Murphy Oil (MUR) Barclays 38th Annual CEO Energy-Power Conference 2024 summary

Strategic overview and business model

• Operates in multiple basins globally, including Gulf of Mexico, East Coast Canada, Eagle Ford Shale, Tupper Montney, and Kaybob Duvernay, supporting a multi-decade outlook.

• Maintains a strong balance sheet with a debt/EBITDA ratio of 0.6 and a long history of shareholder returns through dividends and buybacks.

• Board and management own 6% of equity, a high level among peers, aligning interests with shareholders.

• 85% of capital allocated to asset development, with a focus on accretive Gulf of Mexico projects and maximizing free cash flow.

• Strategic priorities include deleveraging, shareholder returns, and disciplined capital allocation.

Operational performance and project updates

• Executed 29 Gulf of Mexico projects planned by 2030, all with defined CapEx, production, and free cash flow metrics.

• Achieved strong onshore execution, especially in Eagle Ford with successful new fracture techniques and refrac wells.

• Offshore Canada assets deliver high margins and cash flow, with all 2023 work completed and in cash harvesting mode.

• Recent workovers in the Gulf of Mexico completed, with all wells now flowing and no reserves de-booked.

• St. Malo field water injection project completed, expected to increase production plateau and reserves over time.

Exploration and international growth

• Active exploration in Gulf of Mexico, Vietnam, and Côte d'Ivoire, with new wells spudding in Vietnam and a unique position in Côte d'Ivoire.

• Lac Da Vang field in Vietnam progressing, targeting first oil in 2026 and peak production of 10,000–15,000 bbl/day.

• Côte d'Ivoire Paon gas development advancing, with field development plan due by end of 2025 and exploration wells planned for late next year.

• Exploration costs in Vietnam and Khaleesi Mormont Samurai are low, supporting high project returns.

• Multiple prospects in Côte d'Ivoire and Vietnam could uplift offshore production for years.