About Murphy Oil

Murphy Oil Corporation (Murphy) operates as an oil and natural gas exploration and production company, with both onshore and offshore operations and properties. Exploration and Production The company produces crude oil, natural gas and natural gas liquids primarily in the U.S. and Canada and explores for crude oil, natural gas and natural gas liquids in targeted areas worldwide. During 2023, Murphy's principal exploration and production activities were conducted in the United States by wholly-owned Murphy Exploration & Production Company - USA (Murphy Expro USA) and its subsidiaries, in Canada by wholly-owned Murphy Oil Company Ltd. and its subsidiaries and in Australia, Brazil, Brunei, Côte d'Ivoire, Mexico and Vietnam by wholly-owned Murphy Exploration & Production Company - International (Murphy Expro International) and its subsidiaries. Murphy's operations and production in 2023 were in the United States, Canada and Brunei. Unless otherwise indicated, all references to the company's offshore U.S. and total oil, natural gas liquids and natural gas production and sales volumes and proved reserves include a noncontrolling interest in MP Gulf of Mexico, LLC. Murphy's worldwide 2023 production on a barrel of oil equivalent basis (six thousand cubic feet of natural gas equals one barrel of oil) was 192,640 barrels of oil equivalent per day, an increase of 10.0% compared to 2022. Murphy's exploration and production activities are subdivided into three geographic segments, including the United States, Canada and all other countries. United States In the United States, Murphy produces crude oil, natural gas liquids and natural gas primarily from fields in the Gulf of Mexico and in the Eagle Ford Shale area of South Texas. The company produced 108,084 barrels of crude oil and natural gas liquids per day and approximately 96 MMCF of natural gas per day in the U.S. in 2023. Offshore The company holds rights to approximately 600 thousand gross acres in the Gulf of Mexico. During 2023, approximately 73% of total U.S. hydrocarbon production was produced at fields in the Gulf of Mexico, of which approximately 90% was derived from ten fields, including St. Malo, Samurai, Khaleesi, Mormont, Cascade and Chinook, Kodiak, Lucius, Neidermeyer, Marmalard and Front Runner. Total average daily production in the Gulf of Mexico in 2023 was 79,397 barrels of crude oil and natural gas liquids and 70 MMCF of natural gas. Onshore The company holds rights to approximately 133 thousand gross acres in South Texas in the Eagle Ford Shale unconventional oil and natural gas play. During 2023, approximately 27% of total U.S. hydrocarbon production was produced in the Eagle Ford Shale. Total 2023 production in the Eagle Ford Shale area was 28,641 barrels of oil and liquids per day and 25.7 MMCF per day of natural gas. Canada In Canada, the company holds working interests in Tupper Montney (100% owned), Kaybob Duvernay (operated) and two non-operated offshore assets - the Hibernia and Terra Nova fields, located offshore Newfoundland in the Jeanne d'Arc Basin. During 2023 the company sold a portion of its working interest in Kaybob Duvernay and the company's entire 30% non-operated working interest in Placid Montney. Onshore Murphy has approximately 139 thousand gross acres of Tupper Montney mineral rights located in northeast British Columbia. In addition, the company holds a 70% operated working interest in Kaybob Duvernay lands in Alberta. The company has approximately 165 thousand gross acres of Kaybob Duvernay mineral rights. Daily production in 2023 in Onshore Canada averaged 3,618 barrels of liquids and 370 MMCF of natural gas, which included production from the company;'s divested Placid Montney of 274 barrels of liquids and 3 MMCF of natural gas. Offshore The company holds a non-operated interest in approximately 133 thousand gross acres offshore Canada. Murphy has a 6.5% working interest in Hibernia Main, a 4.3% working interest in Hibernia South Extension and an 18% working interest in Terra Nova. Oil production in 2023 was 2,780 barrels of oil per day for Hibernia. In 2023, the Terra Nova asset life extension project was completed and production restarted at the end of November. Production is expected to ramp up over the coming months. Total oil production in 2023 was 240 barrels of oil per day for Terra Nova. Brazil The company holds a 20% non-operated working interest in nine blocks in the offshore regions of the Sergipe-Alagoas Basin (SEAL) in Brazil (SEAL-M-351, SEAL-M-428, SEAL-M-430, SEAL-M-501, SEAL-M-503, SEAM-M-505, SEAL-M-573, SEAL-M-575 and SEAL-M-637). Murphy has a 100% working interest in three blocks in the Potiguar Basin (POT-M-857, POT-M-863 and POT-M-865). Murphy's total acreage position in Brazil as of December 31, 2023 is approximately 2.5 million gross acres, offsetting several major discoveries. There are no well commitments. Brunei The company has a working interest of 8.051% in Block CA-1 as of December 31, 2023. Oil production in 2023 was 250 barrels of oil per day for Brunei. Mexico Murphy holds a 40% working interest and is the operator of Block 5 in the deepwater Salina Basin. The block covers approximately 623 thousand gross acres, with water depths ranging from 2,300 to 3,500 feet (700 to 1,100 meters). The license contract is currently in the first additional exploration period, which expires in May 2025 and has no outstanding commitments. Vietnam The company holds an interest in 7.3 million gross acres, consisting of a 65% working interest in blocks 144 and 145; and a 40% interest in Block 15-1/05 and Block 15-2/17. The company is operator of each of the three Production Sharing Contracts (PSCs). Block 15-1/05 contains the Lac Da Vang (LDV) discovered field in the Cuu Long Basin where the Declaration of Commerciality was made in January 2019, and the field Outline Development Plan was approved by Petrovietnam in August 2019. The Lac Da Trang (LDT) 1X exploration well, the last remaining commitment of the PSC, was completed in April 2019. The company anticipates drilling an exploration well in 2024. In Block 15-2/17, the company completed its seismic study program, which included 3D seismic reprocessing. In 2024 the company anticipates drilling an exploration commitment well. In blocks 144 and 145, the company acquired 2D seismic in 2013 and undertook seabed surveys in 2015 and 2016. Côte d'Ivoire During the second quarter of 2023, Murphy signed PSCs as operator in five deepwater blocks in the Tano Basin offshore Côte d'Ivoire in Africa. The five blocks have a total area of 1.5 million gross acres, with Murphy initially holding a 90% working interest in four blocks and 85% working interest in the fifth block. Société Nationale d'Opérations Pétrolières de la Côte d'Ivoire holds the remaining working interest for each block. Commitments for the initial exploration periods across the five blocks consist of seismic reprocessing. Block CI-103 includes the Paon discovery, appraised with multiple wells by a previous operator. The PSC for this block also includes a commitment to submit a field development plan for this discovery by the end of 2025. Regulation The company is subject to the requirements of the U.S. Occupational Safety and Health Act (OSHA) and comparable foreign and state laws that regulate the protection of the health and safety of workers. In Canada, the company is subject to Federal Occupational Health and Safety (OH&S) Legislation, the provincially-administered Occupational Health and Safety Act (Alberta), the Workers Compensation Act (British Columbia), and WHMIS - the Workplace Hazardous Materials Information System (WHMIS). History The company was incorporated in Louisiana in 1950 and reincorporated in Delaware in 1964. The company was formerly known as Murphy Corporation and changed its name to Murphy Oil Corporation in 1964.