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, 2025 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. Employer Identifica ...

EXHIBIT 99.1 MURPHY OIL CORPORATION ANNOUNCES FIRST QUARTER RESULTS, REAFFIRMS 2025 CAPITAL EXPENDITURE AND PRODUCTION GUIDANCE Drilled a Second Oil Discovery in Offshore Vietnam at the Lac Da Hong-1X (Pink Camel) Exploration Well, Repurchased $100 Million of Shares, Acquired Floating Production Storage and Offloading Vessel HOUSTON, Texas, May 7, 2025 – Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the first quarter ended March 31, 2025, including net income att ...

The market expects Murphy Oil (MUR) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on M ...

Production and Reserves - In the U.S., the company produced 93,184 barrels of crude oil and NGLs per day, accounting for 89.5% of total worldwide liquids production[21] - Total average daily production in the Gulf of America was 67,591 BBL of liquids and 57 MMCF of natural gas in 2024[23] - The company's proved reserves for Gulf of America fields were 123.2 million BBL of liquids and 93.2 billion cubic feet of natural gas as of December 31, 2024[23] - In the Eagle Ford Shale, total production was 25,521 BBL of liquids per day and 24.9 MMCF of natural gas per day in 2024[24] - Total proved reserves for the U.S. Onshore business were 136.1 million BBL of liquids and 195.7 billion cubic feet of natural gas[24] - Total proved reserves as of December 31, 2024, were 729.0 million barrels of oil equivalent (MMBOE), with 292.8 MMBOE classified as proved undeveloped reserves[39] - Total proved undeveloped reserves associated with various development projects were approximately 292.8 MMBOE, representing 40% of total proved reserves[42] - The company holds a working interest of 8.051% in Block CA-1 in Brunei, with oil production of 219 BBL per day in 2024[30] - Murphy's proved reserves estimates are developed or reviewed by Qualified Reserves Estimators (QREs) with a minimum of five years of experience in petroleum engineering or geology[45] - In 2024, third-party audits covered 71.6% of total proved reserves, all within an established +/- 10.0% tolerance[47] - The company reported gross reserves of properties operated in the U.S. to the U.S. Department of Energy, derived from the same data used for estimated proved reserves[52] - As of December 31, 2024, Murphy held a total of 12,419 thousand gross acres, with 7,682 thousand net acres across various regions[55] - Murphy's total oil wells producing or capable of producing as of December 31, 2024, amounted to 1,371 gross wells, while natural gas wells totaled 399 gross wells[59] - The company drilled and completed 39.2 productive development wells in 2024, with 0.3 exploratory wells[59] Financials and Investments - The company spent approximately $670 million in 2024 to convert proved undeveloped reserves to proved developed reserves[41] - The company expects to spend approximately $650 million to $800 million per year over the next three years to develop current undeveloped proved reserves[41] - Long-term debt as of December 31, 2024, was $1,274.5 million, with fixed-rate notes having a weighted average coupon of 6.1%[330] - A 10% increase in benchmark prices of commodities would have increased net payable associated with derivative contracts by approximately $2.5 million[328] Environmental and Safety Compliance - The company has a target to reduce Scope 1 and 2 GHG emissions intensity by 15% to 20% by 2030 from 2019 levels, excluding discontinued operations in Malaysia[62] - Murphy is required to report GHG emissions from its U.S. operations in the Gulf of America and South Texas, as well as from its Canadian operations in British Columbia and Alberta[70] - The EPA published final rules on March 8, 2024, imposing stricter requirements for methane monitoring and emissions control at oil and natural gas facilities, impacting costs under the new methane waste emissions charge[71] - Murphy's operations are subject to various environmental regulations in Canada, similar to those in the U.S., addressing pollution, air quality, and emissions[74] - The company has implemented a Health, Safety, Environment (HSE) Management System to ensure incident-free operations and protect its workforce[75] - Murphy's commitment to safety includes compliance with the U.S. Occupational Safety and Health Act (OSHA) and similar regulations in Canada[76] - The company published its sixth annual sustainability report in 2024, aligning with emerging best practice ESG reporting standards[78] Human Capital Management - As of December 31, 2024, Murphy had 750 employees, with 482 office-based and 268 field employees, focusing on human capital management strategies[79] - The voluntary employee turnover rate for 2024 was 7%, indicating the effectiveness of the company's human capital investment[88] Management and Oversight - The Reserves General Manager, with over 32 years of industry experience, oversees the Corporate Reserves group and reports to the Executive Vice President and CFO[46] - Murphy has established internal controls for reserves estimation to comply with SEC requirements, ensuring accuracy and security of reported reserves[51]

Group 1 - Murphy Oil (NYSE: MUR) reported a fiscal year that was not as strong as the previous one, indicating a decline in performance [2] - The company possesses game-changing prospects within its portfolio, suggesting potential for future growth despite recent performance [2] - The oil and gas industry is characterized as a boom-bust, cyclical sector, requiring patience and experience for successful investment [2]

Cautionary Note to US Investors – The United States Securities and Exchange Commission (SEC) requires oil and natural gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use certain terms in this presentation, such as "resource", "gross resource", "recoverable resource", "net risked PMEAN resource", "recove ...

Financial Performance - Murphy Oil Corporation reported fourth-quarter 2024 adjusted net earnings of 35 cents per share, missing the Zacks Consensus Estimate of 56 cents by 37.5% and down 61.1% from 90 cents in the same quarter last year [1] - GAAP earnings were 34 cents per share compared to 75 cents in the year-ago quarter, with the difference attributed to discontinued operations and other items affecting comparability [2] - Revenues for the fourth quarter were $670.9 million, falling short of the Zacks Consensus Estimate of $727 million by 7.7%, while total revenues for the full year were $3.02 billion, down from $3.46 billion in 2023 [3] Operational Highlights - The company produced 174,837 barrels of oil equivalent per day (BOE/D) in the fourth quarter of 2024, a decrease from 184,679 BOE/D in the fourth quarter of 2023, with 48.6% of the production being oil [4] - Total costs and expenses were $585.8 million, down 8.7% from $641.4 million a year ago [4] Debt and Share Repurchase - Murphy Oil has reduced its outstanding debt by 60% since 2020, resulting in a 50% reduction in interest expenses [5] - In 2024, the company repurchased $300 million of stock, or 8 million shares, and had $650 million remaining under its share repurchase authorization as of December 31, 2024 [5] Financial Condition - As of December 31, 2024, the company had cash and cash equivalents of $423.6 million, up from $317.1 million a year earlier, and total liquidity of $1.8 billion [6] - Long-term debt was $1.27 billion, down from $1.32 billion as of December 31, 2023, with net cash provided by continuing operational activities at $1.73 billion compared to $1.75 billion in 2023 [6] Reserves and Future Guidance - After producing 65 million barrels of oil equivalent, Murphy's preliminary year-end 2024 proved reserves were 713 million barrels of oil equivalent (MMBOE), with a total reserve replacement of 83% [7] - For first-quarter 2025, the company expects production in the range of 159,000-167,000 BOE/D, with 51% expected to be oil, and reiterated 2025 capital expenditures between $1.13 billion and $1.28 billion [8]

Core Viewpoint - Murphy Oil reported quarterly earnings of $0.35 per share, missing the Zacks Consensus Estimate of $0.56 per share, and down from $0.90 per share a year ago, indicating a significant earnings surprise of -37.50% [1][2] Financial Performance - The company posted revenues of $670.96 million for the quarter ended December 2024, which was 7.65% below the Zacks Consensus Estimate and down from $844.2 million year-over-year [2] - Over the last four quarters, Murphy Oil has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Murphy Oil shares have declined approximately 3.6% since the beginning of the year, contrasting with the S&P 500's gain of 2.7% [3] - The current Zacks Rank for Murphy Oil is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.85 on revenues of $743.68 million, and for the current fiscal year, it is $3.53 on revenues of $3.07 billion [7] - The trend of estimate revisions for Murphy Oil is mixed, which could change following the recent earnings report [6] Industry Context - The Oil and Gas - Exploration and Production - United States industry is currently in the top 23% of Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - EOG Resources, another company in the same industry, is expected to report quarterly earnings of $2.56 per share, reflecting a year-over-year decline of -16.6% [9]

Financial Performance - Murphy Oil Corporation reported a net income of $50 million, or $0.34 per diluted share, for Q4 2024, and a full-year net income of $407 million, or $2.70 per diluted share[1][2][10]. - Total revenue from sales to customers for Q4 2024 was $669.6 million, a decrease of 20.5% from $842.3 million in Q4 2023[55]. - Net income attributable to Murphy for Q4 2024 was $50.3 million, down 56.7% from $116.3 million in Q4 2023[59]. - Operating income from continuing operations for the year ended December 31, 2024, was $602.6 million, a decline of 42.3% compared to $1,042.0 million in 2023[55]. - Total revenues for the year ended December 31, 2024, were $3,028.5 million, down from $3,460.2 million in 2023, representing a decline of 12.5%[75]. - Adjusted EBITDA attributable to Murphy for the year ended December 31, 2024, was $1,519.5 million, compared to $1,901.0 million in 2023, reflecting a decrease of 20.1%[66]. - The net income from continuing operations for the year ended December 31, 2024, was $489.3 million, down from $725.2 million in 2023, a decline of 32.5%[75]. Production and Operations - The company achieved a record high peak gross production rate of 496 MMCFD in Tupper Montney and averaged 175 MBOEPD in Q4 2024[8][11]. - Net crude oil and condensate production for Q4 2024 was 91,460 barrels per day, a decline of 8.6% from 100,079 barrels per day in Q4 2023[88]. - Total net production (BOEPD) excluding noncontrolling interest is projected to be between 159,000 and 167,000[98]. - Full year 2025 guidance for total net production (BOEPD) excluding noncontrolling interest is estimated to be between 174,500 and 182,500[98]. - Production from the United States – Eagle Ford Shale is 18,300 BOPD and 21,400 BOEPD[98]. - Production from the Gulf of Mexico excluding NCI is 51,400 BOPD and 57,500 BOEPD[98]. - Canada – Tupper Montney production is 336,000 MCFD[98]. - Kaybob Duvernay production includes 2,300 BOPD and 3,900 BOEPD[98]. - Offshore production is reported at 10,900 BOEPD[98]. - Other production contributes 200 BOEPD[98]. Capital Expenditures and Investments - Murphy's capital expenditures (CAPEX) for Q4 2024 totaled $186 million, with full-year CAPEX amounting to $953 million[9][12]. - The 2025 CAPEX guidance is projected to be between $1,135 million and $1,285 million, with expected production of 174.5 to 182.5 MBOEPD[27][28]. - For the Eagle Ford Shale, the company plans to spend approximately $360 million in 2025 CAPEX, with $275 million allocated to drill 34 operated wells and bring online 35 operated wells[38]. - In Canada, approximately $140 million of the 2025 CAPEX is allocated, with $65 million for drilling 8 operated wells in the Tupper Montney and $50 million for 6 operated wells in the Kaybob Duvernay[39]. - Total capital expenditures attributable to Murphy for Q4 2024 were $185.8 million, down 22.8% from $239.5 million in Q4 2023[84]. - Total capital expenditures for the year ended December 31, 2024, were $952.8 million, a decrease of 10.5% compared to $1,067.9 million in 2023[84]. Shareholder Returns - The company announced an 8% increase in the quarterly cash dividend to $0.325 per share for 2025, resulting in an annualized dividend of $1.30 per share[5]. - Murphy repurchased $300 million of shares in 2024, totaling 8.0 million shares, and had $650 million remaining under its share repurchase authorization[13]. - Murphy allocates a minimum of 50% of adjusted free cash flow to shareholder returns, primarily through buybacks, while maintaining a $1.0 billion total long-term debt goal[47]. Debt and Liquidity - As of December 31, 2024, Murphy's total debt was $1.27 billion, with a net debt to total capital ratio of only 13%[16][17]. - The company entered a new five-year senior unsecured credit facility of $1.35 billion, enhancing liquidity by nearly 70% compared to the previous facility[15][17]. - Total liabilities rose to $4.33 billion in 2024, compared to $4.22 billion in 2023, marking an increase of 2.6%[86]. Exploration and Reserves - Murphy maintained preliminary proved reserves of 713 MMBOE at year-end 2024, with a reserve replacement ratio of 83%[18]. - The company has allocated approximately $145 million to its 2025 exploration program, including drilling two operated exploration wells in the Gulf of Mexico and additional wells in Côte d'Ivoire and Vietnam[34]. - The company drilled an oil discovery at Hai Su Vang-1X in offshore Vietnam, encountering approximately 370 feet of net oil pay from two reservoirs[4][24]. Costs and Expenses - Total costs and expenses for Q4 2024 were $585.8 million, a decrease of 8.7% from $641.4 million in Q4 2023[55]. - Lease operating expenses for Q4 2024 were $220.2 million, compared to $196.8 million in Q4 2023, reflecting an increase of 11.9%[78]. - Lease operating expenses for the year 2024 were $937.0 million, up from $784.4 million in 2023, indicating an increase of 19.5%[80]. - The average lease operating expense per barrel of oil equivalent sold for Q4 2024 was $13.12, compared to $11.00 in Q4 2023, reflecting an increase of 19.2%[82]. Impairments and Adjustments - The company incurred an impairment of assets of $28.4 million in Q4 2024, compared to no impairment in Q4 2023[59]. - The impairment of assets for the year ended December 31, 2024, was $62.9 million, compared to no impairment in 2023[71]. - The total adjustments for Q4 2024 resulted in a net adjustment of $6.7 million, compared to a net adjustment of $49.0 million for the year[63]. Forward-Looking Statements - The company emphasizes that forward-looking statements are subject to risks and uncertainties, including macro conditions in the oil and gas industry and geopolitical concerns[50].

Core Viewpoint - Murphy Oil Corporation (MUR) is expected to report its fourth-quarter 2024 financial results on January 30, with a prior negative earnings surprise of 2.63% in the last quarter [1][2]. Group 1: Factors Impacting Q4 Results - The fourth-quarter earnings are anticipated to benefit from increased production in both domestic and international assets, particularly from new wells in the Gulf of Mexico and Eagle Ford Shale [3]. - However, production volumes are expected to be negatively impacted by planned onshore downtime of 1,500 barrels of oil equivalent per day and 1,000 barrels of oil equivalent per day of maintenance downtime at non-operated Terra Nova [3]. - The company has improved its balance sheet and liquidity through capital market transactions, and ongoing debt-reduction initiatives are likely to lower capital servicing expenses, enhancing margins [4]. Group 2: Production and Financial Estimates - Murphy Oil expects quarterly production, excluding NCI, to be between 181.5 and 189.5 thousand barrels of oil equivalent per day (MBOEPD), with 51% of this expected to be oil [5]. - The Zacks Consensus Estimate for sales is $752.05 million, reflecting a decline of 10.92% from the previous year, while the consensus for earnings per share is 62 cents, indicating a 31.1% decrease from the prior year [6]. Group 3: Earnings Prediction Model - The current Earnings ESP for Murphy Oil is -3.85%, and the company holds a Zacks Rank of 3, indicating that the model does not predict a conclusive earnings beat this time [7][8].