Murphy Oil — Aug 5, 2026 release

EXHIBIT 99.1 NEWS RELEASE MURPHY OIL CORPORATION ANNOUNCES SECOND QUARTER RESULTS Produced at Upper End of Guidance Range Announced Oil Discovery at Bubale-1X in Côte d’Ivoire Advanced Lac Da Vang (Golden Camel) Development Project toward First Oil, Completing Pipeline Work and Launching the FSO HOUSTON, Texas, August 5, 2026 – Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the second quarter ended June 30, 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 June 30, 2026 Net income attributable to Murphy $ 232.2   Net income attributable to Murphy per common share - Diluted $ 1.59   Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) 1 $ 225.8   Adjusted net income from continuing operations per average common share - Diluted (Non-GAAP) 1 $ 1.55   Adjusted EBITDA attributable to Murphy (Non-GAAP) 1 $ 592.7   Adjusted EBITDAX attributable to Murphy (Non-GAAP) 1 $ 632.0   Net cash provided by continuing operations activities $ 655.9   Operating cash flow excluding working capital adjustments (Non-GAAP) 1 $ 588.4   Free cash flow (Non-GAAP) 1 $ 110.0   Oil production, net (BOPD) 2 85,265   Total production, net (BOEPD) 2 168,995   Capital expenditures (CAPEX) $ 476.0   Lease operating expense from continuing operations ($/BOE) 2 $ 8.83   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). 1 Highlights for the second quarter include: • Produced 169,000 BOEPD, at the upper end of quarterly guidance primarily due to continued strong well performance at Tupper Montney • Earned net income of $232 million in 2Q 2026 compared to $22 million in 2Q 2025, with the increase driven by stronger commodity prices and continued operational outperformance • Announced oil discovery at the Bubale-1X exploration well in Block CI-709 offshore Côte d'Ivoire, with the well encountering 100 feet of net pay across two reservoirs • Concluded the Hai Su Vang (Golden Sea Lion) appraisal program in Vietnam with the completion of the Hai Su Vang-4X appraisal well, which was expensed as a dry hole • Completed drilling operations and initiated completion activities at the Chinook #8 development well in the Gulf of America • Finalized pipeline installation and launched the FSO (Floating Storage and Offloading vessel) at the Lac Da Vang development project in Vietnam • Executed onshore program as planned, bringing online six Eagle Ford Shale wells and four Kaybob Duvernay wells Subsequent to the second quarter: • Spud the Bubale West-1X appraisal well in Block CI-103 offshore Côte d'Ivoire • Spud the Lac Da Trang (White Camel) North-1X exploration well in Block 15-1/05 in Vietnam • Completed the installation of topsides and mobilized FSO to final location for the Lac Da Vang development project • Expanded the full-year capital program to advance high-impact appraisal and development opportunities, increasing the CAPEX midpoint from $1.25 billion to $1.55 billion • Published the 2026 Sustainability Report, highlighting Murphy’s commitment to responsible operations, corporate governance, and long-term shareholder value creation “Murphy enters the second half of 2026 with a growing exploration pipeline and multiple pathways to long-term shareholder value creation. Bubale-1X has broadened our opportunity set, Hai Su Vang has progressed from appraisal to development planning, and Lac Da Vang is nearing first oil. The breadth of our portfolio creates optionality, allowing us to prioritize the highest-value opportunities and maximize shareholder returns,” stated Eric M. Hambly, President and Chief Executive Officer. 2 SHAREHOLDER RETURNS During the second quarter of 2026, we paid $50 million in quarterly dividends. While the Company elected not to repurchase shares in the second quarter, it retains significant flexibility with $550 million remaining under its share repurchase authorization. As of June 30, 2026, there were 143.4 million shares outstanding. FINANCIAL POSITION Murphy had approximately $2.48 billion of liquidity on June 30, 2026, comprised of the undrawn $2.00 billion senior unsecured credit facility and approximately $480 million of cash and cash equivalents, inclusive of NCI. As of June 30, 2026, Murphy’s total debt of $1.55 billion was comprised of long-term, fixed-rate notes, with a weighted average maturity of 8.7 years and a weighted average coupon of 6.3 percent. ONSHORE OPERATIONS SUMMARY In the second quarter of 2026, the onshore business produced approximately 103,800 BOEPD, which included 38 percent liquids. Onshore Oil Production (BOPD) Total Production (BOEPD) Eagle Ford Shale 26,900 39,100 Tupper Montney 200 58,100 Kaybob Duvernay 4,700 6,600 Eagle Ford Shale – Brought online six new wells in Catarina, with an additional eight operated Catarina wells and six non-operated Tilden wells coming online subsequent to quarter end. Onshore Canada – Brought online a four-well pad in Kaybob Duvernay and progressed an eight-well pad in Tupper Montney, which came online subsequent to quarter end. OFFSHORE OPERATIONS SUMMARY Excluding NCI, the offshore business produced approximately 65,000 BOEPD in the second quarter of 2026, which included 88 percent liquids. Offshore Oil Production (BOPD) Total Production (BOEPD) Gulf of America 45,400 57,100 Canada 7,900 7,900 Gulf of Am erica – Completed drilling operations and initiated completion activities at the high-impact Chinook #8 development well. The well is expected to come online in the fourth quarter of 2026 with a gross initial production rate of approximately 15 MBOEPD. 3 Vietnam – Successfully installed the pipelines and launched the FSO at the Lac Da Vang development project. Subsequent to quarter end, the topsides were installed and the FSO was mobilized to its final destination. The project remains on track and is expected to achieve first oil in the fourth quarter of this year. PRODUCTION AND CAPITAL EXPENDITURE GUIDANCE The table below illustrates third quarter and full year 2026 guidance. 3Q 2026 Guidance Producing Asset Oil (BOPD) NGLs (BOPD) Natural Gas (MCFD) Total (BOEPD) Eagle Ford Shale 28,400 6,400 33,100 40,300 Gulf of America, excl. NCI 38,800 3,300 39,900 48,800 Tupper Montney 100 — 436,000 72,800 Kaybob Duvernay 3,800 600 9,500 6,000 Offshore Canada 6,900 — — 6,900 Other 200 — — 200 Total Net Production, excl. NCI 1 (BOEPD) 171,000 to 179,000 Capital Expenditures, excl. NCI 2 ($ MM) $380 - $460 Exploration Expense 3 ($ MM) $135 Full Year 2026 Guidance Total Net Production, excl. NCI 4 (BOEPD) 167,000 to 175,000 Capital Expenditures, excl. NCI 5 ($ MM) $1,500 to $1,600 Exploration Expense 6 ($ MM) $300 1 Excludes noncontrolling interest of MP GOM of 4,800 BOPD of oil, 200 BOPD of NGLs and 1,800 MCFD natural gas 2 Excludes noncontrolling interest of MP GOM of $20 million 3 Includes assumed dry hole expense of $100 MM in 3Q 2026 4 Excludes noncontrolling interest of MP GOM of 5,500 BOPD of oil, 200 BOPD of NGLs and 1,700 MCFD natural gas 5 Excludes noncontrolling interest of MP GOM of $65 million 6 Includes dry hole expense of $80 MM in 1H 2026, and assumed dry hole expense of $100 MM for 2H 2026 The table below details the 2026 onshore well delivery plan by quarter. 2026 Onshore Wells Online 1Q 2026A 2Q 2026A 3Q 2026E 4Q 2026E 2026E Total Eagle Ford Shale 15 6 8 6 35 Kaybob Duvernay – 4 – – 4 Tupper Montney – – 8 – 8 Non-Op Eagle Ford Shale – – 6 4 10 Note: All well counts are shown gross. Eagle Ford Shale non-operated working interest averag es 23 percent. 4 CONFERENCE CALL AND WEBCAST SCHEDULED FOR AUGUST 6, 2026 Murphy will host a conference call to discuss second quarter 2026 financial and operating results on Thursday, August 6, 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 833-461-5787, conference ID 127579651. For additional information, please refer to the Second Quarter 2026 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 second 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 5 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 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 6 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 June 30, Six Months Ended June 30, (Thousands of dollars, except per share amounts) 2026 2025 2026 2025 Revenues and other income Revenue from production $ 926,332   $ 683,065  $ 1,658,686   $ 1,355,795  Total revenue from sales to customers 926,332   683,065  1,658,686   1,355,795  Gain on derivative instruments —   10,808  —   1,349  Gain on sale of assets and other operating income 1,975   1,697  3,173   4,137  Total revenues and other income 928,307   695,570  1,661,859   1,361,281  Costs and expenses Lease operating expenses 143,719   215,554  287,183   420,633  Severance and ad valorem taxes 14,991   10,828  28,737   19,478  Transportation, gathering and processing 45,274   54,070  92,335   102,921  Exploration expenses, including undeveloped lease amortization 39,303   10,399  122,118   24,887  Selling and general expenses 38,670   36,919  73,540   67,834  Depreciation, depletion and amortization 262,106   259,324  516,482   453,484  Accretion of asset retirement obligations 14,870   14,432  29,384   28,477  Other operating expense 14,706   1,833  19,147   7,462  Total costs and expenses 573,639   603,359  1,168,926   1,125,176  Operating income from continuing operations 354,668   92,211  492,933   236,105  Other income (loss) Other income (loss) 11,247   (32,304) 21,099   (29,902) Interest expense, net (24,917) (25,053) (53,894) (48,576) Total other loss (13,670) (57,357) (32,795) (78,478) Income from continuing operations before income taxes 340,998   34,854  460,138   157,627  Income tax expense 77,030   1,032  126,975   33,754  Income from continuing operations 263,968   33,822  333,163   123,873  Income (loss) from discontinued operations, net of income taxes (437) 1,302  (979) 669  Net income including noncontrolling interest 263,531   35,124  332,184   124,542  Less: Net income attributable to noncontrolling interest 31,356   12,844  47,023   29,226  NET INCOME ATTRIBUTABLE TO MURPHY $ 232,175   $ 22,280  $ 285,161   $ 95,316  NET INCOME (LOSS) PER COMMON SHARE – BASIC Continuing operations $ 1.62   $ 0.15  $ 2.00   $ 0.66  Discontinued operations —   0.01  (0.01) —  Net income $ 1.62   $ 0.16  $ 1.99   $ 0.66  NET INCOME (LOSS) PER COMMON SHARE – DILUTED Continuing operations $ 1.59   $ 0.15  $ 1.96   $ 0.66  Discontinued operations —   0.01  (0.01) —  Net income $ 1.59   $ 0.16  $ 1.95   $ 0.66  Cash dividends per common share $ 0.350   $ 0.325  $ 0.700   $ 0.650  Average common shares outstanding (thousands) Basic 143,351   142,721  143,216   143,502  Diluted 146,149   143,216  145,894   144,144  8 MURPHY OIL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended June 30, Six Months Ended June 30, (Thousands of dollars) 2026 2025 2026 2025 Operating Activities Net income including noncontrolling interest $ 263,531   $ 35,124  $ 332,184   $ 124,542  Adjustments to reconcile net income to net cash provided by continuing operations activities Depreciation, depletion and amortization 262,106   259,324  516,482   453,484  Unsuccessful exploration well costs and previously suspended exploration costs 13,542   (966) 80,585   (776) Deferred income tax expense 55,685   4,873  92,549   21,216  Accretion of asset retirement obligations 14,870   14,432  29,384   28,477  Long-term non-cash compensation 10,260   12,111  25,693   22,016  Amortization of undeveloped leases 2,565   2,255  4,835   3,909  (Income) loss from discontinued operations 437   (1,302) 979   (669) Unrealized gain on derivative instruments —   (10,287) —   (1,371) Other operating activities, net (34,540) 11,797  (65,121) (2) Net (increase) decrease in non-cash working capital 67,495   30,689  (40,477) 7,905  Net cash provided by continuing operations activities 655,951   358,050  977,093   658,731  Investing Activities Property additions and dry hole costs (478,363) (309,641) (866,159) (678,043) Acquisition of oil and natural gas properties (832) —  (23,513) (1,383) Net cash required by investing activities (479,195) (309,641) (889,672) (679,426) 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 250,000   100,000  425,000   350,000  Repayment of revolving credit facility (250,000) (100,000) (525,000) (150,000) Issue costs of revolving credit facility (61) (18) (12,274) (18) Repurchase of common stock, including excise tax —   (2,548) (777) (102,620) Cash dividends paid (50,171) (46,386) (100,344) (93,412) Distributions to noncontrolling interest (21,164) (11,210) (21,164) (18,165) Withholding tax on stock-based incentive awards —   19  (7,849) (7,654) Finance lease obligation payments (451) (370) (870) (486) Net cash provided (required) by financing activities (71,847) (60,513) 19,045   (22,355) Effect of exchange rate changes on cash and cash equivalents 213   (1,179) 213   (888) Net increase (decrease) in cash and cash equivalents 105,122   (13,283) 106,679   (43,938) Cash and cash equivalents at beginning of period 378,753   392,914  377,196   423,569  Cash and cash equivalents at end of period $ 483,875   $ 379,631  $ 483,875   $ 379,631  9 MURPHY OIL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Thousands of dollars) June 30, 2026 December 31, 2025 ASSETS Cash and cash equivalents $ 483,875   $ 377,196  Other current assets 542,967   439,516  Total current assets $ 1,026,842   $ 816,712  Property, plant and equipment, net 8,434,791   8,136,346  Operating lease assets, net 702,528   805,464  Other long-term assets 113,973   74,104  Total assets $ 10,278,134   $ 9,832,626  LIABILITIES AND EQUITY Current maturities of long-term debt, finance lease $ 2,578   $ 2,514  Accounts payable 671,238   572,183  Operating lease liabilities 280,162   278,834  Other current liabilities 248,387   209,218  Total current liabilities $ 1,202,365   $ 1,062,749  Long-term debt, including finance lease obligation 1,547,864   1,382,566  Asset retirement obligations 981,355   970,908  Non-current operating lease liabilities 433,128   537,773  Other long-term liabilities 710,232   641,933  Total liabilities $ 4,874,944   $ 4,595,929  Murphy Shareholders' Equity 5,259,014   5,118,380  Noncontrolling interest 144,176   118,317  Total liabilities and equity $ 10,278,134   $ 9,832,626  10 MURPHY OIL CORPORATION SCHEDULE OF ADJUSTED NET INCOME (LOSS) (unaudited) Three Months Ended June 30, Six Months Ended June 30, (Millions of dollars, except per share amounts) 2026 2025 2026 2025 Net income attributable to Murphy (GAAP) 1 $ 232.2   $ 22.3  $ 285.2   $ 95.3  Discontinued operations (income) loss 0.4   (1.3) 1.0   (0.7) Net income from continuing operations attributable to Murphy 232.6   21.0  286.2   94.6  Adjustments: Foreign exchange (gain) loss (9.2) 34.3  (18.6) 34.3  Unrealized gain on derivative instruments —   (10.3) —   (1.4) Total adjustments, before taxes (9.2) 24.0  (18.6) 32.9  Income tax (benefit) expense related to adjustments 2.4   (6.5) 4.8   (8.3) Total adjustments, after taxes (6.8) 17.5  (13.8) 24.6  Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) $ 225.8   $ 38.5  $ 272.4   $ 119.2  Adjusted net income from continuing operations per average diluted share (Non-GAAP) $ 1.55   $ 0.27  $ 1.87   $ 0.83  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 June 30, 2026 Six Months Ended June 30, 2026 (Millions of dollars) Pretax Tax Net Pretax Tax Net Corporate $ (9.2) $ 2.4  $ (6.8) $ (18.6) $ 4.8  $ (13.8) Total adjustments $ (9.2) $ 2.4   $ (6.8) $ (18.6) $ 4.8   $ (13.8) 11 MURPHY OIL CORPORATION SCHEDULE OF EBITDA, ADJUSTED EBITDA, EBITDAX AND ADJUSTED EBITDAX (unaudited) Three Months Ended June 30, Six Months Ended June 30, (Millions of dollars) 2026 2025 2026 2025 Net income attributable to Murphy (GAAP) 1 $ 232.2   $ 22.3  $ 285.2   $ 95.3  Income tax expense 77.0   1.1  127.0   33.8  Interest expense, net 24.9   25.1  53.9   48.6  Depreciation, depletion and amortization expense 1 254.0   250.8  500.8   438.2  EBITDA attributable to Murphy (Non-GAAP) 1 $ 588.1   $ 299.3  $ 966.9   $ 615.9  Exploration expenses 1 39.3   10.3  122.1   24.8  EBITDAX attributable to Murphy (Non-GAAP) 1 $ 627.4   $ 309.6  $ 1,089.0   $ 640.7  EBITDA attributable to Murphy (Non-GAAP) 1 $ 588.1   $ 299.3  $ 966.9   $ 615.9  Foreign exchange (gain) loss (9.2) 34.3  (18.6) 34.3  Accretion of asset retirement obligations 1 13.4   12.9  26.3   25.4  Unrealized gain on derivative instruments —   (10.3) —   (1.4) Discontinued operations (income) loss 0.4   (1.3) 1.0   (0.7) Adjusted EBITDA attributable to Murphy (Non-GAAP) 1 $ 592.7   $ 334.9  $ 975.6   $ 673.5  Exploration expenses 1 39.3   10.3  122.1   24.8  Adjusted EBITDAX attributable to Murphy (Non-GAAP) 1 $ 632.0   $ 345.2  $ 1,097.7   $ 698.3  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 June 30, Six Months Ended June 30, (Millions of dollars) 2026 2025 2026 2025 Net cash provided by continuing operations activities (GAAP) $ 655.9   $ 358.1  $ 977.1   $ 658.7  Exclude: increase (decrease) in non-cash working capital (67.5) (30.7) 40.5   (7.9) Operating cash flow excluding working capital adjustments (Non-GAAP) 588.4   327.4  1,017.6   650.8  Less: property additions and dry hole costs 1 (478.4) (309.6) (866.2) (678.0) Free cash flow (Non-GAAP) $ 110.0   $ 17.8  $ 151.4   $ (27.2) Adjustments: Cash dividends paid (50.1) (46.4) (100.3) (93.4) Distributions to noncontrolling interest (21.2) (11.2) (21.2) (18.2) Debt costs (0.1) —  (22.5) —  Withholding tax on stock-based incentive awards —   —  (7.8) (7.7) Acquisition of oil and natural gas properties (0.8) —  (23.5) (1.4) Adjusted free cash flow (Non-GAAP) $ 37.8   $ (39.8) $ (23.9) $ (147.9) 1 Property additions for the six months ended June 30, 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 June 30, 2026 Three Months Ended June 30, 2025 (Millions of dollars) Revenues Income (Loss) Revenues Income (Loss) Exploration and production United States 1 $ 744.0   $ 274.2   $ 553.5  $ 86.5  Canada 183.6   51.9   128.3  10.5  Other —   (30.2) 2.9  (7.3) Total exploration and production 927.6   295.9   684.7  89.7  Corporate 0.7   (32.0) 10.9  (55.9) Total from continuing operations 928.3   263.9   695.6  33.8  Discontinued operations, net of tax —   (0.4) —  1.3  Total including noncontrolling interest $ 928.3   $ 263.5   $ 695.6  $ 35.1  Less: Net income attributable to noncontrolling interest 31.3   12.8  Net income attributable to Murphy $ 232.2   $ 22.3  Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 (Millions of dollars) Revenues Income (Loss) Revenues Income (Loss) Exploration and production United States ¹ $ 1,319.5   $ 430.9   $ 1,063.0  $ 194.4  Canada 338.8   83.5   294.0  52.0  Other 2.9   (112.8) 2.9  (18.5) Total exploration and production 1,661.2   401.6   1,359.9  227.9  Corporate 0.7   (68.4) 1.4  (104.1) Total from continuing operations 1,661.9   333.2   1,361.3  123.8  Discontinued operations, net of tax —   (1.0) —  0.7  Total including noncontrolling interest $ 1,661.9   $ 332.2   $ 1,361.3  $ 124.5  Less: Net income attributable to noncontrolling interest 47.0   29.2  Net income attributable to Murphy $ 285.2   $ 95.3  1  Includes results attributable to a noncontrolling interest in MP GOM. 14 MURPHY OIL CORPORATION PRODUCTION-RELATED EXPENSES (unaudited) Three Months Ended June 30, Six Months Ended June 30, (Dollars per barrel of oil equivalents sold) 2026 2025 2026 2025 United States – Onshore Lease operating expense $ 9.60   $ 8.20  $ 9.31   $ 10.08  Severance and ad valorem taxes 3.76   2.66  3.58   2.96  Depreciation, depletion and amortization expense 32.01   29.88  31.79   29.68  United States – Offshore 1 Lease operating expense $ 10.43   $ 20.91  $ 10.80   $ 21.13  Severance and ad valorem taxes 0.12   0.14  0.12   0.11  Depreciation, depletion and amortization expense 18.74   16.93  18.21   16.21  Canada – Onshore Lease operating expense $ 5.52   $ 4.98  $ 5.53   $ 5.21  Severance and ad valorem taxes 0.16   0.05  0.15   0.05  Depreciation, depletion and amortization expense 4.96   4.20  4.69   4.29  Canada – Offshore Lease operating expense $ 18.84   $ 17.86  $ 18.24   $ 17.29  Depreciation, depletion and amortization expense 10.65   11.47  10.89   9.59  Total E&P continuing operations 1 Lease operating expense $ 8.95   $ 11.95  $ 8.92   $ 12.83  Severance and ad valorem taxes 0.93   0.60  0.89   0.59  Depreciation, depletion and amortization expense 2 16.16   14.28  15.89   13.70  Total oil and gas continuing operations – excluding noncontrolling interest Lease operating expense 3 $ 8.83   $ 11.80  $ 8.77   $ 12.67  Severance and ad valorem taxes 0.96   0.62  0.92   0.61  Depreciation, depletion and amortization expense 2 16.20   14.28  15.94   13.71  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 $8.20 and $8.76 for the three months ended June 30, 2026 and 2025, respectively, and $8.23 and $9.50 for the six months ended June 30, 2026 and 2025, respectively. 15 MURPHY OIL CORPORATION CAPITAL EXPENDITURES (unaudited) Three Months Ended June 30, Six Months Ended June 30, (Millions of dollars) 2026 2025 2026 2025 Exploration and production United States 1 $ 276.2   $ 178.4  $ 535.3   $ 500.5  Canada 64.3   45.7  126.4   101.1  Other 152.6   26.7  300.2   69.8  Total 493.1   250.8  961.9   671.4  Corporate 7.2   2.8  16.3   7.0  Total capital expenditures - continuing operations 1 500.3   253.6  978.2   678.4  Less: capital expenditures attributable to noncontrolling interest 24.3   2.8  37.2   24.7  Total capital expenditures - continuing operations attributable to Murphy 2 $ 476.0   $ 250.8  $ 941.0   $ 653.7  Charged to exploration expenses 3 United States 1 13.1   2.2  17.3   7.3  Canada —   —  —   0.1  Other 23.8   5.9  100.1   13.6  Total charged to exploration expenses - continuing operations 1,3 36.9   8.1  117.4   21.0  Less: charged to exploration expenses attributable to noncontrolling interest —   0.1  —   0.1  Total charged to exploration expenses - continuing operations attributable to Murphy 36.9   8.0  117.4   20.9  Total capitalized - continuing operations attributable to Murphy $ 439.1   $ 242.8  $ 823.6   $ 632.8  1 Includes amounts attributable to a noncontrolling interest in MP GOM. 2  For the three months ended June 30, 2026, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $0.8 million (2025: nil), is $475.2 million (2025: $250.8 million). For the six months ended June 30, 2026, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $23.5 million (2025: $1.4 million), is $917.5 million (2025: $652.3 million). 3  For the three and six months ended June 30, 2026, total charged to exploration expense attributable to Murphy, excludes amortization of undeveloped leases of $2.4 million (2025: $2.3 million) and $4.7 million (2025 $3.9 million), respectively. 16 MURPHY OIL CORPORATION PRODUCTION SUMMARY (unaudited) Three Months Ended June 30, Six Months Ended June 30, (Barrels per day unless otherwise noted) 2026 2025 2026 2025 Net crude oil and condensate United States - Onshore 26,853   28,519  27,670   22,779  United States - Offshore 1 50,920   58,840  51,377   57,222  Canada - Onshore 4,854   2,307  3,899   2,445  Canada - Offshore 7,880   5,638  8,440   7,237  Other 239   296  232   275  Total net crude oil and condensate 90,746   95,600  91,618   89,958  Net natural gas liquids United States - Onshore 6,769   5,557  6,315   4,818  United States - Offshore 1 3,976   4,720  4,136   4,265  Canada - Onshore 570   494  549   516  Total net natural gas liquids 11,315   10,771  11,000   9,599  Net natural gas – thousands of cubic feet per day United States - Onshore 32,861   32,389  32,971   29,306  United States - Offshore 1 49,178   52,964  50,160   52,062  Canada - Onshore 355,672   454,310  366,277   400,898  Total net natural gas 437,711   539,663  449,408   482,266  Total net hydrocarbons - including NCI 2,3 175,013   196,315  177,519   179,935  Noncontrolling interest Net crude oil and condensate – barrels per day (5,481) (6,070) (5,382) (5,925) Net natural gas liquids – barrels per day (195) (244) (210) (207)    Net natural gas – thousands of cubic feet per day (2,052) (1,942) (1,955) (1,590) Total noncontrolling interest 2,3 (6,018) (6,638) (5,918) (6,397) Total net hydrocarbons - excluding NCI 2,3 168,995   189,677  171,601   173,538  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 June 30, Six Months Ended June 30, (Barrels per day unless otherwise noted) 2026 2025 2026 2025 Net crude oil and condensate United States - Onshore 26,853   28,520  27,670   22,779  United States - Offshore 1 50,359   58,469  51,277   56,313  Canada - Onshore 4,854   2,307  3,899   2,444  Canada - Offshore 10,201   7,762  8,897   9,436  Other —   457  226   230  Total net crude oil and condensate 92,267   97,515  91,969   91,202  Net natural gas liquids United States - Onshore 6,769   5,557  6,315   4,819  United States - Offshore 1 3,976   4,720  4,136   4,264  Canada - Onshore 570   494  549   516  Total net natural gas liquids 11,315   10,771  11,000   9,599  Net natural gas – thousands of cubic feet per day United States - Onshore 32,861   32,388  32,971   29,306  United States - Offshore 1 49,178   52,964  50,160   52,062  Canada - Onshore 355,672   454,310  366,277   400,898  Total net natural gas 437,711   539,662  449,408   482,266  Total net hydrocarbons - including NCI 2,3 176,534   198,230  177,870   181,179  Noncontrolling interest Net crude oil and condensate – barrels per day (5,396) (6,014) (5,365) (5,792) Net natural gas liquids – barrels per day (195) (243) (210) (207)    Net natural gas – thousands of cubic feet per day (2,052) (1,942) (1,955) (1,590) Total noncontrolling interest 2,3 (5,933) (6,581) (5,901) (6,264) Total net hydrocarbons - excluding NCI 2,3 170,601   191,649  171,969   174,915  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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Crude oil and condensate – dollars per barrel United States - Onshore $ 99.55   $ 64.00  $ 86.18   $ 66.84  United States - Offshore 1 99.36   64.48  84.99   68.23  Canada - Onshore 2 84.08   59.94  77.28   61.73  Canada - Offshore 2 103.88   64.76  93.00   70.39  Other 2 —   70.86  71.04   70.86  Natural gas liquids – dollars per barrel United States - Onshore 23.08   19.56  20.55   21.07  United States - Offshore 1 21.66   19.35  18.97   22.75  Canada - Onshore 2 34.46   33.84  31.25   35.00  Natural gas – dollars per thousand cubic feet United States - Onshore 2.41   2.75  3.07   3.03  United States - Offshore 1 3.38   3.47  4.55   3.89  Canada - Onshore 2 1.48   1.65  1.97   1.96  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 AUGUST 3, 2026 (unaudited) Volumes (MMCF/D) Price/MCF Remaining Period Area Commodity Type 1 Start Date End Date Canada Natural Gas Fixed price forward sales 88 C$2.81 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