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

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).^†

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.

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.

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.

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.

The table below illustrates the capital allocation by area.

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

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.

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.

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.

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.