Murphy Oil : June Investor Presentation

INVESTOR UPDATE

JUNE 2024

Cautionary Statement

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.

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, make capital expenditures 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; geopolitical concerns; 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, banking system or economies in general, including inflation. 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. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the company; therefore, we encourage investors, the media, business partners and others interested in the company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this presentation. 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.

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Agenda

01

Murphy at a Glance

02

Murphy Priorities

03

Murphy 2024 Plan

04

Murphy Exploration

05

Looking Ahead

06

Appendix

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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

1Q 2024 Production1

• Eagle Ford Shale on private lands in Texas with ~1,200 future locations on ~120,000 net acres
• Produced 29 MBOEPD in 1Q 2024, comprised of 71% oil and 86% liquids

Onshore Canada

37%

17%

170

• Tupper Montney ~1,000 future locations on ~120,000 net acres, produced 348 MMCFD in 1Q 2024
• Kaybob Duvernay ~500 future locations on ~110,000 net acres, produced 4 MBOEPD in 1Q 2024

MBOEPD

47%

Offshore Deepwater Gulf of Mexico

•	Fifth largest producer in the Gulf of Mexico, produced 79 MBOEPD1 in 1Q 2024	2023 Proved Reserves1
Offshore Canada
•	Brought Terra Nova field online after FPSO life extension project, produced 6 MBOEPD in 1Q 2024	22%

Exploration

• Exploration portfolio comprised of blocks in Gulf of Mexico, Brazil, Côte d'Ivoire and Vietnam

1 Excluding noncontrolling interest. Proved reserves are based on year-end 2023 third-party audited volumes using SEC pricing. Figures may not add to 100 percent due to rounding

Note: Future locations and net acres as of December 31, 2023

724

54% MMBOE

24%

US Onshore		Offshore		Canada Onshore

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Who Is Murphy?

Sustainable, multi-basin oil and natural gas assets that are safely operated with low carbon emissions intensity 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 more than 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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MURPHY PRIORITIES

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What's New in 2Q 2024

Gulf of Mexico Exploration Update

• Evaluating results following logging operations at non-operated Ocotillo #1 well
• Encountered non-commercial hydrocarbons at non-operated Orange #1 exploration well

Eagle Ford Shale Update

• 7 operated Catarina wells online in 2Q 2024 as planned
• 4 non-operated Tilden wells online in 2Q 2024 as planned

Gulf of Mexico Operations Update

• Brought online Khaleesi #4 in 2Q 2024 as planned
• Drilling operated Mormont #3 well, expected to come online in 3Q 2024
• Completing operated Neidermeyer #1 sidetrack, expected to come online in 3Q 2024
• Contracted drillship for Gulf of Mexico through 2025

Tupper Montney Update

• 13 wells online in 2Q 2024 as planned
• Reached processing plant capacity of ~500 MMCFD gross production

Kaybob Duvernay Update

• 3 wells online in 2Q 2024 as planned

Production volumes and financial amounts exclude noncontrolling interest, unless otherwise stated

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What's New in 2Q 2024

Share Repurchase1

• Repurchased $50 MM of stock, or 1.2 MM shares, at an average price of $41.19 / share

Debt Reduction1

• Repurchased $50 MM of long-term debt via open market transactions
• • $26.5 MM of 5.875% Senior Notes due 2027
  • $23.5 MM of 6.375% Senior Notes due 2028

Updated Exploration Expense Guidance

• Revised 2Q 2024 exploration expense to $45 MM from $65 MM

Maintaining Guidance Ranges

• 2Q 2024 production 176 - 184 MBOEPD, 51% oil
• FY 2024 production 180 - 188 MBOEPD, 52% oil
• FY 2024 CAPEX $920 MM - $1.02 BN

1 As of June 11, 2024

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

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Advancing Strategic Priorities

DELEVER

EXECUTE

EXPLORE

RETURN

• Repurchased $50 MM of debt in 2Q 20241 via open market transactions of $26.5 MM of 5.875% Senior Notes due 2027 and $23.5 MM of 6.375% Senior Notes due 2028
• Remained on track for $300 MM debt reduction goal in 2024, resulting in ~$1.0 BN of total debt outstanding at YE 20242

• Produced 170 MBOEPD with
  89 MBOPD, or 52 percent, oil volumes in 1Q 2024
• Exceeded 1Q 2024 production guidance in Eagle Ford Shale and Tupper Montney
• Continued to execute workover projects in the Gulf of Mexico
• Completed the Mormont #2 subsea equipment repair and returned well to production in 1Q 2024
• Brought online non-op St. Malo PS008 well in 1Q 2024

• Evaluating results following logging operations at non-operated Ocotillo #1 well in Gulf of Mexico in 2Q 2024
• Awarded six deepwater blocks in Gulf of Mexico Federal Lease Sale 261 in 1Q 2024
• Contracted rig to drill two Vietnam exploration wells in 2H 2024

Progressed Murphy 2.0

of Capital Allocation

Framework3

• Repurchased $50 MM of stock, or
• 1. MM shares, at an average price of $39.25 / share in 1Q 2024
• Repurchased $50 MM of stock, or
• 1. MM shares, at an average price of $41.19 / share in 2Q 20243
• $350 MM remaining under share repurchase authorization1
• Announced 9% dividend increase of quarterly cash dividend to
• 
  $1.20 / share annualized in 1Q 2024

Production volumes and financial amounts exclude noncontrolling interest, unless otherwise stated 1 As of June 11, 2024

2 Assumes $75 WTI oil price and $3.50 HH natural gas price in FY 2024

3 Murphy 2.0 is when long-term debt equals $1.0 BN - $1.8 BN. During this time, ~75% of adjusted free cash flow is allocated to debt reduction and the remaining ~25% is distributed through share buybacks and potential dividend increases. Adjusted FCF is defined as cash flow from operations before working capital change, less capital expenditures, distributions to NCI and projected payments, quarterly dividend and accretive acquisitions

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Ongoing Financial Discipline Drives Top Quartile Performance

Top Quartile Performer in FY 2023

• Highest free cash flow producing portfolio
• Lowest debt level among oil-weighted peers
• Second lowest G&A to support diverse, peer-leading portfolio

Source: Bloomberg, Murphy internal analysis as of Dec 31, 2023 1 Free cash flow defined as cash from operations (-) CAPEX

2 EBITDAX is defined as earnings (-) interest (-) taxes (-) depreciation (-) depletion (-) amortization (-) exploration expenses

Peers include APA, CIVI, CNX, CPE, CTRA, DVN, HES, KOS, MRO, MTDR, OVV, RRC, SM, SWN, TALO

Free Cash Flow1 / Production			Debt / EBITDAX2
$ / BOE
$15																																		2.5x
$10																																		2.0x
$5
																																	1.5x
$0
	MUR			1.0x
($5)																																		0.5x
($10)
																																	0.0x
($15)
																																			MUR
Free Cash Flow1 / EV			G&A / EBITDAX2
Percentage			Percentage
15%
																															15%
10%
																															10%
5%
0%
MUR	5%
(5%)
																															0%
(10%)
																																		MUR

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