Murphy Oil : June Investor Update

INVESTOR UPDATE

JUNE 2020

ROGER W. JENKINS

PRESIDENT & CHIEF EXECUTIVE OFFICER

Cautionary Statement & Investor Relations Contacts

Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission (SEC) requires oil and natural gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use certain terms in this presentation, such as "resource", "gross resource", "recoverable resource", "net risked PMEAN resource", "recoverable oil", "resource base", "EUR" or "estimated ultimate recovery" and similar terms that the SEC's rules prohibit us from including in filings with the SEC. The SEC permits the optional disclosure of probable and possible reserves in our filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent Annual Report on Form 10-K filed with the SEC and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC's website.

Forward-Looking Statements - This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as "aim", "anticipate", "believe", "drive", "estimate", "expect", "expressed confidence", "forecast", "future", "goal", "guidance", "intend", "may", "objective", "outlook", "plan", "position", "potential", "project", "seek", "should", "strategy", "target", "will" or variations of such words and other similar expressions. These statements, which express management's current views concerning future events or results, are subject to inherent risks and uncertainties. Factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement include, but are not limited to: macro conditions in the oil and gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets or economies in general. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see "Risk Factors" in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC's website and from Murphy Oil Corporation's website athttp://ir.murphyoilcorp.com. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements.

Non-GAAP Financial Measures - This presentation refers to certain forward looking non-GAAP measures such as future "Free Cash Flow". Definitions of these measures are included in the appendix.

Kelly Whitley	Bryan Arciero	Megan Larson
VP, Investor Relations & Communications	Sr. Investor Relations Advisor	Sr. Investor Relations Analyst
281-675-9107	281-675-9339	281-675-9470
[e-mail]	[e-mail]	[e-mail]

Agenda

• 1 Company Overview

• 2 Current Environment and Financial Update

• 3 Onshore Portfolio Update

• 4 Offshore Portfolio Update

• 5 Exploration Update

• 6 Looking Ahead

Murphy Overview

• • Long corporate history, IPO 1956

• • Global offshore and North American onshore portfolio

• • Oil-weighted assets drive high margins

• • Exploration renaissance in focus areas

• • Appropriate liquidity management and strong balance sheet

• • Deliver energy in a safe and efficient manner

Murphy at a Glance

2019 Proved Reserves

By Area

By Product Mix

USEaOgnleshForred ShaleCanCadaanaOdnasOhnorsehore NNAAOOfffsfhshoorere

CrCurduedeoOil ilNNGGLLNaturrallGgas

Note: Production volumes, sales volumes, reserves and financial amounts exclude noncontrolling interest, unless otherwise stated Reserves are based on SEC year-end 2019 third-party audited proved reserves

Office

Exploration

Production

Calgary and El Dorado offices to close in July 2020