2025 SECOND QUARTER EARNINGS CONFERENCE CALL AND WEBCAST AUGUST 7, 2025 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 1
Advancing Strategic Priorities in 2Q 2025 30% Increase Maintaining Consistent Sequential Increase in in Karnes Well Performance1 Production to 190 MBOEPD + Operational Excellence above high-end of guidance 2025 Tupper Wells Rank…
Capital Allocation Plan1 Delivers Shareholder Returns Total Shares Outstanding by Year Since 2013 MM shares 190 180 170 Targeting long-term debt of 1.0 BN 550 MM 160 Minimum of 50% of adjusted FCF Board authorized share 150…
Production, Pricing and Revenue Generating High Revenue From Oil Production 2Q 2025 Production 2Q 2025 Revenue by Area by Area 13% 21% 28% Eagle Ford Shale Eagle Ford Shale 41% 39,000 BOEPD 184 MM 190 Offshore 647 MM…
Strong Balance Sheet Underpins Financial Flexibility Financial Highlights Maintaining ample liquidity with senior unsecured credit Conservative facility and cash on hand Financial Policies Targeting long-term debt of 1.0 billion No…
Proactively Managing the Cost Structure Net G&A G&A /BOE Bond Interest Expense2 250 3.50 200 3.00 200 Greater than Achieved 50% 150 50% reduction or 500 MM 2.50 reduction1 175 MM of cumulative cumulative 150 savings1 savings3…
Highlights From Our 2025 Sustainability Report CONTINUED POSITIVELY IMPACTING OUR STRONG ENVIRONMENTAL STEWARDSHIP PEOPLE AND COMMUNITIES GOVERNANCE OVERSIGHT CLIMATE GOALS 58 % TOTAL RECORDABLE INCIDENT RATE (TRIR) from 2019 to 2024…
Eagle Ford Shale Update 2Q 2025 39 MBOEPD, 72% Oil, 86% Liquids Murphy Operated Karnes Well Performance 24 operated wells online 18 Karnes, 3 Catarina and 3 Tilden 225 Greater than 30% increase wells; 10 gross non-operated wells online…
Canada Onshore Update Canada Onshore 2Q 2025 79 MBOEPD, 96% Natural Gas Top Murphy Operated Tupper West Wells 25 Tupper Montney 2Q 2025 75 MBOEPD, 100% Natural Gas 2025 10-well program all rank in top 20 all-time 20 5 operated wells…
Offshore Update Total Offshore 2Q 2025 72 MBOEPD, 82% Oil Operated 2025 Gulf of America Projects Gulf of America 2Q 2025 66 MBOEPD, 80% Oil Field / Facility Activity Online Operated Samurai 3 workover completed; well Delta House 1…
Lac Da Vang (Golden Camel) Field Development Project Update Field Overview Field Schematic Murphy 40% (Op), PetroVietnam Exploration Production 35%, SK Earthon 25% 100 MMBOE estimated gross recoverable resource Estimated 10 15 MBOEPD…
Exploration Strategy Overview Key Strategies Exploration Core Focus Areas Increasing exposure to international emerging and frontier basins Balancing portfolio between shallow-water and deep-water opportunities Exploiting unique…
Gulf of America Exploration Update Focused on Low-Risk, Infrastructure-Led Exploration 2025 Exploration Plan Gulf of America Exploration Area Ocotillo 1 Prospects located near Murphy-operated Delta House FPS1 Silver Dollar Cello 1…
Vietnam Exploration Update Cuu Long Basin, Vietnam Hai Su Vang-1X (Golden Sea Lion) Discovery, Block 15-2/171 Cuu Long Basin Encountered 370 feet of net oil pay from two reservoirs, drilled in 149 feet of water In-line with pre-drill…
Cte dIvoire Exploration Update Initiating Three-Well Exploration Program 2025 Exploration Plan Tano Basin Civette (Block CI-502), Murphy 90% (Op), PETROCI1 10% CTE DIVOIRE GHANA Targeting spud in 4Q 2025 CI-102 Caracal Mean to…
LOOKING AHEAD www.murphyoilcorp.com NYSE: MUR 19
2025 Capital and Production Plan Allocating Capital to Develop Assets and Increase Future Resource Potential 3Q 2025 Guidance FY 2025E CAPEX 185 193 MBOEPD, 47% oil, 52% liquids volumes By Area Includes 3.5 MBOEPD of assumed Gulf of…
Near-Term Strategy Maintaining Modest Production Growth From Current Assets While Testing Material Upside 2025-2026 Asset Plan1 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…
2025 SECOND QUARTER EARNINGS CONFERENCE CALL AND WEBCAST AUGUST 7, 2025 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 23
3Q 2025 Guidance Oil NGLs Gas Total Producing Asset (BOPD) (BOPD) (MCFD) (BOEPD) US Eagle Ford Shale 33,200 6,200 33,500 45,000 Gulf of America excluding NCI1 45,600 3,600 46,800 57,000 Canada Tupper Montney 200 - 450,800 75,300…
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 7/1/2025 12/31/2025 Natural…
2024 Proved Reserves Maintaining Proved Reserves and Reserve Life Total proved reserves of 713 MMBOE at YE 2024, 83% total reserve 2024 Proved Reserves By Area replacement Added 12 MMBOE of proved reserves for non-operated St. Malo…
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 Spacing (ft) Locations Area Net Acres Reservoir Spacing…
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…
Gulf of America Murphy Blocks PRODUCING ASSETS Gulf of America 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%…
2025 SECOND QUARTER EARNINGS CONFERENCE CALL AND WEBCAST AUGUST 7, 2025 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 35
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