Latest news with #PinkCamel
CairoScene
17-05-2025
- Business
- CairoScene
Mayada Badr is Mapping a Past & a Future For Saudi Culinary Heritage
Mayada Badr is Mapping a Past & a Future For Saudi Culinary Heritage Cordon Bleu graduate, founder of Pink Camel and now CEO of the Culinary Arts Commission, Mayada Badr is answering a question that has rarely been asked before - how to enact a culinary renaissance? When Saudi Arabia's Ministry of Culture set about creating 11 new cultural commissions, they imagined something unprecedented: a body dedicated to preserving, codifying, and celebrating the nation's culinary heritage. There was no blueprint to follow. No global precedent. It required a leader with a rare combination of imagination, resilience, and deep cultural grounding. It required someone like Mayada Badr. Badr's path was anything but traditional. A Parsons School of Design graduate with a passion for culinary creation, she spent her lunch breaks experimenting in the kitchen before formally training at Le Cordon Bleu. After interning in French restaurants, Badr returned home to Saudi Arabia, determined to give back. There, she founded Pink Camel, a fusion patisserie blending classic French technique with local flavours. Think kunafa macarons and Um Ali croissants. As her business grew, so did her influence, leading to government consulting work abroad. Then one day, the Ministry of Culture called - not to simply consult, but to lead. 'I wanted to make sure this was for the industry,' Badr tells SceneNowSaudi. 'I was just happy to talk, to be able to suggest how the culinary industry could be fixed.' When Badr reflects on her greatest milestone, she points not to a singular project, but to the Commission itself. Culinary arts, she notes, are an endangered industry. Across the globe, traditional foodways are eroding. In Saudi Arabia, the Culinary Arts Commission is racing to document, preserve, and revitalise them before they are lost. 'Preservation is a major pillar of our strategy,' Badr shares. 'We wanted to know what Saudi cuisine is, what our heritage is. We were uncovering our culture.' Under Badr's leadership, the Commission spent two and a half years conducting a monumental survey. Across all 13 regions of the Kingdom, researchers visited homes, learnt from the oldest families, listened to oral histories, consulted poetic sources, historic texts, and travel writings. The result? A living archive of 1,300 recipes and heritage ingredients, meticulously mapped and recorded. The work did not stop at documentation. In collaboration with UNESCO's intangible heritage initiatives, Badr spearheaded a Food Atlas project - a platform enabling nations to catalog and preserve their culinary traditions. Saudi cuisine, long overlooked internationally, is now not only entering the global stage, but it's supporting a global movement. 'Food truly has no borders,' Badr asserts. Saudi chefs now participate annually in festivals like Taste of London and Taste of Paris, introducing global audiences to the complexity and richness of Saudi flavours. At the same time, domestic initiatives like Irth - a restaurant-shop-training-centre hybrid staffed entirely by Saudis - and the Saudi Feast Food Festival, which offers visitors an all-day, one-stop taste of all thirteen regions, ensure that culinary traditions continue to thrive at home. Through documentary films, television series, open-access recipe archives, and dynamic food events, Badr's Commission is leading a content-driven cultural renaissance - one that sees cuisine as a critical avenue for national storytelling in an international narrative. And yet, even Badr has to admit that Saudi's greatest asset to global gastronomy isn't their dishes - and no, it's not their dates either - it's people. 'You don't train Saudis to smile, to be hospitable. We take our kindness for granted, but it is rare.' In every project she undertakes, the focus remains clear: give back to the culture that shaped her. This pride shines through every initiative, and it's starting to catch on. Saudis at home and afar are beginning to rediscover their culinary heritage now that it has been articulated. The private sector is picking it up - now it's time perhaps for Mayada Badr to step back and admire the view. To Mayada Badr, however, that future looks like three words: "Innovation. Discovery. Sustainability." With a multi-hyphenated background which bridges disciplines, cultures, and borders, Mayada Badr embodies the versatility and passion needed to navigate uncharted territory. Under her leadership, Saudi cuisine is not just being preserved; it is being reimagined as a living, evolving force.
Business Wire
07-05-2025
- Business
- Business Wire
Murphy Oil Corporation Announces First Quarter Results, Reaffirms 2025 Capital Expenditure and Production Guidance
HOUSTON--(BUSINESS WIRE)--Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the first quarter ended March 31, 2025, including net income attributable to Murphy of $73 million, or $0.50 net income per diluted share. Excluding discontinued operations and other items affecting comparability between periods, adjusted net income attributable to Murphy was $81 million, or $0.56 adjusted net income per diluted share. Unless otherwise noted, the financial and operating highlights and metrics discussed in this commentary exclude noncontrolling interest (NCI). 1 Highlights for the first quarter include: Drilled an oil discovery at Lac Da Hong-1X (Pink Camel) exploration well in offshore Vietnam and encountered 106 feet of net oil pay from one reservoir Repurchased $100 million of stock, or 3.6 million shares Closed the strategic acquisition of the BW Pioneer floating production storage and offloading vessel (FPSO) in the Gulf of America for $104 million net purchase price Subsequent to the first quarter: Achieved the significant milestone of 1 million work hours with zero Lost Time Injuries on the Lac Da Vang (Golden Camel) field development project in Vietnam Declared a quarterly dividend of $0.325 per share or $1.30 per share annualized 'I am excited to announce today an oil discovery at the Lac Da Hong-1X (Pink Camel) well, which is the second discovery in our current Vietnam exploration program. This discovery enhances the value of Murphy's growing Vietnam business when coupled with our nearby Lac Da Vang (Golden Camel) development and our recent Hai Su Vang (Golden Sea Lion) discovery. We also recently announced the acquisition of an FPSO in the Gulf of America, which leads to a direct cost reduction with a two-year payback,' said Eric M. Hambly, President and Chief Executive Officer. 'Looking forward, we remain focused on progressing our onshore, Gulf of America and Vietnam development plans, creating additional value to generate excess cash flow for further shareholder returns.' FIRST QUARTER 2025 RESULTS The company recorded net income attributable to Murphy of $73 million, or $0.50 net income per diluted share, for the first quarter 2025. Adjusted net income, which excludes both the results of discontinued operations and certain other items that affect comparability of results between periods, was $81 million, or $0.56 per diluted share for the same period. Details for first quarter results and an adjusted net income reconciliation can be found in the attached schedules. Earnings before interest, taxes, depreciation and amortization (EBITDA) attributable to Murphy were $317 million. Earnings before interest, taxes, depreciation, amortization and exploration expenses (EBITDAX) attributable to Murphy were $331 million. Adjusted EBITDA attributable to Murphy was $339 million. Adjusted EBITDAX attributable to Murphy was $353 million. Reconciliations for first quarter EBITDA, EBITDAX, adjusted EBITDA and adjusted EBITDAX can be found in the attached schedules. First quarter production averaged 157 thousand barrels of oil equivalent per day (MBOEPD), which included 78.5 thousand barrels of oil per day (MBOPD). Production impacts of 6 MBOEPD were attributed to 2.6 MBOEPD of non-operated unplanned downtime in the Gulf of America and 2.1 MBOEPD of production curtailments in non-operated offshore Canada due to temporary logistics challenges. Additionally, winter storm activity delayed first production at the new Mormont #4 (Green Canyon 478) well and the Samurai #3 (Green Canyon 432) well workover, causing a 1.3 MBOEPD production impact. Accrued capital expenditures (CAPEX) for first quarter 2025 totaled $403 million, excluding NCI and including 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. Details for first quarter production and CAPEX can be found in the attached schedules. CAPITAL ALLOCATION Capital Allocation Update 'We have successfully achieved the core objectives of our capital allocation framework since adopting it in third quarter 2022, as we have repaid approximately 35 percent of long-term debt, repurchased $550 million of shares and increased our quarterly dividend 30 percent,' said Hambly. 'Looking ahead, we will continue to focus on rewarding shareholders for their support and remain committed to our strong balance sheet and disciplined strategy.' Going forward, the company will continue to allocate a minimum of 50 percent of adjusted free cash flow to shareholder returns, primarily through buybacks. Murphy will continue to assess the appropriate shareholder return allocation under its modified plan, including potential dividend increases. Any remaining adjusted free cash flow will be allocated to the balance sheet as the company maintains its $1.0 billion total long-term debt goal. As previously defined, adjusted free cash flow is calculated as cash flow from operations before working capital change, less capital expenditures, distributions to NCI and projected payments, quarterly dividend and accretive acquisitions. Share Repurchases In the first quarter of 2025, Murphy repurchased $100 million of stock, or 3.6 million shares. The company had $550 million remaining under its share repurchase authorization and 142.7 million shares outstanding as of March 31, 2025. FINANCIAL POSITION Murphy had approximately $1.5 billion of liquidity on March 31, 2025, comprised of $1.15 billion undrawn under the $1.35 billion senior unsecured credit facility and $393 million of cash and cash equivalents, inclusive of NCI. As of March 31, 2025, Murphy's total debt of $1.48 billion was comprised of long-term, fixed-rate notes and $200 million drawn under the senior unsecured credit facility. The fixed-rate notes had a weighted average maturity of 9.1 years and a weighted average coupon of 6.1 percent. ONSHORE OPERATIONS SUMMARY In the first quarter of 2025, the onshore business produced approximately 86 MBOEPD, which included 28 percent liquids volumes. Eagle Ford Shale – Production averaged 25 MBOEPD with 67 percent oil volumes and 83 percent liquids volumes in the first quarter. Murphy progressed its well delivery program as planned, and one non-operated Karnes well was brought online late in the first quarter. Tupper Montney – During the first quarter, natural gas production averaged 340 million cubic feet per day (MMCFD) or 57 MBOEPD. Murphy brought online five operated wells as planned. Kaybob Duvernay – Production averaged 4 MBOEPD with 58 percent oil volumes and 71 percent liquids volumes in the first quarter. Murphy progressed its well delivery program during the quarter and remains on track to bring four operated wells online in the third quarter. OFFSHORE OPERATIONS SUMMARY Excluding NCI, in the first quarter of 2025, the offshore business produced approximately 71 MBOEPD, which included 83 percent oil. Gulf of America – Production averaged approximately 62 MBOEPD, consisting of 81 percent oil during the first quarter. As planned, Murphy brought online the Mormont #4 (Green Canyon 478) well during the quarter and progressed the Samurai #3 (Green Canyon 432) workover, which was brought online early in the second quarter. As previously announced, Murphy acquired the BW Pioneer FPSO from BW Offshore for $104 million net purchase price. The FPSO will remain at its current location, supporting operations at the Cascade and Chinook fields (Walker Ridge 206, 250, 425 and 469) in the Gulf of America. BW Offshore will continue to provide operations and maintenance services under a new five-year contract. Canada – In the first quarter, production averaged 9 MBOEPD, consisting of 100 percent oil. Vietnam – During the first quarter, Murphy initiated construction of the floating storage and offloading vessel for the Lac Da Vang (Golden Camel) field development project. Additionally, early in the second quarter, Murphy achieved the significant milestone of 1 million work hours with zero Lost Time Injuries on the platform construction for the Lac Da Vang (Golden Camel) field development project. EXPLORATION Gulf of America – Murphy acquired working interests in five blocks near the non-operated Zephyrus field for $1.4 million in the first quarter, providing access to the southern extension of the discovered field, as well as multiple exploration opportunities. Vietnam – During the first quarter, Murphy drilled an oil discovery at the Lac Da Hong-1X (Pink Camel) exploration well in Block 15-1/05 in the Cuu Long Basin, located 34 miles offshore Vietnam and 3 miles southwest of Murphy's Lac Da Vang (Golden Camel) development. The well was drilled to total depth of 13,616 feet in 151 feet of water. Lac Da Hong-1X (Pink Camel) encountered 106 feet of net oil pay from one reservoir. Murphy achieved a maximum flow rate of 2,500 BOPD. Additional testing showed high-quality oil with an API gravity of 38 degrees. Murphy's subsidiary, Murphy Cuu Long Bac Oil Co., Ltd., is the operator of Block 15-1/05 with 40 percent working interest. PetroVietnam Exploration Production Corporation Ltd. holds 35 percent working interest and SK Earthon Co., Ltd. holds the remaining 25 percent. 'The Lac Da Hong (Pink Camel) discovery, combined with the recently announced Hai Su Vang (Golden Sea Lion) discovery, deepens our understanding of the resource potential in our Cuu Long Basin blocks. Each of these discoveries validates our exploration strategy and helps optimize future development plans in the Cuu Long Basin. We look forward to working with our partners to evaluate the results from this latest discovery and the future development of our Vietnam business,' said Hambly. 2025 CAPITAL EXPENDITURE AND PRODUCTION GUIDANCE Murphy maintains its 2025 accrued CAPEX range of $1,135 million to $1,285 million, which 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. Full year 2025 production is expected to be in the range of 174.5 to 182.5 MBOEPD, consisting of 50 percent oil and 55 percent liquids volumes, respectively. 'The winter storm activity we experienced during the first quarter delayed first production at two key operated wells in the Gulf of America and impacted the schedule of our remaining workover plans. Due to these first quarter impacts, we anticipate full year production to be towards the lower end of our production guidance range,' said Hambly. Production for second quarter 2025 is estimated to be in the range of 177 to 185 MBOEPD with 48 percent oil volumes. Both production and CAPEX guidance ranges exclude NCI. The table below details the 2025 CAPEX plan by quarter. The table below details the 2025 onshore well delivery plan by quarter. The table below illustrates second quarter 2025 production guidance by area. FIXED PRICE FORWARD SALES CONTRACTS The company employs derivative commodity instruments to manage certain risks associated with commodity price volatility and underpin capital spending associated with certain assets. Murphy holds NYMEX natural gas swaps of 40 MMCFD of April through June 2025 production at an average price of $3.58 per thousand cubic feet (MCF), 60 MMCFD of third quarter 2025 production at an average price of $3.65 per MCF and 60 MMCFD of fourth quarter 2025 production at $3.74 per MCF. Murphy also maintains fixed price forward sales contracts in Canada to mitigate volatility of AECO prices. These contracts are for physical delivery of natural gas volumes at a fixed price, with no mark-to-market income adjustments. Details for the current fixed price contracts can be found in the attached schedules. CONFERENCE CALL AND WEBCAST SCHEDULED FOR MAY 8, 2025 Murphy will host a conference call to discuss first quarter 2025 financial and operating results on Thursday, May 8, 2025, at 9:00 a.m. EDT. The call can be accessed either via the Internet through the events calendar on the Murphy Oil Corporation Investor Relations website at or via telephone by dialing toll free 1-800-717-1738, reservation number 50525. For additional information, please refer to the First Quarter 2025 Earnings Presentation available under the News and Events section of the Investor Relations website. FINANCIAL DATA Summary financial data and operating statistics for first 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 EBITDA, EBITDAX, adjusted EBITDA and adjusted EBITDAX between 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 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, 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 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. 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. 1 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. MURPHY OIL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, (Thousands of dollars) 2025 2024 Operating Activities Net income including noncontrolling interest $ 89,418 $ 114,658 Adjustments to reconcile net income to net cash provided by continuing operations activities Depreciation, depletion and amortization 194,160 211,134 Deferred income tax expense 16,343 19,478 Accretion of asset retirement obligations 14,045 12,774 Long-term non-cash compensation 9,905 9,851 Mark-to-market loss on derivative instruments 8,916 — Amortization of undeveloped leases 1,654 2,793 Loss from discontinued operations 633 872 Unsuccessful exploration well costs and previously suspended exploration costs 190 32,437 Impairment of assets — 34,528 Other operating activities, net (11,799 ) (15,381 ) Net (increase) in non-cash working capital (22,784 ) (24,353 ) Net cash provided by continuing operations activities 300,681 398,791 Investing Activities Property additions and dry hole costs (368,421 ) (249,085 ) Acquisition of oil and natural gas properties (1,364 ) — Net cash required by investing activities (369,785 ) (249,085 ) Financing Activities Borrowings on revolving credit facility 250,000 100,000 Repayment of revolving credit facility (50,000 ) (100,000 ) Repurchase of common stock (100,072 ) (50,000 ) Cash dividends paid (47,026 ) (45,773 ) Withholding tax on stock-based incentive awards (7,673 ) (25,270 ) Distributions to noncontrolling interest (6,955 ) (23,001 ) Finance lease obligation payments (116 ) (164 ) Net cash provided (required) by financing activities 38,158 (144,208 ) Effect of exchange rate changes on cash and cash equivalents 291 858 Net (decrease) increase in cash and cash equivalents (30,655 ) 6,356 Cash and cash equivalents at beginning of period 423,569 317,074 Cash and cash equivalents at end of period $ 392,914 $ 323,430 Expand MURPHY OIL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Thousands of dollars) March 31, 2025 December 31, 2024 1 ASSETS Cash and cash equivalents $ 392,914 $ 423,569 Other current assets 378,497 361,710 Property, plant and equipment, net 8,279,284 8,054,653 Operating lease assets, net 714,091 777,536 Other long-term assets 55,537 50,011 Total assets $ 9,820,323 $ 9,667,479 LIABILITIES AND EQUITY Current maturities of long-term debt, finance lease $ 892 $ 871 Accounts payable 538,290 472,165 Operating lease liabilities 243,232 253,208 Other current liabilities 226,109 216,570 Long-term debt, including finance lease obligation 1,474,828 1,274,502 Asset retirement obligations 954,709 960,804 Non-current operating lease liabilities 483,370 537,381 Other long-term liabilities 621,614 610,135 Total liabilities $ 4,543,044 $ 4,325,636 Murphy Shareholders' Equity 5,120,259 5,194,250 Noncontrolling interest 157,020 147,593 Total liabilities and equity $ 9,820,323 $ 9,667,479 1 Reclassified to conform to current presentation. Expand MURPHY OIL CORPORATION SCHEDULE OF ADJUSTED NET INCOME (LOSS) (unaudited) Three Months Ended March 31, (Millions of dollars, except per share amounts) 2025 2024 Net income attributable to Murphy (GAAP) 1 $ 73.0 $ 90.0 Discontinued operations loss 0.6 0.9 Net income from continuing operations attributable to Murphy 73.6 90.9 Adjustments: Mark-to-market loss on derivative instruments 8.9 — Impairment of assets — 34.5 Write-off of previously suspended exploration well — 26.1 Foreign exchange (gain) — (10.5 ) Total adjustments, before taxes 8.9 50.1 Income tax (benefit) related to adjustments (1.8 ) (10.2 ) Total adjustments after taxes 7.1 39.9 Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) $ 80.7 $ 130.8 Adjusted net income from continuing operations per average diluted share (Non-GAAP) $ 0.56 $ 0.85 1 Excludes amounts attributable to a noncontrolling interest in MP GOM. Expand Non-GAAP Financial Measures Presented above is a reconciliation of net income 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 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. MURPHY OIL CORPORATION SCHEDULE OF EBITDA, ADJUSTED EBITDA, EBITDAX AND ADJUSTED EBITDAX (unaudited) Three Months Ended (Millions of dollars) 2025 2024 Net income attributable to Murphy (GAAP) 1 $ 73.0 $ 90.0 Income tax expense 32.7 30.1 Interest expense, net 23.5 20.0 Depreciation, depletion and amortization expense 1 187.4 202.7 EBITDA attributable to Murphy (Non-GAAP) 316.6 342.8 Exploration expenses 14.5 44.4 EBITDAX attributable to Murphy (Non-GAAP) $ 331.1 $ 387.2 EBITDA attributable to Murphy (Non-GAAP) $ 316.6 $ 342.8 Accretion of asset retirement obligations 1 12.5 11.4 Mark-to-market loss on derivative instruments 8.9 — Impairment of asset — 34.5 Write-off of previously suspended exploration well — 26.1 Foreign exchange (gain) — (10.5 ) Discontinued operations loss 0.6 0.9 Adjusted EBITDA attributable to Murphy (Non-GAAP) $ 338.6 $ 405.2 Other exploration expenses 2 14.5 18.3 Adjusted EBITDAX attributable to Murphy (Non-GAAP) $ 353.1 $ 423.5 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. Expand Non-GAAP Financial Measures Presented above is a reconciliation of net income 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 exclude 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 or Cash provided by operating activities as determined in accordance with GAAP. MURPHY OIL CORPORATION PRODUCTION-RELATED EXPENSES (unaudited) Three Months Ended March 31, (Dollars per barrel of oil equivalents sold) 2025 2024 United States – Onshore Lease operating expense $ 13.02 $ 13.68 Severance and ad valorem taxes 3.45 3.60 Depreciation, depletion and amortization expense 29.35 28.46 United States – Offshore 1 Lease operating expense $ 21.37 $ 20.34 Severance and ad valorem taxes 0.08 0.06 Depreciation, depletion and amortization expense 15.42 13.46 Canada – Onshore Lease operating expense $ 5.51 $ 5.49 Severance and ad valorem taxes 0.06 0.05 Depreciation, depletion and amortization expense 4.40 4.99 Canada – Offshore Lease operating expense $ 16.89 $ 25.91 Depreciation, depletion and amortization expense 8.26 9.68 Total E&P continuing operations 1 Lease operating expense $ 13.90 $ 14.37 Severance and ad valorem taxes 0.59 0.62 Depreciation, depletion and amortization expense 2 13.00 12.77 Total oil and gas continuing operations – excluding noncontrolling interest Lease operating expense 3 $ 13.74 $ 14.28 Severance and ad valorem taxes 0.61 0.64 Depreciation, depletion and amortization expense 2 13.01 12.79 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 $10.41 and $10.75 for the three months ended March 31, 2025 and 2024, respectively. Expand MURPHY OIL CORPORATION CAPITAL EXPENDITURES (unaudited) Three Months Ended March 31, (Millions of dollars) 2025 2024 Exploration and production United States 1 $ 322.1 $ 188.5 Canada 55.4 67.3 Other 43.1 11.3 Total 420.6 267.1 Corporate 4.2 4.2 Total capital expenditures - continuing operations 1 424.8 271.3 Less: capital expenditures attributable to noncontrolling interest 21.9 7.3 Total capital expenditures - continuing operations attributable to Murphy 2 402.9 264.0 Charged to exploration expenses 3 United States 1 5.1 33.2 Canada 0.1 0.1 Other 7.7 8.3 Total charged to exploration expenses - continuing operations 1,3 12.9 41.6 Less: charged to exploration expenses attributable to noncontrolling interest — — Total charged to exploration expenses - continuing operations attributable to Murphy 4 12.9 41.6 Total capitalized - continuing operations attributable to Murphy $ 390.0 $ 222.4 1 Includes amounts attributable to a noncontrolling interest in MP GOM. 2 For the three months ended March 31, 2025, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $105.6 million, primarily related to the purchase of a floating production, storage, and offloading vessel in U.S. Offshore (2024: nil), is $297.3 million (2024: $264.0 million). 3 For the three months ended March 31, 2025, the total charged to exploration expense attributable to Murphy excludes amortization of undeveloped leases of $1.6 million (2024: $2.8 million). 4 For the three months ended March 31, 2025, total charged to exploration expense attributable to Murphy, excluding previously suspended exploration costs of nil (2024: $26.1 million), is $12.9 million (2024: $15.5 million). Expand MURPHY OIL CORPORATION PRODUCTION SUMMARY (unaudited) Three Months Ended March 31, (Barrels per day unless otherwise noted) 2025 2024 Net crude oil and condensate United States - Onshore 16,974 20,382 United States - Offshore 1 55,587 66,078 Canada - Onshore 2,584 2,255 Canada - Offshore 8,855 6,264 Other 255 245 Total net crude oil and condensate 84,255 95,224 Net natural gas liquids United States - Onshore 4,072 4,166 United States - Offshore 1 3,804 4,687 Canada - Onshore 538 453 Total net natural gas liquids 8,414 9,306 Net natural gas – thousands of cubic feet per day United States - Onshore 26,190 24,231 United States - Offshore 1 51,150 53,161 Canada - Onshore 346,892 355,455 Total net natural gas 424,232 432,847 Total net hydrocarbons - including NCI 2,3 163,374 176,671 Noncontrolling interest Net crude oil and condensate – barrels per day (5,779 ) (6,499 ) Net natural gas liquids – barrels per day (170 ) (211 ) Net natural gas – thousands of cubic feet per day (1,234 ) (2,074 ) Total noncontrolling interest 2,3 (6,154 ) (7,056 ) Total net hydrocarbons - excluding NCI 2,3 157,220 169,615 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. Expand MURPHY OIL CORPORATION SALES SUMMARY (unaudited) Three Months Ended March 31, (Barrels per day unless otherwise noted) 2025 2024 Net crude oil and condensate United States - Onshore 16,974 20,382 United States - Offshore 1 54,133 68,056 Canada - Onshore 2,584 2,255 Canada - Offshore 11,128 7,000 Other — 11 Total net crude oil and condensate 84,819 97,704 Net natural gas liquids United States - Onshore 4,072 4,166 United States - Offshore 1 3,804 4,687 Canada - Onshore 538 453 Total net natural gas liquids 8,414 9,306 Net natural gas – thousands of cubic feet per day United States - Onshore 26,190 24,231 United States - Offshore 1 51,150 53,161 Canada - Onshore 346,892 355,455 Total net natural gas 424,232 432,847 Total net hydrocarbons - including NCI 2,3 163,938 179,151 Noncontrolling interest Net crude oil and condensate – barrels per day (5,567 ) (6,805 ) Net natural gas liquids – barrels per day (170 ) (211 ) Net natural gas – thousands of cubic feet per day (1,234 ) (2,074 ) Total noncontrolling interest 2,3 (5,942 ) (7,362 ) Total net hydrocarbons - excluding NCI 2,3 157,996 171,789 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. Expand MURPHY OIL CORPORATION WEIGHTED AVERAGE PRICE SUMMARY (unaudited) Three Months Ended March 31, 2025 2024 Crude oil and condensate – dollars per barrel United States - Onshore $ 71.65 $ 76.85 United States - Offshore 1 72.32 77.58 Canada - Onshore 2 63.34 67.59 Canada - Offshore 2 74.36 85.99 Natural gas liquids – dollars per barrel United States - Onshore 23.16 20.67 United States - Offshore 1 27.02 24.32 Canada - Onshore 2 36.08 34.84 Natural gas – dollars per thousand cubic feet United States - Onshore 3.38 1.94 United States - Offshore 1 4.33 2.66 Canada - Onshore 2 2.38 2.05 1 Prices include the effect of noncontrolling interest in MP GOM. 2 U.S. dollar equivalent. Expand
