Murphy Oil : May Investor Update

INVESTOR UPDATE

MAY 2021

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]

www.murphyoilcorp.com 1

NYSE: MUR

Why Murphy Oil?

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

www.murphyoilcorp.com 2

NYSE: MUR

Our 2021 Priorities

DELEVER

• Achieved debt reduction of 8%, or ~$230 MM, in 1Q 2021
• Goal of further ~$200 MM in 2021, for total of ~15% reduction FY 2021 at current strip prices

EXECUTE

• Brought onshore wells online ahead of schedule and under budget
• Produced 88 MBOPD oil, or 7% above guide, with Eagle Ford Shale 4% above despite winter storm impact
• Remain on schedule for major offshore projects

EXPLORE

• Spud Silverback exploration well in Gulf of Mexico in 2Q 2021
• Cutthroat exploration well in Brazil planned to spud in 3Q 2021

www.murphyoilcorp.com 3

NYSE: MUR

Capital Execution and Guidance

Executing In-Line With Plan

Accrued CAPEX by Quarter $MM

• 1Q 2021 accrued CAPEX* of $230 MM aligned with plan
• • Includes $20 MM cost of Lucius WI acquisition
• Primary business units' CAPEX heavily weighted to 1Q 2021
• • Eagle Ford Shale 44% of FY 2021 plan
  • Gulf of Mexico 38% of FY 2021 plan
  • Onshore Canada 35% of FY 2021 plan

Outperformance Leads to Production Guidance Raise

• Improved drilling technical performance while reducing costs
• Guiding 2Q 2021 production of 160 - 168 MBOEPD, with midpoint of oil production at 95 MBOPD
• Tightening FY 2021 production guidance to 157 - 165
  MBOEPD
• • Accounts for additional 1 MBOEPD of acquired Lucius production

800
700
600
500
400
						$700
300
	$20
200
100	$210	$190	$160		$120
0	1Q 2021A *	2Q 2021E	3Q 2021E	4Q 2021E	FY 2021E
		Forecast CAPEX	Actual CAPEX	A&D

• Maintain FY 2021 CAPEX guide of $675 - $725 MM

Accrual CAPEX, based on midpoint of guidance range and excluding noncontrolling interest * Excludes King's Quay CAPEX of $17 MM

www.murphyoilcorp.com 4

NYSE: MUR