Murphy Oil : Second Quarter 2020 Earnings Conference Presentation

2020

SECOND QUARTER EARNINGS

CONFERENCE CALL & WEBCAST

AUGUST 6, 2020

ROGER W. JENKINS

PRESIDENT& CHIEF EXECUTIVE OFFICER			www.murphyoilcorp.com	0
			NYSE: MUR

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 at http://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-lookingnon-GAAP measures such as future "Free Cash Flow". Definitions of these measures are included in the appendix.

Kelly Whitley

VP, Investor Relations & Communications [e-mail]

Megan Larson

Sr. Investor Relations Analyst [e-mail]

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Where Murphy Stands Today

and safety

contractors by -from-home

protocols

$

multi-basin

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2Q 2020 Update

Production & Pricing Update

2Q 2020 Production 168 MBOEPD, 65% Liquids		2Q 2020 Production
	by Area		Onshore Canada
• Includes 17.5 MBOEPD of shut-ins due to prices and		31%
		52,000 BOEPD
	tropical storm
•	98 MBOPD oil production	Total Offshore
78,000 BOEPD	168
•	$174 MM 2Q 2020 accrued CAPEX
	MBOEPD	23%
	• Includes King's Quay CAPEX of $33 MM, to be
	reimbursed at closing				Eagle Ford Shale
	• Total reimbursement for King's Quay CAPEX is $177 MM				38,000 BOEPD
2Q 2020 Pricing		2Q 2020 Production

• $22.89/BBL realized oil price

by Product Mix

•	$1.54/MCF realized natural gas price
•	Oil pricing anomaly due in part to roll component

Natural Gas	Oil
98,000 BOEPD
58,600 BOEPD
35%

imbedded in our WTI contracts

• Returned to more normalized differential in 3Q 2020

Note: Production volumes, sales volumes, reserves and financial amounts exclude noncontrolling interest, unless otherwise stated

Prices are shown excluding hedges and before transportation, gathering, processing

168

MBOEPD

NGL 11,000 BOEPD

58%

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2Q 2020 Financial Results

2Q 2020 Results

• Net loss $317 MM
• Adjusted net loss $110 MM

2Q 2020 Adjustments

• One-offincome adjustments after-tax include:
• • Impairment of assets $16 MM
  • MTM loss on crude oil derivatives $146 MM
  • MTM loss on contingent consideration $12 MM
  • Restructuring expenses $32 MM

2Q 2020 ($MM Except Per Share)

Net Income Attributable to Murphy

Income (loss)	($317)
$/Diluted share	($2.06)
Adjusted Income from Cont. Ops.
Adjusted income (loss)	($110)
$/Diluted share	($0.71)

Note: Production volumes, sales volumes, reserves and financial amounts exclude noncontrolling interest, unless otherwise stated

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2Q 2020 Cash Flow Results

2Q 2020 Cash Flow from Continuing Operations

• Reduced by $106 MM working capital increase
• Improved by $13 MM non-cashlong-term compensation

Other Highlights

• LOE improved to <$9/BOE in 2Q 2020, or ~$7/BOE excluding workover expenses

Cash Flow Attributable to Murphy ($MM)	2Q 2020	1H 2020
Net cash provided by continuing operations	($23)	$369
Property additions and dry hole costs*	($213)	($589)
Free Cash Flow	($236)	($220)

• Maintained total liquidity of $1.6 BN, including $146 MM of cash and cash equivalents as of June 30, 2020
• Repurchased $15 MM of senior notes for $10 MM cash in 2Q 2020
• CAPEX-heavy1H 2020 vs FY 2020 budget $700 MM
• • King's Quay spending of $52 MM in 1H 2020 to be reimbursed at closing, excluded from FY 2020 budget
  • Additional $125 MM spent in 2019 also to be reimbursed for $177 MM total
• Subsequent to quarter end, extended hedge profile with 15 MBOPD hedged for FY 2021 at an average price of $42.93/BBL

Adjusted EBITDA Attributable to Murphy	2Q 2020	1H 2020
($MM)
EBITDA attributable to Murphy	($154)	($335)
Impairment of assets	$20	$886
Mark-to-market (gain) loss on crude oil derivatives	$200	($217)
contracts and contingent consideration
Restructuring expenses	$41	$41
Other	$18	$37
Adjusted EBITDA	$125	$412

Note: Production volumes, sales volumes, reserves and financial amounts exclude noncontrolling interest, unless otherwise stated Free cash flow includes NCI

* Includes King's Quay CAPEX of $30 MM and $52 MM, respectively, to be reimbursed at close of transaction

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Balance Sheet Resilience

Solid Foundation for Commodity Price Cycles

• • $1.6 BN senior unsecured credit facility available through Nov 2023
  • • $170 MM currently drawn
  • All debt is unsecured, senior credit facility not subject to semi-annual borrowing base redeterminations
  • $146 MM of cash and cash equivalents
  • Long-termgoal of de-levering with excess cash flow
  • Next maturity mid-2022 with 80% of senior notes due in 2024 and beyond
  • Repurchased $19 MM of senior notes for $12 MM cash in 1H 2020
  • 39% total debt to cap, 38% net debt to cap
• As of June 30, 2020

Maturity Profile*

Total Bonds Outstanding $BN	$2.8
Weighted Avg Fixed Coupon	5.9%
Weighted Avg Years to Maturity	7.3

Note Maturity Profile $MM

2,000

1,500

1,000

500

10 Year

20 Year

30 Year

0

Notes Drawn RCF Undrawn RCF

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King's Quay Transaction Update

King's Quay Floating Production System

• Fabrication continues to progress on schedule, despite COVID-19 limitations
• Complex, multi-party transaction documentation moving forward with ArcLight Capital Partners, LLC and others
• Key issues substantially agreed upon, including reimbursement of all capital previously spent
• • Approximately $177 MM through 2Q 2020
• Logistical effects of COVID-19 delaying closing, targeting 3Q 2020

Fabrication of King's Quay

in the Hyundai Heavy Industries Yard in South Korea

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Current Environment

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Adapting to a New Energy Landscape

Solidifying Structure to Remain Competitive	Ensuring Long-Term Resilience

Portfolio streamlined through accretive, oil- weighted transactions since 2014 without issuing equity

Current budget supports long-term projects with low break-evens

Cost structure reductions through significant operational and G&A savings, including reorganization

Strong liquidity maintained through commodity price cycles

Maintained total liquidity of $1.6 BN, including $146 MM of cash and cash equivalents

No debt maturities until mid-2022

Continuing to advance transformational exploration plans ahead of oil price improvement

Portfolio diversification provides flexibility

Adjusted CAPEX and dividend for lower commodity prices

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Navigating Our Business Through Low Commodity Price Cycle

Capital and Cost Reductions

Adjusting CAPEX to $700 MM at Midpoint

• Represents >50% CAPEX reduction from original 2020 guidance
• 2020 cash flow covers CAPEX and dividend at current prices
• No operated onshore wells online 2H 2020
• Delayed timing of offshore projects

Forecasting FY 2020 G&A of $130 MM - $140 MM*, >40% reduction YoY

• • Lowered staff and board compensation
  • Closed offices in El Dorado and Calgary early 3Q 2020
  • Reduced staff by 30% and restructured organization to achieve flatter, more efficient company
• Excluding restructuring costs, including non-cash portion

2020 Total CAPEX

	28%
2%			US Onshore
9%			Offshore
$700 MM		Canada Onshore
		Exploration
	45%
		Other

Annual G&A $MM, includes non-cash compensation

400

300

200

100

-

2018 2019 2020E

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Onshore Portfolio Update

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Eagle Ford Shale

2020 Well Delivery and Capital Plan Update

2020 Revised Budget $200 MM

• 25 operated wells online
• 8 non-operated wells online
• No operated activity planned for 2H 2020

2Q 2020 38 MBOEPD, 74% Oil, 88% Liquids

• 11 Karnes operated wells online,
  95% liquids
• • 5 Lower EFS, 2 Upper EFS, 2 AC, 2 refracs

3Q 2020

Eagle Ford Shale Acreage

	Wilson	KARNES
	Atascosa
		Karnes
Zavala	Frio
	TILDEN
CATARINA
Dimmit
	La Salle	Bee
	Live Oak
	McMullen

• 8 non-operated Karnes wells online

Continuing to Lower D&C Costs

• $5 MM average cost per well in 1H 2020

Note: EFS = Eagle Ford Shale

Murphy Acreage

Eagle Ford Shale Wells Online

2020	CATARINA	TILDEN	KARNES	TOTAL
Operated	Non-Op	Operated	Non-Op	Operated	Non-Op
1Q	10				4		14
2Q					11		11
3Q						8	8
4Q							0
	10				15	8	33

Note: Non-op well cadence subject to change per operator plans

Average 9% WI for Eagle Ford Shale non-operated wells

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Kaybob Duvernay

2020 Well Delivery and Capital Plan Update

2020 Revised Budget $100 MM

• 16 operated wells online, 11 online 1Q 2020
• 10 non-operated wells online at Placid Montney,
  4 wells online 1Q 2020

2Q 2020 10.5 MBOEPD, 66% Oil, 74% Liquids

• 1 operated well online
• 6 non-operated wells online at Placid Montney
• • Production shut-inMay-June due to pricing, back online

3Q 2020

• 4 operated wells online, deferred from 2Q 2020

Lower Costs Support Long-Term Development

Kaybob Duvernay Acreage

Kaybob North

Kaybob East

Simonette

Kaybob West	Two Creeks

Saxon

0 Miles 10

Murphy Acreage

Battery

Facility

Pipeline

New 2Q Well

• Achieved lowest drilling and completions cost to-date <$6 MM
• ~625 undeveloped locations, of which ~90% have breakeven cost <$40/BBL

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Tupper Montney

2020 Well Delivery and Capital Plan Update

2020 Revised Budget $15 MM			Ongoing AECO Price Risk Mitigation Strategy
• 4 wells drilled in 1Q 2020, to be completed in 2021	• Sold 59 MMCFD at C$2.81/MCF for FY 2020
• No further work planned for 2020		• Sold 25 MMCFD at C$2.62/MCF for FY 2021
2Q 2020 237 MMCFD, 100% Natural Gas	Generates Positive Free Cash For 2020
Drilling Rate ft/day							Mitigating AECO Exposure
1,500						2Q 2020 Tupper Montney Natural Gas Sales
1,250					Dawn Price Exposure	AECO Price Exposure
1,000							49%
					Malin Price Exposure
750
						8%
500					Chicago Price Exposure
250							16%
-							23%
2016	2017	2018	2019	2020			Hedged
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							NYSE: MUR

Offshore Portfolio Update

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Gulf of Mexico

Short-Term Projects Execution Update

2020 Revised Budget $285 MM

2Q 2020 72 MBOEPD, 78% Oil,

85% Liquids

Tieback and Workover Projects

• 2Q workover expense ~$20 MM for Dalmatian 134 #2 and Cascade 4

Operated Tieback and Workover Projects

	Drilling &
Project	Completions	Subsea Tie-In	First Oil
Front Runner rig program	✔	n/a	✔
2 wells
Cascade 4 workover	✔	n/a	✔
Dalmatian 134 #2	n/a	n/a	✔
workover
Calliope*	✔	3Q 2020	4Q 2020

• Non-operatedKodiak #3 well drilled in 2Q 2020
• • Completions deferred to 4Q 2020

Front Runner Rig Program

• A4 well online 1Q 2020
• • Outperformed expectations with gross peak rate of 7 MBOEPD
• A7 well online 2Q 2020
• Third well deferred to preserve capital

Son of Bluto IIDeferredDeferredDeferred

Non-Operated Tieback and Workover Projects*

	Drilling &
Project	Completions	Subsea Tie-In	First Oil
Kodiak #31	4Q 2020	1Q 2021	1Q 2021
Lucius 919 #9	4Q 2020	2Q 2021	2Q 2021
Lucius 918 #3	4Q 2020	1Q 2021	1Q 2021

* Timing subject to change

1 Completions only; well drilled in 2Q 2020

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Gulf of Mexico

Major Projects Capital Drives Future Production

Khaleesi / Mormont / Samurai

• Progressing projects, on track for first oil in 1H 2022
• Executed rig contract in 3Q 2020 for 10-well operation beginning mid-2021
• Project breakeven <$30/BBL

St. Malo Waterflood PN005 Well

Major Projects Net CAPEX $MM

120

100

80

60

40

20

0

1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022

• First producer well of campaign spud in 2Q 2020

Major Projects Net Production MBOEPD

30

20

10

0

2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Major projects include Khaleesi, Mormont, Samurai and St. Malo waterflood

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Vietnam

Cuu Long Basin Development Update

Asset Overview

• Murphy 40% (Op), PVEP 35%, SKI 25%
• ~400 MMBOE remaining resource potential on blocks 15-1/05 and 15-2/17

Block 15-1/05

• Received approval of the Lac Da Vang (LDV) retainment/development area
• Maturing remaining block prospectivity
• LDV field development plan submission targeted for 3Q 2020
• LDT-1Xdiscovery and other exploration upside has potential to add bolt-on resources to LDV

Cuu Long Basin

VIETNAM

Block 15-1/05

		LDT
		Discovery
	LDN	LDV
	Discovery
Block 15-2/17	Development

HSB Discovery

Miles

0

				Murphy WI Block	Murphy Block Discovery		Other Discovery / Producing Field
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								NYSE: MUR

Exploration Update

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Exploration

Gulf of Mexico Update

Mt. Ouray Well (Green Canyon 767)

US Gulf of Mexico Green Canyon Acreage

• Murphy 20% WI, non-operated
• Drilled 2Q 2020, $7.8 MM net well cost
• Dry hole

Highgarden (Green Canyon 895)

• Murphy 20% WI, non-operated
• Mean to upward gross resource potential
• • 90 MMBOE - 140 MMBOE
• Targeting upper, middle Miocene
• Plan to spud 3Q 2020, $8 MM net well cost

		Troika	Aspen
	Boris	Droshky	Front
			Runner
		Front Runner		Khaleesi
	McKinley			Samurai
				Mormont
			Stampede
			K2
	Tahiti		Shenzi
	Constitution
		Holstein
	Mt. Ouray
	Caesar / Tonga
Anchor	Ticonderoga			Mad Dog
		Heidelberg
	Highgarden			Miles
			0	25

		Oil Field	Gas Field		Other Acreage		Murphy Acreage	Offshore Platform
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								NYSE: MUR

Exploration

Other Updates

2020 Revised Budget $60 MM Mexico - Operated, 40% WI

• Cholula appraisal program approved by CNH
• 3-yeardiscretionary appraisal program, includes up to 3 appraisal wells and geologic / engineering studies

Brazil - Non-Operated

• Sergipe-AlagoasBasin 20% WI - drill prospects agreed to by partners
• Potiguar Basin 30% WI - interpreting new seismic data, targeting late 2022 to early 2023 spud

Vietnam - Operated, 40% WI

• Secured legacy seismic data and maturing inventory for Block 15-2/17
• Finalizing Block 15-2/17 joint operating agreement with partners ahead of launching reprocessing studies

Exploration Focus Areas

OFFSHORE MEXICO

VIETNAM

BRAZIL

AUSTRALIA

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Looking Ahead

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Dialing In On Future Plans

Guiding for 2H 2020

• Net production 153 - 163 MBOEPD for 3Q 2020, including:
• • Storm downtime impact of 4.8 MBOEPD
  • Repair downtime at Delta House facility of 8.0 MBOEPD
  • Non-operatedHabanero planned downtime of 1.2 MBOEPD
• Remain on track for FY 2020 CAPEX of $680 MM to $720 MM, with $539 MM spent in 1H 2020
• Ongoing safeguards for workforce in response to COVID-19

Focusing on Near-Term Priorities Through 2021

• Generate excess cash flow after dividend at current prices
• Capital expenditure level consistent with FY 2020
• Maintain flatter production profile of approximately 150 - 160 MBOEPD
• Reduce outstanding debt level with price recovery

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Where Murphy Stands Today

and safety

contractors by -from-home

protocols

$

multi-basin

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2020

SECOND QUARTER EARNINGS

CONFERENCE CALL & WEBCAST

AUGUST 6, 2020

ROGER W. JENKINS

PRESIDENT& CHIEF EXECUTIVE OFFICER			www.murphyoilcorp.com	25
			NYSE: MUR

Appendix

1. Non-GAAPDefinitions and Reconciliations
2. Glossary of Abbreviations
3. 3Q 2020 Guidance
4. Current Hedging Positions
5. Environmental, Social and Governance
6. Acreage Maps

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Non-GAAP Financial Measure Definitions and Reconciliations

The following list of Non-GAAP financial measure definitions and related reconciliations is intended to satisfy the requirements of Regulation G of the Securities Exchange Act of 1934, as amended. This information is historical in nature. Murphy undertakes no obligation to publicly update or revise any Non-GAAP financial measure definitions and related reconciliations.

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Non-GAAP Reconciliation

EBITDA and EBITDAX

Murphy defines EBITDA as net income (loss) attributable to Murphy1 before interest, taxes, depreciation and amortization (DD&A). Murphy defines EBITDAX as net income (loss) attributable to Murphy before interest, taxes, depreciation and amortization (DD&A) and exploration expense.

Management believes that EBITDA and EBITDAX provides useful information for assessing Murphy's financial condition and results of operations and it is a widely accepted financial indicator of the ability of a company to incur and service debt, fund capital expenditure programs, and pay dividends and make other distributions to stockholders.

EBITDA and EBITDAX, as reported by Murphy, may not be comparable to similarly titled measures used by other companies and it should be considered in conjunction with net income, cash flow from operations and other performance measures prepared in accordance with generally accepted accounting principles (GAAP). EBITDA and EBITDAX have certain limitations regarding financial assessments because they excludes certain items that affect net income and net cash provided by operating activities. EBITDA and EBITDAX should not be considered in isolation or as a substitute for an analysis of Murphy's GAAP results as reported.

$ Millions	Three Months Ended - June 30, 2020	Three Months Ended - June 30, 2019
Net income (loss) attributable to Murphy (GAAP)	(317.1)	92.3
Income tax expense (benefit)	(94.8)	9.1
Interest expense, net	38.6	54.1
DD&A expense	219.1	246.0
EBITDA attributable to Murphy (Non-GAAP)	(154.2)	401.5
Exploration expense	29.5	30.7
EBITDAX attributable to Murphy (Non-GAAP)	(124.7)	432.2

1 'Attributable to Murphy' represents the economic interest of Murphy excluding a 20% noncontrolling interest in MP GOM.

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Non-GAAP Reconciliation

ADJUSTED EBITDA

Murphy defines Adjusted EBITDA as net income (loss) attributable to Murphy1 before interest, taxes, depreciation and amortization (DD&A), impairment expense, discontinued operations, foreign exchange gains and losses, mark-to-market loss on crude oil derivative contracts, accretion of asset retirement obligations and certain other items that management believes affect comparability between periods.

Adjusted EBITDA is used by management to evaluate the company's operational performance and trends between periods and relative to its industry competitors.

Adjusted EBITDA may not be comparable to similarly titled measures used by other companies and it should be considered in conjunction with net income, cash flow from operations and other performance measures prepared in accordance with generally accepted accounting principles (GAAP). Adjusted EBITDA has certain limitations regarding financial assessments because it excludes certain items that affect net income and net cash provided by operating activities. Adjusted EBITDA should not be considered in isolation or as a substitute for an analysis of Murphy's GAAP results as reported.

$ Millions, except per BOE amounts	Three Months Ended - June 30, 2020	Three Months Ended - June 30, 2019
EBITDA attributable to Murphy (Non-GAAP)	(154.2)	401.5
Impairment of assets	19.6	-
Mark-to-market (gain) loss on crude oil derivative contracts	184.5	(50.8)
Mark-to-market (gain) loss on contingent consideration	15.7	15.4
Restructuring expenses	41.4	-
Accretion of asset retirement obligations	10.5	9.9
Unutilized rig charges	4.5	-
Discontinued operations loss (income)	1.2	(24.4)
Foreign exchange (gains) losses	1.4	3.0
Business development transaction costs	-	7.8
Adjusted EBITDA attributable to Murphy (Non-GAAP)	124.6	362.4
Total barrels of oil equivalents sold from continuing operations attributable to Murphy	15,242	14,269
(thousands of barrels)
Adjusted EBITDA per BOE (Non-GAAP)	8.17	25.40

1 'Attributable to Murphy' represents the economic interest of Murphy excluding a 20% noncontrolling interest in MP GOM.

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Non-GAAP Reconciliation

ADJUSTED EBITDAX

Murphy defines Adjusted EBITDAX as net income (loss) attributable to Murphy1 before interest, taxes, depreciation and amortization (DD&A), exploration expense, impairment expense, discontinued operations, foreign exchange gains and losses, mark-to-market loss on crude oil derivative contracts, accretion of asset retirement obligations and certain other items that management believes affect comparability between periods.

Adjusted EBITDAX is used by management to evaluate the company's operational performance and trends between periods and relative to its industry competitors.

Adjusted EBITDAX may not be comparable to similarly titled measures used by other companies and it should be considered in conjunction with net income, cash flow from operations and other performance measures prepared in accordance with generally accepted accounting principles (GAAP). Adjusted EBITDAX has certain limitations regarding financial assessments because it excludes certain items that affect net income and net cash provided by operating activities. Adjusted EBITDAX should not be considered in isolation or as a substitute for an analysis of Murphy's GAAP results as reported.

$ Millions, except per BOE amounts	Three Months Ended - June 30, 2020	Three Months Ended - June 30, 2019
EBITDAX attributable to Murphy (Non-GAAP)	(124.7)	432.2
Impairment of assets	19.6	-
Mark-to-market loss (gain) on crude oil derivative contracts	184.5	(50.8)
Mark-to-market loss (gain) on contingent consideration	15.7	15.4
Restructuring expenses	41.4	-
Accretion of asset retirement obligations	10.5	9.9
Unutilized rig charges	4.5	-
Discontinued operations loss (income)	1.2	(24.4)
Foreign exchange losses (gains)	1.4	3.0
Business development transaction costs	-	7.8
Adjusted EBITDAX attributable to Murphy (Non-GAAP)	154.1	393.1
Total barrels of oil equivalents sold from continuing operations attributable to Murphy	15,242	14,269
(thousands of barrels)
Adjusted EBITDAX per BOE (Non-GAAP)	10.11	27.55

1 'Attributable to Murphy' represents the economic interest of Murphy excluding a 20% noncontrolling interest in MP GOM.

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Glossary of Abbreviations

BBL: Barrels (equal to 42 US gallons)

BCF: Billion cubic feet

BCFE: Billion cubic feet equivalent

BN: Billions

BOE: Barrels of oil equivalent (1 barrel of oil or 6,000 cubic feet of natural gas)

BOEPD: Barrels of oil equivalent per day

BOPD: Barrels of oil per day

CAGR: Compound annual growth rate

D&C: Drilling & completion

DD&A: Depreciation, depletion & amortization

EBITDA: Income from continuing operations before taxes, depreciation, depletion and amortization, and net interest expense

EBITDAX: Income from continuing operations before taxes, depreciation, depletion and amortization, net interest expense, and exploration expenses

EFS: Eagle Ford Shale

EUR: Estimated ultimate recovery

F&D: Finding & development

G&A: General and administrative expenses

GOM: Gulf of Mexico

LOE: Lease operating expense

MBOE: Thousands barrels of oil equivalent

MBOEPD: Thousands of barrels of oil equivalent per day

MCF: Thousands of cubic feet

MCFD: Thousands cubic feet per day

1. Millions

MMBOE: Millions of barrels of oil equivalent

MMCF: Millions of cubic feet

MMCFD: Millions of cubic feet per day

NA: North America

NGL: Natural gas liquid

ROR: Rate of return

R/P: Ratio of reserves to annual production

TCF: Trillion cubic feet

TCPL: TransCanada Pipeline

TOC: Total organic content

WI: Working interest

WTI: West Texas Intermediate (a grade of crude oil)

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3Q 2020 Guidance

Producing Asset	Oil	NGLs	Gas	Total
(BOPD)	(BOPD)	(MCFD)	(BOEPD)
US - Eagle Ford Shale	24,400	4,600	26,200	33,400
- Gulf of Mexico excluding NCI1	52,100	5,000	60,900	67,300
Canada - Tupper Montney	-	-	238,400	39,700
- Kaybob Duvernay and Placid Montney	8,800	1,000	25,000	14,000
- Offshore	3,600	-	-	3,600
3Q Production Volume (BOEPD) excl. NCI 1	153,000 - 163,000
3Q Exploration Expense ($MM)	$25
Full Year 2020 CAPEX ($MM) excl. NCI 2	$680 - $720

1 Excludes noncontrolling interest of MP GOM of 10,000 BOPD oil, 700 BOPD NGLs and 5,000 MCFD gas 2 Excludes noncontrolling interest of MP GOM of $41 MM

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Current Hedging Positions

United States

Commodity	Type	Volumes	Price	Start Date	End Date
(BBL/D)	(BBL)
WTI	Fixed Price Derivative Swap	45,000	$56.42	7/1/2020	12/31/2020
WTI	Fixed Price Derivative Swap	15,000	$42.93	1/1/2021	12/31/2021
Montney, Canada
Commodity	Type	Volumes	Price	Start Date	End Date
(MMCF/D)	(MCF)
Natural Gas	Fixed Price Forward Sales at	59	C$2.81	7/1/2020	12/31/2020
	AECO
Natural Gas	Fixed Price Forward Sales at	25	C$2.62	1/1/2021	12/31/2021
	AECO

* As of August 5, 2020

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NYSE: MUR

Effective Governance Supports Long-Term Financial Strength

Expert and Independent Board

Long-term industry, operating and HSE expertise

Separate CEO and Chairman

12 out of 13 directors are independent

Board of Directors elected with average vote of 99% over past 5 years

ESG Management

75%

ISS Governance Score

vs Peer Average

Health, Safety and Environmental Committee established in 1994

• Worldwide HSE policy and management system applied to every employee, contractor and partner

Safety metrics in annual incentive plan performance since 2008

Environmental metrics in annual incentive plan performance since 2016

Climate change focus

• Emissions forecasting in long-term planning improves full-cycle asset management
• Developed guiding principles for climate change

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NYSE: MUR

Mitigating Risk Through Sustainable Environmental Operations

Safe Operations	Environmental Management	GHG Emissions Reduction

0.36 average TRIR over past 5 years	3 IOGP* recordable spills in 1H 2020,	50% reduction in GHG emissions
Eagle Ford Shale well work 5.7 years lost	equaling rate of 2.8 BBLS per MMBOE	anticipated from 2018 - 2020
time incident free	Gulf of Mexico IOGP spill free since 2014	Achieved YoY flaring reductions in NA
Gulf of Mexico 7.7 years lost time	Recycle majority of produced water in	onshore by implementing natural gas
takeaway installations, compressor
incident free	Tupper Montney	upgrades and engineering controls

One million man-hours without Lost Time

Incident in King's Quay construction

Proud member of

Internal targets for incident rate, spill rate and emissions

drive continual improvement

* IOGP - International Association of Oil & Gas Producers

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NYSE: MUR

Employee and Community Investments Support Stable Operations

In the Workplace	In the Community

Human Capital Initiatives

• Reviewing pay equity annually across employee groups and the organization
• Offering training and development through a variety of platforms to empower employees individually and professionally
• Partnering with external organizations to target diverse talent pools

Employee Engagement

• Solicit ongoing feedback and increase employee engagement through Ambassador program
• Ongoing review of benefit enhancements to attract and retain top talent
• Support employee communications with company-wide quarterly town halls

Culture Assimilation

• Corporate culture affirmed through internal Mission, Vision, Values and behaviors program
• Employee performance reviews include alignment with corporate behavior policies

United States and Canada

• United Way
• • Partners for more than 50 years
  • Over $15 MM contributed in past 20 years across multiple locations
  • >90% employee participation company-wide
• El Dorado Promise
• • Tuition scholarship provided to El Dorado High School graduates
  • Benefitted more than 2,600 students since inception
  • College enrollment rate surpasses state and national levels

International

• Process in place for new country entry
• • Includes assessment of ESG risks and social impact
• Community consultation processes
• Supporting local suppliers and initiatives
• Threshold investment targets for local content

www.murphyoilcorp.com	36
NYSE: MUR

Eagle Ford Shale

Peer Acreage

OIL

CONDENSATE

GAS

Murphy

EOG

Lewis/BP

ConocoPhillips

Marathon

EP Energy

Ensign

Ovintiv

Callon

Chesapeake

Sanchez

BP

Equinor

Sundance

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NYSE: MUR

Eagle Ford Shale

Murphy Spacing vs Peers

Karnes Typical Murphy Spacing

LEFS ~250-500'

EOG Offset Spacing

LEFS ~250' to 500'

DVN Offset Spacing

LEFS ~250' to 500'

COP Offset Spacing

LEFS ~250' to 600'

CHK Offset Spacing

LEFS ~350' to 1000'

MRO Offset Spacing

LEFS ~250' to 600'

Catarina Typical Murphy Spacing

LEFS ~300' to 600'

Tilden Typical Murphy Spacing

LEFS ~350' to 800'

CHK Offset Spacing

LEFS ~300' to 800'

SE Offset Spacing

LEFS ~ 250' to 300'

Murphy

Other Operators

0 Miles 20

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NYSE: MUR

Kaybob Duvernay

Peer Acreage

SHELL

KAYBOB EAST

	PARAMOUNT
OVINTIV	CENOVUS

	KAYBOB WEST
KEYERA
SIMONETTE	Fox Creek
	SAXON

CHEVRON	SEMCAMS
	KAYBOB
XTO
PLACID
REPSOL

6 Miles

DVRN Rights 70/30 MUR/ATH

Paramount

Repsol

XTO

Shell

Chevron

Ovintiv

Cenovus

Open Crown - DVRN

Other Leased - DVRN

JV Area

Battery

Facility

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NYSE: MUR

Tupper Montney

Peer Acreage

Advantage Montney Crown Land

Arc Montney Crown Land

Birchcliff Montney Crown Land

Ovintiv Montney Crown Land

Tourmaline Montney Crown Land

Dawson Creek Shell Montney Crown Land

Other Competitor Montney Crown Land

Open Crown - Montney

Murphy Montney Land

Dry Gas Limit

TCPL Pipeline

Alliance Pipeline

Murphy Pipeline

Battery

Facility

0

Miles

10

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NYSE: MUR

Placid Montney

Peer Acreage

KAYBOB EAST

HAMMERHEAD	TANGLE	PARAMOUNT
CNRL
	CREEK	CENOVUS
		KAYBOB WEST
KEYERA			CHEVRON
SIMONETTE		Fox Creek
		SAXON

	Condensate	SEMCAMS
OVINTIV	Limit	KAYBOB

	XTO
PLACID	DELPHI

Dry Gas
Limit	6 Miles

MONT Rights 70/30 MUR/ATH Cequence

Cenovus

Hammerhead

Chevron

CNRL

Delphi

Ovintiv

Open Crown - Mont

Other Leased - Mont

Paramount

Tangle Creek

XTO

Non-Operated Area

Battery

Facility

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NYSE: MUR

Gulf of Mexico

Murphy Blocks

	PRODUCING ASSETS	Gulf of Mexico Assets
Asset	Operator	Murphy WI1

Cascade	Murphy	80%
Chinook	Murphy	80%
Clipper	Murphy	80%
Cottonwood	Murphy	80%
Dalmatian	Murphy	56%
Front Runner	Murphy	50%
Habanero	Shell	27%
Kodiak	Kosmos	48%
Lucius	Anadarko	9%
Marmalard	Murphy	27%
Marmalard East	Murphy	68%
Medusa	Murphy	48%
Neidermeyer	Murphy	53%
Powerball	Murphy	75%

Neidermeyer	Dalmatian

VK DD

		Delta House	Marmalard
		Son of Bluto II
			Calliope
Powerball	Medusa
		Kodiak	Nearly Headless Nick
	EW	MC DC
		Ourse

Habanero

Front Runner

Khaleesi/Mormont

Samurai

GB	GC	AT LL
KC	WR	LU HE

Son of Bluto II

Murphy

27%

Cascade/Chinook

Cascade

St. Malo	Chevron	20%
Tahoe	W&T	24%
Thunder Hawk	Murphy	50%

Chinook

Lucius	St. Malo
	0	Miles	50

Murphy Assets

Offshore Platform

FPSO

Note: Anadarko is a wholly-owned subsidiary of Occidental Petroleum 1 Excluding noncontrolling interest

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NYSE: MUR

Exploration Update

Salina Basin, Mexico

Block 5 Overview

• Murphy 40% (Op), Petronas 30%, Wintershall Dea 30%
• 34 leads / prospects
• Mean to upward gross resource potential
• • 800 MMBO - 2,000 MMBO
• Proven oil basin in proximity to multiple oil discoveries in Miocene section
• Targeting multi-well drilling campaign starting in 2021, including Cholula-2DEL appraisal well

Cholula Appraisal Program

• Discretionary 3-year program approved by CNH
• Up to 3 appraisal wells + geologic/engineering studies

Salina Basin

Block 5

	Cholula 5
Chinwol	Cholula
500' net pay
Polok
650' net pay
	ZamaZama
Saasken	670 MMBOE
670 MMBOE recoverable
200 - 300 MMBOIP

Kilometers

0 60

MEXICO

Kilometers

030

					Murphy WI Block		Other Block	Planned Wells	Discoveries
								www.murphyoilcorp.com	43
									NYSE: MUR

Exploration Update

Sergipe-Alagoas Basin, Brazil

Asset Overview

• ExxonMobil 50% (Op), Enauta Energia S.A. 30%,
	Murphy 20%
• Hold WI in 9 blocks, spanning >1.6 MM acres
•	>2.8 BN BOE discovered in basin
•	>1.2 BN BOE in deepwater since 2007

Sergipe-Alagoas Basin

BRAZIL

• Material opportunities identified on Murphy blocks

Continuing to Evaluate Data

• Well planning ongoing in 2020, prospects agreed to by partners
• Drilling expected in mid-2021

Murphy WI Block

Other Block

Discovered Field

	351
	428	430
501	503	505
573	575
637

Kilometers

0		50

All blocks begin with SEAL-M

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NYSE: MUR

Exploration Update

Potiguar Basin, Brazil

Asset Overview

• Wintershall Dea 70% (Op), Murphy 30%
• Hold WI in 3 blocks, spanning ~774 M gross acres
• Proven oil basin in proximity to Pitu oil discovery

Extending the Play into the Deepwater

• >2.1 BBOE discovered in basin
• • Onshore and shelf exploration
  • Pitu step-out into deepwater
• Interpreting new seismic data
• Targeting late 2022 to early 2023 spud

Potiguar Basin

Murphy WI Block

Other Block

Discovered Field

Kilometers

Petrobras/BP/

0

50

GALP/IBV

Petrobras/BP/

GALP

Petrobras/BP/

Petrobras

Petrobras/BP/

GALP/IBV

GALP

Petrobras/

Petrobras/

BP/GALP

BP/GALP

Petrobras/

POT-M-863

POT-M-865

POT-M-857

Pitu

Shell

Shell

Petrobras/

Shell

BRAZIL

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NYSE: MUR

Vietnam

Cuu Long Basin, Vietnam

Asset Overview

• Murphy 40% (Op), PVEP 35%, SKI 25%
• ~400 MMBOE remaining resource potential on blocks 15-1/05 and 15-2/17

Block 15-1/05

• Received approval of the Lac Da Vang (LDV) retainment/development area
• Maturing remaining block prospectivity
• LDV field development plan submission targeted for 3Q 2020
• LDT-1Xdiscovery and other exploration upside has potential to add bolt-on resources to LDV

Block 15-2/17

• Secured legacy seismic data and maturing inventory
• Finalizing joint operating agreement with partners ahead of launching reprocessing studies

Cuu Long Basin

VIETNAM

Block 15-1/05

		LDT
		Discovery
	LDN	LDV
	Discovery
Block 15-2/17	Development

HSB Discovery

Miles

0

Murphy WI Block

Murphy Block Discovery

Other Discovery / Producing Field

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NYSE: MUR

2020

SECOND QUARTER EARNINGS

CONFERENCE CALL & WEBCAST

AUGUST 6, 2020

ROGER W. JENKINS

PRESIDENT& CHIEF EXECUTIVE OFFICER			www.murphyoilcorp.com	47
			NYSE: MUR