MURPHY OIL CORP

OPERATIONAL UPDATE

Our producing assets delivered another quarter of exceptional execution, while two major projects reached first production.

In the Eagle Ford Shale, we brought online 14 wells in Catarina during the quarter, including six originally planned for the fourth quarter. We concluded this year’s operated program with a 26 percent reduction in well cost per lateral foot compared to 2025 and some of the best performing wells in Company history. Continued strong well performance and improved capital efficiency reinforce the Eagle Ford’s role as a reliable cash flow generator which supports incremental investment in the asset.

Tupper Montney also contributed meaningfully to our third quarter production outperformance, as eight wells came online early in the period and helped keep the Tupper West plant running at full capacity. Reaching that level with 20 percent fewer wells than in 2025 reflects continued capital efficiency and higher per-well productivity.

In the Gulf of America, Chinook #8 commenced production late in the third quarter with a gross peak production rate of approximately 15 MBOEPD. Chinook #8 is a strong example of infrastructure-led development. It adds oil-weighted production through a facility we own, begins generating cash flow without the cost and lead time of a new platform, and reinforces the strategic value of our Pioneer FPSO (Floating Production, Storage and Offloading) vessel acquisition in 2025.

In Vietnam, we achieved first oil from Lac Da Vang in Block 15-1/05 on September 27, delivering a major offshore project safely, on schedule, and within budget. This is another demonstration of our offshore and international execution capability. The project is expected to contribute approximately 3 to 5 MBOEPD in 2027, growing to an estimated peak net production of approximately 10 to 15 MBOEPDin 2028 or 2029.