Murphy Oil (MUR) investor relations material

Historical Perspective and Portfolio Evolution

• Early success in deepwater Gulf of Mexico and Malaysia established a strong offshore exploration track record.

• Onshore business, especially Montney and Eagle Ford, was built organically post-2006, providing portfolio diversification.

• Offshore exploration outside Malaysia saw limited success in the following decade, prompting a shift in focus.

• Recent years brought successful exploration in Vietnam and Côte d'Ivoire, adding new growth avenues.

• The current portfolio offers greater flexibility and optionality, supported by a strong balance sheet.

Strategic Priorities and Capital Allocation

• Onshore assets provide stable cash flows, while Vietnam is expected to become self-funding as production ramps up.

• Near-term capital will focus on appraising the Bubale discovery in Côte d'Ivoire.

• Priorities include reinvesting in producing assets, maintaining dividends, and considering share repurchases, all while protecting the balance sheet.

• Monetization options include bringing in partners or selling asset stakes, with decisions expected over the next 18-24 months.

• High working interests in key assets provide control and flexibility for future development.

Exploration, Appraisal, and Development Achievements

• Bubale-1X in Côte d'Ivoire encountered 100 feet of net oil pay, with resource estimates of 340–850 MMBOE; appraisal well underway.

• Hai Su Vang in Vietnam confirmed 200–300 MMBOE recoverable resource post-appraisal; FID expected in 4Q 2027.

• Offshore exploration success rate since 2024 stands at 62%, with a track record of faster discovery-to-first-oil than industry average.

• Lac Da Vang development in Vietnam is on schedule for first oil in 4Q 2026, with peak net production of 10–15 MBOEPD expected in 2028–2029.

• Banjo #1 and Cello #1 discoveries in Gulf of America sanctioned for development, targeting first oil in 4Q 2027.