MURPHY OIL CORP

DEFINITIONS

Currencies:

CAD or C$ - Canadian dollar

USD or US$ - United States dollar

Units of Measurement:

BBL - Barrels

BCF - Billion cubic feet

BOE - Barrels of oil equivalent

BOEPD - Barrels of oil equivalent per day

MCF - Thousand cubic feet

MMBBL - Million barrels of oil

MMBOE - Million barrels of oil equivalent

MMBTU - Million British thermal units

MMCF - Million cubic feet

Industry:

AECO - Alberta Energy Company and is the Canadian benchmark price for natural gas

Crude oil - Collectively, crude oil and condensate hydrocarbons

Development well - A well that is drilled within the proved area of an oil or natural gas reservoir to the depth of a stratigraphic horizon known to be productive

Dry hole - An exploratory well that does not find oil or natural gas in commercial quantities

E&P - Exploration and production

Exploratory well - A 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

Hydrocarbons - Organic chemical compounds of hydrogen and carbon atoms that form the basis of all petroleum products

Liquids - Collectively, crude oil, condensate and natural gas liquid hydrocarbons

Net acres or net wells - The portions of gross acres or gross wells owned by the Company

NGLs - Natural gas liquids

NYMEX - New York Mercantile Exchange

OPEC - Organization of the Petroleum Exporting Countries

Operator - The company serving as the manager and often the decision-maker of a drilling or production project

Production Sharing Contract (PSC) - Agreement between extracting company(ies) and a host country regarding each party’s share of production after stipulated exploratory and development costs are recovered

QRE - Qualified reserve estimator

Seismic - Two-dimensional or three-dimensional images created by bouncing sound waves off underground rock formations that are used to determine the best places to drill for hydrocarbons

Working interest - Right to drill and produce oil and natural gas on the leased acreage, as well as the obligation to pay costs

WTI - West Texas Intermediate

Accounting:

ARO - Asset retirement obligation

ASC - Accounting Standards Codification

ASU - Accounting Standards Update

DEFINITIONS - Continued

CODM - Chief Operating Decision Maker

DD&A - Depreciation, depletion and amortization

EBITDA - Earnings before interest, taxes, depreciation and amortization

FASB - Financial Accounting Standards Board

GAAP - U.S. Generally Accepted Accounting Principles

NCI - Noncontrolling interest

PCAOB - Public Company Accounting Oversight Board

SEC - U.S. Securities and Exchange Commission

Other:

AIP - Annual Incentive Plan

BOEM - U.S. Bureau of Ocean Energy Management

BSEE - U.S. Bureau of Safety and Environmental Enforcement

CRSU - Cash-settled restricted time-based stock unit

EPA - U.S. Environmental Protection Agency

ESG - Environmental, Social and Governance

GHG - Greenhouse gas

IRA - Inflation Reduction Act

MP GOM - MP Gulf of Mexico, LLC

PAI - Petrobras America Inc.

PSU - Performance-based restricted stock unit

RCF - Revolving credit facility

ROACE - Return on average capital employed

RSU - Time-based restricted stock unit

SAR - Stock appreciation right

SOFR - Secured Overnight Financing Rate

TCFD - Task Force on Climate-related Financial Disclosures

TSR - Total Shareholder Return

WEC - Waste Emission Charge