Murphy Oil — May 7, 2025 release

2 CAPITAL ALLOCATION Capital Allocation Update “We have successfully achieved the core objectives of our capital allocation framework since adopting it in third quarter 2022, as we have repaid approximately 35 percent of long-term debt, repurchased $550 million of shares and increased our quarterly dividend 30 percent,” said Hambly. “Looking ahead, we will continue to focus on rewarding shareholders for their support and remain committed to our strong balance sheet and disciplined strategy.” Going forward, the company will continue to allocate a minimum of 50 percent of adjusted free cash flow to shareholder returns, primarily through buybacks. Murphy will continue to assess the appropriate shareholder return allocation under its modified plan, including potential dividend increases. Any remaining adjusted free cash flow will be allocated to the balance sheet as the company maintains its $1.0 billion total long-term debt goal. As previously defined, adjusted free cash flow is calculated as cash flow from operations before working capital change, less capital expenditures, distributions to NCI and projected payments, quarterly dividend and accretive acquisitions. Share Repurchases In the first quarter of 2025, Murphy repurchased $100 million of stock, or 3.6 million shares. The company had $550 million remaining under its share repurchase authorization and 142.7 million shares outstanding as of March 31, 2025. FINANCIAL POSITION Murphy had approximately $1.5 billion of liquidity on March 31, 2025, comprised of $1.15 billion undrawn under the $1.35 billion senior unsecured credit facility and $393 million of cash and cash equivalents, inclusive of NCI. As of March 31, 2025, Murphy’s total debt of $1.48 billion was comprised of long-term, fixed-rate notes and $200 million drawn under the senior