MUR 8-K
Murphy Oil Corp (MUR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
____________________________
FORM
____________________________
CURRENT REPORT
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Securities Exchange Act of 1934
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| Item 1.01. | Entry into a Material Definitive Agreement. |
On January 2, 2026, Murphy Oil Corporation (the “Company”) entered into an amendment (the “Second Amendment”) to its credit agreement dated October 7, 2024 (as previously amended, the “Credit Agreement”) with, among others, the Company, Murphy Exploration & Production Company – International and Murphy Oil Company Ltd. as borrowers, Murphy Exploration & Production Company and Murphy Exploration & Production Company – USA, as guarantors, JP Morgan Chase Bank, N.A. as administrative agent, and each of the lenders party thereto. The Second Amendment amends the Credit Agreement to, among other things, (i) extend the scheduled maturity of the facility from October 7, 2029 to January 2, 2031; (ii) increase the total commitments thereunder from $1.35 billion to $2.00 billion; and (iii) increase the total letter of credit commitments thereunder from $250 million to $415 million, subject to certain conditions.
| Item 2.02. | Results of Operations and Financial Condition. |
The information furnished pursuant to Item 7.01 of this Current Report is incorporated herein by reference.
| Item 2.03. |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information contained in Item 1.01 of this Current Report is incorporated herein by reference.
| Item 7.01. | Regulation FD Disclosure. |
On January 6, 2026, the Company announced that its subsidiary has successfully drilled the Hai Su Vang-2X (HSV-2X) appraisal well in Block 15-2/17 in the Cuu Long Basin, located approximately 40 miles offshore of Vietnam. Attached hereto as Exhibit 99.2 is a copy of the press release issued by the Company relating to this announcement.
On January 7, 2026, Eric M. Hambly, President and Chief Executive Officer of the Company, will participate on a panel, and Mr. Hambly and Christopher C. Olson, Senior Vice President, Exploration and Subsurface, of Murphy Exploration & Production Company, will host investor meetings in connection with the Company’s attendance at the Goldman Sachs Energy, CleanTech & Utilities Conference 2026. Attached hereto as Exhibit 99.1 is a copy of the presentation prepared by the Company in connection therewith.
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The information in this Item 7.01, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.
This Current Report on Form 8-K, including the information furnished pursuant to Item 7.01 and the related Exhibits 99.1 and 99.2 hereto, 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, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the Company’s future operating results or activities and returns or the Company's ability and decisions to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other ESG
(environmental/social/governance) matters, make capital expenditures or pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, 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; geopolitical concerns; 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 U.S. or global capital markets, credit markets, banking system or economies in general, including inflation, trade policies, tariffs and other trade restrictions. 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 U.S. 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. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the Company; therefore, we encourage investors, the media, business partners and others interested in the Company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this report. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: January 6, 2026 |
MURPHY OIL CORPORATION | ||
| By: | /s/ Paul D. Vaughan | ||
| Name: | Paul D. Vaughan | ||
| Title: | Vice President and Controller | ||
Exhibit 10.1
SECOND AMENDMENT
TO
CREDIT AGREEMENT
dated as of
January 2, 2026
among
MURPHY OIL CORPORATION,
MURPHY EXPLORATION & PRODUCTION COMPANY – INTERNATIONAL,
and
MURPHY OIL COMPANY LTD.,
as Borrowers
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent,
and
The Lenders Party Hereto
Second Amendment to Credit Agreement
THIS Second Amendment to Credit Agreement (this “Second Amendment”) dated as of January 2, 2026 is among MURPHY OIL CORPORATION, a Delaware corporation (the “Company”), MURPHY EXPLORATION & PRODUCTION COMPANY – INTERNATIONAL, a Delaware corporation (“Expro-Intl.”), MURPHY OIL COMPANY LTD., a Canadian corporation (“MOCL” and, together with the Company and Expro-Intl., collectively, the “Borrowers”); the undersigned Guarantors; JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, together with its successors in such capacity, the “Administrative Agent”) for the lenders party to the Credit Agreement referred to below (collectively, the “Lenders”); and the undersigned Lenders.
R E C I T A L S
A. The Borrowers, the Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of October 7, 2024 (as amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”), pursuant to which the Lenders have made certain extensions of credit available to the Borrowers.
B. The Borrowers have requested and the undersigned Administrative Agent and Lenders have agreed, subject to the terms and conditions set forth herein, to amend certain provisions of the Credit Agreement as set forth herein.
C. NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1. Defined Terms. Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement (as amended hereby). Unless otherwise indicated, all references to Sections and Articles in this Second Amendment refer to Sections and Articles of the Credit Agreement.
Section 2. Amendments to Credit Agreement.
2.1 Amendment to Cover Page. The cover page to the Credit Agreement is hereby amended and restated in its entirety to read as set forth on Exhibit A to this Second Amendment.
2.2 Amendment to Introductory Paragraph. The introductory paragraph to the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Credit Agreement dated as of October 7, 2024, among Murphy Oil Corporation, a Delaware corporation (the “Company”), MURPHY EXPLORATION & PRODUCTION COMPANY – INTERNATIONAL, a Delaware corporation (“Expro-Intl.”), Murphy Oil Company Ltd., a Canadian corporation (“MOCL”), the Lenders party hereto, JPMorgan Chase Bank, N.A., as Administrative Agent, BANK OF AMERICA, N.A., BANK OZK, CAPITAL ONE, NATIONAL ASSOCIATION, MUFG BANK, LTD., THE BANK OF NOVA SCOTIA, HOUSTON BRANCH (“Scotiabank”), and REGIONS BANK, as Co-Syndication Agents, and SUMITOMO MITSUI BANKING CORPORATION, as Documentation Agent.
2.3 Amendments to Section 1.01.
(a) Each of the following defined terms is hereby amended and restated in its entirety to read as follows:
“Adjusted Daily Simple SOFR” means an interest rate per annum equal to (a) the Daily Simple SOFR, plus (b) zero; provided that if the Adjusted Daily Simple SOFR as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.
“Adjusted Term SOFR Rate” means for any Interest Period, an interest rate per annum equal to (a) the Term SOFR Rate for such Interest Period, plus (b) zero; provided that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.
“Agreement” means this Credit Agreement, as amended by the First Amendment and the Second Amendment, and as the same may from time to time be amended, modified, supplemented or restated.
“Applicable Rate” means, for any day, with respect to any ABR Loan or Term Benchmark Loan, RFR Loan or with respect to the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth in the following grid under the caption “ABR Spread”, “Term Benchmark Spread”, “RFR Spread” or “Commitment Fee Rate”, as the case may be, based upon the ratings by Moody’s and S&P, respectively, applicable on such date to the Index Debt:
| Level | Index Debt Ratings | Commitment Fee Rate | Term Benchmark and RFR Spread |
ABR Spread |
| I | BBB / Baa2 or higher | 0.175% | 1.250% | 0.250% |
| II | BBB- / Baa3 | 0.200% | 1.500% | 0.500% |
| III | BB+ / Ba1 | 0.400% | 2.125% | 1.125% |
| IV | BB / Ba2 | 0.500% | 2.250% | 1.250% |
| V | BB- / Ba3 or lower | 0.500% | 2.750% | 1.750% |
For purposes of the foregoing, (i) if either Moody’s or S&P shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this paragraph), then such rating agency shall be deemed to have established a rating in Level V; (ii) if the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt shall fall within different categories, the rate shall be based on the higher of the two ratings unless one of the ratings is two or more Levels lower than the other, in which case the rate shall be determined by reference to the Level one Level lower than the higher of the two ratings; and (iii) if the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the third Business Day following the date on which it is first announced by the applicable rating agency. Each change in the rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody’s or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Company and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the rate shall be determined by reference to the rating most recently in effect prior to such change or cessation.
“Co-Syndication Agents” means each of Bank of America, N.A., Capital One, National Association, MUFG Bank, Ltd., Scotiabank, Regions Bank and Bank OZK, in its capacity as syndication agent for the Lenders hereunder.
“Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Letters of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08 and Section 2.18.(b), (b) increased pursuant to Section 2.20, and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 10.04. The amount of each Lender’s Commitment on the Second Amendment Effective Date is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. The aggregate amount of the Lenders’ Commitments on the Second Amendment Effective Date is $2,000,000,000.00.
“Fee Letter” means each of (a) that certain Fee Letter dated as of September 19, 2024, by and among the Company and JPMorgan Chase Bank, N.A., (b) that certain Fee Letter dated as of December 23, 2025, by and among the Company and JPMorgan Chase Bank, N.A., (c) that certain Fee Letter dated as of December 23, 2025, by
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and among the Company and BofA Securities, Inc., Bank of America, N.A., Bank OZK, Capital One, National Association, MUFG Bank, Ltd., Regions Bank, Regions Capital Markets, a Division of Regions Bank, and Scotiabank and (d) any other fee letter between the Company and any Lender.
“Investment Grade Rating Date” means the first date on which the Company obtains an Investment Grade Rating from one of Moody’s or S&P.
“Issuing Bank” means (a) each of (i) JPMorgan Chase Bank, N.A., (ii) Bank of America, N.A, (iii) Bank OZK, (iv) Capital One, National Association, (v) MUFG Bank, Ltd. (vi) Regions Bank and (vii) Scotiabank and (b) any other Lender acceptable to the Administrative Agent and the Company that has agreed in its sole discretion to become an Issuing Bank hereunder pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent, in each case, in its capacity as an issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.05(i) (in the case of each of clauses (a) and (b), through itself or through one of its designated affiliates or branch offices). Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. Each reference herein to the “Issuing Bank” shall be deemed to be a reference to the relevant Issuing Bank.
“Lead Arrangers” means JPMorgan Chase Bank, N.A., BofA Securities, Inc., Bank OZK, Capital One, National Association, MUFG Bank, Ltd., Regions Capital Markets, a Division of Regions Bank, and Scotiabank, in their respective capacities as co-lead arrangers and joint bookrunners hereunder, in their respective capacities as co-lead arrangers and joint bookrunners hereunder.
“Letter of Credit Commitment” means, with respect to each Issuing Bank, the commitment of such Issuing Bank to issue Letters of Credit hereunder. The initial amount of the Letter of Credit Commitment (a) for each of (i) JPMorgan Chase Bank, N.A., (ii) Bank of America, N.A., (iii) Bank OZK, (iv) Capital One, National Association, (v) MUFG Bank, Ltd., (vi) Regions Bank, and (vii) Scotiabank is $30,000,000, and (b) for any other Lender that is an Issuing Bank, is the amount agreed to in writing by such Issuing Bank as its Letter of Credit Commitment hereunder; or if an Issuing Bank has entered into an Assignment and Assumption or has otherwise assumed a Letter of Credit Commitment after the Effective Date, the amount set forth for such Issuing Bank as its Letter of Credit Commitment in the Register maintained by the Administrative Agent; provided that the Letter of Credit Commitment of an Issuing Bank may be modified from time to time by agreement between such Issuing Bank and the Company, and notified to the Administrative Agent; provided further that the total Letter of Credit Commitments shall not exceed $415,000,000.
“Maturity Date” means January 2, 2031; provided that if such date is not a Business Day, then the “Maturity Date” shall be the Business Day immediately preceding such date; provided further that (a) if on June 1, 2027 (the “2027 Notes Springing Maturity Date”), the outstanding principal amount of the 2027 Notes exceeds $50,000,000 in the aggregate, then the Maturity Date shall be the 2027 Notes Springing Maturity Date, (b) if on January 15, 2028 (the “2028 Notes Springing Maturity Date”), the outstanding principal amount of the 2028 Notes exceeds $50,000,000 in the aggregate, then the Maturity Date shall be the 2028 Notes Springing Maturity Date and (c) if on November 1, 2028 (the “2029 Notes Springing Maturity Date”), the outstanding principal amount of the 2029 Notes exceeds $50,000,000 in the aggregate, then the Maturity Date shall be the 2029 Notes Springing Maturity Date.
(b) The following defined term is hereby added to Section 1.01 where alphabetically appropriate, to read as follows:
“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets include (for purposes of the Plan Asset Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.
“Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time.
“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.
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“Second Amendment” means that certain Second Amendment to Credit Agreement, dated as of January 2, 2026, by and among the Borrowers, the Administrative Agent and the Lenders party thereto.
“Second Amendment Effective Date” has the meaning given to such term in the Second Amendment.
(c) The defined term “Federal Funds Effective Rate” is hereby amended by replacing the phrase “as shall set forth on” contained therein with the phrase “as shall be set forth on”.
2.4 Amendment to Section 2.07(b). Section 2.07(b) is hereby amended by adding the following sentence to the end thereof:
Notwithstanding anything to the contrary contained herein, Capital One, National Association, in its capacity as an Issuing Bank, shall not be required to issue documentary or commercial letters of credit.
2.5 Amendment to Section 2.20(a). Section 2.20(a) is hereby amended and restated in its entirety to read as follows:
(a) Subject to the terms and conditions set forth herein, the Company shall have the right from time to time to cause an increase in the total Commitments of the Lenders (a “Commitment Increase”) by adding to this Agreement one or more additional financial institutions that are not already Lenders hereunder (each, a “New Lender”) or by allowing one or more existing Lenders to increase their respective Commitments; provided that (i) both before and immediately after giving effect to such Commitment Increase, no Default or Event of Default shall have occurred and be continuing as of the effective date of such Commitment Increase (such date, the “Commitment Increase Date”), (ii) no such Commitment Increase shall be in an amount less than $10,000,000, (iii) the aggregate amount of all such Commitment Increases to occur after the Second Amendment Effective Date shall not exceed $250,000,000, and after giving effect to all such Commitment Increases, the total Commitments shall not exceed $2,250,000,000, (iv) no Lender’s Commitment shall be increased without such Lender’s prior written consent (which consent may be given or withheld in such Lender’s sole and absolute discretion) and (v) each New Lender and any increase in the Commitment of an existing Lender pursuant to any Commitment Increase shall be subject to the prior written consent of the Administrative Agent and each Issuing Bank (each such consent not to be unreasonably withheld or delayed).
2.6 Amendment to Section 9.01. The seventh paragraph of Section 9.01 is hereby amended and restated in its entirety to read as follows:
Each Lender and each Issuing Bank acknowledges and agrees that the extensions of credit made hereunder are commercial loans and letters of credit and not investments in a business enterprise or securities. Each Lender and each Issuing Bank further represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility, (ii) in participating as a Lender, it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may be applicable to such Lender or Issuing Bank, in each case in the ordinary course of its business, and not for the purpose of investing in the general performance or operations of any Borrower, or for the purpose of purchasing, acquiring or holding any other type of financial instrument such as a security (and each Lender and each Issuing Bank agrees not to assert a claim in contravention of the foregoing, such as a claim under the federal or state securities laws), (iii) it has, independently and without reliance upon the Administrative Agent, any Co-Syndication Agent, the Documentation Agent, any Lead Arranger or any other Lender or Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder and (iv) it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such Issuing Bank, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities. Each Lender and each Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Co Syndication Agent, the Documentation Agent, any Lead Arranger or any other Lender or Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrowers and their respective Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder and in deciding whether or to the extent to which it will continue as a Lender or assign or otherwise transfer its rights, interests and obligations hereunder.
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2.7 Amendment to Article IX. Article IX is hereby amended by adding a new Section 9.04 to the end thereof to read as follows:
Section 9.04 Certain ERISA Matters. (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:
(i) such Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,
(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,
(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or
(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.
(b) In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent, or any Arranger, any Co-Syndication Agent, any Documentation Agent or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto).
(c) The Administrative Agent, and each Arranger, Co-Syndication Agent and Documentation Agent hereby informs the Lenders that each such Person is not undertaking to provide investment advice or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments, this Agreement and any other Loan Documents (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.
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2.8 Amendments to Schedules. Schedule 3.14 and Schedule 5.14 are hereby amended and restated in their entirety to read as set forth on Schedule 3.14 and Schedule 5.14 attached to this Second Amendment.
Section 3. Assignment and Assumption of Commitments and Loans.
3.1 As used in this Second Amendment, (i) the term “Existing Lenders” means the collective reference to each Lender party to the Credit Agreement immediately prior to the Second Amendment Effective Date; (ii) the term “New Lenders” means each of Fifth Third Bank, National Association and KeyBank National Association; and (iii) the term “New and Continuing Lenders” means the collective reference to each Existing Lender and each New Lender.
3.2 Effective as of the Second Amendment Effective Date, immediately prior to giving effect to the amendments contained in Section 2 of this Second Amendment: (a) each Existing Lender has, in consultation with the Borrower, agreed to (i) reallocate its respective Commitment and (ii) allow each New Lender to become a party to the Credit Agreement as a Lender by acquiring an interest in the total Commitments; and (b) for an agreed consideration, each Existing Lender (each, an “Assignor”) hereby irrevocably sells and assigns to each other New and Continuing Lender (each, an “Assignee”), and such Assignee hereby irrevocably purchases and assumes from such Assignor, subject to and in accordance with the Standard Terms and Conditions (as set forth in Annex 1 to Exhibit A) and the Credit Agreement, as of the Second Amendment Effective Date, immediately prior to giving effect to the terms of Section 2 of this Second Amendment, (i) all of such Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and the other Loan Documents and any other documents or instruments delivered pursuant thereto, in each case, to the extent related to an amount and percentage interest of all of such outstanding rights and obligations of such Assignor under the Credit Agreement (including any participations in LC Exposure), to the extent necessary so that, after giving effect thereto, each New and Continuing Lender shall have the Applicable Percentage and Commitment set forth for such New and Continuing Lender on Schedule 2.01 attached to this Second Amendment, which Schedule 2.01 supersedes and replaces Schedule 2.01 to the Credit Agreement (and Schedule 2.01 to the Credit Agreement is hereby amended and restated in its entirety to read as set forth on Schedule 2.01 attached hereto); and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the such Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement and the other Loan Documents, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”; and the sales and assignments and purchases and assumptions of the Assigned Interests described in this clause (b) being referred to herein collectively as the “Assignment and Reallocation”). Such sale and assignment is without recourse to any Assignor and, except as expressly provided in this Section 3, without representation or warranty by any Assignor. On the Second Amendment Effective Date, after giving effect to the Assignment and Reallocation, each New Lender shall become a party to the Credit Agreement, as amended by this Second Amendment, as a “Lender” and shall have all of the rights and obligations of a Lender under the Credit Agreement, as amended by this Second Amendment, and the other Loan Documents. The Administrative Agent, each Issuing Bank, each Existing Lender and the Borrower hereby consents and agrees to the Assignment and Reallocation. With respect to the Assignment and Reallocation, each Existing Lender shall be deemed to have sold and assigned its Assigned Interest, and each New and Continuing Lender shall be deemed to have acquired such Assigned Interest pursuant to the terms and conditions of the Assignment and Assumption attached as Exhibit A to the Credit Agreement (the “Assignment Agreement”), as if each Lender had executed such Assignment Agreement with respect to such Assigned Interest, pursuant to which (i) each New and Continuing Lender shall be an “Assignee”, (ii) each Existing Lender shall be an “Assignor” and (iii) the term “Effective Date” shall be the Second Amendment Effective Date as defined herein. On the Second Amendment Effective Date, after giving effect to the Assignment and Reallocation, the Administrative Agent shall take the actions specified in Section 10.04(b)(iv), including recording the Assignment and Reallocation described herein in the Register, and the Assignment and Reallocation shall be effective for all purposes of the Credit Agreement. Notwithstanding anything to the contrary in Section 10.04(b)(ii)(C), no Lender shall be required to pay a processing and recordation fee of $3,500 to the Administrative Agent in connection with the Assignment and Reallocation.
Section 4. Conditions Precedent. This Second Amendment shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 10.02 of the Credit Agreement) (the “Second Amendment Effective Date”):
4.1 The Administrative Agent, the Lenders and the Lead Arrangers shall have received all fees and other amounts due and payable to each such Person on or prior to the Second Amendment Effective Date, including to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrowers pursuant to the Credit Agreement (including, without limitation, the fees and expenses of Sidley Austin LLP, as special counsel to the Administrative Agent).
6
4.2 The Administrative Agent shall have received from all of the Lenders, the Issuing Banks, and the Obligors, counterparts (in such number as may be requested by the Administrative Agent) of this Second Amendment signed on behalf of such Persons.
4.3 The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Second Amendment Effective Date) of each of Davis Polk & Wardwell LLP, as counsel for the Loan Parties, and Osler, Hoskin & Harcourt LLP, as counsel for MOCL, each in form and substance satisfactory to the Administrative Agent. The Company hereby requests such counsel to deliver such opinions.
4.4 The Administrative Agent shall have received a certificate, dated as of the Second Amendment Effective Date and signed by a Responsible Officer of the Company, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02 of the Credit Agreement.
4.5 The Administrative Agent and the Lenders shall have received (at least three Business Days prior to the Second Amendment Effective Date), and shall be reasonably satisfied in form and substance with, (i) all documentation and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including but not limited to the Patriot Act, to the extent such documentation or other information was requested by the Administrative Agent or any such applicable Lender at least seven days prior to the Second Amendment Effective Date and (ii) to the extent any Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to the Borrowers (provided that, upon the execution and delivery by such Lender of its signature page to this Second Amendment, the condition set forth in this clause (ii) shall be deemed to be satisfied).
4.6 The Administrative Agent shall have received financial projections of the Company and its subsidiaries in form and substance reasonably satisfactory to it.
4.7 Since December 31, 2023, there has been no change in the business, assets, operations, prospects or condition, financial or otherwise, of the Company and its Subsidiaries that, taken as a whole, has had or could reasonably be expected to have, a Material Adverse Effect.
4.8 The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Loan Party, the authorization of the transactions contemplated hereby and any other legal matters relating to the Loan Parties, this Second Amendment, the other Loan Documents or the transactions contemplated hereby, all in form and substance satisfactory to the Administrative Agent and its counsel.
4.9 No Default shall have occurred and be continuing.
The Administrative Agent is hereby authorized and directed to declare the occurrence of the Second Amendment Effective Date when it has received documents confirming compliance with the conditions set forth in this Section 4 or the waiver of such conditions as agreed to by the Lenders pursuant to Section 10.02(b) of the Credit Agreement. Such declaration shall be final, conclusive and binding upon all parties to this Second Amendment for all purposes. For purposes of determining compliance with the conditions specified in this Section 4, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received written notice from such Lender prior to the proposed Second Amendment Effective Date specifying its objection thereto.
Section 5. Miscellaneous.
5.1 Confirmation. The provisions of the Credit Agreement, as amended by this Second Amendment, shall remain in full force and effect following the effectiveness of this Second Amendment.
5.2 Ratification and Affirmation; Representations and Warranties. Each Borrower and each Guarantor (each, an “Obligor”) hereby: (a) acknowledges the terms of this Second Amendment; (b) acknowledges, ratifies and affirms its obligations and continued liability under, the Credit Agreement and the other Loan Documents to which it is party and agrees that the Credit Agreement remains in full force and effect, except as expressly amended hereby, after giving effect to the amendments and waivers contained herein; (c) agrees that the terms “Agreement”, “this Agreement”, “herein”, “hereinafter”, “hereto”, “hereof” and words of similar import, as used in the Credit Agreement, shall, unless the context otherwise requires, refer to the Credit Agreement, as amended hereby, and the term “Credit Agreement” as used in the other Loan Documents shall mean the Credit Agreement, as amended hereby; and (d) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this
7
Second Amendment: (i) all of the representations and warranties contained in the Credit Agreement are true and correct, unless such representations and warranties are stated to relate to a specific earlier date, in which case, such representations and warranties shall continue to be true and correct as of such earlier date and (ii) no Default has occurred and is continuing.
5.3 Counterparts. This Second Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Second Amendment by telecopy, emailed pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Second Amendment.
5.4 No Oral Agreement. This Second Amendment, the Credit Agreement and the other Loan Documents executed in connection herewith and therewith represent the final agreement AMONG the parties and may not be contradicted by evidence of prior, contemporaneous, or unwritten oral agreements of the parties. There are no oral agreements between the parties.
5.5 GOVERNING LAW. THIS SECOND AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND EACH BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE CREDIT AGREEMENT OR THIS SECOND AMENDMENT, OR FOR THE RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THE CREDIT AGREEMENT OR THIS SECOND AMENDMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THE CREDIT AGREEMENT OR THIS SECOND AMENDMENT AGAINST ANY BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.
5.6 Successors and Assigns. This Second Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
5.7 Loan Document. This Second Amendment is a “Loan Document” as defined and described in the Credit Agreement, and all of the terms and provisions of the Credit Agreement relating to Loan Documents shall apply hereto.
5.8 Severability. Any provision of this Second Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
[SIGNATURES BEGIN NEXT PAGE]
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IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed as of the date first written above.
| MURPHY OIL CORPORATION | |||
| By: | /s/ Atif Riaz | ||
| Name: | Atif Riaz | ||
| Title: | Vice President, Investor Relations |
||
| & Treasurer | |||
MURPHY EXPLORATION & PRODUCTION COMPANY – INTERNATIONAL |
|||
| By: | /s/ Atif Riaz | ||
| Name: | Atif Riaz | ||
| Title: | Vice President & Treasurer |
||
MURPHY OIL COMPANY LTD. |
|||
| By: | /s/ Atif Riaz | ||
| Name: | Atif Riaz | ||
| Title: | Vice President & Treasurer |
||
| GUARANTORS | |||
MURPHY EXPLORATION & PRODUCTION COMPANY |
|||
| By: | /s/ Atif Riaz | ||
| Name: | Atif Riaz | ||
| Title: | Vice President & Treasurer |
||
Signature Page – Second Amendment to Credit Agreement
| MURPHY EXPLORATION & PRODUCTION COMPANY - USA | |||
| By: | /s/ Atif Riaz | ||
| Name: | Atif Riaz | ||
| Title: | Vce President &Treasurer |
||
Signature Page – Second Amendment to Credit Agreement
JPMORGAN CHASE BANK, N.A., as Administrative Agent, an Issuing Bank and a Lender |
|||
| By: | /s/ Umar Hassan | ||
| Name: | Umar Hassan | ||
| Title: | Authorized Officer |
||
Signature Page – Second Amendment to Credit Agreement
|
BANK OF AMERICA, N.A., as an Issuing Bank and a Lender |
|||
| By: | /s/ Tommy Nguyen | ||
| Name: | Tommy Nguyen |
||
| Title: | Vice President |
||
Signature Page – Second Amendment to Credit Agreement
THE BANK OF NOVA SCOTIA, HOUSTON BRANCH, as an Issuing Bank and a Lender |
|||
| By: | /s/ Sam Cutler | ||
| Name: | Sam Cutler |
||
| Title: | Director |
||
Signature Page – Second Amendment to Credit Agreement
CAPITAL ONE, NATIONAL ASSOCIATION, as an Issuing Bank and a Lender |
|||
| By: | /s/ Lyle Levy | ||
| Name: | Lyle Levy |
||
| Title: | Director |
||
Signature Page – Second Amendment to Credit Agreement
MUFG BANK, LTD, as an Issuing Bank and a Lender
|
|||
| By: | /s/ Vidhya Rajasekar | ||
| Name: | Vidhya Rajasekar |
||
| Title: | Authorized Signatory |
||
Signature Page – Second Amendment to Credit Agreement
BANK OZK, as an Issuing Bank and a Lender
|
|||
| By: | /s/ George E. McKean | ||
| Name: | George E. McKean |
||
| Title: | Executive Managing Director |
||
Signature Page – Second Amendment to Credit Agreement
REGIONS BANK, as an Issuing Bank and a Lender
|
|||
| By: | /s/ Cody Chance | ||
| Name: | Cody Chance |
||
| Title: | Managing Director |
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Signature Page – Second Amendment to Credit Agreement
SUMITOMO MITSUI BANKING CORPORATION, as a Lender
|
|||
| By: | /s/ Nabeel Shah | ||
| Name: | Nabeel Shah |
||
| Title: | Executive Director
|
||
Signature Page – Second Amendment to Credit Agreement
CADENCE BANK, as a Lender
|
|||
| By: | /s/ Troy Martinez | ||
| Name: | Troy Martinez |
||
| Title: | Assistant Vice President |
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Signature Page – Second Amendment to Credit Agreement
FIFTH THIRD BANK, NATIONAL ASSOCIATION, as a Lender
|
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| By: | /s/ Dan Condley | ||
| Name: | Dan Condley |
||
| Title: | Managing Director |
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Signature Page – Second Amendment to Credit Agreement
STANDARD CHARTERED BANK, as a Lender
|
|||
| By: | /s/ Ghislain Boukosso | ||
| Name: | Ghislain Boukosso |
||
| Title: | Director |
||
Signature Page – Second Amendment to Credit Agreement
TEXAS CAPITAL BANK, as a Lender
|
|||
| By: | /s/ Nupur Kumar | ||
| Name: | Nupur Kumar |
||
| Title: | Executive Director |
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Signature Page – Second Amendment to Credit Agreement
MORGAN STANLEY BANK, N.A., as a Lender
|
|||
| By: | /s/ Fred Gonfiantini | ||
| Name: | Fred Gonfiantini |
||
| Title: | Authorized Signatory |
||
Signature Page – Second Amendment to Credit Agreement
KEY BANK NATIONAL ASSOCIATION, as a Lender
|
|||
| By: | /s/ Eric Appel | ||
| Name: | Eric Appel |
||
| Title: | Senior Vice President |
||
Signature Page – Second Amendment to Credit Agreement
CREDIT AGREEMENT
dated as of October 7, 2024
among
MURPHY OIL CORPORATION,
MURPHY EXPLORATION & PRODUCTION COMPANY – INTERNATIONAL,
and
MURPHY OIL COMPANY LTD.,
as Borrowers
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent
and
The Lenders Party Hereto
____________________________
Bank of america, n.a., BANK OZK, capital one, national association,
mufg bank, ltd., REGIONS BANK, AND
the
bank of nova scotia, HOUSTON BRANCH
as Co-Syndication Agents
and
SUMITOMO MITSUI BANKING CORPORATION,
as Documentation Agent
____________________
JPMorgan chase bank, n.a., bofa securities, inc., BANK OZK,
CAPITAL ONE, NATIONAL ASSOCIATION, MUFG BANK, LTD.,
REGIONS CAPITAL MARKETS, A DIVISION OF REGIONS BANK AND
THE BANK OF NOVA SCOTIA, HOUSTON BRANCH,
as Co-Lead Arrangers and Joint Bookrunners
____________________________
Schedule 2.01
to Credit Agreement
COMMITMENTS
| Lender | Amount of Commitment | Percentage of Commitment |
| JPMorgan Chase Bank, N.A. | $198,000,000.00 | 9.900000000% |
| Bank of Nova Scotia, Houston Branch | $198,000,000.00 | 9.900000000% |
| Capital One, National Association | $198,000,000.00 | 9.900000000% |
| MUFG Bank, Ltd. | $198,000,000.00 | 9.900000000% |
| Bank of America, N.A. | $198,000,000.00 | 9.900000000% |
| Regions Bank | $198,000,000.00 | 9.900000000% |
| Bank OZK | $198,000,000.00 | 9.900000000% |
| Sumitomo Mitsui Banking Corporation | $149,000,000.00 | 7.450000000% |
| Fifth Third Bank, National Association | $100,000,000.00 | 5.000000000% |
| KeyBank National Association | $100,000,000.00 | 5.000000000% |
| Standard Chartered Bank | $100,000,000.00 | 5.000000000% |
| Cadence Bank | $65,000,000.00 | 3.250000000% |
| Morgan Stanley Bank, N.A. | $50,000,000.00 | 2.500000000% |
| Texas Capital Bank | $50,000,000.00 | 2.500000000% |
| TOTAL: | $2,000,000,000.00 | 100.000000000% |
Schedule 3.14
to Credit Agreement
SUBSIDIARIES
| Name of Subsidiary | Type of Entity | Jurisdiction | Principal Place of Business | Chief Executive Office | Equity Interests Issued | Material Subsidiary | Guarantor/Required Subsidiary Guarantor | Excluded Canam Entity |
| Arkansas Oil Company | Corporation1 | Delaware | Arkansas | Houston | 100 % Common Stock2 |
No | No | No |
| Caledonia Land Company | Corporation | Delaware | Arkansas | Houston | 100 % Common Stock |
No | No | No |
| El Dorado Engineering Inc. | Corporation | Delaware | Arkansas | Houston | 100 % Common Stock |
No | No | No |
| El Dorado Contractors | Corporation | Delaware | Arkansas | Houston | 100 % Common Stock |
No | No | No |
| Marine Land Company | Corporation | Delaware | Arkansas | Houston | 100 % Common Stock |
No | No | No |
| Murphy Eastern Oil Company | Corporation | Delaware | Inactive | Houston | 100 % Common Stock |
No | No | No |
| Murphy Exploration & Production Company | Corporation | Delaware | Holding Company | Houston | 100 % Common Stock |
Yes | Guarantor | No |
| Murphy Building Corporation | Corporation | Delaware | Arkansas | Houston | 100 % Common Stock |
No | No | No |
| Murphy Exploration & Production Company – International | Corporation | Delaware | Worldwide | Houston | 100 % Common Stock |
Yes | Guarantor | No |
1 All Subsidiaries are “C” corporations or the equivalent in other jurisdictions.
2 All Subsidiaries have issued common stock. There are no other classes of equity except see notes below pertaining to certain Australian entities.
| Name of Subsidiary | Type of Entity | Jurisdiction | Principal Place of Business | Chief Executive Office | Equity Interests Issued | Material Subsidiary | Guarantor/Required Subsidiary Guarantor | Excluded Canam Entity |
| Canam Offshore LLC | Limited Liability Company | Delaware | Holding Company | Houston | 100 % Membership Units | No | No | No |
| Canam Offshore Limited | Corporation | Bahamas | Holding Company | Nassau | 100 % Common Stock |
Yes | No | Yes |
| Canam Brunei Oil Ltd. | Corporation | Bahamas | Brunei | Houston | 100 % Common Stock |
No | No | Yes |
| Murphy Peninsular Malaysia Oil Co., Ltd. | Corporation | Bahamas | Malaysia | Houston | 100 % Common Stock |
No | No | Yes |
|
Murphy Cuu Long Tay Oil Co., Ltd. |
Corporation | Bahamas | Vietnam | Ho Chi Minh City | 100% Common Stock | No | No | Yes |
| El Dorado Exploration, S.A. | Corporation | Delaware | Inactive | N/A | 100 % Common Stock |
No | No | No |
| El Dorado Exploracion y Produccion, S.de R.L. de C.V. | Corporation | Mexico | Mexico | Houston | 100 % Common Stock | No | No | No |
| Murphy Asia Oil Co., Ltd. | Corporation | Bahamas | SE Asia | Houston | 100 % Common Stock |
No | No | No |
| Murphy Australia Holdings Pty. Ltd | Corporation | Western Australia | Australia | Perth | 100% Preferred3 | No | No | No |
| Murphy Australia AC/P 58 Oil Pty. Ltd. | Corporation | Western Australia | Australia | Perth |
~17% Preferred4 ~83% Common Stock |
No | No | No |
3 Non-redeemable preferred shares.
4 See note no. 3 above.
| Name of Subsidiary | Type of Entity | Jurisdiction | Principal Place of Business | Chief Executive Office | Equity Interests Issued | Material Subsidiary | Guarantor/Required Subsidiary Guarantor | Excluded Canam Entity |
| Murphy Australia Oil Pty. Ltd | Corporation | Western Australia | Australia | Perth | 100% Preferred5 |
No | No | No |
| Murphy Australia AC/P 36 Oil Pty. Limited | Corporation | Western Australia | Australia | Perth | 100 % Common Stock |
No | No | No |
| Murphy Australia WA-481-P Oil Pty. Ltd. |
Corporation | Western Australia | Australia | Perth |
~4% Preferred6 ~96% Common Stock |
No | No | No |
| Murphy Brazil Exploracao e Producao de Petroleo e Gas Ltda. | Corporation | Brazil | Brazil | N/A7 | 100 % Common Stock |
No | No | No |
| Murphy Cuu Long Bac Oil Co., Ltd. | Corporation | Bahamas | Vietnam | Ho Chi Minh City | 100 % Common Stock |
No | No | No |
| Murphy Dai Nam Oil Co., Ltd. | Corporation | Bahamas | Vietnam | Ho Chi Minh City | 100 % Common Stock |
No | No | No |
| Murphy Equatorial Guinea Oil Co., Ltd. | Corporation | Bahamas | Equatorial Guinea8 | N/A | 100 % Common Stock |
No | No | No |
| Murphy Luderitz Oil Co., Ltd. | Corporation | Bahamas | Namibia | N/A | 100 % Common Stock |
No | No | No |
| Murphy Nha Trang Oil Co., Ltd. | Corporation | Bahamas | Vietnam | Ho Chi Minh City | 100 % Common Stock |
No | No | No |
| Murphy Overseas Ventures Inc. | Corporation | Delaware | Worldwide | Houston | 100 % Common Stock |
No | No | No |
5 See note no. 3 above.
6 See note no. 3 above.
7 No office has been established.
8 Murphy has exited Equatorial Guinea.
| Name of Subsidiary | Type of Entity | Jurisdiction | Principal Place of Business | Chief Executive Office | Equity Interests Issued | Material Subsidiary | Guarantor/Required Subsidiary Guarantor | Excluded Canam Entity |
| Murphy Phuong Nam Oil Co., Ltd. | Corporation | Bahamas | Vietnam | Ho Chi Minh City | 100 % Common Stock |
No | No | No |
| Murphy Spain Oil Company | Corporation | Delaware | Spain | Madrid9 | 100 % Common Stock |
No | No | No |
| Murphy West Africa, Ltd. | Corporation | Bahamas | Republic of Congo10 | N/A | 100 % Common Stock |
No | No | No |
| Murphy Worldwide, Inc. | Corporation | Delaware | Worldwide | Houston | 100 % Common Stock |
No | No | No |
| Murphy Offshore Oil Co. Ltd. | Corporation | Bahamas | Worldwide | Nassau | 100 % Common Stock |
No | No | No |
| Murphy Netherlands Holdings B.V. | Corporation | Netherlands | Netherlands | N/A11 | 100 % Common Stock |
No | No | No |
| Murphy Netherlands Holdings II B.V. | Corporation | Netherlands | Netherlands | N/A | 100 % Common Stock |
No | No | No |
| Murphy Sur, S. de R. L. de C.V. |
Corporation | Mexico | Mexico | N/A12 | 100 % Common Stock |
No | No | No |
| Murphy Exploration & Production Company – USA | Corporation | Delaware | United States | Houston | 100 % Common Stock |
Yes | Guarantor | No |
|
MP Gulf of Mexico, LLC
|
Limited Liability Company | Delaware | United States | Houston | 80% Membership Units | Yes | No | No |
9 Branch office in process of winding down.
10 Murphy has exited Congo.
11 No offices have been established in the Netherlands.
12 No offices have been established in Mexico.
| Name of Subsidiary | Type of Entity | Jurisdiction | Principal Place of Business | Chief Executive Office | Equity Interests Issued | Material Subsidiary | Guarantor/Required Subsidiary Guarantor | Excluded Canam Entity |
| Murphy Oil Company Ltd. | Corporation | Canada | Canada | Calgary | 100 % Common Stock |
Yes | No | No |
| New Murphy Oil (UK) Corporation |
Corporation | Delaware | Holding Company | Houston | 100 % Common Stock |
No | No | No |
| Murphy Petroleum Limited | Corporation | England | U.K. | N/A13 | 100 % Common Stock |
No | No | No |
| Murco Petroleum Limited | Corporation | England | U.K. | N/A | 100 % Common Stock |
No | No | No |
| Murphy Exploration Holdings, LLC | Limited Liability Company | Delaware | Holding Company | Houston | 100 % Membership Units | No | No | No |
| Murphy CI-102 Oil Co., Ltd. | Corporation | Bahamas | Cote d’Ivoire | Houston | 100% Common Stock | No | No | No |
| Murphy CI-103 Oil Co., Ltd. | Corporation | Bahamas | Cote d’Ivoire | Houston | 100% Common Stock | No | No | No |
| Murphy CI-502 Oil Co., Ltd. | Corporation | Bahamas | Cote d’Ivoire | Houston | 100% Common Stock | No | No | No |
| Murphy CI-531 Oil Co., Ltd. | Corporation | Bahamas | Cote d’Ivoire | Houston | 100% Common Stock | No | No | No |
| Murphy CI-709 Oil Co., Ltd. | Corporation | Bahamas | Cote d’Ivoire | Houston | 100% Common Stock | No | No | No |
13 Murphy no longer has continuing operations in the U.K.
Schedule 5.14
to Credit Agreement
ACCOUNTS
| Account |
Financial Institution or Intermediary |
Account Number |
Account Type |
Excluded DDA (Y/N) |
| Murphy Oil Corporation - General (Wires) | Bank of America, N. A., New York, NY | USD A/C # 004451259985 | Depository Account | Y |
| Murphy Oil Corporation - CDA (ACH/Check) | Bank of America, N. A., New York, NY | USD A/C # 003359985473 | Depository Account | Y |
| Murphy Oil Corporation - Lease Rental | Bank of America, N. A., New York, NY | USD A/C # 003359985481 | Depository Account | Y |
| Murphy Exploration & Production Company | Bank of America, N. A., New York, NY | USD A/C # 004451259862 | Depository Account | Y |
| Canam Offshore Limited | Bank of America, N. A., New York, NY | USD A/C # 004451259859 | Depository Account | Y |
| Caledonia Land Company | Cadence Bank | USD A/C # 6400074404 | Depository Account | N |
| Marine Land Company | Cadence Bank | USD A/C # 6400074412 | Depository Account | N |
| Murphy Brasil Exploracao E. Producao De Petroleo E Gas Ltda. |
Bank of America, Sao Paulo, Brazil | BRL A/C #11057015 | Depository Account | N |
| Canam Brunei Oil Ltd. | J. P. Morgan Chase Bank Berhad Kuala Lumpur, Malaysia |
USD A/C # 0076953752 | Depository Account | N |
| Murphy Oil Corporation | Capital One Bank N. A. | USD A/C # 4670140461 | Money Market Cash Account | N |
| Murphy Oil Corporation | J. P. Morgan Chase Bank, New York, NY | USD A/C # 325-008361 | Depository Account | N |
| Murphy Oil Corporation | Standard Chartered Bank, New York, NY | USD A/C # 3582028099001 | Depository Account | N |
| New Murphy Oil (UK) Corporation | Bank of America, N. A., New York, NY | USD A/C # 004451259901 | Depository Account | Y |
| MP Gulf of Mexico, LLC | Bank of America, N. A., New York, NY | USD A/C # 4451312783 | Depository Account | Y |
| MP Gulf of Mexico, LLC | Bank of America, N. A., New York, NY | USD A/C # 3359992560 | Controlled Disbursement Account | N |
| Murphy Sur S de RL de CV | Bank of America Mexico, S. A., Mexico | USD A/C# 14633028 | Depository Account | N |
| Murphy Sur S de RL de CV | Bank of America Mexico, S. A., Mexico | MXN A/C# 14633010 | Depository Account | N |
| Murphy Netherlands Holdings BV | Bank of America Merrill Lynch Intl Ltd., Amsterdam |
USD A/C # 20451013 | Depository Account | N |
| Murphy Netherlands Holdings II BV | Bank of America Merrill Lynch Intl Ltd., Amsterdam |
USD A/C # 20452011 | Depository Account | N |
| Account |
Financial Institution or Intermediary |
Account Number |
Account Type |
Excluded DDA (Y/N) |
| Murphy Nha Trang Oil Co., Ltd. | J. P. Morgan Chase Bank Ho Chi Minh Branch, Vietnam |
USD A/C # 0076958900 USD A/C # 0076958206 VND A/C # 0076958205 |
Depository Account | N |
| Murphy Phuong Nam Oil Co., Ltd. | J. P. Morgan Chase Bank Ho Chi Minh Branch, Vietnam |
USD A/C # 0076958246 VND A/C # 0076958245 |
Depository Account | N |
| Murphy Cuu Long Bac Oil Co., Ltd. | J. P. Morgan Chase Bank Ho Chi Minh Branch, Vietnam |
USD A/C # 0076958910 USD A/C # 0076958288 VND A/C # 0076958301 |
Depository Account | N |
| Murphy Cuu Long Tay Oil Co., Ltd. | J. P. Morgan Chase Bank Ho Chi Minh Branch, Vietnam |
USD A/C # 0076958920 USD A/C # 0076958392 VND A/C # 0076958391 |
Depository Account | N |
| Murphy Oil Corporation | J. P. Morgan Chase Bank, New York, NY | USD A/C # 5029438 | Money Market Cash Account | N |
| Murphy Oil Corporation | Regions Bank | USD A/C # 0179852122 | Money Market Cash Account | N |
| Murphy Oil Corporation | Bank of America, New York, NY | USD A/C # 5S4-04P36-1-7 EJE | Money Market Cash Account | N |
| Muprhy Oil Corporation | MUFG | USD A/C # 0820000973 | Money Market Cash Account | N |
| Murphy Oil Corporation | Cadence Bank | USD A/C # 78660842 | Money Market Cash Account | N |
| Murphy Oil Corporation | Sumitomo Mitsui Banking Corporation (SMBC) | USD A/C # 370823 | Money Market Cash Account | N |
| Murphy Australia Oil Pty. Ltd. | J. P. Morgan Chase Bank, Sydney, Australia |
AUD A/C # 083602700 USD A/C # 0083602735 |
Depository Account | N |
| Murphy Australia AC/P58 Oil Pty Ltd. | J. P. Morgan Chase Bank, Sydney, Australia | USD A/C # 0083602882 | Depository Account | N |
| Murphy Petroleum Ltd. | Bank of America NA London, UK |
GBP A/C # 80451017 USD A/C # 80451025 |
Depository Account | N |
| MURCO Petroleum Ltd. | Bank of America NA London, UK |
GBP A/C # 80449020 USD A/C # 80449012 |
Depository Account | N |
| Murphy Oil Corporation | MUFG / Union Bank | General USD A/C # 0021420914 | Depository Account | N |
| Murphy Spain Oil Company | Bank of America Merrill Lynch Intl Ltd. | EUR A/C # ES79 1485 0001 0900 3663 1014 | Depository Account | N |
| Murphy Exploration & Production Company – USA/Y Bar Ranch Ltd. | JP Morgan Chase Bank, N.A. | USA A/C # 52807496 | Escrow Account | Y |
| Account |
Financial Institution or Intermediary |
Account Number |
Account Type |
Excluded DDA (Y/N) |
| Murphy Oil Corporation | Scotiabank, Ontario, Canada | CDN A/C # 129890008818 | Depository Account | N |
| Murphy Oil Company Ltd. | Scotiabank, Ontario, Canada | CDN A/C # 10009 0439118 | Depository Account | N |
| USD A/C # 129898926913 | ||||
| Murphy Oil Company Ltd. | Scotiabank, Ontario, Canada | CDN A/C # 129890007013 | Pool Accounts | N |
| USD A/C # 129890349518 | ||||
| Murphy Canada Ltd. | Scotiabank, Ontario, Canada | CDN A/C # 12989 0003816 | Depository Account | N |
| USD A/C # 12989 0350311 | ||||
| Murphy Oil Canada | Scotiabank, Ontario, Canada | CDN A/C # 12989 0005010 | Depository Account | N |
| Murphy Oil Company Ltd. | Scotiabank, Ontario, Canada | USD A/C # 800-50673 | Investment Account | N |
| Murphy Oil Company Ltd. | MUFG Bank, Ltd. | USD A/C #0820001619 | Investment Account | N |
| Murphy Oil Company Ltd. | Scotiabank, Ontario, Canada |
CDN A/C # 78047309-14 CDN A/C # 78047311-10 CDN A/C # 78047312-19 CDN A/C # 78047308-15 CDN A/C # 78049077-10 |
Trust Account | N |
| Murphy Exploration & Production Company - International | Bank of America, N. A., New York, NY | USD A/C # 4451452041 | Depository Account | Y |
| Murphy Oil Corporation - Royalty (ACH/Check | Bank of America, N. A., New York, NY | USD A/C # 4451688857 | Depository Account | N |
| MP Gulf of Mexico, LLC - Royalty (ACH/Check) | Bank of America, N. A., New York, NY | USD A/C # 4451688860 | Depository Account | N |
| Murphy CI-102 Oil Co., LTD | Standard Chartered Bank |
USD A/C # 3582028403001 XOF A/C # 01-001-204000-00 |
Depository Account | N |
| Murphy CI-103 Oil Co., LTD | Standard Chartered Bank |
USD A/C # 3582028404001 XOF A/C # 01-001-203951-00 |
Depository Account | N |
| Murphy CI-502 Oil Co., LTD | Standard Chartered Bank |
USD A/C # 3582028405001 XOF A/C # 01-001-203997-00 |
Depository Account | N |
| Murphy CI-531 Oil Co., LTD | Standard Chartered Bank |
USD A/C # 3582028406001 XOF A/C # 01-001-203994-00 |
Depository Account | N |
| Murphy CI-709 Oil Co., LTD | Standard Chartered Bank |
USD A/C # 3582028408001 XOF A/C # 01-001-203993-00 |
Depository Account | N |
| Murphy Oil Corporation | Bank of America, New York, NY | USA A/C # 4451938057 | Controlled Disbursement Account | Y |
| Murphy Oil Corporation | Texas Capital Bank, N.A. | USD A/C # 2400079580 | Money Market Cash Account | N |
| Murphy Oil Corporation | Bank OZK | 2804851771 | Money Market Cash Account | N |
Exhibit 99.1
0 0 Murphy January 2026 Investor Presentation Goldman Sachs Energy, CleanTech & Utilities Conference 2026 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER January 7 th , 2026
1 1 Murphy January 2026 Investor Presentation CAUTIONARY STATEMENT 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 . 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, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance . In particular, statements, express or implied, concerning the company’s future operating results or activities and returns or the company's ability and decisions to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other ESG (environmental/social/governance) matters, make capital expenditures or pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward - looking statements . Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward - looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward - looking statements, 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 ; geopolitical concerns ; 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 U . S . or global capital markets, credit markets, banking system or economies in general, including inflation, trade policies, tariffs and other trade restrictions . 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 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 . Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website . We may use these channels to distribute material information about the company ; therefore, we encourage investors, the media, business partners and others interested in the company to review the information we post on our website . The information on our website is not part of, and is not incorporated into, this presentation . Murphy Oil Corporation undertakes no duty to publicly update or revise any forward - looking statements . Non - GAAP Financial Measures – This presentation contains certain non - GAAP financial measures that management believes are useful tools for internal use and the investment community in evaluating Murphy Oil Corporation’s overall financial performance . These non - GAAP financial measures are broadly used to value and compare companies in the crude oil and natural gas industry . Not all companies define these measures in the same way . In addition, these non - GAAP financial measures are not a substitute for financial measures prepared in accordance with US generally accepted accounting principles (GAAP) and should therefore be considered only as supplemental to such GAAP financial measures . Definitions and reconciliations of these measures are included in the appendix .
2 2 Murphy January 2026 Investor Presentation Eagle Ford Shale Gulf of America Offshore Canada Production Exploration Development Onshore Canada Côte d’Ivoire Vietnam MURPHY AT A GLANCE 2 Murphy January 2026 Investor Presentation An independent exploration and production company with a diverse portfolio that provides operational flexibility and exploration upside 1 Excluding noncontrolling interest. Proved reserves are based on YE 2024 third - party audited volumes using SEC pricing. 2 As of Dec 31, 2024; Eagle Ford Shale and Kaybob Duvernay inventory assumes an annual 30 - well program; Tupper Montney inventory assumes an annual 15 - well program Strategic Capital Allocation Balanced Risk and Growth History of Strong Execution Multi - Basin Portfolio Gulf of America Long runway of high - return projects Onshore United States ~1,100 future locations, ~15 years of inventory 2 <$50 / BBL WTI Offshore Canada Capital efficient, low - cost oil barrels Onshore Canada ~50 years of inventory 2 Future pricing upside with LNG ramp up 25% 34% 41% 3Q 2025 Production 1 24% 22% 54% 2024 Proved Reserves 1 US Onshore Offshore Canada Onshore 200 MBOEPD 713 MMBOE
3 3 Murphy January 2026 Investor Presentation UNIQUE INVESTMENT PROPOSITION 3 Multi - basin Portfolio with Operational Financial Discipline Driving Shareholder Returns Industry Leading Track Record of Transformative Exploration Upside Decades of High - quality Inventory Maintaining Strong Proved Reserve Life Murphy January 2026 Investor Presentation Note: Production volumes and financial amounts exclude noncontrolling interest DISCOVERY TO FIRST OIL >700 MMBOE Proved reserves $4.4 BN Cumulative shareholder returns since 2013 FLEXIBILITY to respond to macro cycles 50 YEARS of onshore inventory 1 BBOE+ unrisked gross resource potential
4 4 Murphy January 2026 Investor Presentation STRONG BALANCE SHEET AND ENHANCED LIQUIDITY Bond Maturity Profile 3 $ MM $0 $200 $400 $600 2025 2026 2027 2028 2029 2030 2031 2032 2042 Long - Term Debt Profile $1.3 BN Total Bonds Outstanding 6.10% Weighted Avg Fixed Coupon 8.6 years Weighted Avg Years to Maturity Financial Highlights 1 As of January 2, 2026. $1.9 billion undrawn on the credit facility and ~$350 million cash inclusive of NCI 2 See Appendix for reconciliation of non - GAAP measures and slide notes providing definitions and other information 3 As of September 30, 2025 Revolving Credit Facility (RCF) Maturity Profile 1 $ MM Liquidity of ~$2.3 billion 1 Maintaining low leverage of 1.0x 2,3 Free Cash Flow of $192 MM YTD 3Q 2025 2 Returned $240 MM to shareholders YTD 3Q 2025 $550 MM Board authorized share repurchase program 2,3 Minimum of 50% of adjusted FCF 2 allocated to shareholder returns and up to 50% to the balance sheet $0 $400 $800 $1,200 $1,600 $2,000 $2,400 2026 2027 2028 2029 2030 2031 Extend & Upsize $2.0 BN $1.35 BN RCF extended and increased from $1.35 BN to $2.0 BN on Jan 2, 2026
5 5 Murphy January 2026 Investor Presentation 2025 CAPITAL AND PRODUCTION PLAN Accrual CAPEX, based on midpoint of guidance range and excluding noncontrolling interest 36% 30% 12% 12% 9% 2% $ 1,210 Million FY 2025E CAPEX By Area FY 2025 Onshore Wells Online 0 10 20 30 40 1Q 2025A 2Q 2025A 3Q 2025A 4Q 2025E Eagle Ford Shale Kaybob Duvernay Tupper Montney Eagle Ford Shale (Non-Op) Note: Non - op well cadence subject to change . Eagle Ford Shale non - operated wells 25% average working interest 1 Includes $104 MM Pioneer FPSO and $1.4 MM for non - op working interests in the Gulf of America; excludes $23 MM Eagle Ford Shale acquisition 4Q 2025 Guidance FY 2025 Guidance 176 – 184 MBOEPD 48% oil, 54% liquids volumes $392 MM Accrued CAPEX 174.5 – 182.5 MBOEPD 48% oil, 55% liquids volumes $1,135 - $1,285 MM Accrued CAPEX 1 Offshore US Onshore Canada Onshore Exploration Corporate Acquisitions FY Production Tracking Towards High End of Guidance Range
6 6 Murphy January 2026 Investor Presentation OPERATIONS AND EXPLORATION UPDATE
7 7 Murphy January 2026 Investor Presentation 3Q OPERATIONS HIGHLIGHTS 68 MBOEPD TOTAL OFFSHORE PRODUCTION 82% OIL 6% NGL 12% GAS 132 MBOEPD TOTAL ONSHORE PRODUCTION 29% OIL 6% NGL 65% GAS at key operated facilities (King’s Quay, Delta House, and Pioneer) 9 9%+ UPTIME From our Eagle Ford Shale, Tupper Montney, and Kaybob Duvernay assets From our Gulf of America and offshore Canada assets in completion cost per lateral foot in YTD 2025 compared to 2024 9 % REDUCTION of full plant capacity achieved at Tupper West 5 MONTHS PERFORMANCE Three wells online in 3Q were all - time top wells drilled in Dimmit County history 1 RECORD realized natural gas price compared to AECO given sales diversification and fixed price sales 3Q oil production above guidance normalized for no storm downtime 56 MBOPD Advanced high - impact development well expected online in 2H 2026 CHINOOK completed with Khaleesi #2 and Marmalard #3 online 2025 WORKOVERS Eagle Ford Shale Onshore Canada Onshore Offshore Note: Production volumes exclude noncontrolling interest 1 Comparing three - month cumulative oil per 1,000 feet 94 % HIGHER #8 WELL
8 8 Murphy January 2026 Investor Presentation VIETNAM FIELD DEVELOPMENT PROJECT ON TRACK Lac Da Vang (Golden Camel) Development 1 Murphy 40% (Op), PetroVietnam Exploration Production 35%, SK Earthon 25% 2 Floating storage and offloading vessel Project Updates • Installed LDV - A platform jacket in 4Q 2025 • Spud first development well in 4Q 2025 • Targeting first oil in 4Q 2026 • Development through 2029 Field Overview 1 • 100 MMBOE estimated gross recoverable resource • Estimated 10 – 15 MBOEPD net peak production Timing 2025 Key Milestones 1Q 2025 Initiate FSO 2 construction 3Q 2025 Complete Pipe Laying Campaign 4Q 2025 Install LDV - A platform jacket 4Q 2025 Begin development drilling Lac Da Vang (Golden Camel) – Rig Mobilization
9 9 Murphy January 2026 Investor Presentation Proven Offshore Expertise Data - driven portfolio with diverse shallow and deepwater capital - efficient projects Aligns with Global Energy Needs Sustained investment in conventional oil to meet long - term energy demand Sustainable, Organic Growth Strategy balances existing producing assets with high - impact exploration prospects EXPLORING BEYOND SHALE 9 Murphy January 2026 Investor Presentation Leveraging unique offshore capabilities to drive shareholder value Gulf of America Côte d’lvoire Vietnam Exploration Core Focus Areas
10 10 Murphy January 2026 Investor Presentation EXECUTING EXPLORATION PROGRAM AS PLANNED 1 Mean to upward gross resource potential See Appendix for additional information on exploration wells Vietnam Sharpening resource estimate range for Hai Su Vang discovery HSV - 2X, 40% WI Spud 4Q 2025 HSV - 3X, 40% WI 2026 HSV - 4X, 40% WI 2026 Gulf of America Infrastructure - led exploration Cello #1, 48.5% WI Spud 4Q 2025 Banjo #1, 48.5% WI Spud 4Q 2025 Côte d’Ivoire Testing three independent plays Civette, 90% WI 440 – 1,000 MMBOE 1 Spud 4Q 2025 Caracal, 90% WI 150 – 360 MMBOE 1 | 2026 Bubale, 90% WI 340 – 850 MMBOE 1 | 2026 On Track On Track On Track On Track
11 11 Murphy January 2026 Investor Presentation HAI SU VANG (GOLDEN SEA LION) APPRAISAL SUCCESS 1 Murphy 40% (Operator), PetroVietnam Exploration Production 35%, SK Earthon 25% Acreage as of November 3, 2025 Hai Su Vang - 2X Appraisal Success Announced Jan 2026 • Drilled in Block 15 - 2/17 1 • Encountered 429 feet of net oil pay from two reservoirs • 332 feet in the deeper, primary reservoir • 97 feet in the shallow reservoir • Successfully deepened the oil - down - to by 413 feet without encountering water • Total hydrocarbon column extended to ~1,600 feet • Primary reservoir achieved flow rate of 6,000 BOPD • Further testing ongoing • Primary reservoir recoverable resource midpoint toward the upper end of the previously guided range (170 MMBOE – 430 MMBOE) • Shallow reservoir not included in range • Further appraisal wells planned for 2026 • HSV - 3X in Block 15/1 - 05 and HSV - 4X in Block 15 - 2/17 Hai Su Vang - 1X Initial Exploration Well Announced Jan 2025 • Drilled in Block 15 - 2/17 1 • E ncountered 370 feet of net oil pay from two reservoirs • Achieved facility - constrained flow rate of 10,000 BOPD • 37 - degree API oil; Gas - oil ratio ~1,100 SCF / BBL Cuu Long Basin Discovery Well Appraisal Well Field Development Project Murphy Discovery Murphy WI Block Select Murphy Exploration Inventory Miles 10 0
12 12 Murphy January 2026 Investor Presentation APPENDIX
13 13 Murphy January 2026 Investor Presentation SUPPLEMENTAL INFORMATION Capital Allocation Plan The timing and magnitude of debt reductions and share repurchases will largely depend on oil and natural gas prices, developm ent costs and operating expenses, as well as any high - return investment opportunities. Because of the uncertainties around these matters, it is not poss ible to forecast how and when the company’s targets might be achieved. Share Repurchase Program The share repurchase program allows the company to repurchase shares through a variety of methods, including but not limited to open market purchases, privately negotiated transactions and other means in accordance with federal securities laws, such as through Rule 10b5 - 1 tradin g plans and under Rule 10b - 18 of the Exchange Act. This repurchase program has no time limit and may be suspended or discontinued completely at any tim e without prior notice as determined by the company at its discretion and dependent upon a variety of factors. Adjusted Free Cash Flow (Non - GAAP) Murphy defines adjusted free cash flow (a non - GAAP financial measure) as net cash provided by continuing operations activities, before non - cash working capital changes, less property additions and dry hole costs, acquisitions of oil and natural gas properties, distributions to NC I, dividends, withholding tax on stock - based inventive awards, and other payments such as debt tender and issuance costs and contingent consideration payments. S ee reconciliation slide for calculation. Leverage (Non - GAAP) Murphy defines leverage (a non - GAAP financial ratio) as total debt, including finance lease obligations, divided by adjusted ear nings before interest, taxes, depreciation and amortization (EBITDA) attributable to Murphy (non - GAAP). See reconciliation slide for calculation.
14 14 Murphy January 2026 Investor Presentation GLOSSARY OF ABBREVIATIONS AECO: Alberta Energy Company, the Canadian benchmark price for natural gas API : American Petroleum Institute 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 and completions DD&A: Depreciation, depletion and 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 and development G&A: General and administrative expenses GOA: Gulf of America IP: Initial production rate LOE: Lease operating expense MBO: Thousands barrels of oil MBOE: Thousands barrels of oil equivalent MBOEPD: Thousands of barrels of oil equivalent per day MBOPD: Thousands of barrels of oil per day MCF: Thousands of cubic feet MCFD: Thousands cubic feet per day MM: Millions MMBOE: Millions of barrels of oil equivalent MMCF: Millions of cubic feet MMCFD: Millions of cubic feet per day NGL: Natural gas liquids ROR: Rate of return R/P: Ratio of reserves to annual production SCF: Standard cubic feet TCF: Trillion cubic feet WI: Working interest WTI: West Texas Intermediate (a grade of crude oil)
15 15 Murphy January 2026 Investor Presentation 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.
16 16 Murphy January 2026 Investor Presentation NON - GAAP RECONCILIATION Three Months Ended – Sept 30, 2024 Three Months Ended – Sept 30, 2025 (Millions of dollars) 429.0 339.4 Net Cash provided by continuing operations activities (GAAP) 1 (30.7) 28.4 Exclude: increase (decrease) in non - cash working capital 398.3 367.8 Operating cash flow excluding working capital adjustments (216.4) (149.0) Less: property additions and dry hole costs 181.9 218.8 Free Cash Flow (Non - GAAP) (44.7) (46.4) Less: cash dividend paid (35.4) (25.0) Less: distributions to noncontrolling interest - (23.0) Less: acquisition of oil and gas properties 101.8 124.4 Adjusted Free Cash Flow (Non - GAAP) 1 Includes noncontrolling interest in MP GOM Adjusted Free Cash Flow Murphy defines adjusted free cash flow (a non - GAAP financial measure) as net cash provided by continuing operations activities, before non - cash working capital changes, less property additions and dry hole costs, acquisitions of oil and natural gas properties, distributions to NCI, dividends, withh old ing tax on stock - based inventive awards, and other payments such as debt tender and issuance costs and contingent consideration payments. Management believes adjusted free cash flow is important information to provide as it is used by management to evaluate the C omp any’s ability to generate additional cash from business operations. Adjusted free cash flow is a non - GAAP financial measure and should not be considered a substitute for other financial measures as determined in accordance with accounting principles generally accepted in the United States of America (GAAP). Murphy’s definition of adjusted free cash flow is limited and does not represent residual cash flows available for discretion ary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Adjusted fre e cash flow as reported by Murphy may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with other performanc e m easured prepared in accordance with GAAP. Therefore, we believe it is important to view adjusted free cash flow as supplemental to our entire statement of cash flows.
17 17 Murphy January 2026 Investor Presentation NON - GAAP RECONCILIATION Adjusted Free Cash Flow Murphy defines adjusted free cash flow (a non - GAAP financial measure) as net cash provided by continuing operations activities, before non - cash working capital changes, less property additions and dry hole costs, acquisitions of oil and natural gas properties, distributions to NCI, dividends, withh old ing tax on stock - based inventive awards, and other payments such as debt tender and issuance costs and contingent consideration payments. Management believes adjusted free cash flow is important information to provide as it is used by management to evaluate the C omp any’s ability to generate additional cash from business operations. Adjusted free cash flow is a non - GAAP financial measure and should not be considered a substitute for other financial measures as determined in accordance with accounting principles generally accepted in the United States of America (GAAP). Murphy’s definition of adjusted free cash flow is limited and does not represent residual cash flows available for discretion ary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Adjusted fre e cash flow as reported by Murphy may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with other performanc e m easured prepared in accordance with GAAP. Therefore, we believe it is important to view adjusted free cash flow as supplemental to our entire statement of cash flows. Nine Months Ended – Sept 30, 2024 Nine Months Ended – Sept 30, 2025 (Millions of dollars) 1,295.4 998.2 Net Cash provided by continuing operations activities (GAAP) 1 (31.8) 20.5 Exclude: increase (decrease) in non - cash working capital 1,263.6 1,018.7 Operating cash flow excluding working capital adjustments (733.3) (827.0) Less: property additions and dry hole costs 530.3 191.7 Free Cash Flow (Non - GAAP) (136.2) (139.8) Less: cash dividend paid (96.6) (43.2) Less: distributions to noncontrolling interest (25.3) (7.7) Less: withholding tax on stock - based incentive awards - (24.4) Less: acquisition of oil and gas properties 272.2 (23.4) Adjusted Free Cash Flow (Non - GAAP) 1 Includes noncontrolling interest in MP GOM
18 18 Murphy January 2026 Investor Presentation NON - GAAP RECONCILIATION Leverage Murphy defines leverage (a non - GAAP financial ratio) as total debt, including finance lease obligations, divided by adjusted ear nings before interest, taxes, depreciation and amortization (EBITDA) 1 attributable to Murphy 2 (non - GAAP). Management believes this information may be useful to investors and analysts to gain a better understanding of the Company’s financial position. Murphy’s definition of leverage and adjusted EBITDA is limited and does wholly represent the co mpa ny’s ability to service debt due to the absence of other obligations or payments, and the accrual nature of adjusted EBITDA. Leverage and Adjusted EBITDA are non - GAAP financia l measures and may not be comparable to similarly titled measures used by other companies and should not be considered a substitute for measures prepared in accordan ce with U.S. GAAP. Therefore, we believe it is important to view leverage and adjusted EBITDA as supplemental to our entire financial statements. Twelve Months Ended Three Months Ended September 30, 2025 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 (Millions of dollars) 142.7 50.4 73.0 22.3 (3.0) Net income (loss) attributable to Murphy 2 (GAAP) 51.3 13.4 32.7 1.1 4.1 Income tax expense 116.9 43.6 23.5 25.1 24.7 Interest expense, net 920.5 207.3 187.4 250.8 275.0 Depreciation, depletion and amortization expense 1,231.4 314.7 316.6 299.3 300.8 EBITDA attributable to Murphy 2 (Non - GAAP) 120.4 28.4 - - 92.0 Impairment of assets (13.9) (34.8) - 34.3 (13.4) Foreign exchange (gain) loss 50.6 12.0 12.5 12.9 13.2 Accretion of asset retirement obligations (3.5) 0.4 8.9 (10.3) (2.5) Unrealized (gain) loss on derivative instruments 0.5 0.7 0.6 (1.3) 0.5 Discontinued operations (income) loss 1,385.5 321.4 338.6 334.9 390.6 Adjusted EBITDA 1 attributable to Murphy 2 (Non - GAAP) 1 Murphy defines adjusted EBITDA as net income (loss) attributable to Murphy before interest, taxes, depreciation, depletion and amortization, impairment expense, discontinued operations, foreign exchange gains and losses, mark - to - market gains and losses on derivative instruments, accretion of asset retirement obligations and certain other items that management believes affect com par ability between periods. 2 ‘Attributable to Murphy’ represents the economic interest of Murphy excluding a 20% noncontrolling interest in MP GOM. 3 Net Income from continuing operations, attributable to Murphy (GAAP) for the last twelve months ended September 30, 2025. September 30, 2025 (Millions of dollars) 0.9 Current maturities of long - term debt, finance lease 1,425.2 Long - term debt, including finance lease obligations 1,426.1 Total Debt 9.7x Total Deb t including finance lease obligations (GAAP) / Net Income 3 (GAAP) 1.0x Leverage (Non - GAAP)
19 19 Murphy January 2026 Investor Presentation GULF OF AMERICA EXPLORATION 2025 Exploration Program • Prospects located near Murphy - operated Delta House FPS 1 • Drilled discovery at Cello #1 • Mississippi Canyon 385 • Murphy 48.5% WI (Operator) • Spud in 4Q 2025 • 30 feet of net oil pay • Spud Banjo #1 in 4Q 2025 • Mississippi Canyon 385 • Murphy 48.5% WI (Operator) 1 Floating production system Acreage as of November 3 , 2025 Gulf of America Exploration Area Miles 50 0 Offshore Platform Murphy WI Block Discovery Key Exploration Project Kodiak Front Runner Medusa Guilder Silver Dollar West Silver Dollar Liberty Longclaw Powerball Ninja Cascade Chinook Lucius St. Malo Whydah/Leibniz/ Guadalupe Delta House Rushmore King’s Quay Ocotillo #1 Dalmatian S. Banjo #1 Zephyrus Cello #1 Miles 3 0 Banjo #1 Cello #1 Delta House MC385 MC386 MC387 MC431 Marmalard MC255 MC299 MC300 SOB II MC301 Producing Oil Field Focused on Low - Risk, Infrastructure - Led Exploration
20 20 Murphy January 2026 Investor Presentation CÔTE D’IVOIRE EXPLORATION Tano Basin Murphy WI Block Other Block Discovery Key Producing Field Key Exploration Project Murene 1X CÔTE D’IVOIRE GHANA CI - 102 CI - 531 CI - 103 CI - 709 Baleine Pecan TEN Jubilee Sankofa Paon Civette CI - 502 50 0 miles Caracal Acreage as of November 3, 2025 1 Murphy 90% (Operator), Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire (PETROCI) 10% 2 Bubale replaced Kobus as the third well in the program 2025 Exploration Plan • Civette (Block CI - 502) 1 • Spud in 4Q 2025 • Mean to upward gross resource potential • 440 MMBOE – 1,000 MMBOE • Transocean Deepwater Skyros at a rig rate of $361k/day Additional Two Wells To Be Drilled 2026 • Caracal (Block CI - 102) 1 • Mean to upward gross resource potential • 150 MMBOE – 360 MMBOE • Bubale 2 (Block CI - 709) 1 • Mean to upward gross resource potential • 340 MMBOE – 850 MMBOE Continuing to Mature Additional Portfolio Opportunities Initiating Three - Well Exploration Program Bubale
21 21 Murphy January 2026 Investor Presentation VIETNAM EXPLORATION & APPRAISAL 1 Murphy 40% (Operator), PetroVietnam Exploration Production 35%, SK Earthon 25%. Acreage as of November 3, 2025 Hai Su Vang (Golden Sea Lion) Appraisal, Block 15 - 2/17 1 • Encountered 429 feet of net oil pay from two reservoirs • 332 feet in the deeper, primary reservoir • 97 feet in the shallow reservoir • Primary reservoir achieved flow rate of 6,000 BOPD • Further testing ongoing • Primary reservoir recoverable resource midpoint toward the upper end of the previously guided range (170 MMBOE – 430 MMBOE) • Shallow reservoir not included in range • Further appraisal wells planned for 2026 • HSV - 3X in Block 15/1 - 05 and HSV - 4X in Block 15 - 2/17 Hai Su Vang (Golden Sea Lion) Discovery, Block 15 - 2/17 1 • Hai Su Vang – 1X exploration well encountered 370 feet of net oil pay from two reservoirs, drilled in 149 feet of water • Achieved facility - constrained flow rate of 10,000 BOPD • High quality, 37 - degree API oil; Gas - oil ratio ~1,100 SCF / BBL Lac Da Hong - 1X (Pink Camel) Discovery, Block 15 - 1/05 1 • Encountered 106 feet of net oil pay from one reservoir, drilled in 151 feet of water • High quality, 38 - degree API oil • Preliminary mean to upward gross resource potential • 30 MMBOE – 60 MMBOE Cuu Long Basin Discovery Well Appraisal Well Field Development Project Murphy Discovery Murphy WI Block Select Murphy Exploration Inventory Miles 10 0
22 22 Murphy January 2026 Investor Presentation 2024 PROVED RESERVES • Total proved reserves of 713 MMBOE at YE 2024, 83% total reserve replacement • Added ~12 MMBOE of proved reserves for non - operated St. Malo primarily related to the waterflood project • 59% proved developed reserves with 42% liquids - weighting • Proved reserve life of 11 years Note: Production volumes, sales volumes, reserves and financial amounts exclude noncontrolling interest, unless otherwise sta ted Reserves are based on SEC YE 2024 audited proved reserves 713 MMBOE 2024 Proved Reserves By Area US Onshore Offshore Canada Onshore 57% 58% 60% 57% 59% 0 100 200 300 400 500 600 700 800 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 Proved Developed Proved Undeveloped Proved Reserves MMBOE 42 % Liquids - Weighted 2024 Proved Reserves By Product Oil NGL Natural Gas Maintaining Proved Reserves and Reserve Life
23 23 Murphy January 2026 Investor Presentation NORTH AMERICA ONSHORE WELL LOCATIONS Gross Remaining Locations Inter - Well Spacing (ft) Reservoir Net Acres Area 92 300 Lower EFS 10,155 Karnes 127 850 Upper EFS 99 1,100 Austin Chalk 174 600 Lower EFS 61,611 Tilden 51 1,200 Upper EFS 67 1,200 Austin Chalk 178 560 Lower EFS 47,733 Catarina 168 1,280 Upper EFS 136 1,600 Austin Chalk 1,092 119,549 Total Gross Remaining Locations Inter - Well Spacing (ft) Net Acres Area 114 984 28,064 Two Creeks 104 984 32,825 Kaybob East 95 984 26,192 Kaybob West 109 984 23,604 Kaybob North 422 110,685 Total Kaybob Duvernay Well Locations Eagle Ford Shale Operated Well Locations As of December 31, 2024 Gross Remaining Locations Inter - Well Spacing (ft) Net Acres Area 750 984 - 1,323 118,235 Tupper Montney Tupper Montney Well Locations
24 24 Murphy January 2026 Investor Presentation GULF OF AMERICA Acreage as of November 3 , 2025 1 Excluding noncontrolling interest 2 Anadarko is a wholly - owned subsidiary of Occidental Petroleum PRODUCING ASSETS Murphy WI 1 Operator Asset 80% Murphy Cascade 86% Murphy Chinook 80% Murphy Clipper 56% Murphy Dalmatian 50% Murphy Front Runner 27% Shell Habanero 34% Murphy Khaleesi 59% Kosmos Kodiak 16% Anadarko 2 Lucius 24% Murphy Marmalard 65% Murphy Marmalard East 48% Murphy Medusa 34% Murphy Mormont 52% Murphy Neidermeyer 75% Murphy Powerball 50% Murphy Samurai 27% Murphy Son of Bluto II 20% Chevron St. Malo 24% W&T Tahoe Gulf of America Exploration Area Offshore Platform FPSO Murphy WI Block Discovery Key Exploration Project Miles 50 0 Kodiak Front Runner Medusa Guilder Silver Dollar West Silver Dollar Liberty Longclaw Powerball Ninja Cascade Chinook Lucius St. Malo Whydah/Leibniz/ Guadalupe Delta House Rushmore King’s Quay Ocotillo #1 Dalmatian S. Zephyrus Banjo #1 Cello #1
25 25 Murphy January 2026 Investor Presentation Goldman Sachs Energy, CleanTech & Utilities Conference 2026 ERIC M. HAMBLY PRESIDENT AND CHIEF EXECUTIVE OFFICER January 7 th , 2026
Exhibit 99.2
NEWS RELEASE
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MURPHY
OIL CORPORATION ACHIEVES APPRAISAL SUCCESS AT
HAI SU VANG FIELD, UNLOCKING SIGNIFICANT RESOURCE UPSIDE
HOUSTON, Texas, January 6, 2026 – Murphy Oil Corporation (NYSE: MUR) today announced that its subsidiary has successfully drilled the Hai Su Vang-2X (HSV-2X) appraisal well in Block 15-2/17 in the Cuu Long Basin, located approximately 40 miles offshore of Vietnam. The well spud in early October 2025 and marks a major milestone in Murphy’s strategic appraisal campaign for the Hai Su Vang (Golden Sea Lion) field.
The HSV-2X well was drilled to appraise the 2025 Hai Su Vang discovery, where the initial discovery well encountered approximately 370 feet of net oil pay across two reservoirs. The HSV-2X well encountered 429 feet of net oil pay across the same two reservoirs, including 332 feet of net oil pay in the deeper primary reservoir and 97 feet of net oil pay in the shallow reservoir.
Within the primary reservoir, the HSV-2X appraisal well deepened the proven oil-down-to by 413 feet without encountering water, extending the total hydrocarbon column to approximately 1,600 feet. Formation evaluation supports reservoir continuity to the HSV-1X discovery well. The primary reservoir achieved a production rate of 6,000 barrels of oil per day during flow testing of the appraisal well. The well produced high-quality, 37-degree API oil which is consistent with the results from the discovery well. Further testing is ongoing.
These results confirm Hai Su Vang as a significant discovery and inform an updated range of recoverable resources for the field. The updated midpoint of recoverable resources for the primary reservoir is towards the high end of our previously communicated range of 170 to 430 MMBOE and the high end of the new range now exceeds 430 MMBOE. Additionally, results from the shallow reservoir provide recoverable resource upside not included in the previously communicated range. Additional appraisal wells are necessary to further refine the range of recoverable resources for both reservoirs.
“This is a pivotal moment for our Vietnam business,” said Eric Hambly, President and Chief Executive Officer. “The success of HSV-2X not only reinforces the commerciality of the Hai Su Vang field but also sets the stage for a robust development program. We are proud of our team’s execution and remain committed to working closely with our partners and the Vietnamese Government to unlock the full potential of this asset.”
Following completion of HSV-2X operations, Murphy will continue its strategic appraisal campaign to further delineate the field and evaluate additional reservoir intervals with the HSV-3X appraisal well located in Block 15-1/05, and the HSV-4X well in Block 15-2/17. Both appraisal wells are included in our capital program, and we are reaffirming our previously stated CAPEX guidance of $1.1–$1.3 billion for 2026.
Murphy’s subsidiaries, Murphy Cuu Long Tay Oil Co., Ltd. and Murphy Cuu Long Bac Oil Co., Ltd., serve as the operators of Block 15-2/17 and Block 15-1/05, respectively, holding a 40 percent working interest in each block. PetroVietnam Exploration Production Corporation Ltd. holds a 35 percent working interest in each block, and SK Earthon Co., Ltd. holds the remaining 25 percent.
ABOUT MURPHY OIL CORPORATION
Murphy Oil Corporation is an independent oil and natural gas company with a multi-basin onshore and offshore portfolio and significant exploration opportunities. The company has more than a century-long history of demonstrating strong execution and innovative, full-cycle development capabilities with a focus on value creation that drives shareholder returns. Murphy’s foresight and financial discipline, along with its culture of adaptability and accountability, will allow the company to continue its outstanding legacy and exceptional reputation. The company’s current operations include extensive inventory located onshore in the Eagle Ford Shale, Tupper Montney and Kaybob Duvernay, as well as offshore in the Gulf of America and Canada. Murphy also strives to create long-term shareholder value through offshore exploration and development in the Gulf of America, Vietnam and Côte d’Ivoire. Additional information can be found on the company’s website at www.murphyoilcorp.com.
FORWARD-LOOKING STATEMENTS
This news release 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, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the company’s future operating results or activities and returns or the company's ability and decisions to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other ESG (environmental/social/governance) matters, make capital expenditures or pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, 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; geopolitical concerns; 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, banking system or economies in general, including inflation, trade policies, tariffs and other trade restrictions. 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. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the company; therefore, we encourage investors, the media, business partners and others interested in the company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this news release. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements.
Investor Contacts: Atif Riaz, 281-675-9358 Beth Heller, 281-675-9363 |