MURPHY OIL CORP
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 27, 2025
MUR$34.72+0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 15. Exhibits, Financial Statement Schedules
(a) 1. Financial Statements – The consolidated financial statements of Murphy Oil Corporation and consolidated subsidiaries are located or begin on the pages of this Form 10-K report as indicated below.
| Page No. | |
|---|---|
| Report of Management – Consolidated Financial Statements | 62 |
| Report of Management – Internal Control Over Financial Reporting | 62 |
| Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements (KPMG LLP , Houston, TX, Auditor Firm ID: 185) | 63 |
| Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting (KPMG LLP, Houston, TX, Auditor Firm ID: 185) | 65 |
| Consolidated Balance Sheets | 66 |
| Consolidated Statements of Operations | 67 |
| Consolidated Statements of Comprehensive Income (Loss) | 68 |
| Consolidated Statements of Cash Flows | 69 |
| Consolidated Statements of Stockholders’ Equity | 70 |
| Notes to Consolidated Financial Statements | 71 |
| Note A – Significant Accounting Policies | 71 |
| Note B – New Accounting Principles and Recent Accounting Pronouncements | 74 |
| Note C – Revenue from Contracts with Customers | 75 |
| Note D – Property, Plant and Equipment | 77 |
| Note E – Inventories | 79 |
| Note F – Financing Arrangements and Debt | 80 |
| Note G – Asset Retirement Obligations | 81 |
| Note H – Income Taxes | 82 |
| Note I – Incentive Plans | 84 |
| Note J – Employee and Retiree Benefit Plans | 87 |
| Note K – Financial Instruments and Risk Management | 93 |
| Note L – Net Income (Loss) Per Common Share | 94 |
| Note M – Other Financial Information | 95 |
| Note N – Accumulated Other Comprehensive Loss | 95 |
| Note O – Assets and Liabilities Measured at Fair Value | 96 |
| Note P – Commitments | 97 |
| Note Q – Environmental and Other Contingencies | 98 |
| Note R – Common Stock Issued and Outstanding | 99 |
| Note S – Business Segments | 100 |
| Note T – Leases | 104 |
| Note U – Subsequent Event | 105 |
| Supplemental Oil and Gas Information (unaudited) | 106 |
| Supplemental Quarterly Information (unaudited) | 122 |
- Financial Statement Schedules
| Schedule II – Valuation Accounts and Reserves | 123 |
|---|
All other financial statement schedules are omitted because either they are not applicable, or the required information is included in the consolidated financial statements or notes thereto.
- Exhibits – The following is an index of exhibits that are hereby filed as indicated by asterisk (*), that are considered furnished rather than filed, or that are incorporated by reference. Exhibits other than those listed have been omitted since they either are not required or are not applicable.
| ExhibitNo. | Incorporated by Reference to the Indicated Filing byMurphy Oil Corporation | |
| 2.1 | Purchase and sale agreement dated as of April 19, 2019 between LLOG Bluewater Holdings, LLC and LLOG Exploration Offshore, LLC, as seller, and Murphy Exploration & Production Company – USA, as purchaser. | Exhibit 2.1 to Form 8-K filed June 5, 2019 |
| 2.2 | First Amendment to Purchase and Sale Agreement dated as of May 31, 2019 among Murphy Exploration & Production Company - USA, LLOG Exploration Offshore, L.L.C. and LLOG Bluewater Holdings, L.L.C. | Exhibit 2.2 to Form 8-K filed June 5, 2019 |
| 2.3 | Contribution Agreement dated as of October 10, 2018 among Murphy Exploration & Production Company – USA, Petrobras America Inc. and MP Gulf of Mexico, LLC | Exhibit 2.1 to Form 10-K filed February 27, 2019 |
| 3.1 | Certificate of Incorporation of Murphy Oil Corporation, as amended effective May 11, 2005 | Exhibit 3.1 to Form 10-K filed February 28, 2011 |
| 3.2 | By-Laws of Murphy Oil Corporation, as amended effective August 5, 2020 | Exhibit 3.2 to Form 10-Q filed August 6, 2020 |
| 4.1 | Indenture dated as of May 4, 1999 between Murphy Oil Corporation and SunTrust Bank, Nashville, N.A., as trustee | Exhibit 4.2 to Form 10-K filed March 16, 2005 |
| 4.2 | Supplemental Indenture dated as of May 4, 1999 between Murphy Oil Corporation and SunTrust Bank, Nashville, N.A., as trustee, relating to 7.05% Notes due 2029 | Exhibit 4.2 to Form 10-K filed March 16, 2005 |
| 4.3 | Indenture dated as of May 18, 2012 between Murphy Oil Corporation and U.S. Bank National Association, as trustee | Exhibit 4.1 to Form 8-K filed May 18, 2012 |
| 4.4 | Second Supplemental Indenture dated as of November 30, 2012, between Murphy Oil Corporation and U.S. Bank National Association, as trustee, relating to 5.125% Notes due 2042 | Exhibit 4.1 to Form 8-K filed November 30, 2012 |
| 4.5 | Fifth Supplemental Indenture dated as of November 27, 2019, between Murphy Oil Corporation and U.S. Bank National Association, as trustee, and Wells Fargo Bank, National Association, as series trustee, relating to 5.875% Notes due 2027 | Exhibit 4.2 to Form 8-K filed November 27, 2019 |
| 4.6 | Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 | Exhibit 4.9 to Form 10-K filed February 27, 2020 |
| 4.7 | Sixth Supplemental Indenture dated as of March 5, 2021, between Murphy Oil Corporation and U.S. Bank National Association, as trustee, and Wells Fargo Bank, National Association as series trustee, relating to 6.375% Notes due 2028 | Exhibit 4.2 to Form 8-K filed March 5, 2021 |
| 4.8 | Seventh Supplemental Indenture dated as of October 3, 2024,between Murphy Oil Corporation and Regions Bank, as trustee, relating to 6.000% Notes due 2032 | Exhibit 4.2 to Form 8-K filed October 3, 2024 |
| 10.2 | Murphy Oil Corporation 2018 Long-Term Incentive Plan | Exhibit B to definitive proxy statement filed March 23, 2018 |
| 10.3 | Amendment to the Murphy Oil Corporation 2018 Long-Term Incentive Plan | Exhibit 10.15 to Form 10-K filed February 27, 2020 |
| 10.4 | Form of employee performance-based restricted stock unit – stock settled grant agreement (2018 Long-Term Incentive Plan) | Exhibit 10.14 to Form 10-K filed February 27, 2019 |
| 10.5 | Form of employee performance-based restricted stock unit – stock settled grant agreement (2018 Long-Term Incentive Plan) | Exhibit 10.17 to Form 10-K filed February 27, 2020 |
| 10.6 | Form of employee time-based restricted stock unit – stock settled 3-year grant agreement (2018 Long-Term Incentive Plan) | Exhibit 10.15 to Form 10-K filed February 27, 2019 |
| 10.7 | Form of employee time-based restricted stock unit – stock settled 5-year grant agreement (2018 Long-Term Incentive Plan) | Exhibit 10.16 to Form 10-K filed February 27, 2019 |
| 10.8 | Murphy Oil Corporation 2020 Long-Term Incentive Plan | Exhibit A to definitive proxy statement filed March 30, 2020 |
| 10.9 | Form of employee performance-based restricted stock unit – stock settled grant agreement (2020 LTI Plan) | Exhibit 10.21 to Form 10-K filed February 26, 2021 |
| 10.10 | Form of employee time-based restricted stock unit – stock settled 3-year grant agreement (2020 LTI Plan) | Exhibit 10.22 to Form 10-K filed February 26, 2021 |
| 10.11 | Form of employee time-based restricted stock unit – stock settled 5-year grant agreement (2020 LTI Plan) | Exhibit 10.23 to Form 10-K filed February 26, 2021 |
| 10.12 | Form of employee time-based restricted stock unit – cash settled 3-year grant agreement (2020 LTI Plan) | Exhibit 10.24 to Form 10-K filed February 26, 2021 |
| 10.13 | Form of employee time-based restricted stock unit – cash settled 5-year grant agreement (2020 LTI Plan) | Exhibit 10.25 to Form 10-K filed February 26, 2021 |
| 10.14 | Murphy Oil Corporation 2018 Stock Plan for Non-Employee Directors | Exhibit A to definitive proxy statement filed March 23, 2018 |
| 10.15 | First Amendment to the 2018 Stock Plan for Non-Employee Directors | Exhibit 10.1 to Form 8-K filed April 25, 2018 |
| 10.16 | Second Amendment to the 2018 Stock Plan for Non-Employee Directors | Exhibit 10.24 to Form 10-K filed February 27, 2020 |
| 10.17 | Form of non-employee director restricted stock unit award – stock settled grant agreement (2018 NED Plan) | Exhibit 10.20 to Form 10-K filed February 27, 2019 |
| 10.18 | Form of non-employee director restricted stock unit award – stock settled grant agreement (2018 NED Plan) | Exhibit 10.26 to Form 10-K filed February 27, 2020 |
| 10.19 | Murphy Oil Corporation 2021 Stock Plan for Non-Employee Directors | Exhibit A to definitive proxy statement filed March 26, 2021 |
| 10.20 | Form of non-employee director restricted stock unit award – stock settled grant agreement (2021 NED Plan) | Exhibit 10.27 to Form 10-Q filed August 5, 2021 |
| 10.21 | Murphy Oil Corporation Non-Qualified Deferred Compensation Plan for Non-Employee Directors | Exhibit 10.6 to Form 10-K filed February 26, 2016 |
| 10.22 | Trademark License Agreement dated as of August 30, 2013, between Murphy Oil Corporation and Murphy USA Inc. | Exhibit 10.4 to Form 8-K filed September 5, 2013 |
| 10.23 | Form of employee performance-based restricted stock unit (2020 LTI Plan) | Exhibit 10.30 to Form 10-K filed February 23, 2024 |
| 10.24 | Form of employee time-based restricted stock unit – A (2020 LTI Plan) | Exhibit 10.31 to Form 10-K filed February 23, 2024 |
| 10.25 | Form of employee time-based restricted stock unit – B (2020 LTI Plan) | Exhibit 10.32 to Form 10-K filed February 23, 2024 |
| 10.26 | Form of employee time-based restricted stock unit – C (2020 LTI Plan) | Exhibit 10.33 to Form 10-K filed February 23, 2024 |
| 10.27 | Form of employee time-based restricted stock unit – D (2020 LTI Plan) | Exhibit 10.34 to Form 10-K filed February 23, 2024 |
| 10.28 | Form of non-employee director elective restricted stock unit (2021 NED Plan) | Exhibit 10.35 to Form 10-Q filed May 2, 2024 |
| 10.29 | Severance Protection Agreement dated as of August 7, 2013 between Murphy Oil Corporation and Roger W. Jenkins | Exhibit 10.1 to Form 8-K filed August 9, 2013 |
| 10.30 | Amendment to Severance Protection Agreement dated as of August 7, 2013, between Murphy Oil Corporation and Roger W. Jenkins | Exhibit 10.1 to Form 10-Q filed May 2, 2019 |
| 10.31 | Credit Agreement, dated as of October 7, 2024, among Murphy Oil Corporation, Murphy Exploration & Production Company – International and Murphy Oil Company Ltd., as borrowers, JPMorgan Chase Bank N.A., as administrative agent, and the lenders party thereto | Exhibit 10.1 to Form 8-K filed October 7, 2024 |
| *10.32 | Form of Severance Protection Agreement | |
| *10.33 | First Amendment to the New Credit Agreement dated as of February 6, 2025 among Murphy Oil Corporation, Murphy Exploration & Production Company – International and Murphy Oil Company Ltd., as borrowers, JPMorgan Chase Bank, N.A., as administrative agent and the lenders party hereto | |
| *19.1 | Murphy Oil Corporation Insider Trading Policy | |
| *21.1 | Subsidiaries of Murphy Oil Corporation | |
| *23.1 | Consent of Independent Registered Public Accounting Firm | |
| *23.2 | Consent of Ryder Scott Company, L.P. | |
| *23.3 | Consent of McDaniel & Associates Consultants Ltd. | |
| *23.4 | Consent of Netherland, Sewell & Associates, Inc. | |
| *31.1 | Certification required by Rule 13a-14(a) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
| *31.2 | Certification required by Rule 13a-14(a) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
| *32.1 | Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
| *99.1 | Ryder Scott independent reserves audit report for MP GOM JV | |
| *99.2 | McDaniel independent reserves audit report for Canada Onshore proved crude oil and natural gas reserves | |
| *99.3 | Netherland, Sewell & Associates, Inc. independent reserves audit report U.S. Gulf of Mexico | |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
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