[Part I – Financial Information](index=4&type=section&id=Part%20I%20%E2%80%93%20Financial%20Information) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the period ended June 30, 2020 [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $10.75 billion while total equity declined to $4.77 billion as of June 30, 2020 Consolidated Balance Sheet Highlights (unaudited) | (Thousands of dollars) | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total current assets** | $763,390 | $974,327 | | **Total assets** | **$10,754,030** | **$11,718,504** | | **Total current liabilities** | $670,739 | $942,789 | | **Total liabilities** | **$5,980,548** | **$5,913,893** | | **Total equity** | **$4,773,482** | **$5,804,611** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported a Q2 2020 net loss of $317.2 million, a significant downturn from a $92.3 million net income in Q2 2019 Consolidated Statements of Operations Highlights (unaudited) | (Thousands of dollars, except per share) | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | :--- | :--- | | Revenue from sales to customers | $285,745 | $680,436 | $886,303 | $1,309,790 | | Operating (loss) income from continuing operations | $(374,137) | $171,003 | $(928,654) | $255,565 | | Net (loss) income attributable to Murphy | $(317,184) | $92,272 | $(733,288) | $132,454 | | Net (loss) income per common share – diluted | $(2.06) | $0.54 | $(4.78) | $0.77 | [Consolidated Statements of Comprehensive Income](index=8&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) A comprehensive loss of $949.3 million was recorded for H1 2020, driven by net loss and negative currency adjustments Comprehensive (Loss) Income (unaudited) | (Thousands of dollars) | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | Net (loss) income including noncontrolling interest | $(324,400) | $(833,102) | | Other comprehensive (loss) income | $11,643 | $(116,180) | | **Comprehensive (Loss) Income** | **$(312,757)** | **$(949,282)** | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations for H1 2020 was $369.4 million, leading to a period-end cash balance of $145.5 million Cash Flow Summary (unaudited) | (Thousands of dollars) | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | | Net cash provided by continuing operations | $369,379 | $655,431 | | Net cash required by investing activities | $(589,236) | $(1,854,614) | | Net cash provided by financing activities | $59,960 | $1,113,471 | | Net (decrease) in cash and cash equivalents | $(161,255) | $(33,879) | | Cash and cash equivalents at end of period | $145,505 | $326,044 | [Consolidated Statements of Stockholders' Equity](index=11&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) Total shareholders' equity declined to $4.57 billion by June 30, 2020, driven by a net loss and comprehensive loss adjustments - For the six months ended June 30, 2020, Retained Earnings decreased by **$790.9 million**, mainly due to a **net loss of $733.3 million** and cash dividends of $57.6 million[18](index=18&type=chunk) - Accumulated Other Comprehensive Loss increased by **$116.2 million** during the first half of 2020, primarily due to unfavorable foreign currency translation and retirement benefit plan adjustments[18](index=18&type=chunk) [Notes to Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Provides detailed explanations on accounting policies, impairments, debt, derivatives, and segment performance [Note A – Nature of Business and Interim Financial Statements](index=13&type=section&id=Note%20A%20%E2%80%93%20Nature%20of%20Business%20and%20Interim%20Financial%20Statements) Murphy Oil Corporation is an international oil and gas company with production in the U.S. and Canada and global exploration activities - The company's primary activities are producing oil and natural gas in the U.S. and Canada, alongside global exploration[21](index=21&type=chunk) [Note B – New Accounting Principles and Recent Accounting Pronouncements](index=13&type=section&id=Note%20B%20%E2%80%93%20New%20Accounting%20Principles%20and%20Recent%20Accounting%20Pronouncements) The company adopted new standards for financial instruments and fair value measurement with no material impact - Adopted ASU 2016-13 (Financial Instruments - Credit Losses) and ASU 2018-13 (Fair Value Measurement) in Q1 2020 without material impact[25](index=25&type=chunk)[26](index=26&type=chunk) [Note C – Revenue from Contracts with Customers](index=14&type=section&id=Note%20C%20%E2%80%93%20Revenue%20from%20Contracts%20with%20Customers) Total revenue from customer contracts was $886.3 million for H1 2020, a significant decrease from $1.31 billion year-over-year Disaggregation of Revenue | (Thousands of dollars) | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | | Total crude oil and condensate revenue | $755,418 | $1,170,411 | | Total natural gas liquids revenue | $21,179 | $32,946 | | Total natural gas revenue | $109,706 | $106,433 | | **Total revenue from contracts with customers** | **$886,303** | **$1,309,790** | [Note D – Property, Plant, and Equipment](index=16&type=section&id=Note%20D%20%E2%80%93%20Property%2C%20Plant%2C%20and%20Equipment) Details a pretax noncash impairment charge of $987.1 million in H1 2020 due to declining oil and gas price forecasts - Recorded a noncash impairment charge of **$987.1 million** in H1 2020, driven by reduced demand from COVID-19 and increased supply from foreign producers[51](index=51&type=chunk) - Total capitalized exploratory well costs pending determination of proved reserves were **$180.1 million** as of June 30, 2020[45](index=45&type=chunk) Impairments for Six Months Ended June 30, 2020 | (Thousands of dollars) | Impairment Charge | | :--- | :--- | | U.S. | $947,437 | | Other Foreign | $39,709 | | **Total** | **$987,146** | [Note E – Discontinued Operations and Assets Held for Sale](index=18&type=section&id=Note%20E%20%E2%80%93%20Discontinued%20Operations%20and%20Assets%20Held%20for%20Sale) Discontinued operations resulted in a loss of $6.1 million for H1 2020, with assets held for sale totaling $124.3 million - Loss from discontinued operations was **$6.1 million** for the first six months of 2020, compared to income of $74.3 million in the same period of 2019[54](index=54&type=chunk) - Assets held for sale totaled **$124.3 million** as of June 30, 2020, primarily related to Brunei operations and the El Dorado, AR office building[55](index=55&type=chunk) [Note F – Financing Arrangements and Debt](index=18&type=section&id=Note%20F%20%E2%80%93%20Financing%20Arrangements%20and%20Debt) The company maintained a $1.6 billion revolving credit facility with $170.0 million in outstanding borrowings - The company has a **$1.6 billion** revolving credit facility (RCF) with **$170.0 million** outstanding as of June 30, 2020[56](index=56&type=chunk) [Note H – Employee and Retiree Benefit Plans](index=21&type=section&id=Note%20H%20%E2%80%93%20Employee%20and%20Retiree%20Benefit%20Plans) Office closures triggered a pension remeasurement, increasing benefit liabilities by $63.0 million - Office closures and restructuring led to a pension remeasurement, increasing benefit liabilities by **$63.0 million** due to lower discount rates and plan assets[64](index=64&type=chunk) - Total net periodic benefit expense for pension and postretirement benefits for the six months ended June 30, 2020 was **$21.8 million**, including special termination benefits[66](index=66&type=chunk) [Note I – Incentive Plans](index=22&type=section&id=Note%20I%20%E2%80%93%20Incentive%20Plans) Shareholders approved the 2020 Long-Term Incentive Plan, authorizing 5,000,000 shares for issuance - Shareholders approved the new 2020 Long-Term Incentive Plan in May 2020, authorizing **5 million shares**[70](index=70&type=chunk)[71](index=71&type=chunk) [Note K – Income Taxes](index=23&type=section&id=Note%20K%20%E2%80%93%20Income%20Taxes) The effective tax rate for H1 2020 was 18.4%, below the U.S. statutory rate due to unbenefited foreign expenses Effective Income Tax Rates | Period | 2020 | 2019 | | :--- | :--- | :--- | | Three months ended June 30, | 22.7% | 8.4% | | Six months ended June 30, | 18.4% | 14.1% | [Note L – Financial Instruments and Risk Management](index=25&type=section&id=Note%20L%20%E2%80%93%20Financial%20Instruments%20and%20Risk%20Management) The company uses derivatives to manage commodity price risk, recognizing a gain of $324.8 million on crude contracts in H1 2020 - At June 30, 2020, the company had WTI crude oil swap contracts for **45,000 bpd** through Dec 2020 at an average price of **$56.42/bbl** and **2,000 bpd** for 2021 at **$41.54/bbl**[87](index=87&type=chunk) - Recognized a gain of **$324.8 million** on crude contracts for the six months ended June 30, 2020, primarily from marking contracts to market[91](index=91&type=chunk) [Note O – Business Segments](index=30&type=section&id=Note%20O%20%E2%80%93%20Business%20Segments) The U.S. Exploration and Production segment reported a loss of $839.1 million for H1 2020, largely due to impairments Income (Loss) from Continuing Operations by Segment | (Millions of dollars) | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | | **Exploration and production** | | | | United States | $(839.1) | $249.2 | | Canada | $(26.4) | $1.6 | | Other | $(61.3) | $(31.7) | | **Total E&P** | **$(926.8)** | **$219.1** | [Note P – Acquisitions](index=31&type=section&id=Note%20P%20%E2%80%93%20Acquisitions) Assets acquired from LLOG in 2019 contributed $134.5 million in revenue and a pre-tax loss of $437.9 million in H1 2020 - The LLOG acquisition added approximately **67 MMBOE** of proven reserves[112](index=112&type=chunk) - In H1 2020, the acquired LLOG assets generated **$134.5 million** in revenue but incurred a pre-tax loss of **$437.9 million**, including a **$432.9 million** impairment[114](index=114&type=chunk) [Note Q – Restructuring Charges](index=31&type=section&id=Note%20Q%20%E2%80%93%20Restructuring%20Charges) The company recognized $41.4 million in Q2 2020 restructuring charges related to office closures Restructuring Charges for Q2 2020 | (Thousands of dollars) | Amount | | :--- | :--- | | Severance | $19,867 | | Pension and termination benefit charges | $10,913 | | Contract exit costs and other | $10,617 | | **Total Restructuring Charges** | **$41,397** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes the significant impact of COVID-19 and commodity prices on operations, liquidity, and the company's outlook [Summary](index=33&type=section&id=MD%26A%20Summary) H1 2020 was marked by economic disruption and volatile commodity prices, resulting in a net loss from continuing operations of $827.0 million - The global spread of COVID-19 and increased supply from major oil producers led to significantly lower commodity prices in H1 2020[118](index=118&type=chunk) - WTI crude oil prices averaged approximately **$28 per barrel** in Q2 2020, compared to $60 in Q2 2019[119](index=119&type=chunk) [Results of Operations](index=33&type=section&id=MD%26A%20Results%20of%20Operations) Results shifted to a net loss of $833.1 million in H1 2020, driven by E&P segment impairments but aided by corporate derivative gains - U.S. E&P operations reported a loss of **$839.1 million** in H1 2020, a **$1.09 billion** unfavorable swing from H1 2019, primarily due to a **$947.4 million** impairment charge and lower revenues[140](index=140&type=chunk) - Corporate activities reported earnings of **$99.8 million** in H1 2020 versus a loss of $97.4 million in H1 2019, a **$197.2 million** favorable variance mainly due to gains on forward swap commodity contracts[145](index=145&type=chunk) Adjusted EBITDA (Non-GAAP) | (Millions of dollars) | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | | Adjusted EBITDA attributable to Murphy | $411.6 | $672.8 | [Production Volumes and Prices](index=42&type=section&id=MD%26A%20Production%20Volumes%20and%20Prices) Total production increased 14% in H1 2020, but the average realized crude oil price fell 42% to $35.65 per barrel Production and Price Comparison (H1 2020 vs H1 2019) | Metric | H1 2020 | H1 2019 | % Change | | :--- | :--- | :--- | :--- | | Total Production (boe/d) | 189,350 | 166,269 | +14% | | Crude Oil Production (bbl/d) | 115,396 | 104,567 | +10% | | Avg. Crude Price ($/bbl) | $35.65 | $61.83 | -42% | [Financial Condition](index=46&type=section&id=MD%26A%20Financial%20Condition) Cash from operations decreased due to lower sales, while the ratio of long-term debt to total capital employed increased to 39.3% - Net cash provided by continuing operating activities decreased to **$369.4 million** in H1 2020 from $655.4 million in H1 2019, primarily due to lower sales revenue[168](index=168&type=chunk) - Accrual basis capital expenditures for H1 2020 were **$557.6 million**, a significant decrease from $1.97 billion in H1 2019 which included the LLOG acquisition[171](index=171&type=chunk)[172](index=172&type=chunk) - Long-term debt to total capital employed increased to **39.3%** at June 30, 2020, up from 33.9% at December 31, 2019[177](index=177&type=chunk) [Outlook](index=49&type=section&id=MD%26A%20Outlook) The company has significantly cut its 2020 capital budget and hedged future oil production to manage continued price volatility - The 2020 capital expenditure budget was reduced from an original **$1.4-$1.5 billion** to a range of **$680-$720 million** in response to market conditions[179](index=179&type=chunk) Key Hedging Positions as of August 5, 2020 | Commodity | Type | Volumes | Price | Period | | :--- | :--- | :--- | :--- | :--- | | WTI Crude Oil | Fixed price swap | 45,000 Bbl/d | $56.42/Bbl | 7/1/20 - 12/31/20 | | WTI Crude Oil | Fixed price swap | 15,000 Bbl/d | $42.93/Bbl | 1/1/21 - 12/31/21 | [Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from interest rates, commodity prices, and foreign currency exchange rates - A 10% increase in benchmark commodity prices would decrease the net receivable on derivative contracts by about **$35.7 million**, while a 10% decrease would increase it by a similar amount[184](index=184&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2020 - The company's disclosure controls and procedures were deemed **effective** as of the end of the reporting period[186](index=186&type=chunk) - **No material changes** were made to internal controls over financial reporting during the quarter ended June 30, 2020[187](index=187&type=chunk) [Part II – Other Information](index=52&type=section&id=Part%20II%20%E2%80%93%20Other%20Information) [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal proceedings not expected to have a material adverse effect on its financial condition - Ongoing legal proceedings are considered routine and are **not expected to have a material adverse effect** on the company's financials[189](index=189&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) Highlights significant risks from commodity price volatility, the COVID-19 pandemic, and heightened credit risks - Global price volatility for oil and gas is a primary risk, influenced by OPEC+ actions, non-OPEC production, political instability, and demand shocks like the **COVID-19 pandemic**[191](index=191&type=chunk)[194](index=194&type=chunk) - The COVID-19 pandemic poses significant risks, including **weakened demand**, downward pressure on prices, potential operational disruptions, and supply chain delays[198](index=198&type=chunk)[199](index=199&type=chunk) - The company is exposed to **heightened credit risks** from customers, joint venture partners, and derivative counterparties due to the economic downturn[202](index=202&type=chunk) [Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section provides an index of exhibits filed with the Form 10-Q, including officer certifications and XBRL data - Lists exhibits filed with the report, including **Sarbanes-Oxley certifications** (31.1, 31.2, 32) and XBRL interactive data files[210](index=210&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-8590 MURPHY OIL CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-8590 MURPHY OIL CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) ...

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Table of Contents UNITED STATES FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-8590 MURPHY OIL CORPORATION (Exact name of registrant as specified in its charter) Delaware 71-0361522 (I.R. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-8590 MURPHY OIL CORPORATION (Exact name of registrant as specified in its charter) Delaware 71-0361522 (I.R.S. Em ...

[Part I – Financial Information](index=3&type=section&id=Part%20I%20%E2%80%93%20Financial%20Information) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) For Q1 2019, Murphy Oil's net income attributable to the company significantly decreased to $40.2 million from $168.3 million in Q1 2018, primarily due to a prior-year tax benefit, while total assets increased to $11.98 billion and cash flow from continuing operations improved to $217.2 million, despite a net cash decrease of $73.6 million Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2019 | December 31, 2018 | | :--- | :--- | :--- | | **Total current assets** | $2,638,244 | $879,814 | | *Assets held for sale* | $1,879,568 | $173,865 | | **Total assets** | $11,983,117 | $11,052,587 | | **Total current liabilities** | $1,638,230 | $846,058 | | *Liabilities associated with assets held for sale* | $819,694 | $286,458 | | **Long-term debt** | $3,110,098 | $3,109,318 | | **Total equity** | $5,326,677 | $5,197,642 | Consolidated Operations Highlights (in thousands, except per share data) | Metric | Q1 2019 | Q1 2018 | | :--- | :--- | :--- | | Total revenues | $591,004 | $374,790 | | Income from continuing operations | $22,923 | $90,581 | | Income from discontinued operations | $49,846 | $77,672 | | **Net Income Attributable to Murphy** | **$40,182** | **$168,253** | | **Diluted EPS** | **$0.23** | **$0.96** | Consolidated Cash Flow Highlights (in thousands) | Activity | Q1 2019 | Q1 2018 | | :--- | :--- | :--- | | Net cash provided by continuing operations | $217,197 | $110,887 | | Net cash required by investing activities | ($270,338) | ($246,794) | | Net cash required by financing activities | ($68,986) | ($49,900) | | Net cash provided by discontinued operations | $94,484 | $138,133 | | **Net (decrease) increase in cash** | **($73,642)** | **$206,900** | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail significant corporate activities, including the pending **$2.127 billion** sale of Malaysian operations now classified as discontinued, the acquisition of Gulf of Mexico assets from Petrobras, a subsequent agreement to acquire additional Gulf of Mexico assets from LLOG for **$1.375 billion**, and the adoption of ASC 842 resulting in **$618.1 million** in right-of-use assets and liabilities - On March 21, 2019, Murphy agreed to sell its Malaysian subsidiaries to PTTEP for **$2.127 billion** in cash, plus a potential **$100 million** contingent payment, with these operations now classified as discontinued[52](index=52&type=chunk) - In December 2018, the company acquired Petrobras Americas Inc.'s (PAI) Gulf of Mexico assets for **$788.7 million** in cash and a **20% interest** in the newly formed MP GOM, LLC, with these assets contributing **$234.0 million** in revenue in Q1 2019[110](index=110&type=chunk)[111](index=111&type=chunk)[114](index=114&type=chunk) - Subsequent to the quarter end, on April 23, 2019, Murphy agreed to acquire deep water Gulf of Mexico assets from LLOG for **$1.375 billion** in cash, with the deal expected to close in Q2 2019[118](index=118&type=chunk) - The company adopted the new lease accounting standard ASC 842, resulting in the recognition of **$618.1 million** in right-of-use assets and corresponding current (**$155.5 million**) and non-current (**$468.4 million**) lease liabilities[23](index=23&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion focuses on the strategic divestiture of Malaysian assets and integration of newly acquired Gulf of Mexico properties, with production from continuing operations increasing **39%** year-over-year to **162 MBOEPD** due to the MP GOM acquisition, despite income from continuing operations falling to **$23.0 million** from **$90.6 million** due to a non-recurring 2018 tax benefit, while capital expenditures rose to **$346.6 million** primarily for Eagle Ford Shale development, and Q2 2019 production is projected between **155-159 MBOEPD** [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Total income from Exploration and Production (E&P) from continuing operations more than doubled to **$95.4 million** in Q1 2019 from **$45.2 million** in Q1 2018, driven by U.S. operations' surge to **$116.2 million** due to higher volumes from the MP GOM acquisition, partially offset by declines in Canadian E&P and wider losses in Other International operations, while corporate expenses resulted in a **$72.4 million** loss due to a non-recurring **$120 million** tax credit in Q1 2018 E&P Income (Loss) from Continuing Operations by Geography (in millions) | Region | Q1 2019 | Q1 2018 | | :--- | :--- | :--- | | United States | $116.2 | $36.2 | | Canada | $7.5 | $24.4 | | Other International | ($28.3) | ($15.4) | | **Total E&P** | **$95.4** | **$45.2** | Average Daily Production from Continuing Operations (BOEPD) | Product | Q1 2019 | Q1 2018 | | :--- | :--- | :--- | | Crude oil and condensate (barrels) | 101,820 | 57,300 | | Natural gas liquids (barrels) | 9,154 | 8,437 | | Natural gas (thousand cubic feet converted at 6:1) | 50,626 | 50,876 | | **Total (incl. NCI)** | **161,600** | **116,605** | - The **39% increase** in total hydrocarbon production from continuing operations was principally due to the acquisition of producing Gulf of Mexico assets as part of the MP GOM transaction in Q4 2018[132](index=132&type=chunk) - The Corporate segment's unfavorable variance of **$118.3 million** was primarily due to a **$120.0 million** income tax credit in 2018 related to an IRS interpretation of the Tax Act[146](index=146&type=chunk) [Financial Condition](index=39&type=section&id=Financial%20Condition) Net cash from continuing operations increased to **$217.2 million** in Q1 2019 from **$110.9 million** in Q1 2018, driven by higher revenues from the MP GOM acquisition, while capital expenditures on an accrual basis rose to **$346.6 million** from **$281.3 million**, primarily for Eagle Ford Shale development, and the company's capital structure remained stable with a long-term debt to total capital ratio of **36.9%** Total Accrual Basis Capital Expenditures (in millions) | Category | Q1 2019 | Q1 2018 | | :--- | :--- | :--- | | Exploration and production | $342.5 | $276.2 | | Corporate | $4.1 | $5.1 | | **Total** | **$346.6** | **$281.3** | - The increase in capital expenditures was primarily attributable to higher development drilling activities in Eagle Ford Shale[153](index=153&type=chunk) - At March 31, 2019, the company had **$325.0 million** in outstanding borrowings under its **$1.6 billion** revolving credit facility[58](index=58&type=chunk) [Outlook](index=42&type=section&id=Outlook) The company anticipates Q2 2019 production to average between **155,000 and 159,000 BOEPD**, with full-year 2019 capital expenditures forecast between **$1.15 and $1.35 billion**, and new hedging contracts for U.S. oil and Canadian natural gas entered to manage price risk for the remainder of 2019 and into 2020 - Q2 2019 production is expected to be **155,000 – 159,000 BOEPD** (including **12,000 BOEPD** noncontrolling interest)[158](index=158&type=chunk) - Full-year 2019 capital expenditures are anticipated to be between **$1.15 and $1.35 billion**[158](index=158&type=chunk) Post-Quarter Hedging Activity (as of April 30, 2019) | Commodity | Dates | Volumes per Day | Average Prices | | :--- | :--- | :--- | :--- | | U.S. Oil (WTI) | May – Dec. 2019 | 20,000 barrels/day | $63.64 per barrel | | U.S. Oil (WTI) | Jan. – Dec. 2020 | 20,000 barrels/day | $60.10 per barrel | | Canada Natural Gas | Apr. 2019 – Dec. 2020 | 59 million cubic feet/day | C$2.81 per thousand cubic feet | [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from interest rates, commodity prices, and foreign currency exchange rates, and while no commodity derivative or foreign exchange contracts were outstanding as of March 31, 2019, new derivative contracts were subsequently entered to hedge future oil and gas sales - At March 31, 2019, the Company had no WTI crude oil swap financial contracts or derivative foreign exchange contracts outstanding[79](index=79&type=chunk)[164](index=164&type=chunk) [Controls and Procedures](index=43&type=section&id=Controls%20and%20Procedures) The company's principal executive and financial officers concluded that disclosure controls and procedures are effective, with no material changes in internal control over financial reporting during the quarter - The principal executive and financial officers concluded that the Company's disclosure controls and procedures are effective[166](index=166&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[167](index=167&type=chunk) [Part II – Other Information](index=43&type=section&id=Part%20II%20%E2%80%93%20Other%20Information) [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal proceedings incidental to its business, with management not expecting their ultimate resolution to have a material adverse effect on financial condition or results - Murphy is engaged in a number of legal proceedings, all of which are considered routine and incidental to its business and are not expected to have a material adverse effect[168](index=168&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) No new risk factors have been identified since the company's 2018 Form 10-K report filed on February 27, 2019, with existing risks detailed in that report - The Company has not identified any additional risk factors not previously disclosed in its 2018 Form 10-K report[169](index=169&type=chunk) [Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section references the Exhibit Index on page 35, listing all exhibits filed or incorporated by reference into the Form 10-Q, including the Share Sale and Purchase Agreement for the Malaysian assets and various officer certifications - A key exhibit filed is the Share Sale and Purchase Agreement for the sale of Murphy's Sarawak and Sabah oil companies, dated March 21, 2019[176](index=176&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-8590 MURPHY OIL CORPORATION (Exact name of registrant as specified in its charter) Delaware 71-0361522 (State or other jurisdiction of incorporati ...