Murphy Oil : January Investor Presentation

JANUARY INVESTOR PRESENTATION

JANUARY 2022

ROGER W. JENKINS

PRESIDENT & CHIEF EXECUTIVE OFFICER

Cautionary Statement and Investor Relations Contacts

Cautionary Note to US 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 natural 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 US 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 US 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. Definitions of these measures are included in the appendix.

Kelly Whitley

VP, Investor Relations & Communications [e-mail]

Megan Larson

Staff Investor Relations Analyst [e-mail]

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Agenda

1. Company Overview
2. Murphy Priorities
3. Murphy Portfolio
4. Looking Ahead

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Murphy at a Glance

Murphy is an independent exploration and production company,

producing in three areas with an advantaged portfolio and exploration upside

Onshore United States

• Eagle Ford Shale on private lands in Texas with ~1,400 future locations on ~134,000 net acres
• Produced 37.3 MBOEPD in 3Q 2021, comprised of 70% oil and 86% liquids

Onshore Canada

• Tupper Montney ~1,400 future locations on ~100,000 net acres, produced 292 MMCFD in 3Q 2021
• Kaybob Duvernay ~600 future locations on ~170,000 net acres, produced 8.9 MBOEPD in 3Q 2021

Offshore Deepwater Gulf of Mexico

• Fifth largest producer in the Gulf of Mexico, produced 56 MBOEPD1 in 3Q 2021
• Executing 3 major projects on schedule, with first oil expected in 2022

3Q 2021 Production1

24%

39% 155

MBOEPD

37%

YE 2020 Proved Reserves1

Exploration

• ~1.1 BBOE of risked mean resources and more than 8 MM net acres across Gulf of Mexico, offshore Mexico, Brazil and Vietnam

1 Excluding noncontrolling interest. Proved reserves are based on year-end 2020 third-party audited volumes using SEC pricing Note: Future locations and net acres as of December 31, 2020

24%

697

53% MMBOE

23%

US Onshore		Offshore		Canada Onshore

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Why Murphy Oil?

Sustainable oil and natural gas assets that are safely operated with low carbon emissions intensity in three operating areas across North America

High-potential exploration portfolio with industry-leading offshore capabilities

Strong generator of free cash flow with capital allocation flexibility

Financial discipline has led to 60-year track record of returning capital to shareholders

Supported by multi-decade founding family, with meaningful board and management ownership

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