Murphy Oil — Nov 5, 2025 release

EXHIBIT 99.1 NEWS RELEASE 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. 1 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. 2 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 ($92 million excluding NCI) on the operated Dalmatian asset due to reserve reductions in the quarter, as certain future projects in the field were less competitive for capital allocation. Vietnam – Subsequent to the third quarter, Murphy installed the platform jacket and initiated development drilling at the Lac Da Vang (Golden Camel) development project. The project remains on schedule for first oil in the fourth quarter of 2026. 3 2025 PRODUCTION AND CAPITAL EXPENDITURE GUIDANCE The table below illustrates fourth quarter 2025 production guidance by area. 4Q 2025 Guidance Producing Asset Oil (BOPD) NGLs (BOPD) Natural Gas (MCFD) Total (BOEPD) Eagle Ford Shale 25,000 6,100 31,200 36,300 Gulf of America, excl. NCI 50,000 4,000 49,500 62,300 Tupper Montney 200 — 403,700 67,500 Kaybob Duvernay 3,600 500 8,300 5,500 Offshore Canada 8,200 — — 8,200 Other 200 — — 200 Total Net Production, excl. NCI 1 (BOEPD) 176,000 to 184,000 Exploration Expense ($ 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 $403 2 $251 $164 3 $392 $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 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. 4 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. FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “expressed confidence”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events, results and plans, are subject to inherent risks, 5 uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the company’s future operating results or activities and returns or the company's ability and decisions to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other ESG (environmental/social/governance) matters, make capital expenditures or pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and natural gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; geopolitical concerns; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the US or global capital markets, credit markets, banking system or economies in general, including inflation, trade policies, tariffs and other trade restrictions. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the US Securities and Exchange Commission (SEC) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the company; therefore, we encourage investors, the media, business partners and others interested in the company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this news release. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements. 6 NON-GAAP FINANCIAL MEASURES This news release contains certain non-GAAP financial measures that management believes are useful tools for internal use and the investment community in evaluating Murphy Oil Corporation’s overall financial performance. These non-GAAP financial measures are broadly used to value and compare companies in the crude oil and natural gas industry. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for financial measures prepared in accordance with US generally accepted accounting principles (GAAP) and should therefore be considered only as supplemental to such GAAP financial measures. Please see the attached schedules for reconciliations of the differences between the non-GAAP financial measures used in this news release and the most directly comparable GAAP financial measures. † In accordance with GAAP, Murphy reports the 100 percent interest, including a 20 percent noncontrolling interest (NCI), in its subsidiary, MP Gulf of Mexico, LLC (MP GOM). The GAAP financials include the NCI portion of revenue, costs, assets and liabilities and cash flows. Unless otherwise noted, the financial and operating highlights and metrics discussed in this news release, but not the accompanying schedules, exclude the NCI, thereby representing only the amounts attributable to Murphy. Investor Contacts: InvestorRelations@murphyoilcorp.com Atif Riaz, 281-675-9358 Beth Heller, 281-675-9363 7 MURPHY OIL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (Thousands of dollars, except per share amounts) 2025 2024 2025 2024 Revenues and other income Revenue from production $ 720,966   $ 753,169  $ 2,076,761   $ 2,345,282  Sales of purchased natural gas —   —  —   3,742  Total revenue from sales to customers 720,966   753,169  2,076,761   2,349,024  Gain (loss) on derivative instruments 5,722   (1,344) 7,071   (1,344) Gain on sale of assets and other operating income 6,297   6,506  10,434   9,834  Total revenues and other income 732,985   758,331  2,094,266   2,357,514  Costs and expenses Lease operating expenses 184,353   222,886  604,986   716,778  Severance and ad valorem taxes 12,288   10,503  31,766   31,006  Transportation, gathering and processing 48,146   47,438  151,067   157,461  Costs of purchased natural gas —   —  —   3,147  Exploration expenses, including undeveloped lease amortization 32,502   31,284  57,389   118,390  Selling and general expenses 30,858   24,871  98,692   78,925  Depreciation, depletion and amortization 283,465   223,632  736,949   650,309  Accretion of asset retirement obligations 14,676   13,241  43,153   39,068  Impairment of assets 115,002   —  115,002   34,528  Other operating expense 5,902   5,450  13,364   10,497  Total costs and expenses 727,192   579,305  1,852,368   1,840,109  Operating income from continuing operations 5,793   179,026  241,898   517,405  Other income (loss) Other income (loss) 15,271   (3,926) (14,631) 33,870  Interest expense, net (24,726) (21,258) (73,302) (62,265) Total other loss (9,455) (25,184) (87,933) (28,395) Income (loss) from continuing operations before income taxes (3,662) 153,842  153,965   489,010  Income tax expense 4,157   2,122  37,911   64,855  Income (loss) from continuing operations (7,819) 151,720  116,054   424,155  Income (loss) from discontinued operations, net of income taxes (497) (608) 172   (2,123) Net income (loss) including noncontrolling interest (8,316) 151,112  116,226   422,032  Less: Net income (loss) attributable to noncontrolling interest (5,343) 12,018  23,883   65,197  NET INCOME (LOSS) ATTRIBUTABLE TO MURPHY $ (2,973) $ 139,094  $ 92,343   $ 356,835  NET INCOME (LOSS) PER COMMON SHARE – BASIC Continuing operations $ (0.02) $ 0.93  $ 0.64   $ 2.37  Discontinued operations —   —  —   (0.01) Net income (loss) $ (0.02) $ 0.93  $ 0.64   $ 2.36  NET INCOME (LOSS) PER COMMON SHARE – DILUTED Continuing operations $ (0.02) $ 0.93  $ 0.64   $ 2.35  Discontinued operations —   —  —   (0.01) Net income (loss) $ (0.02) $ 0.93  $ 0.64   $ 2.34  Cash dividends per common share $ 0.325   $ 0.300  $ 0.975   $ 0.900  Average common shares outstanding (thousands) Basic 142,731   149,384  143,245   151,401  Diluted 142,731   150,353  143,976   152,437  8 MURPHY OIL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (Thousands of dollars) 2025 2024 2025 2024 Operating Activities Net income (loss) including noncontrolling interest $ (8,316) $ 151,112  $ 116,226   $ 422,032  Adjustments to reconcile net income to net cash provided by continuing operations activities Depreciation, depletion and amortization 283,465   223,632  736,949   650,309  Accretion of asset retirement obligations 14,676   13,241  43,153   39,068  Long-term non-cash compensation 6,498   8,237  28,514   30,060  Deferred income tax (benefit) expense 2,089   (8,792) 23,305   45,136  Amortization of undeveloped leases 2,998   1,929  6,907   7,707  Unrealized (gain) loss on derivative instruments (2,533) 1,344  (3,904) 1,344  Unsuccessful exploration well costs and previously suspended exploration costs 859   11,268  83   69,548  (Income) loss from discontinued operations 497   608  (172) 2,123  Impairment of assets 115,002   —  115,002   34,528  Other operating activities, net (47,426) (4,301) (47,428) (38,260) Net decrease (increase) in non-cash working capital (28,378) 30,709  (20,473) 31,835  Net cash provided by continuing operations activities 339,431   428,987  998,162   1,295,430  Investing Activities Property additions and dry hole costs (148,964) (216,413) (827,007) (733,289) Acquisition of oil and natural gas properties (23,022) —  (24,405) —  Net cash required by investing activities (171,986) (216,413) (851,412) (733,289) Financing Activities Borrowings on revolving credit facility 125,000   150,000  475,000   350,000  Repayment of revolving credit facility (175,000) (150,000) (325,000) (350,000) Retirement of debt —   —  —   (50,000) Repurchase of common stock —   (194,245) (102,620) (300,132) Cash dividends paid (46,387) (44,663) (139,799) (136,208) Withholding tax on stock-based incentive awards (15) (12) (7,669) (25,310) Distributions to noncontrolling interest (25,046) (35,408) (43,211) (96,618) Finance lease obligation payments (57) (171) (543) (502) Issue costs of debt facility —   —  (18) —  Net required by financing activities (121,505) (274,499) (143,860) (608,770) Effect of exchange rate changes on cash and cash equivalents 389   (471) (499) 778  Net increase (decrease) in cash and cash equivalents 46,329   (62,396) 2,391   (45,851) Cash and cash equivalents at beginning of period 379,631   333,619  423,569   317,074  Cash and cash equivalents at end of period $ 425,960   $ 271,223  $ 425,960   $ 271,223  9 MURPHY OIL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Thousands of dollars) September 30, 2025 December 31, 2024 1 ASSETS Cash and cash equivalents $ 425,960   $ 423,569  Other current assets 381,520   361,710  Property, plant and equipment, net 8,085,731   8,054,653  Operating lease assets, net 781,291   777,536  Other long-term assets 58,260   50,011  Total assets $ 9,732,762   $ 9,667,479  LIABILITIES AND EQUITY Current maturities of long-term debt, finance lease $ 918   $ 871  Accounts payable 429,658   472,165  Operating lease liabilities 210,769   253,208  Other current liabilities 216,401   216,570  Long-term debt, including finance lease obligation 1,425,235   1,274,502  Asset retirement obligations 1,001,919   960,804  Non-current operating lease liabilities 582,082   537,381  Other long-term liabilities 616,128   610,135  Total liabilities $ 4,483,110   $ 4,325,636  Murphy Shareholders' Equity 5,121,387   5,194,250  Noncontrolling interest 128,265   147,593  Total liabilities and equity $ 9,732,762   $ 9,667,479  1 Reclassified to conform to current presentation. 10 MURPHY OIL CORPORATION SCHEDULE OF ADJUSTED NET INCOME (LOSS) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (Millions of dollars, except per share amounts) 2025 2024 2025 2024 Net income (loss) attributable to Murphy (GAAP) 1 $ (3.0) $ 139.1  $ 92.3   $ 356.8  Discontinued operations (income) loss 0.5   0.6  (0.2) 2.1  Net income (loss) from continuing operations attributable to Murphy (2.5) 139.7  92.1   358.9  Adjustments: Impairment of assets 1 92.0   —  92.0   34.5  Foreign exchange (gain) loss (13.4) 5.4  20.9   (10.6) Unrealized (gain) loss on derivative instruments (2.5) 1.3  (3.9) 1.3  Write-off of previously suspended exploration well —   —  —   26.1  Total adjustments, before taxes 76.1   6.7  109.0   51.3  Income tax benefit related to adjustments (15.5) (1.7) (23.8) (10.5) Tax benefits on investments in foreign areas —   (34.0) —   (34.0) Total adjustments, after taxes 60.6   (29.0) 85.2   6.8  Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) $ 58.1   $ 110.7  $ 177.3   $ 365.7  Adjusted net income from continuing operations per average diluted share (Non-GAAP) $ 0.41   $ 0.74  $ 1.23   $ 2.40  1  Excludes amounts attributable to a noncontrolling interest in MP GOM. Non-GAAP Financial Measures Presented above is a reconciliation of net income (loss) to adjusted net income from continuing operations attributable to Murphy. Adjusted net income excludes certain items that management believes affect the comparability of results between periods. Management believes this is important information to provide because it is used by management to evaluate the Company’s operational performance and trends between periods and relative to its industry competitors. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s financial results. Adjusted net income is a non-GAAP financial measure and should not be considered a substitute for net income (loss) as determined in accordance with GAAP. The pretax and income tax impacts for adjustments in the above table are shown below by area of operation and geographical location and corporate, as applicable, and exclude the share attributable to noncontrolling interests. Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 (Millions of dollars) Pretax Tax Net Pretax Tax Net Exploration & Production: United States $ 92.0  $ (19.4) $ 72.6  $ 92.0  $ (19.4) $ 72.6  Corporate (15.9) 3.9  (12.0) 17.0  (4.4) 12.6  Total adjustments $ 76.1   $ (15.5) $ 60.6   $ 109.0   $ (23.8) $ 85.2   11 MURPHY OIL CORPORATION SCHEDULE OF EBITDA, ADJUSTED EBITDA, EBITDAX AND ADJUSTED EBITDAX (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (Millions of dollars) 2025 2024 2025 2024 Net income (loss) attributable to Murphy (GAAP) 1 $ (3.0) $ 139.1  $ 92.3   $ 356.8  Income tax expense 4.1   2.2  37.9   64.9  Interest expense, net 24.7   21.3  73.3   62.3  Depreciation, depletion and amortization expense 1 275.0   215.7  713.2   625.8  EBITDA attributable to Murphy (Non-GAAP) $ 300.8   $ 378.3  $ 916.7   $ 1,109.8  Exploration expenses 1 32.5   31.3  57.3   118.4  EBITDAX attributable to Murphy (Non-GAAP) $ 333.3   $ 409.6  $ 974.0   $ 1,228.2  EBITDA attributable to Murphy (Non-GAAP) $ 300.8   $ 378.3  $ 916.7   $ 1,109.8  Impairment of asset 1 92.0   —  92.0   34.5  Foreign exchange (gain) loss (13.4) 5.4  20.9   (10.6) Accretion of asset retirement obligations 1 13.2   11.7  38.6   34.9  Unrealized (gain) loss on derivative instruments (2.5) 1.3  (3.9) 1.3  Write-off of previously suspended exploration well —   —  —   26.1  Discontinued operations (income) loss 0.5   0.6  (0.2) 2.1  Adjusted EBITDA attributable to Murphy (Non-GAAP) $ 390.6   $ 397.3  $ 1,064.1   $ 1,198.1  Other exploration expenses 2 32.5   31.3  57.3   92.3  Adjusted EBITDAX attributable to Murphy (Non-GAAP) $ 423.1   $ 428.6  $ 1,121.4   $ 1,290.4  1  Excludes amounts attributable to a noncontrolling interest in MP GOM. 2 Other exploration expenses consist of exploration expenses as reported in the consolidated statement of operations excluding amounts relating to the write-off of previously suspended exploration well included in Adjusted EBITDA calculation above. Non-GAAP Financial Measures Presented above is a reconciliation of net income (loss) to earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, earnings before interest, taxes, depreciation and amortization, and exploration expenses (EBITDAX) and adjusted EBITDAX. Management believes EBITDA, adjusted EBITDA, EBITDAX and adjusted EBITDAX are important information to provide because they are used by management to evaluate the Company’s operational performance and trends between periods and relative to its industry competitors. Adjusted EBITDAX excludes certain items that management believes affect the comparability of results between periods. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s financial results. EBITDA, adjusted EBITDA, EBITDAX and adjusted EBITDAX are non-GAAP financial measures and should not be considered a substitute for net income (loss) or Cash provided by operating activities as determined in accordance with GAAP. 12 MURPHY OIL CORPORATION SCHEDULE OF FREE CASH FLOW AND ADJUSTED FREE CASH FLOW (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (Millions of dollars) 2025 2024 2025 2024 Net cash provided by continuing operations activities (GAAP) $ 339.4   $ 429.0  $ 998.2   $ 1,295.4  Exclude: (decrease) increase in non-cash working capital 28.4   (30.7) 20.5   (31.8) Operating cash flow excluding working capital adjustments 367.8   398.3  1,018.7   1,263.6  Less: property additions and dry hole costs 1 (149.0) (216.4) (827.0) (733.3) Free cash flow (Non-GAAP) $ 218.8   $ 181.9  $ 191.7   $ 530.3  Less: cash dividends paid (46.4) (44.7) (139.8) (136.2) Less: distributions to noncontrolling interest (25.0) (35.4) (43.2) (96.6) Less: withholding tax on stock-based incentive awards —   —  (7.7) (25.3) Less: acquisition of oil and natural gas properties (23.0) —  (24.4) —  Adjusted free cash flow (Non-GAAP) $ 124.4   $ 101.8  $ (23.4) $ 272.2  1 Property additions for the nine months ended September 30, 2025, includes a payment of $125.0 million for the purchase of a floating production, storage, and offloading vessel in U.S. Offshore, including amounts attributable to a noncontrolling interest in MP GOM. Non-GAAP Financial Measures Presented above is a reconciliation of net cash provided by continuing operations activities to free cash flow (FCF) and adjusted FCF. Management believes FCF and adjusted FCF are important information to provide because they are additional measures of liquidity and are used by management to evaluate the Company’s ability to internally generate cash, excluding the timing impacts of working capital, and to measure funds available for investing and financing activities. Management also believes this information may be useful to investors and analysts to monitor the Company’s financial health and its performance over time. Adjusted FCF excludes certain items that management believes affect the comparability of results between periods. FCF and adjusted FCF are non-GAAP financial measures and should not be considered a substitute for net cash provided by operating, investing, or financing activities as determined in accordance with GAAP. 13 MURPHY OIL CORPORATION FUNCTIONAL RESULTS OF OPERATIONS (unaudited) Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 (Millions of dollars) Revenues Income (Loss) Revenues Income (Loss) Exploration and production United States 1 $ 613.7   $ 28.9   $ 597.0  $ 138.8  Canada 108.0   (6.1) 157.9  24.2  Other 0.1   (12.0) (0.8) 22.4  Total exploration and production 721.8   10.8   754.1  185.4  Corporate 11.2   (18.6) 4.2  (33.7) Income from continuing operations 733.0   (7.8) 758.3  151.7  Discontinued operations, net of tax —   (0.5) —  (0.6) Net income (loss) including noncontrolling interest $ 733.0   $ (8.3) $ 758.3  $ 151.1  Less: Net income (loss) attributable to noncontrolling interest (5.3) 12.0  Net income (loss) attributable to Murphy $ (3.0) $ 139.1  Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 (Millions of dollars) Revenues Income (Loss) Revenues Income (Loss) Exploration and production United States ¹ $ 1,676.7   $ 223.3   $ 1,936.1  $ 459.0  Canada 402.0   45.8   413.8  52.5  Other 3.0   (30.4) 3.4  1.5  Total exploration and production 2,081.7   238.7   2,353.3  513.0  Corporate 12.6   (122.7) 4.2  (88.9) Income from continuing operations 2,094.3   116.0   2,357.5  424.1  Discontinued operations, net of tax —   0.2   —  (2.1) Net income including noncontrolling interest $ 2,094.3   $ 116.2   $ 2,357.5  $ 422.0  Less: Net income attributable to noncontrolling interest 23.9   65.2  Net income attributable to Murphy $ 92.3   $ 356.8  1  Includes results attributable to a noncontrolling interest in MP GOM. 14 MURPHY OIL CORPORATION PRODUCTION-RELATED EXPENSES (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (Dollars per barrel of oil equivalents sold) 2025 2024 2025 2024 United States – Onshore Lease operating expense $ 7.04   $ 11.03  $ 8.75   $ 13.00  Severance and ad valorem taxes 2.44   3.30  2.74   3.53  Depreciation, depletion and amortization expense 30.30   29.60  29.95   29.25  United States – Offshore 1 Lease operating expense $ 16.79   $ 20.54  $ 19.64   $ 21.52  Severance and ad valorem taxes 0.12   0.06  0.11   0.06  Depreciation, depletion and amortization expense 16.06   13.78  16.16   13.55  Canada – Onshore Lease operating expense $ 3.94   $ 4.96  $ 4.73   $ 5.28  Severance and ad valorem taxes 0.06   0.05  0.06   0.05  Depreciation, depletion and amortization expense 4.38   4.87  4.32   4.87  Canada – Offshore Lease operating expense $ 24.96   $ 18.51  $ 19.05   $ 21.67  Depreciation, depletion and amortization expense 11.53   8.27  10.03   9.58  Total E&P continuing operations 1 Lease operating expense $ 9.61   $ 12.60  $ 11.64   $ 14.05  Severance and ad valorem taxes 0.64   0.59  0.61   0.61  Depreciation, depletion and amortization expense 2 14.67   12.56  14.06   12.61  Total oil and gas continuing operations – excluding noncontrolling interest Lease operating expense 3 $ 9.39   $ 11.99  $ 11.46   $ 13.75  Severance and ad valorem taxes 0.66   0.61  0.63   0.63  Depreciation, depletion and amortization expense 2 14.71   12.54  14.08   12.61  1  Includes amounts attributable to a noncontrolling interest in MP GOM. 2  Excludes expenses attributable to the Corporate segment. 3 Lease operating expense per barrel of oil equivalent sold for total oil and gas continuing operations, excluding NCI and workover costs, was $7.69 and $9.70 for the three months ended September 30, 2025 and 2024, respectively and $8.83 and $10.28 for the nine months ended September 30, 2025 and 2024, respectively. 15 MURPHY OIL CORPORATION CAPITAL EXPENDITURES (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (Millions of dollars) 2025 2024 2025 2024 Exploration and production United States 1 $ 113.8   $ 160.8  $ 614.3   $ 575.1  Canada 26.2   13.5  127.3   123.0  Other 47.0   29.6  116.8   62.1  Total 187.0   203.9  858.4   760.2  Corporate 2.2   8.0  9.2   16.4  Total capital expenditures - continuing operations 1 189.2   211.9  867.6   776.6  Less: capital expenditures attributable to noncontrolling interest 2.3   0.7  27.0   9.6  Total capital expenditures - continuing operations attributable to Murphy 2 $ 186.9   $ 211.2  $ 840.6   $ 767.0  Charged to exploration expenses 3 United States 1 20.7   22.1  28.0   85.9  Canada 0.2   0.2  0.3   0.4  Other 8.7   7.0  22.3   24.4  Total charged to exploration expenses - continuing operations 1,3 29.6   29.3  50.6   110.7  Less: charged to exploration expenses attributable to noncontrolling interest —   —  0.1   —  Total charged to exploration expenses - continuing operations attributable to Murphy 4 29.6   29.3  50.5   110.7  Total capitalized - continuing operations attributable to Murphy $ 157.3   $ 181.9  $ 790.1   $ 656.3  1 Includes amounts attributable to a noncontrolling interest in MP GOM. 2  For the three months ended September 30, 2025, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $23.0 million (2024:nil), is $163.9 million (2024: $211.2 million). For the nine months ended September 30, 2025, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $128.6 million, primarily related to the purchase of a floating production, storage, and offloading vessel in U.S. Offshore (2024: nil), is $712.0 million (2024: $767.0 million). 3  For the three-month and nine-month periods ended September 30, 2025, total charged to exploration expense attributable to Murphy, excludes amortization of undeveloped leases of $2.9 million (2024: $1.9 million) and $6.8 million (2024 $7.7 million), respectively. 4 For the three months ended September 30, 2025 and 2024, no amounts were expensed for previously suspended exploration costs. For the nine months ended September 30, 2025, total charged to exploration expense attributable to Murphy, excluding previously suspended exploration costs of nil (2024: $26.1 million), is $50.5 million (2024: $84.6 million). 16 MURPHY OIL CORPORATION PRODUCTION SUMMARY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (Barrels per day unless otherwise noted) 2025 2024 2025 2024 Net crude oil and condensate United States - Onshore 34,703   23,320  26,797   21,199  United States - Offshore 1 56,071   59,282  56,835   64,042  Canada - Onshore 3,495   3,425  2,799   2,888  Canada - Offshore 5,518   7,880  6,658   7,219  Other 278   171  276   221  Total net crude oil and condensate 100,065   94,078  93,365   95,569  Net natural gas liquids United States - Onshore 8,042   4,640  5,905   4,312  United States - Offshore 1 4,500   4,739  4,344   4,644  Canada - Onshore 442   768  491   572  Total net natural gas liquids 12,984   10,147  10,740   9,528  Net natural gas – thousands of cubic feet per day United States - Onshore 39,411   26,223  32,711   24,556  United States - Offshore 1 50,477   58,747  51,528   56,565  Canada - Onshore 473,431   437,316  425,342   400,012  Total net natural gas 563,319   522,286  509,581   481,133  Total net hydrocarbons - including NCI 2,3 206,936   191,273  189,035   185,286  Noncontrolling interest Net crude oil and condensate – barrels per day (5,998) (6,188) (5,950) (6,467) Net natural gas liquids – barrels per day (228) (193) (214) (207)    Net natural gas – thousands of cubic feet per day (1,963) (1,947) (1,715) (2,008) Total noncontrolling interest 2,3 (6,553) (6,706) (6,450) (7,009) Total net hydrocarbons - excluding NCI 2,3 200,383   184,567  182,585   178,277  1  Includes net volumes attributable to a noncontrolling interest in MP GOM. 2  Natural gas converted on an energy equivalent basis of 6:1. 3  NCI – noncontrolling interest in MP GOM. 17 MURPHY OIL CORPORATION SALES SUMMARY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (Barrels per day unless otherwise noted) 2025 2024 2025 2024 Net crude oil and condensate United States - Onshore 34,703   23,320  26,797   21,199  United States - Offshore 1 57,903   57,467  56,849   64,317  Canada - Onshore 3,495   3,425  2,799   2,888  Canada - Offshore 5,513   10,892  8,114   7,857  Other —   —  152   159  Total net crude oil and condensate 101,614   95,104  94,711   96,420  Net natural gas liquids United States - Onshore 8,042   4,640  5,905   4,312  United States - Offshore 1 4,500   4,739  4,344   4,644  Canada - Onshore 442   768  491   572  Total net natural gas liquids 12,984   10,147  10,740   9,528  Net natural gas – thousands of cubic feet per day United States - Onshore 39,411   26,223  32,711   24,556  United States - Offshore 1 50,477   58,747  51,528   56,565  Canada - Onshore 473,431   437,316  425,342   400,012  Total net natural gas 563,319   522,286  509,581   481,133  Total net hydrocarbons - including NCI 2,3 208,484   192,299  190,381   186,137  Noncontrolling interest Net crude oil and condensate – barrels per day (6,273) (5,920) (5,954) (6,503) Net natural gas liquids – barrels per day (228) (193) (214) (207)    Net natural gas – thousands of cubic feet per day (1,963) (1,947) (1,715) (2,008) Total noncontrolling interest 2,3 (6,828) (6,438) (6,454) (7,045) Total net hydrocarbons - excluding NCI 2,3 201,656   185,861  183,927   179,092  1  Includes net volumes attributable to a noncontrolling interest in MP GOM. 2  Natural gas converted on an energy equivalent basis of 6:1. 3  NCI – noncontrolling interest in MP GOM. 18 MURPHY OIL CORPORATION WEIGHTED AVERAGE PRICE SUMMARY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Crude oil and condensate – dollars per barrel United States - Onshore $ 65.48   $ 75.49  $ 66.24   $ 77.55  United States - Offshore 1 67.00   75.65  67.81   78.42  Canada - Onshore 2 56.33   66.18  59.46   68.62  Canada - Offshore 2 69.42   80.06  70.17   82.83  Other 2 —   —  72.97   78.20  Natural gas liquids – dollars per barrel United States - Onshore 18.57   19.05  19.92   19.71  United States - Offshore 1 20.18   22.50  21.85   23.20  Canada - Onshore 2 26.88   34.00  32.54   34.64  Natural gas – dollars per thousand cubic feet United States - Onshore 2.64   1.77  2.87   1.77  United States - Offshore 1 3.39   2.28  3.73   2.30  Canada - Onshore 2 1.22   1.34  1.68   1.56  1  Prices include the effect of noncontrolling interest in MP GOM. 2 U.S. dollar equivalent. 19 MURPHY OIL CORPORATION FIXED PRICE FORWARD SALES AND COMMODITY HEDGE POSITIONS AS OF NOVEMBER 3, 2025 (unaudited) Volumes (MMCF/d) Price/MCF Remaining Period Area Commodity Type 1 Start Date End Date Canada Natural Gas Fixed price forward sales 40 C$2.75 10/1/2025 12/31/2025 Canada Natural Gas Fixed price forward sales 50 C$3.03 1/1/2026 12/31/2026 1 Fixed price forward sale contracts listed above are accounted for as normal sales and purchases for accounting purposes. Volumes (MMCF/d) Price/MCF Remaining Period Area Commodity Type Start Date End Date United States Natural Gas Fixed price derivative swap 60 US$3.74 10/1/2025 12/31/2025 20