Murphy Oil — May 7, 2025 release

We look forward to working with our partners to evaluate the results from this latest discovery and the future development of our Vietnam business,” said Hambly. 2025 CAPITAL EXPENDITURE AND PRODUCTION GUIDANCE Murphy maintains its 2025 accrued CAPEX range of $1,135 million to $1,285 million, which includes net acquisition CAPEX of $104 million for the Pioneer FPSO and $1.4 million for non-operated working interests near the Zephyrus field in the Gulf of America. Full year 2025 production is expected to be in the range of 174.5 to 182.5 MBOEPD, consisting of 50 percent oil and 55 percent liquids volumes, respectively. “The winter storm activity we experienced during the first quarter delayed first production at two key operated wells in the Gulf of America and impacted the schedule of our remaining workover plans. Due to these first quarter impacts, we anticipate full year production to be towards the lower end of our production guidance range,” said Hambly. Production for second quarter 2025 is estimated to be in the range of 177 to 185 MBOEPD with 48 percent oil volumes. Both production and CAPEX guidance ranges exclude NCI. The table below details the 2025 CAPEX plan by quarter. 2025 CAPEX 1 by Quarter ($ MM) 1Q 2025A 2Q 2025E 3Q 2025E 4Q 2025E FY 2025E $403 2 $300 $260 $247 $1,210 2 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 i