May 18, 2022

Murphy Oil Corporation Obtains First Oil at King’s Quay Floating Production System in the Deep Waters of the Gulf of Mexico

HOUSTON–(BUSINESS WIRE)–Murphy Oil Corporation (NYSE: MUR) today announced that it has secured first oil from the project to develop the Khaleesi, Mormont and Samurai fields in the deep waters of the Gulf of Mexico, as production began to pass through the King’s Quay floating production operated by Murphy. (FPS King’s Quay).

The project includes the Khaleesi/Mormont fields in Green Canyon blocks 389 and 478, respectively, and the Samurai field, located in Green Canyon block 432. Completion operations are underway for the remaining five wells of the seven-well project.

“It has been one of our strategic projects since we acquired the Khaleesi/Mormont assets in mid-2019 and integrated our Samurai discovery into the overall development. Achieving first oil on time and on budget, while managing the challenges of the COVID-19 pandemic, exemplifies the competitive advantage of our industry-leading offshore execution capability. I am proud of the accomplishments of our team over the past three years with the fabrication and installation of the King’s Quay FPS and our subsea pipeline systems, as well as the drilling and completion of wells,” said Roger W. Jenkins, President and CEO. “Bringing production online is expected to generate significant free cash flow, allowing us to continue to deleverage with targeted debt reduction of $600-650 million this year and the option of a maximum $1 billion in 20231, while revising our dividend. I look forward to continued production growth in the Gulf of Mexico as the remaining wells come online throughout 2022.”

Field Partners Khaleesi/Mormont and Samurai

Partner

Khaleesi / Mormont

Samurai

Murphy Oil Corporation*

34.00%

50.00%

Crest wood*

17.00%

50.00%

Red Willow Offshore, LLC

22.50%

ILX Outlook*

11.33%

Ridgewood Rialto Holdings LLC

5.67%

HEDV KLM, LLC

5.50%

CL&F Offshore LLC

4.00%

Total

100.00%

100.00%

* Parent entity of the legal subsidiary

Murphy’s subsidiary, Murphy Exploration & Production Company – USA, operates the King’s Quay FPS and associated export lateral pipelines, which are owned 50% by a subsidiary of Third Coast Infrastructure, LLC and 50% by entities managed by Ridgewood Energy Corporation, including ILX Holdings III, LLC. The King’s Quay FPS is designed to handle 85,000 barrels of oil per day and 100 million cubic feet of natural gas per day.

Further details on the King’s Quay FPS and Khaleesi, Mormont, Samurai Field Development Project can be found in the presentation at ir.murphyoilcorp.com/events-and-presentations/presentations/default.aspx.

1 Assumes WTI oil price of $85 in fiscal year 2022, WTI oil price of $75 in fiscal year 2023, and current production forecast

ABOUT MURPHY OIL CORPORATION

As an independent oil and natural gas exploration and production company, Murphy Oil Corporation believes in delivering energy that empowers people by always doing good, sticking to it, and thinking about the good. beyond the possible. Murphy defies the norm, taps into his strong heritage and uses his foresight and financial discipline to deliver inspired energy solutions. Murphy sees a future where he is an industry leader who will positively impact lives for the next 100 years and beyond. Additional information is available on the Company’s website at www.murphyoilcorp.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by the inclusion of words such as “aims”, “anticipates”, “believes”, “leads” , “estimate”, “expect”, “expressed confidence”, “plan”, “future”, “goal”, “direction”, “intend”, “may”, “goal”, ” outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of these words and other similar expressions. These statements, which express management’s current beliefs regarding future events or results, are subject to inherent risks and uncertainties. Factors that could cause one or more of these future events or results not to occur, as implied by any forward-looking statements, include, but are not limited to: macroeconomic conditions in the petroleum industry and natural gas, including supply/demand levels, actions taken by major oil exporters and resulting impacts on commodity prices; increased volatility or deterioration in the success rate of our exploration programs or our ability to maintain production rates and replace reserves; decline in customer demand for our products for environmental, regulatory, technological or other reasons; adverse currency movements; political and regulatory instability in the markets in which we operate; 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 access debt markets at acceptable prices; or adverse developments in the US or global capital markets, credit markets or economies generally. For a further discussion of factors that could prevent one or more of these future events or results from occurring, as implied by any forward-looking statements, 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 at the SEC’s website and at of Murphy Oil Corporation at http://ir.murphyoilcorp. com. Murphy Oil Corporation undertakes no obligation to publicly update or revise any forward-looking statements.