Murphy Oil (MUR) investor relations material

Strategic Overview and Vietnam Market Fundamentals

• Vietnam's rapid economic growth, with 5-7% annual GDP increases, is driving robust energy demand and significant oil imports, creating a strong need for new oil and gas investment.

• The Cuu Long Basin supplies over 80% of Vietnam's oil, is a leading oil-prone basin in Southeast Asia with ~5 billion BOE recoverable reserves and 57 discovered fields, and offers proven, low-risk geology.

• Vietnam's government actively encourages foreign investment, with a stable political system, supportive fiscal terms, and major reforms that have attracted FDI representing 52% of GDP.

• The fiscal regime is balanced for risk, with government take in line with global comparables for mature basins and attractive, risk-adjusted returns for foreign operators.

• Foreign direct investment and trade agreements have enhanced Vietnam's investment climate, with competitive labor costs and integration into global markets.

Asset Portfolio and Development Strategy

• Key assets include Blocks 15-1/05 and 15-2/17, anchored by discoveries Golden Camel (Lac Da Vang) and Golden Sea Lion (Hai Su Vang), centrally located in mature source rock areas with extensive infrastructure.

• Golden Camel is a phased hub development targeting 100 million bbl gross recoverable resource (100 MMBOE), with first oil expected in Q4 this year and estimated net peak production of 10-15 MBOEPD.

• Golden Sea Lion is a high-impact discovery estimated at 170–430 million bbl (170–430 MMBOE) gross resource, with appraisal underway and project sanction targeted by end-2027.

• Both projects are designed for phased, scalable, oil-weighted development, aiming for 30,000–50,000 boe/d net production in the 2030s.

• Hub-and-spoke model enables efficient tiebacks of smaller fields, lowering economic thresholds and capital intensity, with substantial upside potential.

Project Economics, Reserves, and Capital Allocation

• Golden Camel development CapEx is ~$950 million gross ($390 million net), with unit costs of $9–$10/bbl.

• Initial proved reserves booked at 13 million bbl net, expected to grow as production data accumulates.

• Golden Sea Lion development cost anticipated at $5–$10/bbl, potentially more capital efficient due to high flow rates and economies of scale.

• Exploration period for current blocks extends for about five more years, allowing further delineation and upside testing.

• Right of first refusal exists on partner divestments, with a disciplined approach to potential interest increases.