Murphy Oil — Nov 5, 2025 release

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 In