Murphy Reports 1Q:22 Net Loss of $113mn

(Murphy, 4.May.2022) — Murphy Oil Corporation (NYSE: MUR) announced its financial and operating results for the rst quarter ended 31 March 2022, including a net loss attributable to Murphy of $113mn, or $0.73 net loss per diluted share.

Adjusted net income, which excludes discontinued operations and other one-o items, was $113mn, or $0.73 net income per diluted share. Unless otherwise noted, the financial and operating highlights and metrics discussed in this commentary exclude noncontrolling interest.

Highlights for the rst quarter include:

— Produced 141 thousand barrels of oil equivalent per day, with 60 percent liquids volumes, due to strong operational performance across oil-weighted assets

— Generated $409mn of adjusted earnings before interest, tax, depreciation, amortization and exploration, or $32.54 per barrel of oil equivalent sold

— Raised 2022 debt reduction goal to a range of $600mn to $650mn from $300mn as a continuation of the delevering strategy, assuming an $85 per barrel West Texas Intermediate oil price

— Received a Moody’s corporate family rating upgrade to Ba2 from Ba3 with a stable outlook, and received an S&P outlook revision to positive from stable while armed at an issuer credit rating of BB – both actions progressing goal to achieve investment grade rating