MURPHY OIL CORP

Summary

Murphy Oil Corporation is a global oil and natural gas exploration and production company, with both onshore and offshore operations and properties. As used in this report, the terms Murphy, Murphy Oil, we, our, its and Company may refer to Murphy Oil Corporation or any one or more of its consolidated subsidiaries.

The Company was originally incorporated in Louisiana in 1950 as Murphy Corporation. It was reincorporated in Delaware in 1964, at which time it adopted the name Murphy Oil Corporation. In 2013, the United States (U.S.) refining and marketing business was separated from Murphy Oil Corporation’s oil and natural gas exploration and production business. For reporting purposes, Murphy’s exploration and production activities are subdivided into three geographic segments, including the U.S., Canada and all other countries. Additionally, the Corporate segment includes interest income, interest expense, foreign exchange effects, corporate risk management activities and administrative costs not allocated to the exploration and production segments. The Company’s corporate headquarters are located in Houston, Texas.

As part of the Company’s underlying operations, the Company is continually monitoring its greenhouse gas (GHG) emissions and impact on the environment as well as other social and environmental aspects of its business. See “Sustainability” on page 9.

In addition to the following information about each business activity, data about Murphy’s operations, properties and business segments, including revenues by class of products and financial information by geographic area, are provided on pages 31 through 43,75 through 79,100 through 104, and 106 through 121 of this Form 10-K report.

Interested parties may obtain the Company’s public disclosures filed with the Securities and Exchange Commission (SEC), including Form 10-K, Form 10-Q, Form 8-K and other documents, by accessing the Investor Relations section of Murphy Oil Corporation’s Website at www.murphyoilcorp.com.

Exploration and Production

The Company produces crude oil and condensate (collectively, crude oil), natural gas and natural gas liquids (NGLs) primarily in the U.S. and Canada and explores for crude oil, natural gas and NGLs in targeted areas worldwide.

During 2024, Murphy’s principal exploration and production activities were conducted in the U.S. by wholly-owned Murphy Exploration & Production Company – USA and its subsidiaries, in Canada by wholly-owned Murphy Oil Company Ltd. and its subsidiaries, and in Brazil, Brunei, Côte d’Ivoire and Vietnam by wholly-owned Murphy Exploration & Production Company – International and its subsidiaries. Murphy’s operations and production in 2024 were in the U.S., Canada and Brunei.

Unless otherwise indicated, all references to the Company’s U.S. Offshore and total oil, natural gas and NGLs production, sales volumes, and proved reserves include a noncontrolling interest in MP Gulf of Mexico, LLC (MP GOM; see further details below).

Murphy’s worldwide 2024 production on a barrel of oil equivalent basis (six thousand cubic feet of natural gas equals one barrel of oil) was 184,293 barrels of oil equivalent per day (BOEPD), a decrease of 4.3% compared to 2023.

For further details on business execution, see“Management’s Discussion and Analysis of Financial Condition and Results of Operations” starting on page 31. For further details on 2024 production and sales volume see pages 35 to 36.

United States

In the U.S., Murphy produces crude oil, natural gas and NGLs primarily from fields in the Gulf of America and in the Eagle Ford Shale area of South Texas. The Company produced 93,184 barrels (BBL) of crude oil and NGLs (collectively, liquids) per day and approximately 82 million cubic feet (MMCF) of natural gas per day in the U.S. in

2024. These amounts represented 89.5% of the Company’s total worldwide liquids and 17.1% of worldwide natural gas production volumes.

Offshore

The Company holds rights to approximately 580 thousand gross acres in the Gulf of America. During 2024, approximately 72% of total U.S. hydrocarbon production was produced at fields in the Gulf of America, of which approximately 90% was derived from ten fields, including the operated Khaleesi, Mormont, Cascade and Chinook, Samurai, Marmalard, Dalmatian and Powerball fields, as well as the non-operated St. Malo, Kodiak and Lucius fields. Total average daily production in the Gulf of America in 2024 was 67,591 BBL of liquids and 57 MMCF of natural gas. At December 31, 2024, Murphy had total proved reserves for Gulf of America fields of 123.2 million BBL of liquids and 93.2 billion cubic feet 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 2024, approximately 28% of total U.S. hydrocarbon production was produced in the Eagle Ford Shale. Total 2024 production in the Eagle Ford Shale area was 25,521 BBL of liquids per day and 24.9 MMCF per day of natural gas. At December 31, 2024, the Company’s proved reserves for the U.S. Onshore business totaled 136.1 million BBL of liquids and 195.7 billion cubic feet of natural gas.

Canada

In Canada, the Company holds working interests in Tupper Montney (100% working interest), Kaybob Duvernay and two non-operated offshore assets – the Hibernia and Terra Nova fields, located offshore Newfoundland and Labrador in the Jeanne d’Arc Basin. During 2023, the Company sold a portion of its working interest in Kaybob Duvernay and the 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% working interest in Kaybob Duvernay lands in Alberta. The Company has approximately 166 thousand gross acres of Kaybob Duvernay mineral rights. Daily production in 2024 in Canada Onshore averaged 3,465 BBL of liquids and 399 MMCF of natural gas. Total Canada Onshore proved liquids and natural gas reserves at December 31, 2024, were approximately 21.4 million BBL and 2.2 trillion cubic feet, respectively.

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 18.0% working interest in Terra Nova. Oil production in 2024 was 7,251 BBL of oil per day for the two offshore Canadian fields. Terra Nova resumed production during the fourth quarter of 2023, following the completion of the asset life extension project. Total proved reserves for Canada Offshore at December 31, 2024 were approximately 20.8 million BBL of liquids and 14.0 billion cubic feet of natural gas.

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, SEAL-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, 2024 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, 2024. Oil production in 2024 was 219 BBL of oil per day for Brunei.

Total proved reserves for our Jagus East discovery in Block CA-1 at December 31, 2024 were approximately 0.2 million BBL of liquids and 172 MMCF of natural gas. Block CA-1 covers 2 thousand gross acres.

Vietnam

The Company holds an interest in 7.3 million gross acres, consisting of 65% working interest in Blocks 144 & 145, and a 40% interest in Block 15-1/05 and Block 15-2/17. The Company is the operator of each of the three Production Sharing Contracts (PSCs).

Block 15-1/05 contains the Lac Da Vang (Golden Camel) discovered field in the Cuu Long Basin where, in 2023, the Company received government approval of the field development plan, and the Board of Directors of the Company (the Board) sanctioned the project. Development activity is in progress, with first oil planned in 2026. The Lac Da Trang-1X (White Camel) exploration well was drilled in April 2019 and the Company anticipates drilling the Lac Da Hong-1X (Pink Camel) exploration well in 2025.

In Block 15-2/17, the Company completed its geological and geophysical commitment work, which included 3D seismic reprocessing. In the fourth quarter 2024, the Company drilled an oil discovery at the Hai Su Vang-1X (Golden Sea Lion) exploration well, which encountered approximately 370 feet of net pay from two reservoirs. Additional evaluation is ongoing and future appraisal drilling will be conducted.

In Blocks 144 & 145, the Company acquired 2D seismic in 2013 and undertook seabed surveys in 2015 and 2016. The Company has sought an extension to complete the remaining seismic commitment.

Total proved reserves for Lac Da Vang (Golden Camel) field development in Vietnam at December 31, 2024 were approximately 12.0 million BBL of liquids and 2.8 billion cubic feet of natural gas.

Côte d’Ivoire

During the second quarter of 2023, Murphy signed PSCs as operator for five deepwater blocks in the Tano Basin offshore Côte d’Ivoire, Africa. The five blocks have a total area of 1.5 million gross acres, with Murphy holding a 90% working interest in four blocks and an 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.

Proved Reserves

Total proved reserves for crude oil, natural gas and NGLs as of December 31, 2024 are presented in the following table:

1 Includes proved developed reserves of 14.4 million barrels of oil equivalent (MMBOE), consisting of 13.2 million barrels (MMBBL) of oil, 0.5 MMBBL of NGLs and 4.2 billion cubic feet (BCF) of natural gas, attributable to the noncontrolling interest in MP GOM.

2 Includes proved undeveloped reserves of 1.5 MMBOE, consisting of 1.3 MMBBL of oil, 0.1 MMBBL of NGLs and 0.8 BCF of natural gas, attributable to the noncontrolling interest in MP GOM.

3 Includes proved reserves of 15.9 MMBOE, consisting of 14.5 MMBBL of oil, 0.6 MMBBL of NGLs and 5 BCF of natural gas, attributable to the noncontrolling interest in MP GOM.

4 Includes proved natural gas reserves to be consumed in operations as fuel of 67.9 BCF, 36.0 BCF and 2.8 BCF for the U.S., Canada and Other, respectively, with 1.1 BCF of this attributable to the noncontrolling interest in MP GOM.

Murphy Oil’s 2024 total proved reserves and proved undeveloped reserves are reconciled from 2023 as presented in the table below:

1 For purposes of these computations, natural gas sales volumes are converted to equivalent barrels of oil using a ratio of six thousand cubic feet (MCF) of natural gas to one barrel of oil.

2 Includes 15.9 MMBOE and 1.5 MMBOE for total proved and proved undeveloped reserves, respectively, attributable to the noncontrolling interest in MP GOM.

Production of 67.5 MMBOE was not fully offset by extensions of 10.5 MMBOE in the Eagle Ford Shale, 12.1 MMBOE in Canada Onshore, 5.5 MMBOE in the Gulf of America, and 3.3 MMBOE in Canada Offshore as well as performance and price related increases of 6.3 MMBOE in Canada, 7.0 MMBOE in the Eagle Ford Shale and 12.5 MMBOE in the Gulf of America.

Murphy’s total proved undeveloped reserves at December 31, 2024 decreased 21.2 MMBOE from a year earlier. The proved undeveloped reserves reported in the table as extensions and discoveries during 2024 were predominantly attributable to four areas: the Gulf of America, the Eagle Ford Shale in South Texas, Tupper Montney in Onshore Canada and Offshore Canada. The U.S. and Canadian assets had active development work ongoing during the year and new drilling locations were sanctioned in the Gulf of America. The majority of proved undeveloped reserves associated with revisions of previous estimates was the result of performance adjustments in Tupper Montney and the Eagle Ford Shale and positive price revisions in Tupper Montney from decreased royalty rates and decelerated royalty incentive payouts arising from lower commodity prices. The majority of the proved undeveloped reserves migration to the proved developed category are attributable to drilling in Tupper Montney, the Gulf of America, and the Eagle Ford Shale. Other proved undeveloped increases resulted from sanctioned development plans for the non-operated Zephyrus field.

The Company spent approximately $670 million in 2024 to convert proved undeveloped reserves to proved developed reserves. In the next three years, the Company expects to spend a range of approximately $650 million to $800 million per year to move current undeveloped proved reserves to the developed category. The anticipated level of spending in 2025 primarily includes drilling and development in the Gulf of America, Eagle Ford Shale, Tupper Montney, Kaybob and Vietnam areas.

At December 31, 2024, proved reserves are included for several development projects, including oil developments in the Eagle Ford Shale in South Texas, Gulf of America, Kaybob Duvernay in Canada Onshore and Lac Da Vang (Golden Camel) in Vietnam; as well as natural gas developments in Tupper Montney in Canada Onshore. Total proved undeveloped reserves associated with various development projects at December 31, 2024 were approximately 292.8 MMBOE, which represents 40% of the Company’s total proved reserves.

Certain development projects have proved undeveloped reserves that will take more than five years to bring to production. Projects in deepwater fields in the Gulf of America and Canada Offshore include five undeveloped locations that exceed this five-year window. Total reserves associated with the five locations amount to less than 1% of the Company’s total proved reserves at year-end 2024. The development of certain reserves extends beyond five years due to limited well slot availability, thus making it necessary to wait for depletion of other wells prior to initiating further development of these locations or behind-pipe completions with significant capital costs that categorize them as undeveloped.

Murphy Oil’s Reserves Processes and Policies

All estimates of reserves are made in compliance with SEC Rule 4-10 of Regulation S-X, which states that “proved oil and natural gas reserves are those quantities of oil and natural gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible —from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations.” Proved reserves estimates will generally be revised only as additional geologic or engineering data become available or as economic conditions change. Moreover, estimates of proved reserves may be revised as a result of future operations, effects of regulation by governmental agencies or geopolitical or economic risks. Therefore, the proved reserves included in this report are estimates only and should not be construed as being exact quantities, and if recovered, could be more or less than the estimated amounts.

Murphy has established both internal and external controls for estimating proved reserves that follow the guidelines set forth by the SEC for oil and gas reporting. Crude oil, natural gas and NGLs reserve estimates are developed or reviewed by Qualified Reserves Estimators (QREs). QREs are technical professionals embedded within the asset teams. QRE qualification generally requires a minimum of five years of practical experience in petroleum engineering or petroleum production geology, with at least three years of such experience being in the estimation and evaluation of reserves, and either a bachelors or advanced degree in petroleum engineering, geology or other discipline of engineering or physical science from a college or university of recognized stature, or the equivalent thereof from an appropriate government authority or professional organization. Larger business units of the Company also employ Regional Reserves Coordinators who coordinate and provide oversight of the reserve submissions to senior management and the Corporate Reserves group. Murphy provides annual training to all Company reserves estimators to ensure SEC requirements associated with reserves estimation and Form 10-K reporting are fulfilled.

Proved reserves are consolidated and reported through the Corporate Reserves group. Murphy’s General Manager Corporate Reserves (Reserves General Manager) leads the Corporate Reserves group that also includes Corporate Reserve engineers and support staff, all of which are independent of the Company’s oil and natural gas operational management and technical personnel. The Reserves General Manager joined Murphy in 2020 and has more than 32 years of industry experience. He has a Bachelor of Science in Mechanical Engineering and is also a licensed Professional Engineer in the State of Texas. The Reserves General Manager reports to the Executive Vice President and Chief Financial Officer and makes annual presentations to the Board about the Company’s reserves. The Reserves Manager and the Corporate Reserve engineers review and discuss reserves estimates directly with the Company’s technical staff in order to make every effort to comply with the rules and regulations of the SEC.

The Reserves General Manager coordinates and oversees the third-party audits which are performed annually. In 2024, third party audits were conducted for proved reserves covering 71.6% of total proved reserves. All audits conducted during this period were within the established +/- 10.0% tolerance.

Ryder Scott Company (“Ryder Scott”) performed audits for certain reserve estimates of Murphy’s U.S. fields as of December 31, 2024. The Ryder Scott summary report is filed as an exhibit to this Annual Report on Form 10-K. The team lead for Ryder Scott has over 22 years of industry experience, joining Ryder Scott over 19 years ago. He is a registered Professional Engineer in the State of Texas.

McDaniel & Associates (“McDaniel”) performed audits for certain reserve estimates of our Canadian fields as of December 31, 2024. The McDaniel summary report is filed as an exhibit to this Annual Report on Form 10-K. The two technical advisors for McDaniel both have over 18 years of experience in the estimation and evaluation of reserves with McDaniel. Both are registered Professional Engineers with the Association of Professional Engineers and Geoscientists of Alberta.

Netherland, Sewell & Associates, Inc. (“NSAI”) performed audits for certain reserve estimates of our Gulf of America fields as of December 31, 2024. The NSAI summary report is filed as an exhibit to this Annual Report on Form 10-K. The team lead for NSAI has over 20 years of industry experience, joining NSAI over 15 years ago.

To ensure accuracy and security of reported reserves, the proved reserves estimates are coordinated in industry-standard software with access controls for approved users. In addition, Murphy complies with internal controls concerning the various business processes related to reserves.

More information regarding Murphy’s estimated quantities of proved reserves of crude oil, natural gas and NGLs for the last three years are presented by geographic area on pages 108 through 115 of this Form 10-K report. Murphy currently has no oil and natural gas reserves from non-traditional sources. Murphy has not filed and is not required to file any estimates of its total proved oil or natural gas reserves on a recurring basis with any federal or foreign governmental regulatory authority or agency other than the SEC. Annually, Murphy reports gross reserves of properties operated in the U.S. to the U.S. Department of Energy; such reserves are derived from the same data from which estimated proved reserves of such properties are determined.

Crude oil and NGLs production and sales, and natural gas sales by geographic area with weighted average sales prices for each of the three years ended December 31, 2024 are shown on page 34 of this Form 10-K report.

Production expenses for the last three years in U.S. dollars per equivalent barrel are discussed beginning on page 37 of this Form 10-K report.

Supplemental disclosures relating to oil and natural gas producing activities are reported on pages 106 through 121 of this Form 10-K report.

Acreage and Well Count

At December 31, 2024, Murphy held leases, concessions, contracts or permits on developed and undeveloped acreage as shown by geographic area in the following table. “Gross” acres are those in which all or part of the working interest is owned by Murphy. “Net” acres are the portions of the gross acres attributable to Murphy’s interest.

Certain acreage held by the Company will expire in the next three years.

Scheduled expirations in 2025 includes 1,090 thousand net acres in Côte d’Ivoire, 304 thousand net acres in Vietnam, 75 thousand net acres in Brazil, 5 thousand net acres in U.S. Offshore and 1 thousand net acres in Canada Onshore.

Acreage currently scheduled to expire in 2026 includes 4,267 thousand net acres in Vietnam, 241 thousand net acres in Côte d’Ivoire, 25 thousand net acres in U.S. Offshore, 6 thousand net acres in Canada Offshore and 1 thousand net acres in Canada Onshore.

Scheduled expirations in 2027 includes 75 thousand net acres in Brazil and 7 thousand net acres in U.S. Offshore.

As used in the three tables that follow, “gross” wells are the total wells in which all or part of the working interest is owned by Murphy, and “net” wells are the total of the Company’s fractional working interests in gross wells expressed as the equivalent number of wholly-owned wells. An “exploratory” well is drilled to find and produce crude oil or natural gas in an unproved area and includes delineation wells which target a new reservoir in a field known to be productive or to extend a known reservoir beyond the proved area. A “development” well is drilled within the proved area of an oil or natural gas reservoir to the depth of a stratigraphic horizon known to be productive.

The following table shows the number of oil and natural gas wells producing or capable of producing at December 31, 2024:

Murphy’s net wells drilled and completed in the last three years are shown in the following table:

Murphy’s drilling wells in progress at December 31, 2024 are shown in the following table. The year-end well count includes wells awaiting various completion operations.