Murphy Oil (MUR) Proxy Filing summary

Executive summary

• CEO transition in 2024 with Eric Hambly appointed as President and CEO, following a seamless succession process focused on stability and long-term strategy.

• Achieved significant offshore oil discovery in Vietnam, advancing international exploration and development projects.

• Reduced total debt by 60% since 2020, reaching lowest net debt in over a decade, and increased shareholder returns through stock repurchases and dividend hikes.

• Maintained strong operational performance with 177,000 BOEPD production, 83% reserve replacement, and 11-year reserve life.

• Entered a new capital allocation phase, dedicating at least 50% of adjusted free cash flow to shareholder returns.

Voting matters and shareholder proposals

• Election of ten directors, including two new appointments in 2024 and 2025.

• Advisory vote to approve executive compensation (Say-on-Pay).

• Approval of the 2025 Long-Term Incentive Plan to replace the 2020 plan.

• Ratification of KPMG LLP as independent registered public accounting firm for 2025.

Board of directors and corporate governance

• Board comprises 90% independent directors, with diverse skills in finance, law, operations, and ESG.

• Separate Chair and CEO roles; Claiborne P. Deming serves as independent Chair.

• Committees include Audit, Compensation, Finance, Health/Safety/Environment, and Nominating/Governance, all with independent members.

• Annual board and committee self-evaluations conducted for effectiveness.