Murphy Oil — Aug 6, 2025 release

3 2025 CAPITAL EXPENDITURE AND PRODUCTION GUIDANCE The table below illustrates third quarter 2025 production guidance by area. 3Q 2025 Guidance Producing Asset Oil (BOPD) NGLs (BOPD) Natural Gas (MCFD) Total (BOEPD) Eagle Ford Shale 33,200 6,200 33,500 45,000 Gulf of America, excl. NCI 45,600 3,600 46,800 57,000 Tupper Montney 200 — 450,800 75,300 Kaybob Duvernay 4,500 500 8,500 6,400 Offshore Canada 5,000 — — 5,000 Other 300 — — 300 Total Net Production, excl. NCI 1 (BOEPD) 185,000 to 193,000 Exploration Expense ($ MM) $40 Full Year 2025 Guidance Total Net Production, excl. NCI 2 (BOEPD) 174,500 to 182,500 Capital Expenditures, excl. NCI 3 ($ MM) $1,135 to $1,285 ¹ Excludes noncontrolling interest of MP GOM of 5,300 BOPD of oil, 300 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 2025E 4Q 2025E FY 2025E $403 2 $251 $260 3 $296 $1,210 2,3 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 2025E 4Q 2025E 2