MURPHY OIL Business Summary

Murphy Oil Corporation (MUR) is a global independent oil and natural gas exploration and production (E&P) company that generates revenue primarily through the extraction and sale of crude oil, natural gas, and natural gas liquids. The company’s business model is anchored by a diversified portfolio of high-margin offshore assets in the U.S. Gulf of Mexico and Vietnam, complemented by flexible, short-cycle onshore production in the Eagle Ford Shale of South Texas and the Montney and Kaybob Duvernay plays in Canada. As of early 2026, Murphy Oil operates through two primary geographic segments—the United States and Canada—while maintaining active exploration interests in regions such as Côte d'Ivoire and Morocco. The company competes directly with other independent E&P firms including APA Corporation, Diamondback Energy, ConocoPhillips, and Devon Energy, positioning itself as a disciplined mid-cap producer that prioritizes a 60/40 mix of onshore growth and offshore cash flow to sustain shareholder returns and debt reduction. Originally founded in 1964 by Charles H. Murphy, Jr., along with family members Theodosia Murphy Nolan and Bertie Murphy Deming Smith, the company remains influenced by its founding legacy through significant board representation. The current executive leadership team is headed by President and CEO Eric M. Hambly, who assumed the role in February 2024 after nearly two decades with the firm, and Executive Vice President and CFO Thomas J. Mireles. Technical and operational strategy is overseen by Francisco R. Garcia, Senior Vice President of Development and Engineering, and Christopher J. Lorino, Senior Vice President of Operations and HSE. The Board of Directors is chaired by Claiborne P. Deming, a former CEO of the company, and includes notable members such as R. Madison Murphy and Robert B. Tudor III, the latter a prominent energy investment veteran elected in late 2024. The company maintains high institutional backing, with major stakeholders including JPMorgan Chase and BlackRock.