Murphy Oil Corporation Announces First Quarter Results

Murphy Oil Corporation Announces First Quarter Results

Exceeded Upper End of Guidance Range with Production of 174 MBOEPD

Spud Chinook #8 Development Well in Gulf of America, Hai Su Vang-3X Appraisal Well in Vietnam, and Bubale-1X Exploration Well in Côte d’Ivoire in Line with Plan

HOUSTON–(BUSINESS WIRE)–
Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the first quarter ended March 31, 2026. 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 March 31, 2026
Net income attributable to Murphy	$	53.0
Net income attributable to Murphy per common share – Diluted	$	0.37
Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) ¹	$	46.5
Adjusted net income from continuing operations per average common share – Diluted (Non-GAAP) ¹	$	0.32
Adjusted EBITDA attributable to Murphy (Non-GAAP) ¹	$	382.9
Adjusted EBITDAX attributable to Murphy (Non-GAAP) ¹	$	465.7
Net cash provided by continuing operations activities	$	321.2
Operating cash flow excluding working capital adjustments (Non-GAAP) ¹	$	429.2
Free cash flow (Non-GAAP) ¹	$	41.4
Oil production, net (BOPD)²		87,217
Total production, net (BOEPD) ²		174,236
Capital expenditures (CAPEX) ³	$	465.0
Lease operating expense from continuing operations ($/BOE)²	$	8.70

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 first quarter ended March 31, 2026 excluding acquisition-related costs of $22.7 million were $442.3 million.

Highlights for the first quarter include:

Produced 174,200 BOEPD, exceeding the high end of quarterly guidance due to outperformance in the Eagle Ford Shale and strong uptime in the Gulf of America
Spud Bubale-1X, the third exploration well in Côte d’Ivoire
Progressed the Hai Su Vang-3X appraisal well in Vietnam, with results from the full appraisal program anticipated in the third quarter of 2026
Spud the Chinook #8 well in the Gulf of America, a key development well expected to come online in the second half of this year with a gross initial production rate of 15 MBOEPD
Brought online 15 wells in the Eagle Ford Shale, with the wells driving a 17 percent improvement in 60-day cumulative oil production compared to wells drilled in 2025

Subsequent to the first quarter:

Approved development of the Banjo and Cello fields, targeting first production in the fourth quarter of 2027
In late March, Murphy submitted an offer for four exploration blocks in offshore Cameroon which was accepted subsequent to quarter end; final terms are pending further discussions with the Republic of Cameroon

“During these uncertain times, our strategy is to stay anchored to what we control—disciplined capital allocation, safe and reliable operations, and our long‑cycle projects. In the first quarter, this focus translated into strong execution across our portfolio with meaningful progress at Lac Da Vang in Vietnam, advancement of the high-impact Chinook #8 well in the Gulf of America, and sustained outperformance from our US and Canada onshore programs,” stated Eric M. Hambly, President and Chief Executive Officer.

SHAREHOLDER RETURNS

During the first quarter of 2026, we paid $50 million in quarterly dividends.

While the Company elected not to repurchase shares this quarter, it retained significant flexibility, with $550 million remaining under its share repurchase authorization and 143.3 million shares outstanding as of March 31, 2026.

FINANCIAL POSITION

Murphy had approximately $2.38 billion of liquidity on March 31, 2026, comprised of the undrawn $2.00 billion senior unsecured credit facility and approximately $380 million of cash and cash equivalents, inclusive of NCI. During the quarter, Murphy paid down $100 million of debt under the senior unsecured credit facility.

As of March 31, 2026, Murphy’s total debt of $1.55 billion was comprised of long-term, fixed-rate notes, with no drawings under the senior unsecured credit facility. The fixed-rate notes had a weighted average maturity of 8.9 years and a weighted average coupon of 6.2 percent.

ONSHORE OPERATIONS SUMMARY

In the first quarter of 2026, the onshore business produced approximately 106 MBOEPD, which included 36 percent liquids.

Onshore	Oil Production (BOPD)	Total Production (BOEPD)
Eagle Ford Shale	28,500	39,900
Tupper Montney	200	61,900
Kaybob Duvernay	2,800	4,400

Eagle Ford Shale – Brought online fifteen new wells, including twelve in Karnes and three in Catarina. An additional twenty wells are expected to come online in Catarina during the remainder of 2026.

Onshore Canada – Progressed drilling a four-well pad in Kaybob Duvernay and brought wells online subsequent to quarter end. In Tupper Montney, progressed an eight-well pad with wells expected to come online in the third quarter of 2026.

OFFSHORE OPERATIONS SUMMARY

Excluding NCI, the offshore business produced approximately 68 MBOEPD in the first quarter of 2026, which included 88 percent liquids.

Offshore	Oil Production (BOPD)	Total Production (BOEPD)
Gulf of America	46,600	58,800
Canada	9,000	9,000

Gulf of America – Spud the Chinook #8 development well, targeting first oil in the second half of 2026 with a gross initial production rate of 15 MBOEPD.

Vietnam – Progressed construction of the Floating Storage and Offloading vessel (FSO), which is now ready to launch and will be delivered to location in the third quarter of 2026 in line with schedule. The project is on track for first oil in the fourth quarter of this year.

2Q 2026 PRODUCTION AND CAPITAL EXPENDITURE GUIDANCE

The table below illustrates second quarter 2026 guidance.

2Q 2026 Guidance
Producing Asset	Oil (BOPD)	NGLs (BOPD)	Natural Gas (MCFD)	Total (BOEPD)
Eagle Ford Shale	27,600	5,600	29,900	38,200
Gulf of America, excl. NCI	44,800	3,700	45,300	56,100
Tupper Montney	100	—	329,400	55,000
Kaybob Duvernay	4,600	500	9,300	6,700
Offshore Canada	8,800	—	—	8,800
Other	200	—	—	200

Total Net Production, excl. NCI ¹ (BOEPD)		161,000 to 169,000
Capital Expenditures, excl. NCI ²($MM)		$350 – $430
Exploration Expense ($ MM)		$70 – $110

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 $1,300
Exploration Expense ($ MM)		$220 – $300

¹	Excludes noncontrolling interest of MP GOM of 5,200 BOPD of oil, 200 BOPD of NGLs and 1,700 MCFD natural gas
²	Excludes noncontrolling interest of MP GOM of $20 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

The table below details the 2026 onshore well delivery plan by quarter.

2026 Onshore Wells Online
	1Q 2026A	2Q 2026E	3Q 2026E	4Q 2026E	2026E Total
Eagle Ford Shale	15	6	14	–	35
Kaybob Duvernay	–	4	–	–	4
Tupper Montney	–	–	8	–	8
Non-Op Eagle Ford Shale	–	–	6	–	6
Note: All well counts are shown gross. Eagle Ford Shale non-operated working interest averages 17 percent.

CONFERENCE CALL AND WEBCAST SCHEDULED FOR MAY 7, 2026

Murphy will host a conference call to discuss first quarter 2026 financial and operating results on Thursday, May 7, 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 1-800-715-9871, conference ID 9924118. For additional information, please refer to the First Quarter 2026 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 first quarter 2026, 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”, “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 (including the current conflict in Iran); 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.

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

March 31,

(Thousands of dollars, except per share amounts)

2026

2025

Revenues and other income

Revenue from production

$

732,354

$

672,730

Total revenue from sales to customers

732,354

672,730

Gain (loss) on derivative instruments

—

(9,459

)

Gain on sale of assets and other operating income

1,198

2,440

Total revenues and other income

733,552

665,711

Costs and expenses

Lease operating expenses

143,464

205,079

Severance and ad valorem taxes

13,746

8,650

Transportation, gathering and processing

47,061

48,851

Exploration expenses, including undeveloped lease amortization

82,815

14,488

Selling and general expenses

34,870

30,915

Depreciation, depletion and amortization

254,376

194,160

Accretion of asset retirement obligations

14,514

14,045

Other operating expense

4,441

5,629

Total costs and expenses

595,287

521,817

Operating income from continuing operations

138,265

143,894

Other income (loss)

Other income

9,852

2,402

Interest expense, net

(28,977

)

(23,523

)

Total other loss

(19,125

)

(21,121

)

Income from continuing operations before income taxes

119,140

122,773

Income tax expense

49,945

32,722

Income from continuing operations

69,195

90,051

Loss from discontinued operations, net of income taxes

(542

)

(633

)

Net income including noncontrolling interest

68,653

89,418

Less: Net income attributable to noncontrolling interest

15,667

16,382

NET INCOME ATTRIBUTABLE TO MURPHY

$

52,986

$

73,036

NET INCOME PER COMMON SHARE – BASIC

Continuing operations

$

0.37

$

0.51

Discontinued operations

—

—

Net income

$

0.37

$

0.51

NET INCOME PER COMMON SHARE – DILUTED

Continuing operations

$

0.37

$

0.50

Discontinued operations

—

—

Net income

$

0.37

$

0.50

Cash dividends per common share

$

0.350

$

0.325

Average common shares outstanding (thousands)

Basic

143,082

144,284

Diluted

144,381

145,072

MURPHY OIL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

Three Months Ended

March 31,

(Thousands of dollars)

2026

2025

Operating Activities

Net income including noncontrolling interest

$

68,653

$

89,418

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

Depreciation, depletion and amortization

254,376

194,160

Unsuccessful exploration well costs and previously suspended exploration costs

67,043

190

Deferred income tax expense

36,864

16,343

Accretion of asset retirement obligations

14,514

14,045

Long-term non-cash compensation

15,433

9,905

Amortization of undeveloped leases

2,270

1,654

Loss from discontinued operations

542

633

Unrealized loss on derivative instruments

—

8,916

Other operating activities, net

(30,539

)

(11,799

)

Net increase in non-cash working capital

(107,972

)

(22,784

)

Net cash provided by continuing operations activities

321,184

300,681

Investing Activities

Property additions and dry hole costs

(387,838

)

(368,421

)

Acquisition of oil and natural gas properties

(22,681

)

(1,364

)

Net cash required by investing activities

(410,519

)

(369,785

)

Financing Activities

Retirement of debt

(227,489

)

—

Early redemption of debt cost

(2,369

)

—

Debt issuance

500,000

—

Debt issuance cost

(7,819

)

—

Borrowings on revolving credit facility

175,000

250,000

Repayment of revolving credit facility

(275,000

)

(50,000

)

Issue costs of revolving credit facility

(12,213

)

—

Repurchase of common stock, including excise tax

(777

)

(100,072

)

Cash dividends paid

(50,173

)

(47,026

)

Distributions to noncontrolling interest

—

(6,955

)

Withholding tax on stock-based incentive awards

(7,849

)

(7,673

)

Finance lease obligation payments

(419

)

(116

)

Net cash provided by financing activities

90,892

38,158

Effect of exchange rate changes on cash and cash equivalents

—

291

Net increase (decrease) in cash and cash equivalents

1,557

(30,655

)

Cash and cash equivalents at beginning of period

377,196

423,569

Cash and cash equivalents at end of period

$

378,753

$

392,914

MURPHY OIL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(Thousands of dollars)

March 31,

2026

December 31,

2025

ASSETS

Cash and cash equivalents

$

378,753

$

377,196

Other current assets

558,198

439,516

Total current assets

$

936,951

$

816,712

Property, plant and equipment, net

8,265,324

8,136,346

Operating lease assets, net

738,315

805,464

Other long-term assets

95,044

74,104

Total assets

$

10,035,634

$

9,832,626

LIABILITIES AND EQUITY

Current maturities of long-term debt, finance lease

$

2,547

$

2,514

Accounts payable

645,829

572,183

Operating lease liabilities

270,214

278,834

Other current liabilities

215,596

209,218

Total current liabilities

$

1,134,186

$

1,062,749

Long-term debt, including finance lease obligation

1,548,147

1,382,566

Asset retirement obligations

972,503

970,908

Non-current operating lease liabilities

479,161

537,773

Other long-term liabilities

668,757

641,933

Total liabilities

$

4,802,754

$

4,595,929

Murphy Shareholders’ Equity

5,098,896

5,118,380

Noncontrolling interest

133,984

118,317

Total liabilities and equity

$

10,035,634

$

9,832,626

MURPHY OIL CORPORATION

SCHEDULE OF ADJUSTED NET INCOME (LOSS) (unaudited)

Three Months Ended

March 31,

(Millions of dollars, except per share amounts)

2026

2025

Net income attributable to Murphy (GAAP) ¹

$

53.0

$

73.0

Discontinued operations loss

0.5

0.6

Net income from continuing operations attributable to Murphy

53.5

73.6

Adjustments:

Foreign exchange gain

(9.4

)

—

Unrealized loss on derivative instruments

—

8.9

Total adjustments, before taxes

(9.4

)

8.9

Income tax (benefit) expense related to adjustments

2.4

(1.8

)

Total adjustments, after taxes

(7.0

)

7.1

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

$

46.5

$

80.7

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

$

0.32

$

0.56

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 March 31, 2026

(Millions of dollars)

Pretax

Tax

Net

Corporate

$

(9.4

)

$

2.4

$

(7.0

)

Total adjustments

$

(9.4

)

$

2.4

$

(7.0

)

MURPHY OIL CORPORATION

SCHEDULE OF EBITDA, ADJUSTED EBITDA, EBITDAX AND ADJUSTED EBITDAX

(unaudited)

Three Months Ended

March 31,

(Millions of dollars)

2026

2025

Net income attributable to Murphy (GAAP) ¹

$

53.0

$

73.0

Income tax expense

49.9

32.7

Interest expense, net

29.0

23.5

Depreciation, depletion and amortization expense¹

246.9

187.4

EBITDA attributable to Murphy (Non-GAAP)¹

$

378.8

$

316.6

Exploration expenses ¹

82.8

14.5

EBITDAX attributable to Murphy (Non-GAAP)¹

$

461.6

$

331.1

EBITDA attributable to Murphy (Non-GAAP)¹

$

378.8

$

316.6

Foreign exchange gain

(9.4

)

—

Accretion of asset retirement obligations ¹

13.0

12.5

Unrealized loss on derivative instruments

—

8.9

Discontinued operations loss

0.5

0.6

Adjusted EBITDA attributable to Murphy (Non-GAAP)¹

$

382.9

$

338.6

Exploration expenses ¹

82.8

14.5

Adjusted EBITDAX attributable to Murphy (Non-GAAP)¹

$

465.7

$

353.1

¹Excludes amounts attributable to a noncontrolling interest in MP GOM.

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

March 31,

(Millions of dollars)

2026

2025

Net cash provided by continuing operations activities (GAAP)

$

321.2

$

300.7

Exclude: increase in non-cash working capital

108.0

22.8

Operating cash flow excluding working capital adjustments (Non-GAAP)

429.2

323.5

Less: property additions and dry hole costs ¹

(387.8

)

(368.4

)

Free cash flow (Non-GAAP)

$

41.4

$

(44.9

)

Less: cash dividends paid

(50.2

)

(47.0

)

Less: distributions to noncontrolling interest

—

(7.0

)

Less: debt costs

(22.4

)

—

Less: withholding tax on stock-based incentive awards

(7.8

)

(7.7

)

Less: acquisition of oil and natural gas properties

(22.7

)

(1.4

)

Adjusted free cash flow (Non-GAAP)

$

(61.7

)

$

(108.0

)

¹

Property additions for the three months ended March 31, 2025 include a payment of $125.0 million for the purchase of a floating production, storage, and offloading vessel in the Gulf of America, 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 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.

MURPHY OIL CORPORATION

FUNCTIONAL RESULTS OF OPERATIONS (unaudited)

Three Months Ended

March 31, 2026

Three Months Ended

March 31, 2025

(Millions of dollars)

Revenues

Income

(Loss)

Revenues

Income

(Loss)

Exploration and production

United States ¹

$

575.5

$

156.6

$

509.5

$

107.9

Canada

155.2

31.7

165.7

41.5

Other

2.9

(82.7

)

—

(11.2

)

Total exploration and production

733.6

105.6

675.2

138.2

Corporate

—

(36.4

)

(9.5

)

(48.2

)

Income from continuing operations

733.6

69.2

665.7

90.0

Discontinued operations, net of tax

—

(0.5

)

—

(0.6

)

Net income including noncontrolling interest

$

733.6

$

68.7

$

665.7

$

89.4

Less: Net income attributable to noncontrolling interest

15.7

16.4

Net income attributable to Murphy

$

53.0

$

73.0

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

MURPHY OIL CORPORATION

PRODUCTION-RELATED EXPENSES (unaudited)

Three Months Ended

March 31,

(Dollars per barrel of oil equivalents sold)

2026

2025

United States – Onshore

Lease operating expense

$

9.02

$

13.02

Severance and ad valorem taxes

3.40

3.45

Depreciation, depletion and amortization expense

31.58

29.35

United States – Offshore¹

Lease operating expense

$

11.17

$

21.37

Severance and ad valorem taxes

0.13

0.08

Depreciation, depletion and amortization expense

17.69

15.42

Canada – Onshore

Lease operating expense

$

5.53

$

5.51

Severance and ad valorem taxes

0.14

0.06

Depreciation, depletion and amortization expense

4.42

4.40

Canada – Offshore

Lease operating expense

$

17.42

$

16.89

Depreciation, depletion and amortization expense

11.22

8.26

Total E&P continuing operations¹

Lease operating expense

$

8.89

$

13.90

Severance and ad valorem taxes

0.85

0.59

Depreciation, depletion and amortization expense²

15.62

13.00

Total oil and gas continuing operations – excluding noncontrolling interest

Lease operating expense³

$

8.70

$

13.74

Severance and ad valorem taxes

0.88

0.61

Depreciation, depletion and amortization expense²

15.67

13.01

¹

Includes amounts attributable to a noncontrolling interest in MP GOM.

²

Excludes expenses attributable to the Corporate segment.

³

Lease operating expense per barrel of oil equivalent sold for total oil and gas continuing operations, excluding NCI and workover costs, was $8.26 and $10.41 for the three months ended March 31, 2026 and 2025, respectively.

MURPHY OIL CORPORATION

CAPITAL EXPENDITURES (unaudited)

Three Months Ended

March 31,

(Millions of dollars)

2026

2025

Exploration and production

United States ¹

$

259.1

$

322.1

Canada

62.1

55.4

Other

147.6

43.1

Total

468.8

420.6

Corporate

9.1

4.2

Total capital expenditures – continuing operations ¹

477.9

424.8

Less: capital expenditures attributable to noncontrolling interest

12.9

21.9

Total capital expenditures – continuing operations attributable to Murphy²

465.0

402.9

Charged to exploration expenses ³

United States ¹

4.2

5.1

Canada

—

0.1

Other

76.3

7.7

Total charged to exploration expenses – continuing operations^1,3

80.5

12.9

Less: charged to exploration expenses attributable to noncontrolling interest

—

—

Total charged to exploration expenses – continuing operations attributable to Murphy

80.5

12.9

Total capitalized – continuing operations attributable to Murphy

$

384.5

$

390.0

¹

Includes amounts attributable to a noncontrolling interest in MP GOM.

²

For the three months ended March 31, 2026, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $22.7 million, (2025: $1.4 million), is $442.3 million (2025: $401.5 million).

³

For the three months ended March 31, 2026, the total charged to exploration expense attributable to Murphy excludes amortization of undeveloped leases of $2.3 million (2025: $1.6 million).

MURPHY OIL CORPORATION

PRODUCTION SUMMARY (unaudited)

Three Months Ended

March 31,

(Barrels per day unless otherwise noted)

2026

2025

Net crude oil and condensate

United States – Onshore

28,497

16,974

United States – Offshore ¹

51,839

55,587

Canada – Onshore

2,932

2,584

Canada – Offshore

9,006

8,855

Other

224

255

Total net crude oil and condensate

92,498

84,255

Net natural gas liquids

United States – Onshore

5,856

4,072

United States – Offshore ¹

4,298

3,804

Canada – Onshore

528

538

Total net natural gas liquids

10,682

8,414

Net natural gas – thousands of cubic feet per day

United States – Onshore

33,082

26,190

United States – Offshore ¹

51,153

51,150

Canada – Onshore

377,001

346,892

Total net natural gas

461,236

424,232

Total net hydrocarbons – including NCI ^2,3

180,053

163,374

Noncontrolling interest

Net crude oil and condensate – barrels per day

(5,281

)

(5,779

)

Net natural gas liquids – barrels per day

(226

)

(170

)

Net natural gas – thousands of cubic feet per day

(1,857

)

(1,234

)

Total noncontrolling interest ^2,3

(5,817

)

(6,154

)

Total net hydrocarbons – excluding NCI ^2,3

174,236

157,220

¹Includes net volumes attributable to a noncontrolling interest in MP GOM.

²Natural gas converted on an energy equivalent basis of 6:1.

³NCI – noncontrolling interest in MP GOM.

MURPHY OIL CORPORATION

SALES SUMMARY (unaudited)

Three Months Ended

March 31,

(Barrels per day unless otherwise noted)

2026

2025

Net crude oil and condensate

United States – Onshore

28,497

16,974

United States – Offshore ¹

52,205

54,133

Canada – Onshore

2,932

2,584

Canada – Offshore

7,579

11,128

Other

455

—

Total net crude oil and condensate

91,668

84,819

Net natural gas liquids

United States – Onshore

5,856

4,072

United States – Offshore ¹

4,298

3,804

Canada – Onshore

528

538

Total net natural gas liquids

10,682

8,414

Net natural gas – thousands of cubic feet per day

United States – Onshore

33,082

26,190

United States – Offshore ¹

51,153

51,150

Canada – Onshore

377,001

346,892

Total net natural gas

461,236

424,232

Total net hydrocarbons – including NCI ^2,3

179,223

163,938

Noncontrolling interest

Net crude oil and condensate – barrels per day

(5,333

)

(5,567

)

Net natural gas liquids – barrels per day

(226

)

(170

)

Net natural gas – thousands of cubic feet per day

(1,857

)

(1,234

)

Total noncontrolling interest ^2,3

(5,869

)

(5,942

)

Total net hydrocarbons – excluding NCI ^2,3

173,354

157,996

¹Includes net volumes attributable to a noncontrolling interest in MP GOM.

²Natural gas converted on an energy equivalent basis of 6:1.

³NCI – noncontrolling interest in MP GOM.

MURPHY OIL CORPORATION

WEIGHTED AVERAGE PRICE SUMMARY (unaudited)

Three Months Ended

March 31,

2026

2025

Crude oil and condensate – dollars per barrel

United States – Onshore

$

73.44

$

71.65

United States – Offshore ¹

70.97

72.32

Canada – Onshore ²

65.89

63.34

Canada – Offshore ²

78.19

74.36

Other ²

71.04

—

Natural gas liquids – dollars per barrel

United States – Onshore

17.60

23.16

United States – Offshore ¹

16.45

27.02

Canada – Onshore ²

27.73

36.08

Natural gas – dollars per thousand cubic feet

United States – Onshore

3.74

3.38

United States – Offshore ¹

5.68

4.33

Canada – Onshore ²

2.44

2.38

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

²U.S. dollar equivalent.

MURPHY OIL CORPORATION

FIXED PRICE FORWARD SALES AND COMMODITY HEDGE POSITIONS

AS OF MAY 4, 2026 (unaudited)

Volumes

(MMCF/D)

Price/MCF

Remaining Period

Area

Commodity

Type ¹

Start Date

End Date

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

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20260505024046/en/

Investor Contacts:

[email protected]

Atif Riaz, 281-675-9358

Beth Heller, 281-675-9363

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Oil/Gas Energy

MEDIA:

Logo