PresentationHello. My name is Sarah, and I will be your conference operator today. [Operator Instructions] I will now turn it over to Atif Riaz, Vice President of Investor Relations and Treasurer.Atif RiazVP of Investor Relations & Treasurer Thank you, operator. Good morning, and welcome to Murphy's 3-part Educational Webinar series. This series has been designed to highlight the company's exploration and development strategy with a specific focus on our growing Vietnam business. Today's webinar will featur ...

Coming to its most recent results for Q4 2025, Occidental had a mixed showing, although both net sales and earnings declined from the previous year. Net sales of $5.4 billion were down 5.2% on a year-over-year (YoY) basis. A 14.5% yearly fall in oil and gas net sales to $4.8 billion was the culprit, as daily production remained almost flat at 1,246 thousand barrels of oil equivalent per day (MBOE/D) compared to 1,233 MBOE/D in the prior year.Valued at a market cap of $57.1 billion, OXY stock is up a substan ...

Group 1 - The article discusses the analysis of oil and gas companies, specifically focusing on Murphy Oil and similar firms, highlighting the search for undervalued entities in the sector [1] - The author emphasizes the cyclical nature of the oil and gas industry, indicating that it requires patience and experience to navigate effectively [2] - The investing group, Oil & Gas Value Research, aims to identify under-followed oil companies and midstream firms that present attractive investment opportunities [2] Group 2 - The article mentions that the investing group includes an active chat room for discussions among oil and gas investors, facilitating the sharing of recent information and ideas [2] - The author has a beneficial long position in the shares of Murphy Oil and MRNFF, indicating a personal investment interest in these companies [3]

Core Viewpoint - The article highlights significant upgrades in stock ratings from various financial institutions, indicating positive market sentiment and potential growth for the companies mentioned [1]. Group 1: Upgrades - HSBC upgraded Nio (NIO) to Buy from Hold with a price target of $6.80, increased from $4.80, citing improved visibility and stronger conviction in Nio's 2026 volume growth and earnings trajectory following the Q4 report [1]. - Wells Fargo upgraded Ollie's Bargain Outlet (OLLI) to Overweight from Equal Weight with a price target of $130, up from $120, driven by a positive Q4 update and ongoing momentum in Ollie's story [1]. - Wells Fargo also upgraded Nutrien (NTR) to Overweight from Equal Weight with a price target of $100, increased from $77, due to anticipated pricing upside across several chemical chains influenced by the conflict in Iran [1]. - JPMorgan upgraded Alcoa (AA) to Neutral from Underweight with a price target of $68, up from $50, noting a 12% rally in aluminum prices since the onset of the conflict in Iran due to regional supply risks [1]. - Barclays upgraded Murphy Oil (MUR) to Equal Weight from Underweight with a price target of $33, raised from $29, as the firm increased 2026 oil price estimates due to the Iran war and recognized underappreciated cash flow tailwinds for the exploration and production sector [1].

Murphy Oil Corp. (NYSE:MUR) is one of the 10 Must-Watch Stocks Right Now. Murphy Oil rallied to a new 52-week high on Friday, as investors snapped up shares after an investment firm upgraded its rating and price target by 21 percent on optimism for its ongoing oil drilling program in Vietnam. At intra-day trading, the stock soared to a record high of $36.90 before paring gains to finish the session just up by 6.02 percent at $36.81 apiece. In a market note during the day, Piper Sandler raised Murphy Oil ...

Core Viewpoint - Ten stocks showed strong gains despite Wall Street's major indices finishing in the red, driven by corporate developments such as dividend distributions and analyst upgrades Group 1: Ares Management Corp. (NYSE:ARES) - Ares Management rebounded by 5.45% to close at $101.76, driven by investors buying shares ahead of the dividend cutoff date and bargain-hunting after a record low of $95.80 the previous day [4][6] - The company announced a dividend of $1.35 per share for Class A and non-voting common stockholders, with payments scheduled for March 31 [5] - Ares Management is a global alternative investment manager focusing on credit, real estate, private equity, and infrastructure [6] Group 2: NIO Inc. (NYSE:NIO) - NIO Inc. increased by 5.59% to close at $5.86 after receiving a 42% price target upgrade from HSBC, raising it to $6.80 from $4.80 [7][8] - The company reported a narrowing of net losses by 33% to 14.9 billion yuan in 2025, with total revenues increasing by 33% to 87.5 billion yuan year-on-year [8] - NIO's fourth-quarter net profit was 282.7 million yuan, a turnaround from a net loss of 7.1 billion yuan a year earlier, with total revenues surging by 76% to 34.6 billion yuan [9] Group 3: Murphy Oil Corp. (NYSE:MUR) - Murphy Oil reached a 52-week high, gaining 6.02% to close at $36.81 after an investment firm upgraded its rating and price target by 21% [11][12] - Piper Sandler raised its price target for Murphy Oil to $41 from $33, citing optimism about oil sources in the Hai Su Vang field [12] - The company is currently in the appraisal stage of its HSV project, with initial discoveries indicating significant oil pay [13] Group 4: MARA Holdings Inc. (NASDAQ:MARA) - MARA Holdings rose by 6.39% to close at $9.32, reflecting a rebound in Bitcoin prices [15] - The company reported a net loss of $1.3 billion attributable to shareholders last year, reversing a net income of $541 million in 2024, although revenues increased by 38% to $907 million [16] - In the fourth quarter, MARA incurred a net loss of $1.7 billion, down from a net profit of $528 million a year earlier, with revenues dropping by 5.6% to $202 million [17] Group 5: Sasol Ltd. (NYSE:SSL) - Sasol soared by 6.70% to close at $11.31, reaching a two-year high after a bullish upgrade from JPMorgan, which raised its price target by over 100% [18][19] - JPMorgan upgraded Sasol to "overweight" and set a new price target of 209 rand, reflecting expectations of benefiting from higher oil prices due to Middle East tensions [19] - The firm anticipates significant oil production cuts and potential price increases for crude oil, which could impact Sasol positively [20][21]

Group 1 - Zhaoyi Innovation (03986) saw an intraday increase of 1.72% amid rising shipping risks in the Hormuz Strait affecting the supply chain of key raw materials like helium [1] - Rongchang Bio (09995) rose over 3.6% after its RC288 injection application was accepted by NMPA, showing excellent anti-tumor activity and safety in preclinical studies [1] - Swire Properties (01972) increased by over 2.2% following the release of its 2025 full-year results, reporting revenue of HKD 16.041 billion, a year-on-year increase of 11%, and a basic earnings per share of HKD 1.49 [1] Group 2 - Health 160 (02656) surged over 10%, reaching a new high of HKD 140.5, with a nearly doubled stock price since March 9, despite a previous drop of about 30% on February 11 [2] - Gaming stocks collectively rose, with notable increases in companies like Boyaa Interactive (00434) up 4.44% and Tencent (00700) up 1.1%, following Apple's announcement of a commission rate adjustment for the App Store in mainland China [2] - Qidian Guofeng (01280) experienced a significant rise of over 26% after announcing a sales contract for AI servers with an independent third party [2] Group 3 - Hong Kong bank stocks fell again, with Standard Chartered (02888) down 4.67% and HSBC Holdings (00005) down 3.8%, amid ongoing tensions in the Middle East affecting transactions involving Asian balance sheets [3] - Cement stocks saw a general increase, with China National Building Material (03323) up 2.62%, as construction activity picked up post-Lantern Festival, leading to a steady recovery in cement market demand [3] - Domestic property stocks rebounded, with CIFI Holdings (00884) up 2.9% and Sunac China (01918) up 5.45%, as recent data indicated a 3.3% year-on-year decline in second-hand housing listings in Shenzhen [4] Group 4 - Yao Cai Securities (01428) saw a significant rise of over 39% after extending the acquisition offer deadline with Ant Group to March 25, 2026 [4] - PayPay (PAYP.US), a digital wallet operator backed by SoftBank, debuted on the US stock market with a 13.5% increase, achieving a market cap of nearly USD 12 billion [5] - Chinese electric vehicle companies NIO (NIO.US) and Xpeng Motors (XPEV.US) saw stock increases of 1.46% and 3.58%, respectively, amid discussions of potential collaborations with European automotive giant Stellantis [5] Group 5 - Storage stocks collectively declined, with SanDisk (SNDK.US) down 5.59% and Micron Technology (MU.US) down 3.19%, following negative sentiment from short-seller Citron Capital [6] - Optical communication stocks fell, with Applied Optoelectronics (AAOI.US) down 16.39%, despite securing a bulk order for a new data center transceiver [6] - Agricultural input stocks continued to rise, with CF Industries Holdings (CF.US) up 13.21%, driven by supply chain disruptions in the Middle East affecting fertilizer transportation [7] Group 6 - Oil stocks rose sharply, with Battalion Oil (BATL.US) up 15.48% as international oil prices surged, with WTI crude rising over 8% to USD 94.66 [8] - EHang Intelligent (EH.US) reported total revenue of RMB 509.5 million (approximately USD 72.9 million) for the fiscal year 2025, marking an 11.7% year-on-year increase, despite a net loss of RMB 231 million [8]

Core Viewpoint - Oil stocks surged significantly due to a sharp increase in international oil prices, driven by geopolitical tensions in the Middle East, particularly statements from Iran's new Supreme Leader [1] Group 1: Oil Stock Performance - Battalion Oil (BATL.US) soared over 20% [1] - US Energy (USEG.US) rose more than 6% [1] - Murphy Oil (MUR.US) increased over 4% [1] - Occidental Petroleum (OXY.US) gained over 3% [1] - ConocoPhillips (COP.US) climbed nearly 2% [1] Group 2: Oil Price Movement - WTI crude oil prices surged over 8%, reaching $94.66 [1] - Brent crude oil prices increased by more than 7%, hitting $95.78 [1] Group 3: Geopolitical Factors - Iran's Supreme Leader, Mojtaba Khamenei, stated that revenge will not be abandoned and the Strait of Hormuz will remain closed [1] - Analyst Dara Doyle noted that Khamenei's remarks were interpreted as very hardline, indicating no signs of Iran preparing to make concessions to the US and Israel [1] - Khamenei's first public statement after taking office emphasized the need to keep the Strait of Hormuz closed and threatened to open new fronts in the war, heightening concerns over potential disruptions in a critical oil supply route [1]

Core Viewpoint - The webinar series aims to highlight Murphy's exploration and development strategy, particularly focusing on its expanding operations in Vietnam [1]. Group 1 - The webinar will include prepared remarks from Murphy's senior leadership team, followed by a live Q&A session [2]. - A copy of the presentation for the webinar is available on the Investor Relations section of Murphy's website [2]. Group 2 - The webinar may contain forward-looking statements as defined under U.S. securities laws, with no assurances that projections will be met [3]. - Actual results may differ due to various factors, and the company does not have a duty to update forward-looking statements except as required by law [3].

Summary of Murphy's Webinar on Vietnam Business Company Overview - **Company**: Murphy Oil Corporation - **Focus**: Exploration and development strategy in Vietnam, particularly in the Cuu Long Basin Key Industry Insights - **Vietnam's Economic Growth**: - Vietnam is one of the fastest-growing economies globally, with GDP growth of 5%-7% per year, aiming to become a high-income nation by 2045 [10] - Rising energy demand due to economic growth, while domestic oil production has been declining for over a decade [10][12] - **Energy Landscape**: - Vietnam relies heavily on fossil fuels for power generation, with over half of its electricity coming from fossil fuels [11] - The country is increasingly reliant on oil imports, currently importing over 200,000 barrels of oil per day [12] - Vietnam has approximately 6 billion barrels of crude reserves and around 38 trillion cubic feet of proven gas reserves [12] - **Investment Climate**: - Vietnam has implemented major business and investment reforms, attracting global capital, with foreign investment accounting for over half of the country's GDP [13] - A stable political system and a skilled workforce contribute to a favorable investment environment [13][14] Company Strategy and Operations - **Cuu Long Basin**: - The basin is a mature, proven oil-prone area that delivers over 80% of Vietnam's total oil output [11] - Murphy's strategy is to bridge the supply gap through production from the Cuu Long Basin, which has extensive infrastructure and low-cost operating environments [11] - **Murphy's Assets**: - Murphy has acquired working interests in blocks 15-1/05 and 15-2/17, with significant discoveries including the Golden Camel and Golden Sea Lion fields [20][22] - The Golden Camel development is expected to yield 100 million barrels of gross recoverable resources, with peak production anticipated at 10,000-15,000 barrels of oil per day [22] - **Exploration and Development Plans**: - Murphy employs a hub-and-spoke model to maximize capital efficiency and shorten cycle times [20] - The company plans to drill additional exploration wells and has a 100% success rate in its exploration portfolio in the Cuu Long Basin [21][22] Financial Metrics and Projections - **Capital Expenditure**: - Total project CapEx for the Golden Camel development is around $390 million, with projected spending of $100 million this year [51] - The development cost is estimated at $9-$10 per barrel for Golden Camel, while Hai Su Vang may have a lower unit cost due to better economies of scale [75] - **Reserve Booking**: - Initial proved reserve booking for the Golden Camel is approximately 13 million barrels net to Murphy, with potential for future increases as production performance is assessed [49] Risks and Considerations - **Government Take**: - Vietnam's government take is around 70%, which may seem high but reflects the low-risk environment of the mature Cuu Long Basin [14][15] - The fiscal regime is considered balanced and appropriate for the risk profile of the basin [16] - **Exploration Risks**: - While Murphy has a strong track record, the exploration program's success rate may not be guaranteed, and the company is cautious about projecting future resource estimates [36][44] Conclusion - Murphy Oil Corporation is well-positioned to capitalize on Vietnam's growing energy needs through its strategic investments in the Cuu Long Basin, leveraging its successful operational model from Malaysia to build a sustainable and profitable business in Vietnam [29][28]