Murphy Oil : Third Quarter 2020 Earnings Conference Presentation

2020

THIRD QUARTER EARNINGS

CONFERENCE CALL & WEBCAST

NOVEMBER 5, 2020

ROGER W. JENKINS

PRESIDENT& CHIEF EXECUTIVE OFFICER			www.murphyoilcorp.com	0
			NYSE: MUR

Cautionary Statement & Investor Relations Contacts

Cautionary Note to US Investors - The United States Securities and Exchange Commission (SEC) requires oil and natural gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use certain terms in this presentation, such as "resource", "gross resource", "recoverable resource", "net risked PMEAN resource", "recoverable oil", "resource base", "EUR" or "estimated ultimate recovery" and similar terms that the SEC's rules prohibit us from including in filings with the SEC. The SEC permits the optional disclosure of probable and possible reserves in our filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent Annual Report on Form 10-K filed with the SEC and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC's website.

Forward-Looking Statements - This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as "aim", "anticipate", "believe", "drive", "estimate", "expect", "expressed confidence", "forecast", "future", "goal", "guidance", "intend", "may", "objective", "outlook", "plan", "position", "potential", "project", "seek", "should", "strategy", "target", "will" or variations of such words and other similar expressions. These statements, which express management's current views concerning future events or results, are subject to inherent risks and uncertainties. Factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement include, but are not limited to: macro conditions in the oil and natural gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the US or global capital markets, credit markets or economies in general. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see "Risk Factors" in our most recent Annual Report on Form 10-K filed with the US Securities and Exchange Commission ("SEC") and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC's website and from Murphy Oil Corporation's website at http://ir.murphyoilcorp.com. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements.

Non-GAAP Financial Measures - This presentation refers to certain forward-lookingnon-GAAP measures such as future "Free Cash Flow". Definitions of these measures are included in the appendix.

Kelly Whitley

VP, Investor Relations & Communications [e-mail]

Megan Larson

Sr. Investor Relations Analyst [e-mail]

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Executing Our Strategy in 2020

Employ Foresight, Talent and Financial Discipline to Deliver Inspired Energy Solutions

Operate in a Sustainable, Safe and

Conscientious Manner

Develop and Produce Offshore Assets With a Complementary Unconventional Onshore Portfolio

Explore for Cost-Effective Resources Utilizing Differentiated Perspectives in Proven but Under-Explored Basins

Maintain a Diverse and Price Advantaged, Oil-Weighted Portfolio

Continue to Be a Partner of Choice, Leveraging Our Operating and Technical Capabilities

• Targeting flatter production profile to support debt reduction in oil price recovery
• Maintaining strong liquidity through commodity price cycles
• Benefiting shareholders with long-standing dividend policy
• Enhancing a culture of innovation
• Protecting the health and safety of employees and contractors during COVID-19
• Targeting greenhouse gas emission intensity reduction of 15 - 20% by 2030
• Advancing diversity and inclusion programs
• Maintaining a multi-basin portfolio that provides additional risk-reduction and flexibility
• Balancing capital allocation of short-cycle wells and tie-back projects with long-term projects at low break-evens
• Streamlining portfolio through accretive, oil-weighted transactions since 2014
• Building significant upside to current resource base through focused exploration
• Maturing ~930 MMBOE of net risked resources from current exploration portfolio
• Growing margins through lower operating and G&A costs
• Reducing risk through a multi-basin portfolio that realizes diversified pricing points
• Maintaining oil-weighted international exploration portfolio in Mexico and Brazil
• Maintaining strategic partnership in Vietnam
• Continuing to advance company-making exploration plans ahead of oil price improvement

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3Q 2020 Update

Production & Pricing Update

3Q 2020 Production 153 MBOEPD, 63% Liquids		3Q 2020 Production
	by Area
• Includes 12 MBOEPD of shut-ins due to significant		36%	Onshore Canada
Gulf of Mexico storm season vs 4.8 MBOEPD			55,000 BOEPD
guidance	Total Offshore
• Partially offset by stronger onshore performance
63,000 BOEPD	153
• 86 MBOPD oil production		MBOEPD 23%
• $120 MM 3Q 2020 accrued CAPEX

• Includes King's Quay CAPEX of $19 MM

Eagle Ford Shale 35,000 BOEPD

3Q 2020 Pricing

•	$39.68/BBL realized oil price
•	$1.78/MCF realized natural gas price

3Q 2020 Production

by Product Mix

• Tightening Canadian differentials

Natural Gas

Oil

•	West Texas Intermediate / Canadian condensate
	leading to improved cash flow in Kaybob Duvernay
•	AECO / Henry Hub basis due to improving market
	access from infrastructure buildouts

Note: Production volumes, sales volumes, reserves and financial amounts exclude noncontrolling interest, unless otherwise stated

Prices are shown excluding hedges and before transportation, gathering, processing

57,000 BOEPD86,000 BOEPD

37%

153 MBOEPD 56%

NGLs 10,000 BOEPD

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3Q 2020 Financial Results

3Q 2020 Results

• Net loss $244 MM
• Adjusted net loss $24 MM

3Q 2020 Adjustments

• One-offincome adjustments after-tax include:
• • Impairment $146 MM
  • MTM loss on crude oil derivative contracts $55 MM
  • MTM loss on contingent consideration $11 MM
  • Restructuring expenses $4 MM
  • Unutilized rig charges $4 MM

3Q 2020 ($MM Except Per Share)

Net Income Attributable to Murphy

Income (loss)	($244)
$/Diluted share	($1.59)
Adjusted Income from Cont. Ops.
Adjusted income (loss)	($24)
$/Diluted share	($0.15)

Note: Production volumes, sales volumes, reserves and financial amounts exclude noncontrolling interest, unless otherwise stated

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3Q 2020 Cash Flow Results

3Q 2020 Cash Flow from Continuing Operations

• Reduced by $28 MM working capital increase
• Improved by $12 MM non-cashlong-term compensation

Other Highlights

• Continued G&A reduction trajectory, targeting ~$100 MM reduction in FY 2020 from $233 MM in FY 2019
• Maintained total liquidity of $1.6 BN, including $220 MM of cash and cash equivalents as of Sept 30, 2020
• YTD 2020 cash CAPEX $649 MM vs FY 2020 guidance midpoint of $700 MM
• • Excludes King's Quay spending of $75 MM in YTD 2020
• Extended hedge profile with additional 2021 crude oil hedges
• Added fixed price forward sales contracts related to Tupper Montney asset to underpin cash flow in FY 2021 through FY 2024

Cash Flow Attributable to Murphy ($MM)	3Q 2020
Net cash provided by continuing operations	$209
Property additions and dry hole costs*	($134)
Free Cash Flow	$74

Adjusted EBITDA Attributable to Murphy ($MM)	3Q 2020
EBITDA attributable to Murphy	($41)
Impairment of assets	$187
Mark-to-market (gain) loss on crude oil derivatives	$83
contracts and contingent consideration
Restructuring expenses	$5
Other	$15
Adjusted EBITDA	$249

Note: Production volumes, sales volumes, reserves and financial amounts exclude noncontrolling interest, unless otherwise stated Free cash flow includes NCI

* Includes King's Quay CAPEX of $23 MM

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Balance Sheet Stability

Solid Foundation for Commodity Price Cycles

• $1.6 BN senior unsecured credit facility matures Nov 2023, $200 MM currently drawn
• All debt is unsecured, senior credit facility not subject to semi-annual borrowing base redeterminations
• $220 MM of cash and cash equivalents
• Long-termgoal of de-levering with excess cash flow
• 80% of senior notes due in 2024 and beyond

Maturity Profile*

Total Bonds Outstanding $BN	$2.8
Weighted Avg Fixed Coupon	5.9%
Weighted Avg Years to Maturity	7.0

Note Maturity Profile $MM

2,000

• Next maturities June 2022 with ~$260 MM due and	1,500
Dec 2022 with ~$320 MM due
• 41% total debt to cap, 39% net debt to cap	1,000
	500
	0

* As of September 30, 2020

		10 Year	20 Year 30 Year

Notes Drawn RCF Undrawn RCF

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Environment, Safety and Governance

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Committed to Benefitting All Stakeholders

Environmental Management	Protecting Our People	Expert and Independent Board

4 IOGP* recordable spills YTD 2020, equaling rate of 2.1 BBLS per MMBOE

• Gulf of Mexico IOGP spill free since 2014
• Canada onshore 3 years with no IOGP spill

Achieved YoY flaring reductions in NA onshore by implementing natural gas takeaway installations, compressor upgrades and engineering controls

Recycle majority of produced water in Tupper Montney

Founding member of The Environmental Partnership with a focus on reducing emissions

Strong COVID-19 response

0.34 Total Recordable Incident Rate 3Q 2020 Lost Time Incident Rate YoY improvement of 55%

Advancing diversity and inclusion programs and practices

Continued community engagement with United Way and El Dorado Promise

Supporting employees in times of need with Disaster Relief Foundation

Board members have long-term industry, operating and HSE expertise

Separate CEO and Chairman roles

12 of 13 directors are independent,

15% are female

Board of Directors elected with average vote of 99% over past 5 years

ISS governance score 75% above peer average

Lowering Environmental

Impact While Reducing

Operating Costs

Utilized bi-fuel hydraulic frac spreads for 2020 completions; achieved CO2 emissions reduction of >2,500 tonnes Removing compressor units

Established integrated remote operating center for Canadian operations, reduces downtime and costs

* IOGP - International Association of Oil & Gas Producers

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2020 Sustainability Report Highlights

Sustainability Report

Disclosure Framework

Environment

Aligned to the TCFD framework

Reported to SASB disclosure topics and metrics

Included TCFD and SASB content indices

Social	Governance

Expanded GHG and air quality disclosures

Outlined workforce development and

Expanded HSE Board Committee purview to

Established goal of reducing GHG emissions

employee engagement programs

include ESG issues and concerns

intensity by 15 - 20% in 2030 from 2019

Expanded diversity disclosures on minorities

Formed ESG Executive Management

and women

Committee and created Director of

Increased disclosures on climate risk

Sustainability role

management

Detailed community engagement involvement

Disclosed Anti-Bribery and Corruption Policy

Added waste management, biodiversity and

Enacted Indigenous Rights Policy

well management disclosures

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Current Environment

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Adapting to a New Energy Landscape

Solidifying Structure
to Remain Competitive	Ensuring Long-Term Resilience	Operating in Multiple Basins

Portfolio streamlined through accretive, oil- weighted, high-margin transactions since 2014 without issuing equity

Current budget supports long-term projects with low break-evens

Cost structure reductions through significant operational and G&A savings, including reorganization and office closures

Strong liquidity maintained through commodity price cycles

Maintained total liquidity of $1.6 BN, including $220 MM of cash and cash equivalents

No debt maturities until mid-2022

Continuing to advance transformational exploration plans

Adjusted CAPEX and dividend for lower commodity prices

Portfolio diversification across multiple basins provides flexibility

All Gulf of Mexico major project permits have been submitted

Eagle Ford Shale operations located on private land

Operations supported by runway of international exploration opportunities

Recent onshore Canada liquids and natural gas price improvements create further cash flow upside

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Onshore Portfolio Update

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Eagle Ford Shale

2020 Well Delivery and Capital Plan Update

2020 Budget $200 MM

• 25 operated, 8 non-operated wells online
• No operated activity planned for 2H 2020

3Q 2020 35 MBOEPD, 71% Oil, 87% Liquids

• 8 non-operated Karnes wells online,
  89% liquids
• • 5 Lower EFS, 3 Upper EFS

4Q 2020

• 4 non-operated wells drilled; completions scheduled 1Q 2021
• 14 operated DUCs at year-end 2020

Strong Base Production Delivers Low, Stable Declines

• Low base decline achieved through less downtime, artificial lift optimization and facility optimization
• • ~22% base production decline in 2021

Note: EFS = Eagle Ford Shale

Eagle Ford Shale Acreage

	Wilson	KARNES
	Atascosa
		Karnes
Zavala	Frio
	TILDEN
CATARINA
Dimmit
	La Salle	Bee
	Live Oak
	McMullen

Murphy Acreage

Eagle Ford Shale Existing Well Declines Net MBOED

60

40

20

0
2017	2018	2019	2020				2021	2022	2023
					2011 - 2017		2018		2019			2020

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Kaybob Duvernay

2020 Well Delivery and Capital Plan Update

2020 Budget $100 MM

• 16 operated wells online
• 10 non-operated wells online at Placid Montney

3Q 2020 13 MBOEPD, 67% Oil, 77% Liquids

• 4 operated wells online, deferred from 2Q 2020

4Q 2020

• No wells online

Lower Costs Support Long-Term Development

• Established integrated remote operating center, reduces downtime and costs
• Industry-leadingwell productivity, in-line with core performance of other top NA shale plays
• Tightening differentials leading to improved cash flow

Kaybob Duvernay Acreage

Kaybob North

Kaybob East

Simonette

Kaybob West	Two Creeks

Saxon

0 Miles 10

Murphy Acreage

Battery

Facility

Pipeline

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Tupper Montney

2020 Well Delivery and Capital Plan Update

2020 Budget $15 MM

• 4 wells drilled in 1Q 2020, to be completed in 2021
• No further work planned for 2020

3Q 2020 235 MMCFD, 100% Natural Gas

Generates Positive Free Cash For 2020

• Tightening AECO / Henry Hub basis due to improving market access from infrastructure buildouts provides additional cash flow improvement

~1,400 Remaining Locations Support a Low-Carbon

Energy Future

Ongoing Price Risk Mitigation Strategy

• Added contracts for FY 2021 - FY 2024 at AECO and Malin hubs

Type	Volumes	Price	Start Date
(MMCF/D)	(MCF)
Fixed Price Forward Sales at AECO	59	C$2.81	FY 2020
Fixed Price Forward Sales at AECO	96	C$2.53	FY 2021
Fixed Price Forward Sales at AECO	71	C$2.50	FY 2022 - FY 2024
Fixed Price Forward Sales at Malin	20	$2.60	FY 2021 - FY 2022

Mitigating AECO Exposure

3Q 2020 Tupper Montney Natural Gas Sales

Dawn Price Exposure

AECO Price Exposure

4% 27%

Malin Price Exposure

30%

23%

Hedged

16%

Chicago Price Exposure

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Offshore Portfolio Update

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Gulf of Mexico

Short-Term Projects Execution Update

2020 Budget $285 MM

3Q 2020 59 MBOEPD, 80% Oil,

86% Liquids

• Record-breakingstorm season downtime of 12 MBOEPD

Tieback and Workover Projects

• Progressing Calliope pipeline install, first oil delayed to 2Q 2021

Operated Tieback and Workover Projects

	Drilling &
Project	Completions	Subsea Tie-In	First Oil
Front Runner rig program	✔	n/a	✔
2 wells
Cascade 4 workover	✔	n/a	✔
Dalmatian 134 #2	n/a	n/a	✔
workover
Calliope*	✔	4Q 2020	2Q 2021
Son of Bluto II	Deferred	Deferred	Deferred

• Non-operatedKodiak #3 well completions with first oil 1Q 2021
• Non-operatedLucius 919 #9 and 918 #3 wells spud in 4Q 2020
• Planning 2021 projects

Non-Operated Tieback and Workover Projects*

	Drilling &
Project	Completions	Subsea Tie-In	First Oil
Kodiak #31	4Q 2020	1Q 2021	1Q 2021
Lucius 919 #9	4Q 2020	2Q 2021	2Q 2021
Lucius 918 #3	4Q 2020	1Q 2021	1Q 2021

* Timing subject to change

1 Completions only; well drilled in 2Q 2020

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Gulf of Mexico

Major Projects Capital Drives Future Production

King's Quay Floating Production System

• Fabrication progressing on schedule, despite COVID-19 limitations
• • Construction ~77% complete
• On track to receive first oil 1H 2022

Khaleesi / Mormont / Samurai

• Progressing projects, on track for first oil in 1H 2022
• Executed rig contract in 3Q 2020 beginning 2Q 2021
• All permits have been submitted
• Project breakeven <$30/BBL

St. Malo Waterflood

• Drilling first producer well of campaign
• Drilling first injector well in 2H 2020

Major Projects Net CAPEX $MM

120

100

80

60

40

20

0

1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q
2020	2020	2020	2020	2021	2021	2021	2021	2022	2022	2022	2022	2023	2023	2023	2023

Major Projects Net Production MBOEPD

30

20

10

0

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040

Major projects include Khaleesi, Mormont, Samurai and St. Malo waterflood. Tables above do not include King's Quay.

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Exploration Update

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Exploration Update

Progressing Plans

2020 Budget $60 MM

Gulf of Mexico

• Drilling Highgarden (Green Canyon 895) non-operated, 20% WI

Mexico - Operated, 40% WI

• Cholula appraisal program approved by CNH
• 3-yeardiscretionary appraisal program, includes up to 3 appraisal wells and
  geologic / engineering studies

Brazil - Non-Operated

• Sergipe-AlagoasBasin 20% WI - well planning ongoing in 2020, prospects agreed to by partners
• Potiguar Basin 30% WI - interpreting final seismic data, targeting late 2022 to early 2023 spud

Vietnam - Operated, 40% WI

Exploration Focus Areas

OFFSHORE MEXICO

VIETNAM

BRAZIL

AUSTRALIA

• Signed Block 15-2/17 joint operating agreement with partners

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Looking Ahead

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Dialing in on Future Plans

Guiding	Focusing Our Priorities
for 4Q 2020	Going Forward

• Net production 146 - 154 MBOEPD for 4Q 2020, including:
• • Storm impact of 8.2 MBOEPD from hurricanes Delta and Zeta
  • Planned downtime of 6.4 MBOEPD
• Remain on track for FY 2020 CAPEX of $680 MM - $720 MM, with $649 MM spent YTD
• Continuing strong HSE performance, including ongoing safeguards for workforce in response to COVID-19
• Forecasting FY 2020 G&A of $130 MM - $140 MM*, ~$100 MM reduction YoY
• Improving liquidity by reducing revolver balance
• Progressing Gulf of Mexico projects and preparing for FY 2021 Eagle Ford Shale drilling program

• Dynamic plan to maintain cash flow / CAPEX parity with dividend, supported by hedging program in NA onshore
• Capital expenditure level consistent with FY 2020
• Maintain flatter production profile of approximately 150 - 160 MBOEPD
• Continued focus and transparency on sustainability and greenhouse gas emissions intensity reductions
• Multi-basinexploration portfolio in various stages to support company longevity
• Build on FY 2020 changes with increased efficiencies, flatter organization and enhanced culture

* Excluding restructuring costs, including non-cash portion

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2020

THIRD QUARTER EARNINGS

CONFERENCE CALL & WEBCAST

NOVEMBER 5, 2020

ROGER W. JENKINS

PRESIDENT& CHIEF EXECUTIVE OFFICER			www.murphyoilcorp.com	23
			NYSE: MUR

Appendix

1. Non-GAAPDefinitions and Reconciliations
2. Glossary of Abbreviations
3. 4Q 2020 Guidance
4. Current Hedging Positions
5. Environmental, Social and Governance
6. Acreage Maps

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Non-GAAP Financial Measure Definitions and Reconciliations

The following list of Non-GAAP financial measure definitions and related reconciliations is intended to satisfy the requirements of Regulation G of the Securities Exchange Act of 1934, as amended. This information is historical in nature. Murphy undertakes no obligation to publicly update or revise any Non-GAAP financial measure definitions and related reconciliations.

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Non-GAAP Reconciliation

EBITDA and EBITDAX

Murphy defines EBITDA as net income (loss) attributable to Murphy1 before interest, taxes, depreciation and amortization (DD&A). Murphy defines EBITDAX as net income (loss) attributable to Murphy before interest, taxes, depreciation and amortization (DD&A) and exploration expense.

Management believes that EBITDA and EBITDAX provide useful information for assessing Murphy's financial condition and results of operations and are widely accepted financial indicators of the ability of a company to incur and service debt, fund capital expenditure programs, pay dividends and make other distributions to stockholders.

EBITDA and EBITDAX, as reported by Murphy, may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with net income, cash flow from operations and other performance measures prepared in accordance with generally accepted accounting principles (GAAP). EBITDA and EBITDAX have certain limitations regarding financial assessments because they exclude certain items that affect net income and net cash provided by operating activities. EBITDA and EBITDAX should not be considered in isolation or as a substitute for an analysis of Murphy's GAAP results as reported.

$ Millions	Three Months Ended - Sept 30, 2020	Three Months Ended - Sept 30, 2019
Net (loss) income attributable to Murphy (GAAP)	(243.6)	1,089.0
Income tax (benefit) expense	(62.6)	18.8
Interest expense, net	45.2	44.9
DD&A expense	219.7	308.3
EBITDA attributable to Murphy (Non-GAAP)	(41.3)	1,461.0
Exploration expense	12.1	12.4
EBITDAX attributable to Murphy (Non-GAAP)	(29.2)	1,473.4

1 'Attributable to Murphy' represents the economic interest of Murphy excluding a 20% noncontrolling interest in MP GOM.

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Non-GAAP Reconciliation

ADJUSTED EBITDA

Murphy defines Adjusted EBITDA as net income (loss) attributable to Murphy1 before interest, taxes, depreciation and amortization (DD&A), impairment expense, discontinued operations, foreign exchange gains and losses, mark-to-market gains and losses on crude oil derivative contracts, accretion of asset retirement obligations and certain other items that management believes affect comparability between periods.

Adjusted EBITDA is used by management to evaluate the company's operational performance and trends between periods and relative to its industry competitors.

Adjusted EBITDA may not be comparable to similarly titled measures used by other companies and it should be considered in conjunction with net income, cash flow from operations and other performance measures prepared in accordance with generally accepted accounting principles (GAAP). Adjusted EBITDA has certain limitations regarding financial assessments because it excludes certain items that affect net income and net cash provided by operating activities. Adjusted EBITDA should not be considered in isolation or as a substitute for an analysis of Murphy's GAAP results as reported.

	$ Millions, except per BOE amounts		Three Months Ended - Sept 30, 2020	Three Months Ended - Sept 30, 2019
	EBITDA attributable to Murphy (Non-GAAP)	(41.3)		1,461.0
	Impairment of assets	186.5		-
	Mark-to-market loss (gain) on crude oil derivative contracts	69.3		(49.2)
	Mark-to-market loss (gain) on contingent consideration	14.0		(28.4)
	Restructuring expenses	5.0		-
	Accretion of asset retirement obligations	10.8		10.6
	Unutilized rig charges	5.2		-
	Discontinued operations loss (income)	0.8		(953.4)
	Foreign exchange losses (gains)	0.8		0.8
	Business development transaction costs	-		4.1
	Seal insurance proceeds	(1.7)		(8.0)
	Adjusted EBITDA attributable to Murphy (Non-GAAP)	249.4		437.5
	Total barrels of oil equivalents sold from continuing operations attributable to Murphy	14,166		17,745
	(thousands of barrels)
	Adjusted EBITDA per BOE (Non-GAAP)	17.61		24.65
1 'Attributable to Murphy' represents the economic interest of Murphy excluding a 20% noncontrolling interest in MP GOM.
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					NYSE: MUR

Non-GAAP Reconciliation

ADJUSTED EBITDAX

Murphy defines Adjusted EBITDAX as net income (loss) attributable to Murphy1 before interest, taxes, depreciation and amortization (DD&A), exploration expense, impairment expense, discontinued operations, foreign exchange gains and losses, mark-to-market gains and losses on crude oil derivative contracts, accretion of asset retirement obligations and certain other items that management believes affect comparability between periods.

Adjusted EBITDAX is used by management to evaluate the company's operational performance and trends between periods and relative to its industry competitors.

Adjusted EBITDAX may not be comparable to similarly titled measures used by other companies and it should be considered in conjunction with net income, cash flow from operations and other performance measures prepared in accordance with generally accepted accounting principles (GAAP). Adjusted EBITDAX has certain limitations regarding financial assessments because it excludes certain items that affect net income and net cash provided by operating activities. Adjusted EBITDAX should not be considered in isolation or as a substitute for an analysis of Murphy's GAAP results as reported.

	$ Millions, except per BOE amounts		Three Months Ended - Sept 30, 2020	Three Months Ended - Sept 30, 2019
	EBITDAX attributable to Murphy (Non-GAAP)	(29.2)		1,473.4
	Impairment of assets	186.5		-
	Mark-to-market loss (gain) on crude oil derivative contracts	69.3		(49.2)
	Mark-to-market loss (gain) on contingent consideration	14.0		(28.4)
	Restructuring expenses	5.0		-
	Accretion of asset retirement obligations	10.8		10.6
	Unutilized rig charges	5.2		-
	Discontinued operations loss (income)	0.8		(953.4)
	Foreign exchange losses (gains)	0.8		0.8
	Business development transaction costs	-		4.1
	Seal insurance proceeds	(1.7)		(8.0)
	Adjusted EBITDAX attributable to Murphy (Non-GAAP)	261.5		449.9
	Total barrels of oil equivalents sold from continuing operations attributable to Murphy	14,166		17,745
	(thousands of barrels)
	Adjusted EBITDAX per BOE (Non-GAAP)	18.46		25.35
1 'Attributable to Murphy' represents the economic interest of Murphy excluding a 20% noncontrolling interest in MP GOM.
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					NYSE: MUR

Glossary of Abbreviations

BBL: Barrels (equal to 42 US gallons)

BCF: Billion cubic feet

BCFE: Billion cubic feet equivalent

BN: Billions

BOE: Barrels of oil equivalent (1 barrel of oil or 6,000 cubic feet of natural gas)

BOEPD: Barrels of oil equivalent per day

BOPD: Barrels of oil per day

CAGR: Compound annual growth rate

D&C: Drilling & completion

DD&A: Depreciation, depletion & amortization

EBITDA: Income from continuing operations before taxes, depreciation, depletion and amortization, and net interest expense

EBITDAX: Income from continuing operations before taxes, depreciation, depletion and amortization, net interest expense, and exploration expenses

EFS: Eagle Ford Shale

EUR: Estimated ultimate recovery

F&D: Finding & development

G&A: General and administrative expenses

GOM: Gulf of Mexico

LOE: Lease operating expense

MBOE: Thousands barrels of oil equivalent

MBOEPD: Thousands of barrels of oil equivalent per day

MCF: Thousands of cubic feet

MCFD: Thousands cubic feet per day

1. Millions

MMBOE: Millions of barrels of oil equivalent

MMCF: Millions of cubic feet

MMCFD: Millions of cubic feet per day

NA: North America

NGL: Natural gas liquid

ROR: Rate of return

R/P: Ratio of reserves to annual production

TCF: Trillion cubic feet

TCPL: TransCanada Pipeline

TOC: Total organic content

WI: Working interest

WTI: West Texas Intermediate (a grade of crude oil)

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4Q 2020 Guidance

Producing Asset	Oil	NGLs	Gas	Total
(BOPD)	(BOPD)	(MCFD)	(BOEPD)
US - Eagle Ford Shale	21,200	4,600	25,000	30,00
- Gulf of Mexico excluding NCI1	50,900	5,300	61,000	66,400
Canada - Tupper Montney	-	-	225,000	37,500
- Kaybob Duvernay and Placid Montney	7,000	1,400	22,400	12,100
- Offshore	4,000	-	-	4,000
4Q Production Volume (BOEPD) excl. NCI 1	146,000 - 154,000
4Q Exploration Expense ($MM)	$25
Full Year 2020 CAPEX ($MM) excl. NCI 2	$680 - $720

1 Excludes noncontrolling interest of MP GOM of 8,300 BOPD oil, 500 BOPD NGLs and 3,800 MCFD gas 2 Excludes noncontrolling interest of MP GOM of $41 MM

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Current Hedging Positions

United States

Commodity	Type	Volumes	Price	Start Date	End Date
(BBL/D)	(BBL)
WTI	Fixed Price Derivative Swap	45,000	$56.42	10/1/2020	12/31/2020
WTI	Fixed Price Derivative Swap	18,000	$43.31	1/1/2021	12/31/2021
Montney, Canada
Commodity	Type	Volumes	Price	Start Date	End Date
(MMCF/D)	(MCF)
Natural Gas	Fixed Price Forward Sales at	59	C$2.81	10/1/2020	12/31/2020
	AECO
Natural Gas	Fixed Price Forward Sales at	96	C$2.53	1/1/2021	12/31/2021
	AECO
Natural Gas	Fixed Price Forward Sales at	71	C$2.50	1/1/2022	12/31/2024
	AECO
Natural Gas	Fixed Price Forward Sales at	20	$2.60	1/1/2021	12/31/2022
	Malin

* As of November 5, 2020

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Eagle Ford Shale

Peer Acreage

OIL

CONDENSATE

GAS

Murphy

EOG

Lewis/BP

ConocoPhillips

Marathon

EP Energy

Ensign

Ovintiv

Callon

Chesapeake

Sanchez

BP

Equinor

Sundance

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Eagle Ford Shale

Murphy Spacing vs Peers

Karnes Typical Murphy Spacing

LEFS ~250-500'

EOG Offset Spacing

LEFS ~250' to 500'

DVN Offset Spacing

LEFS ~250' to 500'

COP Offset Spacing

LEFS ~250' to 600'

CHK Offset Spacing

LEFS ~350' to 1000'

MRO Offset Spacing

LEFS ~250' to 600'

Catarina Typical Murphy Spacing

LEFS ~300' to 600'

Tilden Typical Murphy Spacing

LEFS ~350' to 800'

CHK Offset Spacing

LEFS ~300' to 800'

SE Offset Spacing

LEFS ~ 250' to 300'

Murphy

Other Operators

0 Miles 20

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Kaybob Duvernay

Peer Acreage

SHELL

KAYBOB EAST

	PARAMOUNT
OVINTIV	CENOVUS

	KAYBOB WEST
KEYERA
SIMONETTE	Fox Creek
	SAXON

CHEVRON	SEMCAMS
	KAYBOB
XTO
PLACID
REPSOL

6 Miles

DVRN Rights 70/30 MUR/ATH

Paramount

Repsol

XTO

Shell

Chevron

Ovintiv

Cenovus

Open Crown - DVRN

Other Leased - DVRN

JV Area

Battery

Facility

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Tupper Montney

Peer Acreage

Advantage Montney Crown Land

Arc Montney Crown Land

Birchcliff Montney Crown Land

Ovintiv Montney Crown Land

Tourmaline Montney Crown Land

Dawson Creek Shell Montney Crown Land

Other Competitor Montney Crown Land

Open Crown - Montney

Murphy Montney Land

Dry Gas Limit

TCPL Pipeline

Alliance Pipeline

Murphy Pipeline

Battery

Facility

0

Miles

10

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Placid Montney

Peer Acreage

KAYBOB EAST

HAMMERHEAD	TANGLE	PARAMOUNT
CNRL
	CREEK	CENOVUS
		KAYBOB WEST
KEYERA			CHEVRON
SIMONETTE		Fox Creek
		SAXON

	Condensate	SEMCAMS
OVINTIV	Limit	KAYBOB

	XTO
PLACID	DELPHI

Dry Gas
Limit	6 Miles

MONT Rights 70/30 MUR/ATH Cequence

Cenovus

Hammerhead

Chevron

CNRL

Delphi

Ovintiv

Open Crown - Mont

Other Leased - Mont

Paramount

Tangle Creek

XTO

Non-Operated Area

Battery

Facility

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Gulf of Mexico

Murphy Blocks

	PRODUCING ASSETS	Gulf of Mexico Assets
Asset	Operator	Murphy WI1

Cascade	Murphy	80%
Chinook	Murphy	80%
Clipper	Murphy	80%
Cottonwood	Murphy	80%
Dalmatian	Murphy	56%
Front Runner	Murphy	50%
Habanero	Shell	27%
Kodiak	Kosmos	48%
Lucius	Anadarko	9%
Marmalard	Murphy	27%
Marmalard East	Murphy	68%
Medusa	Murphy	48%
Neidermeyer	Murphy	53%
Powerball	Murphy	75%

Neidermeyer	Dalmatian

VK DD

		Delta House	Marmalard
		Son of Bluto II
			Calliope
Powerball	Medusa
		Kodiak	Nearly Headless Nick
	EW	MC DC
		Ourse

Habanero

Front Runner

Khaleesi/Mormont

Samurai

GB	GC	AT LL
KC	WR	LU HE

Son of Bluto II

Murphy

27%

Cascade/Chinook

Cascade

St. Malo	Chevron	20%
Tahoe	W&T	24%
Thunder Hawk	Murphy	50%

Chinook

Lucius	St. Malo
	0	Miles	50

Murphy Assets

Offshore Platform

FPSO

Note: Anadarko is a wholly-owned subsidiary of Occidental Petroleum 1 Excluding noncontrolling interest

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Exploration Update

Gulf of Mexico

Interests in 104 Gulf of Mexico OCS Blocks

Gulf of Mexico Exploration Area

• ~600,000 total gross acres, 38 exploration blocks
• ~1 BBOE gross resource potential
• Discoveries - Samurai and Hoffe Park

Exploration Strategy

• Miocene play focus with modern 3D data coverage across area
• Focused development hubs and project areas
• Target material opportunities >100 MMBOE

Highgarden (Green Canyon 895)

• Murphy 20% WI, non-operated
• Mean to upward gross resource potential
• • 90 MMBOE - 140 MMBOE
• Targeting upper, middle Miocene
• Spud 3Q 2020, $11 MM net well cost

Delta House

Dalmatian S.

VK DD

	Hoffe Park
	Discovery / Project Area
	Whydah / Leibniz
Medusa	Project Area

EW	MC DC

Front Runner

Oso

Project Area

			King's Quay
			Khaleesi / Mormont, Samurai
			Discovery / Project Area
GB		Highgarden			AT	LL
Highgarden	Project Area	GC
KC				LU	HE
Drilling	Cascade	WR
		St. Malo
	Lucius	Chinook
		0	Miles	50

2020 Well

Discovery

Key Exploration Project

Murphy WI Block

Offshore Platform

FPSO

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Exploration Update

Salina Basin, Mexico

Block 5 Overview

• Murphy 40% (Op), Petronas 30%, Wintershall Dea 30%
• 34 leads / prospects
• Mean to upward gross resource potential
• • 800 MMBO - 2,000 MMBO
• Proven oil basin in proximity to multiple oil discoveries in Miocene section
• Targeting multi-well drilling campaign starting in 2021, including Cholula-2DEL appraisal well

Cholula Appraisal Program

• Discretionary 3-year program approved by CNH
• Up to 3 appraisal wells + geologic/engineering studies

Salina Basin

Block 5

	Cholula 5
Chinwol	Cholula
500' net pay
Polok
650' net pay
	ZamaZama
Saasken	670 MMBOE
670 MMBOE recoverable
200 - 300 MMBOIP

Kilometers

0 60

MEXICO

Kilometers

030

					Murphy WI Block		Other Block	Planned Well	Discovery
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Exploration Update

Sergipe-Alagoas Basin, Brazil

Asset Overview

•	ExxonMobil 50% (Op), Enauta Energia S.A. 30%,
	Murphy 20%
• Hold WI in 9 blocks, spanning >1.6 MM acres
• >2.8 BN BOE discovered in basin
•	>1.2 BN BOE in deepwater since 2007

Sergipe-Alagoas Basin

BRAZIL

• Material opportunities identified on Murphy blocks

Continuing to Evaluate Data

• Well planning ongoing in 2020, prospects agreed to by partners
• Drilling expected 2H 2021

Murphy WI Block

Other Block

Discovered Field

	351
	428	430
501	503	505
573	575
637

Kilometers

0		50

All blocks begin with SEAL-M

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Exploration Update

Potiguar Basin, Brazil

Asset Overview

• Wintershall Dea 70% (Op), Murphy 30%
• Hold WI in 3 blocks, spanning ~774 M gross acres
• Proven oil basin in proximity to Pitu oil discovery

Extending the Play into the Deepwater

• >2.1 BBOE discovered in basin
• • Onshore and shelf exploration
  • Pitu step-out into deepwater
• Interpreting final seismic data
• Targeting late 2022 to early 2023 spud

Potiguar Basin

Murphy WI Block

Other Block

Discovered Field

Kilometers

Petrobras/BP/

0

50

GALP/IBV

Petrobras/BP/

GALP

Petrobras/BP/

Petrobras

Petrobras/BP/

GALP/IBV

GALP

Petrobras/

Petrobras/

BP/GALP

BP/GALP

Petrobras/

POT-M-863

POT-M-865

POT-M-857

Pitu

Shell

Shell

Petrobras/

Shell

BRAZIL

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Development Update

Cuu Long Basin, Vietnam

Asset Overview

Cuu Long Basin

• Murphy 40% (Op), PVEP 35%, SKI 25%

Block 15-1/05

• Received approval of the Lac Da Vang (LDV) retainment/development area
• • 100 MMBL recoverable reserves
• LDV field development plan submitted 3Q 2020
• LTD-1Xdiscovery in 2019
• • 40 - 80 MMBO gross discovered resource

BLOCK 15-01/05	LAC DA TRANG	SU TU VANG
	NORTH WEST
LAC DA TRANG
	WEST
	LAC DA VANG
LAC DA TRANG
	DISCOVERY
	LAC DA HONG
LAC DA	SU TU TRANG
NAU
15 km		15-1
Murphy WI Block	Discovered Field	Murphy Prospect

• Maturing remaining block prospectivity
• LDT-1Xdiscovery and other exploration upside has potential to add bolt-on resources to LDV

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Exploration Update

Cuu Long Basin, Vietnam

Asset Overview

• Murphy 40% (Op), PVEP 35%, SKI 25%

Block 15-2/17

• Secured legacy seismic data and maturing inventory
• Signed joint operating agreement with partners
• 3-yearprimary exploration period

Cuu Long Basin

			15 1
BLOCK 15-02/17			HAI SU BAC
		HAI SU
		VANG
HAI SU DEN
			15-2
		HAI SU
HAI SU TRANG		HONG
16-1	09-2-10	15-2	RANG DONG
TE GIAC			JVPC
TRANG		15 km

PHUONG

DONG

Murphy WI Block

Discovered Field

Murphy Prospect

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2020

THIRD QUARTER EARNINGS

CONFERENCE CALL & WEBCAST

NOVEMBER 5, 2020

ROGER W. JENKINS

PRESIDENT& CHIEF EXECUTIVE OFFICER			www.murphyoilcorp.com	44
			NYSE: MUR