MURPHY OIL CORPORATION ANNOUNCES THIRD QUARTER RESULTS (Form 8-K)

MURPHY OIL CORPORATION ANNOUNCES THIRD QUARTER RESULTS

Delivered Sequential Increase in Production to 200 MBOEPD and 94 MBOPD

Reduced Debt by $50 Million and Paid Dividends of $46 Million

Progressed Lac Da Vang (Golden Camel) Platform Jacket Installation and Pipeline Laying Campaign in Vietnam Ahead of Schedule

HOUSTON, Texas, November 5, 2025 - Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the third quarter ended September 30, 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 September 30, 2025
Net loss from continuing operations attributable to Murphy			$	(3.0)
Net loss attributable to Murphy per common share - Diluted			$	(0.02)
Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) 1,2			$	58.1
Adjusted net income from continuing operations per average common share - Diluted (Non-GAAP) 1,2			$	0.41
Adjusted EBITDA attributable to Murphy (Non-GAAP) 2			$	390.6
Adjusted EBITDAX attributable to Murphy (Non-GAAP) 2			$	423.1
Net cash provided by continuing operations activities			$	339.4
Free cash flow (Non-GAAP) 2			$	218.8
Oil production, net (BOPD) 3			94,067
Total production, net (BOEPD) 3			200,383
Accrued capital expenditures (CAPEX) 4			$	163.9
Lease operating expense ($/BOE) 5			$	9.39

1 Adjustments to net loss totaled $76 million (before tax) and were comprised of a $92 million impairment of assets, offset by foreign exchange gains and unrealized gains on derivatives of $16 million. The net tax effect of these adjustments was a tax benefit of $16 million, for a total after-tax adjustment of $61 million.

2 Adjusted net income, adjusted EBITDA, adjusted EBITDAX and free cash flow are non-GAAP financial measures and are not a substitute for measures prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations and definitions of these measures can be found in the attached schedules.

3 Barrels of oil per day (BOPD) and barrels of oil equivalent per day (BOEPD).

4 Excludes $23 million Eagle Ford Shale acquisition.

5 Lease operating expense per barrel of oil equivalent sold for total oil and gas continuing operations.

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Highlights for the third quarter include:

•Delivered sequential increase in production to 200,000 BOEPD and 94,000 BOPD; production outperformed high-end of guidance on strong new well productivity and no storm downtime in the Gulf of America

•Paid down $50 million of debt under the senior unsecured credit facility and returned $46 million to shareholders through quarterly dividend

•Reaffirmed full year production and CAPEX guidance

Subsequent to the third quarter:

•Completed installation of platform jacket and initiated development drilling at Lac Da Vang (Golden Camel) development project in Vietnam ahead of schedule

"I am pleased with our operational performance across our asset base including Eagle Ford, Tupper Montney, and Gulf of America. I am proud of our team for continuing to innovate and evolve our completions and flowback designs to achieve higher capital efficiency in our onshore operations. We saw great performance from our Gulf of America asset and successfully completed all planned workover activity. Additionally, subsequent to quarter end, we executed major milestones on our Lac Da Vang (Golden Camel) project. We remain focused on core execution as we progress our impactful offshore exploration and appraisal program across three continents in the fourth quarter," stated Eric M. Hambly, President and Chief Executive Officer.

RETURN OF CAPITAL

In the third quarter of 2025, return of capital totaled $46 million through the quarterly dividend. Through the first three quarters of 2025, Murphy has returned $240 million to shareholders, which includes $100 million of share repurchases and $140 million in dividends.

The company had $550 million remaining under its share repurchase authorization and 142.7 million shares outstanding as of September 30, 2025.

FINANCIAL POSITION

Murphy had approximately $1.6 billion of liquidity on September 30, 2025, comprised of $1.2 billion undrawn under the $1.35 billion senior unsecured credit facility and $426 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 September 30, 2025, Murphy's total debt of $1.4 billion was comprised of long-term, fixed-rate notes and $150 million drawn under the senior unsecured credit facility. The fixed-rate notes had a weighted average maturity of 8.6 years and a weighted average coupon of 6.1 percent.

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ONSHORE OPERATIONS SUMMARY

In the third quarter of 2025, the onshore business produced approximately 132 MBOEPD, which included 35 percent liquids.

Onshore			Oil Production (BOPD)			Total Production (BOEPD)			New Wells Online (Operated)
Eagle Ford Shale			35,000			49,000			10
Tupper Montney			200			78,000			-
Kaybob Duvernay			3,000			5,000			4

OFFSHORE OPERATIONS SUMMARY

Excluding NCI, in the third quarter of 2025, the offshore business produced approximately 68 MBOEPD, which included 88 percent liquids.

Offshore			Oil production (BOPD)			Total Production (BOEPD)
Gulf of America			50,000			62,000
Canada			6,000			6,000

Gulf of America - Murphy completed the Khaleesi #2 and Marmalard #3 workovers and returned the wells to production in the third quarter, concluding the planned workover program. During the quarter, Murphy recorded a pretax impairment totaling $115 million ($92 million excluding NCI) on the operated Dalmatian asset due to reserve reductions in the quarter, as certain future projects in the field were less competitive for capital allocation.

Vietnam - Subsequent to the third quarter, Murphy 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.

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2025 PRODUCTION AND CAPITAL EXPENDITURE GUIDANCE

The table below illustrates fourth quarter 2025 production guidance by area.

4Q 2025 Guidance
Producing Asset						Oil (BOPD)						NGLs (BOPD)						Natural Gas (MCFD)						Total (BOEPD)
Eagle Ford Shale						25,000						6,100						31,200						36,300
Gulf of America, excl. NCI						50,000						4,000						49,500						62,300
Tupper Montney						200						-						403,700						67,500
Kaybob Duvernay						3,600						500						8,300						5,500
Offshore Canada						8,200						-						-						8,200
Other						200						-						-						200
Total Net Production, excl. NCI 1 (BOEPD)												176,000 to 184,000
Exploration Expense ($ MM)												$80
Full Year 2025 Guidance
Total Net Production, excl. NCI 2 (BOEPD)												174,500 to 182,500
Capital Expenditures, excl. NCI 3 ($ MM)												$1,135 to $1,285
¹ Excludes noncontrolling interest of MP GOM of 5,400 BOPD of oil, 200 BOPD of NGLs and 1,900 MCFD natural gas
² Excludes noncontrolling interest of MP GOM of 5,600 BOPD of oil, 200 BOPD of NGLs and 1,700 MCFD natural gas
³ Excludes noncontrolling interest of MP GOM of $40 million

The table below details the 2025 CAPEX plan by quarter.

			2025 CAPEX 1 by Quarter ($ MM)
			1Q 2025A			2Q 2025A			3Q 2025A			4Q 2025E			FY 2025E
			$4032			$251			$1643			$392			$1,2102,3

1 Accrual CAPEX, based on midpoint of guidance range and excluding NCI

2 Includes net acquisition CAPEX of $104 million for the Pioneer FPSO and $1.4 million

for non-operated working interests near the Zephyrus field in the Gulf of America

3 Excludes $23 million Eagle Ford Shale acquisition

The table below details the 2025 onshore well delivery plan by quarter.

			2025 Onshore Wells Online
									1Q 2025A			2Q 2025A			3Q 2025A			4Q 2025E			2025E Total
			Eagle Ford Shale						-			24			10			-			34
			Kaybob Duvernay						-			-			4			-			4
			Tupper Montney						5			5			-			-			10
			Non-Op Eagle Ford Shale						1			10			7			-			18

Note: All well counts are shown gross. Eagle Ford Shale non-operated working interest

averages 25 percent.

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CONFERENCE CALL AND WEBCAST SCHEDULED FOR NOVEMBER 6, 2025

Murphy will host a conference call to discuss third quarter 2025 financial and operating results on Thursday, November 6, 2025, 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 40758. For additional information, please refer to the Third 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 third 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.