Murphy Oil — May 6, 2026 release

EXHIBIT 99.1 NEWS RELEASE MURPHY OIL CORPORATION ANNOUNCES FIRST QUARTER RESULTS Exceeded Upper End of Guidance Range with Production of 174 MBOEPD Spud Chinook #8 Development Well in Gulf of America, Hai Su Vang-3X Appraisal Well in Vietnam, and Bubale-1X Exploration Well in Côte d’Ivoire in Line with Plan HOUSTON, Texas, May 6, 2026 – Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the first quarter ended March 31, 2026. 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 March 31, 2026 Net income attributable to Murphy $ 53.0   Net income attributable to Murphy per common share - Diluted $ 0.37   Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) 1 $ 46.5   Adjusted net income from continuing operations per average common share - Diluted (Non-GAAP) 1 $ 0.32   Adjusted EBITDA attributable to Murphy (Non-GAAP) 1 $ 382.9   Adjusted EBITDAX attributable to Murphy (Non-GAAP) 1 $ 465.7   Net cash provided by continuing operations activities $ 321.2   Operating cash flow excluding working capital adjustments (Non-GAAP) 1 $ 429.2   Free cash flow (Non-GAAP) 1 $ 41.4   Oil production, net (BOPD) 2 87,217   Total production, net (BOEPD) 2 174,236   Capital expenditures (CAPEX) 3 $ 465.0   Lease operating expense from continuing operations ($/BOE) 2 $ 8.70   1 Please see our schedules of adjusted net income , adjusted EBITDA and adjusted EBITDAX and free cash flow for details and reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures. 2 Barrels of oil per day (BOPD), barrels of oil equivalent (BOE) and barrels of oil equivalent per day (BOEPD). 3 Capital expenditures for the first quarter ended March 31, 2026 excluding acquisition-related costs of $22.7 million were $442.3 million. 1 Highlights for the first quarter include: • Produced 174,200 BOEPD, exceeding the high end of quarterly guidance due to outperformance in the Eagle Ford Shale and strong uptime in the Gulf of America • Spud Bubale-1X, the third exploration well in C ô te d’Ivoire • Progressed the Hai Su Vang-3X appraisal well in Vietnam, with results from the full appraisal program anticipated in the third quarter of 2026 • Spud the Chinook #8 well in the Gulf of America, a key development well expected to come online in the second half of this year with a gross initial production rate of 15 MBOEPD • Brought online 15 wells in the Eagle Ford Shale, with the wells driving a 17 percent improvement in 60-day cumulative oil production compared to wells drilled in 2025 Subsequent to the first quarter: • Approved development of the Banjo and Cello fields, targeting first production in the fourth quarter of 2027 • In late March, Murphy submitted an offer for four exploration blocks in offshore Cameroon which was accepted subsequent to quarter end; final terms are pending further discussions with the Republic of Cameroon “During these uncertain times, our strategy is to stay anchored to what we control—disciplined capital allocation, safe and reliable operations, and our long‑cycle projects. In the first quarter, this focus translated into strong execution across our portfolio with meaningful progress at Lac Da Vang in Vietnam, advancement of the high-impact Chinook #8 well in the Gulf of America, and sustained outperformance from our US and Canada onshore programs,” stated Eric M. Hambly, President and Chief Executive Officer. SHAREHOLDER RETURNS During the first quarter of 2026, we paid $50 million in quarterly dividends. While the Company elected not to repurchase shares this quarter, it retained significant flexibility, with $550 million remaining under its share repurchase authorization and 143.3 million shares outstanding as of March 31, 2026. FINANCIAL POSITION Murphy had approximately $2.38 billion of liquidity on March 31, 2026, comprised of the undrawn $2.00 billion senior unsecured credit facility and approximately $380 million of cash and cash equivalents, inclusive of NCI. During the quarter, Murphy paid down $100 million of debt under the senior unsecured credit facility. 2 As of March 31, 2026, Murphy’s total debt of $1.55 billion was comprised of long-term, fixed-rate notes, with no drawings under the senior unsecured credit facility. The fixed-rate notes had a weighted average maturity of 8.9 years and a weighted average coupon of 6.2 percent. ONSHORE OPERATIONS SUMMARY In the first quarter of 2026, the onshore business produced approximately 106 MBOEPD, which included 36 percent liquids. Onshore Oil Production (BOPD) Total Production (BOEPD) Eagle Ford Shale 28,500 39,900 Tupper Montney 200 61,900 Kaybob Duvernay 2,800 4,400 Eagle Ford Shale – Brought online fifteen new we lls, including twelve in Karnes and three in Catarina. An additional twenty wells are expected to come online in Catarina during the remainder of 2026. Onshore Cana da – Progressed drilling a four-well pad in Kaybob Duvernay and brought wells online subsequent to quarter end. In Tupper Montney, progressed an eight-well pad with wells expected to come online in the third quarter of 2026. OFFSHORE OPERATIONS SUMMARY Excluding NCI, the offshore business produced approximately 68 MBOEPD in the first quarter of 2026, which included 88 percent liquids. Offshore Oil Production (BOPD) Total Production (BOEPD) Gulf of America 46,600 58,800 Canada 9,000 9,000 Gulf of America – Spud the Chinook #8 development well, targeting first oil in the second half of 2026 with a gross initial production rate of 15 MBOEPD. Vietnam – Progressed construction of the Floating Storage and Offloading vessel (FSO), which is now ready to launch and will be delivered to location in the third quarter of 2026 in line with schedule. The project is on track for first oil in the fourth quarter of this year. 3 2Q 2026 PRODUCTION AND CAPITAL EXPENDITURE GUIDANCE The table below illustrates second quarter 2026 guidance. 2Q 2026 Guidance Producing Asset Oil (BOPD) NGLs (BOPD) Natural Gas (MCFD) Total (BOEPD) Eagle Ford Shale 27,600 5,600 29,900 38,200 Gulf of America, excl. NCI 44,800 3,700 45,300 56,100 Tupper Montney 100 — 329,400 55,000 Kaybob Duvernay 4,600 500 9,300 6,700 Offshore Canada 8,800 — — 8,800 Other 200 — — 200 Total Net Production, excl. NCI 1 (BOEPD) 161,000 to 169,000 Capital Expenditures, excl. NCI 2 ($MM) $350 - $430 Exploration Expense ($ MM) $70 - $110 Full Year 2026 Guidance Total Net Production, excl. NCI 3 (BOEPD) 167,000 to 175,000 Capital Expenditures, excl. NCI 4 ($ MM) $1,200 to $1,300 Exploration Expense ($ MM) $220 - $300 1 Excludes noncontrolling interest of MP GOM of 5,200 BOPD of oil, 200 BOPD of NGLs and 1,700 MCFD natural gas 2 Excludes noncontrolling interest of MP GOM of $20 million 3 Excludes noncontrolling interest of MP GOM of 5,700 BOPD of oil, 200 BOPD of NGLs and 1,700 MCFD natural gas 4 Excludes noncontrolling interest of MP GOM of $53 million The table below details the 2026 onshore well delivery plan by quarter. 2026 Onshore Wells Online 1Q 2026A 2Q 2026E 3Q 2026E 4Q 2026E 2026E Total Eagle Ford Shale 15 6 14 – 35 Kaybob Duvernay – 4 – – 4 Tupper Montney – – 8 – 8 Non-Op Eagle Ford Shale – – 6 – 6 Note: All well counts are shown gross. Eagle Ford Shale non-operated working interest averages 17 percent. CONFERENCE CALL AND WEBCAST SCHEDULED FOR MAY 7, 2026 Murphy will host a conference call to discuss first quarter 2026 financial and operating results on Thursday, May 7, 2026, 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 fr ee 1-800-715-9871, conference ID 9924118. For additional information, please refer to the First Quarter 2026 Earnings Presentation and Quarterly Stockholder 4 Update available under the News and Events section of the Investor Relations website. FINANCIAL DATA Summary financial data and operating statistics for first quarter 2026, 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”, “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, 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 intent 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 environmental, social and governance matters, make capital expenditures, pay and/or increase dividends or make share repurchases 5 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 and demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; geopolitical concerns (including the current conflict in Iran); 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 markets of health pandemics and related government responses; natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; cyber attacks and other cybersecurity risks; any failure to obtain necessary regulatory approvals; the impact of current and future laws, rulings and governmental regulations; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. 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 U.S. 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. Each forward-looking statement contained in this news release speaks only as of the date of this news release. Except as required by applicable law, Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. 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 6 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 March 31, (Thousands of dollars, except per share amounts) 2026 2025 Revenues and other income Revenue from production $ 732,354   $ 672,730  Total revenue from sales to customers 732,354   672,730  Gain (loss) on derivative instruments —   (9,459) Gain on sale of assets and other operating income 1,198   2,440  Total revenues and other income 733,552   665,711  Costs and expenses Lease operating expenses 143,464   205,079  Severance and ad valorem taxes 13,746   8,650  Transportation, gathering and processing 47,061   48,851  Exploration expenses, including undeveloped lease amortization 82,815   14,488  Selling and general expenses 34,870   30,915  Depreciation, depletion and amortization 254,376   194,160  Accretion of asset retirement obligations 14,514   14,045  Other operating expense 4,441   5,629  Total costs and expenses 595,287   521,817  Operating income from continuing operations 138,265   143,894  Other income (loss) Other income 9,852   2,402  Interest expense, net (28,977) (23,523) Total other loss (19,125) (21,121) Income from continuing operations before income taxes 119,140   122,773  Income tax expense 49,945   32,722  Income from continuing operations 69,195   90,051  Loss from discontinued operations, net of income taxes (542) (633) Net income including noncontrolling interest 68,653   89,418  Less: Net income attributable to noncontrolling interest 15,667   16,382  NET INCOME ATTRIBUTABLE TO MURPHY $ 52,986   $ 73,036  NET INCOME PER COMMON SHARE – BASIC Continuing operations $ 0.37   $ 0.51  Discontinued operations —   —  Net income $ 0.37   $ 0.51  NET INCOME PER COMMON SHARE – DILUTED Continuing operations $ 0.37   $ 0.50  Discontinued operations —   —  Net income $ 0.37   $ 0.50  Cash dividends per common share $ 0.350   $ 0.325  Average common shares outstanding (thousands) Basic 143,082   144,284  Diluted 144,381   145,072  8 MURPHY OIL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, (Thousands of dollars) 2026 2025 Operating Activities Net income including noncontrolling interest $ 68,653   $ 89,418  Adjustments to reconcile net income to net cash provided by continuing operations activities Depreciation, depletion and amortization 254,376   194,160  Unsuccessful exploration well costs and previously suspended exploration costs 67,043   190  Deferred income tax expense 36,864   16,343  Accretion of asset retirement obligations 14,514   14,045  Long-term non-cash compensation 15,433   9,905  Amortization of undeveloped leases 2,270   1,654  Loss from discontinued operations 542   633  Unrealized loss on derivative instruments —   8,916  Other operating activities, net (30,539) (11,799) Net increase in non-cash working capital (107,972) (22,784) Net cash provided by continuing operations activities 321,184   300,681  Investing Activities Property additions and dry hole costs (387,838) (368,421) Acquisition of oil and natural gas properties (22,681) (1,364) Net cash required by investing activities (410,519) (369,785) Financing Activities Retirement of debt (227,489) —  Early redemption of debt cost (2,369) —  Debt issuance 500,000   —  Debt issuance cost (7,819) —  Borrowings on revolving credit facility 175,000   250,000  Repayment of revolving credit facility (275,000) (50,000) Issue costs of revolving credit facility (12,213) —  Repurchase of common stock, including excise tax (777) (100,072) Cash dividends paid (50,173) (47,026) Distributions to noncontrolling interest —   (6,955) Withholding tax on stock-based incentive awards (7,849) (7,673) Finance lease obligation payments (419) (116) Net cash provided by financing activities 90,892   38,158  Effect of exchange rate changes on cash and cash equivalents —   291  Net increase (decrease) in cash and cash equivalents 1,557   (30,655) Cash and cash equivalents at beginning of period 377,196   423,569  Cash and cash equivalents at end of period $ 378,753   $ 392,914  9 MURPHY OIL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Thousands of dollars) March 31, 2026 December 31, 2025 ASSETS Cash and cash equivalents $ 378,753   $ 377,196  Other current assets 558,198   439,516  Total current assets $ 936,951   $ 816,712  Property, plant and equipment, net 8,265,324   8,136,346  Operating lease assets, net 738,315   805,464  Other long-term assets 95,044   74,104  Total assets $ 10,035,634   $ 9,832,626  LIABILITIES AND EQUITY Current maturities of long-term debt, finance lease $ 2,547   $ 2,514  Accounts payable 645,829   572,183  Operating lease liabilities 270,214   278,834  Other current liabilities 215,596   209,218  Total current liabilities $ 1,134,186   $ 1,062,749  Long-term debt, including finance lease obligation 1,548,147   1,382,566  Asset retirement obligations 972,503   970,908  Non-current operating lease liabilities 479,161   537,773  Other long-term liabilities 668,757   641,933  Total liabilities $ 4,802,754   $ 4,595,929  Murphy Shareholders' Equity 5,098,896   5,118,380  Noncontrolling interest 133,984   118,317  Total liabilities and equity $ 10,035,634   $ 9,832,626  10 MURPHY OIL CORPORATION SCHEDULE OF ADJUSTED NET INCOME (LOSS) (unaudited) Three Months Ended March 31, (Millions of dollars, except per share amounts) 2026 2025 Net income attributable to Murphy (GAAP) 1 $ 53.0   $ 73.0  Discontinued operations loss 0.5   0.6  Net income from continuing operations attributable to Murphy 53.5   73.6  Adjustments: Foreign exchange gain (9.4) —  Unrealized loss on derivative instruments —   8.9  Total adjustments, before taxes (9.4) 8.9  Income tax (benefit) expense related to adjustments 2.4   (1.8) Total adjustments, after taxes (7.0) 7.1  Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) $ 46.5   $ 80.7  Adjusted net income from continuing operations per average diluted share (Non-GAAP) $ 0.32   $ 0.56  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 March 31, 2026 (Millions of dollars) Pretax Tax Net Corporate $ (9.4) $ 2.4  $ (7.0) Total adjustments $ (9.4) $ 2.4   $ (7.0) 11 MURPHY OIL CORPORATION SCHEDULE OF EBITDA, ADJUSTED EBITDA, EBITDAX AND ADJUSTED EBITDAX (unaudited) Three Months Ended March 31, (Millions of dollars) 2026 2025 Net income attributable to Murphy (GAAP) 1 $ 53.0   $ 73.0  Income tax expense 49.9   32.7  Interest expense, net 29.0   23.5  Depreciation, depletion and amortization expense 1 246.9   187.4  EBITDA attributable to Murphy (Non-GAAP) 1 $ 378.8   $ 316.6  Exploration expenses 1 82.8   14.5  EBITDAX attributable to Murphy (Non-GAAP) 1 $ 461.6   $ 331.1  EBITDA attributable to Murphy (Non-GAAP) 1 $ 378.8   $ 316.6  Foreign exchange gain (9.4) —  Accretion of asset retirement obligations 1 13.0   12.5  Unrealized loss on derivative instruments —   8.9  Discontinued operations loss 0.5   0.6  Adjusted EBITDA attributable to Murphy (Non-GAAP) 1 $ 382.9   $ 338.6  Exploration expenses 1 82.8   14.5  Adjusted EBITDAX attributable to Murphy (Non-GAAP) 1 $ 465.7   $ 353.1  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 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 March 31, (Millions of dollars) 2026 2025 Net cash provided by continuing operations activities (GAAP) $ 321.2   $ 300.7  Exclude: increase in non-cash working capital 108.0   22.8  Operating cash flow excluding working capital adjustments (Non-GAAP) 429.2   323.5  Less: property additions and dry hole costs 1 (387.8) (368.4) Free cash flow (Non-GAAP) $ 41.4   $ (44.9) Less: cash dividends paid (50.2) (47.0) Less: distributions to noncontrolling interest —   (7.0) Less: debt costs (22.4) —  Less: withholding tax on stock-based incentive awards (7.8) (7.7) Less: acquisition of oil and natural gas properties (22.7) (1.4) Adjusted free cash flow (Non-GAAP) $ (61.7) $ (108.0) 1 Property additions for the three months ended March 31, 2025 include a payment of $125.0 million for the purchase of a floating production, storage, and offloading vessel in the Gulf of America, 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 over time. 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 March 31, 2026 Three Months Ended March 31, 2025 (Millions of dollars) Revenues Income (Loss) Revenues Income (Loss) Exploration and production United States ¹ $ 575.5   $ 156.6   $ 509.5  $ 107.9  Canada 155.2   31.7   165.7  41.5  Other 2.9   (82.7) —  (11.2) Total exploration and production 733.6   105.6   675.2  138.2  Corporate —   (36.4) (9.5) (48.2) Income from continuing operations 733.6   69.2   665.7  90.0  Discontinued operations, net of tax —   (0.5) —  (0.6) Net income including noncontrolling interest $ 733.6   $ 68.7   $ 665.7  $ 89.4  Less: Net income attributable to noncontrolling interest 15.7   16.4  Net income attributable to Murphy $ 53.0   $ 73.0  1  Includes results attributable to a noncontrolling interest in MP GOM. 14 MURPHY OIL CORPORATION PRODUCTION-RELATED EXPENSES (unaudited) Three Months Ended March 31, (Dollars per barrel of oil equivalents sold) 2026 2025 United States – Onshore Lease operating expense $ 9.02   $ 13.02  Severance and ad valorem taxes 3.40   3.45  Depreciation, depletion and amortization expense 31.58   29.35  United States – Offshore 1 Lease operating expense $ 11.17   $ 21.37  Severance and ad valorem taxes 0.13   0.08  Depreciation, depletion and amortization expense 17.69   15.42  Canada – Onshore Lease operating expense $ 5.53   $ 5.51  Severance and ad valorem taxes 0.14   0.06  Depreciation, depletion and amortization expense 4.42   4.40  Canada – Offshore Lease operating expense $ 17.42   $ 16.89  Depreciation, depletion and amortization expense 11.22   8.26  Total E&P continuing operations 1 Lease operating expense $ 8.89   $ 13.90  Severance and ad valorem taxes 0.85   0.59  Depreciation, depletion and amortization expense 2 15.62   13.00  Total oil and gas continuing operations – excluding noncontrolling interest Lease operating expense 3 $ 8.70   $ 13.74  Severance and ad valorem taxes 0.88   0.61  Depreciation, depletion and amortization expense 2 15.67   13.01  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 $8.26 and $10.41 for the three months ended March 31, 2026 and 2025, respectively. 15 MURPHY OIL CORPORATION CAPITAL EXPENDITURES (unaudited) Three Months Ended March 31, (Millions of dollars) 2026 2025 Exploration and production United States 1 $ 259.1   $ 322.1  Canada 62.1   55.4  Other 147.6   43.1  Total 468.8   420.6  Corporate 9.1   4.2  Total capital expenditures - continuing operations 1 477.9   424.8  Less: capital expenditures attributable to noncontrolling interest 12.9   21.9  Total capital expenditures - continuing operations attributable to Murphy 2 465.0   402.9  Charged to exploration expenses 3 United States 1 4.2   5.1  Canada —   0.1  Other 76.3   7.7  Total charged to exploration expenses - continuing operations 1,3 80.5   12.9  Less: charged to exploration expenses attributable to noncontrolling interest —   —  Total charged to exploration expenses - continuing operations attributable to Murphy 80.5   12.9  Total capitalized - continuing operations attributable to Murphy $ 384.5   $ 390.0  1 Includes amounts attributable to a noncontrolling interest in MP GOM. 2  For the three months ended March 31, 2026, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $22.7 million, (2025: $1.4 million), is $442.3 million (2025: $401.5 million). 3  For the three months ended March 31, 2026, the total charged to exploration expense attributable to Murphy excludes amortization of undeveloped leases of $2.3 million (2025: $1.6 million). 16 MURPHY OIL CORPORATION PRODUCTION SUMMARY (unaudited) Three Months Ended March 31, (Barrels per day unless otherwise noted) 2026 2025 Net crude oil and condensate United States - Onshore 28,497   16,974  United States - Offshore 1 51,839   55,587  Canada - Onshore 2,932   2,584  Canada - Offshore 9,006   8,855  Other 224   255  Total net crude oil and condensate 92,498   84,255  Net natural gas liquids United States - Onshore 5,856   4,072  United States - Offshore 1 4,298   3,804  Canada - Onshore 528   538  Total net natural gas liquids 10,682   8,414  Net natural gas – thousands of cubic feet per day United States - Onshore 33,082   26,190  United States - Offshore 1 51,153   51,150  Canada - Onshore 377,001   346,892  Total net natural gas 461,236   424,232  Total net hydrocarbons - including NCI 2,3 180,053   163,374  Noncontrolling interest Net crude oil and condensate – barrels per day (5,281) (5,779) Net natural gas liquids – barrels per day (226) (170)    Net natural gas – thousands of cubic feet per day (1,857) (1,234) Total noncontrolling interest 2,3 (5,817) (6,154) Total net hydrocarbons - excluding NCI 2,3 174,236   157,220  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 March 31, (Barrels per day unless otherwise noted) 2026 2025 Net crude oil and condensate United States - Onshore 28,497   16,974  United States - Offshore 1 52,205   54,133  Canada - Onshore 2,932   2,584  Canada - Offshore 7,579   11,128  Other 455   —  Total net crude oil and condensate 91,668   84,819  Net natural gas liquids United States - Onshore 5,856   4,072  United States - Offshore 1 4,298   3,804  Canada - Onshore 528   538  Total net natural gas liquids 10,682   8,414  Net natural gas – thousands of cubic feet per day United States - Onshore 33,082   26,190  United States - Offshore 1 51,153   51,150  Canada - Onshore 377,001   346,892  Total net natural gas 461,236   424,232  Total net hydrocarbons - including NCI 2,3 179,223   163,938  Noncontrolling interest Net crude oil and condensate – barrels per day (5,333) (5,567) Net natural gas liquids – barrels per day (226) (170)    Net natural gas – thousands of cubic feet per day (1,857) (1,234) Total noncontrolling interest 2,3 (5,869) (5,942) Total net hydrocarbons - excluding NCI 2,3 173,354   157,996  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 March 31, 2026 2025 Crude oil and condensate – dollars per barrel United States - Onshore $ 73.44   $ 71.65  United States - Offshore 1 70.97   72.32  Canada - Onshore 2 65.89   63.34  Canada - Offshore 2 78.19   74.36  Other 2 71.04   —  Natural gas liquids – dollars per barrel United States - Onshore 17.60   23.16  United States - Offshore 1 16.45   27.02  Canada - Onshore 2 27.73   36.08  Natural gas – dollars per thousand cubic feet United States - Onshore 3.74   3.38  United States - Offshore 1 5.68   4.33  Canada - Onshore 2 2.44   2.38  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 MAY 4, 2026 (unaudited) Volumes (MMCF/D) Price/MCF Remaining Period Area Commodity Type 1 Start Date End Date Canada Natural Gas Fixed price forward sales 78 C$2.94 4/1/2026 6/30/2026 Canada Natural Gas Fixed price forward sales 78 C$2.94 7/1/2026 9/30/2026 Canada Natural Gas Fixed price forward sales 59 C$3.00 10/1/2026 12/31/2026 Canada Natural Gas Fixed price forward sales 9.5 C$3.14 1/1/2027 12/31/2027 1 Fixed price forward sale contracts listed above are accounted for as normal sales and purchases for accounting purposes. 20