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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): January 28, 2026
MURPHY OIL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-8590 71-0361522
(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
9805 Katy Fwy, Suite G-200
Houston, Texas 77024
(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 class Trading Symbol Name of each exchange on which registered
Common Stock, $1.00 Par Value MUR New 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 January 28, 2026 Murphy Oil Corporation (“the Company”) issued a news release announcing its financial and operating results for the quarter and year ended December 31, 2025. The full text of this news release is attached hereto as Exhibit 99.1. The Company also issued a quarterly stockholder update as a supplement to the earnings release, which is furnished hereto as Exhibit 99.2.
The information contained in this report and the exhibits hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, unless specifically identified as such.
Item 8.01. Other Events
On January 28, 2026, the Company issued a news release, attached hereto as Exhibit 99.3, announcing that the Company’s Board of Directors declared a quarterly cash dividend on the Common Stock of Murphy Oil Corporation of $0.35 per share, or $1.40 per share on an annualized basis. The dividend is payable on March 2, 2026, to stockholders of record as of February 17, 2026.
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: January 28, 2026
By:
 /s/ Paul D. Vaughan
Paul D. Vaughan
Vice President and Controller


Exhibit Index
Exhibit
No.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)



EX-99.1 2 mur-2025q4xex991.htm EX-99.1 Document
EXHIBIT 99.1
image_01.jpg
NEWS RELEASE
MURPHY OIL CORPORATION ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS, PRELIMINARY YEAR-END 2025 RESERVES, 2026 CAPITAL EXPENDITURE AND PRODUCTION GUIDANCE
Announced Successful Appraisal Well at Hai Su Vang-2X in Offshore Vietnam,
Maintained 11 Year Reserve Life with Preliminary Proved Reserves of 715 MMBOE,
Signed Petroleum Agreement for Morocco New Country Entry,
Increased Dividend by 8 Percent in 2026

HOUSTON, Texas, January 28, 2026 – Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the fourth quarter ended December 31, 2025. As a supplement to this release, Murphy has also furnished a Quarterly Stockholder Update.
Unless otherwise noted, the financial and operating highlights and metrics discussed in this commentary exclude noncontrolling interest (NCI).†
(Millions of dollars, except volumes and per share amounts)
 Three months ended December 31, 2025 Year ended
December 31, 2025
Net income attributable to Murphy
 $ 11.9  $ 104.2 
Net income attributable to Murphy per common share - Diluted
 $ 0.08  $ 0.72 
Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) 1
 $ 19.7  $ 197.0 
Adjusted net income from continuing operations per average common share - Diluted (Non-GAAP) 1
 $ 0.14  $ 1.37 
Adjusted EBITDA attributable to Murphy (Non-GAAP) 1
 $ 298.1  $ 1,362.4 
Adjusted EBITDAX attributable to Murphy (Non-GAAP) 1
 $ 352.4  $ 1,474.0 
Net cash provided by continuing operations activities $ 249.6  $ 1,247.8 
Free cash flow (Non-GAAP) 1
 $ 109.6  $ 301.3 
Oil production, net (BOPD) 2
 87,044  87,321 
Total production, net (BOEPD) 2
 181,431  182,294 
Capital expenditures (CAPEX) 3
 $ 340.8  $ 1,157.0 
Lease operating expense from continuing operations ($/BOE) 2
 $ 9.16  $ 10.89 
1 Please see our schedules of adjusted net income, adjusted EBITDA and adjusted EBITDAX and free cash flow for details and reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.
2 Barrels of oil per day (BOPD), barrels of oil equivalent (BOE) and barrels of oil equivalent per day (BOEPD).
3 Capital expenditures for the fourth quarter and year ended December 31, 2025 exclude acquisition-related costs of $4.6 million and $29.0 million, respectively.

1


Highlights for the fourth quarter include:
•Produced 181,400 BOEPD, exceeding the midpoint of quarterly guidance
•Spud four exploration and appraisal wells - Hai Su Vang-2X (Golden Sea Lion) in Vietnam, Civette-1X in Côte d’Ivoire, and Cello #1 and Banjo #1 in the Gulf of America - in line with plan
•Initiated development drilling at Lac Da Vang (Golden Camel) development project in Vietnam ahead of schedule
•Paid down $50 million of debt under the senior unsecured credit facility and returned $46 million to shareholders through quarterly dividend
•Named apparent high bidder on 14 exploration blocks in the Gulf of America lease sale on December 10, 2025
Highlights for the full year 2025 include:
•Produced 182,300 BOEPD, at the high end of annual production guidance range
•Drilled oil discoveries at the Lac Da Hong-1X (Pink Camel) and Hai Su Vang-1X (Golden Sea Lion) exploration wells in Vietnam
•Returned $286 million to shareholders through $186 million in quarterly dividends and $100 million in stock repurchases
•Closed the strategic acquisition of the Pioneer floating production, storage and offloading vessel (FPSO) in the Gulf of America for $104 million net purchase price
•Achieved a seven percent year over year reduction in drilling costs in the Eagle Ford Shale (EFS) while delivering the highest-performing EFS wells in Company history at Karnes and Catarina
•Reduced lease operating expense per BOE by twenty percent compared to 2024
Subsequent to the fourth quarter:
•Completed Drill Stem Tests (DST) on the Hai Su Vang-2X (Golden Sea Lion) appraisal well indicating an approximate 12,000 BOPD combined flow rate from the primary reservoir
•Raised estimate of recoverable resource at Hai Su Vang (Golden Sea Lion) in offshore Vietnam following a successful appraisal well, with the midpoint now toward the high end of the previous guidance range of 170 to 430 MMBOE
•Drilled oil discoveries at Cello #1 and Banjo #1 exploration wells in the Gulf of America, and announced a dry hole at Civette-1X in Côte d’Ivoire
•Signed a Petroleum Agreement securing an operated working interest position in Morocco’s Gharb Deep Offshore deepwater block, enabling future exploration
2


•Upsized senior unsecured revolving credit facility from $1.35 billion to $2.00 billion and extended maturity from 2029 to 2031
•Issued $500 million aggregate principal amount of 6.500 percent senior notes due 2034, redeemed a total of $227 million of senior notes due 2027 and 2028, and paid down the remaining $100 million balance on the senior unsecured revolving credit facility
•Increased the quarterly cash dividend by eight percent to $0.35 per share, or $1.40 per share annualized for 2026
“Throughout 2025 we stayed true to our strategy — allocate capital with discipline, execute our core plan, and pursue selective, high impact exploration. We delivered record-setting well performance in our onshore program, advanced our exploration agenda, and strengthened our liquidity and debt maturity profile. Our Hai Su Vang discovery and appraisal success, along with our broader Vietnam portfolio, position us for material new growth over the coming decade. Our accomplishments in 2025 have provided a robust foundation for continued progress in 2026, positioning us to deliver sustainable value through all market cycles,” stated Eric M. Hambly, President and Chief Executive Officer.
SHAREHOLDER RETURNS
In the fourth quarter of 2025, shareholder returns totaled $46 million through the quarterly dividend. In 2025, Murphy returned $286 million to shareholders, which includes $100 million of share repurchases, or 3.6 million shares, and $186 million in dividends.
The Company had $550 million remaining under its share repurchase authorization and 142.8 million shares outstanding as of December 31, 2025.
FINANCIAL POSITION
Murphy had approximately $1.6 billion of liquidity on December 31, 2025, comprised of $1.25 billion undrawn under the $1.35 billion senior unsecured credit facility (subsequently upsized to $2.00 billion) and $377 million of cash and cash equivalents, inclusive of NCI. During the quarter, Murphy paid down $50 million of debt under the senior unsecured credit facility.
As of December 31, 2025, Murphy’s total debt of $1.4 billion was comprised of long-term, fixed-rate notes and $100 million drawn under the senior unsecured credit facility. The fixed-rate notes had a weighted average maturity of 8.3 years and a weighted average coupon of 6.1 percent.
3


YEAR-END 2025 PROVED RESERVES
After producing 67 MMBOE for the year, Murphy’s preliminary year-end 2025 proved reserves were 715 MMBOE, consisting of 36 percent oil and 41 percent liquids. Reserve replacement was 103 percent in 2025.
The Company maintained a consistent reserve life of 11 years with 57 percent proved developed reserves.
2025 Proved Reserves – Preliminary *
Category
Net Oil (MMBBL)
Net NGLs (MMBBL)
Net Gas (BCF)
 Net Equiv. (MMBOE)
Proved Developed (PD)
 161 21 1,341 406
Proved Undeveloped (PUD)
 94 15 1,203 309
Total Proved (TP) 255 36 2,544 715
* Proved reserves exclude NCI and are based on preliminary year-end 2025 third-party audited volumes using
SEC pricing.
ONSHORE OPERATIONS SUMMARY
In the fourth quarter of 2025, the onshore business produced approximately 109 MBOEPD, which included 31 percent liquids. No new wells were brought online in the quarter.
Onshore
Oil Production (BOPD)
Total Production (BOEPD)
Eagle Ford Shale
 24,400 36,100
Tupper Montney
 200 68,000
Kaybob Duvernay
 3,300 5,200
Eagle Ford Shale – Continued drilling and completion activity in Karnes and Catarina; wells are expected to come online in the first quarter of 2026.
Onshore Canada – Began drilling a four-well pad in Kaybob Duvernay and an eight-well pad in Tupper Montney; wells are expected to come online in 2026.
OFFSHORE OPERATIONS SUMMARY
Excluding NCI, in the fourth quarter of 2025, the offshore business produced approximately 72 MBOEPD, which included 88 percent liquids.
Offshore
Oil Production (BOPD)
Total Production (BOEPD)
Gulf of America
 51,000 64,000
Canada
 7,900 7,900
Gulf of America – Spud the Cello #1 and Banjo #1 exploration wells during the fourth quarter. Subsequent to quarter end, Murphy drilled discoveries at Cello #1 and Banjo #1, with the wells encountering 30 feet and 50 feet of net pay, respectively.
4


Vietnam – Installed the platform jacket and initiated development drilling at the Lac Da Vang (Golden Camel) development project. The project remains on schedule for first oil in the fourth quarter of 2026.
MOROCCO NEW COUNTRY ENTRY
During the first quarter, Murphy signed a Petroleum Agreement securing an operated position in Morocco’s Gharb Deep Offshore deepwater block which covers more than 4 million acres. Murphy holds a 75 percent working interest in the block, with the remaining 25 percent working interest held by the Office National des Hydrocarbures et des Mines (ONHYM). The Petroleum Agreement does not include any firm well commitments in the initial three-year exploration phase.
“We are excited about our entry into Morocco, which offers exposure to exploration in a frontier basin with attractive entry costs and competitive terms. This entry is consistent with our strategy of developing a diverse exploration portfolio that balances risk, material upside, and value,” said Hambly.
2026 PRODUCTION AND CAPITAL EXPENDITURE GUIDANCE
The table below illustrates first quarter and full year 2026 guidance.
1Q 2026 Guidance
Producing Asset Oil
(BOPD)		 NGLs
(BOPD)		 Natural Gas
(MCFD)		 Total
(BOEPD)
Eagle Ford Shale 26,900 5,600 28,800 37,300
Gulf of America, excl. NCI 44,600 3,800 46,000 56,100
Tupper Montney 200 — 364,000 60,900
Kaybob Duvernay 2,800 500 8,500 4,700
Offshore Canada 8,800 — — 8,800
Other 200 — — 200
Total Net Production, excl. NCI 1 (BOEPD)
 164,000 to 172,000
Capital Expenditures, excl. NCI 2 ($MM)
 $500 - $580
Exploration Expense ($ MM) $100 - $140
Full Year 2026 Guidance
Total Net Production, excl. NCI 3 (BOEPD)
167,000 to 175,000
Capital Expenditures, excl. NCI 4 ($ MM)
 $1,200 to $1,300
1 Excludes noncontrolling interest of MP GOM of 4,500 BOPD of oil, 200 BOPD of NGLs and 1,600 MCFD natural gas
2 Excludes noncontrolling interest of MP GOM of $13 million
3 Excludes noncontrolling interest of MP GOM of 5,500 BOPD of oil, 200 BOPD of NGLs and 1,700 MCFD natural gas
4 Excludes noncontrolling interest of MP GOM of $53 million
5


The table below illustrates the capital allocation by area.
2026 Capital Expenditure Guidance
Area
Total CAPEX $MMs
Percent of Total CAPEX
Offshore
Gulf of America
 $330 26%
Offshore Canada
 $25 2%
Vietnam - Lac Da Vang Development
 $120 9%
Vietnam - Hai Su Vang Appraisal
 $75 6%
Onshore
Eagle Ford Shale
 $285 23%
Tupper Montney
 $100 8%
Kaybob Duvernay
 $35 3%
Exploration
Exploration - Drilling
 $150 12%
Exploration - Data Acquisition and Other
 $95 8%
Corporate
 $35 3%
The table below details the 2026 onshore well delivery plan by quarter.
2026 Onshore Wells Online
1Q 2026
2Q 2026
3Q 2026
4Q 2026
2026 Total
Eagle Ford Shale
15
 13
2
 –
30
Kaybob Duvernay – 4 – – 4
Tupper Montney – - 8 – 8
Non-Op Eagle Ford Shale – – 2
11
13
Note: All well counts are shown gross. Eagle Ford Shale non-operated working interest
averages 23 percent.
CONFERENCE CALL AND WEBCAST SCHEDULED FOR JANUARY 29, 2026
Murphy will host a conference call to discuss fourth quarter 2025 financial and operating results on Thursday, January 29, 2026, at 9:00 a.m. ET. The call can be accessed either via the Internet through the events calendar on the Murphy Oil Corporation Investor Relations website at http://ir.murphyoilcorp.com or via telephone by dialing toll free 1-800-717-1738, reservation number 30479. For additional information, please refer to the Fourth Quarter 2025 Earnings Presentation and Quarterly Stockholder Update available under the News and Events section of the Investor Relations website.
FINANCIAL DATA
Summary financial data and operating statistics for fourth quarter 2025, with comparisons to the same period from the previous year, are contained in the attached schedules. Additionally, a schedule indicating the impacts of items affecting comparability of results between periods and a reconciliation of the non-GAAP financial measures of adjusted net income from continuing operations attributable to Murphy, EBITDA, EBITDAX, adjusted EBITDA, adjusted EBITDAX, free cash flow and adjusted free cash flow to the most directly comparable GAAP financial measures for such periods are also included.
6


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”, “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 intent 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 environmental, social and governance) matters, make capital expenditures, 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 and 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
7


instability in the markets where we do business; the impact on our operations or markets of health pandemics and related government responses; natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; cyber attacks and other cybersecurity risks; any failure to obtain necessary regulatory approvals; the impact of current and future laws, rulings and governmental regulations; 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 news release. Each forward-looking statement contained in this news release speaks only as of the date of this news release. Except as required by applicable law, Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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 US generally accepted accounting principles (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.
† In 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 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.
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Investor Contacts:
InvestorRelations@murphyoilcorp.com
Atif Riaz, 281-675-9358
Beth Heller, 281-675-9363
Dimitra Vlachou, 713-502-7054

9


MURPHY OIL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended
December 31,		 Year Ended
December 31,
(Thousands of dollars, except per share amounts) 2025 2024 2025 2024
Revenues and other income
Revenue from production $ 613,084  $ 669,574  $ 2,689,845  $ 3,014,856 
Sales of purchased natural gas —  —  —  3,742 
Total revenue from sales to customers 613,084  669,574  2,689,845  3,018,598 
Gain (loss) on derivative instruments (1,144) (363) 5,927  (1,707)
Gain on sale of assets and other operating income 12,617  1,749  23,051  11,583 
Total revenues and other income 624,557  670,960  2,718,823  3,028,474 
Costs and expenses
Lease operating expenses 160,254  220,182  765,240  936,960 
Severance and ad valorem taxes 7,472  8,156  39,238  39,162 
Transportation, gathering and processing 48,626  53,366  199,693  210,827 
Costs of purchased natural gas —  —  —  3,147 
Exploration expenses, including undeveloped lease amortization 54,281  15,148  111,670  133,538 
Selling and general expenses 38,640  31,160  137,332  110,085 
Depreciation, depletion and amortization 240,804  215,444  977,753  865,753 
Accretion of asset retirement obligations 14,577  13,443  57,730  52,511 
Impairment of assets —  28,381  115,002  62,909 
Other operating expense 564  492  13,928  10,989 
Total costs and expenses 565,218  585,772  2,417,586  2,425,881 
Operating income from continuing operations 59,339  85,188  301,237  602,593 
Other income (loss)
Other income (loss) (7,668) 37,032  (22,299) 70,902 
Interest expense, net (22,770) (43,661) (96,072) (105,926)
Total other loss (30,438) (6,629) (118,371) (35,024)
Income from continuing operations before income taxes 28,901  78,559  182,866  567,569 
Income tax expense 6,641  13,417  44,552  78,272 
Income from continuing operations 22,260  65,142  138,314  489,297 
Income (loss) from discontinued operations, net of income taxes 313  (689) 485  (2,812)
Net income including noncontrolling interest 22,573  64,453  138,799  486,485 
Less: Net income attributable to noncontrolling interest 10,682  14,117  34,565  79,314 
NET INCOME ATTRIBUTABLE TO MURPHY $ 11,891  $ 50,336  $ 104,234  $ 407,171 
NET INCOME (LOSS) PER COMMON SHARE – BASIC
Continuing operations $ 0.08  $ 0.35  $ 0.73  $ 2.73 
Discontinued operations —  —  —  (0.02)
Net income $ 0.08  $ 0.35  $ 0.73  $ 2.71 
NET INCOME (LOSS) PER COMMON SHARE – DILUTED
Continuing operations $ 0.08  $ 0.34  $ 0.72  $ 2.72 
Discontinued operations —  —  —  (0.02)
Net income $ 0.08  $ 0.34  $ 0.72  $ 2.70 
Cash dividends per common share $ 0.325  $ 0.300  $ 1.300  $ 1.200 
Average common shares outstanding (thousands)
Basic 142,761  145,843  143,124  150,011 
Diluted 144,175  146,797  144,025  151,027 
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MURPHY OIL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Three Months Ended
December 31,		 Year Ended
December 31,
(Thousands of dollars) 2025 2024 2025 2024
Operating Activities
Net income including noncontrolling interest $ 22,573  $ 64,453  $ 138,799  $ 486,485 
Adjustments to reconcile net income to net cash provided by continuing operations activities
Depreciation, depletion and amortization 240,804  215,444  977,753  865,753 
Unsuccessful exploration well costs and previously suspended exploration costs 30,012  3,653  30,095  73,201 
Deferred income tax expense
 11,368  27,298  34,673  72,434 
Impairment of assets —  28,381  115,002  62,909 
Accretion of asset retirement obligations 14,577  13,443  57,730  52,511 
Long-term non-cash compensation 16,614  14,997  45,128  45,057 
Amortization of undeveloped leases 4,727  1,880  11,634  9,587 
(Income) loss from discontinued operations (313) 689  (485) 2,812 
Unrealized (gain) loss on derivative instruments 2,198  363  (1,706) 1,707 
Other operating activities, net (39,335) 19,911  (86,763) (18,349)
Net decrease (increase) in non-cash working capital
 (53,579) 43,048  (74,052) 74,883 
Net cash provided by continuing operations activities 249,646  433,560  1,247,808  1,728,990 
Investing Activities
Property additions and dry hole costs (193,604) (170,008) (1,020,611) (900,108)
Acquisition of oil and natural gas properties
 (4,629) (4,867) (29,034) (8,056)
Proceeds from sales of property, plant and equipment 20,719  —  20,719  — 
Net cash required by investing activities (177,514) (174,875) (1,028,926) (908,164)
Financing Activities
Retirement of debt —  (600,112) —  (650,112)
Early redemption of debt cost —  (15,700) —  (15,700)
Debt issuance —  600,000  —  600,000 
Debt issuance cost
 —  (10,145) —  (10,145)
Borrowings on revolving credit facility 75,000  —  550,000  350,000 
Repayment of revolving credit facility (125,000) —  (450,000) (350,000)
Issue costs of debt facility (400) (14,718) (418) (14,718)
Repurchase of common stock —  (1,218) (102,620) (301,350)
Cash dividends paid (46,406) (43,753) (186,205) (179,961)
Distributions to noncontrolling interest (20,630) (21,962) (63,841) (118,580)
Withholding tax on stock-based incentive awards (2,074) —  (9,743) (25,310)
Finance lease obligation payments (695) (163) (1,238) (665)
Net required by financing activities
 (120,205) (107,771) (264,065) (716,541)
Effect of exchange rate changes on cash and cash equivalents (691) 1,432  (1,190) 2,210 
Net increase (decrease) in cash and cash equivalents
 (48,764) 152,346  (46,373) 106,495 
Cash and cash equivalents at beginning of period 425,960  271,223  423,569  317,074 
Cash and cash equivalents at end of period $ 377,196  $ 423,569  $ 377,196  $ 423,569 
11


MURPHY OIL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(Thousands of dollars) December 31,
2025
December 31,
2024 1
ASSETS
Cash and cash equivalents $ 377,196  $ 423,569 
Other current assets
 439,516  361,710 
Property, plant and equipment, net
 8,136,346  8,054,653 
Operating lease assets, net
 805,464  777,536 
Other long-term assets
 74,104  50,011 
Total assets $ 9,832,626  $ 9,667,479 
LIABILITIES AND EQUITY
Current maturities of long-term debt, finance lease $ 2,514  $ 871 
Accounts payable 572,183  472,165 
Operating lease liabilities 278,834  253,208 
Other current liabilities
 209,218  216,570 
Long-term debt, including finance lease obligation 1,382,566  1,274,502 
Asset retirement obligations 970,908  960,804 
Non-current operating lease liabilities 537,773  537,381 
Other long-term liabilities
 641,933  610,135 
Total liabilities $ 4,595,929  $ 4,325,636 
Murphy Shareholders' Equity 5,118,380  5,194,250 
Noncontrolling interest 118,317  147,593 
Total liabilities and equity $ 9,832,626  $ 9,667,479 
1 Reclassified to conform to current presentation.


12


MURPHY OIL CORPORATION
SCHEDULE OF ADJUSTED NET INCOME (LOSS) (unaudited)
Three Months Ended
December 31,		 Year Ended
December 31,
(Millions of dollars, except per share amounts)
 2025 2024 2025 2024
Net income attributable to Murphy (GAAP) 1
 $ 11.9  $ 50.4  $ 104.2  $ 407.2 
Discontinued operations (income) loss (0.3) 0.7  (0.5) 2.8 
Net income from continuing operations attributable to Murphy
 11.6  51.1  103.7  410.0 
Adjustments:
Impairment of assets 1
 —  28.4  92.0  62.9 
Foreign exchange (gain) loss 8.5  (34.8) 29.4  (45.4)
Unrealized (gain) loss on derivative instruments 2.2  0.4  (1.7) 1.7 
Write-off of previously suspended exploration well —  —  —  26.1 
Refinancing and early redemption of debt costs (non-cash) —  3.7  —  3.7 
Total adjustments, before taxes 10.7  (2.3) 119.7  49.0 
Income tax (benefit) expense related to adjustments
(2.6) 2.2  (26.4) (8.3)
Tax benefits on investments in foreign areas —  —  —  (34.0)
Total adjustments, after taxes 8.1  (0.1) 93.3  6.7 
Adjusted net income from continuing operations attributable to Murphy (Non-GAAP)
 $ 19.7  $ 51.0  $ 197.0  $ 416.7 
Adjusted net income from continuing operations per average diluted share (Non-GAAP) $ 0.14  $ 0.35  $ 1.37  $ 2.76 
1 Excludes amounts attributable to a noncontrolling interest in MP GOM.

Non-GAAP Financial Measures
Presented above is a reconciliation of net income (loss) to adjusted net income from continuing operations attributable to Murphy. Adjusted net income 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 net income is a non-GAAP financial measure and should not be considered a substitute for net income (loss) as determined in accordance with GAAP.
The pretax and income tax impacts for adjustments in the above table are shown below by area of operation and geographical location and corporate, as applicable, and exclude the share attributable to noncontrolling interests.
Three Months Ended December 31, 2025 Year Ended December 31, 2025
(Millions of dollars) Pretax Tax Net
Pretax
Tax
Net
Exploration & Production:
United States $ —  $ —  $ —  $ 92.0  $ (19.4) $ 72.6 
Corporate 10.7  (2.6) 8.1  27.7  (7.0) 20.7 
Total adjustments $ 10.7  $ (2.6) $ 8.1  $ 119.7  $ (26.4) $ 93.3 
13


MURPHY OIL CORPORATION
SCHEDULE OF EBITDA, ADJUSTED EBITDA, EBITDAX AND ADJUSTED EBITDAX (unaudited)
Three Months Ended
December 31,		 Year Ended
December 31,
(Millions of dollars) 2025 2024 2025 2024
Net income attributable to Murphy (GAAP) 1
 $ 11.9  $ 50.4  $ 104.2  $ 407.2 
Income tax expense 6.6  13.4  44.6  78.3 
Interest expense, net 22.8  43.6  96.1  105.9 
Depreciation, depletion and amortization expense 1
 233.5  207.3  946.8  833.1 
EBITDA attributable to Murphy (Non-GAAP) 1
 $ 274.8  $ 314.7  $ 1,191.7  $ 1,424.5 
Exploration expenses 1
54.3  15.1  111.6  133.5 
EBITDAX attributable to Murphy (Non-GAAP) 1
 $ 329.1  $ 329.8  $ 1,303.3  $ 1,558.0 
EBITDA attributable to Murphy (Non-GAAP) 1
 $ 274.8  $ 314.7  $ 1,191.7  $ 1,424.5 
Impairment of asset 1
 —  28.4  92.0  62.9 
Foreign exchange (gain) loss 8.5  (34.8) 29.4  (45.4)
Accretion of asset retirement obligations 1
 12.9  12.0  51.5  46.9 
Unrealized (gain) loss on derivative instruments 2.2  0.4  (1.7) 1.7 
Write-off of previously suspended exploration well —  —  —  26.1 
Discontinued operations (income) loss (0.3) 0.7  (0.5) 2.8 
Adjusted EBITDA attributable to Murphy (Non-GAAP) 1
 $ 298.1  $ 321.4  $ 1,362.4  $ 1,519.5 
Other exploration expenses 2
54.3  15.1  111.6  107.4 
Adjusted EBITDAX attributable to Murphy
(Non-GAAP) 1
 $ 352.4  $ 336.5  $ 1,474.0  $ 1,626.9 
1 Excludes amounts attributable to a noncontrolling interest in MP GOM.
2 Other exploration expenses consist of exploration expenses as reported in the consolidated statement of operations excluding amounts relating to the write-off of previously suspended exploration well included in Adjusted EBITDA calculation above.

Non-GAAP Financial Measures
Presented above is a reconciliation of net income (loss) to earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, earnings before interest, taxes, depreciation and amortization, and exploration expenses (EBITDAX) and adjusted EBITDAX. Management believes EBITDA, adjusted EBITDA, 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. Adjusted EBITDAX excludes certain items that management believes affect the comparability of results between periods. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s financial results. EBITDA, adjusted EBITDA, 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 GAAP.

14


MURPHY OIL CORPORATION
SCHEDULE OF FREE CASH FLOW AND ADJUSTED FREE CASH FLOW (unaudited)
Three Months Ended
December 31,		 Year Ended
December 31,
(Millions of dollars) 2025 2024 2025 2024
Net cash provided by continuing operations activities (GAAP) $ 249.6  $ 433.6  $ 1,247.8  $ 1,729.0 
Exclude: (decrease) increase in non-cash working capital
 53.6  (43.0) 74.1  (74.9)
Operating cash flow excluding working capital adjustments 303.2  390.6  1,321.9  1,654.1 
Less: property additions and dry hole costs 1
 (193.6) (170.0) (1,020.6) (900.1)
Free cash flow (Non-GAAP) $ 109.6  $ 220.6  $ 301.3  $ 754.0 
Less: cash dividends paid
 (46.4) (43.8) (186.2) (180.0)
Less: distributions to noncontrolling interest
 (20.6) (22.0) (63.8) (118.6)
Less: debt costs (0.4) (40.6) (0.4) (40.6)
Less: withholding tax on stock-based incentive awards (2.1) —  (9.8) (25.3)
Less: acquisition of oil and natural gas properties
 (4.6) (4.9) (29.0) (8.0)
Adjusted free cash flow (Non-GAAP) $ 35.5  $ 109.3  $ 12.1  $ 381.5 
1 Property additions for the year ended December 31, 2025, includes a payment of $125.0 million for the purchase of a floating production, storage, and offloading vessel in U.S. Offshore, including amounts attributable to a noncontrolling interest in MP GOM.

Non-GAAP Financial Measures
Presented above is a reconciliation of net cash provided by continuing operations activities to free cash flow (FCF) and adjusted FCF. Management believes FCF and adjusted FCF are important information to provide because they are additional measures of liquidity and are used by management to evaluate the Company’s ability to internally generate cash, excluding the timing impacts of working capital, and to measure funds available for investing and financing activities. Management also believes this information may be useful to investors and analysts to monitor the Company’s financial health and its performance over time. FCF and adjusted FCF are non-GAAP financial measures and should not be considered a substitute for net cash provided by operating, investing, or financing activities as determined in accordance with GAAP.

15


MURPHY OIL CORPORATION
FUNCTIONAL RESULTS OF OPERATIONS (unaudited)
Three Months Ended
December 31, 2025		 Three Months Ended
December 31, 2024
(Millions of dollars) Revenues Income
(Loss)		 Revenues Income
(Loss)
Exploration and production
United States 1
 $ 483.2  $ 85.2  $ 572.2  $ 102.9 
Canada 129.9  9.0  95.9  (3.5)
Other 12.7  (36.1) 3.2  (14.0)
Total exploration and production 625.8  58.1  671.3  85.4 
Corporate (1.2) (35.8) (0.3) (20.2)
Income from continuing operations 624.6  22.3  671.0  65.2 
Discontinued operations, net of tax —  0.3  —  (0.7)
Net income including noncontrolling interest
 $ 624.6  $ 22.6  $ 671.0  $ 64.5 
Less: Net income attributable to noncontrolling interest
 10.7  14.2 
Net income attributable to Murphy
 $ 11.9  $ 50.3 

Year Ended
December 31, 2025		 Year Ended
December 31, 2024
(Millions of dollars) Revenues Income
(Loss)		 Revenues Income
(Loss)
Exploration and production
United States ¹ $ 2,159.8  $ 308.5  $ 2,508.3  $ 561.9 
Canada 531.9  54.8  509.7  49.0 
Other 15.7  (66.6) 6.6  (12.5)
Total exploration and production 2,707.4  296.7  3,024.6  598.4 
Corporate 11.4  (158.4) 3.9  (109.1)
Income from continuing operations 2,718.8  138.3  3,028.5  489.3 
Discontinued operations, net of tax —  0.5  —  (2.8)
Net income including noncontrolling interest $ 2,718.8  $ 138.8  $ 3,028.5  $ 486.5 
Less: Net income attributable to noncontrolling interest 34.6  79.3 
Net income attributable to Murphy $ 104.2  $ 407.2 
1 Includes results attributable to a noncontrolling interest in MP GOM.

16


MURPHY OIL CORPORATION
PRODUCTION-RELATED EXPENSES (unaudited)
Three Months Ended
December 31,		 Year Ended
December 31,
(Dollars per barrel of oil equivalents sold)
 2025 2024 2025 2024
United States – Onshore
Lease operating expense
 $ 10.39  $ 13.10  $ 9.15  $ 13.02 
Severance and ad valorem taxes
 2.00  2.76  2.56  3.33 
Depreciation, depletion and amortization expense
 30.26  29.69  30.02  29.36 
United States – Offshore 1
Lease operating expense
 $ 12.18  $ 20.95  $ 17.78  $ 21.38 
Severance and ad valorem taxes 0.08  0.03  0.10  0.05 
Depreciation, depletion and amortization expense
 16.06  14.12  16.13  13.69 
Canada – Onshore
Lease operating expense
 $ 4.79  $ 4.89  $ 4.75  $ 5.18 
Severance and ad valorem taxes
 0.05  0.05  0.05  0.05 
Depreciation, depletion and amortization expense
 4.54  4.69  4.38  4.82 
Canada – Offshore
Lease operating expense $ 30.21  $ 30.31  $ 21.12  $ 22.43 
Depreciation, depletion and amortization expense
 8.83  9.23  9.81  9.55 
Total E&P continuing operations 1
Lease operating expense $ 9.45  $ 13.45  $ 11.10  $ 13.91 
Severance and ad valorem taxes
 0.44  0.50  0.57  0.58 
Depreciation, depletion and amortization expense 2
 14.08  13.04  14.06  12.72 
Total oil and gas continuing operations – excluding noncontrolling interest
Lease operating expense
$ 9.16  $ 13.12  $ 10.89  $ 13.60 
Severance and ad valorem taxes
 0.45  0.52  0.59  0.60 
Depreciation, depletion and amortization expense 2
 14.11  13.04  14.09  12.71 
1 Includes amounts attributable to a noncontrolling interest in MP GOM.
2 Excludes expenses attributable to the Corporate segment.

17


MURPHY OIL CORPORATION
CAPITAL EXPENDITURES (unaudited)
Three Months Ended
December 31,		 Year Ended
December 31,
(Millions of dollars)
 2025 2024 2025 2024
Exploration and production
United States 1
 $ 182.6  $ 116.8  $ 796.9  $ 691.9 
Canada 25.5  15.3  152.8  138.3 
Other 130.3  43.4  247.1  105.5 
Total 338.4  175.5  1,196.8  935.7 
Corporate 12.0  12.7  21.2  29.1 
Total capital expenditures - continuing operations 1
 350.4  188.2  1,218.0  964.8 
Less: capital expenditures attributable to noncontrolling interest
 5.0  2.4  32.0  12.0 
Total capital expenditures - continuing operations attributable to Murphy 2
 $ 345.4  $ 185.8  $ 1,186.0  $ 952.8 
Charged to exploration expenses 3
United States 1
 5.5  4.1  33.5  90.0 
Canada
—  —  0.3  0.4 
Other
43.9  9.1  66.2  33.5 
Total charged to exploration expenses - continuing operations 1,3
 49.4  13.2  100.0  123.9 
Less: charged to exploration expenses attributable to noncontrolling interest
 —  —  0.1  — 
Total charged to exploration expenses - continuing operations attributable to Murphy 4
 49.4  13.2  99.9  123.9 
Total capitalized - continuing operations attributable to Murphy $ 296.0  $ 172.6  $ 1,086.1  $ 828.9 
1 Includes amounts attributable to a noncontrolling interest in MP GOM.
2 For the three months ended December 31, 2025, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $4.6 million (2024:nil), is $340.8 million (2024: $185.8 million). For the year ended December 31, 2025, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $29.0 million (2024: nil), is $1,157.0 million (2024: $952.8 million).
3 For the three months and year ended December 31, 2025, total charged to exploration expense attributable to Murphy, excludes amortization of undeveloped leases of $4.8 million (2024: $1.9 million) and $11.7 million (2024 $9.6 million), respectively.
4 For the three months ended December 31, 2025 and 2024, no amounts were expensed for previously suspended exploration costs. For the year ended December 31, 2025, total charged to exploration expense attributable to Murphy, excluding previously suspended exploration costs of nil (2024: $26.1 million), is $99.9 million (2024: $97.8 million).

18


MURPHY OIL CORPORATION
PRODUCTION SUMMARY (unaudited)
Three Months Ended
December 31,		 Year Ended
December 31,
(Barrels per day unless otherwise noted) 2025 2024 2025 2024
Net crude oil and condensate
United States - Onshore
 24,374  21,006  26,186  21,151 
United States - Offshore 1
 56,686  60,085  56,797  63,047 
Canada - Onshore
 3,431  2,810  2,958  2,868 
Canada - Offshore
 7,941  7,346  6,981  7,251 
Other 270  213  275  219 
Total net crude oil and condensate
 92,702  91,460  93,197  94,536 
Net natural gas liquids
United States - Onshore
 5,765  4,833  5,870  4,442 
United States - Offshore 1
 4,708  4,244  4,436  4,544 
Canada - Onshore
 608  668  521  597 
Total net natural gas liquids
 11,081  9,745  10,827  9,583 
Net natural gas – thousands of cubic feet per day
United States - Onshore
 35,504  26,434  33,415  25,028 
United States - Offshore 1
 52,582  59,204  51,793  57,228 
Canada - Onshore
 415,026  395,134  422,742  398,786 
Total net natural gas
 503,112  480,772  507,950  481,042 
Total net hydrocarbons - including NCI 1,2
 187,635  181,334  188,682  184,293 
Noncontrolling interest
Net crude oil and condensate – barrels per day (5,658) (6,034) (5,876) (6,358)
Net natural gas liquids – barrels per day (226) (172) (217) (199)
   Net natural gas – thousands of cubic feet per day
 (1,920) (1,745) (1,767) (1,942)
Total noncontrolling interest 1,2
 (6,204) (6,497) (6,388) (6,881)
Total net hydrocarbons - excluding NCI 1,2
 181,431  174,837  182,294  177,412 
1 Includes net volumes attributable to a noncontrolling interest in MP GOM (NCI).
2 Natural gas converted on an energy equivalent basis of 6:1.

19


MURPHY OIL CORPORATION
SALES SUMMARY (unaudited)
Three Months Ended
December 31,		 Year Ended
December 31,
(Barrels per day unless otherwise noted) 2025 2024 2025 2024
Net crude oil and condensate
United States - Onshore
 24,374  21,006  26,186  21,151 
United States - Offshore 1
 55,590  61,510  56,532  63,612 
Canada - Onshore
 3,431  2,810  2,958  2,868 
Canada - Offshore
 5,486  2,241  7,451  6,445 
Other 445  441  226  230 
Total net crude oil and condensate
 89,326  88,008  93,353  94,306 
Net natural gas liquids
United States - Onshore
 5,765  4,833  5,870  4,443 
United States - Offshore 1
 4,708  4,244  4,436  4,543 
Canada - Onshore
 608  668  521  597 
Total net natural gas liquids
 11,081  9,745  10,827  9,583 
Net natural gas – thousands of cubic feet per day
United States - Onshore
 35,504  26,434  33,415  25,028 
United States - Offshore 1
 52,582  59,204  51,793  57,228 
Canada - Onshore
 415,026  395,134  422,742  398,786 
Total net natural gas
 503,112  480,772  507,950  481,042 
Total net hydrocarbons - including NCI 1,2
 184,259  177,882  188,838  184,063 
Noncontrolling interest
Net crude oil and condensate – barrels per day (5,492) (6,241) (5,837) (6,438)
Net natural gas liquids – barrels per day (226) (172) (217) (198)
   Net natural gas – thousands of cubic feet per day
 (1,920) (1,745) (1,767) (1,942)
Total noncontrolling interest 1,2
 (6,038) (6,704) (6,349) (6,960)
Total net hydrocarbons - excluding NCI 1,2
 178,221  171,178  182,489  177,103 
1 Includes net volumes attributable to a noncontrolling interest in MP GOM (NCI).
2 Natural gas converted on an energy equivalent basis of 6:1.

20


MURPHY OIL CORPORATION
WEIGHTED AVERAGE PRICE SUMMARY (unaudited)
Three Months Ended
December 31,		 Year Ended
December 31,
2025 2024 2025 2024
Crude oil and condensate – dollars per barrel
United States - Onshore
 $ 59.20  $ 70.44  $ 64.59  $ 75.77 
United States - Offshore 1
 59.28  69.92  65.69  76.36 
Canada - Onshore 2
 51.59  64.02  57.16  67.49 
Canada - Offshore 2
 62.63  75.81  68.77  82.22 
Other 2
 65.48  76.95  69.26  77.59 
Natural gas liquids – dollars per barrel
United States - Onshore 17.72  21.53  19.38  20.20 
United States - Offshore 1
 16.43  23.91  20.40  23.37 
Canada - Onshore 2
 22.57  32.86  29.60  34.14 
Natural gas – dollars per thousand cubic feet
United States - Onshore 3.03  2.28  2.91  1.90 
United States - Offshore 1
 3.84  2.69  3.75  2.40 
Canada - Onshore 2
 2.10  1.69  1.79  1.59 
1 Prices include the effect of noncontrolling interest in MP GOM.
2 U.S. dollar equivalent.

21


MURPHY OIL CORPORATION
FIXED PRICE FORWARD SALES AND COMMODITY HEDGE POSITIONS
AS OF JANUARY 26, 2026 (unaudited)
Volumes
(MMCF/d)		 Price/MCF Remaining Period
Area Commodity
Type 1
 Start Date End Date
Canada Natural Gas Fixed price forward sales 50 C$3.03 1/1/2026 3/31/2026
Canada Natural Gas Fixed price forward sales 78 C$2.94 4/1/2026 6/30/2026
Canada Natural Gas Fixed price forward sales 78 C$2.94 7/1/2026 9/30/2026
Canada Natural Gas Fixed price forward sales 59 C$3.00 10/1/2026 12/31/2026
Canada Natural Gas Fixed price forward sales 9.5 C$3.14 1/1/2027 12/31/2027
1 Fixed price forward sale contracts listed above are accounted for as normal sales and purchases for accounting purposes.


22
EX-99.2 3 mur-2025q4xex992.htm EX-99.2 Document


image_0b.jpg

Quarterly Stockholder Update by Murphy Oil Corporation
HOUSTON, Texas, January 28, 2026
Murphy Oil Corporation Stockholders,
This letter serves as a supplement to our earnings release for the fourth quarter of 2025. Please see the information regarding forward-looking statements and non-GAAP financial information1 included at the end of this letter. Unless otherwise noted, the financial and operating highlights and metrics discussed in this letter exclude noncontrolling interest (NCI).2
2025 IN REVIEW
2025 was a pivotal year for Murphy, marked by momentum in our exploration program and strong execution in our core business. We delivered some of the best wells in Company history in onshore US and Canada, accompanied by robust execution across our offshore assets. We capped the year with exploration and appraisal success across two continents, drilling a successful appraisal well at our Hai Su Vang (Golden Sea Lion) asset in Vietnam, and announcing discoveries with our Cello #1 and Banjo #1 wells in the Gulf of America.
In 2025, we averaged production of 182 thousand barrels of oil equivalent per day (MBOEPD), up from 177 MBOEPD in 2024 and toward the higher end of our 2025 guidance range. We generated $1.2 billion of cash from continuing operations and approximately $300 million in free cash flow, of which $286 million was returned to shareholders through quarterly dividends and share buybacks. As a result of ongoing focus on cost management, we achieved lease operating expense per barrel of oil equivalent (LOE/BOE) of $10.89 in 2025, a 20 percent reduction compared to the prior year.
In our US onshore program, we set Company records for the longest laterals. We also captured meaningful capital efficiency gains, with our drilling cost per well decreasing by seven percent year over year.
1


As we highlighted during the third quarter, our Karnes and Catarina wells were top performing wells for the Company and they continued this strong performance in the fourth quarter. Compared to analogous peers in the area, our Karnes and Catarina wells achieved the highest average peak production rates per 1,000 feet of completed lateral length.
In onshore Canada, we drilled the longest laterals in Company history at both Tupper Montney and Kaybob Duvernay and maintained the Tupper Montney West plant at full capacity for five consecutive months, marking our longest duration to date.
In the Gulf of America, we completed the 2025 planned workover program and maintained strong uptime at our key facilities. We purchased the Pioneer FPSO (Floating Production, Storage, and Offloading vessel), which extends the economic life of the field and enhances the economics of our high-impact Chinook #8 development well expected to come online later in 2026.
In Vietnam, we continued to execute our Lac Da Vang (Golden Camel) field development plan. The project has progressed on budget and on schedule, and we remain on track for first oil in the fourth quarter of 2026. Additionally, we started and ended the year on a high note in Vietnam, achieving exploration success at the Lac Da Hong (Pink Camel) and Hai Su Vang (Golden Sea Lion) fields in early 2025, and concluding with a successful appraisal well at Hai Su Vang which helps us further refine our resource estimate. Our Hai Su Vang discovery and subsequent appraisal success, along with our broader Vietnam portfolio, position us for material new growth over the coming decade.
The global energy market in 2025 was marked by volatility and structural shifts, with geopolitical tensions shaping oil price expectations and investment risk. Amid this uncertainty, Murphy remained focused on what we can control – operational excellence, disciplined capital allocation, and a solid balance sheet and liquidity. We accomplished this alongside the advancement of our exploration and development projects which will help us maximize long-term shareholder value.
FOURTH QUARTER 2025 SUMMARY
Following a robust third quarter, our assets maintained strong performance in the fourth quarter, with production averaging 181 MBOEPD, above our 180 MBOEPD guidance midpoint. Oil production averaged 87 thousand barrels of oil per day (MBOPD) in the fourth quarter, in line with our guidance. Fourth quarter production was lower than the 200 MBOEPD delivered in the third quarter due to the absence of new wells coming online during the quarter.
2


Realized oil prices were $59.21 per barrel in the fourth quarter, $6.97 per barrel lower than the third quarter driven by a softer global oil price environment. On the other hand, realized natural gas prices increased 56 percent or $0.84 per thousand cubic feet (MCF) to $2.34 per MCF in the fourth quarter, driven by weather and seasonal demand. Also in the fourth quarter, net income was $11.9 million, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)1 was $298.1 million, cash flow from operations was $249.6 million, and we generated adjusted free cash flow1 of $35.5 million.
During the fourth quarter, our operational activity was heavily focused on exploration and appraisal, as we spud Civette – our first Côte d’Ivoire exploration well – along with the Banjo #1 and Cello #1 wells in the Gulf of America, and the Hai Su Vang (Golden Sea Lion) appraisal well (HSV-2X) in Vietnam.
In December, we participated in the federal offshore lease sale in the Gulf of America and were named apparent high bidder for leases on fourteen blocks. These blocks, pending award by the Bureau of Ocean Energy Management (BOEM), will add depth and near-term actionable opportunities to our offshore portfolio.
CAPITAL EXPENDITURES
Capital expenditures (CAPEX) for the fourth quarter were $341 million, lower than our quarterly guidance of $392 million, primarily due to the timing of exploration and long-lead development activity. For full year 2025, CAPEX was $1,157 million, towards the lower end of our guidance range of $1,135 to $1,285 million. These CAPEX numbers include the Pioneer FPSO purchase in the first quarter, but exclude other acquisition-related costs of $29 million.
OPERATING COSTS
Operating expenses in the fourth quarter averaged $9.16 per BOE and were positively impacted by a one-time $15 million ($0.90 per BOE) insurance reimbursement associated with workover costs from earlier in the year. For the full year 2025, operating costs were $10.89 per BOE. Going forward, we expect our operating expenses to be in line with our previously communicated $10 to $12 per BOE range.
3


EXPLORATION AND APPRAISAL UPDATE
In early January 2026, we announced successful results from our Hai Su Vang-2X appraisal well in Vietnam. The well found 429 feet of net oil pay across two reservoirs and did not encounter an oil-water contact, indicating that the midpoint of our recoverable resource range is likely towards the higher end of the previously guided 170 to 430 MMBOE range. With this recent appraisal success, Wood Mackenzie estimates Hai Su Vang to be the largest oil find in Southeast Asia in the last two decades. We are excited about these strong results as they highlight the emergence of a material business in Vietnam which will further enhance our portfolio returns. We will provide an updated resource range upon completion of the appraisal campaign. The rig has moved to the HSV-3X appraisal well to be followed by the HSV-4X appraisal well, both of which are included in our $1.2 billion to $1.3 billion capital budget for 2026.
In the Gulf of America, we spud the Banjo #1 and Cello #1 exploration wells in the fourth quarter and announced both as discoveries in January 2026. These infrastructure-led wells will help maintain production levels and will be tied back to the Murphy-operated Delta House FPS (Floating Production System), supporting continued operational stability and cost efficiencies.
In Côte d’Ivoire, our Civette-1X well encountered non-commercial hydrocarbons and was expensed as a dry hole. The outcome was disappointing, although frontier exploration, by nature, involves high-risk outcomes. We will use the insights gained from Civette to deepen our understanding of the CI-502 block and assess remaining prospectivity. We remain optimistic about the potential of the next two wells, Caracal and Bubale, with each well testing independent plays.
In January 2026, Murphy signed a Petroleum Agreement securing an operated position in Morocco's Gharb Deep Offshore deepwater block which covers over 4 million acres, or the equivalent of more than 700 Gulf of America blocks. Murphy holds a 75 percent working interest in the block, with the remaining 25 percent held by Office National des Hydrocarbures et des Mines (ONHYM). We are excited about our entry into Morocco, which offers exposure to exploration in a frontier basin with attractive entry costs and competitive terms. This entry is consistent with our strategy of developing a diverse exploration portfolio that balances risk, material upside, and value.
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FINANCIAL PERFORMANCE, SHAREHOLDER RETURNS AND BALANCE SHEET
As previously communicated, our Capital Allocation Plan allocates a minimum of 50 percent of adjusted free cash flow1 to share buybacks and potential dividend increases, with the remainder allocated to the balance sheet. During 2025, we distributed $186 million of dividends to shareholders and repurchased $100 million of stock, or 3.6 million shares. We have $550 million remaining in our board-authorized share repurchase program.
At year-end 2025, we were favorably positioned with a strong balance sheet reflecting total debt and net debt of $1.4 billion and $1.0 billion, respectively. We had $100 million drawn on our unsecured revolving credit facility at the end of the quarter, which is a $50 million decrease over the prior quarter.
In early January 2026, we proactively took steps to enhance our balance sheet flexibility and liquidity. We upsized and extended our senior unsecured revolving credit facility (RCF), increasing access to capital from $1.35 billion to $2.00 billion and extending maturity from 2029 to 2031. We also issued $500 million of 2034 notes at 6.500 percent coupon, using the proceeds to retire near-term maturities and pay off our RCF balance. These actions increase liquidity and extend our maturity profile, providing greater optionality for managing our offshore business and funding long-cycle value-creating investments.
2026 OUTLOOK
As we look ahead to 2026, Murphy is strategically positioned to navigate anticipated market volatility. Our 2026 capital plan balances shareholder returns, a strong financial position, and capital investments to deliver long-term value. The projected 2026 CAPEX range of $1.2 billion to $1.3 billion is consistent with our spending in 2025. At a high level, we will allocate approximately 75 percent of our capital spend in 2026 to development, with the remainder directed towards exploration drilling, appraisal drilling, seismic data acquisitions, and corporate CAPEX. Notable year-over-year changes in development spending include a 25 percent reduction in capital expenditures in our Eagle Ford asset, driven by improved efficiency that allows us to maintain production at 2025 levels. Additionally, we are increasing investment in our Gulf of America assets, primarily associated with the high-impact Chinook #8 well scheduled to begin production in the the second half of 2026.
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We anticipate total production to decrease from 182 MBOEPD in 2025 to 171 MBOEPD in 2026, primarily due to lower net natural gas volumes at Tupper Montney. The reduction in Tupper Montney natural gas volumes reflects the timing of new wells and higher royalty rates driven by anticipated AECO price strength. Notably, while higher AECO prices adversely impact production through higher royalties, they boost our revenue realization as our Tupper asset is expected to generate over 35 percent in additional cash flow in 2026 compared to 2025. Furthermore, we plan to reach gas processing plant capacity with eight new wells versus ten new wells in the prior year. Overall, we expect to exit 2026 strong, supported by Chinook #8 and our Lac Da Vang (Golden Camel) asset coming online in the second half of the year.
On the exploration and appraisal front, we look forward to completing our high impact exploration and appraisal drilling campaigns in the first half of 2026. At Hai Su Vang (Golden Sea Lion), we will drill two additional appraisal wells in 2026 which will help us narrow the recoverable resource range and inform our approach to developing the field. Recent appraisal results have reinforced our expectation that our Vietnam business will produce 30 to 50 net MBOEPD in the early 2030's. In Côte d'Ivoire, we will continue our three-well exploration program with Caracal followed by Bubale, with each well testing an independent play.
While we have the capability to flex our capital and production plan if market conditions warrant, Murphy's strategy prioritizes long-term value creation over short-term metrics. We proactively strengthened our balance sheet and enhanced liquidity to position ourselves to invest confidently through temporary dips in the market. With that said, we will continue to prioritize balance sheet strength and capital discipline if faced with prolonged market weakness.
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CLOSING
As we navigate the evolving energy landscape, our commitment to operational excellence, responsible stewardship, and long-term value creation remains unwavering. With US shale production forecasted to plateau in the early 2030s, we believe Murphy, with its diverse portfolio, is uniquely positioned to deliver long-term value for shareholders. Through market cycles, our focus remains clear: strong execution, organic growth, and sustainable returns.
Thank you for your continued trust as a valued Murphy Oil Corporation stockholder.
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Eric M. Hambly

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CONFERENCE CALL AND WEBCAST SCHEDULED FOR JANUARY 29, 2026
President and Chief Executive Officer Murphy will host a conference call to discuss fourth quarter 2025 financial and operating results on Thursday, January 29, 2026, at 9:00 a.m. ET. The call can be accessed either via the Internet through the events calendar on the Murphy Oil Corporation Investor Relations website at http://ir.murphyoilcorp.com or via telephone by dialing toll free 1-800-717-1738, reservation number 30479. For additional information, please refer to the Fourth Quarter 2025 Earnings Presentation available under the News and Events section of the Investor Relations website.
FORWARD-LOOKING STATEMENTS
This letter 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”, “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 intent 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 environmental, social and governance) matters, make capital expenditures, 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 and 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 markets of health pandemics and related government responses; natural hazards impacting our operations or markets; any other deterioration in our business, markets
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or prospects; cyber attacks and other cybersecurity risks; any failure to obtain necessary regulatory approvals; the impact of current and future laws, rulings and governmental regulations; 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 letter. Each forward-looking statement contained in this letter speaks only as of the date of this letter. Except as required by applicable law, Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
1 This letter 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. Please see Exhibit 99.1 on Form 8-K filed on January 28, 2026, for reconciliations of the differences between the non-GAAP financial measures used in this letter and the most directly comparable GAAP financial measures.
2 In 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 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 letter exclude the NCI, thereby representing only the amounts attributable to Murphy.
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Investor Contacts:
InvestorRelations@murphyoilcorp.com
Atif Riaz, 281-675-9358
Beth Heller, 281-675-9363
Dimitra Vlachou, 713-502-7054

10
EX-99.3 4 mur-2025q4xex993.htm EX-99.3 Document
EXHIBIT 99.3
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MURPHY OIL CORPORATION ANNOUNCES QUARTERLY DIVIDEND
HOUSTON, Texas, January 28, 2026 – The Board of Directors of Murphy Oil Corporation (NYSE: MUR) today declared a quarterly cash dividend on the Common Stock of Murphy Oil Corporation of $0.35 per share, or $1.40 per share on an annualized basis. The dividend is payable on March 2, 2026, to stockholders of record as of February 17, 2026.
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”, “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 intent 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 environmental, social and governance) matters, make capital expenditures, pay and/or increase dividends or make share repurchases and other capital allocation decisions are

EXHIBIT 99.3
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 and 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 markets of health pandemics and related government responses; natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; cyber attacks and other cybersecurity risks; any failure to obtain necessary regulatory approvals; the impact of current and future laws, rulings and governmental regulations; 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 news release. Each forward-looking statement contained in this news release speaks only as of the date of this news release. Except as required by applicable law, Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Investor Contacts:
InvestorRelations@murphyoilcorp.com
Atif Riaz, 281-675-9358
Beth Heller, 281-675-9363
Dimitra Vlachou, 713-502-7054