MURPHY OIL CORP

Summary

Murphy Oil Corporation is a global oil and natural gas exploration and production (E&P) 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 E&P business. For reporting purposes, Murphy’s E&P 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 E&P segments. The Company’s corporate headquarters are located in Houston, Texas.

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 32 through 43,77 through 81,103 through 108, and 111 through 126 of this Form 10-K report.

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.

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 (collectively, oil and natural gas) in targeted areas worldwide.

During 2025, Murphy’s principal E&P 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 2025 were in the U.S., Canada and Brunei.

In January 2026, Murphy signed a Petroleum Agreement securing an operated position in Morocco’s Gharb Deep Offshore deepwater block which covers more than 4 million acres. Murphy holds a 75% working interest in the block, with the remaining 25% working interest held by the Office National des Hydrocarbures et des Mines. The Petroleum Agreement does not include any firm well commitments in the initial three-year exploration phase.

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

Murphy’s worldwide 2025 production on a barrel of oil equivalent basis (six thousand cubic feet of natural gas equals one barrel of oil) was 188,682 barrels of oil equivalent per day (BOEPD), an increase of 2.4% compared to 2024.

For further details on business execution, see“Management’s Discussion and Analysis of Financial Condition and Results of Operations” starting on page 32. For further details on 2025 production and sales volume see pages 36 to 37.

United States

In the U.S., Murphy produces oil and natural gas primarily from fields in the Gulf of America and in the Eagle Ford Shale area of South Texas. The Company produced 93,289 barrels (BBL) of crude oil and NGLs (collectively, liquids) per day and approximately 85 million cubic feet (MMCF) of natural gas per day in the U.S. in 2025. These amounts represented 90% of the Company’s total worldwide liquids and 17% of worldwide natural gas production volumes.

Offshore

The Company holds rights to approximately 556 thousand gross acres in the Gulf of America. During 2025, approximately 65% of total U.S. hydrocarbon production was produced at fields in the Gulf of America, of which approximately 91% was derived from ten fields, including the operated Mormont, Khaleesi, Cascade and Chinook, Marmalard, Dalmatian, Neidermeyer 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 2025 was 61,233 BBL of liquids and 52 MMCF of natural gas. At December 31, 2025, Murphy had total proved reserves for Gulf of America fields of 112.1 million BBL of liquids and 69.2 billion cubic feet (BCF) of natural gas.

Onshore

The Company holds rights to approximately 130 thousand gross acres in South Texas in the Eagle Ford Shale unconventional oil and natural gas play. During 2025, approximately 35% of total U.S. hydrocarbon production was produced in the Eagle Ford Shale. Total 2025 production in the Eagle Ford Shale area was 32,056 BBL of liquids per day and 33 MMCF per day of natural gas. At December 31, 2025, the Company’s proved reserves for the U.S. Onshore business totaled 137.9 million BBL of liquids and 182.0 BCF of natural gas.

Canada

In Canada, the Company holds working interests in the Tupper Montney (100% working interest), the 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. In 2023, the Company sold a portion of its working interest in the Kaybob Duvernay and the entire 30% non-operated working interest in the Placid Montney.

Onshore

Murphy has approximately 139 thousand gross acres of the Tupper Montney mineral rights located in northeast British Columbia. In addition, the Company holds a 70% working interest in the Kaybob Duvernay lands in Alberta. The Company has approximately 167 thousand gross acres of the Kaybob Duvernay mineral rights. Daily production in 2025 for Canada Onshore averaged 3,479 BBL of liquids and 423 MMCF of natural gas. Total Canada Onshore proved liquids and natural gas reserves at December 31, 2025, were approximately 23.7 million BBL and 2.3 trillion cubic feet, respectively.

Offshore

The Company holds a non-operated interest in approximately 130 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 2025 was 6,981 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 an asset life extension project. Total proved reserves for Canada Offshore at December 31, 2025 were approximately 19.4 million BBL of liquids and 8.6 BCF of natural gas.

Brazil

The Company holds a 20% non-operated working interest in one block in the offshore regions of the Sergipe-Alagoas Basin (SEAL) in Brazil (SEAL-M-637) and holds 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, 2025 was approximately 960 thousand 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, 2025. Oil production in 2025 was 275 BBL of oil per day.

Total proved reserves for our Jagus East discovery in Block CA-1 at December 31, 2025 were approximately 0.2 million BBL of liquids and 157 MMCF of natural gas. Block CA-1 covers 2 thousand gross acres.

Côte d’Ivoire

Murphy operates five offshore PSCs in the Tano Basin offshore Côte d’Ivoire, Africa, with the five blocks having a total area of 1.4 million gross acres. Murphy holds 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.

The three-well exploration drilling campaign includes Civette-1X drilled on Block CI-502, Caracal-1X currently drilling on Block CI-102, and Bubale-1X to be drilled on Block CI-709 in 2026. These three wells will satisfy drilling Minimum Work Program commitments on each of these blocks. There will be no further well commitments on these three blocks until June 2028. Subsequent to year-end, the Civette-1X exploration well reached a total depth of 13,950 feet and encountered non-commercial hydrocarbons across multiple intervals. Also subsequent to year end, the Caracal-1X exploration well reached a total depth of 8,534 feet and will be plugged and abandoned as a dry hole after encountering non-commercial hydrocarbon shows.

The remaining blocks, CI-103 and CI-531, have elections in December 2026, with the option to enter a Second Exploration Period carrying well commitments.

Vietnam

The Company holds an interest in 7.3 million gross acres, consisting of 65% working interest in Blocks 144 & 145, and a 40% working 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 encountered 320 feet of pay with light oil in one reservoir. The Company drilled the Lac Da Hong-1X (Pink Camel) exploration well in 2025 and encountered 106 feet of net oil pay from one reservoir and continues to progress post-drill evaluations. A lease extension was granted with accompanying commitments which are being actively progressed.

In Block 15-2/17, in the fourth quarter 2024, the Company drilled an oil discovery at the Hai Su Vang-1X (Golden Sea Lion) exploration well, which encountered 370 feet of net pay from two reservoirs. The Hai Su Vang-2X appraisal well to this discovery was drilled in the fourth quarter of 2025 and encountered 429 feet of net pay from two reservoirs. Additional evaluation is ongoing and future appraisal drilling will be conducted. A lease extension was granted with accompanying commitments which are being actively progressed.

In Blocks 144 & 145, the Company acquired 2D seismic in 2013 and undertook seabed surveys in 2015 and 2016. The Company intends to request a further extension to complete the remaining work commitment.

Total proved reserves for Lac Da Vang (Golden Camel) field development in Vietnam at December 31, 2025 were approximately 12.1 million BBL of liquids and 7.4 BCF of natural gas.

Proved Reserves

Total proved reserves for crude oil, natural gas and NGLs as of December 31, 2025 are presented in the following table.

1 Includes proved natural gas reserves to be consumed in operations as fuel of 54.2 BCF, 35.1 BCF and 7.4 BCF for the U.S., Canada and Other, respectively, with 1.7 BCF of this attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 13.1 million barrels of oil equivalent (MMBOE), consisting of 12.1 million barrels (MMBBL) of oil, 0.4 MMBBL of NGLs and 3.9 BCF of natural gas, attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 1.9 MMBOE, consisting of 1.8 MMBBL of oil and 0.3 BCF of natural gas, attributable to the noncontrolling interest in MP GOM.

4 Includes proved reserves of 15.0 MMBOE, consisting of 13.9 MMBBL of oil, 0.4 MMBBL of NGLs and 4.2 BCF of natural gas, attributable to the noncontrolling interest in MP GOM.

Murphy Oil’s 2025 total proved reserves and proved undeveloped reserves are reconciled from 2024 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 of natural gas to one barrel of oil.

2 Includes 15.0 MMBOE and 1.9 MMBOE for total proved and proved undeveloped reserves, respectively, attributable to the noncontrolling interest in MP GOM.

Production of 68.9 MMBOE, 3.4 MMBOE of divestment in the Eagle Ford Shale, and price related losses of 3.0 MMBOE were fully offset by extensions of 4.9 MMBOE in the Eagle Ford Shale and 38.1 MMBOE in Canada, 4.3 MMBOE of acquisition in the Eagle Ford Shale, as well as performance related increases of 8.2 MMBOE in Canada, 9.1 MMBOE in the Eagle Ford Shale, 10.7 MMBOE in the Gulf of America, and 1.0 MMBOE in Other regions.

Murphy’s total proved undeveloped reserves at December 31, 2025 increased 18.3 MMBOE from a year earlier. The proved undeveloped reserves reported in the table as extensions and discoveries during 2025 were predominantly attributable to the Eagle Ford Shale in South Texas and the Tupper Montney and the Kaybob Duvernay in onshore Canada. These U.S. and Canadian assets had active development work ongoing during the year, and new drilling locations were added in the Gulf of America. The majority of proved undeveloped reserves associated with revisions of previous estimates was the result of performance adjustments in the Tupper Montney and the Eagle Ford Shale, partially offset by increased royalty rates and accelerated royalty incentive payouts arising from higher commodity prices in the Tupper Montney. The majority of the proved undeveloped reserves migration to the proved developed category are attributable to drilling in the Tupper Montney, the Gulf of America, and the Eagle Ford Shale.

The Company spent approximately $690 million in 2025 to convert proved undeveloped reserves to proved developed reserves. In the next three years, the Company expects to spend a range of approximately $450 million to $800 million per year to move current undeveloped proved reserves to the developed category. The anticipated level of spending in 2026 primarily includes drilling and development in the Gulf of America, the Eagle Ford Shale, the Tupper Montney, the Kaybob Duvernay and Vietnam areas.

At December 31, 2025, proved reserves are included for several development projects, including oil developments in the Eagle Ford Shale in South Texas, the Gulf of America, the Kaybob Duvernay in onshore Canada and Lac Da Vang (Golden Camel) in Vietnam; as well as natural gas developments in the Tupper Montney in onshore Canada. Total proved undeveloped reserves associated with various development projects at December 31, 2025 were approximately 311.1 MMBOE, which represents 43% 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 four undeveloped locations that exceed this five-year window. Total reserves associated with the four locations amount to less than 1% of the Company’s total proved reserves at year end 2025. 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 34 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 General 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 2025, third party audits were conducted for proved reserves covering 95.8% 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, 2025. The Ryder Scott summary reports are filed as exhibits to this Annual Report on Form 10-K. The team lead for Ryder Scott has over 23 years of industry experience, joining Ryder Scott over 20 years ago. He is a registered Professional Engineer in the State of Texas.

McDaniel & Associates (“McDaniel”) performed audits for certain reserve estimates of our onshore Canadian fields as of December 31, 2025. The McDaniel summary report is filed as an exhibit to this Annual Report on Form 10-K. The team lead for McDaniel has over 18 years of experience in the estimation and evaluation of reserves with McDaniel. He is a registered Professional Engineer 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, 2025. The NSAI summary report is filed as an exhibit to this Annual Report on Form 10-K. The team lead for NSAI has over 22 years of industry experience, joining NSAI over 16 years ago.

GLJ Ltd. (“GLJ”) performed audits for certain reserve estimates of our offshore Canadian fields as of December 31, 2025. The GLJ summary report is filed as an exhibit to this Annual Report on Form 10-K. The team lead for GLJ has over 22 years of experience in the estimation and evaluation of reserves with GLJ. He is a registered Professional Engineer with the Association of Professional Engineers and Geoscientists of Alberta.

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 113 through 120 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, 2025 are starts on page 35 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 38 of this Form 10-K report.

Supplemental disclosures relating to oil and natural gas producing activities are reported on pages 111 through 126 of this Form 10-K report.

Acreage and Well Count

At December 31, 2025, 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 undeveloped acreage held by the Company will expire in the next three years.

Scheduled expirations in 2026 include 4,267 thousand net acres in Vietnam, 558 thousand net acres in Côte d’Ivoire and 28 thousand net acres in U.S. Offshore. The Company plans to seek extensions for the expiring acres in Vietnam.

Acreage currently scheduled to expire in 2027 includes 12 thousand net acres in U.S. Offshore.

Scheduled expirations in 2028 include 774 thousand net acres in Brazil, 712 thousand net acres in Côte d’Ivoire, 255 thousand net acres in Vietnam, 7 thousand net acres in U.S. Offshore and 2 thousand net acres in Canada Onshore.

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, 2025.

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, 2025 are shown in the following table. The year-end well count includes wells awaiting various completion operations.