Murphy Oil Corporation Announces Third Quarter Results

HOUSTON--( BUSINESS WIRE)--Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the third quarter ended September 30, 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

September 30, 2025

Net loss from continuing operations attributable to Murphy

(3.0

)

Net loss attributable to Murphy per common share - Diluted

(0.02

)

Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) 1,2

58.1

Adjusted net income from continuing operations per average common share - Diluted (Non-GAAP) 1,2

0.41

Adjusted EBITDA attributable to Murphy (Non-GAAP) 2

390.6

Adjusted EBITDAX attributable to Murphy (Non-GAAP) 2

423.1

Net cash provided by continuing operations activities

339.4

Free cash flow (Non-GAAP) 2

218.8

Oil production, net (BOPD) 3

94,067

Total production, net (BOEPD) 3

200,383

Accrued capital expenditures (CAPEX) 4

163.9

Lease operating expense ($/BOE) 5

9.39

Adjustments to net loss totaled $76 million (before tax) and were comprised of a $92 million impairment of assets, offset by foreign exchange gains and unrealized gains on derivatives of $16 million. The net tax effect of these adjustments was a tax benefit of $16 million, for a total after-tax adjustment of $61 million.

Adjusted net income, adjusted EBITDA, adjusted EBITDAX and free cash flow are non-GAAP financial measures and are not a substitute for measures prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations and definitions of these measures can be found in the attached schedules.

Barrels of oil per day (BOPD) and barrels of oil equivalent per day (BOEPD).

Excludes $23 million Eagle Ford Shale acquisition.

Lease operating expense per barrel of oil equivalent sold for total oil and gas continuing operations.

Highlights for the third quarter include:

Subsequent to the third quarter:

“I am pleased with our operational performance across our asset base including Eagle Ford, Tupper Montney, and Gulf of America. I am proud of our team for continuing to innovate and evolve our completions and flowback designs to achieve higher capital efficiency in our onshore operations. We saw great performance from our Gulf of America asset and successfully completed all planned workover activity. Additionally, subsequent to quarter end, we executed major milestones on our Lac Da Vang (Golden Camel) project. We remain focused on core execution as we progress our impactful offshore exploration and appraisal program across three continents in the fourth quarter,” stated Eric M. Hambly, President and Chief Executive Officer.

RETURN OF CAPITAL

In the third quarter of 2025, return of capital totaled $46 million through the quarterly dividend. Through the first three quarters of 2025, Murphy has returned $240 million to shareholders, which includes $100 million of share repurchases and $140 million in dividends.

The company had $550 million remaining under its share repurchase authorization and 142.7 million shares outstanding as of September 30, 2025.

FINANCIAL POSITION

Murphy had approximately $1.6 billion of liquidity on September 30, 2025, comprised of $1.2 billion undrawn under the $1.35 billion senior unsecured credit facility and $426 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 September 30, 2025, Murphy’s total debt of $1.4 billion was comprised of long-term, fixed-rate notes and $150 million drawn under the senior unsecured credit facility. The fixed-rate notes had a weighted average maturity of 8.6 years and a weighted average coupon of 6.1 percent.

ONSHORE OPERATIONS SUMMARY

In the third quarter of 2025, the onshore business produced approximately 132 MBOEPD, which included 35 percent liquids.

Onshore

Oil Production

(BOPD)

Total Production

(BOEPD)

New Wells Online

(Operated)

Eagle Ford Shale

35,000

49,000

Tupper Montney

78,000

—

Kaybob Duvernay

3,000

5,000

OFFSHORE OPERATIONS SUMMARY

Excluding NCI, in the third quarter of 2025, the offshore business produced approximately 68 MBOEPD, which included 88 percent liquids.

Offshore

Oil production

(BOPD)

Total Production

(BOEPD)

Gulf of America

50,000

62,000

Canada

6,000

Gulf of America – Murphy completed the Khaleesi #2 and Marmalard #3 workovers and returned the wells to production in the third quarter, concluding the planned workover program. During the quarter, Murphy recorded a pretax impairment totaling $115 million ($92 million excluding NCI) on the operated Dalmatian asset due to reserve reductions in the quarter, as certain future projects in the field were less competitive for capital allocation.

Vietnam – Subsequent to the third quarter, Murphy 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.

2025 PRODUCTION AND CAPITAL EXPENDITURE GUIDANCE

The table below illustrates fourth quarter 2025 production guidance by area.

4Q 2025 Guidance

Producing Asset

Oil

(BOPD)

NGLs

(BOPD)

Natural Gas

(MCFD)

Total

(BOEPD)

Eagle Ford Shale

25,000

6,100

31,200

36,300

Gulf of America, excl. NCI

50,000

4,000

49,500

62,300

Tupper Montney

200

—

403,700

67,500

Kaybob Duvernay

3,600

500

8,300

5,500

Offshore Canada

8,200

—

8,200

Other

200

—

200

Total Net Production, excl. NCI 1 (BOEPD)

176,000 to 184,000

Exploration Expense ($ MM)

$80

Full Year 2025 Guidance

Total Net Production, excl. NCI 2 (BOEPD)

174,500 to 182,500

Capital Expenditures, excl. NCI 3 ($ MM)

$1,135 to $1,285

1Excludes noncontrolling interest of MP GOM of 5,400 BOPD of oil, 200 BOPD of NGLs and 1,900 MCFD natural gas

2 Excludes noncontrolling interest of MP GOM of 5,600 BOPD of oil, 200 BOPD of NGLs and 1,700 MCFD natural gas

3 Excludes noncontrolling interest of MP GOM of $40 million

The table below details the 2025 CAPEX plan by quarter.

2025 CAPEX 1 by Quarter ($ MM)

1Q 2025A

2Q 2025A

3Q 2025A

4Q 2025E

FY 2025E

$403 2

$251

$164 3

$392

$1,210 2,3

Accrual CAPEX, based on midpoint of guidance range and excluding NCI

Includes net acquisition CAPEX of $104 million for the Pioneer FPSO and $1.4 million

for non-operated working interests near the Zephyrus field in the Gulf of America

Excludes $23 million Eagle Ford Shale acquisition

The table below details the 2025 onshore well delivery plan by quarter.

2025 Onshore Wells Online

2025A

2025E

Total

Eagle Ford Shale

Kaybob Duvernay

Tupper Montney

Non-Op Eagle Ford Shale

Note: All well counts are shown gross. Eagle Ford Shale non-operated working interest averages 25 percent.

CONFERENCE CALL AND WEBCAST SCHEDULED FOR NOVEMBER 6, 2025

Murphy will host a conference call to discuss third quarter 2025 financial and operating results on Thursday, November 6, 2025, 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 40758. For additional information, please refer to the Third 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 third 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.

ABOUT MURPHY OIL CORPORATION

Murphy Oil Corporation is an independent oil and natural gas company with a multi-basin onshore and offshore portfolio and significant exploration opportunities. The company has more than a century-long history of demonstrating strong execution and innovative, full-cycle development capabilities with a focus on value creation that drives shareholder returns. Murphy’s foresight and financial discipline, along with its culture of adaptability and accountability, will allow the company to continue its outstanding legacy and exceptional reputation. The company’s current operations include extensive inventory located onshore in the Eagle Ford Shale, Tupper Montney and Kaybob Duvernay, as well as offshore in the Gulf of America and Canada. Murphy also strives to create long-term shareholder value through offshore exploration and development in the Gulf of America, Vietnam and Côte d’Ivoire. Additional information can be found on the company’s website at www.murphyoilcorp.com.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “expressed confidence”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the company’s future operating results or activities and returns or the company's ability and decisions to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other ESG (environmental/social/governance) matters, make capital expenditures or pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and natural gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; geopolitical concerns; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the US or global capital markets, credit markets, banking system or economies in general, including inflation, trade policies, tariffs and other trade restrictions. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the US Securities and Exchange Commission (SEC) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the company; therefore, we encourage investors, the media, business partners and others interested in the company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this news release. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements.

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.

MURPHY OIL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

(Thousands of dollars, except per share amounts)

2025

2024

2025

2024

Revenues and other income

Revenue from production

720,966

753,169

2,076,761

2,345,282

Sales of purchased natural gas

—

3,742

Total revenue from sales to customers

720,966

753,169

2,076,761

2,349,024

Gain (loss) on derivative instruments

5,722

(1,344

)

7,071

(1,344

)

Gain on sale of assets and other operating income

6,297

6,506

10,434

9,834

Total revenues and other income

732,985

758,331

2,094,266

2,357,514

Costs and expenses

Lease operating expenses

184,353

222,886

604,986

716,778

Severance and ad valorem taxes

12,288

10,503

31,766

31,006

Transportation, gathering and processing

48,146

47,438

151,067

157,461

Costs of purchased natural gas

—

3,147

Exploration expenses, including undeveloped lease amortization

32,502

31,284

57,389

118,390

Selling and general expenses

30,858

24,871

98,692

78,925

Depreciation, depletion and amortization

283,465

223,632

736,949

650,309

Accretion of asset retirement obligations

14,676

13,241

43,153

39,068

Impairment of assets

115,002

—

115,002

34,528

Other operating expense

5,902

5,450

13,364

10,497

Total costs and expenses

727,192

579,305

1,852,368

1,840,109

Operating income from continuing operations

5,793

179,026

241,898

517,405

Other income (loss)

15,271

(3,926

)

(14,631

)

33,870

Interest expense, net

(24,726

)

(21,258

)

(73,302

)

(62,265

)

Total other loss

(9,455

)

(25,184

)

(87,933

)

(28,395

)

Income (loss) from continuing operations before income taxes

(3,662

)

153,842

153,965

489,010

Income tax expense

4,157

2,122

37,911

64,855

Income (loss) from continuing operations

(7,819

)

151,720

116,054

424,155

Income (loss) from discontinued operations, net of income taxes

(497

)

(608

)

172

(2,123

)

Net income (loss) including noncontrolling interest

(8,316

)

151,112

116,226

422,032

Less: Net income (loss) attributable to noncontrolling interest

(5,343

)

12,018

23,883

65,197

NET INCOME (LOSS) ATTRIBUTABLE TO MURPHY

(2,973

)

139,094

92,343

356,835

NET INCOME (LOSS) PER COMMON SHARE – BASIC

Continuing operations

(0.02

)

0.93

0.64

2.37

Discontinued operations

—

(0.01

)

Net income (loss)

(0.02

)

0.93

0.64

2.36

NET INCOME (LOSS) PER COMMON SHARE – DILUTED

Continuing operations

(0.02

)

0.93

0.64

2.35

Discontinued operations

—

(0.01

)

Net income (loss)

(0.02

)

0.93

0.64

2.34

Cash dividends per common share

0.325

0.300

0.975

0.900

Average common shares outstanding (thousands)

Basic

142,731

149,384

143,245

151,401

Diluted

142,731

150,353

143,976

152,437

MURPHY OIL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

(Thousands of dollars)

2025

2024

2025

2024

Operating Activities

Net income (loss) including noncontrolling interest

(8,316

)

151,112

116,226

422,032

Adjustments to reconcile net income to net cash provided by continuing operations activities

Depreciation, depletion and amortization

283,465

223,632

736,949

650,309

Accretion of asset retirement obligations

14,676

13,241

43,153

39,068

Long-term non-cash compensation

6,498

8,237

28,514

30,060

Deferred income tax (benefit) expense

2,089

(8,792

)

23,305

45,136

Amortization of undeveloped leases

2,998

1,929

6,907

7,707

Unrealized (gain) loss on derivative instruments

(2,533

)

1,344

(3,904

)

1,344

Unsuccessful exploration well costs and previously suspended exploration costs

859

11,268

69,548

(Income) loss from discontinued operations

497

608

(172

)

2,123

Impairment of assets

115,002

—

115,002

34,528

Other operating activities, net

(47,426

)

(4,301

)

(47,428

)

(38,260

)

Net decrease (increase) in non-cash working capital

(28,378

)

30,709

(20,473

)

31,835

Net cash provided by continuing operations activities

339,431

428,987

998,162

1,295,430

Investing Activities

Property additions and dry hole costs

(148,964

)

(216,413

)

(827,007

)

(733,289

)

Acquisition of oil and natural gas properties

(23,022

)

—

(24,405

)

—

Net cash required by investing activities

(171,986

)

(216,413

)

(851,412

)

(733,289

)

Financing Activities

Borrowings on revolving credit facility

125,000

150,000

475,000

350,000

Repayment of revolving credit facility

(175,000

)

(150,000

)

(325,000

)

(350,000

)

Retirement of debt

—

(50,000

)

Repurchase of common stock

—

(194,245

)

(102,620

)

(300,132

)

Cash dividends paid

(46,387

)

(44,663

)

(139,799

)

(136,208

)

Withholding tax on stock-based incentive awards

(15

)

(12

)

(7,669

)

(25,310

)

Distributions to noncontrolling interest

(25,046

)

(35,408

)

(43,211

)

(96,618

)

Finance lease obligation payments

(57

)

(171

)

(543

)

(502

)

Issue costs of debt facility

—

(18

)

—

Net required by financing activities

(121,505

)

(274,499

)

(143,860

)

(608,770

)

Effect of exchange rate changes on cash and cash equivalents

389

(471

)

(499

)

778

Net increase (decrease) in cash and cash equivalents

46,329

(62,396

)

2,391

(45,851

)

Cash and cash equivalents at beginning of period

379,631

333,619

423,569

317,074

Cash and cash equivalents at end of period

425,960

271,223

425,960

271,223

MURPHY OIL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

September 30,

2025

December 31,

2024 1

ASSETS

Cash and cash equivalents

425,960

423,569

Other current assets

381,520

361,710

Property, plant and equipment, net

8,085,731

8,054,653

Operating lease assets, net

781,291

777,536

Other long-term assets

58,260

50,011

Total assets

9,732,762

9,667,479

LIABILITIES AND EQUITY

Current maturities of long-term debt, finance lease

918

871

Accounts payable

429,658

472,165

Operating lease liabilities

210,769

253,208

Other current liabilities

216,401

216,570

Long-term debt, including finance lease obligation

1,425,235

1,274,502

Asset retirement obligations

1,001,919

960,804

Non-current operating lease liabilities

582,082

537,381

Other long-term liabilities

616,128

610,135

Total liabilities

4,483,110

4,325,636

Murphy Shareholders' Equity

5,121,387

5,194,250

Noncontrolling interest

128,265

147,593

Total liabilities and equity

9,732,762

9,667,479

1 Reclassified to conform to current presentation.

MURPHY OIL CORPORATION

SCHEDULE OF ADJUSTED NET INCOME (LOSS) (unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

(Millions of dollars, except per share amounts)

2025

2024

2025

2024

Net income (loss) attributable to Murphy (GAAP) 1

(3.0

)

139.1

92.3

356.8

Discontinued operations (income) loss

0.5

0.6

(0.2

)

2.1

Net income (loss) from continuing operations attributable to Murphy

(2.5

)

139.7

92.1

358.9

Adjustments:

Impairment of assets 1

92.0

—

92.0

34.5

Foreign exchange (gain) loss

(13.4

)

5.4

20.9

(10.6

)

Unrealized (gain) loss on derivative instruments

(2.5

)

1.3

(3.9

)

1.3

Write-off of previously suspended exploration well

—

26.1

Total adjustments, before taxes

76.1

6.7

109.0

51.3

Income tax benefit related to adjustments

(15.5

)

(1.7

)

(23.8

)

(10.5

)

Tax benefits on investments in foreign areas

—

(34.0

)

—

(34.0

)

Total adjustments, after taxes

60.6

(29.0

)

85.2

6.8

Adjusted net income from continuing operations attributable to Murphy (Non-GAAP)

58.1

110.7

177.3

365.7

Adjusted net income from continuing operations per average diluted share (Non-GAAP)

0.41

0.74

1.23

2.40

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

September 30, 2025

Nine Months Ended

September 30, 2025

(Millions of dollars)

Pretax

Tax

Net

Pretax

Tax

Net

Exploration & Production:

United States

92.0

(19.4

)

72.6

92.0

(19.4

)

72.6

Corporate

(15.9

)

3.9

(12.0

)

17.0

(4.4

)

12.6

Total adjustments

76.1

(15.5

)

60.6

109.0

(23.8

)

85.2

MURPHY OIL CORPORATION

SCHEDULE OF EBITDA, ADJUSTED EBITDA, EBITDAX AND ADJUSTED EBITDAX

(unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

(Millions of dollars)

2025

2024

2025

2024

Net income (loss) attributable to Murphy (GAAP) 1

(3.0

)

139.1

92.3

356.8

Income tax expense

4.1

2.2

37.9

64.9

Interest expense, net

24.7

21.3

73.3

62.3

Depreciation, depletion and amortization expense 1

275.0

215.7

713.2

625.8

EBITDA attributable to Murphy (Non-GAAP)

300.8

378.3

916.7

1,109.8

Exploration expenses 1

32.5

31.3

57.3

118.4

EBITDAX attributable to Murphy (Non-GAAP)

333.3

409.6

974.0

1,228.2

EBITDA attributable to Murphy (Non-GAAP)

300.8

378.3

916.7

1,109.8

Impairment of asset 1

92.0

—

92.0

34.5

Foreign exchange (gain) loss

(13.4

)

5.4

20.9

(10.6

)

Accretion of asset retirement obligations 1

13.2

11.7

38.6

34.9

Unrealized (gain) loss on derivative instruments

(2.5

)

1.3

(3.9

)

1.3

Write-off of previously suspended exploration well

—

26.1

Discontinued operations (income) loss

0.5

0.6

(0.2

)

2.1

Adjusted EBITDA attributable to Murphy (Non-GAAP)

390.6

397.3

1,064.1

1,198.1

Other exploration expenses 2

32.5

31.3

57.3

92.3

Adjusted EBITDAX attributable to Murphy

(Non-GAAP)

423.1

428.6

1,121.4

1,290.4

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.

MURPHY OIL CORPORATION

SCHEDULE OF FREE CASH FLOW AND ADJUSTED FREE CASH FLOW (unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

(Millions of dollars)

2025

2024

2025

2024

Net cash provided by continuing operations activities (GAAP)

339.4

429.0

998.2

1,295.4

Exclude: (decrease) increase in non-cash working capital

28.4

(30.7

)

20.5

(31.8

)

Operating cash flow excluding working capital adjustments

367.8

398.3

1,018.7

1,263.6

Less: property additions and dry hole costs 1

(149.0

)

(216.4

)

(827.0

)

(733.3

)

Free cash flow (Non-GAAP)

218.8

181.9

191.7

530.3

Less: cash dividends paid

(46.4

)

(44.7

)

(139.8

)

(136.2

)

Less: distributions to noncontrolling interest

(25.0

)

(35.4

)

(43.2

)

(96.6

)

Less: withholding tax on stock-based incentive awards

—

(7.7

)

(25.3

)

Less: acquisition of oil and natural gas properties

(23.0

)

—

(24.4

)

—

Adjusted free cash flow (Non-GAAP)

124.4

101.8

(23.4

)

272.2

Property additions for the nine months ended September 30, 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. Adjusted FCF excludes certain items that management believes affect the comparability of results between periods. 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.

MURPHY OIL CORPORATION

FUNCTIONAL RESULTS OF OPERATIONS (unaudited)

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

(Millions of dollars)

Revenues

Income

(Loss)

Revenues

Income

(Loss)

Exploration and production

United States 1

613.7

28.9

597.0

138.8

Canada

108.0

(6.1

)

157.9

24.2

Other

0.1

(12.0

)

(0.8

)

22.4

Total exploration and production

721.8

10.8

754.1

185.4

Corporate

11.2

(18.6

)

4.2

(33.7

)

Income from continuing operations

733.0

(7.8

)

758.3

151.7

Discontinued operations, net of tax

—

(0.5

)

—

(0.6

)

Net income (loss) including noncontrolling interest

733.0

(8.3

)

758.3

151.1

Less: Net income (loss) attributable to noncontrolling interest

(5.3

)

12.0

Net income (loss) attributable to Murphy

(3.0

)

139.1

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

(Millions of dollars)

Revenues

Income

(Loss)

Revenues

Income

(Loss)

Exploration and production

United States 1

1,676.7

223.3

1,936.1

459.0

Canada

402.0

45.8

413.8

52.5

Other

3.0

(30.4

)

3.4

1.5

Total exploration and production

2,081.7

238.7

2,353.3

513.0

Corporate

12.6

(122.7

)

4.2

(88.9

)

Income from continuing operations

2,094.3

116.0

2,357.5

424.1

Discontinued operations, net of tax

—

0.2

—

(2.1

)

Net income including noncontrolling interest

2,094.3

116.2

2,357.5

422.0

Less: Net income attributable to noncontrolling interest

23.9

65.2

Net income attributable to Murphy

92.3

356.8

1 Includes results attributable to a noncontrolling interest in MP GOM.

MURPHY OIL CORPORATION

PRODUCTION-RELATED EXPENSES (unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

(Dollars per barrel of oil equivalents sold)

2025

2024

2025

2024

United States – Onshore

Lease operating expense

7.04

11.03

8.75

13.00

Severance and ad valorem taxes

2.44

3.30

2.74

3.53

Depreciation, depletion and amortization expense

30.30

29.60

29.95

29.25

United States – Offshore 1

Lease operating expense

16.79

20.54

19.64

21.52

Severance and ad valorem taxes

0.12

0.06

0.11

0.06

Depreciation, depletion and amortization expense

16.06

13.78

16.16

13.55

Canada – Onshore

Lease operating expense

3.94

4.96

4.73

5.28

Severance and ad valorem taxes

0.06

0.05

0.06

0.05

Depreciation, depletion and amortization expense

4.38

4.87

4.32

4.87

Canada – Offshore

Lease operating expense

24.96

18.51

19.05

21.67

Depreciation, depletion and amortization expense

11.53

8.27

10.03

9.58

Total E&P continuing operations 1

Lease operating expense

9.61

12.60

11.64

14.05

Severance and ad valorem taxes

0.64

0.59

0.61

Depreciation, depletion and amortization expense 2

14.67

12.56

14.06

12.61

Total oil and gas continuing operations – excluding noncontrolling interest

Lease operating expense 3

9.39

11.99

11.46

13.75

Severance and ad valorem taxes

0.66

0.61

0.63

Depreciation, depletion and amortization expense 2

14.71

12.54

14.08

12.61

Includes amounts attributable to a noncontrolling interest in MP GOM.

Excludes expenses attributable to the Corporate segment.

Lease operating expense per barrel of oil equivalent sold for total oil and gas continuing operations, excluding NCI and workover costs, was $7.69 and $9.70 for the three months ended September 30, 2025 and 2024, respectively and $8.83 and $10.28 for the nine months ended September 30, 2025 and 2024, respectively.

MURPHY OIL CORPORATION

CAPITAL EXPENDITURES (unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

(Millions of dollars)

2025

2024

2025

2024

Exploration and production

United States 1

113.8

160.8

614.3

575.1

Canada

26.2

13.5

127.3

123.0

Other

47.0

29.6

116.8

62.1

Total

187.0

203.9

858.4

760.2

Corporate

2.2

8.0

9.2

16.4

Total capital expenditures - continuing operations 1

189.2

211.9

867.6

776.6

Less: capital expenditures attributable to noncontrolling interest

2.3

0.7

27.0

9.6

Total capital expenditures - continuing operations attributable to Murphy 2

186.9

211.2

840.6

767.0

Charged to exploration expenses 3

United States 1

20.7

22.1

28.0

85.9

Canada

0.2

0.3

0.4

Other

8.7

7.0

22.3

24.4

Total charged to exploration expenses - continuing operations 1,3

29.6

29.3

50.6

110.7

Less: charged to exploration expenses attributable to noncontrolling interest

—

0.1

—

Total charged to exploration expenses - continuing operations attributable to Murphy 4

29.6

29.3

50.5

110.7

Total capitalized - continuing operations attributable to Murphy

157.3

181.9

790.1

656.3

Includes amounts attributable to a noncontrolling interest in MP GOM.

For the three months ended September 30, 2025, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $23.0 million (2024:nil), is $163.9 million (2024: $211.2 million). For the nine months ended September 30, 2025, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $128.6 million, primarily related to the purchase of a floating production, storage, and offloading vessel in U.S. Offshore (2024: nil), is $712.0 million (2024: $767.0 million).

For the three-month and nine-month periods ended September 30, 2025, total charged to exploration expense attributable to Murphy, excludes amortization of undeveloped leases of $2.9 million (2024: $1.9 million) and $6.8 million (2024 $7.7 million), respectively.

For the three months ended September 30, 2025 and 2024, no amounts were expensed for previously suspended exploration costs. For the nine months ended September 30, 2025, total charged to exploration expense attributable to Murphy, excluding previously suspended exploration costs of nil (2024: $26.1 million), is $50.5 million (2024: $84.6 million).

MURPHY OIL CORPORATION

PRODUCTION SUMMARY (unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

(Barrels per day unless otherwise noted)

2025

2024

2025

2024

Net crude oil and condensate

United States - Onshore

34,703

23,320

26,797

21,199

United States - Offshore 1

56,071

59,282

56,835

64,042

Canada - Onshore

3,495

3,425

2,799

2,888

Canada - Offshore

5,518

7,880

6,658

7,219

Other

278

171

276

221

Total net crude oil and condensate

100,065

94,078

93,365

95,569

Net natural gas liquids

United States - Onshore

8,042

4,640

5,905

4,312

United States - Offshore 1

4,500

4,739

4,344

4,644

Canada - Onshore

442

768

491

572

Total net natural gas liquids

12,984

10,147

10,740

9,528

Net natural gas – thousands of cubic feet per day

United States - Onshore

39,411

26,223

32,711

24,556

United States - Offshore 1

50,477

58,747

51,528

56,565

Canada - Onshore

473,431

437,316

425,342

400,012

Total net natural gas

563,319

522,286

509,581

481,133

Total net hydrocarbons - including NCI 2,3

206,936

191,273

189,035

185,286

Noncontrolling interest

Net crude oil and condensate – barrels per day

(5,998

)

(6,188

)

(5,950

)

(6,467

)

Net natural gas liquids – barrels per day

(228

)

(193

)

(214

)

(207

)

Net natural gas – thousands of cubic feet per day

(1,963

)

(1,947

)

(1,715

)

(2,008

)

Total noncontrolling interest 2,3

(6,553

)

(6,706

)

(6,450

)

(7,009

)

Total net hydrocarbons - excluding NCI 2,3

200,383

184,567

182,585

178,277

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.

MURPHY OIL CORPORATION

SALES SUMMARY (unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

(Barrels per day unless otherwise noted)

2025

2024

2025

2024

Net crude oil and condensate

United States - Onshore

34,703

23,320

26,797

21,199

United States - Offshore 1

57,903

57,467

56,849

64,317

Canada - Onshore

3,495

3,425

2,799

2,888

Canada - Offshore

5,513

10,892

8,114

7,857

Other

—

152

159

Total net crude oil and condensate

101,614

95,104

94,711

96,420

Net natural gas liquids

United States - Onshore

8,042

4,640

5,905

4,312

United States - Offshore 1

4,500

4,739

4,344

4,644

Canada - Onshore

442

768

491

572

Total net natural gas liquids

12,984

10,147

10,740

9,528

Net natural gas – thousands of cubic feet per day

United States - Onshore

39,411

26,223

32,711

24,556

United States - Offshore 1

50,477

58,747

51,528

56,565

Canada - Onshore

473,431

437,316

425,342

400,012

Total net natural gas

563,319

522,286

509,581

481,133

Total net hydrocarbons - including NCI 2,3

208,484

192,299

190,381

186,137

Noncontrolling interest

Net crude oil and condensate – barrels per day

(6,273

)

(5,920

)

(5,954

)

(6,503

)

Net natural gas liquids – barrels per day

(228

)

(193

)

(214

)

(207

)

Net natural gas – thousands of cubic feet per day

(1,963

)

(1,947

)

(1,715

)

(2,008

)

Total noncontrolling interest 2,3

(6,828

)

(6,438

)

(6,454

)

(7,045

)

Total net hydrocarbons - excluding NCI 2,3

201,656

185,861

183,927

179,092

Includes net volumes attributable to a noncontrolling interest in MP GOM.

Natural gas converted on an energy equivalent basis of 6:1.

NCI – noncontrolling interest in MP GOM.

MURPHY OIL CORPORATION

WEIGHTED AVERAGE PRICE SUMMARY (unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Crude oil and condensate – dollars per barrel

United States - Onshore

65.48

75.49

66.24

77.55

United States - Offshore 1

67.00

75.65

67.81

78.42

Canada - Onshore 2

56.33

66.18

59.46

68.62

Canada - Offshore 2

69.42

80.06

70.17

82.83

Other 2

—

72.97

78.20

Natural gas liquids – dollars per barrel

United States - Onshore

18.57

19.05

19.92

19.71

United States - Offshore 1

20.18

22.50

21.85

23.20

Canada - Onshore 2

26.88

34.00

32.54

34.64

Natural gas – dollars per thousand cubic feet

United States - Onshore

2.64

1.77

2.87

1.77

United States - Offshore 1

3.39

2.28

3.73

2.30

Canada - Onshore 2

1.22

1.34

1.68

1.56

1 Prices include the effect of noncontrolling interest in MP GOM.

2 U.S. dollar equivalent.

MURPHY OIL CORPORATION

FIXED PRICE FORWARD SALES AND COMMODITY HEDGE POSITIONS

AS OF NOVEMBER 3, 2025 (unaudited)

Volumes

(MMCF/d)

Price/MCF

Remaining Period

Area

Commodity

Type 1

Start Date

End Date

Canada

Natural Gas

Fixed price forward sales

C$2.75

10/1/2025

12/31/2025

Canada

Natural Gas

Fixed price forward sales

C$3.03

1/1/2026

12/31/2026

1 Fixed price forward sale contracts listed above are accounted for as normal sales and purchases for accounting purposes.

Volumes

(MMCF/d)

Price/MCF

Remaining Period

Area

Commodity

Type

Start Date

End Date

United States

Natural Gas

Fixed price derivative swap

US$3.74

10/1/2025

12/31/2025