MURPHY OIL CORP

SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)

The following unaudited schedules are presented in accordance with required disclosures about Oil and Natural Gas Producing Activities to provide users with a common base for preparing estimates of future cash flows and comparing reserves among companies. Additional background information concerning some of the schedules follows:

SCHEDULE 1 – SUMMARY OF TOTAL PROVED EQUIVALENT RESERVES

SCHEDULE 2 – SUMMARY OF PROVED CRUDE OIL RESERVES

SCHEDULE 3 – SUMMARY OF PROVED NATURAL GAS LIQUIDS RESERVES

SCHEDULE 4 – SUMMARY OF PROVED NATURAL GAS RESERVES

Reserves of crude oil, condensate, natural gas liquids and natural gas are estimated by the Company’s or independent engineers and are adjusted to reflect contractual arrangements and royalty rates in effect at the end of each year. Many assumptions and judgmental decisions are required to estimate reserves. Reserve estimates and future cash flows are based on the average market prices for sales of oil and natural gas on the first calendar day of each month during the year. The average prices used for 2023 were $78.22 per barrel for NYMEX crude oil (WTI) and $2.64 per MCF for natural gas (Henry Hub). The average prices used for 2022 were $93.67 per barrel for NYMEX crude oil (WTI) and $6.36 per MCF for natural gas (Henry Hub). The average prices used for 2021 were $66.56 per barrel for NYMEX crude oil (WTI) and $3.60 per MCF for natural gas (Henry Hub). Reported quantities are subject to future revisions, some of which may be substantial, as additional information becomes available from reservoir performance, new geological and geophysical data, additional drilling, technological advancements, price changes and other economic factors.

Murphy’s estimations for proved reserves were generated through the integration of available geoscience, engineering, and economic data (including hydrocarbon prices, operating costs, and development costs) and commercially available technologies to establish “reasonable certainty” of economic producibility. Estimates are presented in millions of barrels of oil equivalents and dollars and billions of cubic feet with one decimal; totals within the tables may not add as a result of rounding. As defined by the SEC, reasonable certainty of proved reserves describes a high degree of confidence that the quantities will be recovered. In estimating proved reserves, Murphy uses common industry-accepted methods for subsurface evaluations, including performance, volumetric and analog-based studies. Where appropriate, Murphy includes reliable geologic and engineering technology to estimate proved reserves. Reliable geologic and engineering technology is a method or combination of methods that are field tested and have been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation. This integrated approach increases the quality of and confidence in Murphy’s proved reserves estimates. The approach was utilized in certain undrilled acreage at distances greater than the directly offsetting development spacing areas and in certain reservoirs developed with the application of improved recovery techniques. Murphy utilized a combination of 3D seismic interpretation, core analysis, wellbore log measurements, well test data, historic production and pressure data and commercially available seismic processing and numerical reservoir simulation programs. Reservoir parameters from analogous reservoirs were used to strengthen the reserves estimates when available.

Production quantities shown are net volumes withdrawn from reservoirs. These may differ from sales quantities due to inventory changes, volumes consumed for fuel and/or shrinkage from the extraction of natural gas liquids.

All crude oil, natural gas liquid reserves and natural gas reserves are from consolidated subsidiaries (including noncontrolling interest) and proportionately consolidated joint ventures. The Company hasno proved reserves attributable to investees accounted for by the equity method.

SCHEDULE 7 – STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED OIL AND NATURAL GAS RESERVES

GAAP requires calculation of future net cash flows using a 10% annual discount factor, an unweighted average of oil and natural gas prices in effect at the beginning of each month of the year, and year-end costs and statutory tax rates, except for known future changes such as contracted prices and legislated tax rates.

The reported value of proved reserves is not necessarily indicative of either fair market value or present value of future cash flows because prices, costs and governmental policies do not remain static; appropriate discount rates may vary; and extensive judgment is required to estimate the timing of production. Other logical assumptions would likely have resulted in significantly different amounts.

Schedule 7 also presents the principal reasons for change in the standardized measure of discounted future net cash flows for each of the three years ended December 31, 2023.

Schedule 1 – Summary of Total Proved Equivalent Reserves Based on Average Prices for 2020 – 2023

1 Includes proved reserves of 15.5 MMBOE, consisting of 14.0 MMBBL oil,0.6 MMBBL NGLs and 5.3 BCF natural gas attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 12.8 MMBOE, consisting of 11.7 MMBBL oil,0.5 MMBBL NGLs and 3.8 BCF natural gas attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 2.7 MMBOE, consisting of 2.3 MMBBL oil,0.1 MMBBL NGLs and 1.5 BCF natural gas attributable to the noncontrolling interest in MP GOM.

4 Totals within the tables may not add as a result of rounding.

Schedule 1 – Summary of Total Proved Equivalent Reserves Based on Average Prices for 2020 – 2023 (Continued)

2023 Comments for Proved Equivalent Reserves Changes

Revisions of previous estimates- The equivalent reserves revisions in 2023 resulted predominantly from lower commodity prices in the U.S. and performance adjustments in Tupper Montney and the Eagle Ford Shale. These negative revisions were partially offset by positive revisions due to reduced royalty rates and delayed royalty incentive payouts resulting from lower commodity prices in Tupper Montney.

Extensions and discoveries - In 2023, proved equivalent reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney, the Eagle Ford Shale in the U.S., and Other international.

2022 Comments for Proved Equivalent Reserves Changes

Revisions of previous estimates- The equivalent reserves revisions in 2022 resulted predominantly from increased royalty rates and accelerated royalty incentive payouts due to higher commodity prices in Tupper Montney. These negative revisions were partially offset by positive well performance in the U.S. Gulf of Mexico.

Extensions and discoveries - In 2022, proved equivalent reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney and Kaybob Duvernay as well as in the U.S. at the Gulf of Mexico and Eagle Ford Shale.

Purchases and sales of properties- In 2022, the Company acquired incremental working interests in two producing fields in the U.S. Gulf of Mexico and divested working interests in one field in the U.S. Gulf of Mexico and a portion of Eagle Ford Shale.

2021 Comments for Proved Equivalent Reserves Changes

Revisions of previous estimates - The equivalent reserves revisions in 2021 resulted predominantly from accelerated royalty incentive payouts due to higher commodity prices in Tupper Montney. These negative revisions were partially offset by positive revisions in the U.S. from higher commodity prices, which partially reversed the 2020 capital expenditure reduction and improved well performance in the U.S. Gulf of Mexico.

Extensions and discoveries - In 2021, proved equivalent reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney as well as in the U.S. at the Eagle Ford Shale and the Gulf of Mexico.

Purchases and sales of properties - In 2021, the Company acquired incremental working interests in Terra Nova offshore Canada and in the U.S. Gulf of Mexico.

Schedule 2 – Summary of Proved Crude Oil Reserves Based on Average Prices for 2020 – 2023

1 Includes total proved reserves of 14.0 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 11.7 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 2.3 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

4 Totals within the tables may not add as a result of rounding.

Schedule 2 – Summary of Proved Crude Oil Reserves Based on Average Prices for 2020 – 2023 (Continued)

2023 Comments for Proved Crude Oil Reserves Changes

Revisions of previous estimates - The negative crude oil reserves revisions in 2023 resulted predominantly from impacts of lower commodity prices in the U.S. and performance adjustments in the Eagle Ford Shale and the U.S. Gulf of Mexico.

Extensions and discoveries - In 2023, proved oil reserves were added for drilling and expansion activities predominantly in the Eagle Ford Shale and Other international.

2022 Comments for Proved Crude Oil Reserves Changes

Revisions of previous estimates - The positive crude oil reserves revisions in 2022 resulted predominantly from improved well performance in the U.S. Gulf of Mexico and impacts of higher commodity prices in the U.S.

Extensions and discoveries - In 2022, proved oil reserves were added for drilling and expansion activities predominantly in the U.S. Gulf of Mexico and the Eagle Ford Shale.

Purchases and sales of properties - In 2022, the Company acquired incremental working interests in two producing fields in the U.S. Gulf of Mexico and divested working interests in one field in the U.S. Gulf of Mexico and a portion of the Eagle Ford Shale.

2021 Comments for Proved Crude Oil Reserves Changes

Revisions of previous estimates - The positive crude oil reserves revisions in 2021 resulted predominantly from impacts of higher commodity prices in the U.S., which partially reversed the 2020 capital expenditure reductions and improved well performance in the U.S. Gulf of Mexico.

Extensions and discoveries - In 2021, proved oil reserves were added for drilling and expansion activities predominantly in the U.S. at the Eagle Ford Shale and the Gulf of Mexico.

Purchases and sales of properties - In 2021, the Company acquired incremental working interests in Terra Nova offshore Canada and one field in the U.S. Gulf of Mexico.

Schedule 3 – Summary of Proved Natural Gas Liquids Reserves Based on Average Prices for 2020 – 2023

1 Includes total proved reserves of 0.6 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 0.5 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 0.1 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

Schedule 3 – Summary of Proved Natural Gas Liquids Reserves Based on Average Prices for 2020 – 2023 (Continued)

2023 Comments for Proved Natural Gas Liquids Reserves Changes

Revisions of previous estimates - The negative NGL reserves revisions in 2023 resulted predominantly from impacts of lower commodity prices in the U.S. and performance adjustments in the Eagle Ford Shale. These revisions were partially offset by improvements in the U.S. Gulf of Mexico.

Extensions and discoveries - In 2023, proved NGL reserves were added for drilling and expansion activities predominantly in the U.S. at the Eagle Ford Shale.

2022 Comments for Proved Natural Gas Liquids Reserves Changes

Revisions of previous estimates - The positive NGL reserves revisions in 2022 resulted predominantly from improved well performance in the U.S. Gulf of Mexico and the Eagle Ford Shale, as well as in Canada at Kaybob Duvernay.

Extensions and discoveries - In 2022, proved NGL reserves were added for drilling and expansion activities predominantly in the U.S. Gulf of Mexico and the Eagle Ford Shale, as well as in Canada at Tupper Montney and Kaybob Duvernay.

Purchases and sales of properties - In 2022, the Company acquired incremental working interests in two producing fields in the U.S. Gulf of Mexico and divested working interests in one field in the U.S. Gulf of Mexico and a portion of the Eagle Ford Shale.

2021 Comments for Proved Natural Gas Liquids Reserves Changes

Revisions of previous estimates - The positive NGL reserves revisions in 2021 resulted predominantly from impacts of higher commodity prices, which partially reversed the 2020 capital expenditure reductions and improved well performance in the U.S. Gulf of Mexico.

Extensions and discoveries - In 2021, proved NGL reserves were added for drilling and expansion activities predominantly in the U.S. at Eagle Ford Shale.

Purchases and sales of properties - In 2021, the Company acquired incremental working interests in the U.S. Gulf of Mexico.

Schedule 4 – Summary of Proved Natural Gas Reserves Based on Average Prices for 2020 – 2023

1 Includes total proved reserves of 5.3 BCF for Total and United States attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 3.8 BCF for Total and United States attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 1.5 BCF for Total and United States attributable to the noncontrolling interest in MP GOM.

4 Includes proved natural gas reserves to be consumed in operations as fuel of 71.3 BCF,41.9 BCF and 2.8 BCF for the U.S. Canada and Other, respectively, with 1.2 BCF attributable to the noncontrolling interest in MP GOM.

5 Totals within the tables may not add as a result of rounding.

SUPPLEMENTAL OIL GAS INFORMATION (UNAUDITED) – Continued

Schedule 4 – Summary of Proved Natural Gas Reserves Based on Average Prices for 2016 – 2019 (Continued)

2023 Comments for Proved Natural Gas Reserves Changes

Revisions of previous estimates - The negative natural gas reserves revisions in 2023 resulted predominantly from lower commodity prices in the U.S. and performance adjustments in Tupper Montney and the Eagle Ford Shale. These negative revisions were partially offset by positive revisions in the U.S. Gulf of Mexico, as well as reduced royalty rates and delayed royalty incentive payouts resulting from lower commodity prices in Canada at Tupper Montney.

Extensions and discoveries - In 2023, proved natural gas reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney.

2022 Comments for Proved Natural Gas Reserves Changes

Revisions of previous estimates - The negative natural gas reserves revisions in 2022 resulted predominantly from increased royalty rates and accelerated royalty incentive payouts due to higher commodity prices in Canada at Tupper Montney.

Extensions and discoveries - In 2022, proved natural gas reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney, as well as in the U.S. Gulf of Mexico and Eagle Ford Shale.

Purchases and sales of properties - In 2022, the Company acquired incremental working interests in two producing fields in the U.S. Gulf of Mexico and divested working interests in one field in the U.S. Gulf of Mexico and a portion of Eagle Ford Shale.

2021 Comments for Proved Natural Gas Reserves Changes

Revisions of previous estimates - The negative natural gas reserves revisions in 2021 resulted predominantly from accelerated royalty incentive payouts due to higher commodity prices at Tupper Montney.

Extensions and discoveries - In 2021, proved equivalent reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney, as well as in the U.S. at the Eagle Ford Shale and the Gulf of Mexico.

Purchases and sales of properties - In 2021, the Company acquired incremental working interests at Terra Nova offshore Canada and in the U.S. Gulf of Mexico.

Schedule 5 – Costs Incurred in Oil and Natural Gas Property Acquisition, Exploration and Development Activities

1 2021 Canada proved property acquisitions represents cash received from divesting partners on acquisition of an additional 7.525% working interest at Terra Nova as part of the sanction of an asset life extension project.