Drilled a Second Oil Discovery in Offshore Vietnam at the Lac Da Hong-1X (Pink Camel) Exploration Well, Repurchased $100 Million of Shares, Acquired Floating Production Storage and Offloading Vessel

HOUSTON, May 07, 2025--(BUSINESS WIRE)--Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the first quarter ended March 31, 2025, including net income attributable to Murphy of $73 million, or $0.50 net income per diluted share. Excluding discontinued operations and other items affecting comparability between periods, adjusted net income attributable to Murphy was $81 million, or $0.56 adjusted net income per diluted share.

Unless otherwise noted, the financial and operating highlights and metrics discussed in this commentary exclude noncontrolling interest (NCI). 1

Highlights for the first quarter include:

Drilled an oil discovery at Lac Da Hong-1X (Pink Camel) exploration well in offshore Vietnam and encountered 106 feet of net oil pay from one reservoir Repurchased $100 million of stock, or 3.6 million shares Closed the strategic acquisition of the BW Pioneer floating production storage and offloading vessel (FPSO) in the Gulf of America for $104 million net purchase price

Subsequent to the first quarter:

Achieved the significant milestone of 1 million work hours with zero Lost Time Injuries on the Lac Da Vang (Golden Camel) field development project in Vietnam Declared a quarterly dividend of $0.325 per share or $1.30 per share annualized

"I am excited to announce today an oil discovery at the Lac Da Hong-1X (Pink Camel) well, which is the second discovery in our current Vietnam exploration program. This discovery enhances the value of Murphy's growing Vietnam business when coupled with our nearby Lac Da Vang (Golden Camel) development and our recent Hai Su Vang (Golden Sea Lion) discovery. We also recently announced the acquisition of an FPSO in the Gulf of America, which leads to a direct cost reduction with a two-year payback," said Eric M. Hambly, President and Chief Executive Officer. "Looking forward, we remain focused on progressing our onshore, Gulf of America and Vietnam development plans, creating additional value to generate excess cash flow for further shareholder returns."

FIRST QUARTER 2025 RESULTS

The company recorded net income attributable to Murphy of $73 million, or $0.50 net income per diluted share, for the first quarter 2025. Adjusted net income, which excludes both the results of discontinued operations and certain other items that affect comparability of results between periods, was $81 million, or $0.56 per diluted share for the same period. Details for first quarter results and an adjusted net income reconciliation can be found in the attached schedules.

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Earnings before interest, taxes, depreciation and amortization (EBITDA) attributable to Murphy were $317 million. Earnings before interest, taxes, depreciation, amortization and exploration expenses (EBITDAX) attributable to Murphy were $331 million. Adjusted EBITDA attributable to Murphy was $339 million. Adjusted EBITDAX attributable to Murphy was $353 million. Reconciliations for first quarter EBITDA, EBITDAX, adjusted EBITDA and adjusted EBITDAX can be found in the attached schedules.

First quarter production averaged 157 thousand barrels of oil equivalent per day (MBOEPD), which included 78.5 thousand barrels of oil per day (MBOPD). Production impacts of 6 MBOEPD were attributed to 2.6 MBOEPD of non-operated unplanned downtime in the Gulf of America and 2.1 MBOEPD of production curtailments in non-operated offshore Canada due to temporary logistics challenges. Additionally, winter storm activity delayed first production at the new Mormont #4 (Green Canyon 478) well and the Samurai #3 (Green Canyon 432) well workover, causing a 1.3 MBOEPD production impact.

Accrued capital expenditures (CAPEX) for first quarter 2025 totaled $403 million, excluding NCI and including net acquisition CAPEX of $104 million for the Pioneer FPSO and $1.4 million for non-operated working interests near the Zephyrus field in the Gulf of America. Details for first quarter production and CAPEX can be found in the attached schedules.

CAPITAL ALLOCATION

Capital Allocation Update

"We have successfully achieved the core objectives of our capital allocation framework since adopting it in third quarter 2022, as we have repaid approximately 35 percent of long-term debt, repurchased $550 million of shares and increased our quarterly dividend 30 percent," said Hambly. "Looking ahead, we will continue to focus on rewarding shareholders for their support and remain committed to our strong balance sheet and disciplined strategy."

Going forward, the company will continue to allocate a minimum of 50 percent of adjusted free cash flow to shareholder returns, primarily through buybacks. Murphy will continue to assess the appropriate shareholder return allocation under its modified plan, including potential dividend increases. Any remaining adjusted free cash flow will be allocated to the balance sheet as the company maintains its $1.0 billion total long-term debt goal.

As previously defined, adjusted free cash flow is calculated as cash flow from operations before working capital change, less capital expenditures, distributions to NCI and projected payments, quarterly dividend and accretive acquisitions.

Share Repurchases

In the first quarter of 2025, Murphy repurchased $100 million of stock, or 3.6 million shares. The company had $550 million remaining under its share repurchase authorization and 142.7 million shares outstanding as of March 31, 2025.

FINANCIAL POSITION

Murphy had approximately $1.5 billion of liquidity on March 31, 2025, comprised of $1.15 billion undrawn under the $1.35 billion senior unsecured credit facility and $393 million of cash and cash equivalents, inclusive of NCI.

As of March 31, 2025, Murphy’s total debt of $1.48 billion was comprised of long-term, fixed-rate notes and $200 million drawn under the senior unsecured credit facility. The fixed-rate notes had a weighted average maturity of 9.1 years and a weighted average coupon of 6.1 percent.

ONSHORE OPERATIONS SUMMARY

In the first quarter of 2025, the onshore business produced approximately 86 MBOEPD, which included 28 percent liquids volumes.

Eagle Ford Shale – Production averaged 25 MBOEPD with 67 percent oil volumes and 83 percent liquids volumes in the first quarter. Murphy progressed its well delivery program as planned, and one non-operated Karnes well was brought online late in the first quarter.

Tupper Montney – During the first quarter, natural gas production averaged 340 million cubic feet per day (MMCFD) or 57 MBOEPD. Murphy brought online five operated wells as planned.

Kaybob Duvernay – Production averaged 4 MBOEPD with 58 percent oil volumes and 71 percent liquids volumes in the first quarter. Murphy progressed its well delivery program during the quarter and remains on track to bring four operated wells online in the third quarter.

OFFSHORE OPERATIONS SUMMARY

Excluding NCI, in the first quarter of 2025, the offshore business produced approximately 71 MBOEPD, which included 83 percent oil.

Gulf of America – Production averaged approximately 62 MBOEPD, consisting of 81 percent oil during the first quarter. As planned, Murphy brought online the Mormont #4 (Green Canyon 478) well during the quarter and progressed the Samurai #3 (Green Canyon 432) workover, which was brought online early in the second quarter.

As previously announced, Murphy acquired the BW Pioneer FPSO from BW Offshore for $104 million net purchase price. The FPSO will remain at its current location, supporting operations at the Cascade and Chinook fields (Walker Ridge 206, 250, 425 and 469) in the Gulf of America. BW Offshore will continue to provide operations and maintenance services under a new five-year contract.

Canada – In the first quarter, production averaged 9 MBOEPD, consisting of 100 percent oil.

Vietnam – During the first quarter, Murphy initiated construction of the floating storage and offloading vessel for the Lac Da Vang (Golden Camel) field development project. Additionally, early in the second quarter, Murphy achieved the significant milestone of 1 million work hours with zero Lost Time Injuries on the platform construction for the Lac Da Vang (Golden Camel) field development project.

EXPLORATION

Gulf of America – Murphy acquired working interests in five blocks near the non-operated Zephyrus field for $1.4 million in the first quarter, providing access to the southern extension of the discovered field, as well as multiple exploration opportunities.

Vietnam – During the first quarter, Murphy drilled an oil discovery at the Lac Da Hong-1X (Pink Camel) exploration well in Block 15-1/05 in the Cuu Long Basin, located 34 miles offshore Vietnam and 3 miles southwest of Murphy’s Lac Da Vang (Golden Camel) development. The well was drilled to total depth of 13,616 feet in 151 feet of water. Lac Da Hong-1X (Pink Camel) encountered 106 feet of net oil pay from one reservoir.

Murphy achieved a maximum flow rate of 2,500 BOPD. Additional testing showed high-quality oil with an API gravity of 38 degrees.

Murphy’s subsidiary, Murphy Cuu Long Bac Oil Co., Ltd., is the operator of Block 15-1/05 with 40 percent working interest. PetroVietnam Exploration Production Corporation Ltd. holds 35 percent working interest and SK Earthon Co., Ltd. holds the remaining 25 percent.

"The Lac Da Hong (Pink Camel) discovery, combined with the recently announced Hai Su Vang (Golden Sea Lion) discovery, deepens our understanding of the resource potential in our Cuu Long Basin blocks. Each of these discoveries validates our exploration strategy and helps optimize future development plans in the Cuu Long Basin. We look forward to working with our partners to evaluate the results from this latest discovery and the future development of our Vietnam business," said Hambly.

2025 CAPITAL EXPENDITURE AND PRODUCTION GUIDANCE

Murphy maintains its 2025 accrued CAPEX range of $1,135 million to $1,285 million, which includes net acquisition CAPEX of $104 million for the Pioneer FPSO and $1.4 million for non-operated working interests near the Zephyrus field in the Gulf of America. Full year 2025 production is expected to be in the range of 174.5 to 182.5 MBOEPD, consisting of 50 percent oil and 55 percent liquids volumes, respectively.

"The winter storm activity we experienced during the first quarter delayed first production at two key operated wells in the Gulf of America and impacted the schedule of our remaining workover plans. Due to these first quarter impacts, we anticipate full year production to be towards the lower end of our production guidance range," said Hambly.

Production for second quarter 2025 is estimated to be in the range of 177 to 185 MBOEPD with 48 percent oil volumes. Both production and CAPEX guidance ranges exclude NCI.

The table below details the 2025 CAPEX plan by quarter.

2025 CAPEX1 by Quarter ($ MM) 1Q 2025A 2Q 2025E 3Q 2025E 4Q 2025E FY 2025E $4032 $300 $260 $247 $1,2102 1 Accrual CAPEX, based on midpoint of guidance range and excluding NCI 2 Includes net acquisition CAPEX of $104 million for the Pioneer FPSO and $1.4 million for non-operated working interests near the Zephyrus field in the Gulf of America

The table below details the 2025 onshore well delivery plan by quarter.

2025 Onshore Wells Online 1Q
2025A 2Q
2025E 3Q
2025E 4Q
2025E 2025E
Total Eagle Ford Shale - 24 10 - 34 Kaybob Duvernay - - 4 - 4 Tupper Montney 5 5 - - 10 Non-Op Eagle Ford Shale 1 11 4 - 16 Note: All well counts are shown gross. Eagle Ford Shale non-operated working interest averages 25 percent.

The table below illustrates second quarter 2025 production guidance by area.

2Q 2025 Guidance Producing Asset Oil (BOPD) NGLs (BOPD) Natural Gas
(MCFD) Total (BOEPD) Eagle Ford Shale 25,200 4,700 25,700 34,200 Gulf of America, excl. NCI 51,300 4,300 53,700 64,600 Tupper Montney 300 — 421,000 70,500 Kaybob Duvernay 2,100 400 7,100 3,700 Offshore Canada 7,700 — — 7,700 Other 300 — — 300  Total Net Production, excl. NCI1 (BOEPD) 177,000 to 185,000 Exploration Expense ($ MM) $17 Full Year 2025 Guidance Total Net Production, excl. NCI2 (BOEPD) 174,500 to 182,500 Capital Expenditures, excl. NCI3 ($ MM) $1,135 to $1,285 1 Excludes noncontrolling interest of MP GOM of 5,700 BOPD of oil, 300 BOPD of NGLs and 2,000 MCFD natural gas 2 Excludes noncontrolling interest of MP GOM of 5,400 BOPD of oil, 200 BOPD of NGLs and 1,700 MCFD natural gas 3 Excludes noncontrolling interest of MP GOM of $45 million

FIXED PRICE FORWARD SALES CONTRACTS

The company employs derivative commodity instruments to manage certain risks associated with commodity price volatility and underpin capital spending associated with certain assets. Murphy holds NYMEX natural gas swaps of 40 MMCFD of April through June 2025 production at an average price of $3.58 per thousand cubic feet (MCF), 60 MMCFD of third quarter 2025 production at an average price of $3.65 per MCF and 60 MMCFD of fourth quarter 2025 production at $3.74 per MCF.

Murphy also maintains fixed price forward sales contracts in Canada to mitigate volatility of AECO prices. These contracts are for physical delivery of natural gas volumes at a fixed price, with no mark-to-market income adjustments. Details for the current fixed price contracts can be found in the attached schedules.

CONFERENCE CALL AND WEBCAST SCHEDULED FOR MAY 8, 2025

Murphy will host a conference call to discuss first quarter 2025 financial and operating results on Thursday, May 8, 2025, at 9:00 a.m. EDT. 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 50525. For additional information, please refer to the First Quarter 2025 Earnings Presentation available under the News and Events section of the Investor Relations website.

FINANCIAL DATA

Summary financial data and operating statistics for first 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 EBITDA, EBITDAX, adjusted EBITDA and adjusted EBITDAX between 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", "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, 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 decisions 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 ESG (environmental/social/governance) matters, make capital expenditures or 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/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 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 US 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 US 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. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements.

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.

1In 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)  2025    2024  Revenues and other income  Revenue from production $ 672,730   $ 794,603  Sales of purchased natural gas  —    245  Total revenue from sales to customers  672,730    794,848  (Loss) on derivative instruments  (9,459 )   —  Gain on sale of assets and other operating income  2,440    1,564  Total revenues and other income  665,711    796,412  Costs and expenses  Lease operating expenses  205,079    234,264  Severance and ad valorem taxes  8,650    10,086  Transportation, gathering and processing  48,851    56,553  Costs of purchased natural gas  —    160  Exploration expenses, including undeveloped lease amortization  14,488    44,429  Selling and general expenses  30,915    31,161  Depreciation, depletion and amortization  194,160    211,134  Accretion of asset retirement obligations  14,045    12,774  Impairment of assets  —    34,528  Other operating expense  5,629    7,266  Total costs and expenses  521,817    642,355  Operating income from continuing operations  143,894    154,057  Other income (loss)  Other income  2,402    11,551  Interest expense, net  (23,523 )   (20,021 ) Total other loss  (21,121 )   (8,470 ) Income from continuing operations before income taxes  122,773    145,587  Income tax expense  32,722    30,057  Income from continuing operations  90,051    115,530  Loss from discontinued operations, net of income taxes  (633 )   (872 ) Net income including noncontrolling interest  89,418    114,658  Less: Net income attributable to noncontrolling interest  16,382    24,656  NET INCOME ATTRIBUTABLE TO MURPHY $ 73,036   $ 90,002  NET INCOME (LOSS) PER COMMON SHARE – BASIC  Continuing operations $ 0.51   $ 0.60  Discontinued operations  —    (0.01 ) Net income $ 0.51   $ 0.59  NET INCOME (LOSS) PER COMMON SHARE – DILUTED  Continuing operations $ 0.50   $ 0.60  Discontinued operations  —    (0.01 ) Net income $ 0.50   $ 0.59  Cash dividends per common share $ 0.325   $ 0.300  Average common shares outstanding (thousands)  Basic  144,284    152,664  Diluted  145,072    153,817

MURPHY OIL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)   Three Months Ended March 31, (Thousands of dollars)  2025    2024  Operating Activities  Net income including noncontrolling interest $ 89,418   $ 114,658  Adjustments to reconcile net income to net cash provided by continuing operations activities  Depreciation, depletion and amortization  194,160    211,134  Deferred income tax expense  16,343    19,478  Accretion of asset retirement obligations  14,045    12,774  Long-term non-cash compensation  9,905    9,851  Mark-to-market loss on derivative instruments  8,916    —  Amortization of undeveloped leases  1,654    2,793  Loss from discontinued operations  633    872  Unsuccessful exploration well costs and previously suspended exploration costs  190    32,437  Impairment of assets  —    34,528  Other operating activities, net  (11,799 )   (15,381 ) Net (increase) in non-cash working capital  (22,784 )   (24,353 ) Net cash provided by continuing operations activities  300,681    398,791  Investing Activities  Property additions and dry hole costs  (368,421 )   (249,085 ) Acquisition of oil and natural gas properties  (1,364 )   —  Net cash required by investing activities  (369,785 )   (249,085 ) Financing Activities  Borrowings on revolving credit facility  250,000    100,000  Repayment of revolving credit facility  (50,000 )   (100,000 ) Repurchase of common stock  (100,072 )   (50,000 ) Cash dividends paid  (47,026 )   (45,773 ) Withholding tax on stock-based incentive awards  (7,673 )   (25,270 ) Distributions to noncontrolling interest  (6,955 )   (23,001 ) Finance lease obligation payments  (116 )   (164 ) Net cash provided (required) by financing activities  38,158    (144,208 ) Effect of exchange rate changes on cash and cash equivalents  291    858  Net (decrease) increase in cash and cash equivalents  (30,655 )   6,356  Cash and cash equivalents at beginning of period  423,569    317,074  Cash and cash equivalents at end of period $ 392,914   $ 323,430

MURPHY OIL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)   (Thousands of dollars) March 31, 
2025  December 31, 2024 1 ASSETS  Cash and cash equivalents $ 392,914   $ 423,569  Other current assets  378,497    361,710  Property, plant and equipment, net  8,279,284    8,054,653  Operating lease assets, net  714,091    777,536  Other long-term assets  55,537    50,011  Total assets $ 9,820,323   $ 9,667,479  LIABILITIES AND EQUITY  Current maturities of long-term debt, finance lease $ 892   $ 871  Accounts payable  538,290    472,165  Operating lease liabilities  243,232    253,208  Other current liabilities  226,109    216,570  Long-term debt, including finance lease obligation  1,474,828    1,274,502  Asset retirement obligations  954,709    960,804  Non-current operating lease liabilities  483,370    537,381  Other long-term liabilities  621,614    610,135  Total liabilities $ 4,543,044   $ 4,325,636  Murphy Shareholders' Equity  5,120,259    5,194,250  Noncontrolling interest  157,020    147,593  Total liabilities and equity $ 9,820,323   $ 9,667,479   1 Reclassified to conform to current presentation.

MURPHY OIL CORPORATION

SCHEDULE OF ADJUSTED NET INCOME (LOSS) (unaudited)   Three Months Ended March 31, (Millions of dollars, except per share amounts)  2025    2024  Net income attributable to Murphy (GAAP) 1 $ 73.0   $ 90.0  Discontinued operations loss  0.6    0.9  Net income from continuing operations attributable to Murphy  73.6    90.9  Adjustments:  Mark-to-market loss on derivative instruments  8.9    —  Impairment of assets  —    34.5  Write-off of previously suspended exploration well  —    26.1  Foreign exchange (gain)  —    (10.5 ) Total adjustments, before taxes  8.9    50.1  Income tax (benefit) related to adjustments  (1.8 )   (10.2 ) Total adjustments after taxes  7.1    39.9  Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) $ 80.7   $ 130.8  Adjusted net income from continuing operations per average diluted share (Non-GAAP) $ 0.56   $ 0.85   1 Excludes amounts attributable to a noncontrolling interest in MP GOM.

Non-GAAP Financial Measures

Presented above is a reconciliation of net income 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 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, 2025 (Millions of dollars) Pretax  Tax  Net Corporate $ 8.9   $ (1.8 )   7.1  Total adjustments $ 8.9   $ (1.8 )  $ 7.1

MURPHY OIL CORPORATION

SCHEDULE OF EBITDA, ADJUSTED EBITDA, EBITDAX AND ADJUSTED EBITDAX

(unaudited)   Three Months Ended March 31, (Millions of dollars)  2025    2024  Net income attributable to Murphy (GAAP) 1 $ 73.0   $ 90.0  Income tax expense  32.7    30.1  Interest expense, net  23.5    20.0  Depreciation, depletion and amortization expense 1  187.4    202.7  EBITDA attributable to Murphy (Non-GAAP)  316.6    342.8  Exploration expenses  14.5    44.4  EBITDAX attributable to Murphy (Non-GAAP) $ 331.1   $ 387.2   EBITDA attributable to Murphy (Non-GAAP) $ 316.6   $ 342.8  Accretion of asset retirement obligations 1  12.5    11.4  Mark-to-market loss on derivative instruments  8.9    —  Impairment of asset  —    34.5  Write-off of previously suspended exploration well  —    26.1  Foreign exchange (gain)  —    (10.5 ) Discontinued operations loss  0.6    0.9  Adjusted EBITDA attributable to Murphy (Non-GAAP) $ 338.6   $ 405.2  Other exploration expenses 2  14.5    18.3  Adjusted EBITDAX attributable to Murphy (Non-GAAP) $ 353.1   $ 423.5   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 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 exclude 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 or Cash provided by operating activities as determined in accordance with GAAP.

MURPHY OIL CORPORATION

FUNCTIONAL RESULTS OF OPERATIONS (unaudited)   Three Months Ended

March 31, 2025  Three Months Ended

March 31, 2024 (Millions of dollars) Revenues  Income (Loss)  Revenues  Income
(Loss) Exploration and production  United States1 $ 509.5   $ 107.9   $ 659.6   $ 134.5  Canada  165.7    41.5    136.9    19.4  Other  —    (11.2 )   (0.1 )   (10.8 ) Total exploration and production  675.2    138.2    796.4    143.1  Corporate  (9.5 )   (48.2 )   —    (27.5 ) Income from continuing operations  665.7    90.0    796.4    115.6  Discontinued operations, net of tax  —    (0.6 )   —    (0.9 ) Net income including noncontrolling interest $ 665.7   $ 89.4   $ 796.4   $ 114.7  Net income attributable to Murphy   $ 73.0     $ 90.0   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)  2025    2024  United States – Onshore  Lease operating expense $ 13.02   $ 13.68  Severance and ad valorem taxes  3.45    3.60  Depreciation, depletion and amortization expense  29.35    28.46   United States – Offshore 1  Lease operating expense $ 21.37   $ 20.34  Severance and ad valorem taxes  0.08    0.06  Depreciation, depletion and amortization expense  15.42    13.46   Canada – Onshore  Lease operating expense $ 5.51   $ 5.49  Severance and ad valorem taxes  0.06    0.05  Depreciation, depletion and amortization expense  4.40    4.99   Canada – Offshore  Lease operating expense $ 16.89   $ 25.91  Depreciation, depletion and amortization expense  8.26    9.68   Total E&P continuing operations 1  Lease operating expense $ 13.90   $ 14.37  Severance and ad valorem taxes  0.59    0.62  Depreciation, depletion and amortization expense 2  13.00    12.77   Total oil and gas continuing operations – excluding noncontrolling interest  Lease operating expense 3 $ 13.74   $ 14.28  Severance and ad valorem taxes  0.61    0.64  Depreciation, depletion and amortization expense 2  13.01    12.79   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 $10.41 and $10.75 for the three months ended March 31, 2025 and 2024, respectively.

MURPHY OIL CORPORATION

CAPITAL EXPENDITURES (unaudited)   Three Months Ended March 31, (Millions of dollars)  2025    2024  Exploration and production  United States 1 $ 322.1   $ 188.5  Canada  55.4    67.3  Other  43.1    11.3  Total  420.6    267.1   Corporate  4.2    4.2  Total capital expenditures - continuing operations 1  424.8    271.3   Less: capital expenditures attributable to noncontrolling interest  21.9    7.3  Total capital expenditures - continuing operations attributable to Murphy 2  402.9    264.0   Charged to exploration expenses 3  United States 1  5.1    33.2  Canada  0.1    0.1  Other  7.7    8.3  Total charged to exploration expenses - continuing operations 1,3  12.9    41.6   Less: charged to exploration expenses attributable to noncontrolling interest  —    —  Total charged to exploration expenses - continuing operations attributable to Murphy 4  12.9    41.6   Total capitalized - continuing operations attributable to Murphy $ 390.0   $ 222.4   1 Includes amounts attributable to a noncontrolling interest in MP GOM. 2 For the three months ended March 31, 2025, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $105.6 million, primarily related to the purchase of a floating production, storage, and offloading vessel in U.S. Offshore (2024: nil), is $297.3 million (2024: $264.0 million). 3 For the three months ended March 31, 2025, the total charged to exploration expense attributable to Murphy excludes amortization of undeveloped leases of $1.6 million (2024: $2.8 million). 4 For the three months ended March 31, 2025, total charged to exploration expense attributable to Murphy, excluding previously suspended exploration costs of nil (2024: $26.1 million), is $12.9 million (2024: $15.5 million).

MURPHY OIL CORPORATION

PRODUCTION SUMMARY (unaudited)   Three Months Ended March 31, (Barrels per day unless otherwise noted) 2025  2024 Net crude oil and condensate  United States - Onshore 16,974   20,382  United States - Offshore 1 55,587   66,078  Canada - Onshore 2,584   2,255  Canada - Offshore 8,855   6,264  Other 255   245  Total net crude oil and condensate 84,255   95,224  Net natural gas liquids  United States - Onshore 4,072   4,166  United States - Offshore 1 3,804   4,687  Canada - Onshore 538   453  Total net natural gas liquids 8,414   9,306  Net natural gas – thousands of cubic feet per day  United States - Onshore 26,190   24,231  United States - Offshore 1 51,150   53,161  Canada - Onshore 346,892   355,455  Total net natural gas 424,232   432,847  Total net hydrocarbons - including NCI 2,3 163,374   176,671  Noncontrolling interest  Net crude oil and condensate – barrels per day (5,779 )  (6,499 ) Net natural gas liquids – barrels per day (170 )  (211 ) Net natural gas – thousands of cubic feet per day (1,234 )  (2,074 ) Total noncontrolling interest 2,3 (6,154 )  (7,056 ) Total net hydrocarbons - excluding NCI 2,3 157,220   169,615   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) 2025  2024 Net crude oil and condensate  United States - Onshore 16,974   20,382  United States - Offshore 1 54,133   68,056  Canada - Onshore 2,584   2,255  Canada - Offshore 11,128   7,000  Other —   11  Total net crude oil and condensate 84,819   97,704  Net natural gas liquids  United States - Onshore 4,072   4,166  United States - Offshore 1 3,804   4,687  Canada - Onshore 538   453  Total net natural gas liquids 8,414   9,306  Net natural gas – thousands of cubic feet per day  United States - Onshore 26,190   24,231  United States - Offshore 1 51,150   53,161  Canada - Onshore 346,892   355,455  Total net natural gas 424,232   432,847  Total net hydrocarbons - including NCI 2,3 163,938   179,151  Noncontrolling interest  Net crude oil and condensate – barrels per day (5,567 )  (6,805 ) Net natural gas liquids – barrels per day (170 )  (211 ) Net natural gas – thousands of cubic feet per day (1,234 )  (2,074 ) Total noncontrolling interest 2,3 (5,942 )  (7,362 ) Total net hydrocarbons - excluding NCI 2,3 157,996   171,789   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, 2025    2024  Crude oil and condensate – dollars per barrel  United States - Onshore $ 71.65   $ 76.85  United States - Offshore 1  72.32    77.58  Canada - Onshore 2  63.34    67.59  Canada - Offshore 2  74.36    85.99  Natural gas liquids – dollars per barrel  United States - Onshore  23.16    20.67  United States - Offshore 1  27.02    24.32  Canada - Onshore 2  36.08    34.84  Natural gas – dollars per thousand cubic feet  United States - Onshore  3.38    1.94  United States - Offshore 1  4.33    2.66  Canada - Onshore 2  2.38    2.05   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 5, 2025 (unaudited)   Volumes (MMCF/d)  Price/MCF  Remaining Period Area  Commodity  Type 1    Start Date  End Date Canada  Natural Gas  Fixed price forward sales  40  C$2.75  4/1/2025  12/31/2025 Canada  Natural Gas  Fixed price forward sales  50  C$3.03  1/1/2026  12/31/2026  1 Fixed price forward sale contracts listed above are accounted for as normal sales and purchases for accounting purposes.

Volumes (MMCF/d)  Price/MCF  Remaining Period Area  Commodity  Type    Start Date  End Date United States  Natural Gas  Fixed price derivative swap  40  US$3.58  4/1/2025  6/30/2025 United States  Natural Gas  Fixed price derivative swap  60  US$3.65  7/1/2025  9/30/2025 United States  Natural Gas  Fixed price derivative swap  60  US$3.74  10/1/2025  12/31/2025

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Contacts

Investor Contacts: 
[email protected] 
Kelly Whitley, 281-675-9107
Megan Larson, 281-675-9470
Kyle Sahni, 281-675-9369