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ENERGY CONFERENCE
NOVEMBER 12, 2015
ROGER JENKINS
PRESIDENT & CHIEF EXECUTIVE OFFICER
MURPHY OIL CORPORATION
NYSE: MUR
Cautionary Statement
Cautionary Note to U.S. Investors The United States Securities and Exchange Commission permits oil and gas companies,
in their filings with the SEC, to disclose only proved, probable and possible reserves. We may use certain terms in this
presentation, such as resource, gross resource, recoverable resource, net risked PMEAN resource, recoverable oil,
resource base, EUR or estimated ultimate recovery and similar terms that the SECs rules strictly prohibit us from
including in filings with the SEC.
This presentation contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.
These statements, which express managements current views concerning future events or results, are subject to inherent
risks and uncertainties. Factors that could cause one or more of the events forecasted in this presentation not to occur
include, but are not limited to, a deterioration in the business or prospects of Murphy, adverse developments in Murphys
markets, or adverse developments in the U.S. or global capital markets, credit markets or economies generally. Factors that
could cause actual results to differ materially from those expressed or implied in our forward-looking statements include,
but are not limited to, the volatility and level of crude oil and natural gas prices, the level and success rate of our
exploration programs, our ability to maintain production rates and replace reserves, political and regulatory instability, and
uncontrollable natural hazards. For further discussion of risk factors, see Murphys 2014 Annual Report on Form 10-K on
file with the U.S. Securities and Exchange Commission. Murphy undertakes no duty to publicly update or revise any
forward-looking statements.
NYSE: MUR
Agenda
Company Highlights
Strong Financial Position
NYSE: MUR
2015 Highlights
Well-Positioned
BALANCE SHEET FLEXIBILITY
CAPITAL DISCIPLINE
Financial
Maintained CAPEX $2.3 BN
Reduced LOE $/boe by 19% Y-O-Y; Reduced G&A by 12% Y-O-Y
Hedged 20,000 bopd WTI @ $52.01 for FY 16 Subsequent to 3Q
Portfolio
Adding Resource
INCREASING NA ONSHORE WELLS
NEW DEEPWATER DEVELOPMENTS
Oil-Weighted Production
EXCEEDED GUIDANCE
INCREASED FY15 RANGE
MURPHY OIL CORPORATION
Major Projects
Production
3Q Production 207,586 - Exceeded Guidance by ~7.6 Mboepd
Increased FY Guidance Range: 205 - 209 Mboepd
www.m urp h yo i lc o rp.c om
NYSE: MUR
1.40
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E
* Does not include special dividends or Spin effects
Dividend Yield %
6%
5%
4%
Average = 2.5%
2%
MUR
3%
1%
0%
Based on closing prices from 11/4/15
Source: Bloomberg. Peer Group: APA, APC, COP, DVN, EOG, HES, MRO, NBL, OXY
MURPHY OIL CORPORATION
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Peer Group: APA, APC, COP, DVN, EOG, HES, MRO, NBL, OXY, PXD
NYSE: MUR
Average = 2.1x
2x
1x
MUR
3x
0x
70%
60%
5x
50%
4x
Average = 36%
3x
Average = 2.5x
30%
2x
10%
MUR
20%
1x
0%
0x
NM
MUR
40%
6x
Peer Group: APA, APC, CHK, COG, COP, DVN, EOG, HES, MRO, NBL, NFX, PXD, RRC, SWN, WLL, XEC
Source: Bloomberg
NYSE: MUR
11
11.04
10.53
9.65
8.09
7
5
3Q 14
3Q 15
2013
2014
2015E
NYSE: MUR
NYSE: MUR
Onshore Canada
Montney
Montney
NYSE: MUR
Net Mboepd
70
60
50
40
61
57
30
2014
Prod
MURPHY OIL CORPORATION
Capex $MM
1,800
Total Wells
60
1,600
50
1,400
40
1,200
30
1,000
20
800
10
600
2015 Outlook
Capex
47
33
20
1Q 15
www.m urp h yo i lc o rp.c om
36
2Q 15
3Q 15
Wells Online
NYSE: MUR
4Q 15E
10
EUR, Mboe
+21%
+164%
+7%
500
400
300
200
471
569
210
100
0
Karnes
Tilden
2012
555
437 469
Catarina
YTD
276
EFS
Syncrude
CA Onshore
Offshore
NYSE: MUR
11
~30 MMboe
~115 Locations
Appraisal in Catarina
~25 MMboe
~150 Locations
Rig on Location
NYSE: MUR
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GLOBAL OFFSHORE
MURPHY OIL CORPORATION
NYSE: MUR
13
Offshore Malaysia
Sarawak
SK Gas
SK-314A
Kakap-Gumusut
Malaysia
Block H
Permai Gas Discovery
Rotan Tieback to FLNG
NYSE: MUR
14
Offshore Vietnam
Su Tu Den Blk.
400 MMBOE
Lac Da Vang
Blk. 15-1/05
Rang Dong Blk.
260 MMBOE
Thailand
Laos
144
Te Giac
145Trang Blk.
320 MMBOE
Cambodia
Vietnam
Philippines
11-2/11
H
CA-1
13/03
SK 2C
Sabah
CA-2
Malaysia
Brunei
SK 314A
Sarawak
Indonesia
Indonesia
250
Miles
NYSE: MUR
15
2015
Block
Q3
Solomon
GULF OF MEXICO
MALAYSIA
Dalmatian
South #2
Q4
Thunder Bird
Sidetrack
SK-314A
Merapuh 5
SK 2C
Block H
Marakas
Paus Kelasa
Permai
Senyum
Keratau SW
BRUNEI
CA-2
VIETNAM
15-1/05
LDV-4X
Success
MURPHY OIL CORPORATION
NYSE: MUR
Dry
Takeaways
NYSE: MUR
17
APPENDIX
MURPHY OIL CORPORATION
NYSE: MUR
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NYSE: MUR
19
Non-GAAP Reconciliation
EBITDA
Murphy defines EBITDA as income from continuing operations before income taxes, depreciation, depletion and amortization (DD&A), net interest
expense, and impairment expense.
Management believes that EBITDA provides useful information for assessing Murphy's financial condition and results of operations and it is a widely
accepted financial indicator of the ability of a company to incur and service debt, fund capital expenditure programs, and pay dividends and make
other distributions to stockholders. EBITDA per barrel is computed by taking EBITDA divided by total barrels of oil equivalents produced during the
respective periods.
EBITDA, as reported by Murphy, may not be comparable to similarly titled measures used by other companies and it should be considered in
conjunction with net income, cash flow from operations and other performance measures prepared in accordance with generally accepted accounting
principles (GAAP). EBITDA has certain limitations regarding financial assessments because it excludes certain items that affect net income and net cash
provided by operating activities. EBITDA should not be considered in isolation or as a substitute for an analysis of Murphy's GAAP results as reported.
Nine Months Ended September 30, 2015
(1,672.5)
583.0
(963.3)
452.2
86.8
82.4
DD&A expense
1,318.1
1,354.4
Impairment of assets
2,301.0
1,070.1*
2,472.0
$ Millions
Income from continuing operations
Income tax expense (benefit)
Interest expense, net of interest
capitalized
* Includes $155.1 MM pre-tax gain on sale of 10% interest in Malaysia in the nine-month period of 2015
NYSE: MUR
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Non-GAAP Reconciliation
EBITDAX
Murphy defines EBITDAX as income from continuing operations before income taxes, exploration expenses, depreciation, depletion and amortization
(DD&A), net interest expense, and impairment expense.
Management believes that EBITDAX provides useful information for assessing Murphy's financial condition and results of operations and it is a widely
accepted financial indicator of the ability of a company to incur and service debt, fund capital expenditure programs, and pay dividends and make
other distributions to stockholders. EBITDAX per barrel is computed by taking EBITDAX divided by total barrels of oil equivalents produced during the
respective periods.
EBITDAX, as reported by Murphy, may not be comparable to similarly titled measures used by other companies and it should be considered in
conjunction with net income, cash flow from operations and other performance measures prepared in accordance with generally accepted accounting
principles (GAAP). EBITDAX has certain limitations regarding financial assessments because it excludes certain items that affect net income and net
cash provided by operating activities. EBITDAX should not be considered in isolation or as a substitute for an analysis of Murphy's GAAP results as
reported.
Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014
$ Millions
Income from continuing operations
(1,672.5)
583.0
(963.3)
452.2
86.8
82.4
DD&A expense
1,318.1
1,354.4
Impairment of assets
2,301.0
Exploration expense
251.8
390.7
1,321.9*
2,862.7
* Includes $155.1 MM pre-tax gain on sale of 10% interest in Malaysia in the nine-month period of 2015
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Abbreviations
BBL: barrels (equal to 42 US gallons)
BCF: billions of cubic feet
BN: billions
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