Murphy Oil — Nov 7, 2024 release

CAPITAL ALLOCATION FRAMEWORK Share Repurchases During the third quarter, Murphy repurchased $194 million of stock, or 5.4 million shares, at an average price of $36.12 per share. In the first nine months of 2024, Murphy repurchased $300 million of stock, or 8.0 million shares, at an average price of $37.46 per share. Murphy currently has $650 million remaining under its share repurchase authorization and 145.8 million shares outstanding. Liquidity and Debt Transactions Murphy had approximately $1.1 billion of liquidity on September 30, 2024, with no borrowings on the $800 million senior unsecured credit facility and $271 million of cash and cash equivalents, inclusive of NCI. As of September 30, 2024, Murphy’s total debt was $1.28 billion, and consisted of long-term, fixed-rate notes with a weighted average maturity of 7.5 years and a weighted average coupon of 6.2 percent. 2 As previously announced, subsequent to the third quarter Murphy issued $600 million of 6.000 percent senior notes due 2032. Proceeds were used to redeem $259 million of senior notes due 2027, $200 million of senior notes due 2028 and $62 million of senior notes due 2029, totaling $521 million. Murphy plans to call the remaining $79 million of senior notes in fourth quarter 2024 to achieve a debt-neutral transaction. Also subsequent to the third quarter, Murphy entered into a new five-year, $1.2 billion senior unsecured credit facility, representing a 50 percent increase from the previous facility size, or $400 million of additional liquidity. OPERATIONS S