mur-20211104
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 4, 2021
MURPHY OIL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware1-859071-0361522
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
9805 Katy Fwy, Suite G-200
Houston,Texas77024
(Address of principal executive offices, including zip code)
(281)
675-9000
Registrant’s telephone number, including area code
Not applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
 Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $1.00 Par ValueMURNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).                                             Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                                                ☐
    


Item 2.02.   Results of Operations and Financial Condition
The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition.”
On November 4, 2021 Murphy Oil Corporation issued a news release announcing its financial and operating results for the quarter ended September 30, 2021.    The full text of this news release is attached hereto as Exhibit 99.1.
Item 9.01.  Financial Statements and Exhibits
(d)Exhibits


Signature
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.
MURPHY OIL CORPORATION
Date: November 4, 2021
By:
/s/ Christopher D. Hulse
Christopher D. Hulse
Vice President and Controller


Exhibit Index
Exhibit
No.
101. INSXBRL Instance Document
101. SCHXBRL Taxonomy Extension Schema Document
101. CALXBRL Taxonomy Extension Calculation Linkbase Document
101. DEFXBRL Taxonomy Extension Definition Linkbase Document
101. LABXBRL Taxonomy Extension Labels Linkbase Document
101. PREXBRL Taxonomy Extension Presentation Linkbase



EXHIBIT 99.1
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MURPHY OIL CORPORATION ANNOUNCES THIRD QUARTER 2021 RESULTS
AND FULL YEAR 2021 UPDATE
Achieves 2021 Long-Term Debt Reduction Goal of $300 Million Following Recent Bond Notice of Redemption,
Lowers 2021 CAPEX Midpoint $20 Million to $680 Million
HOUSTON, Texas, November 4, 2021 – Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the third quarter ended September 30, 2021, including net income attributable to Murphy of $108 million, or $0.70 net income per diluted share. Adjusted net income, which excludes discontinued operations and other one-off items, was $37 million, or $0.24 net income per diluted share.
Unless otherwise noted, the financial and operating highlights and metrics discussed in this commentary exclude noncontrolling interest. 1
Highlights for the third quarter include:
•Generated adjusted earnings before interest, tax, depreciation, amortization and exploration expenses of $312 million, or $21.95 per barrel of oil equivalent
•Advanced debt reduction goal with redemption of $150 million of 6.875 percent senior notes due 2024
•Finalized Terra Nova asset life extension project agreement with partners and government, increasing Murphy’s working interest to 18 percent from 10.475 percent
•Maintained schedule of major projects in the Gulf of Mexico ahead of first oil in the first half of 2022 with drilling Khaleesi #3 and spudding Samurai #4 during the quarter, with no timing impacts from Hurricane Ida
•Transported the King’s Quay floating production system successfully, safely and on schedule to the Texas coast from South Korea
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EXHIBIT 99.1
Subsequent to the third quarter:
•Reduced 2021 capital expenditures guidance midpoint by $20 million down to $680 million, with a range of $675 to $685 million
•Continued delevering by announcing the redemption of $150 million of 6.875 percent senior notes due 2024 to occur on December 2, thereby achieving $300 million long-term debt reduction goal and 17 percent total debt reduction for 2021
“Our team continues to successfully execute our major Gulf of Mexico projects as planned, while maintaining consistent onshore production volumes, enabling us to capitalize on rising oil prices and generate excess cash to achieve our goal of reducing long-term debt by $300 million in the second half of this year,” said Roger W. Jenkins, President and Chief Executive Officer. “By strengthening our balance sheet through significant debt reduction, the company will close out the year well-positioned to navigate all commodity price cycles as we continue our exploration program with spudding the non-operated Cutthroat well in Brazil in fourth quarter 2021.”
“Prior to Hurricane Ida at the end of August, our Gulf of Mexico assets were performing above guidance. Our offshore facilities did not experience significant damage, and due to our preparations, five days after evacuation we were able to redeploy personnel safely with no incidents and, shortly thereafter, resumed drilling. This enabled our team to complete planned maintenance while awaiting downstream functionality, thereby reducing our operated planned downtime for fourth quarter 2021,” said Jenkins. “Today, all hurricane-related production issues have been resolved with the exception of one field, which produces about 1 thousand barrels of oil equivalent per day.”
THIRD QUARTER 2021 RESULTS
The company recorded net income, attributable to Murphy, of $108 million, or $0.70 net income per diluted share, for the third quarter 2021. This includes a realized after-tax loss of $91 million and an unrealized after-tax gain on crude oil derivative contracts of $44 million. Adjusted net income, which excludes both the results of discontinued operations and certain other items that affect comparability of results between periods, was $37 million, or $0.24 net income per diluted share for the same period. The adjusted net income from continuing operations adjusts for the following after-tax items: a $54 million gain on asset retirement obligations due to the multi-year deferral of expected abandonment expenditures at Terra Nova in offshore Canada, the previously mentioned $44 million non-cash mark-to-market gain on derivative instruments and a $22
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EXHIBIT 99.1
million non-cash mark-to-market loss on contingent consideration. Details for third quarter results can be found in the attached schedules.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations attributable to Murphy was $288 million, or $20 per barrel of oil equivalent (BOE) sold. Adjusted earnings before interest, tax, depreciation, amortization and exploration expenses (EBITDAX) from continuing operations attributable to Murphy was $312 million, or $22 per BOE sold. Details for third quarter EBITDA and EBITDAX reconciliations can be found in the attached schedules.
Third quarter production averaged 155 thousand barrels of oil equivalent per day (MBOEPD) with 52 percent oil and 59 percent liquids. Approximately 12.8 MBOEPD of Gulf of Mexico production was shut-in due to Hurricane Ida during the quarter. Production downtime following the significant storm was extended as a result of damage and power loss at third-party downstream facilities, including oil terminals, natural gas processing plants and refineries, causing them to remain offline for several weeks. Gulf of Mexico production volumes steadily ramped up as third-party facilities returned to operations with approximately 1 MBOEPD expected to remain offline for repairs through first quarter 2022.
Details for third quarter results can be found in the attached schedules.
FINANCIAL POSITION
Murphy had approximately $2.1 billion of liquidity as of September 30, 2021, comprised of the $1.6 billion senior unsecured credit facility and approximately $505 million of cash and cash equivalents.
On August 16, 2021, Murphy redeemed $150 million of its 6.875 percent senior notes due 2024 for a redemption price of 101.719 percent. Total debt of $2.6 billion as of the end of third quarter 2021 consists of long-term, fixed-rate notes with a weighted average maturity of 7.5 years and a weighted average coupon of 6.3 percent.
Subsequent to quarter end, the company announced it will redeem an additional $150 million of its 6.875 percent senior notes due 2024. Following this redemption, Murphy will have achieved its long-term debt reduction goal of $300 million for the second half of 2021, as well as reduced total debt by $530 million, or 17 percent, since year-end 2020, after achieving $230 million total debt reduction in first quarter 2021.
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EXHIBIT 99.1
OPERATIONS SUMMARY
Onshore
The onshore business produced approximately 95 MBOEPD with 40 percent liquids volumes in the third quarter. No wells were brought online across Murphy’s onshore assets during the quarter.
Eagle Ford Shale – Third quarter production averaged 37 MBOEPD with 70 percent oil volumes.
Tupper Montney – In the third quarter, natural gas production averaged 292 million cubic feet per day (MMCFD).
Kaybob Duvernay – Production averaged 7 MBOEPD with 71 percent liquids volumes during the third quarter.
Offshore
Excluding noncontrolling interest, the offshore business produced 60 MBOEPD for the third quarter, comprised of 82 percent oil, which was negatively impacted by 12.8 MBOEPD of shut-in production as a result of Hurricane Ida.
Gulf of Mexico – During the quarter, production averaged 56 MBOEPD, consisting of 81 percent oil. Murphy brought Calliope #1 (Mississippi Canyon 609) online in August prior to the hurricane.
Murphy’s major projects continue to advance on schedule, with the Khaleesi, Mormont, Samurai project expected to achieve first oil in the first half of 2022 through the King’s Quay floating production system, and the non-operated St. Malo waterflood project scheduled to complete in 2023. Murphy drilled Khaleesi #3 and spud Samurai #4 in the third quarter, while the King’s Quay floating production system safely reached shoreside in Texas after sailing from South Korea. Additionally, the final producer well of the non-operated St. Malo waterflood campaign was brought online in August prior to the hurricane.
Canada – Production averaged 4 MBOEPD in the third quarter, comprised of 100 percent oil.
Operations at the Terra Nova field have remained offline since December 2019. During the third quarter, the partner group finalized an agreement to advance the Terra Nova asset life extension project, which is expected to extend production life by approximately 10 years. As part of this agreement, the Government of Newfoundland and Labrador will provide royalty and financial
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EXHIBIT 99.1
support up to $164 million (C$205 million) total to the partner group, which will contribute on a matching basis. Murphy’s working interest has increased to 18 percent from 10.475 percent, while Suncor as operator now holds 48 percent and Cenovus owns the remaining 34 percent. Work began on the floating production storage and offloading vessel in the third quarter 2021 and it will remain offline throughout 2022 with an anticipated return to operations in fourth quarter 2022. Murphy’s future net investment in the project is approximately $60 million, after adjusting for government funding and exiting partners.
EXPLORATION
Gulf of Mexico – Chevron U.S.A. Inc. drilled an exploration well at Silverback (Mississippi Canyon 35) and reached a measured depth of 23,240 feet. The operator plugged and abandoned the well and is evaluating the results. Murphy has fully expensed the well.
COMMODITY HEDGES
Murphy employs commodity derivative instruments to manage certain risks associated with commodity price volatility and underpin capital returns associated with certain assets.
During and subsequent to the third quarter, Murphy added hedges to protect cash flow with the execution of West Texas Intermediate (WTI) costless collars, resulting in a total 23 thousand barrels of oil per day (MBOPD) hedged for full year 2022 with a weighted average put price of $62.65 per barrel and average call price of $74.77 per barrel.
For the remainder of 2021, the company has 45 MBOPD hedged with WTI fixed price swaps at an average price of $42.77 per barrel, while 20 MBOPD of full-year 2022 production is hedged at an average price of $44.88 per barrel.
Murphy continues to maintain its natural gas price risk protection with fixed price forward sales contracts for physical delivery at the AECO hub in Canada for calendar years 2021 through 2024. Details for the current hedge positions can be found in the attached schedules.
CAPITAL EXPENDITURE AND PRODUCTION GUIDANCE
Production for fourth quarter 2021 is estimated to be in the range of 145.5 to 153.5 MBOEPD. This includes 4.5 MBOEPD of Gulf of Mexico facility downtime that occurred in October and 2.2 MBOEPD of net planned non-operated Gulf of Mexico downtime to occur later in the quarter. Murphy is reducing its 2021 capital expenditures (CAPEX) guidance midpoint by $20 million down to $680 million, with a range of $675 to $685 million. Due to production impacts
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EXHIBIT 99.1
from the hurricane, full year 2021 production guidance has been revised to a range of 156.5 to 158.5 MBOEPD, with the low end of original guidance now set as the midpoint. Full year production is forecast to be comprised of approximately 55 percent oil and 62 percent total liquids volumes. Both production and CAPEX guidance ranges exclude Gulf of Mexico noncontrolling interest (NCI).
CAPEX by Quarter ($ MMs)
1Q 2021A*
2Q 2021A
3Q 2021A
4Q 2021E
FY 2021E
$230$198$103$149$680
Accrual CAPEX, based on midpoint of guidance range and excluding NCI
* Excludes King’s Quay CAPEX of $17 million, includes $20 million Lucius working interest acquisition
“This year’s focus on delevering the balance sheet could only have been achieved with continuous capital discipline,” said Jenkins. “I am especially proud to maintain the low end of our original production guidance, exceed our original oil production volumes, and achieve our debt reduction goals – all accomplished with less capital, including our Lucius working interest acquisition in the first quarter, and despite experiencing a major hurricane that struck the most significant Gulf Coast location in the oil and natural gas industry.”
CONFERENCE CALL AND WEBCAST SCHEDULED FOR NOVEMBER 4, 2021
Murphy will host a conference call to discuss third quarter 2021 financial and operating results on Thursday, November 4, 2021, at 9:00 a.m. EDT. The call can be accessed either via the Internet through the Investor Relations section of Murphy Oil’s website at http://ir.murphyoilcorp.com or via the telephone by dialing toll free 1-888-886-7786, reservation number 88455077.
FINANCIAL DATA
Summary financial data and operating statistics for third quarter 2021, with comparisons to the same period from the previous year, are contained in the following schedules. Additionally, a schedule indicating the impacts of items affecting comparability of results between periods, a reconciliation of EBITDA and EBITDAX between periods, as well as guidance for the fourth quarter and full year 2021, are also included.
1In accordance with GAAP, Murphy reports the 100 percent interest, including a 20 percent noncontrolling interest (NCI), in its subsidiary, MP Gulf of Mexico, LLC (MP GOM). The GAAP
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EXHIBIT 99.1
financials include the NCI portion of revenue, costs, assets and liabilities and cash flows. Unless otherwise noted, the financial and operating highlights and metrics discussed in this news release, but not the accompanying schedules, exclude the NCI, thereby representing only the amounts attributable to Murphy.
ABOUT MURPHY OIL CORPORATION
As an independent oil and natural gas exploration and production company, Murphy Oil Corporation believes in providing energy that empowers people by doing right always, staying with it and thinking beyond possible. Murphy challenges the norm, taps into its strong legacy and uses its foresight and financial discipline to deliver inspired energy solutions. The company sees a future where it is an industry leader who is positively impacting lives for the next 100 years and beyond. 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 or results, are subject to inherent risks and uncertainties. Factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement include, but are not limited to: macro conditions in the oil and gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable
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EXHIBIT 99.1
prices; or adverse developments in the U.S. or global capital markets, credit markets or economies in general. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the 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. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements.
NON-GAAP FINANCIAL MEASURES
This news release 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 GAAP and should therefore be considered only as supplemental to such GAAP financial measures. Please see the attached schedules for reconciliations of the differences between the non-GAAP financial measures used in this news release and the most directly comparable GAAP financial measures.
Investor Contacts:
Kelly Whitley, [email protected], 281-675-9107
Megan Larson, [email protected], 281-675-9470






8

MURPHY OIL CORPORATION
SUMMARIZED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(Thousands of dollars, except per share amounts)
20212020 20212020
Revenues and other income
Revenue from sales to customers$687,549 425,324 $2,038,905 1,311,627 
(Loss) gain on derivative instruments(59,164)(5,290)(499,794)319,502 
Gain on sale of assets and other income2,315 1,831 21,217 6,006 
Total revenues and other income630,700 421,865 1,560,328 1,637,135 
Costs and expenses
Lease operating expenses130,131 124,491 403,708 478,283 
Severance and ad valorem taxes11,670 6,781 32,215 22,645 
Transportation, gathering and processing 44,588 41,322 137,196 126,779 
Exploration expenses, including undeveloped lease amortization24,517 12,092 49,840 61,686 
Selling and general expenses27,210 28,509 85,826 104,381 
Restructuring expenses— 4,982 — 46,379 
Depreciation, depletion and amortization189,806 231,603 615,372 769,151 
Accretion of asset retirement obligations12,198 10,778 34,854 31,213 
Impairment of assets— 219,138 171,296 1,206,284 
Other (benefit) expense(32,791)20,224 58,616 (2,957)
Total costs and expenses407,329 699,920 1,588,923 2,843,844 
Operating income (loss) from continuing operations223,371 (278,055)(28,595)(1,206,709)
Other income (loss)
Interest income and other (loss)(1,593)(5,177)(11,459)(10,107)
Interest expense, net(46,925)(45,182)(178,399)(124,877)
Total other loss(48,518)(50,359)(189,858)(134,984)
Income (loss) from continuing operations before income taxes174,853 (328,414)(218,453)(1,341,693)
Income tax expense (benefit)36,838 (62,584)(62,498)(248,890)
Income (loss) from continuing operations138,015 (265,830)(155,955)(1,092,803)
(Loss) from discontinued operations, net of income taxes(706)(778)(600)(6,907)
Net income (loss) including noncontrolling interest137,309 (266,608)(156,555)(1,099,710)
Less: Net income (loss) attributable to noncontrolling interest28,853 (23,055)85,509 (122,869)
NET INCOME (LOSS) ATTRIBUTABLE TO MURPHY$108,456 (243,553)$(242,064)(976,841)
INCOME (LOSS) PER COMMON SHARE – BASIC
Continuing operations$0.70 (1.58)$(1.57)(6.31)
Discontinued operations— (0.01)— (0.05)
Net income (loss)$0.70 (1.59)$(1.57)(6.36)
 INCOME (LOSS) PER COMMON SHARE – DILUTED
Continuing operations$0.70 (1.58)$(1.57)(6.31)
Discontinued operations— (0.01)— (0.05)
Net income (loss)$0.70 (1.59)$(1.57)(6.36)
Cash dividends per Common share$0.125 0.125 0.375 0.500 
Average Common shares outstanding (thousands)
Basic154,439 153,596 154,239 153,480 
Diluted155,932 153,596 154,239 153,480 

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MURPHY OIL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(Thousands of dollars)
20212020 20212020
Operating Activities
Net income (loss) including noncontrolling interest$137,309 (266,608)$(156,555)(1,099,710)
Adjustments to reconcile net income (loss) to net cash provided by continuing operations activities
Loss from discontinued operations706 778 600 6,907 
Depreciation, depletion and amortization189,806 231,603 615,372 769,151 
Dry hole and previously suspended exploration costs 17,266 578 17,899 8,255 
Amortization of undeveloped leases4,990 7,181 13,872 21,951 
Accretion of asset retirement obligations12,198 10,778 34,854 31,213 
Impairment of assets— 219,138 171,296 1,206,284 
Deferred income tax (benefit) expense36,046 (63,846)(65,149)(231,748)
Mark to market loss (gain) on contingent consideration28,434 14,053 105,111 (29,476)
Mark to market loss (gain) on derivative instruments(55,863)69,385 228,497 (104,463)
Noncash restructuring expense— — — 17,565 
Long-term non-cash compensation16,762 12,440 42,080 35,200 
Net decrease (increase) in noncash working capital90,765 (27,596)117,330 (26,261)
Other operating activities, net(73,418)768 (33,924)(26,837)
Net cash provided by continuing operations activities405,001 208,652 1,091,283 578,031 
Investing Activities
Property additions and dry hole costs(118,916)(111,124)(564,230)(648,725)
Proceeds from sales of property, plant and equipment675 — 270,038 — 
Property additions for King's Quay FPS— (23,301)(17,734)(74,936)
Net cash required by investing activities(118,241)(134,425)(311,926)(723,661)
Financing Activities
Borrowings on revolving credit facility — 80,000 165,000 450,000 
Repayment of revolving credit facility — (50,000)(365,000)(250,000)
Retirement of debt(150,000)— (726,358)(12,225)
Debt issuance, net of cost(61)— 541,913 (613)
Early redemption of debt cost(2,579)— (36,756)— 
Distributions to noncontrolling interest(25,642)(11,273)(100,880)(43,673)
Cash dividends paid(19,306)(19,200)(57,896)(76,790)
Withholding tax on stock-based incentive awards(1,078)153 (4,973)(7,094)
Proceeds from term loan and other loans— (371)— — 
Capital lease obligation payments(272)(178)(643)(514)
Net cash (required) provided by financing activities(198,938)(869)(585,593)59,091 
Effect of exchange rate changes on cash and cash equivalents(855)773 697 (585)
Net increase (decrease) in cash and cash equivalents86,967 74,131 194,461 (87,124)
Cash and cash equivalents at beginning of period418,100 145,505 310,606 306,760 
Cash and cash equivalents at end of period$505,067 219,636 $505,067 219,636 

10

MURPHY OIL CORPORATION
SCHEDULE OF ADJUSTED INCOME (LOSS) (unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(Millions of dollars, except per share amounts)
2021202020212020
Net income (loss) attributable to Murphy (GAAP)$108.5 (243.6)$(242.1)(976.8)
Discontinued operations loss0.7 0.8 0.6 6.9 
Income (loss) from continuing operations109.2 (242.8)(241.5)(969.9)
Adjustments (after tax):
Mark-to-market (gain) loss on derivative instruments(44.1)54.8 180.5 (82.5)
Impairment of assets— 145.9 128.0 854.2 
Mark-to-market loss (gain) on contingent consideration22.4 11.1 83.0 (23.3)
Asset retirement obligation (gains) losses(53.6)— (53.6)— 
Early redemption of debt cost2.7 — 31.9 — 
Unutilized rig charges2.5 4.1 6.7 10.4 
Charges related to Kings Quay transaction— — 3.9 — 
Foreign exchange (gains) losses(2.0)0.8 (1.1)(1.7)
Restructuring expenses— 3.9 — 35.5 
(Gain) loss on extinguishment of debt— — — (4.2)
Inventory loss— — — 3.8 
Seal insurance proceeds— (1.3)— (1.3)
Total adjustments after taxes(72.1)219.3 379.3 790.9 
Adjusted income (loss) from continuing operations attributable to Murphy$37.1 (23.5)$137.8 (179.0)
Adjusted income (loss) from continuing operations per average diluted share$0.24 (0.15)$0.89 (1.17)
Non-GAAP Financial Measures
Presented above is a reconciliation of Net income (loss) to Adjusted income (loss) from continuing operations attributable to Murphy.  Adjusted income (loss) excludes certain items that management believes affect the comparability of results between periods.  Management believes this is important information to provide because it is used by management to evaluate the Company’s operational performance and trends between periods and relative to its industry competitors.  Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s financial results.  Adjusted income (loss) is a non-GAAP financial measure and should not be considered a substitute for Net income (loss) as determined in accordance with accounting principles generally accepted in the United States of America.
Amounts shown above as reconciling items between Net income (loss) and Adjusted income (loss) are presented net of applicable income taxes based on the estimated statutory rate in the applicable tax jurisdiction.  The pretax and income tax impacts for adjustments shown above are as follows by area of operations and exclude the share attributable to non-controlling interests.
Three Months Ended
September 30, 2021		Nine Months Ended
September 30, 2021
(Millions of dollars)
Pretax
Tax
Net
Pretax
Tax
Net
Exploration & Production:
United States
$31.6 (6.6)25.0 $118.5 (24.9)93.6 
Canada (71.8)18.2 (53.6)99.5 (25.1)74.4 
Total E&P
(40.2)11.6 (28.6)218.0 (50.0)168.0 
Corporate:
(55.2)11.7 (43.5)267.4 (56.1)211.3 
Total adjustments
$(95.4)23.3 (72.1)$485.4 (106.1)379.3 
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MURPHY OIL CORPORATION
SCHEDULE OF EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION
AND AMORTIZATION (EBITDA)
(unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(Millions of dollars, except per barrel of oil equivalents sold)
2021202020212020
Net income (loss) attributable to Murphy (GAAP)$108.5 (243.6)$(242.1)(976.8)
Income tax expense (benefit)36.8 (62.6)(62.5)(248.9)
Interest expense, net46.9 45.2 178.4 124.9 
Depreciation, depletion and amortization expense ¹182.8 219.7 588.4 725.1 
EBITDA attributable to Murphy (Non-GAAP)$375.0 (41.3)$462.2 (375.7)
Mark-to-market (gain) loss on derivative instruments(55.9)69.3 228.5 (104.5)
Impairment of assets ¹— 186.5 171.3 1,072.5 
Mark-to-market loss (gain) on contingent consideration28.4 14.0 105.1 (29.5)
Asset retirement obligation (gains) losses(71.8)— (71.8)— 
Accretion of asset retirement obligations ¹10.8 10.8 30.8 31.2 
Unutilized rig charges3.2 5.2 8.5 13.2 
Foreign exchange (gains) losses(2.8)0.8 (1.5)(2.5)
Discontinued operations loss0.7 0.8 0.6 6.9 
Restructuring expenses— 5.0 — 46.4 
Inventory loss— — — 4.8 
Seal insurance proceeds— (1.7)— (1.7)
Adjusted EBITDA attributable to Murphy (Non-GAAP)$287.6 249.4 $933.7 661.1 
Total barrels of oil equivalents sold from continuing operations attributable to Murphy (thousands of barrels)14,219 14,166 43,536 46,478 
Adjusted EBITDA per barrel of oil equivalents sold$20.23 17.61 $21.45 14.22 
1 Depreciation, depletion, and amortization expense, impairment of assets and accretion of asset retirement obligations used in the computation of Adjusted EBITDA exclude the portion attributable to the non-controlling interest (NCI).
Non-GAAP Financial Measures
Presented above is a reconciliation of Net income (loss) to Earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA.  Management believes EBITDA and adjusted EBITDA are important information to provide because they are used by management to evaluate the Company’s operational performance and trends between periods and relative to its industry competitors.  Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s financial results.  EBITDA and adjusted EBITDA are non-GAAP financial measures and should not be considered a substitute for Net income (loss) or Cash provided by operating activities as determined in accordance with accounting principles generally accepted in the United States of America.    
Presented above is adjusted EBITDA per barrel of oil equivalent sold. Management believes adjusted EBITDA per barrel of oil equivalent sold is important information because it is used by management to evaluate the Company’s profitability of one barrel of oil equivalent sold in that period.   Adjusted EBITDA per barrel of oil equivalent sold is a non-GAAP financial metric.


12

MURPHY OIL CORPORATION
SCHEDULE OF EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION
AND AMORTIZATION AND EXPLORATION (EBITDAX)
(unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(Millions of dollars, except per barrel of oil equivalents sold)
2021202020212020
Net income (loss) attributable to Murphy (GAAP)$108.5 (243.6)$(242.1)(976.8)
Income tax expense (benefit)36.8 (62.6)(62.5)(248.9)
Interest expense, net46.9 45.2 178.4 124.9 
Depreciation, depletion and amortization expense ¹182.8 219.7 588.4 725.1 
EBITDA attributable to Murphy (Non-GAAP)375.0 (41.3)462.2 (375.7)
Exploration expenses24.5 12.1 49.8 61.7 
EBITDAX attributable to Murphy (Non-GAAP)399.5 (29.2)512.0 (314.0)
Mark-to-market (gain) loss on derivative instruments(55.9)69.3 228.5 (104.5)
Impairment of assets ¹— 186.5 171.3 1,072.5 
Mark-to-market loss (gain) on contingent consideration28.4 14.0 105.1 (29.5)
Asset retirement obligation (gains) losses(71.8)— (71.8)— 
Accretion of asset retirement obligations ¹10.8 10.8 30.8 31.2 
Unutilized rig charges3.2 5.2 8.5 13.2 
Foreign exchange (gains) losses(2.8)0.8 (1.5)(2.5)
Discontinued operations loss0.7 0.8 0.6 6.9 
Restructuring expenses— 5.0 — 46.4 
Inventory loss— — — 4.8 
Seal insurance proceeds— (1.7)— (1.7)
Adjusted EBITDAX attributable to Murphy (Non-GAAP)$312.1 261.5 $983.5 722.8 
Total barrels of oil equivalents sold from continuing operations attributable to Murphy (thousands of barrels)14,219 14,166 43,536 46,478 
Adjusted EBITDAX per barrel of oil equivalents sold$21.95 18.46 $22.59 15.55 
1 Depreciation, depletion, and amortization expense, impairment of assets and accretion of asset retirement obligations used in the computation of adjusted EBITDAX exclude the portion attributable to the non-controlling interest (NCI).
Non-GAAP Financial Measures
Presented above is a reconciliation of Net income (loss) to Earnings before interest, taxes, depreciation and amortization, and exploration expenses (EBITDAX) and adjusted EBITDAX. Management believes EBITDAX and adjusted EBITDAX are important information to provide because they are used by management to evaluate the Company’s operational performance and trends between periods and relative to its industry competitors.  Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s financial results.  EBITDAX and adjusted EBITDAX are non-GAAP financial measures and should not be considered a substitute for Net income (loss) or Cash provided by operating activities as determined in accordance with accounting principles generally accepted in the United States of America. 
Presented above is adjusted EBITDAX per barrel of oil equivalent sold. Management believes adjusted EBITDAX per barrel of oil equivalent sold is important information because it is used by management to evaluate the Company’s profitability of one barrel of oil equivalent sold in that period.  Adjusted EBITDAX per barrel of oil equivalent sold is a non-GAAP financial metric.

13

MURPHY OIL CORPORATION
FUNCTIONAL RESULTS OF OPERATIONS (unaudited)

Three Months Ended
September 30, 2021		Three Months Ended
September 30, 2020
(Millions of dollars)
RevenuesIncome
(Loss)		RevenuesIncome
(Loss)
Exploration and production
United States 1,2
$565.2 168.1 $330.8 (172.6)
Canada124.6 73.9 96.3 (8.6)
Other — (5.2)— (11.7)
Total exploration and production689.8 236.8 427.1 (192.9)
Corporate(59.1)(98.8)(5.2)(72.9)
Continuing operations630.7 138.0 421.9 (265.8)
Discontinued operations, net of tax — (0.7)— (0.8)
Total including noncontrolling interest$630.7 137.3 $421.9 (266.6)
Net income (loss) attributable to Murphy108.5 (243.6)

Nine Months Ended
September 30, 2021		Nine Months Ended
September 30, 2020
(Millions of dollars)
RevenuesIncome
(Loss)		RevenuesIncome
(Loss)
Exploration and production
United States 1,2
$1,704.4 481.8 $1,070.6 (1,011.7)
Canada 2
349.2 (37.7)245.2 (35.0)
Other 2
— (22.5)1.8 (73.0)
Total exploration and production2,053.6 421.6 1,317.6 (1,119.7)
Corporate(493.3)(577.6)319.5 26.9 
Continuing operations1,560.3 (156.0)1,637.1 (1,092.8)
Discontinued operations, net of tax — (0.6)— (6.9)
Total including noncontrolling interest$1,560.3 (156.6)$1,637.1 (1,099.7)
Net loss attributable to Murphy(242.1)(976.8)
1 Includes results attributable to a noncontrolling interest in MP Gulf of Mexico, LLC (MP GOM).
2 For the three months ended September 30, 2021, income (loss) includes no impairment charges (2020: $205.1 million). For the nine months ended September 30, 2021, income (loss) includes impairment charge of $171.3 million in Canada for Terra Nova due to the status of agreements with the partners as of March 31, 2021 (2020: U.S. impairment charge of $1,152.5 million, Other impairment charge $39.7 million).
14

MURPHY OIL CORPORATION
OIL AND GAS OPERATING RESULTS (unaudited)
THREE MONTHS ENDED SEPTEMBER 30, 2021, AND 2020

(Millions of dollars)
United
States 1
Canada
Other
Total
Three Months Ended September 30, 2021
Oil and gas sales and other operating revenues$565.2 124.6 — 689.8 
Lease operating expenses96.7 33.4 0.1 130.2 
Severance and ad valorem taxes10.8 0.8 — 11.6 
Transportation, gathering and processing28.4 16.2 — 44.6 
Depreciation, depletion and amortization147.0 39.7 0.1 186.8 
Accretion of asset retirement obligations9.3 2.9 — 12.2 
Exploration expenses
Dry holes and previously suspended exploration costs17.3 — — 17.3 
Geological and geophysical— — 0.3 0.3 
Other exploration1.3 0.1 0.5 1.9 
18.6 0.1 0.8 19.5 
Undeveloped lease amortization3.1 0.1 1.8 5.0 
Total exploration expenses21.7 0.2 2.6 24.5 
Selling and general expenses4.2 4.0 1.2 9.4 
Other ²39.1 (71.7)2.0 (30.6)
Results of operations before taxes208.0 99.1 (6.0)301.1 
Income tax provisions (benefits)39.9 25.2 (0.8)64.3 
Results of operations (excluding Corporate segment)$168.1 73.9 (5.2)236.8 
Three Months Ended September 30, 2020
Oil and gas sales and other operating revenues$330.8 96.3 — 427.1 
Lease operating expenses91.5 32.6 0.4 124.5 
Severance and ad valorem taxes6.4 0.3 — 6.7 
Transportation, gathering and processing29.3 12.0 — 41.3 
Depreciation, depletion and amortization166.2 59.6 0.5 226.3 
Accretion of asset retirement obligations9.4 1.4 — 10.8 
Impairment of assets205.1 — — 205.1 
Exploration expenses
Dry holes and previously suspended exploration costs0.6 — — 0.6 
Geological and geophysical0.1 — (0.1)— 
Other exploration0.6 0.1 3.6 4.3 
1.3 0.1 3.5 4.9 
Undeveloped lease amortization4.9 0.1 2.3 7.3 
Total exploration expenses6.2 0.2 5.8 12.2 
Selling and general expenses5.3 3.4 1.6 10.3 
Other22.5 (1.5)2.5 23.5 
Results of operations before taxes(211.1)(11.7)(10.8)(233.6)
Income tax (benefits) provisions (38.5)(3.1)0.9 (40.7)
Results of operations (excluding Corporate segment)$(172.6)(8.6)(11.7)(192.9)
1 Includes results attributable to a noncontrolling interest in MP GOM.
2 For the three months ended September 30, 2021, Canada includes $71.8 million of income related to the deferral of an asset retirement obligation at Terra Nova.
15

MURPHY OIL CORPORATION
OIL AND GAS OPERATING RESULTS (unaudited)
NINE MONTHS ENDED SEPTEMBER 30, 2021, AND 2020
(Millions of dollars)
United
States 1
Canada
Other
Total
Nine Months Ended September 30, 2021
Oil and gas sales and other operating revenues$1,704.4 349.2 — 2,053.6 
Lease operating expenses303.3 100.0 0.4 403.7 
Severance and ad valorem taxes30.6 1.6 — 32.2 
Transportation, gathering and processing90.5 46.7 — 137.2 
Depreciation, depletion and amortization476.6 128.0 1.1 605.7 
Accretion of asset retirement obligations27.5 7.4 — 34.9 
Impairment of assets— 171.3 — 171.3 
Exploration expenses
Dry holes and previously suspended exploration costs17.9 — — 17.9 
Geological and geophysical2.7 — 1.3 4.0 
Other exploration4.2 0.2 9.6 14.0 
24.8 0.2 10.9 35.9 
Undeveloped lease amortization7.9 0.2 5.8 13.9 
Total exploration expenses32.7 0.4 16.7 49.8 
Selling and general expenses15.0 12.0 4.7 31.7 
Other ²133.5 (67.7)(1.2)64.6 
Results of operations before taxes594.7 (50.5)(21.7)522.5 
Income tax provisions (benefits)112.9 (12.8)0.8 100.9 
Results of operations (excluding Corporate segment)$481.8 (37.7)(22.5)421.6 
Nine Months Ended September 30, 2020
Oil and gas sales and other operating revenues$1,070.6 245.2 1.8 1,317.6 
Lease operating expenses386.5 90.6 1.2 478.3 
Severance and ad valorem taxes21.6 1.0 — 22.6 
Transportation, gathering and processing95.4 31.4 — 126.8 
Depreciation, depletion and amortization589.5 161.3 1.5 752.3 
Accretion of asset retirement obligations27.1 4.1 — 31.2 
Impairment of assets1,152.5 — 39.7 1,192.2 
Exploration expenses
Dry holes and previously suspended exploration costs8.3 — — 8.3 
Geological and geophysical9.4 0.1 4.1 13.6 
Other exploration4.3 0.4 13.1 17.8 
22.0 0.5 17.2 39.7 
Undeveloped lease amortization14.8 0.3 6.9 22.0 
Total exploration expenses36.8 0.8 24.1 61.7 
Selling and general expenses16.6 13.2 5.5 35.3 
Other1.0 (2.5)1.4 (0.1)
Results of operations before taxes(1,256.4)(54.7)(71.6)(1,382.7)
Income tax (benefits) provisions (244.7)(19.7)1.4 (263.0)
Results of operations (excluding Corporate segment)$(1,011.7)(35.0)(73.0)(1,119.7)
1 Includes results attributable to a noncontrolling interest in MP GOM.
2 For the nine months ended September 30, 2021, Canada includes $71.8 million of income related to the deferral of an asset retirement obligation at Terra Nova.

16

MURPHY OIL CORPORATION
PRODUCTION-RELATED EXPENSES
(unaudited)

Three Months Ended
September 30,		Nine Months Ended
September 30,
(Dollars per barrel of oil equivalents sold)
2021202020212020
Continuing operations
United States – Eagle Ford Shale
Lease operating expense
$8.85 8.11 $8.50 8.97 
Severance and ad valorem taxes
3.00 2.04 2.95 2.08 
Depreciation, depletion and amortization (DD&A) expense
27.01 27.09 28.02 25.72 
United States – Gulf of Mexico
Lease operating expense 1
$11.13 10.16 $10.55 12.60 
Severance and ad valorem taxes0.08 — 0.08 — 
DD&A expense
9.16 12.33 9.63 13.82 
Canada – Onshore
Lease operating expense
$5.59 4.73 $6.02 4.56 
Severance and ad valorem taxes
0.17 0.05 0.11 0.07 
DD&A expense
6.87 10.78 7.93 9.94 
Canada – Offshore
Lease operating expense $13.25 20.30 $12.72 16.71 
DD&A expense
11.53 12.58 13.08 11.48 
Total oil and gas continuing operations
Lease operating expense $8.69 8.23 $8.74 9.61 
Severance and ad valorem taxes
0.78 0.45 0.70 0.45 
DD&A expense
12.67 15.31 13.33 15.45 
Total oil and gas continuing operations – excluding noncontrolling interest
Lease operating expense 2
$8.51 8.13 $8.53 9.36 
Severance and ad valorem taxes
0.82 0.48 0.74 0.49 
DD&A expense
12.84 15.51 13.51 15.60 
1 For the nine months ended September 30, 2021, lease operating expense (LOE) per barrel of oil equivalents (BOE) sold for the U.S. Gulf of Mexico excluding cost associated with well workovers was $9.05 (2020: $9.49), respectively. Workovers for the nine months ended September 30, 2021 principally relate to St. Malo (2020: Cascade and Dalmatian).

2 For the nine months ended September 30, 2021, total LOE per BOE excluding NCI and costs associated with Gulf of Mexico well workovers was $7.93 (2020: $7.86), respectively.



17

MURPHY OIL CORPORATION
OTHER FINANCIAL DATA
(unaudited)

Three Months Ended
September 30,		Nine Months Ended
September 30,
(Millions of dollars)
2021202020212020
Capital expenditures for continuing operations
Exploration and production
United States $111.4 116.6 $473.8 521.7 
Canada(5.2)(1.6)67.1 116.6 
Other0.4 5.8 15.1 32.7 
Total106.6 120.8 556.0 671.0 
Corporate3.9 1.9 12.7 9.3 
Total capital expenditures - continuing operations 1,2
110.5 122.7 568.7 680.3 
Charged to exploration expenses 3
United States18.6 1.3 24.8 22.0 
Canada0.1 0.1 0.2 0.5 
Other0.8 3.5 10.9 17.2 
Total charged to exploration expenses - continuing operations19.5 4.9 35.9 39.7 
Total capitalized $91.0 117.8 $532.8 640.6 
1 For the three and nine months ended September 30, 2021, total capital expenditures include noncontrolling interest (NCI) capital expenditures of $7.6 million (2020: $2.3 million) and $20.6 million (2020: $17.8 million), respectively.
2 For the nine months ended September 30, 2021, total includes capital expenditures associated with the King’s Quay project of $18.0 million (2020: $80.7 million). King’s Quay was sold to ArcLight Capital Partners, LLC (ArcLight) on March 17, 2021 for proceeds of $267.7 million which reimburses the Company for previously incurred capital expenditures.
3 For the three and nine months ended September 30, 2021, charges to exploration expense exclude amortization of undeveloped leases of $5.0 million (2020: $7.3 million) and $13.9 million (2020: $22.0 million), respectively.
18

MURPHY OIL CORPORATION
CONSOLIDATED BALANCE SHEETS
(unaudited)

(Millions of dollars)September 30,
2021		December 31,
2020
ASSETS
Current assets
Cash and cash equivalents$505.1 310.6 
Accounts receivable186.7 262.0 
Inventories57.4 66.1 
Prepaid expenses40.6 33.9 
Assets held for sale41.0 327.7 
Total current assets830.7 1,000.3 
Property, plant and equipment, at cost
8,112.1 8,269.0 
Operating lease assets918.7 927.7 
Deferred income taxes442.2 395.3 
Deferred charges and other assets27.1 28.6 
Total assets$10,330.9 10,620.9 
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt, finance lease$0.6 — 
Accounts payable615.4 407.1 
Income taxes payable18.0 18.0 
Other taxes payable27.0 22.5 
Operating lease liabilities157.3 103.8 
Other accrued liabilities316.2 150.6 
Liabilities associated with assets held for sale— 14.4 
Total current liabilities1,134.6 716.3 
Long-term debt, including finance lease obligation2,613.7 2,988.1 
Asset retirement obligations797.6 816.3 
Deferred credits and other liabilities723.7 680.6 
Non-current operating lease liabilities781.1 845.1 
Deferred income taxes166.1 180.3 
Total liabilities6,216.9 6,226.7 
Equity
Common Stock, par $1.00
195.1 195.1 
Capital in excess of par value921.2 941.7 
Retained earnings5,069.6 5,369.5 
Accumulated other comprehensive loss(580.2)(601.3)
Treasury stock(1,656.2)(1,690.7)
Murphy Shareholders' Equity3,949.5 4,214.3 
Noncontrolling interest164.4 179.8 
Total equity4,113.9 4,394.1 
Total liabilities and equity$10,330.9 10,620.9 

19

MURPHY OIL CORPORATION
PRODUCTION SUMMARY
(unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
Barrels per day unless otherwise noted2021202020212020
Continuing operations
Net crude oil and condensate
United StatesOnshore26,193 24,851 26,552 27,945 
Gulf of Mexico 1
53,011 56,517 61,905 67,377 
CanadaOnshore4,963 9,595 5,598 8,106 
Offshore3,779 4,428 4,016 5,136 
Other299 — 243 114 
Total net crude oil and condensate - continuing operations88,245 95,391 98,314 108,678 
Net natural gas liquids
United StatesOnshore5,847 5,489 5,043 5,459 
Gulf of Mexico 1
3,459 3,521 4,296 5,131 
CanadaOnshore1,085 1,513 1,159 1,311 
Total net natural gas liquids - continuing operations10,391 10,523 10,498 11,901 
Net natural gas – thousands of cubic feet per day
United StatesOnshore31,478 27,520 27,750 29,054 
Gulf of Mexico 1
46,339 53,046 63,557 67,850 
CanadaOnshore309,709 260,895 277,077 262,279 
Total net natural gas - continuing operations387,526 341,461 368,384 359,183 
Total net hydrocarbons - continuing operations including NCI 2,3
163,224 162,824 170,209 180,443 
Noncontrolling interest
Net crude oil and condensate – barrels per day(7,546)(9,298)(8,834)(10,674)
Net natural gas liquids – barrels per day(243)(327)(322)(443)
   Net natural gas – thousands of cubic feet per day 2
(2,331)(3,269)(3,498)(4,137)
Total noncontrolling interest(8,178)(10,170)(9,739)(11,807)
Total net hydrocarbons - continuing operations excluding NCI 2,3
155,046 152,654 160,470 168,636 
1 Includes net volumes attributable to a noncontrolling interest in MP GOM.
2 Natural gas converted on an energy equivalent basis of 6:1.
3 NCI – noncontrolling interest in MP GOM.
20

MURPHY OIL CORPORATION
PRICE SUMMARY
(unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Weighted average Exploration and Production sales prices
Continuing operations
Crude oil and condensate – dollars per barrel
United StatesOnshore$69.30 37.83 $64.16 $35.56 
Gulf of Mexico 1
68.93 40.82 64.44 38.08 
Canada 2
Onshore63.76 36.65 58.70 30.29 
Offshore72.64 43.81 68.93 37.85 
Natural gas liquids – dollars per barrel
United StatesOnshore30.37 13.39 24.29 10.78 
Gulf of Mexico 1
34.71 14.71 27.17 9.43 
Canada 2
Onshore45.12 19.97 37.05 16.95 
Natural gas – dollars per thousand cubic feet
United StatesOnshore3.85 1.78 3.23 1.76 
Gulf of Mexico 1
4.09 2.01 3.28 1.91 
Canada 2
Onshore2.47 1.74 2.33 1.62 
1 Prices include the effect of noncontrolling interest share for MP GOM.
2 U.S. dollar equivalent.


21

MURPHY OIL CORPORATION
COMMODITY HEDGE POSITIONS (unaudited)
AS OF NOVEMBER 2, 2021
Volumes
(MMcf/d)		Price/McfRemaining Period
AreaCommodityTypeStart DateEnd Date
MontneyNatural GasFixed price forward sales 196 C$2.5510/1/202112/31/2021
MontneyNatural GasFixed price forward sales 186 C$2.361/1/20221/31/2022
MontneyNatural GasFixed price forward sales 176 C$2.342/1/20224/30/2022
MontneyNatural GasFixed price forward sales 205 C$2.345/1/20225/31/2022
MontneyNatural GasFixed price forward sales 247 C$2.346/1/202210/31/2022
MontneyNatural GasFixed price forward sales 266 C$2.3611/1/202212/31/2022
MontneyNatural GasFixed price forward sales 269 C$2.351/1/20233/31/2023
MontneyNatural GasFixed price forward sales 250 C$2.354/1/202312/31/2023
MontneyNatural GasFixed price forward sales 162 C$2.391/1/202412/31/2024
MontneyNatural GasFixed price forward sales 45 US$2.0510/1/202112/31/2022
MontneyNatural GasFixed price forward sales25 US$1.981/1/202310/31/2024
MontneyNatural GasFixed price forward sales15 US$1.9811/1/202412/31/2024
CommodityTypeVolumes
(Bbl/d)		Price
(USD/Bbl)		Remaining Period
AreaStart DateEnd Date
United StatesWTI ¹Fixed price derivative swap45,000 $42.77 10/1/202112/31/2021
United StatesWTI ¹Fixed price derivative swap20,000 $44.88 1/1/202212/31/2022
Volumes
(Bbl/d)		Average
Put
(USD/Bbl)
Average
Call
(USD/Bbl)		Remaining Period
AreaCommodityTypeStart DateEnd Date
United StatesWTI ¹Derivative collars23,000 $62.652 $74.774 1/1/202212/31/2022
1 West Texas Intermediate
22

MURPHY OIL CORPORATION
FOURTH QUARTER 2021 GUIDANCE
Oil
BOPD		NGLs
BOPD		Gas
MCFD		Total
BOEPD
Production – net
U.S.  – Eagle Ford Shale22,600 5,100 27,200 32,200 
– Gulf of Mexico excluding NCI 50,500 3,400 49,800 62,200 
Canada – Tupper Montney— — 258,600 43,100 
– Kaybob Duvernay and Placid Montney4,500 1,000 16,600 8,300 
– Offshore3,400 — — 3,400 
Other300 — — 300 
Total net production (BOEPD) - excluding NCI 1
145,500 to 153,500
Exploration expense ($ millions)$32
FULL YEAR 2021 GUIDANCE
Total net production (BOEPD) - excluding NCI 2
156,500 to 158,500
Capital expenditures – excluding NCI ($ millions) 3
$675 to $685
¹ Excludes noncontrolling interest of MP GOM of 8,400 BOPD of oil, 200 BOPD of NGLs, and 2,300 MCFD gas.
² Excludes noncontrolling interest of MP GOM of 8,700 BOPD of oil, 300 BOPD of NGLs, and 3,200 MCFD gas.
³ Excludes noncontrolling interest of MP GOM of $25 MM.

23