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

Announced Successful Appraisal Well at Hai Su Vang-2X in Offshore Vietnam,
Maintained 11 Year Reserve Life with Preliminary Proved Reserves of 715 MMBOE,
Signed Petroleum Agreement for Morocco New Country Entry,
Increased Dividend by 8 Percent in 2026

HOUSTON--(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:

• Produced 181,400 BOEPD, exceeding the midpoint of quarterly guidance
• Spud four exploration and appraisal wells - Hai Su Vang-2X (Golden Sea Lion) in Vietnam, Civette-1X in Côte d’Ivoire, and Cello #1 and Banjo #1 in the Gulf of America - in line with plan
• Initiated development drilling at Lac Da Vang (Golden Camel) development project in Vietnam ahead of schedule
• Paid down $50 million of debt under the senior unsecured credit facility and returned $46 million to shareholders through quarterly dividend
• Named apparent high bidder on 14 exploration blocks in the Gulf of America lease sale on December 10, 2025

Highlights for the full year 2025 include:

• Produced 182,300 BOEPD, at the high end of annual production guidance range
• Drilled oil discoveries at the Lac Da Hong-1X (Pink Camel) and Hai Su Vang-1X (Golden Sea Lion) exploration wells in Vietnam
• Returned $286 million to shareholders through $186 million in quarterly dividends and $100 million in stock repurchases
• Closed the strategic acquisition of the Pioneer floating production, storage and offloading vessel (FPSO) in the Gulf of America for $104 million net purchase price
• Achieved a seven percent year over year reduction in drilling costs in the Eagle Ford Shale (EFS) while delivering the highest-performing EFS wells in Company history at Karnes and Catarina
• Reduced lease operating expense per BOE by twenty percent compared to 2024

Subsequent to the fourth quarter:

• Completed Drill Stem Tests (DST) on the Hai Su Vang-2X (Golden Sea Lion) appraisal well indicating an approximate 12,000 BOPD combined flow rate from the primary reservoir
• Raised estimate of recoverable resource at Hai Su Vang (Golden Sea Lion) in offshore Vietnam following a successful appraisal well, with the midpoint now toward the high end of the previous guidance range of 170 to 430 MMBOE
• Drilled oil discoveries at Cello #1 and Banjo #1 exploration wells in the Gulf of America, and announced a dry hole at Civette-1X in Côte d’Ivoire
• Signed a Petroleum Agreement securing an operated working interest position in Morocco’s Gharb Deep Offshore deepwater block, enabling future exploration
• Upsized senior unsecured revolving credit facility from $1.35 billion to $2.00 billion and extended maturity from 2029 to 2031
• Issued $500 million aggregate principal amount of 6.500 percent senior notes due 2034, redeemed a total of $227 million of senior notes due 2027 and 2028, and paid down the remaining $100 million balance on the senior unsecured revolving credit facility
• Increased the quarterly cash dividend by eight percent to $0.35 per share, or $1.40 per share annualized for 2026

“Throughout 2025 we stayed true to our strategy — allocate capital with discipline, execute our core plan, and pursue selective, high impact exploration. We delivered record-setting well performance in our onshore program, advanced our exploration agenda, and strengthened our liquidity and debt maturity profile. Our Hai Su Vang discovery and appraisal success, along with our broader Vietnam portfolio, position us for material new growth over the coming decade. Our accomplishments in 2025 have provided a robust foundation for continued progress in 2026, positioning us to deliver sustainable value through all market cycles,” stated Eric M. Hambly, President and Chief Executive Officer.

SHAREHOLDER RETURNS

In the fourth quarter of 2025, shareholder returns totaled $46 million through the quarterly dividend. In 2025, Murphy returned $286 million to shareholders, which includes $100 million of share repurchases, or 3.6 million shares, and $186 million in dividends.

The Company had $550 million remaining under its share repurchase authorization and 142.8 million shares outstanding as of December 31, 2025.

FINANCIAL POSITION

Murphy had approximately $1.6 billion of liquidity on December 31, 2025, comprised of $1.25 billion undrawn under the $1.35 billion senior unsecured credit facility (subsequently upsized to $2.00 billion) and $377 million of cash and cash equivalents, inclusive of NCI. During the quarter, Murphy paid down $50 million of debt under the senior unsecured credit facility.

As of December 31, 2025, Murphy’s total debt of $1.4 billion was comprised of long-term, fixed-rate notes and $100 million drawn under the senior unsecured credit facility. The fixed-rate notes had a weighted average maturity of 8.3 years and a weighted average coupon of 6.1 percent.

YEAR-END 2025 PROVED RESERVES

After producing 67 MMBOE for the year, Murphy’s preliminary year-end 2025 proved reserves were 715 MMBOE, consisting of 36 percent oil and 41 percent liquids. Reserve replacement was 103 percent in 2025.

The Company maintained a consistent reserve life of 11 years with 57 percent proved developed reserves.

2025 Proved Reserves – Preliminary *
Category	Net Oil (MMBBL)	Net NGLs (MMBBL)	Net Gas (BCF)	Net Equiv. (MMBOE)
Proved Developed (PD)	161	21	1,341	406
Proved Undeveloped (PUD)	94	15	1,203	309
Total Proved (TP)	255	36	2,544	715

*	Proved reserves exclude NCI and are based on preliminary year-end 2025 third-party audited volumes using SEC pricing.

ONSHORE OPERATIONS SUMMARY

In the fourth quarter of 2025, the onshore business produced approximately 109 MBOEPD, which included 31 percent liquids. No new wells were brought online in the quarter.

Onshore	Oil Production(BOPD)	Total Production (BOEPD)
Eagle Ford Shale	24,400	36,100
Tupper Montney	200	68,000
Kaybob Duvernay	3,300	5,200

Eagle Ford Shale – Continued drilling and completion activity in Karnes and Catarina; wells are expected to come online in the first quarter of 2026.

Onshore Canada – Began drilling a four-well pad in Kaybob Duvernay and an eight-well pad in Tupper Montney; wells are expected to come online in 2026.

OFFSHORE OPERATIONS SUMMARY

Excluding NCI, in the fourth quarter of 2025, the offshore business produced approximately 72 MBOEPD, which included 88 percent liquids.

Offshore	Oil Production (BOPD)	Total Production (BOEPD)
Gulf of America	51,000	64,000
Canada	7,900	7,900

Gulf of America – Spud the Cello #1 and Banjo #1 exploration wells during the fourth quarter. Subsequent to quarter end, Murphy drilled discoveries at Cello #1 and Banjo #1, with the wells encountering 30 feet and 50 feet of net pay, respectively.

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	2%
Vietnam - Lac Da Vang Development	$120	9%
Vietnam - Hai Su Vang Appraisal	$75	6%
Onshore
Eagle Ford Shale	$285	23%
Tupper Montney	$100	8%
Kaybob Duvernay	$35	3%
Exploration
Exploration - Drilling	$150	12%
Exploration - Data Acquisition and Other	$95	8%
Corporate	$35	3%

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

2026 Onshore Wells Online
	1Q 2026	2Q 2026	3Q 2026	4Q 2026	2026 Total
Eagle Ford Shale	15	13	2	–	30
Kaybob Duvernay	–	4	–	–	4
Tupper Montney	–	–	8	–	8
Non-Op Eagle Ford Shale	–	–	2	11	13
Note: All well counts are shown gross. Eagle Ford Shale non-operated working interest averages 23 percent.

CONFERENCE CALL AND WEBCAST SCHEDULED FOR JANUARY 29, 2026

Murphy will host a conference call to discuss fourth quarter 2025 financial and operating results on Thursday, January 29, 2026, at 9:00 a.m. ET. The call can be accessed either via the Internet through the events calendar on the Murphy Oil Corporation Investor Relations website at http://ir.murphyoilcorp.com or via telephone by dialing toll free 1-800-717-1738, reservation number 30479. For additional information, please refer to the Fourth Quarter 2025 Earnings Presentation and Quarterly Stockholder Update available under the News and Events section of the Investor Relations website.

FINANCIAL DATA

Summary financial data and operating statistics for fourth quarter 2025, with comparisons to the same period from the previous year, are contained in the attached schedules. Additionally, a schedule indicating the impacts of items affecting comparability of results between periods and a reconciliation of the non-GAAP financial measures of adjusted net income from continuing operations attributable to Murphy, EBITDA, EBITDAX, adjusted EBITDA, adjusted EBITDAX, free cash flow and adjusted free cash flow to the most directly comparable GAAP financial measures for such periods are also included.

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)
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

1	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

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

Non-GAAP Financial Measures

Presented above is a reconciliation of net income (loss) to adjusted net income from continuing operations attributable to Murphy. Adjusted net income excludes certain items that management believes affect the comparability of results between periods. Management believes this is important information to provide because it is used by management to evaluate the Company’s operational performance and trends between periods and relative to its industry competitors. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s financial results. Adjusted net income is a non-GAAP financial measure and should not be considered a substitute for net income (loss) as determined in accordance with GAAP.

The pretax and income tax impacts for adjustments in the above table are shown below by area of operation and geographical location and corporate, as applicable, and exclude the share attributable to noncontrolling interests.

	Three Months Ended December 31, 2025							Year Ended December 31, 2025
(Millions of dollars)	Pretax		Tax			Net		Pretax		Tax			Net
Exploration & Production:
United States	$	—	$	—		$	—	$	92.0	$	(19.4	)	$	72.6
Corporate		10.7		(2.6	)		8.1		27.7		(7.0	)		20.7
Total adjustments	$	10.7	$	(2.6	)	$	8.1	$	119.7	$	(26.4	)	$	93.3

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

1	Excludes amounts attributable to a noncontrolling interest in MP GOM.
2	Other exploration expenses consist of exploration expenses as reported in the consolidated statement of operations excluding amounts relating to the write-off of previously suspended exploration well included in Adjusted EBITDA calculation above.

Non-GAAP Financial Measures

Presented above is a reconciliation of net income (loss) to earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, earnings before interest, taxes, depreciation and amortization, and exploration expenses (EBITDAX) and adjusted EBITDAX. Management believes EBITDA, adjusted EBITDA, EBITDAX and adjusted EBITDAX are important information to provide because they are used by management to evaluate the Company’s operational performance and trends between periods and relative to its industry competitors. Adjusted EBITDAX excludes certain items that management believes affect the comparability of results between periods. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s financial results. EBITDA, adjusted EBITDA, EBITDAX and adjusted EBITDAX are non-GAAP financial measures and should not be considered a substitute for net income (loss) or Cash provided by operating activities as determined in accordance with GAAP.

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

1	Property additions for the year ended December 31, 2025, includes a payment of $125.0 million for the purchase of a floating production, storage, and offloading vessel in U.S. Offshore, including amounts attributable to a noncontrolling interest in MP GOM.

Non-GAAP Financial Measures

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

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

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

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

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

1	Includes amounts attributable to a noncontrolling interest in MP GOM.
2	Excludes expenses attributable to the Corporate segment.

MURPHY OIL CORPORATION CAPITAL EXPENDITURES (unaudited)
	Three Months Ended December 31,				Year Ended December 31,
(Millions of dollars)	2025		2024		2025		2024
Exploration and production
United States ^1	$	182.6	$	116.8	$	796.9	$	691.9
Canada		25.5		15.3		152.8		138.3
Other		130.3		43.4		247.1		105.5
Total		338.4		175.5		1,196.8		935.7
Corporate		12.0		12.7		21.2		29.1
Total capital expenditures - continuing operations ^1		350.4		188.2		1,218.0		964.8
Less: capital expenditures attributable to noncontrolling interest		5.0		2.4		32.0		12.0
Total capital expenditures - continuing operations attributable to Murphy^2	$	345.4	$	185.8	$	1,186.0	$	952.8
Charged to exploration expenses ^3
United States ^1		5.5		4.1		33.5		90.0
Canada		—		—		0.3		0.4
Other		43.9		9.1		66.2		33.5
Total charged to exploration expenses - continuing operations^1,3		49.4		13.2		100.0		123.9
Less: charged to exploration expenses attributable to noncontrolling interest		—		—		0.1		—
Total charged to exploration expenses - continuing operations attributable to Murphy ^4		49.4		13.2		99.9		123.9
Total capitalized - continuing operations attributable to Murphy	$	296.0	$	172.6	$	1,086.1	$	828.9

1	Includes amounts attributable to a noncontrolling interest in MP GOM.
2	For the three months ended December 31, 2025, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $4.6 million (2024:nil), is $340.8 million (2024: $185.8 million). For the year ended December 31, 2025, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $29.0 million (2024: nil), is $1,157.0 million (2024: $952.8 million).
3	For the three months and year ended December 31, 2025, total charged to exploration expense attributable to Murphy, excludes amortization of undeveloped leases of $4.8 million (2024: $1.9 million) and $11.7 million (2024 $9.6 million), respectively.
4	For the three months ended December 31, 2025 and 2024, no amounts were expensed for previously suspended exploration costs. For the year ended December 31, 2025, total charged to exploration expense attributable to Murphy, excluding previously suspended exploration costs of nil (2024: $26.1 million), is $99.9 million (2024: $97.8 million).

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

1	Includes net volumes attributable to a noncontrolling interest in MP GOM (NCI).
2	Natural gas converted on an energy equivalent basis of 6:1.

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

1	Includes net volumes attributable to a noncontrolling interest in MP GOM (NCI).
2	Natural gas converted on an energy equivalent basis of 6:1.

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

1	Prices include the effect of noncontrolling interest in MP GOM.
2	U.S. dollar equivalent.

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

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