Murphy Oil (MUR) Earnings Call Presentation

Financial Performance & Capital Allocation - Murphy reduced debt by $50 million YTD 2024 and plans to call $79 million of senior notes in 4Q 2024, aiming for a long-term debt goal of ~$1 billion[23] - The company repurchased $194 million of stock in 3Q 2024 (5.4 million shares at an average price of $36.12/share) and $300 million YTD 2024 (8.0 million shares at an average price of $37.46/share), with $650 million remaining under share repurchase authorization[23] - Murphy issued $600 million of 6.000% Senior Notes due 2032 and tendered $521 million of long-term debt in 4Q 2024[25] - Since the capital allocation framework was announced, the company has returned over $4.1 billion to shareholders since 2012[40, 45] Production & Operations - 3Q 2024 production was 185 MBOEPD, with offshore workovers completed as planned and progress on new well programs, along with Eagle Ford Shale well program delivery[12, 23] - FY 2024 production is guided at 180-182 MBOEPD, with 90 MBOPD or 50% oil and 55% liquids volumes, and a CAPEX of $920 million - $1.02 billion[62] - The company forecasts 98 MBOEPD for FY 2024 from North America Onshore, with 25% oil volumes and 30% liquids volumes[63] - Total offshore production in 3Q 2024 was 75 MBOEPD, with 81% oil[80] Exploration & Development - The company spud the Hai Su Vang-1X exploration well in Vietnam in 3Q 2024, with a gross resource potential of 170 MMBOE – 430 MMBOE[20, 93] - Murphy initiated construction of the Lac Da Vang platform in Vietnam in 4Q 2024, targeting first oil in FY 2026, with an estimated gross recoverable resource of 100 MMBOE[23, 85, 87] - The company holds ~1.5 million gross acres in the Tano Basin, Côte d'Ivoire, and is reprocessing seismic data, with final data expected in 4Q 2024[98]