EL DORADO, Arkan.--(BUSINESS WIRE)--Nov. 11, 2003--Murphy Oil Corporation (NYSE:MUR) announced the adjustment of third quarter results by $4.4 million after tax due to the expensing of a well drilled at Stolberg (30%) in Western Canada. Because the Company has not filed its third quarter financial statements with the Securities and Exchange Commission, accounting rules require that drilling costs incurred through September 30 be included in the third quarter financial statements that will be filed with the SEC on Form 10-Q. Therefore, Murphy will include dry hole costs of $7.7 million for this well in its third quarter Form 10-Q. The remainder of the well costs will be expensed in the fourth quarter.

The forward-looking statements reflected in this release are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. No assurance can be given that the results discussed herein will be attained, and certain important factors that may cause actual results to differ materially are contained in Murphy's January 15, 1997 Form 8-K report on file with the U.S. Securities and Exchange Commission.

    CONTACT: Murphy Oil Corporation, El Dorado
             Investor/Media Relations:
             Mindy West, 870-864-6315

    SOURCE: Murphy Oil Corporation