Murphy Oil Corp (MUR)

Murphy Oil Corporation Announces First Quarter ResultsMay 6, 2026 4:31 PM
Business Wire Exceeded Upper End of Guidance Range with Production of 174 MBOEPD
Spud Chinook #8 Development Well in Gulf of America, Hai Su Vang-3X Appraisal Well in Vietnam, and Bubale-1X Exploration Well in Côte d’Ivoire in Line with Plan Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the first quarter ended March 31, 2026. As a supplement to this release, Murphy has also furnished a Quarterly Stockholder Update. Unless otherwise noted, the financial and operating highlights and metrics discussed in this commentary exclude noncontrolling interest (NCI).† (Millions of dollars, except volumes and per share amounts) Three months ended March 31, 2026 Net income attributable to Murphy $ 53.0 Net income attributable to Murphy per common share - Diluted $ 0.37   Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) 1 $ 46.5   Adjusted net income from continuing operations per average common share - Diluted (Non-GAAP) 1 $ 0.32   Adjusted EBITDA attributable to Murphy (Non-GAAP) 1 $ 382.9   Adjusted EBITDAX attributable to Murphy (Non-GAAP) 1 $ 465.7   Net cash provided by continuing operations activities $ 321.2   Operating cash flow excluding working capital adjustments (Non-GAAP) 1 $ 429.2   Free cash flow (Non-GAAP) 1 $ 41.4   Oil production, net (BOPD) 2   87,217   Total production, net (BOEPD) 2   174,236   Capital expenditures (CAPEX) 3 $ 465.0   Lease operating expense from continuing operations ($/BOE) 2 $ 8.70   1 Please see our schedules of adjusted net income, adjusted EBITDA and adjusted EBITDAX and free cash flow for details and reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures. 2 Barrels of oil per day (BOPD), barrels of oil equivalent (BOE) and barrels of oil equivalent per day (BOEPD). 3 Capital expenditures for the first quarter ended March 31, 2026 excluding acquisition-related costs of $22.7 million were $442.3 million. Highlights for the first quarter include: Produced 174,200 BOEPD, exceeding the high end of quarterly guidance due to outperformance in the Eagle Ford Shale and strong uptime in the Gulf of America Spud Bubale-1X, the third exploration well in Côte d’Ivoire Progressed the Hai Su Vang-3X appraisal well in Vietnam, with results from the full appraisal program anticipated in the third quarter of 2026 Spud the Chinook #8 well in the Gulf of America, a key development well expected to come online in the second half of this year with a gross initial production rate of 15 MBOEPD Brought online 15 wells in the Eagle Ford Shale, with the wells driving a 17 percent improvement in 60-day cumulative oil production compared to wells drilled in 2025 Subsequent to the first quarter: Approved development of the Banjo and Cello fields, targeting first production in the fourth quarter of 2027 In late March, Murphy submitted an offer for four exploration blocks in offshore Cameroon which was accepted subsequent to quarter end; final terms are pending further discussions with the Republic of Cameroon “During these uncertain times, our strategy is to stay anchored to what we control—disciplined capital allocation, safe and reliable operations, and our long-cycle projects. In the first quarter, this focus translated into strong execution across our portfolio with meaningful progress at Lac Da Vang in Vietnam, advancement of the high-impact Chinook #8 well in the Gulf of America, and sustained outperformance from our US and Canada onshore programs,” stated Eric M. Hambly, President and Chief Executive Officer. SHAREHOLDER RETURNS During the first quarter of 2026, we paid $50 million in quarterly dividends. While the Company elected not to repurchase shares this quarter, it retained significant flexibility, with $550 million remaining under its share repurchase authorization and 143.3 million shares outstanding as of March 31, 2026. FINANCIAL POSITION Murphy had approximately $2.38 billion of liquidity on March 31, 2026, comprised of the undrawn $2.00 billion senior unsecured credit facility and approximately $380 million of cash and cash equivalents, inclusive of NCI. During the quarter, Murphy paid down $100 million of debt under the senior unsecured credit facility. As of March 31, 2026, Murphy’s total debt of $1.55 billion was comprised of long-term, fixed-rate notes, with no drawings under the senior unsecured credit facility. The fixed-rate notes had a weighted average maturity of 8.9 years and a weighted average coupon of 6.2 percent. ONSHORE OPERATIONS SUMMARY In the first quarter of 2026, the onshore business produced approximately 106 MBOEPD, which included 36 percent liquids. Onshore Oil Production (BOPD) Total Production
(BOEPD) Eagle Ford Shale 28,500 39,900 Tupper Montney 200 61,900 Kaybob Duvernay 2,800 4,400 Eagle Ford Shale – Brought online fifteen new wells, including twelve in Karnes and three in Catarina. An additional twenty wells are expected to come online in Catarina during the remainder of 2026. Onshore Canada – Progressed drilling a four-well pad in Kaybob Duvernay and brought wells online subsequent to quarter end. In Tupper Montney, progressed an eight-well pad with wells expected to come online in the third quarter of 2026. OFFSHORE OPERATIONS SUMMARY Excluding NCI, the offshore business produced approximately 68 MBOEPD in the first quarter of 2026, which included 88 percent liquids. Offshore Oil Production
(BOPD) Total Production
(BOEPD) Gulf of America 46,600 58,800 Canada 9,000 9,000 Gulf of America – Spud the Chinook #8 development well, targeting first oil in the second half of 2026 with a gross initial production rate of 15 MBOEPD. Vietnam – Progressed construction of the Floating Storage and Offloading vessel (FSO), which is now ready to launch and will be delivered to location in the third quarter of 2026 in line with schedule. The project is on track for first oil in the fourth quarter of this year. 2Q 2026 PRODUCTION AND CAPITAL EXPENDITURE GUIDANCE The table below illustrates second quarter 2026 guidance. 2Q 2026 Guidance Producing Asset Oil (BOPD)   NGLs (BOPD)   Natural Gas (MCFD)   Total (BOEPD) Eagle Ford Shale 27,600   5,600   29,900   38,200 Gulf of America, excl. NCI 44,800   3,700   45,300   56,100 Tupper Montney 100   —   329,400   55,000 Kaybob Duvernay 4,600   500   9,300   6,700 Offshore Canada 8,800   —   —   8,800 Other 200   —   —   200                 Total Net Production, excl. NCI 1 (BOEPD)   161,000 to 169,000 Capital Expenditures, excl. NCI 2 ($MM)   $350 - $430 Exploration Expense ($ MM)   $70 - $110                 Full Year 2026 Guidance Total Net Production, excl. NCI 3 (BOEPD)   167,000 to 175,000 Capital Expenditures, excl. NCI 4 ($ MM)   $1,200 to $1,300 Exploration Expense ($ MM)   $220 - $300 1 Excludes noncontrolling interest of MP GOM of 5,200 BOPD of oil, 200 BOPD of NGLs and 1,700 MCFD natural gas 2 Excludes noncontrolling interest of MP GOM of $20 million 3 Excludes noncontrolling interest of MP GOM of 5,500 BOPD of oil, 200 BOPD of NGLs and 1,700 MCFD natural gas 4 Excludes noncontrolling interest of MP GOM of $53 million The table below details the 2026 onshore well delivery plan by quarter. 2026 Onshore Wells Online   1Q
2026A 2Q
2026E 3Q
2026E 4Q
2026E 2026E
Total Eagle Ford Shale 15 6 14 – 35 Kaybob Duvernay – 4 – – 4 Tupper Montney – – 8 – 8 Non-Op Eagle Ford Shale – – 6 – 6 Note: All well counts are shown gross. Eagle Ford Shale non-operated working interest averages 17 percent. CONFERENCE CALL AND WEBCAST SCHEDULED FOR MAY 7, 2026 Murphy will host a conference call to discuss first quarter 2026 financial and operating results on Thursday, May 7, 2026, at 9:00 a.m. ET. The call can be accessed either via the Internet through the events calendar on the Murphy Oil Corporation Investor Relations website at http://ir.murphyoilcorp.com or via telephone by dialing toll free 1-800-715-9871, conference ID 9924118. For additional information, please refer to the First Quarter 2026 Earnings Presentation and Quarterly Stockholder Update available under the News and Events section of the Investor Relations website. FINANCIAL DATA Summary financial data and operating statistics for first quarter 2026, with comparisons to the same period from the previous year, are contained in the attached schedules. Additionally, a schedule indicating the impacts of items affecting comparability of results between periods and a reconciliation of the non-GAAP financial measures of adjusted net income from continuing operations attributable to Murphy, EBITDA, EBITDAX, adjusted EBITDA, adjusted EBITDAX, free cash flow and adjusted free cash flow to the most directly comparable GAAP financial measures for such periods are also included. ABOUT MURPHY OIL CORPORATION Murphy Oil Corporation is an independent oil and natural gas company with a multi-basin onshore and offshore portfolio and significant exploration opportunities. The Company has more than a century-long history of demonstrating strong execution and innovative, full-cycle development capabilities with a focus on value creation that drives shareholder returns. Murphy’s foresight and financial discipline, along with its culture of adaptability and accountability, will allow the Company to continue its outstanding legacy and exceptional reputation. The Company’s current operations include extensive inventory located onshore in the Eagle Ford Shale, Tupper Montney and Kaybob Duvernay, as well as offshore in the Gulf of America and Canada. Murphy also strives to create long-term shareholder value through offshore exploration and development in the Gulf of America, Vietnam and Côte d’Ivoire. Additional information can be found on the Company’s website at www.murphyoilcorp.com. FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the Company’s future operating results or activities and returns or the Company's ability and intent to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other environmental, social and governance matters, make capital expenditures, pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and natural gas industry, including supply and demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; geopolitical concerns (including the current conflict in Iran); increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or markets of health pandemics and related government responses; natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; cyber attacks and other cybersecurity risks; any failure to obtain necessary regulatory approvals; the impact of current and future laws, rulings and governmental regulations; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets, banking system or economies in general, including inflation, trade policies, tariffs and other trade restrictions. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the Company; therefore, we encourage investors, the media, business partners and others interested in the Company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this news release. Each forward-looking statement contained in this news release speaks only as of the date of this news release. Except as required by applicable law, Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. NON-GAAP FINANCIAL MEASURES This news release contains certain non-GAAP financial measures that management believes are useful tools for internal use and the investment community in evaluating Murphy Oil Corporation’s overall financial performance. These non-GAAP financial measures are broadly used to value and compare companies in the crude oil and natural gas industry. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for financial measures prepared in accordance with US generally accepted accounting principles (GAAP) and should therefore be considered only as supplemental to such GAAP financial measures. Please see the attached schedules for reconciliations of the differences between the non-GAAP financial measures used in this news release and the most directly comparable GAAP financial measures. † In accordance with GAAP, Murphy reports the 100 percent interest, including a 20 percent noncontrolling interest (NCI), in its subsidiary, MP Gulf of Mexico, LLC (MP GOM). The GAAP financials include the NCI portion of revenue, costs, assets and liabilities and cash flows. Unless otherwise noted, the financial and operating highlights and metrics discussed in this news release, but not the accompanying schedules, exclude the NCI, thereby representing only the amounts attributable to Murphy. MURPHY OIL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)       Three Months Ended March 31, (Thousands of dollars, except per share amounts)   2026       2025   Revenues and other income       Revenue from production $ 732,354     $ 672,730   Total revenue from sales to customers   732,354       672,730   Gain (loss) on derivative instruments   —       (9,459 ) Gain on sale of assets and other operating income   1,198       2,440   Total revenues and other income   733,552       665,711   Costs and expenses       Lease operating expenses   143,464       205,079   Severance and ad valorem taxes   13,746       8,650   Transportation, gathering and processing   47,061       48,851   Exploration expenses, including undeveloped lease amortization   82,815       14,488   Selling and general expenses   34,870       30,915   Depreciation, depletion and amortization   254,376       194,160   Accretion of asset retirement obligations   14,514       14,045   Other operating expense   4,441       5,629   Total costs and expenses   595,287       521,817   Operating income from continuing operations   138,265       143,894   Other income (loss)       Other income   9,852       2,402   Interest expense, net   (28,977 )     (23,523 ) Total other loss   (19,125 )     (21,121 ) Income from continuing operations before income taxes   119,140       122,773   Income tax expense   49,945       32,722   Income from continuing operations   69,195       90,051   Loss from discontinued operations, net of income taxes   (542 )     (633 ) Net income including noncontrolling interest   68,653       89,418   Less: Net income attributable to noncontrolling interest   15,667       16,382   NET INCOME ATTRIBUTABLE TO MURPHY $ 52,986     $ 73,036   NET INCOME PER COMMON SHARE – BASIC       Continuing operations $ 0.37     $ 0.51   Discontinued operations   —       —   Net income $ 0.37     $ 0.51   NET INCOME PER COMMON SHARE – DILUTED       Continuing operations $ 0.37     $ 0.50   Discontinued operations   —       —   Net income $ 0.37     $ 0.50   Cash dividends per common share $ 0.350     $ 0.325   Average common shares outstanding (thousands)       Basic   143,082       144,284   Diluted   144,381       145,072   MURPHY OIL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)       Three Months Ended March 31, (Thousands of dollars)   2026       2025   Operating Activities       Net income including noncontrolling interest $ 68,653     $ 89,418   Adjustments to reconcile net income to net cash provided by continuing operations activities       Depreciation, depletion and amortization   254,376       194,160   Unsuccessful exploration well costs and previously suspended exploration costs   67,043       190   Deferred income tax expense   36,864       16,343   Accretion of asset retirement obligations   14,514       14,045   Long-term non-cash compensation   15,433       9,905   Amortization of undeveloped leases   2,270       1,654   Loss from discontinued operations   542       633   Unrealized loss on derivative instruments   —       8,916   Other operating activities, net   (30,539 )     (11,799 ) Net increase in non-cash working capital   (107,972 )     (22,784 ) Net cash provided by continuing operations activities   321,184       300,681   Investing Activities       Property additions and dry hole costs   (387,838 )     (368,421 ) Acquisition of oil and natural gas properties   (22,681 )     (1,364 ) Net cash required by investing activities   (410,519 )     (369,785 ) Financing Activities       Retirement of debt   (227,489 )     —   Early redemption of debt cost   (2,369 )     —   Debt issuance   500,000       —   Debt issuance cost   (7,819 )     —   Borrowings on revolving credit facility   175,000       250,000   Repayment of revolving credit facility   (275,000 )     (50,000 ) Issue costs of revolving credit facility   (12,213 )     —   Repurchase of common stock, including excise tax   (777 )     (100,072 ) Cash dividends paid   (50,173 )     (47,026 ) Distributions to noncontrolling interest   —       (6,955 ) Withholding tax on stock-based incentive awards   (7,849 )     (7,673 ) Finance lease obligation payments   (419 )     (116 ) Net cash provided by financing activities   90,892       38,158   Effect of exchange rate changes on cash and cash equivalents   —       291   Net increase (decrease) in cash and cash equivalents   1,557       (30,655 ) Cash and cash equivalents at beginning of period   377,196       423,569   Cash and cash equivalents at end of period $ 378,753     $ 392,914   MURPHY OIL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)     (Thousands of dollars) March 31, 2026 December 31, 2025 ASSETS       Cash and cash equivalents $ 378,753   $ 377,196 Other current assets   558,198     439,516 Total current assets $ 936,951   $ 816,712 Property, plant and equipment, net   8,265,324     8,136,346 Operating lease assets, net   738,315     805,464 Other long-term assets   95,044     74,104 Total assets $ 10,035,634   $ 9,832,626 LIABILITIES AND EQUITY       Current maturities of long-term debt, finance lease $ 2,547   $ 2,514 Accounts payable   645,829     572,183 Operating lease liabilities   270,214     278,834 Other current liabilities   215,596     209,218 Total current liabilities $ 1,134,186   $ 1,062,749 Long-term debt, including finance lease obligation   1,548,147     1,382,566 Asset retirement obligations   972,503     970,908 Non-current operating lease liabilities   479,161     537,773 Other long-term liabilities   668,757     641,933 Total liabilities $ 4,802,754   $ 4,595,929 Murphy Shareholders' Equity   5,098,896     5,118,380 Noncontrolling interest   133,984     118,317 Total liabilities and equity $ 10,035,634   $ 9,832,626 MURPHY OIL CORPORATION SCHEDULE OF ADJUSTED NET INCOME (LOSS) (unaudited)       Three Months Ended March 31, (Millions of dollars, except per share amounts)   2026       2025   Net income attributable to Murphy (GAAP) 1 $ 53.0     $ 73.0   Discontinued operations loss   0.5       0.6   Net income from continuing operations attributable to Murphy   53.5       73.6   Adjustments:       Foreign exchange gain   (9.4 )     —   Unrealized loss on derivative instruments   —       8.9   Total adjustments, before taxes   (9.4 )     8.9   Income tax (benefit) expense related to adjustments   2.4       (1.8 ) Total adjustments, after taxes   (7.0 )     7.1   Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) $ 46.5     $ 80.7   Adjusted net income from continuing operations per average diluted share (Non-GAAP) $ 0.32     $ 0.56                   1 Excludes amounts attributable to a noncontrolling interest in MP GOM. Non-GAAP Financial Measures Presented above is a reconciliation of net income (loss) to adjusted net income from continuing operations attributable to Murphy. Adjusted net income excludes certain items that management believes affect the comparability of results between periods. Management believes this is important information to provide because it is used by management to evaluate the Company’s operational performance and trends between periods and relative to its industry competitors. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s financial results. Adjusted net income is a non-GAAP financial measure and should not be considered a substitute for net income (loss) as determined in accordance with GAAP. The pretax and income tax impacts for adjustments in the above table are shown below by area of operation and geographical location and corporate, as applicable, and exclude the share attributable to noncontrolling interests.   Three Months Ended March 31, 2026 (Millions of dollars) Pretax   Tax   Net Corporate $ (9.4 )   $ 2.4   $ (7.0 ) Total adjustments $ (9.4 )   $ 2.4   $ (7.0 ) MURPHY OIL CORPORATION SCHEDULE OF EBITDA, ADJUSTED EBITDA, EBITDAX AND ADJUSTED EBITDAX (unaudited)       Three Months Ended March 31, (Millions of dollars)   2026       2025   Net income attributable to Murphy (GAAP) 1 $ 53.0     $ 73.0   Income tax expense   49.9       32.7   Interest expense, net   29.0       23.5   Depreciation, depletion and amortization expense 1   246.9       187.4   EBITDA attributable to Murphy (Non-GAAP) 1 $ 378.8     $ 316.6   Exploration expenses 1   82.8       14.5   EBITDAX attributable to Murphy (Non-GAAP) 1 $ 461.6     $ 331.1           EBITDA attributable to Murphy (Non-GAAP) 1 $ 378.8     $ 316.6 Foreign exchange gain   (9.4 )     —   Accretion of asset retirement obligations 1   13.0       12.5   Unrealized loss on derivative instruments   —       8.9   Discontinued operations loss   0.5       0.6   Adjusted EBITDA attributable to Murphy (Non-GAAP) 1 $ 382.9     $ 338.6   Exploration expenses 1   82.8       14.5   Adjusted EBITDAX attributable to Murphy (Non-GAAP) 1 $ 465.7     $ 353.1   1 Excludes amounts attributable to a noncontrolling interest in MP GOM. Non-GAAP Financial Measures Presented above is a reconciliation of net income (loss) to earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, earnings before interest, taxes, depreciation and amortization, and exploration expenses (EBITDAX) and adjusted EBITDAX. Management believes EBITDA, adjusted EBITDA, EBITDAX and adjusted EBITDAX are important information to provide because they are used by management to evaluate the Company’s operational performance and trends between periods and relative to its industry competitors. Adjusted EBITDAX excludes certain items that management believes affect the comparability of results between periods. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s financial results. EBITDA, adjusted EBITDA, EBITDAX and adjusted EBITDAX are non-GAAP financial measures and should not be considered a substitute for net income (loss) or Cash provided by operating activities as determined in accordance with GAAP. MURPHY OIL CORPORATION SCHEDULE OF FREE CASH FLOW AND ADJUSTED FREE CASH FLOW (unaudited)       Three Months Ended March 31, (Millions of dollars)   2026       2025   Net cash provided by continuing operations activities (GAAP) $ 321.2     $ 300.7   Exclude: increase in non-cash working capital   108.0       22.8   Operating cash flow excluding working capital adjustments (Non-GAAP)   429.2       323.5   Less: property additions and dry hole costs 1   (387.8 )     (368.4 ) Free cash flow (Non-GAAP) $ 41.4     $ (44.9 ) Less: cash dividends paid   (50.2 )     (47.0 ) Less: distributions to noncontrolling interest   —       (7.0 ) Less: debt costs   (22.4 )     —   Less: withholding tax on stock-based incentive awards   (7.8 )     (7.7 ) Less: acquisition of oil and natural gas properties   (22.7 )     (1.4 ) Adjusted free cash flow (Non-GAAP) $ (61.7 )   $ (108.0 ) 1 Property additions for the three months ended March 31, 2025 include a payment of $125.0 million for the purchase of a floating production, storage, and offloading vessel in the Gulf of America, including amounts attributable to a noncontrolling interest in MP GOM. Non-GAAP Financial Measures Presented above is a reconciliation of net cash provided by continuing operations activities to free cash flow (FCF) and adjusted FCF. Management believes FCF and adjusted FCF are important information to provide because they are additional measures of liquidity and are used by management to evaluate the Company’s ability to internally generate cash, excluding the timing impacts of working capital, and to measure funds available for investing and financing activities. Management also believes this information may be useful to investors and analysts to monitor the Company’s financial health over time. FCF and adjusted FCF are non-GAAP financial measures and should not be considered a substitute for net cash provided by operating, investing, or financing activities as determined in accordance with GAAP. MURPHY OIL CORPORATION FUNCTIONAL RESULTS OF OPERATIONS (unaudited)       Three Months Ended March 31, 2026   Three Months Ended March 31, 2025 (Millions of dollars) Revenues   Income (Loss)   Revenues   Income (Loss) Exploration and production               United States ¹ $ 575.5     $ 156.6     $ 509.5     $ 107.9   Canada   155.2       31.7       165.7       41.5   Other   2.9     (82.7 )     —       (11.2 ) Total exploration and production   733.6       105.6       675.2       138.2   Corporate   —       (36.4 )     (9.5 )     (48.2 ) Income from continuing operations   733.6       69.2       665.7       90.0   Discontinued operations, net of tax   —       (0.5 )     —       (0.6 ) Net income including noncontrolling interest $ 733.6     $ 68.7     $ 665.7     $ 89.4   Less: Net income attributable to noncontrolling interest       15.7           16.4   Net income attributable to Murphy     $ 53.0         $ 73.0     1 Includes results attributable to a noncontrolling interest in MP GOM. MURPHY OIL CORPORATION PRODUCTION-RELATED EXPENSES (unaudited)       Three Months Ended March 31, (Dollars per barrel of oil equivalents sold)   2026       2025   United States – Onshore       Lease operating expense $ 9.02   $ 13.02 Severance and ad valorem taxes   3.40       3.45   Depreciation, depletion and amortization expense   31.58       29.35           United States – Offshore 1       Lease operating expense $ 11.17     $ 21.37   Severance and ad valorem taxes   0.13       0.08   Depreciation, depletion and amortization expense   17.69       15.42           Canada – Onshore       Lease operating expense $ 5.53     $ 5.51   Severance and ad valorem taxes   0.14       0.06   Depreciation, depletion and amortization expense   4.42       4.40           Canada – Offshore       Lease operating expense $ 17.42     $ 16.89   Depreciation, depletion and amortization expense   11.22       8.26           Total E&P continuing operations 1       Lease operating expense $ 8.89     $ 13.90   Severance and ad valorem taxes   0.85       0.59   Depreciation, depletion and amortization expense 2   15.62       13.00           Total oil and gas continuing operations – excluding noncontrolling interest       Lease operating expense 3 $ 8.70     $ 13.74   Severance and ad valorem taxes   0.88       0.61   Depreciation, depletion and amortization expense 2   15.67       13.01   1 Includes amounts attributable to a noncontrolling interest in MP GOM. 2 Excludes expenses attributable to the Corporate segment. 3 Lease operating expense per barrel of oil equivalent sold for total oil and gas continuing operations, excluding NCI and workover costs, was $8.26 and $10.41 for the three months ended March 31, 2026 and 2025, respectively. MURPHY OIL CORPORATION CAPITAL EXPENDITURES (unaudited)       Three Months Ended March 31, (Millions of dollars)   2026       2025   Exploration and production       United States 1 $ 259.1   $ 322.1 Canada   62.1       55.4   Other   147.6       43.1   Total   468.8       420.6           Corporate   9.1       4.2   Total capital expenditures - continuing operations 1   477.9       424.8           Less: capital expenditures attributable to noncontrolling interest   12.9       21.9   Total capital expenditures - continuing operations attributable to Murphy 2   465.0       402.9           Charged to exploration expenses 3       United States 1   4.2       5.1   Canada   —       0.1   Other   76.3       7.7   Total charged to exploration expenses - continuing operations 1,3   80.5       12.9           Less: charged to exploration expenses attributable to noncontrolling interest   —       —   Total charged to exploration expenses - continuing operations attributable to Murphy   80.5       12.9           Total capitalized - continuing operations attributable to Murphy $ 384.5     $ 390.0   1 Includes amounts attributable to a noncontrolling interest in MP GOM. 2 For the three months ended March 31, 2026, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $22.7 million, (2025: $1.4 million), is $442.3 million (2025: $401.5 million). 3 For the three months ended March 31, 2026, the total charged to exploration expense attributable to Murphy excludes amortization of undeveloped leases of $2.3 million (2025: $1.6 million). MURPHY OIL CORPORATION PRODUCTION SUMMARY (unaudited)       Three Months Ended March 31, (Barrels per day unless otherwise noted)   2026       2025   Net crude oil and condensate       United States - Onshore 28,497     16,974   United States - Offshore 1   51,839       55,587   Canada - Onshore   2,932       2,584   Canada - Offshore   9,006       8,855   Other   224       255   Total net crude oil and condensate   92,498       84,255   Net natural gas liquids       United States - Onshore   5,856       4,072   United States - Offshore 1   4,298       3,804   Canada - Onshore   528       538   Total net natural gas liquids   10,682       8,414   Net natural gas – thousands of cubic feet per day       United States - Onshore   33,082       26,190   United States - Offshore 1   51,153       51,150   Canada - Onshore   377,001       346,892   Total net natural gas   461,236       424,232   Total net hydrocarbons - including NCI 2,3   180,053       163,374   Noncontrolling interest       Net crude oil and condensate – barrels per day   (5,281 )     (5,779 ) Net natural gas liquids – barrels per day   (226 )     (170 ) Net natural gas – thousands of cubic feet per day   (1,857 )     (1,234 ) Total noncontrolling interest 2,3   (5,817 )     (6,154 ) Total net hydrocarbons - excluding NCI 2,3   174,236       157,220     1 Includes net volumes attributable to a noncontrolling interest in MP GOM. 2 Natural gas converted on an energy equivalent basis of 6:1. 3 NCI - noncontrolling interest in MP GOM. MURPHY OIL CORPORATION SALES SUMMARY (unaudited)       Three Months Ended March 31, (Barrels per day unless otherwise noted)   2026       2025   Net crude oil and condensate       United States - Onshore 28,497     16,974   United States - Offshore 1   52,205       54,133   Canada - Onshore   2,932       2,584   Canada - Offshore   7,579       11,128   Other   455       —   Total net crude oil and condensate   91,668       84,819   Net natural gas liquids       United States - Onshore   5,856       4,072   United States - Offshore 1   4,298       3,804   Canada - Onshore   528       538   Total net natural gas liquids   10,682       8,414   Net natural gas – thousands of cubic feet per day       United States - Onshore   33,082       26,190   United States - Offshore 1   51,153       51,150   Canada - Onshore   377,001       346,892   Total net natural gas   461,236       424,232   Total net hydrocarbons - including NCI 2,3   179,223       163,938   Noncontrolling interest       Net crude oil and condensate – barrels per day   (5,333 )     (5,567 ) Net natural gas liquids – barrels per day   (226 )     (170 ) Net natural gas – thousands of cubic feet per day   (1,857 )     (1,234 ) Total noncontrolling interest 2,3   (5,869 )     (5,942 ) Total net hydrocarbons - excluding NCI 2,3   173,354       157,996     1 Includes net volumes attributable to a noncontrolling interest in MP GOM. 2 Natural gas converted on an energy equivalent basis of 6:1. 3 NCI - noncontrolling interest in MP GOM. MURPHY OIL CORPORATION WEIGHTED AVERAGE PRICE SUMMARY (unaudited)       Three Months Ended March 31,     2026       2025   Crude oil and condensate – dollars per barrel       United States - Onshore $ 73.44   $ 71.65 United States - Offshore 1   70.97       72.32   Canada - Onshore 2   65.89       63.34   Canada - Offshore 2   78.19       74.36   Other 2   71.04       —   Natural gas liquids – dollars per barrel       United States - Onshore   17.60       23.16   United States - Offshore 1   16.45       27.02   Canada - Onshore 2   27.73       36.08   Natural gas – dollars per thousand cubic feet       United States - Onshore   3.74       3.38   United States - Offshore 1   5.68       4.33   Canada - Onshore 2   2.44       2.38     1 Prices include the effect of noncontrolling interest in MP GOM. 2 U.S. dollar equivalent. MURPHY OIL CORPORATION FIXED PRICE FORWARD SALES AND COMMODITY HEDGE POSITIONS AS OF MAY 4, 2026 (unaudited)                 Volumes (MMCF/D)   Price/MCF   Remaining Period Area   Commodity   Type 1       Start Date   End Date Canada   Natural Gas   Fixed price forward sales   78   C$2.94   4/1/2026   6/30/2026 Canada   Natural Gas   Fixed price forward sales   78   C$2.94   7/1/2026   9/30/2026 Canada   Natural Gas   Fixed price forward sales   59   C$3.00   10/1/2026   12/31/2026 Canada   Natural Gas   Fixed price forward sales   9.5   C$3.14   1/1/2027   12/31/2027   1 Fixed price forward sale contracts listed above are accounted for as normal sales and purchases for accounting purposes.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260505024046/en/ Investor Contacts:
InvestorRelations @westview-9358
Beth Heller, 281-675-9363 Original: Murphy Oil Corporation Announces First Quarter Results

Quarterly Stockholder Update by Murphy Oil CorporationMay 6, 2026 4:32 PM
Business Wire This letter serves as a supplement to our earnings release for the first quarter of 2026. Please see the information regarding forward-looking statements and non-GAAP financial information1 included at the end of this letter. Unless otherwise noted, the financial and operating highlights and metrics discussed in this letter exclude noncontrolling interest (NCI)2. Murphy Oil Corporation Stockholders, The first quarter of 2026 unfolded against one of the most volatile macroeconomic backdrops the energy sector has experienced in years. During the quarter, global energy markets were shaped by heightened geopolitical risks which drove a sharp increase in oil prices. While these events highlighted the importance of secure and dependable supply, they also reinforced the cyclical nature of our industry and the importance of a resilient and flexible business model. During these uncertain times, our strategy is to stay anchored to what we control—disciplined capital allocation, safe and reliable operations, and our long-cycle projects. In the first quarter, this focus translated into strong execution across our portfolio with meaningful progress at Lac Da Vang in Vietnam, advancement of the high-impact Chinook #8 well in the Gulf of America, and sustained outperformance from our US and Canada onshore programs. We also took steps to preserve our balance sheet strength, enhance liquidity, and improve our debt maturity profile. In the quarter, our unhedged position enabled the Company to fully capture the upside from higher oil prices. Given the potential for prices to move meaningfully in either direction, we elected not to implement any oil hedges during the quarter. Our strong financial standing allows us to sustain this approach while preserving the flexibility to adapt to market changes and maximize shareholder value. With respect to our capital expenditure (CAPEX) plan, we are avoiding incremental spending tied to short-term price moves and are keeping our 2026 CAPEX guidance unchanged. As we maintain capital discipline, we are preserving investment optionality and continue to assess three focus areas that will inform our future capital guidance: (1) the macro environment and the durability of commodity prices, (2) results from our exploration and appraisal program in Côte d’Ivoire and Vietnam, and (3) activity plans from our non-operated partners. Maximizing shareholder returns continues to be at the core of our capital allocation decisions as we evaluate options to balance portfolio investments, share buybacks, and net debt reduction. FIRST QUARTER 2026 SUMMARY Murphy exceeded the high end of our production guidance range during the first quarter, producing 174,200 barrels of oil equivalent per day (BOEPD). Realized pricing increased significantly to $72.28 per barrel of oil, a 22 percent quarter-over-quarter increase driven by geopolitical events. On the other hand, a mild winter led to weaker natural gas prices, with Murphy realizing $2.87 per thousand cubic feet (MCF) in the first quarter. Notably, despite persistent weakness in AECO prices, our diversification strategy in Canada enabled us to realize USD $2.44 per MCF in the first quarter compared to USD $1.46 per MCF AECO average. Net income in the quarter was $53.0 million, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)1 was $382.9 million, and operating cash flow excluding working capital adjustments was $429.2 million. OPERATIONAL UPDATE During the first quarter, we executed as planned. In the Eagle Ford Shale, we brought online 15 wells including 12 in Karnes and 3 in Catarina. These wells extended our track record of strong execution, delivering 17% cumulative oil outperformance versus the 2025 type curve over the first 60 days. I want to highlight our Catarina wells, where we drilled some of the longest wells in Dimmit County this quarter while achieving an 11 percent lower cost per completed lateral foot and 27 percent higher 60-day cumulative oil production compared to 2025. This is especially noteworthy as the remainder of our planned Eagle Ford Shale program this year is concentrated in Catarina. In onshore Canada, we brought online four Kaybob Duvernay wells subsequent to quarter end and progressed eight Tupper Montney wells scheduled to come online in the third quarter. Our 2025 Tupper Montney wells continue to be among the best performers in the history of the asset. Overall, the robust performance of our new onshore wells in both the Eagle Ford Shale and Canada further supports our development strategy, and I am proud of the team for their effective execution. Offshore, we spud our high-impact Chinook #8 development well in the Gulf of America. We are on track to bring the well online in the second half of the year and are excited about the economics of this well supported by our purchase of the Pioneer FPSO (Floating Production, Storage, and Offloading vessel) last year. At our Lac Da Vang (Golden Camel) development project in Vietnam, development drilling is progressing in line with plan and the FSO (Floating Storage and Offloading vessel) is ready to launch. The project continues to track on schedule, with first production slated for the fourth quarter of this year. Lac Da Vang is a cornerstone of our Vietnam portfolio, and its steady progress reinforces our execution capabilities and the long-term growth potential in the region. PRODUCTION As previously noted, Murphy delivered strong operational execution in the first quarter with production averaging 174,200 BOEPD, exceeding the high end of our quarterly guidance of 172,000 BOEPD. Average oil production of 87,200 barrels of oil per day (BOPD) also exceeded guidance of 83,500 BOPD. The outperformance this quarter was driven by better performance across our onshore assets, higher uptime at our offshore facilities, and lower planned downtime due to efficient maintenance operations. We expect production to dip slightly in the second quarter driven primarily by onshore well timing. We accelerated our first quarter Eagle Ford Shale wells to earlier in the quarter, and our second quarter wells will come on late in the quarter, resulting in a quarter-over-quarter decline. We remain firmly on track to meet our full year production guidance. CAPITAL EXPENDITURES CAPEX during the first quarter was $465 million, below our guidance midpoint of $540 million, primarily reflecting phasing of certain exploration and appraisal costs to later in the year. Our 2026 capital program was designed to maintain financial discipline while balancing near-term execution with long-cycle value creation. This program offers us the ability to adjust the pace of investment as the year progresses. As noted previously, we currently expect our full year CAPEX to be within the previously communicated range. OPERATING COSTS Operating expenses in the first quarter averaged $8.70 per BOE, lower than our typical range of $10 to $12 per BOE. Although higher production did contribute to a lower unit cost, this temporary reduction is primarily due to in-year cost phasing. Looking at the year as a whole, we expect our operating expenses to be in line with our previously communicated range. EXPLORATION AND APPRAISAL UPDATE As announced in January, we drilled a successful appraisal well at Hai Su Vang-2X in Vietnam. We are currently finishing operations at the Hai Su Vang-3X appraisal well, and will next move to Hai Su Vang-4X, the final appraisal well in the program. We plan to share an updated resource range estimate at the conclusion of this appraisal campaign. Results from these wells will also inform our field development plan for Hai Su Vang, a key milestone towards formal sanctioning of the project. In Côte d’Ivoire, we continue to drill the third well in our exploration program — Bubale-1X. We will share results upon completion of drilling operations. In the Gulf of America, subsequent to quarter end, we have sanctioned the development of the recent Banjo and Cello field discoveries and are targeting first oil in the fourth quarter of 2027. These projects are expected to contribute 4 MBOEPD average net production in 2028, demonstrating Murphy’s ability to rapidly transition from discovery to development by leveraging existing infrastructure to accelerate value realization. Additionally in the Gulf of America, the Bureau of Ocean Energy Management (BOEM) has now formally awarded us all fourteen blocks where we were named apparent high bidder during the December 2025 federal lease sale. These blocks provide a mix of lower-risk, infrastructure-led development opportunities and higher-impact prospects, offering both near-term upside and longer-term growth. At quarter end, Murphy submitted an offer for four exploration blocks in offshore Cameroon. The offer was subsequently accepted by the Republic of Cameroon, pending further discussions to finalize the Production Sharing Contracts. FINANCIAL PERFORMANCE, SHAREHOLDER RETURNS AND BALANCE SHEET As previously communicated, our capital allocation plan allocates a minimum of 50 percent of adjusted free cash flow1 to share buybacks and dividend increases, with the remainder allocated to the balance sheet. During the first quarter, we distributed $50 million of dividends to shareholders. At the end of the quarter, we had $550 million remaining under our board-authorized share repurchase program. As the year progresses, we will continue to monitor the markets and will balance net debt reductions and share buybacks in line with our capital allocation plan. At the end of the first quarter, we were favorably positioned with a strong balance sheet reflecting total debt and net debt (non-GAAP) of $1.55 billion and $1.17 billion, respectively. Net debt is comprised of total debt less cash and cash equivalents of approximately $380 million. We had no outstanding balances on our unsecured revolving credit facility and, as a result of the bond transaction completed in January, our nearest debt maturity is now in 2029. CLOSING As we move forward, we remain acutely aware of the evolving macroeconomic landscape and the dynamic nature of global energy markets. Given our flexible portfolio and resilient business model, we are confident in our ability to seize opportunities and navigate challenges, ensuring the long-term strength of our Company while maintaining our commitment to operational excellence and financial discipline. Thank you for your continued trust as a valued Murphy Oil Corporation stockholder. Eric M. Hambly President and Chief Executive Officer CONFERENCE CALL AND WEBCAST SCHEDULED FOR MAY 7, 2026 Murphy will host a conference call to discuss first quarter 2026 financial and operating results on Thursday, May 7, 2026, at 9:00 a.m. ET. The call can be accessed either via the Internet through the events calendar on the Murphy Oil Corporation Investor Relations website at http://ir.murphyoilcorp.com or via telephone by dialing toll free 1-800-715-9871, conference ID 9924118. For additional information, please refer to the First Quarter 2026 Earnings Presentation available under the News and Events section of the Investor Relations website. FORWARD-LOOKING STATEMENTS This letter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the Company’s future operating results or activities and returns or the Company's ability and intent to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other environmental, social and governance matters, make capital expenditures, pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and natural gas industry, including supply and demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; geopolitical concerns (including the current conflict in Iran); increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or markets of health pandemics and related government responses; natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; cyber attacks and other cybersecurity risks; any failure to obtain necessary regulatory approvals; the impact of current and future laws, rulings and governmental regulations; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets, banking system or economies in general, including inflation, trade policies, tariffs and other trade restrictions. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the Company; therefore, we encourage investors, the media, business partners and others interested in the Company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this letter. Each forward-looking statement contained in this letter speaks only as of the date of this letter. Except as required by applicable law, Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. 1 This letter contains certain non-GAAP financial measures that management believes are useful tools for internal use and the investment community in evaluating Murphy Oil Corporation’s overall financial performance. These non-GAAP financial measures are broadly used to value and compare companies in the crude oil and natural gas industry. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for financial measures prepared in accordance with US generally accepted accounting principles (GAAP) and should therefore be considered only as supplemental to such GAAP financial measures. Please see Exhibit 99.1 on Form 8-K filed on May 6, 2026, for reconciliations of the differences between the non-GAAP financial measures used in this letter and the most directly comparable GAAP financial measures. 2 In accordance with GAAP, Murphy reports the 100 percent interest, including a 20 percent noncontrolling interest (NCI), in its subsidiary, MP Gulf of Mexico, LLC (MP GOM). The GAAP financials include the NCI portion of revenue, costs, assets and liabilities and cash flows. Unless otherwise noted, the financial and operating highlights and metrics discussed in this letter exclude the NCI, thereby representing only the amounts attributable to Murphy. View source version on businesswire.com: https://www.businesswire.com/news/home/20260505536937/en/ Investor Contacts:
InvestorRelations @westview-9358
Beth Heller, 281-675-9363 Original: Quarterly Stockholder Update by Murphy Oil Corporation

Murphy Oil Corporation Schedules First Quarter 2026 Conference Call and Webcast for Thursday, May 7, 2026April 2, 2026 4:30 PM
Business Wire
Murphy Oil Corporation (NYSE: MUR) will host a conference call and webcast beginning at 9:00 a.m. Eastern Time (ET) on Thursday, May 7, 2026, to discuss first quarter 2026 earnings. The company plans to release its financial and operating results after the market closes on Wednesday, May 6, 2026.


A webcast link and related presentation material will be posted to the Investor Relations page of the company’s website at http://ir.murphyoilcorp.com.


Date: Thursday, May 7, 2026

Time: 9:00 a.m. ET

Toll Free Dial-in: 800-715-9871

Conference ID: 9924118


ABOUT MURPHY OIL CORPORATION


Murphy Oil Corporation is an independent oil and natural gas company with a multi-basin onshore and offshore portfolio and significant exploration opportunities. The company has more than a century-long history of demonstrating strong execution and innovative, full-cycle development capabilities with a focus on value creation that drives shareholder returns. Murphy’s foresight and financial discipline, along with its culture of adaptability and accountability, will allow the company to continue its outstanding legacy and exceptional reputation. The company’s current operations include extensive inventory located onshore in the Eagle Ford Shale, Tupper Montney and Kaybob Duvernay, as well as offshore in the Gulf of America and Canada. Murphy also strives to create long-term shareholder value through offshore exploration and development in the Gulf of America, Vietnam and Côte d’Ivoire. Additional information can be found on the company’s website at www.murphyoilcorp.com.


FORWARD-LOOKING STATEMENTS


This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the company’s future operating results or activities and returns or the company's ability and intent to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other environmental, social and governance matters, make capital expenditures, pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and natural gas industry, including supply and demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; geopolitical concerns; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or markets of health pandemics and related government responses; natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; cyber attacks and other cybersecurity risks; any failure to obtain necessary regulatory approvals; the impact of current and future laws, rulings and governmental regulations; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets, banking system or economies in general, including inflation, trade policies, tariffs and other trade restrictions. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the company; therefore, we encourage investors, the media, business partners and others interested in the company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this news release. Each forward-looking statement contained in this news release speaks only as of the date of this news release. Except as required by applicable law, Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260401285167/en/
Investor Contacts:

InvestorRelations@murphyoilcorp.com

Atif Riaz, 281-675-9358

Beth Heller, 281-675-9363


Original: Murphy Oil Corporation Schedules First Quarter 2026 Conference Call and Webcast for Thursday, May 7, 2026

Murphy Oil Corporation Announces Quarterly DividendApril 1, 2026 9:40 AM
Business Wire
The Board of Directors of Murphy Oil Corporation (NYSE: MUR) today declared a quarterly cash dividend on the Common Stock of Murphy Oil Corporation of $0.35 per share, or $1.40 per share on an annualized basis. The dividend is payable on June 1, 2026, to stockholders of record as of May 18, 2026.


ABOUT MURPHY OIL CORPORATION


Murphy Oil Corporation is an independent oil and natural gas company with a multi-basin onshore and offshore portfolio and significant exploration opportunities. The company has more than a century-long history of demonstrating strong execution and innovative, full-cycle development capabilities with a focus on value creation that drives shareholder returns. Murphy’s foresight and financial discipline, along with its culture of adaptability and accountability, will allow the company to continue its outstanding legacy and exceptional reputation. The company’s current operations include extensive inventory located onshore in the Eagle Ford Shale, Tupper Montney and Kaybob Duvernay, as well as offshore in the Gulf of America and Canada. Murphy also strives to create long-term shareholder value through offshore exploration and development in the Gulf of America, Vietnam and Côte d’Ivoire. Additional information can be found on the company’s website at www.murphyoilcorp.com.


FORWARD-LOOKING STATEMENTS


This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the company’s future operating results or activities and returns or the company's ability and intent to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other environmental, social and governance matters, make capital expenditures, pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and natural gas industry, including supply and demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; geopolitical concerns; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or markets of health pandemics and related government responses; natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; cyber attacks and other cybersecurity risks; any failure to obtain necessary regulatory approvals; the impact of current and future laws, rulings and governmental regulations; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets, banking system or economies in general, including inflation, trade policies, tariffs and other trade restrictions. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the company; therefore, we encourage investors, the media, business partners and others interested in the company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this news release. Each forward-looking statement contained in this news release speaks only as of the date of this news release. Except as required by applicable law, Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260331613288/en/
Investor Contacts:

InvestorRelations@murphyoilcorp.com

Atif Riaz, 281-675-9358

Beth Heller, 281-675-9363


Original: Murphy Oil Corporation Announces Quarterly Dividend

Murphy Oil Corporation to Host a Webinar Series Focused on the Company’s Offshore Strategy and Vietnam BusinessFebruary 24, 2026 4:44 PM
Business Wire
Murphy Oil Corporation (NYSE: MUR) is pleased to invite investors and stakeholders to a three-part webinar series highlighting the company’s offshore exploration and development strategy, with a specific focus on its growing Vietnam business.


The educational webinar series will consist of the following sessions, each scheduled at 9:00 AM Eastern Time (ET).


March 3, 2026 — Strategic Exploration and Development


March 10, 2026 — Murphy in Vietnam


March 24, 2026 — Basics of a Production Sharing Contract


The webinars will feature prepared remarks by members of Murphy’s senior leadership team and are intended to provide additional context around the company’s offshore capabilities, international portfolio, Vietnam operations, and the basics of production sharing contracts.


Each webinar will be accessible through a webcast link on the Investor Relations page of Murphy’s website at http://ir.murphyoilcorp.com. A copy of the presentation for each webinar will also be made available on Murphy’s website concurrently with the webinar.


A live question and answer session will follow each presentation. To ask questions or to attend via conference call, attendees may join using the dial-in details below:


Toll-Free Dial-in: (800) 715-9871


Conference ID: 6273081


Additionally, for those unable to attend a webinar, a recording will be made available on the Investor Relations page of Murphy’s website following each webinar.


ABOUT MURPHY OIL CORPORATION


Murphy Oil Corporation is an independent oil and natural gas company with a multi-basin onshore and offshore portfolio and significant exploration opportunities. The company has more than a century-long history of demonstrating strong execution and innovative, full-cycle development capabilities with a focus on value creation that drives shareholder returns. Murphy’s foresight and financial discipline, along with its culture of adaptability and accountability, will allow the company to continue its outstanding legacy and exceptional reputation. The company’s current operations include extensive inventory located onshore in the Eagle Ford Shale, Tupper Montney and Kaybob Duvernay, as well as offshore in the Gulf of America and Canada. Murphy also strives to create long-term shareholder value through offshore exploration and development in the Gulf of America, Vietnam and Côte d’Ivoire. Additional information can be found on the company’s website at www.murphyoilcorp.com.


FORWARD-LOOKING STATEMENTS


This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the company’s future operating results or activities and returns or the company's ability and intent to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other environmental, social and governance matters, make capital expenditures, pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and natural gas industry, including supply and demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; geopolitical concerns; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or markets of health pandemics and related government responses; natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; cyber attacks and other cybersecurity risks; any failure to obtain necessary regulatory approvals; the impact of current and future laws, rulings and governmental regulations; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets, banking system or economies in general, including inflation, trade policies, tariffs and other trade restrictions. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the company; therefore, we encourage investors, the media, business partners and others interested in the company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this news release. Each forward-looking statement contained in this news release speaks only as of the date of this news release. Except as required by applicable law, Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260224481615/en/
Investor Contacts:

InvestorRelations@murphyoilcorp.com

Atif Riaz, 281-675-9358

Beth Heller, 281-675-9363

Dimitra Vlachou, 713-502-7054


Original: Murphy Oil Corporation to Host a Webinar Series Focused on the Company’s Offshore Strategy and Vietnam Business

Murphy Oil Corporation Announces Results of Caracal Exploration Well in Côte d’IvoireFebruary 23, 2026 4:30 PM
Business Wire
Murphy Oil Corporation (NYSE: MUR) today announced results from the Caracal-1X exploration well in Block CI-102 offshore Côte d’Ivoire. The well, which reached a total depth of 8,534 feet (2,601 meters), will be plugged and abandoned as a dry hole after encountering hydrocarbon shows. Results from Caracal-1X will inform Murphy’s ongoing assessment of remaining prospectivity across its Côte d’Ivoire acreage.


Murphy, together with its partner Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire (PETROCI), remains committed to moving forward with the Bubale-1X well in Block CI-709. This well targets a geological play independent from Civette-1X and Caracal-1X, the initial two wells in the three-well exploration campaign in Côte d’Ivoire.


Murphy holds a 90 percent working interest in Block CI-102 and serves as operator. PETROCI holds the remaining 10 percent.


ABOUT MURPHY OIL CORPORATION


Murphy Oil Corporation is an independent oil and natural gas company with a multi-basin onshore and offshore portfolio and significant exploration opportunities. The company has more than a century-long history of demonstrating strong execution and innovative, full-cycle development capabilities with a focus on value creation that drives shareholder returns. Murphy’s foresight and financial discipline, along with its culture of adaptability and accountability, will allow the company to continue its outstanding legacy and exceptional reputation. The company’s current operations include extensive inventory located onshore in the Eagle Ford Shale, Tupper Montney and Kaybob Duvernay, as well as offshore in the Gulf of America and Canada. Murphy also strives to create long-term shareholder value through offshore exploration and development in the Gulf of America, Vietnam and Côte d’Ivoire. Additional information can be found on the company’s website at www.murphyoilcorp.com.


FORWARD-LOOKING STATEMENTS


This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the company’s future operating results or activities and returns or the company's ability and intent to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other environmental, social and governance matters, make capital expenditures, pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and natural gas industry, including supply and demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; geopolitical concerns; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or markets of health pandemics and related government responses; natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; cyber attacks and other cybersecurity risks; any failure to obtain necessary regulatory approvals; the impact of current and future laws, rulings and governmental regulations; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets, banking system or economies in general, including inflation, trade policies, tariffs and other trade restrictions. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the company; therefore, we encourage investors, the media, business partners and others interested in the company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this news release. Each forward-looking statement contained in this news release speaks only as of the date of this news release. Except as required by applicable law, Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260220908010/en/
Investor Contacts:

InvestorRelations@murphyoilcorp.com

Atif Riaz, 281-675-9358

Beth Heller, 281-675-9363

Dimitra Vlachou, 713-502-7054


Original: Murphy Oil Corporation Announces Results of Caracal Exploration Well in Côte d’Ivoire

Murphy Oil Corporation Announces Fourth Quarter and Full Year 2025 Results, Preliminary Year-End 2025 Reserves, 2026 Capital Expenditure and Production GuidanceJanuary 28, 2026 4:41 PM
Business Wire
Announced Successful Appraisal Well at Hai Su Vang-2X in Offshore Vietnam,

Maintained 11 Year Reserve Life with Preliminary Proved Reserves of 715 MMBOE,

Signed Petroleum Agreement for Morocco New Country Entry,

Increased Dividend by 8 Percent in 2026


Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the fourth quarter ended December 31, 2025. As a supplement to this release, Murphy has also furnished a Quarterly Stockholder Update.


Unless otherwise noted, the financial and operating highlights and metrics discussed in this commentary exclude noncontrolling interest (NCI).†




(Millions of dollars, except volumes and per share amounts)






Three months ended




December 31, 2025






 






Year ended

December 31, 2025








Net income attributable to Murphy






$






11.9






 






$






104.2








Net income attributable to Murphy per common share - Diluted






$






0.08






 






$






0.72








Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) 1






$






19.7






 






$






197.0








Adjusted net income from continuing operations per average common share - Diluted (Non-GAAP) 1






$






0.14






 






$






1.37








Adjusted EBITDA attributable to Murphy (Non-GAAP) 1






$






298.1






 






$






1,362.4








Adjusted EBITDAX attributable to Murphy (Non-GAAP) 1






$






352.4






 






$






1,474.0








Net cash provided by continuing operations activities






$






249.6






 






$






1,247.8








Free cash flow (Non-GAAP) 1






$






109.6






 






$






301.3








Oil production, net (BOPD) 2






 






87,044






 






 






87,321








Total production, net (BOEPD) 2






 






181,431






 






 






182,294








Capital expenditures (CAPEX) 3






$






340.8






 






$






1,157.0








Lease operating expense from continuing operations ($/BOE) 2






$






9.16






 






$






10.89









(1)






Please see our schedules of adjusted net income, adjusted EBITDA and adjusted EBITDAX and free cash flow for details and reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.








(2)






Barrels of oil per day (BOPD), barrels of oil equivalent (BOE) and barrels of oil equivalent per day (BOEPD).








(3)






Capital expenditures for the fourth quarter and year ended December 31, 2025 exclude acquisition-related costs of $4.6 million and $29.0 million, respectively.







Highlights for the fourth quarter include:



Produced 181,400 BOEPD, exceeding the midpoint of quarterly guidance



Spud four exploration and appraisal wells - Hai Su Vang-2X (Golden Sea Lion) in Vietnam, Civette-1X in Côte d’Ivoire, and Cello #1 and Banjo #1 in the Gulf of America - in line with plan



Initiated development drilling at Lac Da Vang (Golden Camel) development project in Vietnam ahead of schedule



Paid down $50 million of debt under the senior unsecured credit facility and returned $46 million to shareholders through quarterly dividend



Named apparent high bidder on 14 exploration blocks in the Gulf of America lease sale on December 10, 2025



Highlights for the full year 2025 include:



Produced 182,300 BOEPD, at the high end of annual production guidance range



Drilled oil discoveries at the Lac Da Hong-1X (Pink Camel) and Hai Su Vang-1X (Golden Sea Lion) exploration wells in Vietnam



Returned $286 million to shareholders through $186 million in quarterly dividends and $100 million in stock repurchases



Closed the strategic acquisition of the Pioneer floating production, storage and offloading vessel (FPSO) in the Gulf of America for $104 million net purchase price



Achieved a seven percent year over year reduction in drilling costs in the Eagle Ford Shale (EFS) while delivering the highest-performing EFS wells in Company history at Karnes and Catarina



Reduced lease operating expense per BOE by twenty percent compared to 2024



Subsequent to the fourth quarter:



Completed Drill Stem Tests (DST) on the Hai Su Vang-2X (Golden Sea Lion) appraisal well indicating an approximate 12,000 BOPD combined flow rate from the primary reservoir



Raised estimate of recoverable resource at Hai Su Vang (Golden Sea Lion) in offshore Vietnam following a successful appraisal well, with the midpoint now toward the high end of the previous guidance range of 170 to 430 MMBOE



Drilled oil discoveries at Cello #1 and Banjo #1 exploration wells in the Gulf of America, and announced a dry hole at Civette-1X in Côte d’Ivoire



Signed a Petroleum Agreement securing an operated working interest position in Morocco’s Gharb Deep Offshore deepwater block, enabling future exploration



Upsized senior unsecured revolving credit facility from $1.35 billion to $2.00 billion and extended maturity from 2029 to 2031



Issued $500 million aggregate principal amount of 6.500 percent senior notes due 2034, redeemed a total of $227 million of senior notes due 2027 and 2028, and paid down the remaining $100 million balance on the senior unsecured revolving credit facility



Increased the quarterly cash dividend by eight percent to $0.35 per share, or $1.40 per share annualized for 2026



“Throughout 2025 we stayed true to our strategy — allocate capital with discipline, execute our core plan, and pursue selective, high impact exploration. We delivered record-setting well performance in our onshore program, advanced our exploration agenda, and strengthened our liquidity and debt maturity profile. Our Hai Su Vang discovery and appraisal success, along with our broader Vietnam portfolio, position us for material new growth over the coming decade. Our accomplishments in 2025 have provided a robust foundation for continued progress in 2026, positioning us to deliver sustainable value through all market cycles,” stated Eric M. Hambly, President and Chief Executive Officer.


SHAREHOLDER RETURNS


In the fourth quarter of 2025, shareholder returns totaled $46 million through the quarterly dividend. In 2025, Murphy returned $286 million to shareholders, which includes $100 million of share repurchases, or 3.6 million shares, and $186 million in dividends.


The Company had $550 million remaining under its share repurchase authorization and 142.8 million shares outstanding as of December 31, 2025.


FINANCIAL POSITION


Murphy had approximately $1.6 billion of liquidity on December 31, 2025, comprised of $1.25 billion undrawn under the $1.35 billion senior unsecured credit facility (subsequently upsized to $2.00 billion) and $377 million of cash and cash equivalents, inclusive of NCI. During the quarter, Murphy paid down $50 million of debt under the senior unsecured credit facility.


As of December 31, 2025, Murphy’s total debt of $1.4 billion was comprised of long-term, fixed-rate notes and $100 million drawn under the senior unsecured credit facility. The fixed-rate notes had a weighted average maturity of 8.3 years and a weighted average coupon of 6.1 percent.


YEAR-END 2025 PROVED RESERVES


After producing 67 MMBOE for the year, Murphy’s preliminary year-end 2025 proved reserves were 715 MMBOE, consisting of 36 percent oil and 41 percent liquids. Reserve replacement was 103 percent in 2025.


The Company maintained a consistent reserve life of 11 years with 57 percent proved developed reserves.




2025 Proved Reserves – Preliminary *








Category






Net Oil (MMBBL)






Net NGLs (MMBBL)






Net Gas (BCF)






Net Equiv. (MMBOE)








Proved Developed (PD)






161






21






1,341






406








Proved Undeveloped (PUD)






94






15






1,203






309








Total Proved (TP)






255






36






2,544






715









*






Proved reserves exclude NCI and are based on preliminary year-end 2025 third-party audited volumes using SEC pricing.







ONSHORE OPERATIONS SUMMARY


In the fourth quarter of 2025, the onshore business produced approximately 109 MBOEPD, which included 31 percent liquids. No new wells were brought online in the quarter.




Onshore






Oil Production (BOPD)






Total Production (BOEPD)








Eagle Ford Shale






24,400






36,100








Tupper Montney






200






68,000








Kaybob Duvernay






3,300






5,200







Eagle Ford Shale – Continued drilling and completion activity in Karnes and Catarina; wells are expected to come online in the first quarter of 2026.


Onshore Canada – Began drilling a four-well pad in Kaybob Duvernay and an eight-well pad in Tupper Montney; wells are expected to come online in 2026.


OFFSHORE OPERATIONS SUMMARY


Excluding NCI, in the fourth quarter of 2025, the offshore business produced approximately 72 MBOEPD, which included 88 percent liquids.




Offshore






Oil Production (BOPD)






Total Production (BOEPD)








Gulf of America






51,000






64,000








Canada






7,900






7,900







Gulf of America – Spud the Cello #1 and Banjo #1 exploration wells during the fourth quarter. Subsequent to quarter end, Murphy drilled discoveries at Cello #1 and Banjo #1, with the wells encountering 30 feet and 50 feet of net pay, respectively.


Vietnam – Installed the platform jacket and initiated development drilling at the Lac Da Vang (Golden Camel) development project. The project remains on schedule for first oil in the fourth quarter of 2026.


MOROCCO NEW COUNTRY ENTRY


During the first quarter, Murphy signed a Petroleum Agreement securing an operated position in Morocco’s Gharb Deep Offshore deepwater block which covers more than 4 million acres. Murphy holds a 75 percent working interest in the block, with the remaining 25 percent working interest held by the Office National des Hydrocarbures et des Mines (ONHYM). The Petroleum Agreement does not include any firm well commitments in the initial three-year exploration phase.


“We are excited about our entry into Morocco, which offers exposure to exploration in a frontier basin with attractive entry costs and competitive terms. This entry is consistent with our strategy of developing a diverse exploration portfolio that balances risk, material upside, and value,” said Hambly.


2026 PRODUCTION AND CAPITAL EXPENDITURE GUIDANCE


The table below illustrates first quarter and full year 2026 guidance.




1Q 2026 Guidance








Producing Asset






Oil




(BOPD)






 






NGLs




(BOPD)






 






Natural Gas




(MCFD)






 






Total




(BOEPD)








Eagle Ford Shale






26,900






 






5,600






 






28,800






 






37,300








Gulf of America, excl. NCI






44,600






 






3,800






 






46,000






 






56,100








Tupper Montney






200






 






—






 






364,000






 






60,900








Kaybob Duvernay






2,800






 






500






 






8,500






 






4,700








Offshore Canada






8,800






 






—






 






—






 






8,800








Other






200






 






—






 






—






 






200








 






 






 






 






 






 






 






 








Total Net Production, excl. NCI 1 (BOEPD)






 






164,000 to 172,000








Capital Expenditures, excl. NCI 2 ($MM)






 






$500 - $580








Exploration Expense ($ MM)






 






$100 - $140








 








Full Year 2026 Guidance








Total Net Production, excl. NCI 3 (BOEPD)






 






167,000 to 175,000








Capital Expenditures, excl. NCI 4 ($ MM)






 






$1,200 to $1,300








 








1 Excludes noncontrolling interest of MP GOM of 4,500 BOPD of oil, 200 BOPD of NGLs and 1,600 MCFD natural gas








2 Excludes noncontrolling interest of MP GOM of $13 million








3 Excludes noncontrolling interest of MP GOM of 5,500 BOPD of oil, 200 BOPD of NGLs and 1,700 MCFD natural gas








4 Excludes noncontrolling interest of MP GOM of $53 million







The table below illustrates the capital allocation by area.




2026 Capital Expenditure Guidance








Area






Total CAPEX $MMs






Percent of Total CAPEX








Offshore






 






 








Gulf of America






$330






26%








Offshore Canada






$25






2%








Vietnam - Lac Da Vang Development






$120






9%








Vietnam - Hai Su Vang Appraisal






$75






6%








Onshore






 






 








Eagle Ford Shale






$285






23%








Tupper Montney






$100






8%








Kaybob Duvernay






$35






3%








Exploration






 






 








Exploration - Drilling






$150






12%








Exploration - Data Acquisition and Other






$95






8%








Corporate






$35






3%







The table below details the 2026 onshore well delivery plan by quarter.




 






2026 Onshore Wells Online








 






 






1Q 2026






2Q 2026






3Q 2026






4Q 2026






2026 Total






 








 






Eagle Ford Shale






15






13






2






–






30






 








 






Kaybob Duvernay






–






4






–






–






4






 








 






Tupper Montney






–






–






8






–






8






 








 






Non-Op Eagle Ford Shale






–






–






2






11






13






 









Note: All well counts are shown gross. Eagle Ford Shale non-operated working interest averages 23 percent.








CONFERENCE CALL AND WEBCAST SCHEDULED FOR JANUARY 29, 2026


Murphy will host a conference call to discuss fourth quarter 2025 financial and operating results on Thursday, January 29, 2026, at 9:00 a.m. ET. The call can be accessed either via the Internet through the events calendar on the Murphy Oil Corporation Investor Relations website at http://ir.murphyoilcorp.com or via telephone by dialing toll free 1-800-717-1738, reservation number 30479. For additional information, please refer to the Fourth Quarter 2025 Earnings Presentation and Quarterly Stockholder Update available under the News and Events section of the Investor Relations website.


FINANCIAL DATA


Summary financial data and operating statistics for fourth quarter 2025, with comparisons to the same period from the previous year, are contained in the attached schedules. Additionally, a schedule indicating the impacts of items affecting comparability of results between periods and a reconciliation of the non-GAAP financial measures of adjusted net income from continuing operations attributable to Murphy, EBITDA, EBITDAX, adjusted EBITDA, adjusted EBITDAX, free cash flow and adjusted free cash flow to the most directly comparable GAAP financial measures for such periods are also included.


ABOUT MURPHY OIL CORPORATION


Murphy Oil Corporation is an independent oil and natural gas company with a multi-basin onshore and offshore portfolio and significant exploration opportunities. The Company has more than a century-long history of demonstrating strong execution and innovative, full-cycle development capabilities with a focus on value creation that drives shareholder returns. Murphy’s foresight and financial discipline, along with its culture of adaptability and accountability, will allow the Company to continue its outstanding legacy and exceptional reputation. The Company’s current operations include extensive inventory located onshore in the Eagle Ford Shale, Tupper Montney and Kaybob Duvernay, as well as offshore in the Gulf of America and Canada. Murphy also strives to create long-term shareholder value through offshore exploration and development in the Gulf of America, Vietnam and Côte d’Ivoire. Additional information can be found on the Company’s website at www.murphyoilcorp.com.


FORWARD-LOOKING STATEMENTS


This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the Company’s future operating results or activities and returns or the Company's ability and intent to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other environmental, social and governance) matters, make capital expenditures, pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and natural gas industry, including supply and demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; geopolitical concerns; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or markets of health pandemics and related government responses; natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; cyber attacks and other cybersecurity risks; any failure to obtain necessary regulatory approvals; the impact of current and future laws, rulings and governmental regulations; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets, banking system or economies in general, including inflation, trade policies, tariffs and other trade restrictions. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the Company; therefore, we encourage investors, the media, business partners and others interested in the Company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this news release. Each forward-looking statement contained in this news release speaks only as of the date of this news release. Except as required by applicable law, Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.


NON-GAAP FINANCIAL MEASURES


This news release contains certain non-GAAP financial measures that management believes are useful tools for internal use and the investment community in evaluating Murphy Oil Corporation’s overall financial performance. These non-GAAP financial measures are broadly used to value and compare companies in the crude oil and natural gas industry. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for financial measures prepared in accordance with US generally accepted accounting principles (GAAP) and should therefore be considered only as supplemental to such GAAP financial measures. Please see the attached schedules for reconciliations of the differences between the non-GAAP financial measures used in this news release and the most directly comparable GAAP financial measures.


† In accordance with GAAP, Murphy reports the 100 percent interest, including a 20 percent noncontrolling interest (NCI), in its subsidiary, MP Gulf of Mexico, LLC (MP GOM). The GAAP financials include the NCI portion of revenue, costs, assets and liabilities and cash flows. Unless otherwise noted, the financial and operating highlights and metrics discussed in this news release, but not the accompanying schedules, exclude the NCI, thereby representing only the amounts attributable to Murphy.




MURPHY OIL CORPORATION




CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)









 



 






Three Months Ended




December 31,






Year Ended




December 31,








(Thousands of dollars, except per share amounts)






2025






2024






2025






2024








Revenues and other income






 






 






 






 








Revenue from production






$






613,084






 






$






669,574






 






$






2,689,845






 






$






3,014,856






 








Sales of purchased natural gas






 






—






 






 






—






 






 






—






 






 






3,742






 








Total revenue from sales to customers






 






613,084






 






 






669,574






 






 






2,689,845






 






 






3,018,598






 








Gain (loss) on derivative instruments






 






(1,144






)






 






(363






)






 






5,927






 






 






(1,707






)








Gain on sale of assets and other operating income






 






12,617






 






 






1,749






 






 






23,051






 






 






11,583






 








Total revenues and other income






 






624,557






 






 






670,960






 






 






2,718,823






 






 






3,028,474






 








Costs and expenses






 






 






 






 








Lease operating expenses






 






160,254






 






 






220,182






 






 






765,240






 






 






936,960






 








Severance and ad valorem taxes






 






7,472






 






 






8,156






 






 






39,238






 






 






39,162






 








Transportation, gathering and processing






 






48,626






 






 






53,366






 






 






199,693






 






 






210,827






 








Costs of purchased natural gas






 






—






 






 






—






 






 






—






 






 






3,147






 








Exploration expenses, including undeveloped lease amortization






 






54,281






 






 






15,148






 






 






111,670






 






 






133,538






 








Selling and general expenses






 






38,640






 






 






31,160






 






 






137,332






 






 






110,085






 








Depreciation, depletion and amortization






 






240,804






 






 






215,444






 






 






977,753






 






 






865,753






 








Accretion of asset retirement obligations






 






14,577






 






 






13,443






 






 






57,730






 






 






52,511






 








Impairment of assets






 






—






 






 






28,381






 






 






115,002






 






 






62,909






 








Other operating expense






 






564






 






 






492






 






 






13,928






 






 






10,989






 








Total costs and expenses






 






565,218






 






 






585,772






 






 






2,417,586






 






 






2,425,881






 








Operating income from continuing operations






 






59,339






 






 






85,188






 






 






301,237






 






 






602,593






 








Other income (loss)






 






 






 






 








Other income (loss)






 






(7,668






)






 






37,032






 






 






(22,299






)






 






70,902






 








Interest expense, net






 






(22,770






)






 






(43,661






)






 






(96,072






)






 






(105,926






)








Total other loss






 






(30,438






)






 






(6,629






)






 






(118,371






)






 






(35,024






)








Income from continuing operations before income taxes






 






28,901






 






 






78,559






 






 






182,866






 






 






567,569






 








Income tax expense






 






6,641






 






 






13,417






 






 






44,552






 






 






78,272






 








Income from continuing operations






 






22,260






 






 






65,142






 






 






138,314






 






 






489,297






 








Income (loss) from discontinued operations, net of income taxes






 






313






 






 






(689






)






 






485






 






 






(2,812






)








Net income including noncontrolling interest






 






22,573






 






 






64,453






 






 






138,799






 






 






486,485






 








Less: Net income attributable to noncontrolling interest






 






10,682






 






 






14,117






 






 






34,565






 






 






79,314






 








NET INCOME ATTRIBUTABLE TO MURPHY






$






11,891






 






$






50,336






 






$






104,234






 






$






407,171






 








NET INCOME (LOSS) PER COMMON SHARE – BASIC






 






 






 






 








Continuing operations






$






0.08






 






$






0.35






 






$






0.73






 






$






2.73






 








Discontinued operations






 






—






 






 






—






 






 






—






 






 






(0.02






)








Net income






$






0.08






 






$






0.35






 






$






0.73






 






$






2.71






 








NET INCOME (LOSS) PER COMMON SHARE – DILUTED






 






 






 






 








Continuing operations






$






0.08






 






$






0.34






 






$






0.72






 






$






2.72






 








Discontinued operations






 






—






 






 






—






 






 






—






 






 






(0.02






)








Net income






$






0.08






 






$






0.34






 






$






0.72






 






$






2.70






 








Cash dividends per common share






$






0.325






 






$






0.300






 






$






1.300






 






$






1.200






 








Average common shares outstanding (thousands)






 






 






 






 








Basic






 






142,761






 






 






145,843






 






 






143,124






 






 






150,011






 








Diluted






 






144,175






 






 






146,797






 






 






144,025






 






 






151,027






 









MURPHY OIL CORPORATION




CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)









 



 






Three Months Ended




December 31,






Year Ended




December 31,








(Thousands of dollars)






2025






2024






2025






2024








Operating Activities






 






 






 






 








Net income including noncontrolling interest






$






22,573






 






$






64,453






 






$






138,799






 






$






486,485






 








Adjustments to reconcile net income to net cash provided by continuing operations activities






 






 






 






 








Depreciation, depletion and amortization






 






240,804






 






 






215,444






 






 






977,753






 






 






865,753






 








Unsuccessful exploration well costs and previously suspended exploration costs






 






30,012






 






 






3,653






 






 






30,095






 






 






73,201






 








Deferred income tax expense






 






11,368






 






 






27,298






 






 






34,673






 






 






72,434






 








Impairment of assets






 






—






 






 






28,381






 






 






115,002






 






 






62,909






 








Accretion of asset retirement obligations






 






14,577






 






 






13,443






 






 






57,730






 






 






52,511






 








Long-term non-cash compensation






 






16,614






 






 






14,997






 






 






45,128






 






 






45,057






 








Amortization of undeveloped leases






 






4,727






 






 






1,880






 






 






11,634






 






 






9,587






 








(Income) loss from discontinued operations






 






(313






)






 






689






 






 






(485






)






 






2,812






 








Unrealized (gain) loss on derivative instruments






 






2,198






 






 






363






 






 






(1,706






)






 






1,707






 








Other operating activities, net






 






(39,335






)






 






19,911






 






 






(86,763






)






 






(18,349






)








Net decrease (increase) in non-cash working capital






 






(53,579






)






 






43,048






 






 






(74,052






)






 






74,883






 








Net cash provided by continuing operations activities






 






249,646






 






 






433,560






 






 






1,247,808






 






 






1,728,990






 








Investing Activities






 






 






 






 








Property additions and dry hole costs






 






(193,604






)






 






(170,008






)






 






(1,020,611






)






 






(900,108






)








Acquisition of oil and natural gas properties






 






(4,629






)






 






(4,867






)






 






(29,034






)






 






(8,056






)








Proceeds from sales of property, plant and equipment






 






20,719






 






 






—






 






 






20,719






 






 






—






 








Net cash required by investing activities






 






(177,514






)






 






(174,875






)






 






(1,028,926






)






 






(908,164






)








Financing Activities






 






 






 






 








Retirement of debt






 






—






 






 






(600,112






)






 






—






 






 






(650,112






)








Early redemption of debt cost






 






—






 






 






(15,700






)






 






—






 






 






(15,700






)








Debt issuance






 






—






 






 






600,000






 






 






—






 






 






600,000






 








Debt issuance cost






 






—






 






 






(10,145






)






 






—






 






 






(10,145






)








Borrowings on revolving credit facility






 






75,000






 






 






—






 






 






550,000






 






 






350,000






 








Repayment of revolving credit facility






 






(125,000






)






 






—






 






 






(450,000






)






 






(350,000






)








Issue costs of debt facility






 






(400






)






 






(14,718






)






 






(418






)






 






(14,718






)








Repurchase of common stock






 






—






 






 






(1,218






)






 






(102,620






)






 






(301,350






)








Cash dividends paid






 






(46,406






)






 






(43,753






)






 






(186,205






)






 






(179,961






)








Distributions to noncontrolling interest






 






(20,630






)






 






(21,962






)






 






(63,841






)






 






(118,580






)








Withholding tax on stock-based incentive awards






 






(2,074






)






 






—






 






 






(9,743






)






 






(25,310






)








Finance lease obligation payments






 






(695






)






 






(163






)






 






(1,238






)






 






(665






)








Net required by financing activities






 






(120,205






)






 






(107,771






)






 






(264,065






)






 






(716,541






)








Effect of exchange rate changes on cash and cash equivalents






 






(691






)






 






1,432






 






 






(1,190






)






 






2,210






 








Net increase (decrease) in cash and cash equivalents






 






(48,764






)






 






152,346






 






 






(46,373






)






 






106,495






 








Cash and cash equivalents at beginning of period






 






425,960






 






 






271,223






 






 






423,569






 






 






317,074






 








Cash and cash equivalents at end of period






$






377,196






 






$






423,569






 






$






377,196






 






$






423,569






 









MURPHY OIL CORPORATION




CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)









 



(Thousands of dollars)






December 31,

2025






December 31,

2024 1








ASSETS






 






 








Cash and cash equivalents






$






377,196






$






423,569








Other current assets






 






439,516






 






361,710








Property, plant and equipment, net






 






8,136,346






 






8,054,653








Operating lease assets, net






 






805,464






 






777,536








Other long-term assets






 






74,104






 






50,011








Total assets






$






9,832,626






$






9,667,479








LIABILITIES AND EQUITY






 






 








Current maturities of long-term debt, finance lease






$






2,514






$






871








Accounts payable






 






572,183






 






472,165








Operating lease liabilities






 






278,834






 






253,208








Other current liabilities






 






209,218






 






216,570








Long-term debt, including finance lease obligation






 






1,382,566






 






1,274,502








Asset retirement obligations






 






970,908






 






960,804








Non-current operating lease liabilities






 






537,773






 






537,381








Other long-term liabilities






 






641,933






 






610,135








Total liabilities






$






4,595,929






$






4,325,636








Murphy Shareholders' Equity






 






5,118,380






 






5,194,250








Noncontrolling interest






 






118,317






 






147,593








Total liabilities and equity






$






9,832,626






$






9,667,479









1






Reclassified to conform to current presentation.









MURPHY OIL CORPORATION




SCHEDULE OF ADJUSTED NET INCOME (LOSS) (unaudited)









 



 






Three Months Ended




December 31,






Year Ended




December 31,








(Millions of dollars, except per share amounts)






2025






2024






2025






2024








Net income attributable to Murphy (GAAP) 1






$






11.9






 






$






50.4






 






$






104.2






 






$






407.2






 








Discontinued operations (income) loss






 






(0.3






)






 






0.7






 






 






(0.5






)






 






2.8






 








Net income from continuing operations attributable to Murphy






 






11.6






 






 






51.1






 






 






103.7






 






 






410.0






 








Adjustments:






 






 






 






 








Impairment of assets 1






 






—






 






 






28.4






 






 






92.0






 






 






62.9






 








Foreign exchange (gain) loss






 






8.5






 






 






(34.8






)






 






29.4






 






 






(45.4






)








Unrealized (gain) loss on derivative instruments






 






2.2






 






 






0.4






 






 






(1.7






)






 






1.7






 








Write-off of previously suspended exploration well






 






—






 






 






—






 






 






—






 






 






26.1






 








Refinancing and early redemption of debt costs (non-cash)






 






—






 






 






3.7






 






 






—






 






 






3.7






 








Total adjustments, before taxes






 






10.7






 






 






(2.3






)






 






119.7






 






 






49.0






 








Income tax (benefit) expense related to adjustments






 






(2.6






)






 






2.2






 






 






(26.4






)






 






(8.3






)








Tax benefits on investments in foreign areas






 






—






 






 






—






 






 






—






 






 






(34.0






)








Total adjustments, after taxes






 






8.1






 






 






(0.1






)






 






93.3






 






 






6.7






 








Adjusted net income from continuing operations attributable to Murphy (Non-GAAP)






$






19.7






 






$






51.0






 






$






197.0






 






$






416.7






 








Adjusted net income from continuing operations per average diluted share (Non-GAAP)






$






0.14






 






$






0.35






 






$






1.37






 






$






2.76






 









1






Excludes amounts attributable to a noncontrolling interest in MP GOM.







Non-GAAP Financial Measures


Presented above is a reconciliation of net income (loss) to adjusted net income from continuing operations attributable to Murphy. Adjusted net income excludes certain items that management believes affect the comparability of results between periods. Management believes this is important information to provide because it is used by management to evaluate the Company’s operational performance and trends between periods and relative to its industry competitors. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s financial results. Adjusted net income is a non-GAAP financial measure and should not be considered a substitute for net income (loss) as determined in accordance with GAAP.


The pretax and income tax impacts for adjustments in the above table are shown below by area of operation and geographical location and corporate, as applicable, and exclude the share attributable to noncontrolling interests.




 






Three Months Ended December 31, 2025






 






Year Ended December 31, 2025








(Millions of dollars)






Pretax






 






Tax






 






Net






 






Pretax






 






Tax






 






Net








Exploration & Production:






 






 






 






 






 






 






 






 






 






 






 








United States






$






—






 






$






—






 






 






$






—






 






$






92.0






 






$






(19.4






)






 






$






72.6








Corporate






 






10.7






 






 






(2.6






)






 






 






8.1






 






 






27.7






 






 






(7.0






)






 






 






20.7








Total adjustments






$






10.7






 






$






(2.6






)






 






$






8.1






 






$






119.7






 






$






(26.4






)






 






$






93.3









MURPHY OIL CORPORATION




SCHEDULE OF EBITDA, ADJUSTED EBITDA, EBITDAX AND ADJUSTED EBITDAX (unaudited)









 



 






Three Months Ended




December 31,






Year Ended




December 31,








(Millions of dollars)






2025






2024






2025






2024








Net income attributable to Murphy (GAAP) 1






$






11.9






 






$






50.4






 






$






104.2






 






$






407.2






 








Income tax expense






 






6.6






 






 






13.4






 






 






44.6






 






 






78.3






 








Interest expense, net






 






22.8






 






 






43.6






 






 






96.1






 






 






105.9






 








Depreciation, depletion and amortization expense 1






 






233.5






 






 






207.3






 






 






946.8






 






 






833.1






 








EBITDA attributable to Murphy (Non-GAAP) 1






$






274.8






 






$






314.7






 






$






1,191.7






 






$






1,424.5






 








Exploration expenses 1






 






54.3






 






 






15.1






 






 






111.6






 






 






133.5






 








EBITDAX attributable to Murphy (Non-GAAP) 1






$






329.1






 






$






329.8






 






$






1,303.3






 






$






1,558.0






 








 






 






 






 






 








EBITDA attributable to Murphy (Non-GAAP) 1






$






274.8






 






$






314.7






 






$






1,191.7






 






$






1,424.5






 








Impairment of asset 1






 






—






 






 






28.4






 






 






92.0






 






 






62.9






 








Foreign exchange (gain) loss






 






8.5






 






 






(34.8






)






 






29.4






 






 






(45.4






)








Accretion of asset retirement obligations 1






 






12.9






 






 






12.0






 






 






51.5






 






 






46.9






 








Unrealized (gain) loss on derivative instruments






 






2.2






 






 






0.4






 






 






(1.7






)






 






1.7






 








Write-off of previously suspended exploration well






 






—






 






 






—






 






 






—






 






 






26.1






 








Discontinued operations (income) loss






 






(0.3






)






 






0.7






 






 






(0.5






)






 






2.8






 








Adjusted EBITDA attributable to Murphy (Non-GAAP) 1






$






298.1






 






$






321.4






 






$






1,362.4






 






$






1,519.5






 








Other exploration expenses 2






 






54.3






 






 






15.1






 






 






111.6






 






 






107.4






 








Adjusted EBITDAX attributable to Murphy




(Non-GAAP) 1






$






352.4






 






$






336.5






 






$






1,474.0






 






$






1,626.9






 









1






Excludes amounts attributable to a noncontrolling interest in MP GOM.








2






Other exploration expenses consist of exploration expenses as reported in the consolidated statement of operations excluding amounts relating to the write-off of previously suspended exploration well included in Adjusted EBITDA calculation above.







Non-GAAP Financial Measures


Presented above is a reconciliation of net income (loss) to earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, earnings before interest, taxes, depreciation and amortization, and exploration expenses (EBITDAX) and adjusted EBITDAX. Management believes EBITDA, adjusted EBITDA, EBITDAX and adjusted EBITDAX are important information to provide because they are used by management to evaluate the Company’s operational performance and trends between periods and relative to its industry competitors. Adjusted EBITDAX excludes certain items that management believes affect the comparability of results between periods. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s financial results. EBITDA, adjusted EBITDA, EBITDAX and adjusted EBITDAX are non-GAAP financial measures and should not be considered a substitute for net income (loss) or Cash provided by operating activities as determined in accordance with GAAP.




MURPHY OIL CORPORATION




SCHEDULE OF FREE CASH FLOW AND ADJUSTED FREE CASH FLOW (unaudited)









 



 






Three Months Ended




December 31,






Year Ended




December 31,








(Millions of dollars)






2025






2024






2025






2024








Net cash provided by continuing operations activities (GAAP)






$






249.6






 






$






433.6






 






$






1,247.8






 






$






1,729.0






 








Exclude: (decrease) increase in non-cash working capital






 






53.6






 






 






(43.0






)






 






74.1






 






 






(74.9






)








Operating cash flow excluding working capital adjustments






 






303.2






 






 






390.6






 






 






1,321.9






 






 






1,654.1






 








Less: property additions and dry hole costs 1






 






(193.6






)






 






(170.0






)






 






(1,020.6






)






 






(900.1






)








Free cash flow (Non-GAAP)






$






109.6






 






$






220.6






 






$






301.3






 






$






754.0






 








Less: cash dividends paid






 






(46.4






)






 






(43.8






)






 






(186.2






)






 






(180.0






)








Less: distributions to noncontrolling interest






 






(20.6






)






 






(22.0






)






 






(63.8






)






 






(118.6






)








Less: debt costs






 






(0.4






)






 






(40.6






)






 






(0.4






)






 






(40.6






)








Less: withholding tax on stock-based incentive awards






 






(2.1






)






 






—






 






 






(9.8






)






 






(25.3






)








Less: acquisition of oil and natural gas properties






 






(4.6






)






 






(4.9






)






 






(29.0






)






 






(8.0






)








Adjusted free cash flow (Non-GAAP)






$






35.5






 






$






109.3






 






$






12.1






 






$






381.5






 









1






Property additions for the year ended December 31, 2025, includes a payment of $125.0 million for the purchase of a floating production, storage, and offloading vessel in U.S. Offshore, including amounts attributable to a noncontrolling interest in MP GOM.







Non-GAAP Financial Measures


Presented above is a reconciliation of net cash provided by continuing operations activities to free cash flow (FCF) and adjusted FCF. Management believes FCF and adjusted FCF are important information to provide because they are additional measures of liquidity and are used by management to evaluate the Company’s ability to internally generate cash, excluding the timing impacts of working capital, and to measure funds available for investing and financing activities. Management also believes this information may be useful to investors and analysts to monitor the Company’s financial health and its performance over time. FCF and adjusted FCF are non-GAAP financial measures and should not be considered a substitute for net cash provided by operating, investing, or financing activities as determined in accordance with GAAP.




MURPHY OIL CORPORATION




FUNCTIONAL RESULTS OF OPERATIONS (unaudited)









 



 






Three Months Ended




December 31, 2025






Three Months Ended




December 31, 2024








(Millions of dollars)






Revenues






Income




(Loss)






Revenues






Income




(Loss)








Exploration and production






 






 






 






 








United States 1






$






483.2






 






$






85.2






 






$






572.2






 






$






102.9






 








Canada






 






129.9






 






 






9.0






 






 






95.9






 






 






(3.5






)








Other






 






12.7






 






 






(36.1






)






 






3.2






 






 






(14.0






)








Total exploration and production






 






625.8






 






 






58.1






 






 






671.3






 






 






85.4






 








Corporate






 






(1.2






)






 






(35.8






)






 






(0.3






)






 






(20.2






)








Income from continuing operations






 






624.6






 






 






22.3






 






 






671.0






 






 






65.2






 








Discontinued operations, net of tax






 






—






 






 






0.3






 






 






—






 






 






(0.7






)








Net income including noncontrolling interest






$






624.6






 






$






22.6






 






$






671.0






 






$






64.5






 








Less: Net income attributable to noncontrolling interest






 






 






10.7






 






 






 






14.2






 








Net income attributable to Murphy






 






$






11.9






 






 






$






50.3






 









 






Year Ended




December 31, 2025






 






Year Ended




December 31, 2024








(Millions of dollars)






Revenues






 






Income




(Loss)






 






Revenues






 






Income




(Loss)








Exploration and production






 






 






 






 






 






 






 








United States ¹






$






2,159.8






 






$






308.5






 






 






$






2,508.3






 






$






561.9






 








Canada






 






531.9






 






 






54.8






 






 






 






509.7






 






 






49.0






 








Other






 






15.7






 






 






(66.6






)






 






 






6.6






 






 






(12.5






)








Total exploration and production






 






2,707.4






 






 






296.7






 






 






 






3,024.6






 






 






598.4






 








Corporate






 






11.4






 






 






(158.4






)






 






 






3.9






 






 






(109.1






)








Income from continuing operations






 






2,718.8






 






 






138.3






 






 






 






3,028.5






 






 






489.3






 








Discontinued operations, net of tax






 






—






 






 






0.5






 






 






 






—






 






 






(2.8






)








Net income including noncontrolling interest






$






2,718.8






 






$






138.8






 






 






$






3,028.5






 






$






486.5






 








Less: Net income attributable to noncontrolling interest






 






 






 






34.6






 






 






 






 






 






79.3






 








Net income attributable to Murphy






 






 






$






104.2






 






 






 






 






$






407.2






 









1






Includes results attributable to a noncontrolling interest in MP GOM.









MURPHY OIL CORPORATION




PRODUCTION-RELATED EXPENSES (unaudited)










 



 






Three Months Ended




December 31,






 






Year Ended




December 31,








(Dollars per barrel of oil equivalents sold)






2025






 






2024






 






2025






 






2024








United States – Onshore






 






 






 






 






 






 






 








Lease operating expense






$






10.39






 






$






13.10






 






$






9.15






 






$






13.02








Severance and ad valorem taxes






 






2.00






 






 






2.76






 






 






2.56






 






 






3.33








Depreciation, depletion and amortization expense






 






30.26






 






 






29.69






 






 






30.02






 






 






29.36








 






 






 






 






 






 






 






 








United States – Offshore 1






 






 






 






 






 






 






 








Lease operating expense






$






12.18






 






$






20.95






 






$






17.78






 






$






21.38








Severance and ad valorem taxes






 






0.08






 






 






0.03






 






 






0.10






 






 






0.05








Depreciation, depletion and amortization expense






 






16.06






 






 






14.12






 






 






16.13






 






 






13.69








 






 






 






 






 






 






 






 








Canada – Onshore






 






 






 






 






 






 






 








Lease operating expense






$






4.79






 






$






4.89






 






$






4.75






 






$






5.18








Severance and ad valorem taxes






 






0.05






 






 






0.05






 






 






0.05






 






 






0.05








Depreciation, depletion and amortization expense






 






4.54






 






 






4.69






 






 






4.38






 






 






4.82








 






 






 






 






 






 






 






 








Canada – Offshore






 






 






 






 






 






 






 








Lease operating expense






$






30.21






 






$






30.31






 






$






21.12






 






$






22.43








Depreciation, depletion and amortization expense






 






8.83






 






 






9.23






 






 






9.81






 






 






9.55








 






 






 






 






 






 






 






 








Total E&P continuing operations 1






 






 






 






 






 






 






 








Lease operating expense






$






9.45






 






$






13.45






 






$






11.10






 






$






13.91








Severance and ad valorem taxes






 






0.44






 






 






0.50






 






 






0.57






 






 






0.58








Depreciation, depletion and amortization expense 2






 






14.08






 






 






13.04






 






 






14.06






 






 






12.72








 






 






 






 






 






 






 






 








Total oil and gas continuing operations – excluding noncontrolling interest






 






 






 






 






 






 






 








Lease operating expense






$






9.16






 






$






13.12






 






$






10.89






 






$






13.60








Severance and ad valorem taxes






 






0.45






 






 






0.52






 






 






0.59






 






 






0.60








Depreciation, depletion and amortization expense 2






 






14.11






 






 






13.04






 






 






14.09






 






 






12.71









1






Includes amounts attributable to a noncontrolling interest in MP GOM.








2






Excludes expenses attributable to the Corporate segment.









MURPHY OIL CORPORATION




CAPITAL EXPENDITURES (unaudited)









 



 






Three Months Ended




December 31,






Year Ended




December 31,








(Millions of dollars)






2025






2024






2025






2024








Exploration and production






 






 






 






 








United States 1






$






182.6






$






116.8






$






796.9






$






691.9








Canada






 






25.5






 






15.3






 






152.8






 






138.3








Other






 






130.3






 






43.4






 






247.1






 






105.5








Total






 






338.4






 






175.5






 






1,196.8






 






935.7








 






 






 






 






 








Corporate






 






12.0






 






12.7






 






21.2






 






29.1








Total capital expenditures - continuing operations 1






 






350.4






 






188.2






 






1,218.0






 






964.8








 






 






 






 






 








Less: capital expenditures attributable to noncontrolling interest






 






5.0






 






2.4






 






32.0






 






12.0








Total capital expenditures - continuing operations attributable to Murphy 2






$






345.4






$






185.8






$






1,186.0






$






952.8








 






 






 






 






 








Charged to exploration expenses 3






 






 






 






 








United States 1






 






5.5






 






4.1






 






33.5






 






90.0








Canada






 






—






 






—






 






0.3






 






0.4








Other






 






43.9






 






9.1






 






66.2






 






33.5








Total charged to exploration expenses - continuing operations 1,3






 






49.4






 






13.2






 






100.0






 






123.9








 






 






 






 






 








Less: charged to exploration expenses attributable to noncontrolling interest






 






—






 






—






 






0.1






 






—








Total charged to exploration expenses - continuing operations attributable to Murphy 4






 






49.4






 






13.2






 






99.9






 






123.9








 






 






 






 






 








Total capitalized - continuing operations attributable to Murphy






$






296.0






$






172.6






$






1,086.1






$






828.9









1






Includes amounts attributable to a noncontrolling interest in MP GOM.








2






For the three months ended December 31, 2025, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $4.6 million (2024:nil), is $340.8 million (2024: $185.8 million). For the year ended December 31, 2025, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $29.0 million (2024: nil), is $1,157.0 million (2024: $952.8 million).








3






For the three months and year ended December 31, 2025, total charged to exploration expense attributable to Murphy, excludes amortization of undeveloped leases of $4.8 million (2024: $1.9 million) and $11.7 million (2024 $9.6 million), respectively.








4






For the three months ended December 31, 2025 and 2024, no amounts were expensed for previously suspended exploration costs. For the year ended December 31, 2025, total charged to exploration expense attributable to Murphy, excluding previously suspended exploration costs of nil (2024: $26.1 million), is $99.9 million (2024: $97.8 million).









MURPHY OIL CORPORATION




PRODUCTION SUMMARY (unaudited)









 



 






Three Months Ended




December 31,






Year Ended




December 31,








(Barrels per day unless otherwise noted)






2025






2024






2025






2024








Net crude oil and condensate






 






 






 






 








United States - Onshore






24,374






 






21,006






 






26,186






 






21,151






 








United States - Offshore 1






56,686






 






60,085






 






56,797






 






63,047






 








Canada - Onshore






3,431






 






2,810






 






2,958






 






2,868






 








Canada - Offshore






7,941






 






7,346






 






6,981






 






7,251






 








Other






270






 






213






 






275






 






219






 








Total net crude oil and condensate






92,702






 






91,460






 






93,197






 






94,536






 








Net natural gas liquids






 






 






 






 








United States - Onshore






5,765






 






4,833






 






5,870






 






4,442






 








United States - Offshore 1






4,708






 






4,244






 






4,436






 






4,544






 








Canada - Onshore






608






 






668






 






521






 






597






 








Total net natural gas liquids






11,081






 






9,745






 






10,827






 






9,583






 








Net natural gas – thousands of cubic feet per day






 






 






 






 








United States - Onshore






35,504






 






26,434






 






33,415






 






25,028






 








United States - Offshore 1






52,582






 






59,204






 






51,793






 






57,228






 








Canada - Onshore






415,026






 






395,134






 






422,742






 






398,786






 








Total net natural gas






503,112






 






480,772






 






507,950






 






481,042






 








Total net hydrocarbons - including NCI 1,2






187,635






 






181,334






 






188,682






 






184,293






 








Noncontrolling interest






 






 






 






 








Net crude oil and condensate – barrels per day






(5,658






)






(6,034






)






(5,876






)






(6,358






)








Net natural gas liquids – barrels per day






(226






)






(172






)






(217






)






(199






)








Net natural gas – thousands of cubic feet per day






(1,920






)






(1,745






)






(1,767






)






(1,942






)








Total noncontrolling interest 1,2






(6,204






)






(6,497






)






(6,388






)






(6,881






)








Total net hydrocarbons - excluding NCI 1,2






181,431






 






174,837






 






182,294






 






177,412






 









1






Includes net volumes attributable to a noncontrolling interest in MP GOM (NCI).








2






Natural gas converted on an energy equivalent basis of 6:1.









MURPHY OIL CORPORATION




SALES SUMMARY (unaudited)









 



 






Three Months Ended




December 31,






Year Ended




December 31,








(Barrels per day unless otherwise noted)






2025






2024






2025






2024








Net crude oil and condensate






 






 






 






 








United States - Onshore






24,374






 






21,006






 






26,186






 






21,151






 








United States - Offshore 1






55,590






 






61,510






 






56,532






 






63,612






 








Canada - Onshore






3,431






 






2,810






 






2,958






 






2,868






 








Canada - Offshore






5,486






 






2,241






 






7,451






 






6,445






 








Other






445






 






441






 






226






 






230






 








Total net crude oil and condensate






89,326






 






88,008






 






93,353






 






94,306






 








Net natural gas liquids






 






 






 






 








United States - Onshore






5,765






 






4,833






 






5,870






 






4,443






 








United States - Offshore 1






4,708






 






4,244






 






4,436






 






4,543






 








Canada - Onshore






608






 






668






 






521






 






597






 








Total net natural gas liquids






11,081






 






9,745






 






10,827






 






9,583






 








Net natural gas – thousands of cubic feet per day






 






 






 






 








United States - Onshore






35,504






 






26,434






 






33,415






 






25,028






 








United States - Offshore 1






52,582






 






59,204






 






51,793






 






57,228






 








Canada - Onshore






415,026






 






395,134






 






422,742






 






398,786






 








Total net natural gas






503,112






 






480,772






 






507,950






 






481,042






 








Total net hydrocarbons - including NCI 1,2






184,259






 






177,882






 






188,838






 






184,063






 








Noncontrolling interest






 






 






 






 








Net crude oil and condensate – barrels per day






(5,492






)






(6,241






)






(5,837






)






(6,438






)








Net natural gas liquids – barrels per day






(226






)






(172






)






(217






)






(198






)








Net natural gas – thousands of cubic feet per day






(1,920






)






(1,745






)






(1,767






)






(1,942






)








Total noncontrolling interest 1,2






(6,038






)






(6,704






)






(6,349






)






(6,960






)








Total net hydrocarbons - excluding NCI 1,2






178,221






 






171,178






 






182,489






 






177,103






 









1






Includes net volumes attributable to a noncontrolling interest in MP GOM (NCI).








2






Natural gas converted on an energy equivalent basis of 6:1.









MURPHY OIL CORPORATION




WEIGHTED AVERAGE PRICE SUMMARY (unaudited)









 



 






Three Months Ended




December 31,






Year Ended




December 31,








 






2025






2024






2025






2024








Crude oil and condensate – dollars per barrel






 






 






 






 








United States - Onshore






$






59.20






$






70.44






$






64.59






$






75.77








United States - Offshore 1






 






59.28






 






69.92






 






65.69






 






76.36








Canada - Onshore 2






 






51.59






 






64.02






 






57.16






 






67.49








Canada - Offshore 2






 






62.63






 






75.81






 






68.77






 






82.22








Other 2






 






65.48






 






76.95






 






69.26






 






77.59








Natural gas liquids – dollars per barrel






 






 






 






 








United States - Onshore






 






17.72






 






21.53






 






19.38






 






20.20








United States - Offshore 1






 






16.43






 






23.91






 






20.40






 






23.37








Canada - Onshore 2






 






22.57






 






32.86






 






29.60






 






34.14








Natural gas – dollars per thousand cubic feet






 






 






 






 








United States - Onshore






 






3.03






 






2.28






 






2.91






 






1.90








United States - Offshore 1






 






3.84






 






2.69






 






3.75






 






2.40








Canada - Onshore 2






 






2.10






 






1.69






 






1.79






 






1.59









1






Prices include the effect of noncontrolling interest in MP GOM.








2






U.S. dollar equivalent.









MURPHY OIL CORPORATION




FIXED PRICE FORWARD SALES AND COMMODITY HEDGE POSITIONS




AS OF JANUARY 26, 2026 (unaudited)











 






 






 






 






 






 






Volumes




(MMCF/d)






 






Price/MCF






 






Remaining Period








Area






 






Commodity






 






Type 1






 






 






 






Start Date






 






End Date








Canada






 






Natural Gas






 






Fixed price forward sales






 






50






 






C$3.03






 






1/1/2026






 






3/31/2026








Canada






 






Natural Gas






 






Fixed price forward sales






 






78






 






C$2.94






 






4/1/2026






 






6/30/2026








Canada






 






Natural Gas






 






Fixed price forward sales






 






78






 






C$2.94






 






7/1/2026






 






9/30/2026








Canada






 






Natural Gas






 






Fixed price forward sales






 






59






 






C$3.00






 






10/1/2026






 






12/31/2026








Canada






 






Natural Gas






 






Fixed price forward sales






 






9.5






 






C$3.14






 






1/1/2027






 






12/31/2027









1






Fixed price forward sale contracts listed above are accounted for as normal sales and purchases for accounting purposes.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260127182401/en/
Investor Contacts:

InvestorRelations@murphyoilcorp.com

Atif Riaz, 281-675-9358

Beth Heller, 281-675-9363

Dimitra Vlachou, 713-502-7054


Original: Murphy Oil Corporation Announces Fourth Quarter and Full Year 2025 Results, Preliminary Year-End 2025 Reserves, 2026 Capital Expenditure and Production Guidance