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Kaybob Duvernay INVESTOR UPDATE JUNE 2020 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 0 Cautionary Statement & Investor Relations Contacts Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission (SEC) requires oil and natural gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use certain terms in this presentation, such as “resource”, “gross resource”, “recoverable resource”, “net risked PMEAN resource”, “recoverable oil”, “resource base”, “EUR” or “estimated ultimate recovery” and similar terms that the SEC’s rules prohibit us from including in filings with the SEC. The SEC permits the optional disclosure of probable and possible reserves in our filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent Annual Report on Form 10-K filed with the 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. Forward-Looking Statements – This presentation 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”, “expressed confidence”, “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 or results, are subject to inherent risks and uncertainties. Factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement include, but are not limited to: macro conditions in the oil and gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; 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 market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; 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 or economies in general. 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. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements. Non-GAAP Financial Measures – This presentation refers to certain forward looking non-GAAP measures such as future “Free Cash Flow”. Definitions of these measures are included in the appendix. Kelly Whitley Bryan Arciero Megan Larson VP, Investor Relations & Communications Sr. Investor Relations Advisor Sr. Investor Relations Analyst 281-675-9107 281-675-9339 281-675-9470 [email protected] [email protected] [email protected] www.murphyoilcorp.com NYSE: MUR 1 Agenda 1 Company Overview 2 Current Environment and Financial Update 3 Onshore Portfolio Update 4 Offshore Portfolio Update 5 Exploration Update 6 Looking Ahead www.murphyoilcorp.com NYSE: MUR 2 Murphy Overview • Long corporate history, IPO 1956 • Global offshore and North American onshore portfolio • Oil-weighted assets drive high margins • Exploration renaissance in focus areas • Appropriate liquidity management and strong balance sheet • Deliver energy in a safe and efficient manner www.murphyoilcorp.com NYSE: MUR 3 Murphy at a Glance 2019 Proved Reserves By Area By Product Mix 26% 36% 800 43% 57% Liquids- 50% MMBOE Weighted 38% 7% USEagle Onshore Ford ShaleCanadaCanada Onshore Onshore NANA Offshore Offshore CrudeCrude oil Oil NGLNGL NaturalNatural Gas gas 1Q 2020 Production By Area By Product Mix 23% 34% 186 66% 49% Liquids- MBOEPD Weighted 59% 28% 7% USEagle Onshore Ford ShaleCanadaCanada Onshore Onshore NANA Offshore Offshore CrudeCrude oil Oil NGLNGL NaturalNatural Gas gas Office Exploration Production Note: Production volumes, sales volumes, reserves and financial amounts exclude noncontrolling interest, unless otherwise stated Reserves are based on SEC year-end 2019 third-party audited proved reserves Calgary and El Dorado offices to close in July 2020 www.murphyoilcorp.com NYSE: MUR 4 Current Environment and Financial Update www.murphyoilcorp.com NYSE: MUR 5 Adapting to a New Energy Landscape Solidifying Structure to Remain Competitive Ensuring Long-Term Resilience Portfolio streamlined through accretive, oil-weighted Maintained total liquidity of $1.8 BN, including transactions since 2014 without issuing equity $407 MM of cash and cash equivalents Current budget supports long-term projects with No debt maturities until mid-2022 low break-evens Continuing to advance transformational exploration Cost structure reductions through significant plans ahead of oil price improvement operational and G&A cost savings, including reorganization Portfolio diversification provides flexibility with exploration upside Strong liquidity maintained through commodity price cycles Adjusted dividend for lower commodity prices www.murphyoilcorp.com NYSE: MUR 6 Navigating Our Business Through Low Commodity Price Cycle Production Update, Capital and Cost Reductions Production Resumes 2020 Total CAPEX • Shut-ins of 7 MBOEPD for April and 40 MBOEPD for May 28% • All volumes back online in June 2% US Onshore • ~180 MBOEPD current production Offshore 9% Adjusting CAPEX by ~$750 MM to $700 MM at Midpoint $700 MM Canada Onshore Exploration • Further reduced by $40 MM following 1Q 2020 earnings 45% Other • Represents >50% CAPEX reduction from original 2020 guidance 16% • Cash flow covers CAPEX and dividend at June strip prices • No onshore wells online 2H 2020 • Delayed timing of offshore projects Annual SG&A $MM, includes non-cash compensation Forecasting FY 2020 G&A of $130 MM – $140 MM*, 400 >40% reduction YoY • Lowered staff and board compensation 300 • Announced closure of offices in El Dorado and Calgary • Reduced staff by 30% and restructured organization to achieve 200 flatter, more efficient company 100 Lowering Operating Costs by >$30 MM • Renegotiating contracts across supply chain - • Optimizing operations and projects to maximize efficiencies 2015 2016 2017 2018 2019 2020E * Excluding restructuring costs www.murphyoilcorp.com NYSE: MUR 7 Balance Sheet Resilience Strong Foundation for Commodity Price Cycles Rating Agency Credit Rating Moody’s Ba3 • Low-levered, high yield E&P at YE 2019 S&P BB • $1.6 BN senior unsecured credit facility Fitch BB+ available through Nov 2023 • All debt is unsecured Note Maturity Profile $MM • Senior credit facility not subject to semi-annual 2,000 borrowing base redeterminations 1,500 • Long-term goal of de-levering with excess cash flow 1,000 • No near-term maturities, next due mid-2022 500 10 Year 20 Year 30 Year • 7.5 years weighted average for all senior notes 0 • 5.8% weighted average coupon Notes Drawn RCF Undrawn RCF www.murphyoilcorp.com NYSE: MUR 8 Onshore Portfolio Update www.murphyoilcorp.com NYSE: MUR 9 Concentrated Onshore Assets with Multi-Year Inventories PRICE-ADVANTAGED Oil-Weighted EAGLE FORD SHALE WELL POSITIONED FOR Tupper Montney Natural Gas IN TUPPER MONTNEY Kaybob Duvernay ABILITY TO Flex Capital THROUGHOUT PRICE CYCLES Eagle Ford Shale Nearly 1,400 PRODUCING LOCATIONS www.murphyoilcorp.com NYSE: MUR 10 Significant Running Room in the Eagle Ford Shale Substantial Development Across ~125,000 Net Acres Eagle Ford Shale Acreage • >500 MMBOE total resource potential KARNES Atascosa • Conservative inter-well spacing, type curves account for parent / child relationship Karnes La Salle Dimmit • Completion designs optimized by pad and well New mapTILDEN • Long-life asset at low end of cost curve CATARINA • High operating margins minimize shut-ins Gross Remaining Area Net Acres Reservoir Inter-Well Spacing (ft) Wells* Lower EFS 300 99 Karnes 10,918 Upper EFS 700 155 McMullen Austin Chalk 700 102 Murphy Acreage Lower EFS 500 354 MBOE by Year Tilden 64,737 Upper EFS 500 140 EUR per Well 750 Austin Chalk 600 100 584 Lower EFS 450 272 500 499 528 Catarina 47,653 Upper EFS 600 349 429 Austin Chalk 800 149 250 2016 2017 2018 2019 Total 123,308 1,720 Interquartile Range Median *As of December 31, 2019 Note: Interquartile range shows difference between 75th and 25th percentile
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