Murphy Oil (MUR) investor relations material

Portfolio and operational overview

• Operates a diverse, multi-basin portfolio with significant low-breakeven inventory across onshore and offshore assets in the US, Canada, Vietnam, and Côte d'Ivoire.

• Maintains ~1,100 future US onshore locations and ~50 years of inventory in Canadian assets, with a focus on high-return, capital-efficient projects.

• 2Q 2025 production reached 190 MBOEPD, with 54% of 2024 proved reserves offshore and 38% US onshore.

• Pursues a balanced strategy of modest production growth and high-impact international exploration.

• Ongoing operational excellence from oil-weighted assets and targeted low-cost exploration optionality.

Financial strategy and capital allocation

• Maintains a strong balance sheet with ~$1.5 billion liquidity and a long-term debt target of $1.0 billion.

• No near-term debt maturities and a weighted average fixed coupon of 6.10% with 8.9 years to maturity.

• Over $190 million returned to shareholders in 1H 2025, with a $550 million share repurchase program authorized.

• At least 50% of adjusted free cash flow allocated to share buybacks and potential dividend increases, with up to 50% to the balance sheet.

• Focused on maintaining investment grade credit metrics and delivering sustainable dividends.

Exploration and growth initiatives

• Actively increasing exposure to international emerging and frontier basins, especially in Vietnam and Côte d'Ivoire.

• Vietnam: Targeting first oil from Lac Da Vang in 4Q 2026, with significant discoveries at Hai Su Vang and Lac Da Hong.

• Côte d'Ivoire: Initiating a three-well exploration program in 2025, targeting large resource potential across multiple blocks.

• Near-term strategy includes drilling high-impact wells and progressing field development plans in both regions.

• Allocates 10-15% of annual CAPEX to exploration, aiming for organic growth and resource expansion.