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Murphy Oil Corporation
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Q4 2023 Earnings Presentation
| Roger W. Jenkins | Page 3 of 11 |
May 11, 2024
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"Q4 2023 Earnings Presentation"
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2 www.murphyoilcorp.com NYSE: MUR 2 Advancing Strategic Priorities Progressed Murphy 2.0 of Capital Allocation Framework 1 RETURN • Repurchased $150 MM, or 3.4 MM shares, at an average price of $43.96 / share in FY 2023 • $450 MM remaining under share repurchase authorization as of Dec 31, 2023 • Announced 9% dividend increase of quarterly cash dividend to $1.20 / share annualized in 1Q 2024 DELEVER EXECUTE EXPLORE • Utilized proceeds from non-core divestiture to progress capital allocation framework in FY 2023 • Achieved FY 2023 debt reduction goal of ~$500 MM through senior notes redemption and partial tender • Advanced Murphy 2.0 of capital allocation framework 1 with $1.7 BN of total debt reduction since year-end 2020 • Produced 186 MBOEPD with 98 MBOPD, or 52 percent, oil volumes in FY 2023 • Initiated procurement for Lac Da Vang field development project in Vietnam with first oil forecast in 2026 • Resumed production at the non-operated Terra Nova field in 4Q 2023 • Acquired 8 percent working interest in the non-operated Zephyrus discovery in the Gulf of Mexico for $13 MM after closing adjustments in 4Q 2023 • Achieved 139% total reserve replacement with 724 MMBOE preliminary proved reserves and ~11-year reserve life • Named apparent high bidder on 8 exploration blocks in Gulf of Mexico Federal Lease Sale 261 in 4Q 2023 • Preparing for 2024 exploration program in Gulf of Mexico and Vietnam • Advancing seismic reprocessing projects for Gulf of Mexico and Côte d’Ivoire Murphy 2.0 is when long-term debt equals $1.0 BN – $1.8 BN. During this time, ~75% of adjusted free cash flow is allocated to debt reduction and the remaining ~25% is distributed through share buybacks and potential dividend increases. Adjusted FCF is defined as cash flow from operations before working capital change, less capital expenditures, distributions to NCI and projected payments, quarterly dividend and accretive acquisitions