May 18, 2022

Murphy Oil: King’s Quay Floating Production System and Khaleesi, Mormont and Samurai Field Development Project

KING’S QUAY FLOATING PRODUCTION SYSTEM

KHALEESI/MORMONT/SAMURAI LAND DEVELOPMENT PROJECT

APRIL 2022

Investor Relations Disclaimer and Contacts

Cautionary Note to U.S. Investors – The U.S. Securities and Exchange Commission (SEC) requires oil and gas companies, in their SEC filings, to disclose proven reserves that a company has demonstrated by actual production or successful training tests as being economically and legally feasible under existing economic and operating conditions. We may use certain terms in this presentation, such as “resource”, “raw resource”, “recoverable resource”, “net MEAN resource at risk”, “recoverable oil”, “resource base”, “EUR” or “recovery Ultimate Estimate” and similar terms that SEC rules prohibit us from including in SEC filings. The SEC permits optional disclosure of probable and possible reserves in our filings with the SEC. Investors are urged to carefully review the information and risk factors contained in our most recent Annual Report on Form 10-K filed with the SEC and any subsequent quarterly report on Form 10-Q or current report on Form 8-K that we file, available on the SEC website.

Forward-Looking Statements – This presentation 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 “aim”, “anticipate”, “believe”, “lead “, “estimate”, “expect”, “expressed confidence”, “forecast”, “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 statement, 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 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 reports on Form 10-Q or current reports on Form 8-K that we file, available on the SEC’s website and on Murphy Oil’s website Corporation athttp://ir.murphyoilcorp.com. Murphy Oil Corporation undertakes no obligation to publicly update or revise any forward-looking statements.

Non-GAAP Financial Measures – This presentation makes reference to certain forward-looking non-GAAP measures. Definitions of these measures are included in the appendix.

Agenda

01

Murphy in a nutshell

02

King’s Quay Floating Production System

Khaleesi/Mormont/Samurai Field Development Project

Murphy in a nutshell

Murphy is an independent exploration and production company, producing in three areas with an advantageous portfolio and exploration potential

4th quarter 2021 production1

Ashore in the United States

  • • Eagle Ford Shale on private land in Texas with approximately 1,300 future locations on approximately 122,000 net acres

  • • Production of 33.4 MBOEPD in the 4th quarter of 2021, composed of 69% oil and 85% liquids

Terrestrial Canada

  • • Tupper Montney ~1,400 future locations on ~100,000 net acres, produced 263 MMCFD in Q4 2021

  • • Kaybob Duvernay ~600 future locations on ~157,000 net acres, produces 8.1 MBOEPD in Q4 2021

Off the Gulf of Mexico in deep waters

  • • Fifth largest producer in the Gulf of Mexico, produced 61 MBOEPD1 in the 4th quarter of 2021

  • • Execution of 3 major projects on schedule, with first oil expected in Q2 2022

Exploration

  • • ~1 BBOE of medium-at-risk resources and over 6 million net acres in the Gulf of Mexico, offshore Mexico, Brazil and Vietnam

1 Excluding minority interests. Proved reserves are based on third-party audited volumes as of year-end 2021 using SEC prices Note: Future locations and net area as of December 31, 2021

YE 2021 Proven Reserves1

United States land

Terrestrial Canada

Why Murphy Oil?

Sustainable oil and gas assets that are

operated with low carbon emissions in three

operating areas across North America

High potential exploration portfolio with industry leaders

offshore capabilities

Strong free cash flow generator with capital allocation

flexibility

Financial discipline has led to a 60-year track record of

return of capital to shareholders

Supported by a decades-old founding family, with

owned by board and management

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