Murphy Oil Corporation Announces Fourth Quarter and Full Year 2025 Results, Preliminary Year-End 2025 Reserves, 2026 Capital Expenditure and Production Guidance

HOUSTON--( BUSINESS WIRE)--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.

Highlights for the fourth quarter include:

Highlights for the full year 2025 include:

Subsequent to the fourth quarter:

“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.

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

1,341

406

Proved Undeveloped (PUD)

1,203

309

Total Proved (TP)

255

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

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.

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

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

Vietnam - Lac Da Vang Development

$120

Vietnam - Hai Su Vang Appraisal

$75

Onshore

Eagle Ford Shale

$285

23%

Tupper Montney

$100

Kaybob Duvernay

$35

Exploration

Exploration - Drilling

$150

12%

Exploration - Data Acquisition and Other

$95

Corporate

$35

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

–

Kaybob Duvernay

–

Tupper Montney

–

Non-Op Eagle Ford Shale

–

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.

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 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

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)

(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

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

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

Reclassified to conform to current presentation.

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

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

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

Excludes amounts attributable to a noncontrolling interest in MP GOM.

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

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

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.

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

Includes results attributable to a noncontrolling interest in MP GOM.

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

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

Includes amounts attributable to a noncontrolling interest in MP GOM.

Excludes expenses attributable to the Corporate segment.

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

Includes amounts attributable to a noncontrolling interest in MP GOM.

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).

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.

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).

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

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

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

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

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

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

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

Prices include the effect of noncontrolling interest in MP GOM.

U.S. dollar equivalent.

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

C$3.03

1/1/2026

3/31/2026

Canada

Natural Gas

Fixed price forward sales

C$2.94

4/1/2026

6/30/2026

Canada

Natural Gas

Fixed price forward sales

C$2.94

7/1/2026

9/30/2026

Canada

Natural Gas

Fixed price forward sales

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

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