Murphy Oil (MUR) JP Morgan Energy, Power and Renewables Conference summary

Macro environment and industry outlook

• Oil prices have remained resilient around $75–$80 despite OPEC news and macroeconomic pressures.

• Undercapitalization in the sector is expected to support stable or higher oil prices going forward.

• The company is confident in its ability to operate profitably at current oil price levels.

Capital allocation, M&A, and shareholder returns

• Approaching a milestone of $1B in long-term bonds, achieving a 1x debt-to-EBITDA at $45 oil.

• Plans to significantly increase share buybacks as debt targets are met, viewing current share price as an opportunity.

• Maintains a strong balance sheet with no bonds due for refinancing until 2027.

• Extensive dividend policy has been in place for 62 years.

Operational highlights and project updates

• Recent discovery at Ocotillo in the Gulf of Mexico with Oxy and Chevron, estimated at 30–60 million barrels.

• Khaleesi, Mormont, and Samurai fields are exceeding production expectations, with high facility uptime near 99%.

• Ongoing drilling and workover activity in the Gulf, with a new Noble rig contracted through 2025 and possibly into 2026.

• Eagle Ford program is shifting to continuous drilling, expecting higher production next year due to increased DUC wells.

• Record production in the Montney and strong results in Kaybob Duvernay, with new fracking technology doubling anticipated output.