Murphy Oil (MUR) Goldman Sachs Energy, CleanTech & Utilities Conference 2025 summary

Macro environment and strategic priorities

• Commodity prices remain uncertain but currently favorable, supporting planned drilling and capital programs in 2025.

• Regulatory environment in the Gulf of Mexico is improving, with regular lease sales and industry-friendly administration.

• Companies are transitioning from major build cycles to cash generation and harvesting returns from long-cycle projects.

• Focus is on balancing short- and long-cycle investments, with selective exploration and capital allocation.

Key project updates and catalysts

• Major milestone achieved with GTA First Gas, aiming for full capacity by end of Q1 and 20+ years of reserve life.

• Significant discovery in Vietnam's Cuu Long Basin, with appraisal drilling planned to determine full potential.

• Côte d'Ivoire exploration program to start late 2025, seen as potentially transformational.

• Katmai West No. 2 well ahead of schedule, with high-impact Daenerys exploration well planned.

Capital allocation and financial strategy

• Free cash flow generation remains strong, with priorities including share repurchases and debt reduction.

• Maintenance capital prioritized for 2025, with growth investments considered after further debt reduction.

• Progressive dividend increases and opportunistic share buybacks are key shareholder return strategies.