering shareholder returns through capital allocation framework Enhancing financial position through capital markets Exceeding production guidance across onshore assets Executing Gulf of Mexico…
INVESTOR UPDATE NOVEMBER 2024 www.murphyoilcorp.com NYSE: MUR 28
4Q 2024 Guidance Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US Eagle Ford Shale 24,200 4,800 27,300 33,600 Gulf of Mexico excluding NCI1 59,900 4,900 60,500 74,900 Canada Tupper Montney 400 388,800 65,200…
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 162 C2.39 10/1/2024 12/31/2024 Natural…
2023 Proved Reserves Maintaining Proved Reserves and Reserve Life Total proved reserves 724 MMBOE at YE 2023 vs 697 MMBOE at YE 2022 2023 Proved Reserves By Area Achieved 139% total reserve replacement Added 13 MMBOE of proved…
North America Onshore Well Locations Eagle Ford Shale Operated Well Locations Tupper Montney Well Locations Inter-Well Gross Remaining Inter-Well Gross Remaining Area Net Acres Reservoir Spacing (ft) Locations Area Net Acres Spacing…
Eagle Ford Shale Peer Acreage Acreage as of November 5, 2024 www.murphyoilcorp.com NYSE: MUR 41
Kaybob Duvernay Peer Acreage Murphy Paramount Whitecap Veren Chevron Kiwetinohk PCC Cenovus GMT Hitic Halo Cygnet Duvernay Energy Open Crown Other Leased Battery Facility 6 Miles Acreage as of November 5,…
Gulf of Mexico Murphy Blocks PRODUCING ASSETS Gulf of Mexico Exploration Area Asset Operator Murphy WI1 Ocotillo 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…
INVESTOR UPDATE NOVEMBER 2024 www.murphyoilcorp.com NYSE: MUR 47
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