2022

SECOND QUARTER EARNINGS

CONFERENCE CALL & WEBCAST

AUGUST 4, 2022

ROGER W. JENKINS

PRESIDENT & CHIEF EXECUTIVE OFFICER

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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, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the company's future operating results or activities and returns or the company's ability and decisions to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other ESG (environmental/social/governance) matters, or pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, 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. Definitions of these measures are included in the appendix.

Kelly Whitley

VP, Investor Relations & Communications 281-675-9107kelly_whitley@murphyoilcorp.com

Megan Larson

Staff Investor Relations Analyst 281-675-9470megan_larson@murphyoilcorp.com

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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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Progressing Strategic Priorities

DELEVER

EXECUTEEXPLORE

  • Redeemed $200 MM of 2024 Senior Notes in June 2022
  • Announced further $242 MM of long-term debt reduction through $42 MM redemption and $200 MM tender offer
  • Established capital allocation framework with debt reduction goals and increasing shareholder returns
  • Brought online four wells in Khaleesi, Mormont, Samurai fields with 97% uptime at King's Quay FPS
  • Achieving superior well results in Eagle Ford Shale and Tupper Montney
  • Averaging expected investment recovery of less than 6 months for 2Q 2022 wells in Eagle Ford Shale and Tupper Montney
  • Acquiring high-return,non-opbolt-on working interests in Gulf of Mexico
  • Received drilling permit for Tulum-1EXP in offshore Mexico with spud in 4Q 2022
  • Received offshore operator approval from regulator in Brazil, completing necessary step to attain partner's position in Potiguar Basin
  • Advancing 2023 exploration drilling plans in Gulf of Mexico

CAPITAL ALLOCATION FRAMEWORK

Targeted returns to shareholders through share repurchases and potential dividend increases tied to debt levels

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2Q 2022 Production, Pricing and Revenue Update

Oil Production Drives High Revenue

2Q 2022 Production

2Q 2022 Revenue

by Area

by Area

Onshore Canada

Eagle Ford Shale

$118 MM

Eagle Ford Shale

$302 MM

11%

22%

36,400 BOEPD

28%

32%

Onshore Canada

53,300 BOEPD

164

$1.1 BN

MBOEPD

45%

Offshore

61%

74,700 BOEPD

Offshore

$647 MM

2Q 2022 Production 164 MBOEPD, 62% Liquids

2Q 2022 Pricing

• Gulf of Mexico 70.2 MBOEPD

• $109.26 / BBL realized oil price

• Eagle Ford Shale 36.4 MBOEPD

• $41.12 / BBL realized natural gas liquids price

• Tupper Montney 275 MMCFD

• $3.87 / MCF realized natural gas price

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

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Murphy Oil Corporation published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 10:20:33 UTC.