Murphy Oil — May 7, 2025 release

The table below illustrates second quarter 2025 production guidance by area. 2Q 2025 Guidance Producing Asset Oil (BOPD) NGLs (BOPD) Natural Gas (MCFD) Total (BOEPD) Eagle Ford Shale 25,200 4,700 25,700 34,200 Gulf of America, excl. NCI 51,300 4,300 53,700 64,600 Tupper Montney 300 — 421,000 70,500 Kaybob Duvernay 2,100 400 7,100 3,700 Offshore Canada 7,700 — — 7,700 Other 300 — — 300 Total Net Production, excl. NCI 1 (BOEPD) 177,000 to 185,000 Exploration Expense ($ MM) $17 Full Year 2025 Guidance Total Net Production, excl. NCI 2 (BOEPD) 174,500 to 182,500 Capital Expenditures, excl. NCI 3 ($ MM) $1,135 to $1,285 ¹ Excludes noncontrolling interest of MP GOM of 5,700 BOPD of oil, 300 BOPD of NGLs and 2,000 MCFD natural gas ² Excludes noncontrolling interest of MP GOM of 5,400 BOPD of oil, 200 BOPD of NGLs and 1,700 MCFD natural gas ³ Excludes noncontrolling interest of MP GOM of $45 million FIXED PRICE FORWARD SALES CONTRACTS The company employs derivative commodity instruments to manage certain risks associated with commodity price volatility and underpin capital spending associated with certain assets. Murphy holds NYMEX natural gas swaps of 40 MMCFD of April through June 2025 production at an average price of $3.58 per thousand cubic feet (MCF), 60 MMCFD of third quarter 2025 production at an average price of $3.65 per MCF and 60 MMCFD of fourth quarter 2025 production at $3.74 per MCF. Murphy also maintains fixed price forward sales contracts in Canada to mitigate volat