Business Description

Summary Murphy Oil Corporation is a global oil and natural gas exploration and production (E&P) company, with both onshore and offshore operations and properties. As used in this report, the terms Murphy, Murphy Oil, we, our, its and Company may refer to Murphy Oil Corporation or any one or more of its consolidated subsidiaries. The Company was originally incorporated in Louisiana in 1950 as Murphy Corporation. It was reincorporated in Delaware in 1964, at which time it adopted the name Murphy Oil Corporation. In 2013, the United States (U.S.) refining and marketing business was separated from Murphy Oil Corporation’s oil and natural gas E&P business. For reporting purposes, Murphy’s E&P activities are subdivided into three geographic segments, including the U.S., Canada and all other countries. Additionally, the Corporate segment includes interest income, interest expense, foreign exchange effects, corporate risk management activities and administrative costs not allocated to the E&P segments. The Company’s corporate headquarters are located in Houston, Texas. In addition to the following information about each business activity, data about Murphy’s operations, properties and business segments, including revenues by class of products and financial information by geographic area, are provided on pages 32 through 43 , 77 through 81 , 103 through 108 , and 111 through 126 of this Form 10-K report. As part of the Company’s underlying operations, the Company is continually monitoring its greenhouse gas (GHG) emissions and impact on the environment as well as other social and environmental aspects of its business. See “ Sustainability ” on page 9 . Interested parties may obtain the Company’s public disclosures filed with the Securities and Exchange Commission (SEC), including Form 10-K, Form 10-Q, Form 8-K and other documents, by accessing the Investor Relations section of Murphy Oil Corporation’s Website at www.murphyoilcorp.com. Exploration and Production The Company produces crude oil and condensate (collectively, crude oil), natural gas and natural gas liquids (NGLs) primarily in the U.S. and Canada and explores for crude oil, natural gas and NGLs (collectively, oil and natural gas) in targeted areas worldwide. During 2025, Murphy’s principal E&P activities were conducted in the U.S. by wholly-owned Murphy Exploration & Production Company – USA and its subsidiaries, in Canada by wholly-owned Murphy Oil Company Ltd. and its subsidiaries, and in Brazil, Brunei, Côte d’Ivoire and Vietnam by wholly-owned Murphy Exploration & Production Company – International and its subsidiaries. Murphy’s operations and production in 2025 were in the U.S., Canada and Brunei. In January 2026, Murphy signed a Petroleum Agreement securing an operated position in Morocco’s Gharb Deep Offshore deepwater block which covers more than 4 million acres. Murphy holds a 75% working interest in the block, with the remaining 25% working interest held by the Office National des Hydrocarbures et des Mines. The Petroleum Agreement does not include any firm well commitments in the initial three-year exploration phase. Unless otherwise indicated, all references to the Company’s U.S. Offshore and total oil and natural gas production, sales volumes, and proved reserves include the noncontrolling interest in MP Gulf of Mexico, LLC (MP GOM; see further details below). Murphy’s worldwide 2025 production on a barrel of oil equivalent basis (six thousand cubic feet of natural gas equals one barrel of oil) was 188,682 barrels of oil equivalent per day (BOEPD), an increase of 2.4% compared to 2024. For further details on business execution, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” starting on page 32 . For further details on 2025 production and sales volume see pages 36 to 37 . 1 Table of Contents PART I Item 1. Business - Continued United States In the U.S., Murphy produces oil and natural gas primarily from fields in the Gulf of America and in the Eagle Ford Shale area of South Texas. The Company produced 93,289 barrels (BBL) of crude oil and NGLs (collectively, liquids) per day and approximately 85 million cubic feet (MMCF) of natural gas per day in the U.S. in 2025. These amounts represented 90% of the Company’s total worldwide liquids and 17% of worldwide natural gas production volumes. Offshore The Company holds rights to approximately 556 thousand gross acres in the Gulf of America.…