0000717423-23-000015 | 10-K | XBRL Viewer

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2022	Jan. 31, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-8590
Entity Registrant Name	MURPHY OIL CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	71-0361522
Entity Address, Address Line One	9805 Katy Fwy, Suite G-200
Entity Address, Postal Zip Code	77024
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
City Area Code	(281)
Local Phone Number	675-9000
Title of 12(b) Security	Common Stock, $1.00 Par Value
Trading Symbol	MUR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 3,017,884,510
Entity Common Stock, Shares Outstanding		155,762,646
Documents Incorporated by Reference	Portions of the Registrant’s definitive Proxy Statement relating to the Annual Meeting of Stockholders on May 10, 2023 have been incorporated by reference in Part III herein.
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0000717423
Amendment Flag	false

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Houston, Texas

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 491,963	$ 521,184
Accounts receivable, net	391,152	258,150
Inventories	54,513	54,198
Prepaid expenses	34,697	31,925
Assets held for sale	0	15,453
Total current assets	972,325	880,910
Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization of $12,489,970 in 2022 and $12,457,851 in 2021	8,228,016	8,127,852
Operating lease assets	946,406	881,389
Deferred income taxes	117,889	385,516
Deferred charges and other assets	44,316	29,273
Total assets	10,308,952	10,304,940
Current liabilities
Current maturities of long-term debt, finance lease	687	654
Accounts payable	543,786	623,129
Income taxes payable	26,544	19,951
Other taxes payable	22,819	20,306
Operating lease liabilities	220,413	139,427
Other accrued liabilities	443,585	360,859
Total current liabilities	1,257,834	1,164,326
Long-term debt, including finance lease obligation	1,822,452	2,465,414
Asset retirement obligations	817,268	839,776
Deferred credits and other liabilities	304,948	570,574
Non-current operating lease liabilities	742,654	761,162
Deferred income taxes	214,903	182,892
Total liabilities	5,160,059	5,984,144
Equity
Cumulative Preferred Stock, par $100, authorized 400,000 shares, none issued	0	0
Common Stock, par $1.00, authorized 450,000,000 shares, issued 195,100,628 shares in 2022 and 195,100,628 shares in 2021	195,101	195,101
Capital in excess of par value	893,578	926,698
Retained earnings	6,055,498	5,218,670
Accumulated other comprehensive loss	(534,686)	(527,711)
Treasury stock	(1,614,717)	(1,655,447)
Murphy Shareholders' Equity	4,994,774	4,157,311
Noncontrolling interest	154,119	163,485
Total equity	5,148,893	4,320,796
Total liabilities and equity	$ 10,308,952	$ 10,304,940

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accumulated depreciation, depletion and amortization	$ 12,489,970	$ 12,457,851
Cumulative preferred stock, par value (in USD per share)	$ 100	$ 100
Cumulative preferred stock, authorized shares (in shares)	400,000	400,000
Cumulative preferred stock, shares issued (in shares)	0	0
Common Stock, par value (in USD per share)	$ 1.00	$ 1.00
Common stock, authorized shares (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	195,100,628	195,100,628

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues and other income
Total revenue from sales to customers	$ 4,220,140	$ 2,801,215	$ 1,751,709
(Loss) Gain on derivative instruments	(320,410)	(525,850)	202,661
Gain on sale of assets and other income	32,932	23,916	12,971
Total revenues and other income	3,932,662	2,299,281	1,967,341
Costs and expenses
Lease operating expenses	679,342	539,546	600,076
Severance and ad valorem taxes	57,012	41,212	28,526
Transportation, gathering and processing	212,711	187,028	172,399
Costs of purchased natural gas	171,991	0	0
Exploration expenses, including undeveloped lease amortization	133,197	69,044	86,479
Selling and general expenses	131,121	121,950	140,243
Restructuring expenses	0	0	49,994
Depreciation, depletion and amortization	776,817	795,105	987,239
Accretion of asset retirement obligations	46,243	46,613	42,136
Impairment of assets	0	196,296	1,206,284
Other operating expense	137,518	21,052	16,274
Total costs and expenses	2,345,952	2,017,846	3,329,650
Operating income (loss) from continuing operations	1,586,710	281,435	(1,362,309)
Other income (loss)
Other income (expense)	14,310	(16,771)	(17,303)
Interest expense, net	(150,759)	(221,773)	(169,423)
Total other loss	(136,449)	(238,544)	(186,726)
Income (Loss) from continuing operations before income taxes	1,450,261	42,891	(1,549,035)
Income tax expense (benefit)	309,464	(5,862)	(293,741)
Income (Loss) from continuing operations	1,140,797	48,753	(1,255,294)
Loss from discontinued operations, net of income taxes	(2,078)	(1,225)	(7,151)
Net income (loss) including noncontrolling interest	1,138,719	47,528	(1,262,445)
Less: Net income (loss) attributable to noncontrolling interest	173,672	121,192	(113,668)
NET INCOME (LOSS) ATTRIBUTABLE TO MURPHY	$ 965,047	$ (73,664)	$ (1,148,777)
INCOME (LOSS) PER COMMON SHARE – BASIC
Continuing operations (in USD per share)	$ 6.23	$ (0.47)	$ (7.43)
Discontinued operations (in USD per share)	(0.01)	(0.01)	(0.05)
Net Income (loss) (in USD per share)	6.22	(0.48)	(7.48)
INCOME (LOSS) PER COMMON SHARE – DILUTED
Continuing operations (in USD per share)	6.14	(0.47)	(7.43)
Discontinued operations (in USD per share)	(0.01)	(0.01)	(0.05)
Net income (loss) (in USD per share)	6.13	(0.48)	(7.48)
Cash dividends per Common share (in USD per share)	$ 0.825	$ 0.50	$ 0.625
Average Common shares outstanding (thousands)
Basic (in shares)	155,276,533	154,290,741	153,507,109
Diluted (in shares)	157,474,838	154,290,741	153,507,109
Revenue from production
Revenues and other income
Total revenue from sales to customers	$ 4,038,451	$ 2,801,215	$ 1,751,709
Sales of purchased natural gas
Revenues and other income
Total revenue from sales to customers	$ 181,689	$ 0	$ 0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss) including noncontrolling interest	$ 1,138,719	$ 47,528	$ (1,262,445)
Other comprehensive income (loss), net of tax
Net (loss) gain from foreign currency translation	(106,335)	12,116	29,241
Retirement and postretirement benefit plans	99,360	59,816	(57,617)
Deferred loss on interest rate hedges reclassified to interest expense	0	1,690	1,204
Other comprehensive (loss) income	(6,975)	73,622	(27,172)
Comprehensive income (loss) including noncontrolling interest	1,131,744	121,150	(1,289,617)
Less: Comprehensive income (loss) attributable to noncontrolling interest	173,672	121,192	(113,668)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO MURPHY	$ 958,072	$ (42)	$ (1,175,949)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Operating Activities

Net income (loss) including noncontrolling interest

$ 1,138,719

$ 47,528

$ (1,262,445)

Adjustments to reconcile net income (loss) to net cash provided by continuing operations activities

Depreciation, depletion and amortization

776,817

795,105

987,239

Deferred income tax expense (benefit)

286,079

(4,146)

(278,042)

Mark to market (gain) loss on derivative instruments

(214,788)

112,113

69,310

Mark to market loss (gain) on contingent consideration

78,285

63,147

(13,783)

Long-term non-cash compensation

89,246

63,382

46,558

Unsuccessful exploration well costs and previously suspended exploration costs

82,085

17,339

21,099

Accretion of asset retirement obligations

46,243

46,613

42,136

Amortization of undeveloped leases

13,300

18,925

26,743

Loss from discontinued operations

2,078

1,225

7,151

Gain from sale of assets

(17,899)

Impairment of assets

196,296

1,206,284

Noncash restructuring expense

17,565

Other operating activities, net

(34,193)

(53,821)

(35,080)

Net (increase) decrease in noncash working capital

(65,728)

118,457

(32,027)

Net cash provided by continuing operations activities

2,180,244

1,422,163

802,708

Investing Activities

Property additions and dry hole costs

^[1]

(985,461)

(650,235)

(759,809)

Acquisition of oil and natural gas properties

^[1]

(128,538)

(20,244)

Property additions for King's Quay FPS

(17,734)

(112,961)

Proceeds from sales of property, plant and equipment

4,528

270,503

13,750

Net cash required by investing activities

(1,109,471)

(417,710)

(859,020)

Financing Activities

Retirement of debt

(647,707)

(876,358)

(12,225)

Repayment of revolving credit facility

(400,000)

(365,000)

(250,000)

Borrowings on revolving credit facility

400,000

165,000

450,000

Distributions to noncontrolling interest

(183,038)

(137,517)

(43,673)

Cash dividends paid

(128,219)

(77,204)

(95,989)

Contingent consideration paid

(81,742)

Withholding tax on stock-based incentive awards

(17,631)

(5,209)

(7,094)

Issue costs of debt facility

(14,353)

Early redemption of debt cost

(8,295)

(39,335)

Capital lease obligation payments

(636)

(803)

(695)

Debt issuance, net of cost

541,913

(613)

Net cash (required) provided by financing activities

(1,081,621)

(794,513)

39,711

Cash Flows from Discontinued Operations

Operating activities

(14,500)

Net cash (required) by discontinued operations

(14,500)

Cash from discontinued operations

^[2]

18,438

Effect of exchange rate changes on cash and cash equivalents

(3,873)

638

2,009

Net (decrease) increase in cash and cash equivalents

(29,221)

210,578

3,846

Cash and cash equivalents at beginning of period

521,184

310,606

306,760

Cash and cash equivalents at end of period

$ 491,963

$ 521,184

$ 310,606

[1]	Certain prior-period amounts have been reclassified to conform to the current period presentation.
[2]	Cash previously classified as held-for-sale

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Murphy Shareholders’ Equity	Cumulative Preferred Stock	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Noncontrolling Interest
Balance at beginning of year at Dec. 31, 2019				$ 195,089	$ 949,445	$ 6,614,304	$ (574,161)	$ (1,717,217)	$ 337,151
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation					26,052
Restricted stock transactions and other					(33,649)
Exercise of stock options				12	(156)			0
Net income (loss)	$ (1,262,445)					(1,148,777)			(113,668)
Cash dividends						(95,989)
Foreign currency translation (losses) gains, net of income taxes	29,241						29,241
Retirement and postretirement benefit plans, net of income taxes							(57,617)
Deferred loss on interest rate hedge reclassified to interest expense, net of income taxes	1,204						1,204
Awarded restricted stock, net of forfeitures								26,556
Distributions to noncontrolling interest owners									(43,673)
Balance at end of year at Dec. 31, 2020	4,394,147	$ 4,214,337	$ 0	195,101	941,692	5,369,538	(601,333)	(1,690,661)	179,810
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation					25,429
Restricted stock transactions and other					(38,749)
Exercise of stock options				0	(1,674)			1,326
Net income (loss)	47,528					(73,664)			121,192
Cash dividends						(77,204)
Foreign currency translation (losses) gains, net of income taxes	12,116						12,116
Retirement and postretirement benefit plans, net of income taxes							59,816
Deferred loss on interest rate hedge reclassified to interest expense, net of income taxes	1,690						1,690
Awarded restricted stock, net of forfeitures								33,888
Distributions to noncontrolling interest owners									(137,517)
Balance at end of year at Dec. 31, 2021	4,320,796	4,157,311	0	195,101	926,698	5,218,670	(527,711)	(1,655,447)	163,485
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation					25,242
Restricted stock transactions and other					(45,169)
Exercise of stock options				0	(13,193)			8,433
Net income (loss)	1,138,719					965,047			173,672
Cash dividends						(128,219)
Foreign currency translation (losses) gains, net of income taxes	(106,335)						(106,335)
Retirement and postretirement benefit plans, net of income taxes							99,360
Deferred loss on interest rate hedge reclassified to interest expense, net of income taxes	0						0
Awarded restricted stock, net of forfeitures								32,297
Distributions to noncontrolling interest owners									(183,038)
Balance at end of year at Dec. 31, 2022	$ 5,148,893	$ 4,994,774	$ 0	$ 195,101	$ 893,578	$ 6,055,498	$ (534,686)	$ (1,614,717)	$ 154,119

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cumulative preferred stock, par value (in USD per share)	$ 100	$ 100	$ 100
Cumulative preferred stock, authorized shares (in shares)	400,000	400,000	400,000
Cumulative preferred stock, shares issued (in shares)	0	0	0
Common Stock, par value (in USD per share)	$ 1.00	$ 1.00	$ 1.00
Common stock, authorized shares (in shares)	450,000,000	450,000,000	450,000,000
Common stock, shares issued (in shares)	195,100,628	195,100,628	195,100,628
Treasury stock, shares (in shares)	39,633,309	40,637,578	41,502,003

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Note A – Significant Accounting Polices NATURE OF BUSINESS – Murphy Oil Corporation is an international oil and natural gas company that conducts its business through various operating subsidiaries. The Company primarily produces oil and natural gas in the United States and Canada and conducts oil and natural gas exploration activities worldwide. The Company sold its Malaysian assets in 2019 and they are reported as discontinued operations. In connection with the LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C., (LLOG) acquisition, we hold a 0.5% interest in two variable interest entities (VIEs), Delta House Oil and Gas Lateral LLC and Delta House Floating Production System (FPS) LLC (collectively Delta House). These VIEs have not been consolidated because we are not considered the primary beneficiary. These non-consolidated VIEs are not material to our financial position or results of operations. As of December 31, 2022, our maximum exposure to loss was $3.2 million (excluding operational impacts), which represents our net investment in Delta House. We have not provided any financial support to Delta House other than amounts previously required by our membership interest. PRINCIPLES OF CONSOLIDATION – The consolidated financial statements include the accounts of Murphy Oil Corporation and all majority-owned subsidiaries. Undivided interests in oil and natural gas joint ventures are consolidated on a proportionate basis. Investments in affiliates in which the Company owns from 20% to 50% are accounted for by the equity method. Beginning in the fourth quarter of 2018, Murphy reports 100% of the sales volume, revenues, costs, assets and liabilities including the 20% noncontrolling interest (NCI), of MP GOM in accordance with accounting for noncontrolling interest as prescribed by ASC 810-10-45. Other investments are generally carried at cost. Intercompany accounts and transactions are eliminated. USE OF ESTIMATES – Preparing the financial statements of the Company in accordance with U.S. generally accepted accounting principles (GAAP) requires management to make a number of estimates and assumptions that affect the reporting of amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results may differ from the estimates. REVENUE RECOGNITION – Revenues from sales of crude oil, natural gas liquids and natural gas are recorded when deliveries have occurred and legal ownership of the commodity transfers to the customer; the amount of revenue recognized reflects the consideration expected in exchange for those commodities. The Company measures revenue based on consideration specified in a contract and excludes taxes and other amounts collected on behalf of third parties. Revenues from the production of oil and natural gas properties in which Murphy shares in the undivided interest with other producers are recognized based on the actual volumes sold by the Company during the period. Natural gas imbalances occur when the Company’s actual natural gas sales volumes differ from its proportional share of production from the well. The Company follows the sales method of accounting for these natural gas imbalances. The Company records a liability for natural gas imbalances when it has sold more than its working interest of natural gas production and the estimated remaining reserves make it doubtful that partners can recoup their share of production from the field. At December 31, 2022 and 2021, the liabilities for natural gas balancing were immaterial. Gains and losses on asset disposals or retirements are included in net income/(loss) as a component of revenues. CASH EQUIVALENTS – Short-term investments, which include government securities and other instruments with government securities as collateral, that are highly liquid and have a maturity of three months or less from the date of purchase are classified as cash equivalents. MARKETABLE SECURITIES – The Company classifies investments in marketable securities as available-for-sale or held-to-maturity. The Company does not have any investments classified as trading securities. Available-for-sale securities are carried at fair value with the unrealized gain or loss, net of tax, reported in other comprehensive loss. Held-to-maturity securities are recorded at amortized cost. Premiums and discounts are amortized or accreted into earnings over the life of the related available-for-sale or held-to-maturity security. Dividend and interest income is recognized when earned. Unrealized losses considered to be other than temporary are recognized in earnings. The cost of securities sold is based on the specific identification method. The fair value of investment securities is determined by available market prices. ACCOUNTS RECEIVABLE – At December 31, 2022 and 2021, the Company’s accounts receivable primarily consisted of amounts owed to the Company by customers for sales of crude oil and natural gas and operating costs related to joint venture partners working interest share. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses on these receivables. The Company reviews this allowance for adequacy at least quarterly and bases its assessment on a combination of current information about its customers, joint venture partners and historical write-off experience. Any trade accounts receivable balances written off are charged against the allowance for doubtful accounts. The Company has not experienced any significant credit-related losses in the past three years. INVENTORIES – Amounts included in the Consolidated Balance Sheets include unsold crude oil production and materials and supplies associated with oil and natural gas production operations. Unsold crude oil production is carried in inventory at the lower of cost (applied on a first-in, first-out basis and includes costs incurred to bring the inventory to its existing condition), or market. Materials and supplies inventories are valued at the lower of average cost or estimated market value and generally consist of tubulars and other drilling equipment. See Note F. PROPERTY, PLANT AND EQUIPMENT – The Company uses the successful efforts method to account for exploration and development expenditures. Leasehold acquisition costs are capitalized. If proved reserves are found on undeveloped property, the leasehold cost is transferred to proved properties. Costs of undeveloped leases associated with unproved properties are expensed over the life of the leases. Exploratory well costs are capitalized pending determination about whether proved reserves have been found. In certain cases, a determination of whether a drilled exploratory well has found proved reserves cannot be made immediately. This is generally due to the need for a major capital expenditure to produce and/or evacuate the hydrocarbon(s) found. The determination of whether to make such a capital expenditure is usually dependent on whether further exploratory or appraisal wells find a sufficient quantity of additional reserves. The Company continues to capitalize exploratory well costs in “Property, plant and equipment” when the well has found a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. The Company reevaluates its capitalized drilling costs at least annually to ascertain whether drilling costs continue to qualify for ongoing capitalization. Other exploratory costs, including geological and geophysical costs, are charged to expense as incurred. Development costs, including unsuccessful development wells, are capitalized. Interest is capitalized on significant development projects that are expected to take one year or more to complete. Oil and natural gas properties are evaluated by field for potential impairment. Other properties are evaluated for impairment on a specific asset basis or in groups of similar assets as applicable. An impairment is recognized when there are indications that the estimated undiscounted future net cash flows of an asset are less than its carrying value. If an impairment occurs, the carrying value of the impaired asset is reduced to fair value. There were no impairments recognized in 2022. In 2021, the Company recognized pretax noncash impairment charges of $196.3 million to reduce the carrying values at select properties. In 2021, the Company recorded an impairment charge of $171.3 million for Terra Nova due to the status, including agreements with the partners, of operating and production plans and a $25.0 million impairment charge for assets reported as Assets held for sale in the Consolidated Balance Sheets. See also Note D for further discussion of impairment charges. The Company records a liability for asset retirement obligations (ARO) equal to the fair value of the estimated cost to retire an asset. The ARO liability is initially recorded in the period in which the obligation meets the definition of a liability, which is generally when a well is drilled or the asset is placed in service. The ARO liability is estimated by the Company’s engineers using existing regulatory requirements and anticipated future inflation rates. When the liability is initially recorded, the Company increases the carrying amount of the related long-lived asset by an amount equal to the original liability. The liability is increased over time to reflect the change in its present value and the capitalized cost is depreciated over the useful life of the related long-lived asset. The Company reevaluates the adequacy of its recorded ARO liability at least annually. Actual costs of asset retirements such as dismantling oil and natural gas production facilities and site restoration are charged against the related liability. Any difference between costs incurred upon settlement of an ARO and the recorded liability is recognized as a gain or loss in the Company’s earnings. See Note H for further discussion. Depreciation and depletion of producing oil and natural gas properties are recorded based on units of production. Unit rates are computed for unamortized development drilling and completion costs using proved developed reserves and acquisition costs are amortized over proved reserves. Proved reserves are estimated by the Company’s engineers and are subject to future revisions based on the availability of additional information. CAPITALIZED INTEREST– Interest associated with borrowings from third parties is capitalized on significant oil and natural gas development projects when the expected development period extends for one year or more. Interest capitalized is credited in the Consolidated Statements of Operations and is added to the cost of the underlying asset for the development project in “Property, plant and equipment” in the Consolidated Balance Sheets. Capitalized interest is amortized over the useful life of the asset in the same manner as other development costs. LEASES - At inception, contracts are assessed for the presence of a lease according to criteria laid out by ASC 842. If a lease is present, further criteria is assessed to determine if the lease should be classified as an operating or finance lease. Operating leases are presented on the Consolidated Balance Sheet as “Operating lease assets” with the corresponding lease liabilities presented in “Operating lease liabilities” and “Non-current operating lease liabilities”. Finance lease assets (related to Brunei) are presented on the Consolidated Balance Sheet within “Property, plant and equipment” with the corresponding liabilities presented in “Current maturities of long-term debt, finance lease” and “Long-term debt, including finance lease obligation”. Generally, lease liabilities are recognized at commencement and based on the present value of the future minimum lease payments to be made over the lease term. Lease assets are then recognized based on the value of the lease liabilities. Where implicit lease rates are not determinable, the minimum lease payments are discounted using the Company’s collateralized incremental borrowing rates. Operating leases are expensed according to their nature and recognized in LOE, Selling and general expenses or capitalized in the Consolidated Financial Statements. Finance leases are depreciated with the relevant expenses recognized in “Depreciation, depletion and amortization” and “Interest expense, net” on the Consolidated Statement of Operations. ENVIRONMENTAL LIABILITIES – A liability for environmental matters is established when it is probable that an environmental obligation exists and the cost can be reasonably estimated. If there is a range of reasonably estimated costs, the most likely amount will be recorded, or if no amount is most likely, the minimum of the range is used. Related expenditures are charged against the liability. Environmental remediation liabilities have not been discounted for the time value of future expected payments. Environmental expenditures that have future economic benefit are capitalized. INCOME TAXES – The Company accounts for income taxes using the asset and liability method. Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Deferred income taxes are measured using the enacted tax rates that are assumed will be in effect when the differences reverse. The Company routinely assesses the realizability of deferred tax assets based on available evidence including assumptions of future taxable income, tax planning strategies and other pertinent factors. A deferred tax asset valuation allowance is recorded when evidence indicates that it is more likely than not that all or a portion of these deferred tax assets will not be realized in a future period. The accounting rules for income tax uncertainties permit recognition of income tax benefits only when they are more likely than not to be realized. The Company includes potential penalties and interest for uncertain income tax positions in income tax expense. FOREIGN CURRENCY – Local currency is the functional currency used for recording operations in Canada and former refining and marketing activities in the United Kingdom. The U.S. dollar is the functional currency used to record all other operations. Exchange gains or losses from transactions in a currency other than the functional currency are included in earnings as part of Interest and other income (loss). Gains or losses from translating foreign functional currencies into U.S. dollars are included in Accumulated Other Comprehensive Loss in Consolidated Statements of Stockholders’ Equity. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES – The fair value of a derivative instrument is recognized as an asset or liability in the Company’s Consolidated Balance Sheets. Upon entering into a derivative contract, the Company may designate the derivative as either a fair value hedge or a cash flow hedge or decide that the contract is not a hedge for accounting purposes, and thenceforth, recognize changes in the fair value of the contract in earnings. The Company documents the relationship between the derivative instrument designated as a hedge and the hedged items as well as its objective for risk management and strategy for the use of the hedging instrument to manage the risk. Derivative instruments designated as fair value or cash flow hedges are linked to specific assets and liabilities or to specific firm commitments or forecasted transactions. The Company assesses at inception and on an ongoing basis whether a derivative instrument accounted for as a hedge is highly effective in offsetting changes in the fair value or cash flows of the hedged item. A derivative that is not a highly effective hedge does not qualify for hedge accounting. The change in the fair value of a qualifying fair value hedge is recorded in earnings along with the gain or loss on the hedged item. The effective portion of the change in the fair value of a qualifying cash flow hedge is recorded in Accumulated other comprehensive loss in the Consolidated Balance Sheets until the hedged item is recognized currently in earnings. If a derivative instrument no longer qualifies as a cash flow hedge and the underlying forecasted transaction is no longer probable of occurring, hedge accounting is discontinued, and the gain or loss recorded in Accumulated other comprehensive loss is recognized immediately in earnings. All commodity price derivatives for the periods provided are not designated as cash flow or fair value hedges and therefore changes in fair value are recognized in earnings. FAIR VALUE MEASUREMENTS– The Company carries certain assets and liabilities at fair value in its Consolidated Balance Sheets. Fair value is determined using various techniques depending on the availability of observable inputs. Level 1 inputs include quoted prices in active markets for identical assets or liabilities. Level 2 inputs include observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants. See Note P. STOCK-BASED COMPENSATION Equity-Settled Awards – The fair value of awarded stock options, restricted stock units and other stock-based compensation that are settled with Company shares is determined based on a combination of management assumptions and the market value of the Company’s common stock. The Company uses a Monte Carlo valuation model to determine the fair value of performance-based restricted stock units (PSUs) that are equity settled and expense is recognized over the three-year vesting period. The fair value of time-lapse restricted stock units is determined based on the price of Company stock on the date of grant and expense is recognized over the vesting period. The Company uses the Black-Scholes option pricing model for computing the fair value of equity-settled stock options. The primary assumptions made by management include the expected life of the stock option award and the expected volatility of Murphy’s common stock price. The Company uses both historical data and current information to support its assumptions. Stock option expense is recognized on a straight-line basis over the respective vesting period of two or three years. The Company estimates the number of stock options and PSUs that will not vest and adjusts its compensation expense accordingly. Differences between estimated and actual vested amounts are accounted for as an adjustment to expense when known. Cash-Settled Awards – The Company accounts for stock appreciation rights (SARs), cash-settled restricted stock units (CRSU) and phantom stock units as liability awards. Expense associated with these awards is recognized over the vesting period based on the latest available estimate of the fair value of the awards, which is generally determined using a Black-Scholes method for SAR, a Monte Carlo method for performance-based CRSU, and the period-end price of the Company’s common stock for time-based CRSU and phantom units. When SARs are exercised and when CRSU and phantom units settle, the Company adjusts previously recorded expense to the final amounts paid out in cash for these awards. See Note J. PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS – The Company recognizes the funded status (the difference between the fair value of plan assets and the projected benefit obligation) of its defined benefit and other postretirement benefit plans in the Consolidated Balance Sheets. Changes in the funded status which have not yet been recognized in the Consolidated Statement of Operations are recorded net of tax in Accumulated other comprehensive loss. The remaining amounts in Accumulated other comprehensive loss include net actuarial losses and prior service (cost) credit. See Note K. NET INCOME (LOSS) PER COMMON SHARE – Basic income (loss) per common share is computed by dividing net income (loss) for each reporting period by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is computed by dividing net income (loss) for each reporting period by the weighted average number of common shares outstanding during the period plus the effects of all potentially dilutive common shares. Dilutive securities are not included in the computation of diluted income (loss) per share when a net loss occurs as the inclusion would have the effect of reducing the diluted loss per share.

New Accounting Principles and Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]
New Accounting Principles and Recent Accounting Pronouncements	Note B – New Accounting Principles and Recent Accounting Pronouncements Accounting Principles Adopted Compensation-Retirement Benefits-Defined Benefit Plans-General. In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-14 which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. For public companies, the amendments in this ASU are effective for fiscal years ending after December 15, 2020, with early adoption permitted and is to be applied on a retrospective basis to all periods presented. The Company adopted the standard in the fourth quarter of 2020 and it did not have a material impact on its consolidated financial statements. Financial Instruments – Credit Losses. In June 2016, the FASB issued ASU 2016-13 which replaces the impairment model for most financial assets, including trade receivables, from the incurred loss methodology to a forward-looking expected loss model that will result in earlier recognition of credit losses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, with early adoption permitted and is to be applied on a modified retrospective basis. The Company adopted this accounting standard in the first quarter of 2020 and it did not have a material impact on its consolidated financial statements. Fair Value Measurement. In August 2018, the FASB issued ASU 2018-13 which modifies disclosure requirements related to fair value measurement. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. Early adoption is permitted. The standard also allows for early adoption of any removed or modified disclosures upon issuance of this ASU while delaying adoption of the additional disclosures until their effective date. The Company adopted this accounting standard in the first quarter of 2020 and it did not have a material impact on its consolidated financial statements. Income Taxes. In December 2019, the FASB issued ASU 2019-12, which removes certain exceptions for investments, intraperiod allocations and interim calculations and adds guidance to reduce complexity in accounting for income taxes. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Implementation on a prospective or retrospective basis varies by specific topics within the ASU. The Company adopted this guidance in the first quarter of 2021 and it did not have a material impact on its consolidated financial statements. Recent Accounting Pronouncements None affecting the Company.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Note C – Revenue from Contracts with Customers

Nature of Goods and Services

The Company explores for and produces crude oil, natural gas and natural gas liquids (collectively oil and natural gas) in select basins around the globe. The Company’s revenue from sales of oil and natural gas production activities is primarily subdivided into two key geographic segments: the U.S. and Canada. Additionally, revenue from sales to customers is generated from three primary revenue streams: crude oil and condensate, natural gas liquids and natural gas.

For operated oil and natural gas production where the non-operated working interest owner does not take-in-kind its proportionate interest in the produced commodity, the Company acts as an agent for the working interest owner and recognizes revenue only for its own share of the commingled production. The exception to this is the reporting of the noncontrolling interest in MP GOM as prescribed by U.S. GAAP.

U.S. - In the United States, the Company primarily produces oil and natural gas from fields in the Eagle Ford Shale area of South Texas and in the Gulf of Mexico. Revenue is generally recognized when oil and natural gas is transferred to the customer at the delivery point. Revenue recognized is largely index based with price adjustments for floating market differentials.

Canada - In Canada, contracts include long-term floating commodity index priced and natural gas physical forward sales fixed-price contracts. For the Offshore business in Canada, contracts are based on index prices and revenue is recognized at the time of vessel load based on the volumes on the bill of lading and point of custody transfer.

Disaggregation of Revenue

The Company reviews performance based on two key geographical segments and between onshore and offshore sources of revenue within these geographies.

For the years ended December 31, 2022, 2021 and 2020 the Company recognized $4,220.1 million, $2,801.2 million and $1,751.7 million, respectively, from contracts with customers for the sales of oil, natural gas liquids and natural gas.


		Years Ended December 31,
(Thousands of dollars)		2022		2021		2020
Net crude oil and condensate revenue
United States	Onshore	$	856,219	$	626,136	$	353,311
	Offshore1	2,229,658		1,478,993		940,265
Canada	Onshore	131,400		119,799		93,591
	Offshore	117,747		92,741		71,495
Other		22,824		4,924		1,806
Total crude oil and condensate revenue		3,357,848		2,322,593		1,460,468

Net natural gas liquids revenue
United States	Onshore	64,015		50,189		22,504
	Offshore1	60,424		44,411		19,749
Canada	Onshore	18,338		16,375		8,921
Total natural gas liquids revenue		142,777		110,975		51,174

Net natural gas revenue
United States	Onshore	64,037		39,803		20,132
	Offshore1	161,160		81,944		49,300
Canada	Onshore	312,629		245,900		170,635
Total natural gas revenue		537,826		367,647		240,067
Revenue from production		4,038,451		2,801,215		1,751,709

Sales of purchased natural gas
United States	Offshore	204		—		—
Canada	Onshore	181,485		—		—
Total sales of purchased natural gas		181,689		—		—

Total revenue from sales to customers		4,220,140		2,801,215		1,751,709

(Loss) gain on crude contracts		(320,410)		(525,850)		202,661
Gain on sale of assets and other income		32,932		23,916		12,971
Total revenue and other income		$	3,932,662	$	2,299,281	$	1,967,341

1 Includes revenue attributable to noncontrolling interest in MP GOM.

In 2022, the Company included additional line items on the face of the Consolidated Statements of Operations to report sales of purchased natural gas and costs of purchased natural gas. Purchases of natural gas are reported on a gross basis when Murphy takes control of the product and has risks and rewards of ownership. Sales of natural gas are reported when the contractual performance obligations are satisfied. This occurs at the time the product is delivered to a third party purchaser at the contractually determinable price.

Contract Balances and Asset Recognition

As of December 31, 2022 and 2021, receivables from contracts with customers, net of royalties and associated payables, on the balance sheet from continuing operations, were $201.1 million and $169.8 million, respectively. Payment terms for the Company’s sales vary across contracts and geographical regions, with the majority of the cash receipts required within 30 days of billing. Based on a forward-looking expected loss model in accordance with ASU 2016-13, the Company did not recognize any impairment losses on receivables or contract assets arising from customer contracts during the reporting periods.

The Company has not entered into any revenue contracts that have financing components as of December 31, 2022, 2021 or 2020.

The Company does not employ sales incentive strategies such as commissions or bonuses for obtaining sales contracts. For the periods presented, the Company did not identify any assets to be recognized associated with the costs to obtain a contract with a customer.

Performance Obligations

The Company recognizes oil and natural gas revenue when it satisfies a performance obligation by transferring control over a commodity to a customer. Judgment is required to determine whether some customers simultaneously receive and consume the benefit of commodities. As a result of this assessment for the Company, each unit of measure of the specified commodity is considered to represent a distinct performance obligation that is satisfied at a point in time upon the transfer of control of the commodity.

For contracts with market or index-based pricing, which represent the majority of sales contracts, the Company has elected the allocation exception and allocates the variable consideration to each single performance obligation in the contract. As a result, there is no price allocation to unsatisfied remaining performance obligations for delivery of commodity product in subsequent periods.

The Company has entered into several long-term, fixed-price contracts in Canada. The underlying reason for entering a fixed price contract is generally unrelated to anticipated future prices or other observable data and serves a particular purpose in the Company’s long-term strategy.

As of December 31, 2022, the Company had the following sales contracts in place which are expected to generate revenue from sales to customers for a period of 12 months or more starting at the inception of the contract:

Current Long-Term Contracts Outstanding at December 31, 2022

Location

Commodity

End Date

Description

Approximate Volumes

U.S.

Natural Gas and NGL

Q1 2023

Deliveries from dedicated acreage in Eagle Ford

As produced

U.S.

Natural Gas and NGL

Q2 2023

Deliveries from dedicated acreage in Eagle Ford

As produced

Canada

Natural Gas

Q4 2023

Contracts to sell natural gas at USD index pricing

25 MMCFD

Canada

Natural Gas

Q4 2023

Contracts to sell natural gas at CAD fixed prices

38 MMCFD

Canada

Natural Gas

Q4 2024

Contracts to sell natural gas at USD index pricing

31 MMCFD

Canada

Natural Gas

Q4 2024

Contracts to sell natural gas at CAD fixed prices

100 MMCFD

Canada

Natural Gas

Q4 2024

Contracts to sell natural gas at CAD fixed prices

34 MMCFD

Canada

Natural Gas

Q4 2024

Contracts to sell natural gas at USD fixed pricing

15 MMCFD

Canada

Natural Gas

Q4 2026

Contracts to sell natural gas at USD index pricing

49 MMCFD

Canada

NGL

Q3 2023

Contracts to sell natural gas liquids at CAD pricing

952 BOEPD

Fixed price contracts are accounted for as normal sales and purchases for accounting purposes.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note D – Property, Plant and Equipment

The Company’s property, plant and equipment assets for the respective periods are presented as follows.


	December 31, 2022					December 31, 2021
(Thousands of dollars)	Cost		Net			Cost		Net
Exploration and production ¹	$	20,567,489	$	8,204,463	2	$	20,440,568	$	8,098,396	2
Corporate and other	150,498		23,553			145,135		29,456
Property, plant and equipment	$	20,717,987	$	8,228,016		$	20,585,703	$	8,127,852
¹ Includes unproved mineral rights as follows:	$	476,981	$	344,507		$	615,724	$	131,107

2 Includes $18,319 in 2022 and $22,543 in 2021 related to administrative assets and support equipment.

Divestments

During the third quarter of 2022, the Company completed the disposition of its 62.5% operated working interest of the Thunder Hawk field for a purchase price of $20.0 million less closing adjustments of $23.1 million, resulting in a total net payment to the buyer of $3.1 million. Additionally, the buyer assumed the asset retirement obligations of approximately $47.9 million. A $17.9 million gain on sale was recorded in the period related to the sale. In September 2022, the Company completed the disposition of the Block CA-2 asset in Brunei for contingent consideration valued at approximately $8.7 million. No gain or loss was recorded related to this sale.

In 2021, the Company sold its interest in the King’s Quay FPS to ArcLight Capital Partners, LLC (ArcLight) for proceeds of $267.7 million, which reimburses the Company for previously incurred capital expenditures.

Acquisitions

In August 2022, the Company acquired an additional working interest of 3.37% in the Lucius field for a purchase price of $78.5 million, net of closing adjustments.

In June 2022, the Company acquired an additional working interest of 11.0% in the Kodiak field for a purchase price of $50.0 million, net of closing adjustments.

Impairments

In 2021, the Company recorded an impairment charge of $171.3 million for Terra Nova due to the status, including agreements with the partners, of operating and production plans. Subsequently, the Company acquired an additional 7.525% working interest at Terra Nova following a commercial agreement to sanction an asset life extension project. The Company also recorded an impairment charge of $25.0 million for assets reported as Assets held for sale in the Consolidated Balance Sheet.

The following table reflects the recognized before tax impairments for the three years ended December 31, 2022.


	December 31,
(Thousands of dollars)	2022		2021		2020
Canada	$	—	$	171,296	$	—
Other Foreign	—		18,000		39,709
Corporate	—		7,000		14,060
U.S.	—		—		1,152,515
	$	—	$	196,296	$	1,206,284

Exploratory Wells

Under FASB guidance exploratory well costs should continue to be capitalized when the well has found a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project.

At December 31, 2022, 2021 and 2020, the Company had total capitalized drilling costs pending the determination of proved reserves of $171.9 million, $179.5 million and $181.6 million, respectively. The following table reflects the net changes in capitalized exploratory well costs during the three-year period ended December 31, 2022.


(Thousands of dollars)	2022		2021		2020
Beginning balance at January 1	$	179,481	$	181,616	$	217,326
Additions pending the determination of proved reserves	33,440		16,725		3,999

Divestment	(7,915)		—		—
Capitalized exploration well costs charged to expense	(33,146)		(18,860)		(39,709)
Ending balance at December 31	$	171,860	$	179,481	$	181,616

The capitalized well costs charged to expense during 2022 represent expenditures related to the Cutthroat-1 exploration well in block SEAL-M-428 in the Sergipe-Alagoas Basin offshore Brazil and Hoffe Park #1 (Mississippi Canyon 122) in the Gulf of Mexico.

The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed for each individual well and the number of projects for which exploratory well costs has been capitalized. The projects are aged based on the last well drilled in the project.


	2022				2021				2020
(Thousands of dollars)	Amount		No. of Wells	No. of Projects	Amount		No. of Wells	No. of Projects	Amount		No. of Wells	No. of Projects
Aging of capitalized well costs:
Zero to one year	$	15,527	2	2	$	13,273	3	3	$	—	—	—
One to two years	13,307		2	2	—		—	—	54,220		5	5
Two to three years	—		—	—	53,070		5	5	—		—	—
Three years or more	143,026		5	4	113,138		6	—	127,396		6	—
	$	171,860	9	8	$	179,481	14	8	$	181,616	11	5

Of the $156.3 million of exploratory well costs capitalized more than one year at December 31, 2022, $96.3 million is in Vietnam, $37.1 million is in the U.S., $15.5 million is in Mexico, $4.7 million is in Canada and $2.7 million is in Brunei. In all geographical areas, either further appraisal or development drilling is planned and/or development studies/plans are in various stages of completion.

Assets Held for Sale and Discontinued Operations

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale and Discontinued Operations

Note E – Assets Held for Sale and Discontinued Operations

In September 2022, the Company sold its share of Brunei Block CA-2 to Petronas Carigali Brunei Ltd (see Note D for additional information). Additionally, in December 2022, the Company’s former headquarters office building in El Dorado, Arkansas was sold. There were no remaining assets held for sale on the Consolidated Balance Sheet as of December 31, 2022. As of December 31, 2021, assets held for sale included the carrying value of the net property, plant and equipment of Brunei Block CA-2 and the Company’s former headquarters office building in El Dorado, Arkansas.

The following table presents the carrying value of the major categories of assets and liabilities that are reflected as held for sale on the Company’s Consolidated Balance Sheets at December 31, 2022 and 2021.


(Thousands of dollars)	2022		2021
Current assets




Property, plant and equipment, net	$	—	$	15,453


Total current assets associated with assets held for sale	$	—	$	15,453

The Company has accounted for its former Malaysian exploration and production operations and its former U.K. and U.S. refining and marketing operations as discontinued operations for all periods presented. The results of operations associated with discontinued operations are presented in the following table.


(Thousands of dollars)	2022		2021		2020
Revenues	$	—	$	795	$	4,090
Costs and expenses


Other costs and expenses	2,078		2,020		11,241


Loss from discontinued operations	$	(2,078)	$	(1,225)	$	(7,151)

Inventories

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Note F – Inventories

Inventories consisted of the following at December 31, 2022 and 2021:


	December 31,
(Thousands of dollars)	2022		2021
Unsold crude oil	$	6,546	$	15,497
Materials and supplies	47,967		38,701
Inventories	$	54,513	$	54,198

Financing Arrangements and Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Financing Arrangements and Debt

Note G – Financing Arrangements and Debt

Long-term debt consisted of the following as of December 31, 2022 and 2021:


	December 31,
(Thousands of dollars)	2022		2021
Notes payable


6.875% notes, due August 2024	$	—	$	242,428
5.75% notes, due August 2025	248,675		548,675
5.875% notes, due December 2027	543,249		543,249
6.375% notes, due July 2028	451,934		550,000
7.05% notes, due May 2029	250,000		250,000
6.125% notes, due December 2042 ¹	339,761		349,000

Total notes payable	1,833,619		2,483,352
Unamortized debt issuance cost and discount on notes payable	(15,324)		(22,773)
Total notes payable, net of unamortized discount	1,818,295		2,460,579
Capitalized lease obligation, due through March 2029 ¹	4,844		5,489
Total debt including current maturities	1,823,139		2,466,068

Current maturities	(687)		(654)
Total long-term debt	$	1,822,452	$	2,465,414

1 Coupon rate may fluctuate 25 basis points if rating is periodically downgraded or upgraded by S&P and Moody’s.

The amount of long-term debt repayable over each of the next five years and thereafter are as follows: nil in 2023, nil in 2024, $248.7 million in 2025, nil in 2026, $543.2 million in 2027 and $1.04 billion thereafter.

The Company also has a shelf registration statement on file with the U.S. Securities and Exchange Commission that permits the offer and sale of debt and/or equity securities through October 15, 2024.

In November 2022, the Company entered into a $800 million revolving credit facility (RCF) and the previous revolving credit facility has been terminated effective November 2022. The RCF is a senior unsecured guaranteed facility which expires on November 17, 2027, unless the outstanding principal amount of the Company’s 5.75%, 2025 (2025 Notes) as at February 15, 2025 exceeds $50.0 million, in which case, the RCF will expire on that date. On the date the Company achieves certain credit ratings (Investment Grade Ratings Date), certain covenants will be modified as set forth in the RCF. In addition, prior to Investment Grade Ratings Date, the Company will be required to comply with a maximum consolidated leverage ratio of 3.50x, and a minimum consolidated interest coverage ratio of 2.50x. From and after the Investment Grade Ratings Date, the Company will be required to comply with a maximum ratio of consolidated total debt to consolidated total capitalization of 60%. Borrowings under the RCF bear interest at rates based on either the “Alternate Base Rate”, the “Adjusted Term Secured Overnight Financing Rate (SOFR) Rate”, or the “Adjusted Daily Simple SOFR Rate”, respectively, plus the “Applicable Rate”. The “Alternate Base Rate” of interest is the highest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus ½ of 1% and (c) the Adjusted Term SOFR Rate for a one month Interest Period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day) plus 1%. The “Adjusted Term SOFR Rate” of interest is equal to (a) the Term SOFR Rate for such Interest Period, plus (b) 0.10%. The “Adjusted Daily Simple SOFR Rate” of interest is equal to (a) the Daily Simple SOFR, plus (b) 0.10%. The “Applicable Rate” of interest means, for any day, the applicable rate per annum based upon the ratings of Moody’s and S&P, respectively. The Company incurred $14.4 million in transaction costs and recorded the amount to “Deferred charges and other assets” in the Consolidated Balance Sheets, which is being amortized to interest expense over the term of the RCF. At December 31, 2022, the Company had no outstanding borrowings under the RCF and $57.6 million of outstanding letters of credit, which reduces the borrowing capacity of the RCF. At December 31, 2022, the interest rate in effect on borrowings under the facility would have been 6.96%. At December 31, 2022, the Company was in compliance with all covenants related to the RCF.

In November 2022, the Company redeemed $200.0 million aggregate principal amount of its 5.750% senior notes due 2025 (2025 Notes). The cost of debt extinguishment of $3.9 is included in “Interest expense, net” on the Consolidated Statement of Operations for the year ended December 31, 2022. The cash costs of $2.9 million are shown as a financing activity on the Consolidated Statement of Cash Flows for the year ended December 31, 2022.

In September and October 2022, the Company paid a total of $7.2 million to complete the open market repurchases of $9.2 million aggregate principal amount of its 6.125% senior notes due 2042 (2042 Notes). There were no additional cash costs related to the September and October 2022 debt extinguishment on the 2042 Notes for the year ended December 31, 2022.

In August 2022, the Company redeemed the remaining $42.4 million of its 6.875% senior notes due in 2024 (2024 Notes) and tendered $100.0 million and $98.1 million aggregate principal amount of its 2025 Notes and 6.375% senior notes due 2028 (2028 Notes), respectively. The total cost of the debt extinguishment of $4.0 million is included in “Interest expense, net” on the Consolidated Statement of Operations for the year ended December 31, 2022. The debt extinguishment on the 2025 and 2028 Notes had cash costs of $2.0 million and is shown as a financing activity on the Consolidated Statement of Cash Flows for the year ended December 31, 2022.

In June 2022, the Company redeemed $200.0 million aggregate principal amount of its 6.875% 2024 Notes. The cost of the debt extinguishment of $4.3 million is included in “Interest expense, net” on the Consolidated Statement of Operations for the year ended December 31, 2022. The cash costs of $3.4 million are shown as a financing activity on the Consolidated Statement of Cash Flows for the year ended December 31, 2022.

In March 2021, the Company issued $550.0 million of new notes that bear interest at a rate of 6.375% and mature on July 15, 2028. The Company incurred transaction costs of $8.1 million on the issuance of these new notes and the Company will pay interest semi-annually on January 15 and July 15 of each year. The proceeds of the $550.0 million notes, along with cash on hand, were used to redeem and cancel $259.3 million of the Company’s 4.00% notes due June 2022 and $317.1 million of the Company’s 4.95% notes due December 2022 (originally issued as 3.70% notes due 2022; collectively the 2022 Notes). The cost of the debt extinguishment of $36.9 million is included in “Interest expense, net” on the Consolidated Statement of Operations for the year

ended December 31, 2021. The cash costs of $34.2 million are shown as a financing activity on the Consolidated Statement of Cash Flows for the year ended December 31, 2021.

In August 2021, the Company redeemed $150.0 million aggregate principal amount of its 2024 Notes. The cost of the debt extinguishment of $3.5 million is included in Interest expense, net” on the Consolidated Statement of Operations for the year ended December 31, 2021. The cash costs of $2.6 million are shown as a financing activity on the Consolidated Statement of Cash Flows for the year ended December 31, 2021.

In December 2021, the Company redeemed an additional $150.0 million aggregate principal amount of the 2024 Notes. The cost of the debt extinguishment of $3.4 million is included in “Interest expense, net” on the Consolidated Statement of Operations for the year ended December 31, 2021. The cash costs of $2.6 million are shown as a financing activity on the Consolidated Statement of Cash Flows for the year ended December 31, 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Note H – Asset Retirement Obligations

The asset retirement obligations liabilities (ARO) recognized by the Company at December 31, 2022 and 2021 are related to the estimated costs to dismantle and abandon its producing oil and natural gas properties and related equipment.

A reconciliation of the beginning and ending aggregate carrying amount of the ARO for 2022 and 2021 is shown in the following table.


(Thousands of dollars)	2022		2021
Balance at beginning of year	$	971,893	$	849,956
Accretion	46,243		46,613
Liabilities incurred	46,449		54,439

Revisions of previous estimates	(78,229)		48,737
Liabilities settled	(64,255)		(27,824)

Liabilities associated with assets held for sale	—		263
Changes due to translation of foreign currencies	(10,448)		(291)
Balance at end of year	911,653		971,893
Current portion of liability at end of year ¹	(94,385)		(132,117)
Noncurrent portion of liability at end of year	$	817,268	$	839,776

1 Included in “Other accrued liabilities” on the Consolidated Balance Sheets.

The estimation of future ARO is based on a number of assumptions requiring professional judgment. The Company cannot predict the type of revisions to these assumptions that may be required in future periods due to the availability of additional information such as: prices for oil field services, technological changes, governmental requirements and other factors.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note I – Income Taxes

The components of income (loss) from continuing operations before income taxes for each of the three years presented and income tax expense (benefit) attributable thereto were as follows.


(Thousands of dollars)	2022		2021		2020
Income (loss) from continuing operations before income taxes
United States	$	1,306,200	$	114,659	$	(1,407,598)
Foreign	144,061		(71,768)		(141,437)
Total	$	1,450,261	$	42,891	$	(1,549,035)
Income tax expense (benefit)
U.S. Federal – Current	$	—	$	—	$	(10,627)
– Deferred	234,749		(1,480)		(249,253)
Total U.S. Federal	234,749		(1,480)		(259,880)
State	9,010		3,303		(8,413)
Foreign – Current	18,134		(5,158)		(5,072)
– Deferred	47,571		(2,527)		(20,376)
Total Foreign	65,705		(7,685)		(25,448)
Total	$	309,464	$	(5,862)	$	(293,741)

The following table reconciles income taxes based on the U.S. statutory tax rate to the Company’s income tax expense.


(Thousands of dollars)	2022		2021		2020
Income tax expense (benefit) based on the U.S. statutory tax rate	$	304,555	$	9,007	$	(325,299)

Foreign income (loss) subject to foreign tax rates different than the U.S. statutory rate	10,823		13,270		(3,791)
State income taxes, net of federal benefit	7,118		2,500		(6,646)
U.S. tax benefit on certain foreign upstream investments	—		(8,916)		—
Change in deferred tax asset valuation allowance related to other foreign exploration expenditures	24,748		4,814		7,707
Tax effect on income attributable to noncontrolling interest	(36,471)		(25,450)		23,712
Other, net	(1,309)		(1,087)		10,576
Total	$	309,464	$	(5,862)	$	(293,741)

An analysis of the Company’s deferred tax assets and deferred tax liabilities at December 31, 2022 and 2021 showing the tax effects of significant temporary differences follows.


(Thousands of dollars)	2022		2021
Deferred tax assets
Property and leasehold costs	$	242,467	$	241,833
Liabilities for dismantlements	31,017		37,728
Postretirement and other employee benefits	86,798		114,790

U. S. net operating loss	442,699		577,531
Investment in partnership	11,595		39,396
Other deferred tax assets	111,212		135,838
Total gross deferred tax assets	925,788		1,147,116
Less valuation allowance	(136,008)		(111,259)
Net deferred tax assets	789,780		1,035,857
Deferred tax liabilities
Deferred tax on undistributed foreign earnings	(5,000)		(5,000)
Accumulated depreciation, depletion and amortization	(796,510)		(786,846)

Other deferred tax liabilities	(85,284)		(41,387)
Total gross deferred tax liabilities	(886,794)		(833,233)
Net deferred tax (liabilities) assets	$	(97,014)	$	202,624

In management’s judgment, the net deferred tax assets in the preceding table are more likely than not to be realized based on the consideration of deferred tax liability reversals and future taxable income. The valuation allowance for deferred tax assets relates primarily to tax assets arising in foreign tax jurisdictions that in the judgment of management at the present time are more likely than not to be unrealized. The valuation allowance increased $24.7 million in 2022, related all to non-U.S. items. Subsequent reductions of the valuation allowance are expected to be reported as reductions of tax expense assuming no offsetting change in the deferred tax asset.

The Company has an U.S. net operating loss of $2.1 billion at year-end 2022 with a corresponding deferred tax asset of $442.7 million. The Company believes the U.S. net operating loss being carried forward will more likely than not be utilized in future periods prior to expirations in 2036 and 2037.

Other Information

Currently the Company considers $100 million of Canada’s past foreign earnings not permanently reinvested, with an accompanying $5 million liability. At December 31, 2021, $1.4 billion of past foreign earnings are considered permanently reinvested. The Company closely and routinely monitors these reinvestment positions considering underlying facts and circumstances pertinent to our business and the future operation of the Company.

Uncertain Income Tax Positions

The financial statement recognition of the benefit for a tax position is dependent upon the benefit being more likely than not to be sustainable upon ultimate settlement. If this threshold is met, the tax benefit is then measured and recognized at the largest amount that is greater than 50% likely of being realized upon ultimate settlement. Liabilities associated with uncertain income tax positions are included in “Deferred credits and other liabilities” in the Consolidated Balance Sheets. A reconciliation of the beginning and ending amount of the consolidated liability for unrecognized income tax benefits during the three years presented is shown in the following table.


(Thousands of dollars)	2022		2021		2020
Balance at January 1	$	2,903	$	2,832	$	2,538
Additions for tax positions related to current year	77		71		3,042
Additions for tax positions related to prior year	948		—		—

Settlements with taxing authorities	—		—		(2,748)

Balance at December 31	$	3,928	$	2,903	$	2,832

All additions or settlements to the above liability affect the Company’s effective income tax rate in the respective period of change. The Company accounts for any applicable interest and penalties on uncertain tax positions as a component of income tax expense. The Company also had other recorded liabilities of $0.3 million as of December 31, 2022, 2021 and 2020, respectively, for interest and penalties associated with uncertain tax positions. Income tax expense for the years ended December 31, 2022, 2021 and 2020 included net benefits for interest and penalties of nil, nil and $0.1 million, respectively, associated with uncertain tax positions.

In 2023, the Company currently expects to add between $0.1 million and $1.0 million to the provision for uncertain tax positions. Although existing liabilities could be reduced by settlement with taxing authorities or lapse due to statute of limitations, the Company believes that the changes in its unrecognized tax benefits due to these events will not have a material impact on the Consolidated Statement of Operations during 2023.

The Company’s tax returns in multiple jurisdictions are subject to audit by taxing authorities. These audits often take years to complete and settle. Although the Company believes that recorded liabilities for unsettled issues are adequate, additional gains or losses could occur in future years from resolution of outstanding unsettled matters. Additionally, the Company could be required to pay amounts into an escrow account as any matters are identified and appealed with the relevant taxing authorities. As of December 31, 2022, the earliest years remaining open for audit and/or settlement in the Company’s major taxing jurisdictions are as follows: United States – 2016; Canada – 2016; and Malaysia – 2016. The Company has retained certain possible liabilities and rights to income tax receivables relating to Malaysia for the years prior to 2019. The Company believes current recorded liabilities are adequate.

Coronavirus Aid, Relief, and Economic Security Act

In the fourth quarter of 2020, under the provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Company received a refund of its remaining outstanding AMT credit balance of approximately $18.5 million.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Incentive Plans

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Incentive Plans

Note J – Incentive Plans

Murphy utilizes cash-based and/or share-based incentive awards to supplement normal salaries as compensation for executive management and certain employees. For share-based awards that qualify for equity accounting, costs are recognized as an expense in the Consolidated Statements of Operations using a grant date fair value-based measurement method over the periods that the awards vest. For share-based awards that settle in cash that are required to be accounted for under liability accounting rules, costs are recognized as expense using a fair value-based measurement method over the vesting period, but expense is adjusted as necessary through the date the award value is finally determined. Total expense for liability awards is ultimately adjusted to the final intrinsic value for the award.

The Company currently has outstanding incentive awards issued to certain employees under the Annual Incentive Plan (AIP), the 2012 Long-Term Incentive Plan (2012 Long-Term Plan), the 2018 Long-Term Incentive Plan (2018 Long-Term Plan) and the 2020 Long-Term Incentive Plan (2020 Long-Term Plan).

The AIP authorizes the Compensation Committee (the Committee) to establish specific performance goals associated with annual cash awards that may be earned by officers, executives and certain other employees. Cash awards under the AIP are determined based on the Company’s actual financial and operating results as measured against the performance goals established by the Committee.

The 2020 Long-Term Plan authorizes the Committee to make grants of the Company’s common stock to employees. These grants may be in the form of stock options (nonqualified or incentive), SARs, restricted stock, restricted stock units (RSUs), performance units, performance shares, dividend equivalents and other stock-based incentives. The 2020 Long-Term Plan expires in 2030. A total of 5 million shares are issuable during the

life of the 2020 Long-Term Plan. Shares issued pursuant to awards granted under this Plan may be shares that are authorized and unissued or shares that were reacquired by the Company, including shares purchased in the open market. Share awards that have been canceled, expired, forfeited or otherwise not issued under an award shall not count as shares issued under this Plan. Based on awards made to date, 2.9 million shares are available for grant under the 2020 Long-Term Plan at December 31, 2022.

The Stock Plan for Non-Employee Directors (2021 NED Plan) permits the issuance of restricted stock, restricted stock units and stock options or a combination thereof to the Company’s Non-Employee Directors. The Company currently has outstanding incentive awards issued to Directors under the 2021 NED Plan and the 2018 Stock Plan for Non-Employee Directors (2018 NED Plan).

The Company generally expects to issue treasury shares to satisfy future stock option exercises and vesting of restricted stock and restricted stock units.

Amounts recognized in the financial statements with respect to share-based plans are shown in the following table:


(Thousands of dollars)	2022		2021		2020
Compensation charged against income before income tax benefit	$	74,587	$	43,660	$	24,812
Related income tax benefit recognized in income	12,710		7,196		2,672

As of December 31, 2022, there were $51.8 million in compensation costs to be expensed over approximately the next three years related to unvested share-based compensation arrangements granted by the Company. Employees receive net shares, after applicable withholding obligations, upon each stock option exercise and restricted stock award. Total income tax benefits realized from tax deductions related to stock option exercises under share-based payment arrangements were immaterial for the years ended December 31, 2022, 2021 and 2020.

Equity-Settled Awards

PERFORMANCE-BASED RESTRICTED STOCK UNITS – Performance-based restricted stock units (PSUs) to be settled in Common shares were granted in 2021 and 2022 under the 2020 Long-Term Plan and 2020 under the 2018 Long-Term Plan. Each grant will vest if the Company achieves specific performance objectives at the end of the designated performance period. Additional shares may be awarded if performance objectives are exceeded. If performance goals are not met, PSUs will not vest, but the recognized compensation cost associated with the stock award would not be reversed. For PSUs, the performance conditions are based on the Company’s total shareholder return (80% weighting), compared to an industry peer group of companies, and the EBITDA divided by Average Capital Employed (ACE) metric (20% weighting) for PSU awards, over the performance period. During the performance period, PSUs are subject to transfer restrictions and are subject to forfeiture if a grantee terminates for reasons other than retirement, disability or death. Termination for these three reasons will lead to a pro rata award of amounts earned. No dividends are paid nor do voting rights exist on awards of PSUs prior to their settlement.

Changes in PSUs outstanding for each of the last three years are presented in the following table.


(Number of stock units)	2022	2021	2020
Outstanding at beginning of year	2,670,756	2,207,429	2,129,733
Granted	595,700	1,156,800	999,700
Vested and issued	(654,177)	(642,473)	(429,194)
Forfeited	(463,812)	(51,000)	(492,810)
Outstanding at end of year	2,148,467	2,670,756	2,207,429

The fair value of the equity-settled performance-based awards granted in each year was estimated on the date of grant using a Monte Carlo valuation model. Expected volatility was based on daily historical volatility of the Company’s stock price compared to a peer group average over a three-year period. The risk-free interest rate is based on the yield curve of three-year U.S. Treasury bonds and the stock beta was calculated using three years of historical averages of daily stock data for Murphy and the peer group. The assumptions used in the valuation of the performance awards granted in 2022, 2021 and 2020 are presented in the following table.


	2022	2021	2020
Fair value per share at grant date	$37.77 - $47.37	$16.03	$21.51
Assumptions
Expected volatility	79.00% - 81.00%	74.00%	39.00%
Risk-free interest rate	1.39% - 2.85%	0.18%	1.40%
Stock beta	1.195 - 1.200	1.169	0.864
Expected life	3.0 years	3.0 years	3.0 years

TIME-BASED RESTRICTED STOCK UNITS – Time-based RSUs have been granted to the Company’s Non-Employee Directors (NED) under the 2018 NED Plan and 2021 NED Plan and to certain employees under the 2012 Long-Term Plan, 2018 Long-Term Plan and 2020 Long-Term Plan.

The fair value of the time-based restricted stock units awarded in 2022, 2021 and 2020 are presented in the following table.


Type of Plan	Valuation Methodology	2022	2021	2020
Non-Employee Directors1	Closing Stock Price at Grant Date	$32.84	$13.14 - $23.58	$22.59
Long-Term Incentive Plan, 2	Average Low/High Stock Price at Grant Date	$29.80 - $49.86	12.30	21.68

1 Under the 2021 NED Plan, RSUs granted in 2021 are scheduled to vest in February 2022.

2 The RSUs granted under the 2012 Plan will vest on the fifth anniversary of the date of grant. The RSUs granted under the 2018 and 2020 Long-Term Plan generally vest on the third anniversary of the date of grant.

Changes in RSUs outstanding for each of the last three years are presented in the following table.


(Number of share units)	2022	2021	2020
Outstanding at beginning of year	1,451,438	1,383,043	1,535,080
Granted	416,492	573,907	446,848
Vested and issued	(462,418)	(476,012)	(271,285)
Forfeited	(177,720)	(29,500)	(327,600)
Outstanding at end of year	1,227,792	1,451,438	1,383,043

STOCK OPTIONS – In 2017, the Company ceased the inclusion of stock options and SARs as a part of the long-term incentive compensation mix.

Prior to 2017, the Committee fixed the option price of each option granted at no less than fair market value (FMV) on the date of the grant and fixed the option term at no more than seven years from such date. Each option granted to date under the 2012 Long-Term Plan has been nonqualified, with a term of seven years and an option price equal to FMV at date of grant. Under these plans, one-half of each grant is generally exercisable after two years and the remainder after three years. For stock options, the number of shares issued upon exercise is reduced for settlement of applicable statutory income tax withholdings owed by the grantee.

The fair value of each option award was estimated on the date of grant using the Black-Scholes pricing model based on the assumptions noted in the following table. Expected volatility is based on historical volatility of the Company’s stock and implied volatility on publicly traded at-the-money options on the Company’s stock. The Company estimates the expected term of the options granted based on historical option exercise patterns and considers certain groups of employees exhibiting different behavior. The risk-free interest rate for periods within the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant.

Changes in stock options outstanding during the last three years are presented in the following table.


	Number of Shares	Average Exercise Price
Outstanding at December 31, 2019	2,920,410	43.93
Outstanding at Exercised	(47,000)	17.57
Outstanding at Forfeited	(825,010)	54.85
Outstanding at December 31, 2020	2,048,400	40.14

Exercised	(170,000)	17.57
Forfeited	(558,900)	52.61
Outstanding at December 31, 2021	1,319,500	37.77

Exercised	(760,500)	23.29
Forfeited	(546,000)	49.65
Outstanding at December 31, 2022	13,000	28.51
Exercisable at December 31, 2019	3,182,345	49.10
Exercisable at December 31, 2020	2,048,400	37.88
Exercisable at December 31, 2021	1,319,500	34.25
Exercisable at December 31, 2022	13,000	28.51

Additional information about stock options outstanding at December 31, 2022 is shown below.


	Options Outstanding				Options Exercisable
Exercisable Price	No. of Options	Avg. Life Remaining in Years	Aggregate Intrinsic Value		No. of Options	Avg. Life Remaining in Years	Aggregate Intrinsic Value
28.51	13,000	1.1	$	188,565	13,000	1.1	$	188,565

The total intrinsic value of options exercised during 2022 was $10.9 million. Intrinsic value is the excess of the market price of stock at date of exercise over the exercise price received by the Company upon exercise. Aggregate intrinsic value is nil when the exercise price of the stock option exceeds the market price of the Company’s common stock.

Cash-Settled Awards

The Company has granted phantom stock-based incentive awards to be settled in cash to certain employees in the form of SARs, Performance-based restricted stock units (CPSUs), CRSUs and Phantom units.

SAR awards have terms similar to stock options. CPSU terms are similar to other performance-based restricted stock awards. CRSUs generally settle on the third anniversary of the date of grant. Phantom units generally settle three to five years from date of grant. Each award granted is settled, net of applicable income tax withholdings, in cash rather than with common shares. Total pre-tax expense recorded in the Consolidated Statements of Operations for all cash-settled stock-based awards was $49.3 million in 2022, $18.2 million in 2021 and $1.5 million in 2020.

The Committee also administers the Company’s incentive compensation plans, which provide for annual or periodic cash awards to officers, directors and certain other employees. These cash awards are generally determinable based on the Company achieving specific financial and/or operational objectives. Compensation expense of $42.9 million, $29.0 million and $9.8 million was recorded in 2022, 2021 and 2020, respectively, for these plans.

Employee and Retiree Benefit Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Employee and Retiree Benefit Plans

Note K – Employee and Retiree Benefit Plans

PENSION AND OTHER POSTRETIREMENT PLANS – The Company has defined benefit pension plans that are principally noncontributory and cover most full-time employees. All pension plans are funded except for the U.S. and Canadian nonqualified supplemental plans and the U.S. directors’ plan. All U.S. tax qualified plans meet the funding requirements of federal laws and regulations. Contributions to foreign plans are based on local laws and

tax regulations. The Company also sponsors other postretirement benefits such as health care and life insurance benefit plans, which are not funded, that cover most retired U.S. employees. The health care benefits are contributory; the life insurance benefits are noncontributory.

Upon the disposal of Murphy’s former U.K. downstream assets, the Company retained all vested defined benefit pension obligations associated with former employees of this business. No additional benefits will accrue to these former U.K. employees under the Company’s retirement plan after the date of their separation from Murphy.

GAAP requires the Company to recognize the overfunded or underfunded status of its defined benefit plans as an asset or liability in its consolidated balance sheet and to recognize changes in that funded status between periods through “Accumulated other comprehensive loss.”

In 2020, the Company announced that it was closing its headquarters office in El Dorado, Arkansas, its office in Calgary, Alberta, and consolidating all worldwide staff activities to its existing office location in Houston, Texas. As a result of this decision and the subsequent restructuring activities, a pension remeasurement was triggered and the Company incurred pension curtailment and special termination benefit charges as a result of the associated reduction in force in 2020.

The tables that follow provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets for the years ended December 31, 2022 and 2021 and a statement of the funded status as of December 31, 2022 and 2021.


	Pension Benefits				Other Postretirement Benefits
(Thousands of dollars)	2022		2021		2022		2021
Change in benefit obligation
Obligation at January 1	$	939,380	$	981,467	$	96,133	$	108,378
Service cost	7,875		8,199		968		1,295
Interest cost	22,747		14,784		2,211		2,071
Participant contributions	—		—		2,283		2,648
Actuarial loss (gain)	(238,407)		(24,440)		(29,533)		(9,519)
Medicare Part D subsidy	—		—		331		300
Exchange rate changes	(21,018)		(1,764)		(20)		3
Benefits paid	(47,504)		(38,866)		(4,694)		(4,041)



Plan amendments	—		—		—		(5,002)
Obligation at December 31	663,073		939,380		67,679		96,133
Change in plan assets
Fair value of plan assets at January 1	611,302		586,720		—		—
Actual return on plan assets	(133,395)		33,687		—		—
Employer contributions	41,145		31,607		2,080		1,093
Participant contributions	—		—		2,283		2,648
Medicare Part D subsidy	—		—		331		300
Exchange rate changes	(20,604)		(1,846)		—		—
Benefits paid	(47,504)		(38,866)		(4,694)		(4,041)

Fair value of plan assets at December 31	450,944		611,302		—		—
Funded status and amounts recognized in the Consolidated Balance Sheets at December 31
Deferred charges and other assets	3,584		5,535		—		—
Other accrued liabilities	(9,693)		(10,144)		(4,830)		(4,867)
Deferred credits and other liabilities	(206,020)		(323,469)		(62,849)		(91,266)
Fund Status and net plan liability recognized at December 31	$	(212,129)	$	(328,078)	$	(67,679)	$	(96,133)

At December 31, 2022, amounts included in “Accumulated other comprehensive loss” (AOCL) in the Consolidated Balance Sheets, before reduction for associated deferred income taxes, which have not been recognized in net periodic benefit expense are shown in the following table.


(Thousands of dollars)	Pension Benefits		Other Postretirement Benefits
Net actuarial gain (loss)	$	(194,735)	$	42,129
Prior service (credit) cost	(2,181)		4,470
	$	(196,916)	$	46,599

The table that follows includes projected benefit obligations, accumulated benefit obligations and fair value of plan assets for plans where the accumulated benefit obligation exceeded the fair value of plan assets.


	Projected Benefit Obligations				Accumulated Benefit Obligations				Fair Value of Plan Assets
(Thousands of dollars)	2022		2021		2022		2021		2022		2021
Funded qualified plans where accumulated benefit obligation exceeds fair value of plan assets	$	511,375	$	734,375	$	499,338	$	723,887	$	434,283	$	589,529
Unfunded nonqualified and directors’ plans where accumulated benefit obligation exceeds fair value of plan assets	141,917		188,713		139,634		188,530		—		—
Unfunded other postretirement plans	67,679		96,133		67,679		96,133		—		—

The table that follows provides the components of net periodic benefit expense for each of the three years ended December 31, 2022.


	Pension Benefits						Other Postretirement Benefits
(Thousands of dollars)	2022		2021		2020		2022		2021		2020
Service cost	$	7,875	$	8,199	$	7,967	$	968	$	1,295	$	1,373
Interest cost	22,747		14,784		21,127		2,211		2,071		2,626
Expected return on plan assets	(36,458)		(19,222)		(24,316)		—		—		—
Amortization of prior service cost (credit)	(684)		591		640		(532)		—		—
Amortization of transitional (asset) liability	231		—		—		(587)		—		—
Recognized actuarial (gain) loss	15,867		20,565		22,828		(28)		(29)		(31)
Net periodic benefit expense	9,578		24,917		28,246		2,032		3,337		3,968
Termination benefits expense	—		—		8,434		—		—		—
Curtailment expense	—		—		586		—		—		(1,825)
Total net periodic benefit expense	$	9,578	$	24,917	$	37,266	$	2,032	$	3,337	$	2,143

The preceding tables in this note include the following amounts related to foreign benefit plans.


	Pension Benefits				Other Postretirement Benefits
(Thousands of dollars)	2022		2021		2022		2021
Benefit obligation at December 31	$	122,915	$	225,117	$	107	$	526
Fair value of plan assets at December 31	115,862		218,746		—		—
Net plan liabilities recognized	(7,053)		(6,371)		(107)		(526)
Net periodic benefit expense (benefit)	(5,322)		598		62		64

The following table provides the weighted-average assumptions used in the measurement of the Company’s benefit obligations at December 31, 2022 and 2021 and net periodic benefit expense for 2022 and 2021.


	Benefit Obligations								Net Periodic Benefit Expense
	Pension Benefits				Other Postretirement Benefits				Pension Benefits				Other Postretirement Benefits
	December 31,				December 31,				Year				Year
	2022		2021		2022		2021		2022		2021		2022		2021
Discount rate	5.30	%	2.54	%	5.41	%	2.86	%	3.13	%	2.24	%	2.86	%	2.51	%
Rate of compensation increase	3.50	%	3.04	%	—		—		3.00	%	3.04	%	—		—
Cash balance interest credit rate	3.20	%	1.89	%	—		—		—		—		—		—
Expected return on plan assets	—		—		—		—		6.24	%	4.25	%	—		—

The discount rates used for determining the plan obligations and expense are based on high-quality corporate bonds that are available within each country. Cash flow analyses are performed in which a spot yield curve is used to discount projected benefit payment streams for the most significant plans. The discounted cash flows are used to determine an equivalent single rate which is the basis for selecting the discount rate within each country. Expected plan asset returns are based on long-term expectations for asset portfolios with similar investment mix characteristics. Expected compensation increases are based on anticipated future averages for the Company. The plan’s cash balance interest accumulation rate is the greater of the annual yield on 10-year treasury constant maturities or 1.89%.

Benefit payments, reflecting expected future service as appropriate, which are expected to be paid in future years from the assets of the plans or by the Company, are shown in the following table.


(Thousands of dollars)	Pension Benefits		Other Postretirement Benefits
2023	$	45,104	$	4,830
2024	46,418		4,858
2025	46,240		4,808
2026	47,003		4,820
2027	47,293		4,778
2028-2032	244,253		23,648

For purposes of measuring postretirement benefit obligations at December 31, 2022, the future annual rates of increase in the cost of health care were assumed to be 6.3% for 2023 decreasing each year to an ultimate rate of 4.0% in 2045 and thereafter.

During 2022, the Company made contributions of $34.0 million to its domestic defined benefit pension plans and $2.1 million to its domestic postretirement benefits plan. During 2023, the Company currently expects to make contributions of $31.1 million to its domestic defined benefit pension plans, $1.1 million to its foreign defined benefit pension plans and $4.8 million to its domestic postretirement benefits plan.

PLAN INVESTMENTS – Murphy Oil Corporation maintains an Investment Policy Statement (Statement) that establishes investment standards related to its funded domestic qualified retirement plan. Our investment strategy is to maximize long-term returns at an acceptable level of risk through broad diversification of plan assets in a variety of asset classes. Asset classes and target allocations are determined by our investment committee and include equities, fixed income and other investments, including hedge funds, real estate and cash equivalent securities. Investment managers are prohibited from investing in equity or fixed income securities issues by the Company. The majority of plan assets are highly liquid, providing flexibility for benefit payment requirements. The current target allocations for plan assets are 40-75% equity securities, 20-60% fixed income securities, 0-15% alternatives and 0-20% cash and equivalents. Asset allocations are rebalanced on a periodic basis throughout the year to bring assets to within an acceptable range of target levels.

The weighted average asset allocation for the Company’s funded pension benefit plans at December 31, 2022 and 2021 are presented in the following table.


	December 31,
	2022		2021
Equity securities	65.7	%	60.9	%
Fixed income securities	23.4	%	21.7	%
Alternatives	7.3	%	13.5	%
Cash equivalents	3.6	%	3.9	%
	100.0	%	100.0	%

The Company’s weighted average expected return on plan assets was 6.2% in 2022 and the return was determined based on an assessment of actual long-term historical returns and expected future returns for a portfolio with investment characteristics similar to that maintained by the plans. The 6.2% expected return was comprised of the weighted average expected future equity securities return of 7.9% and a fixed income securities return of 4.6%. There is also an average expected investment expense of 0.6%. Over the last 10 years, the return on funded retirement plan assets has averaged 3.4%.

At December 31, 2022, the fair value measurements of retirement plan assets within the fair value hierarchy are included in the table that follows.


			Fair Value Measurements Using
(Thousands of dollars)	Fair Value at December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Domestic Plans
Equity securities:
U.S. core equity	$	96,433	$	96,433	$	—	$	—
U.S. small/midcap	64,421		64,421		—		—
Other alternative strategies	12,106		—		—		12,106
International equity	44,672		44,672		—		—
Emerging market equity	13,541		13,541		—		—
Fixed income securities:
U.S. fixed income	85,190		35,661		49,528		—
International commingled trust fund	—		—		—		—
Emerging market mutual fund	—		—		—		—
Cash and equivalents	18,719		18,719		—		—
Total Domestic Plans	335,082		273,447		49,528		12,106
Foreign Plans
Equity securities funds	23,877		—		23,877		—
Fixed income securities funds	30,727		—		30,727		—
Diversified pooled fund	31,246		—		31,246		—
Other	20,628		—		—		20,628
Cash and equivalents	9,384		—		9,384		—
Total Foreign Plans	115,862		—		95,234		20,628
Total	$	450,944	$	273,447	$	144,763	$	32,734

At December 31, 2021, the fair value measurements of retirement plan assets within the fair value hierarchy are included in the table that follows.


			Fair Value Measurements Using
(Thousands of dollars)	Fair Value at December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Domestic Plans
Equity securities:
U.S. core equity	$	108,422	$	108,422	$	—	$	—
U.S. small/midcap	73,222		73,222		—		—
Other alternative strategies	47,248		—		—		47,248
International equity	47,546		47,546		—		—
Emerging market equity	14,937		14,937		—		—
Fixed income securities:
U.S. fixed income	92,231		36,888		55,343		—


Cash and equivalents	8,951		8,951		—		—
Total Domestic Plans	392,557		289,966		55,343		47,248
Foreign Plans
Equity securities funds	73,642		—		73,642		—
Fixed income securities funds	40,610		—		40,610		—
Diversified pooled fund	54,317		—		54,317		—
Other	35,606		—		—		35,606
Cash and equivalents	14,570		—		14,570		—
Total Foreign Plans	218,745		—		183,139		35,606
Total	$	611,302	$	289,966	$	238,482	$	82,854

The definition of levels within the fair value hierarchy in the tables above is included in Note P.

For domestic plans, U.S. core, small/midcap, international, emerging market equity securities and U.S. treasury securities are quoted prices in active markets. For commercial paper securities, the prices received generally utilize observable inputs in the pricing methodologies. Other alternative strategies funds consist of two investments. One of these investments is valued annually based on net asset value and permits withdrawals annually after a 90-day notice and the other investment is also valued quarterly based on net asset values and has a three-year lock-up period and a 95-day notice following the lock-up period.

For foreign plans, the equity securities funds are comprised of U.K. and foreign equity funds valued daily based on fund net asset values. Fixed income securities funds are U.K. and Canadian securities valued daily at net asset values. The diversified pooled fund is valued daily at net asset value and contains a combination of U.K. and foreign equity securities.

The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets are outlined below:


(Thousands of dollars)	Hedged Funds and Other Alternative Strategies
Total at December 31, 2020	$	97,685
Actual return on plan assets:
Relating to assets held at the reporting date	5,206

Purchases, sales and settlements	(20,037)
Total at December 31, 2021	82,854
Actual return on plan assets:
Relating to assets held at the reporting date	(38,389)

Purchases, sales and settlements	(11,731)
Total at December 31, 2022	$	32,734

THRIFT PLANS – Most full-time U.S. employees of the Company may participate in thrift or similar savings plans by allotting up to a specified percentage of their base pay. The Company matches contributions at a stated percentage of each employee’s allotment based on years of participation in the plans, with a maximum match of 6.0%. Amounts charged to expense for the Company’s match to these plans were $6.0 million in 2022, $5.4 million in 2021 and $6.6 million in 2020.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 60
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-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Paragraph 1
-Subparagraph (d)(iii)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Financial Instruments and Risk Management

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments and Risk Management

Note L – Financial Instruments and Risk Management

DERIVATIVE INSTRUMENTS – Murphy uses derivative instruments, such as swaps and zero-cost commodity price collar contracts, to manage certain risks related to commodity prices, foreign currency exchange rates and interest rates. The use of derivative instruments for risk management is covered by operating policies and is closely monitored by the Company’s senior management. The Company does not hold any derivatives for speculative purposes, and it does not use derivatives with leveraged or complex features. Derivative instruments are traded with creditworthy major financial institutions or over national exchanges such as the New York Mercantile Exchange (NYMEX). The Company has a risk management control system to monitor commodity price risks and any derivatives obtained to manage a portion of such risks. For accounting purposes, the Company has not designated commodity and foreign currency derivative contracts as hedges, and therefore, it recognizes all gains and losses on these derivative contracts in its Consolidated Statements of Operations.

Certain interest rate derivative contracts were previously accounted for as hedges and the gain or loss associated with recording the fair value of these contracts was deferred in AOCL and amortized to “Interest expense, net” over time. In 2021, the Company redeemed all of the remaining notes due 2022, which were associated with the interest rate derivative contracts, and expensed the remainder of the previously deferred loss on the interest rate swap of $2.1 million to “Interest expense, net” in the Consolidated Statement of Operations.

Commodity Price Risks

During 2022, the Company had crude oil swaps and collar contracts. Under the swaps contracts, which matured monthly, the Company paid the average monthly price in effect and received the fixed contract price on a notional amount of sales volume, thereby fixing the price for the commodity sold. Under the collar contracts, which also matured monthly, the Company purchased a put option and sold a call option with no net premiums paid to or received from counterparties. Upon maturity, collar contracts required payments by the Company if the NYMEX average closing price is above the ceiling price or payments to the Company if the NYMEX average closing price is below the floor price.

At December 31, 2022, the Company does not have any outstanding crude oil derivative contracts. At December 31, 2021, the Company had 20,000 barrels per day in NYMEX West Texas Intermediate (WTI) swap contracts at a price per barrel of $44.88 and 25,000 barrels per day in NYMEX WTI collar contracts with an average ceiling price per barrel of $75.20 and an average floor price per barrel of $63.24, both maturing ratably during 2022.

Foreign Currency Exchange Risks

The Company is subject to foreign currency exchange risk associated with operations in countries outside the U.S. The Company had no foreign currency exchange short-term derivative instruments outstanding as of December 31, 2022 and 2021.

At December 31, 2022 and 2021, the fair value of derivative instruments not designated as hedging instruments are presented in the following table. See also Note P.


(Thousands of dollars)	Asset (Liability) Derivatives Fair Value at December 31,
Type of Derivative Contract	Balance Sheet Location	2022	2021
Commodity swaps	Accounts payable	—	(239,882)
Commodity collars	Accounts receivable	—	4,280
	Accounts payable	—	(19,533)

For the years ended December 31, 2022, 2021 and 2020, the gains and losses recognized in the Consolidated Statements of Operations for derivative instruments not designated as hedging instruments are presented in the following table.


		Gain (Loss)
(Thousands of dollars)		Year Ended December 31,
Type of Derivative Contract	Statement of Operations Locations	2022		2021		2020
Commodity swaps	(Loss) Gain on derivative instruments	$	(160,690)	$	(510,596)	$	202,661
Commodity collars	(Loss) Gain on derivative instruments	(159,721)		(15,254)		—

Credit Risks

The Company’s primary credit risks are associated with trade accounts receivable, cash equivalents and derivative instruments. Trade receivables arise mainly from sales of oil and natural gas in the U.S. and Canada, and cost sharing amounts of operating and capital costs billed to partners for properties operated by Murphy. The credit history and financial condition of potential customers are reviewed before credit is extended, security is obtained when deemed appropriate based on a potential customer’s financial condition, and routine follow-up evaluations are made. The combination of these evaluations and the large number of customers tends to limit the risk to any one customer. Cash balances and cash equivalents are held with several major financial institutions, which limit the Company’s exposure to credit risk for its cash assets. The Company controls credit risk on derivatives through credit approvals and monitoring procedures and believes that such risks are minimal because counterparties to the majority of transactions are major financial institutions.

Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Note M – Earnings Per Share

Net income (loss) was used as the numerator in computing both basic and diluted income per Common share for each of the three years ended December 31, 2022. The following table reconciles the weighted-average shares outstanding used for these computations.


(Weighted-average shares)	2022	2021	2020
Basic method	155,276,533	154,290,741	153,507,109
Dilutive stock options and restricted stock units ¹	2,198,305	—	—
Diluted method	157,474,838	154,290,741	153,507,109

1 Due to a net loss recognized by the Company for the year ended December 31, 2021 and 2020, no unvested stock awards were included in the computation of diluted earnings per share because the effect would have been antidilutive.

The following table reflects certain options to purchase shares of common stock that were outstanding during the three years ended December 31, 2022 but were not included in the computation of dilutive earnings per share because the incremental shares from the assumed conversion were antidilutive.


	2022	2021	2020
Antidilutive stock options excluded from diluted shares	126,000	1,420,992	2,246,532
Weighted average price of these options	$49.65	$35.30	$39.67

Other Financial Information

12 Months Ended

Dec. 31, 2022

Other Financial Information [Abstract]

Other Financial Information

Note N – Other Financial Information

GAIN FROM FOREIGN CURRENCY TRANSACTIONS – Net gains (losses) from foreign currency transactions, including the effects of foreign currency contracts, included in the Consolidated Statements of Operations were $23.0 million in 2022, $1.0 million in 2021 and $(0.9) million in 2020.

Noncash operating working capital (increased) decreased during each of the three years ended December 31, 2022 as shown in the following table.


(Thousands of dollars)	2022		2021		2020
Net (increase) decrease in operating working capital, excluding cash and cash equivalents:
(Increase) decrease in accounts receivable ¹	$	(137,228)	$	8,056	$	164,613
(Increase) decrease in inventories	(1,534)		12,809		5,953
(Increase) decrease in prepaid expenses	(3,413)		2,003		7,178
Increase (decrease) in accounts payable and accrued liabilities ¹	69,854		95,166		(208,740)
Increase (decrease) in income taxes payable	6,593		423		(1,031)
Net (increase) decrease in noncash operating working capital	$	(65,728)	$	118,457	$	(32,027)
Supplementary disclosures:
Cash income taxes paid, net of refunds	$	24,853	$	2,138	$	(44,175)
Interest paid, net of amounts capitalized of $16.3 million in 2022, $16.1 million in 2021 and $8.0 million in 2020	149,957		165,699		191,561

Non-cash investing activities:
Asset retirement costs capitalized	$	(21,147)	$	54,439	$	14,736
(Increase) decrease in capital expenditure accrual	(31,397)		9,788		84,645

1 Excludes receivable/payable balances relating to mark-to-market of crude contracts.

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

Note O – Accumulated Other Comprehensive Loss

The components of AOCL on the Consolidated Balance Sheets at December 31, 2022 and December 31, 2021 and the changes during 2022 and 2021 are presented net of taxes in the following table.


(Thousands of dollars)	Foreign Currency Translation Gains (Losses)		Retirement and Postretirement Benefit Plan Adjustments			Deferred Loss on Interest Rate Derivative Hedges			Total
Balance at December 31, 2020	$	(324,011)	$	(275,632)		$	(1,690)		$	(601,333)
2021 components of other comprehensive income (loss):
Before reclassifications to income	12,116		40,095			—			52,211
Reclassifications to income	—		19,721		¹	1,690		²	21,411
Net other comprehensive income	12,116		59,816			1,690			73,622
Balance at December 31, 2021	(311,895)		(215,816)			—			(527,711)
2022 components of other comprehensive income (loss):
Before reclassifications to income	(106,335)		87,362			—			(18,973)
Reclassifications to income	—		11,998		¹	—		²	11,998
Net other comprehensive income (loss)	(106,335)		99,360			—			(6,975)
Balance at December 31, 2022	$	(418,230)	$	(116,456)		$	—		$	(534,686)

1 Reclassifications before taxes of $15.3 million and $23.5 million are included in the computation of net periodic benefit expense in 2022 and 2021, respectively. See Note K for additional information. Related income taxes of $3.3 million and $3.8 million are included in income tax expense in 2022 and 2021, respectively.

2 Reclassifications before taxes of nil and $2.1 million are included in Interest expense in 2022 and 2021, respectively. Related income taxes of nil and $0.5 million are included in Income tax expense in 2022 and 2021, respectively. See Note L for additional information.

Assets and Liabilities Measured at Fair Value

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

Note P – Assets and Liabilities Measured at Fair Value

Fair Values – Recurring

The Company carries certain assets and liabilities at fair value in its Consolidated Balance Sheets. The fair value hierarchy is based on the quality of inputs used to measure fair value, with Level 1 being the highest quality and Level 3 being the lowest quality. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants.

The fair value measurements for these assets and liabilities at December 31, 2022 and 2021 are presented in the following table.


	December 31, 2022								December 31, 2021
(Thousands of dollars)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Commodity collars	$	—	$	—	$	—	$	—	$	—	$	4,280	$	—	$	4,280



Liabilities:
Nonqualified employee savings plan	$	15,135	$	—	$	—	$	15,135	$	16,962	$	—	$	—	$	16,962
Commodity collars	—		—		—		—		—		19,533		—		19,533
Contingent consideration	—		—		—		—		—		—		196,151		196,151
Commodity swaps	—		—		—		—		—		239,882		—		239,882
	$	15,135	$	—	$	—	$	15,135	$	16,962	$	259,415	$	196,151	$	472,528

The nonqualified employee savings plan is an unfunded savings plan through which participants seek a return via phantom investments in equity securities and/or mutual funds. The fair value of this liability was based on quoted prices for these equity securities and mutual funds. The income effect of changes in the fair value of the nonqualified employee savings plan is recorded in “Selling and general expenses” in the Consolidated Statements of Operations.

As of December 31, 2022, there were no outstanding commodity (WTI crude oil) swaps and collars contracts subject to fair value measurement. The liabilities associated with these contracts have been finalized as of December 31, 2022 and were based on realized WTI pricing. The commodity swaps and collars liability as of December 31, 2022 was $19.6 million and $2.3 million, respectively, and recorded as “Accounts payable” in the Consolidated Balance Sheet. The fair value of the commodity (WTI crude oil) swaps in 2021 was based on active market quotes for WTI crude oil. The fair value of commodity (WTI crude oil) collars in 2021 was determined using an option pricing model based on inputs that include (i) the contracted notional volumes, (ii) independent active market price quotes, (iii) the applicable estimated risk-free rate yield curve and (iv) the implied rate of volatility inherent in the collar contract. The before tax income effect of changes in fair value of crude oil derivative contracts is recorded in “(Loss) Gain on derivative instruments” in the Consolidated Statements of Operations.

In 2019, the Company acquired strategic deepwater Gulf of Mexico assets from LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C., (LLOG). Under the terms of the transaction, in addition to the consideration paid, Murphy has an obligation to pay additional contingent consideration of up to $200 million in the event that certain revenue thresholds are exceeded between 2019 and 2022; and $50 million following first oil from certain development projects. The revenue threshold was not exceeded for 2019 or 2020; however, the threshold was met in 2021 and 2022.

In 2018, the Company, through a subsidiary, acquired Gulf of Mexico producing assets from Petrobras America Inc. (PAI), a subsidiary of Petróleo Brasileiro S.A. Under the terms of the transaction, in addition to the consideration paid, Murphy has an obligation to pay additional contingent consideration of up to $150 million if certain price and production thresholds are exceeded beginning in 2019 through 2025; and $50 million carry for PAI development costs in the St. Malo Field if certain enhanced oil recovery projects are undertaken. The price and production thresholds were not exceeded for 2019 and 2020; however, the thresholds were met in 2021 and 2022. As of December 31, 2021, Murphy had completely funded the carried interest.

As at December 31, 2022, the Company’s liabilities with PAI and LLOG were based on realized inputs of volumes and pricing as a result of contractual thresholds and time durations being achieved. As a result, the related liability as at December 31, 2022, of $192.7 million, is no longer subject to fair value measurement. The liability is included in “Other accrued liabilities” in the Consolidated Balance Sheets and the changes in fair value of the contingent consideration during 2022 were recorded in “Other income (expense)” in the Consolidated Statements of Operations. For 2021 the Company’s contingent consideration liabilities with PAI and LLOG were measured at fair value on a recurring basis and were categorized as Level 3 in the fair value hierarchy as at

December 31, 2021. The contingent consideration liabilities were valued using a Monte Carlo simulation model, which used the following assumptions as of December 31, 2021: (i) the remaining expected life of 1 year for LLOG and 4 years for PAI, (ii) West Texas Intermediate forward strip pricing with historical volatility of 9.9% and (iii) a risk-free interest rate of 1.49%.

The Company offsets certain assets and liabilities related to derivative contracts when the legal right of offset exists. There were no offsetting positions recorded at December 31, 2022 and 2021.

The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at December 31, 2022 and 2021. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes cash and cash equivalents, trade accounts receivable, trade accounts payable and accrued expenses, all of which had fair values approximating carrying amounts. The fair value of current and long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. The Company has off-balance sheet exposures relating to certain letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal.


	December 31,
	2022				2021
(Thousands of dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets (liabilities):
Current and long-term debt	$	(1,823,139)	$	(1,668,216)	$	(2,466,068)	$	(2,666,773)

Fair Values – Nonrecurring

There was no impairment expense incurred in 2022. In 2021, an impairment charge of $171.3 million was triggered when the operator at Terra Nova provided notice of abandonment in the first quarter of 2021, before a commercial resolution in the third quarter of 2021 led Murphy to acquire an additional 7.525% in a commercial settlement with the other partners. The commercial resolution would have meant the Terra Nova impairment charge was not required. In the fourth quarter of 2021, a further impairment charge of $25 million was recorded on non-core assets.

The fair value information associated with the 2021 impaired properties is presented in the following table.


	Year Ended December 31,
							Net Book Value Prior to Impairment		Total Pretax Impairment
	Fair Value
(Thousands of dollars)	Level 1		Level 2		Level 3







2021
Assets:
Impaired proved properties
U.S. Offshore	$	—	$	—	$	156,185	$	327,481	$	171,296
Other Foreign	—		—		25,739		43,739		18,000
Corporate	—		—		36,994		43,994		7,000

Commitments	12 Months Ended
Commitments	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments	Note Q – Commitments The Company has operating, production handling and transportation service agreements for oil and/or natural gas operations in the U.S. and Canada Onshore. The U.S. Onshore and Gulf of Mexico transportation contracts require minimum monthly payments through 2045, while the Canada Onshore processing contracts call for minimum monthly payments through 2051. In the U.S. and Canada Onshore, future required minimum annual payments for the next five years are $295.4 million in 2023, $118.8 million in 2024, $91.2 million in 2025, $82.2 million in 2026 and $69.0 million in 2027. Under certain circumstances, the Company is required to pay additional amounts depending on the actual hydrocarbon quantities processed under the agreement. Total costs incurred under these service arrangements were $216.4 million in 2022, $151.8 million in 2021 and $107.6 million in 2020. Commitments for capital expenditures were approximately $282.4 million at December 31, 2022, including $200.9 million for costs to develop deepwater U.S. Gulf of Mexico fields, $46.6 million for Eagle Ford Shale, $33.8 million for Canada and $1.1 million for Other Foreign.

Environmental and Other Contingencies	12 Months Ended
Environmental and Other Contingencies	Dec. 31, 2022
Environmental Remediation Obligations [Abstract]
Environmental and Other Contingencies	Note R – Environmental and Other Contingencies The Company’s operations and earnings have been and may be affected by various forms of governmental action both in the United States and throughout the world. Examples of such governmental action include, but are by no means limited to: tax legislation changes, including tax rate changes, and retroactive tax claims; royalty and revenue sharing increases; import and export controls; price controls; currency controls; allocation of supplies of crude oil and petroleum products and other goods; expropriation of property; restrictions and preferences affecting the issuance of oil and natural gas or mineral leases; restrictions on drilling and/or production; laws, regulations and government action intended for the promotion of safety and the protection and/or remediation of the environment including in connection with the purported causes or potential impacts of climate change; governmental support for other forms of energy; and laws and regulations affecting the Company’s relationships with employees, suppliers, customers, stockholders and others. Given the factors involved in various government actions, including political considerations, it is difficult to predict their likelihood, the form they may take, or the effect they may have on the Company. ENVIRONMENTAL MATTERS – Murphy and other companies in the oil and natural gas industry are subject to numerous federal, state, local and foreign laws and regulations dealing with the environment and protection of health and safety. The principal environmental, health and safety laws and regulations to which Murphy is subject address such matters as the generation, storage, handling, use, disposal and remediation of petroleum products, wastewater and hazardous materials; the emission and discharge of such materials to the environment, including GHG emissions; wildlife, habitat and water protection; the placement, operation and decommissioning of production equipment; and the health and safety of our employees, contractors and communities where our operations are located. These laws and regulations also generally require permits for existing operations, as well as the construction or development of new operations and the decommissioning facilities once production has ceased. Violation of federal or state environmental, health and safety laws, regulations and permits can result in the imposition of significant civil and criminal penalties, injunctions and construction bans or delays. A discharge of hazardous substances into the environment could, to the extent such event is not adequately insured, subject the Company to substantial expense, including both the cost to comply with applicable regulations and claims by neighboring landowners and other third parties for any personal injury and property damage that might result. In addition, Item 103 of SEC Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that the Company reasonably believes will exceed a specified threshold. Pursuant to recent SEC amendments to this item, the Company will be using a threshold of $1.0 million for such proceedings and the Company is not aware of environment legal proceedings likely to exceed this $1.0 million threshold. There continues to be an increase in regulatory oversight of the oil and gas industry at the federal level, with a focus on climate change and GHG emissions (including methane emissions). For example, the Inflation Reduction Act of 2022 contains provisions that impose fees for excess methane emissions from petroleum and natural gas facilities. In addition, there have been a number of executive orders issued that address climate change, including creation of climate-related task forces, directives to federal agencies to procure carbon-free electricity, and a goal of a carbon pollution-free power sector by 2035 and a net-zero emissions U.S. economy by 2050. Executive orders have also been issued related to oil and gas activities on federal lands, infrastructure and environmental justice. In addition, an international climate agreement (the Paris Agreement) was agreed to at the 2015 United Nations Framework Convention on Climate Change in Paris, France. The Paris Agreement entered into force in November 2016. Although the U.S. officially withdrew from the Paris Agreement on November 4, 2020, the U.S. has since rejoined the Paris Agreement, which became effective for the U.S. on February 19, 2021. The Company currently owns or leases, and has in the past owned or leased, properties at which hazardous substances have been or are being handled. Hazardous substances may have been disposed of or released on or under the properties owned or leased by the Company or on or under other locations where these wastes have been taken for disposal. In addition, many of these properties have been operated by third parties whose treatment and disposal or release of hydrocarbons or other wastes were not under Murphy’s control. Under existing laws, the Company could be required to investigate, remove or remediate previously disposed wastes (including wastes disposed of or released by prior owners or operators), to investigate and clean up contaminated property (including contaminated groundwater) or to perform remedial plugging operations to prevent future contamination. Certain of these historical properties are in various stages of negotiation, investigation, and/or cleanup, and the Company is investigating the extent of any such liability and the availability of applicable defenses. The Company has retained certain liabilities related to environmental matters at formerly owned U.S. refineries that were sold in 2011. The Company also obtained insurance covering certain levels of environmental exposures related to past operations of these refineries. Murphy USA Inc. has retained any environmental exposure associated with Murphy’s former U.S. marketing operations that were spun-off in August 2013. The Company believes costs related to these sites will not have a material adverse effect on Murphy’s net income, financial condition or liquidity in a future period. There is the possibility that environmental expenditures could be required at currently unidentified sites, and additional expenditures could be required at known sites. However, based on information currently available to the Company, the amount of future investigation and remediation costs incurred at known or currently unidentified sites is not expected to have a material adverse effect on the Company’s future net income, cash flows or liquidity. LEGAL MATTERS – Murphy and its subsidiaries are engaged in a number of other legal proceedings (including litigation related to climate change), all of which Murphy considers routine and incidental to its business. Based on information currently available to the Company, the ultimate resolution of environmental and legal matters referred to in this note is not expected to have a material adverse effect on the Company’s net income, financial condition or liquidity in a future period.

- Definition

The entire disclosure for environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. This element may be used for all of an entity's disclosures about environmental loss contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 30
-Section 50
-Paragraph 10
-Subparagraph (d)(5)
-URI https://asc.fasb.org/extlink&oid=6393242&loc=d3e13237-110859

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Common Stock Issued and Outstanding

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Common Stock Issued and Outstanding

Note S – Common Stock Issued and Outstanding

Activity in the number of shares of Common Stock issued and outstanding for the three years ended December 31, 2022 is shown below.


(Number of shares outstanding)	2022	2021	2020
Beginning of year	154,463,050	153,598,625	152,935,361
Stock options exercised 1	181,655	32,554	11,359
Restricted stock awards 1	822,614	831,871	651,905


End of year	155,467,319	154,463,050	153,598,625

1 Shares issued upon exercise of stock options and award of restricted stock are less than the amount reflected in Note J due to withholdings for statutory income taxes owed upon issuance of shares.

Business Segments

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Business Segments

Note T – Business Segments

Murphy’s reportable segments are organized into geographic areas of operations. The Company’s exploration and production activity is subdivided into segments for the United States, Canada and all other countries. Each of these segments derives revenues primarily from the sale of crude oil, condensate, natural gas liquids and/or natural gas. The Company’s management evaluates segment performance based on income (loss) from operations, excluding interest income and interest expense.

Customers that accounted for 10% or more of the Company’s sales revenue for each of the below three years ended December 31, are shown below.


	2022		2021		2020
Chevron Corporation	19	%	30	%	24	%
ExxonMobil Corporation	12	%	N/A		N/A
Phillips 66	N/A		N/A		18	%

Due to the quantity of active oil and natural gas purchasers in the markets where it produces hydrocarbons, the Company does not foresee any difficulty with selling its hydrocarbon production at fair market prices.

No assets were held for sale as of December 31, 2022. Assets held for sale as of December 31, 2021 include the net property, plant and equipment of the Brunei Block CA-2 and the Company’s office building in El Dorado, Arkansas (see Note E). The U.K. and Malaysian operations have been reported as discontinued operations for all periods presented in these consolidated financial statements.

Information about business segments and geographic operations is reported in the following tables. For geographic purposes, revenues are attributed to the country in which the sale occurs. Corporate and other activities, including interest income, other gains and losses (including foreign exchange gains/losses and realized/unrealized gains/losses on crude oil contracts), interest expense and unallocated overhead, are shown in the tables to reconcile the business segments to consolidated totals.


	Exploration and Production
(Millions of dollars)	United States 1		Canada		Other		Total E&P		Corporate and Other		Discontinued Operations		Consolidated Total
Year ended December 31, 2022
Segment income (loss) - including NCI 1	$	1,521.9	$	134.2	$	(77.0)	$	1,579.1	$	(438.3)	$	(2.1)	$	1,138.7
Revenues from external customers	3,461.2		762.9		23.0		4,247.1		(314.4)		—		3,932.7
Interest and other income (loss)	(6.6)		(1.9)		(0.5)		(9.0)		23.3		—		14.3
Interest expense, net of capitalization	(0.1)		—		(0.3)		(0.4)		(150.4)		—		(150.8)
Income tax expense (benefit)	370.8		43.6		2.9		417.3		(107.8)		—		309.5
Significant noncash charges (credits)

Depreciation, depletion and amortization	617.0		141.5		5.4		763.9		12.9		—		776.8
Accretion of asset retirement obligations	36.5		9.6		0.1		46.2		—		—		46.2
Amortization of undeveloped leases	8.7		0.2		4.4		13.3		—		—		13.3
Deferred and noncurrent income taxes	362.7		34.8		0.6		398.1		(112.0)		—		286.1
Additions to property, plant, equipment	838.6		208.5		(5.7)		1,041.4		21.9		—		1,063.3
Total assets at year-end	6,930.6		2,125.6		217.4		9,273.6		1,034.6		0.8		10,309.0
Year ended December 31, 2021
Segment income (loss) - including NCI 1	$	766.3	(16.1)		(33.5)		716.7		$	(668.0)	(1.2)		47.5
Revenues from external customers	2,337.5		476.3		4.9		2,818.7		(519.4)		—		2,299.3
Interest and other income (loss)	(11.6)		(1.9)		3.2		(10.3)		(6.5)		—		(16.8)
Interest expense, net of capitalization	—		—		(0.2)		(0.2)		(221.6)		—		(221.8)
Income tax expense (benefit)	183.9		(1.7)		(9.5)		172.7		(178.6)		—		(5.9)
Significant noncash charges (credits)
Impairment of assets	—		171.3		18.0		189.3		7.0		—		196.3
Depreciation, depletion and amortization	616.5		163.8		1.8		782.1		13.0		—		795.1
Accretion of asset retirement obligations	36.9		9.7		—		46.6		—		—		46.6
Amortization of undeveloped leases	11.1		0.2		7.6		18.9		—		—		18.9
Deferred and noncurrent income taxes	176.3		(1.9)		(8.0)		166.4		(170.5)		—		(4.1)
Additions to property, plant, equipment	519.5		52.7		13.1		585.3		—		—		585.3
Total assets at year-end	6,591.6		2,231.9		259.8		9,083.3		1,220.8		0.8		10,304.9


	Exploration and Production
(Millions of dollars)	United States 1		Canada		Other		Total E&P		Corporate and Other		Discontinued Operations		Consolidated Total
Year ended December 31, 2020
Segment income (loss) - including NCI 1	$	(1,014.3)	$	(35.0)	$	(85.6)	$	(1,134.9)	$	(120.3)	$	(7.2)	$	(1,262.4)
Revenues from external customers	1,411.8		345.8		1.8		1,759.4		207.9		—		1,967.3
Interest and other income (loss)	(9.9)		0.8		0.8		(8.2)		(9.1)		—		(17.3)
Interest expense, net of capitalization	—		(0.5)		(0.4)		(0.9)		(168.5)		—		(169.4)
Income tax expense (benefit)	(244.2)		(21.4)		2.1		(263.5)		(30.2)		—		(293.7)
Significant noncash charges (credits)
Impairment of assets	1,152.5		—		39.7		1,192.2		14.1		—		1,206.3
Depreciation, depletion and amortization	749.4		213.2		2.3		964.9		22.3		—		987.2
Accretion of asset retirement obligations	36.6		5.5		—		42.1		—		—		42.1
Amortization of undeveloped leases	17.2		0.4		9.1		26.7		—		—		26.7
Deferred and noncurrent income taxes	(244.2)		(10.6)		1.9		(252.9)		(25.1)		—		(278.0)
Additions to property, plant, equipment	623.1		118.3		15.2		756.6		—		—		756.6
Total assets at year-end	6,915.5		2,404.1		267.7		9,587.3		1,032.9		0.7		10,620.9

1 Includes results attributable to a noncontrolling interest in MP GOM.


Geographic Information	Certain long-lived assets at December 31 1
(Millions of dollars)	United States		Canada		Other		Total
2022	$	6,562.8	$	1,499.1	$	166.1	$	8,228.0
2021	6,371.4		1,566.9		189.6		8,127.9
2020	6,395.7		1,702.5		170.8		8,269.0

1 Certain long-lived assets at December 31 exclude investments, right-of-use operating lease assets, non-current receivables, deferred tax assets and other intangible assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

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+ Details

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Note U – Leases

Nature of Leases

The Company has entered into various operating leases such as a natural gas processing plant, floating production storage and off-take vessels, buildings, marine vessels, vehicles, drilling rigs, pipelines and other oil and natural gas field equipment. Remaining lease terms range from 1 year to 20 years, some of which may include options to extend leases for multi-year periods and others which include options to terminate the leases within 1 year. Options to extend lease terms are at the Company’s discretion. Early lease terminations are a combination of both at Company discretion and mutual agreement between the Company and lessor. Purchase options also exist for certain leases.

Related Expenses

Expenses related to finance and operating leases included in the Consolidated Financial Statements are as follows:


		Year Ended December 31,
(Thousands of dollars)	Financial Statement Category	2022		2021
Operating lease 1,2	Lease operating expenses	$	217,038	$	198,189
Operating lease 2	Transportation, gathering and processing	39,669		39,396
Operating lease 2	Selling and general expense	8,003		9,019
Operating lease 2	Other operating expense	510		7,480
Operating lease 2	Exploration expenses	10,019		902

Operating lease 2	Property, plant and equipment	196,829		81,924
Operating lease 2	Asset retirement obligations	11,190		11,103
Finance lease
Amortization of asset	Depreciation, depletion and amortization	5,481		1,173
Interest on lease liabilities	Interest expense, net	254		228
Sublease income	Other income	(1,296)		(2,482)
Net lease expense		$	487,697	$	346,932

1 Variable lease expenses. For the years ended December 31, 2022 and 2021, includes variable lease expenses of $32.2 million and $25.8 million, respectively, primarily related to additional volumes processed at a natural gas processing plant.

2 Short-term leases due within 12 months. For the year ended December 31, 2022, includes $62.8 million in LOE, $31.5 million for “Transportation, gathering and processing”, $8.8 million for “Exploration expenses, including undeveloped lease amortization”, $0.7 million in “Selling and general expenses”, $0.1 million in “Other operating expense”, $125.4 million in “Property, plant and equipment, net” and $11.2 million in “Asset retirement obligations” relating to short-term leases due within 12 months. Expenses primarily relate to drilling rigs and other oil and natural gas field equipment. For the year ended December 31, 2021, includes $56.9 million in LOE, $30.2 million in “Transportation, gathering and processing”, $2.1 million in “Selling and general expenses", $0.2 million in “Other operating expense”, $28.9 million in “Property, plant and equipment, net” and $11.1 million in “Asset retirement obligations” relating to short-term leases due within 12 months. Expenses primarily relate to drilling rigs and other oil and natural gas field equipment.

Maturity of Lease Liabilities


(Thousands of dollars)	Operating Leases		Finance Leases		Total
2023	$	270,868	$	1,068	$	271,936
2024	241,455		1,069		242,524
2025	79,974		1,068		81,042
2026	61,534		1,069		62,603
2027	59,964		1,069		61,033
Remaining	548,118		1,336		549,454
Total future minimum lease payments	1,261,913		6,679		1,268,592
Less imputed interest	(298,846)		(1,835)		(300,681)
Present value of lease liabilities 1	$	963,067	$	4,844	$	967,911

1 Includes both the current and long-term portion of the lease liabilities.

Lease Term and Discount Rate


	December 31, 2022		December 31, 2021
Weighted average remaining lease term:
Operating leases	9 years		12 years
Finance leases	6 years		7 years
Weighted average discount rate:
Operating leases	5.9	%	5.7	%
Finance leases	4.7	%	4.7	%

Other Information


	Year Ended December 31,
(Thousands of dollars)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	212,061	$	194,412
Operating cash flows from finance leases	254		228
Financing cash flows from finance leases	636		803
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases ¹	$	262,669	$	95,500

1 For the year ended December 31, 2022, ROU assets obtained in exchange for lease liabilities primarily includes $254.0 million related to an extension of the lease of an existing offshore drilling rig by 24 months. December 31, 2021, includes $90.3 million related to an offshore drilling rig with a lease term of 16 months.

Leases

Note U – Leases

Nature of Leases

Related Expenses

Expenses related to finance and operating leases included in the Consolidated Financial Statements are as follows:


		Year Ended December 31,
(Thousands of dollars)	Financial Statement Category	2022		2021
Operating lease 1,2	Lease operating expenses	$	217,038	$	198,189
Operating lease 2	Transportation, gathering and processing	39,669		39,396
Operating lease 2	Selling and general expense	8,003		9,019
Operating lease 2	Other operating expense	510		7,480
Operating lease 2	Exploration expenses	10,019		902

Operating lease 2	Property, plant and equipment	196,829		81,924
Operating lease 2	Asset retirement obligations	11,190		11,103
Finance lease
Amortization of asset	Depreciation, depletion and amortization	5,481		1,173
Interest on lease liabilities	Interest expense, net	254		228
Sublease income	Other income	(1,296)		(2,482)
Net lease expense		$	487,697	$	346,932

Maturity of Lease Liabilities


(Thousands of dollars)	Operating Leases		Finance Leases		Total
2023	$	270,868	$	1,068	$	271,936
2024	241,455		1,069		242,524
2025	79,974		1,068		81,042
2026	61,534		1,069		62,603
2027	59,964		1,069		61,033
Remaining	548,118		1,336		549,454
Total future minimum lease payments	1,261,913		6,679		1,268,592
Less imputed interest	(298,846)		(1,835)		(300,681)
Present value of lease liabilities 1	$	963,067	$	4,844	$	967,911

1 Includes both the current and long-term portion of the lease liabilities.

Lease Term and Discount Rate


	December 31, 2022		December 31, 2021
Weighted average remaining lease term:
Operating leases	9 years		12 years
Finance leases	6 years		7 years
Weighted average discount rate:
Operating leases	5.9	%	5.7	%
Finance leases	4.7	%	4.7	%

Other Information


	Year Ended December 31,
(Thousands of dollars)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	212,061	$	194,412
Operating cash flows from finance leases	254		228
Financing cash flows from finance leases	636		803
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases ¹	$	262,669	$	95,500

Restructuring Charges

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring Charges

Note V – Restructuring Charges

In 2020, the Company announced that it was closing its headquarters office in El Dorado, Arkansas, its office in Calgary, Alberta, and consolidated all worldwide staff activities to its existing office location in Houston, Texas. As a result of this decision, certain directly attributable costs and charges have been recognized and reported as Restructuring charges as part of net loss during the year ended December 31, 2020. These costs include severance, relocation, information technology costs, pension curtailment charges and a write-off of the right of use asset lease associated with the Calgary office. Restructuring charges are primarily reported in the Corporate segment.

The following table presents a summary of the restructuring charges included in Operating (loss) income from continuing operations for the year ended December 31, 2020.


(Thousands of dollars)	Year Ended December 31, 2020
Severance	$	25,088
Contract exit costs and other	13,993
Pension and termination benefit charges	10,913
Restructuring charges	$	49,994

The liability associated with the Company’s restructuring activities at December 31, 2022 and 2021 is nil and $2.2 million, respectively, which is reflected in “Other accrued liabilities” on the Consolidated Balance Sheets.

Supplemental Oil and Gas Information (Unaudited)

12 Months Ended

Dec. 31, 2022

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Supplemental Oil and Gas Information

The following unaudited schedules are presented in accordance with required disclosures about Oil and Natural Gas Producing Activities to provide users with a common base for preparing estimates of future cash flows and comparing reserves among companies. Additional background information concerning some of the schedules follows:

SCHEDULE 1 – SUMMARY OF TOTAL PROVED EQUIVALENT RESERVES

SCHEDULE 2 – SUMMARY OF PROVED CRUDE OIL RESERVES

SCHEDULE 3 – SUMMARY OF PROVED NATURAL GAS LIQUIDS RESERVES

SCHEDULE 4 – SUMMARY OF PROVED NATURAL GAS RESERVES

Reserves of crude oil, condensate, natural gas liquids and natural gas are estimated by the Company’s or independent engineers and are adjusted to reflect contractual arrangements and royalty rates in effect at the end of each year. Many assumptions and judgmental decisions are required to estimate reserves. Reserve estimates and future cash flows are based on the average market prices for sales of oil and natural gas on the first calendar day of each month during the year. The average prices used for 2022 were $93.67 per barrel for NYMEX crude oil (WTI) and $6.36 per MCF for natural gas (Henry Hub). The average prices used for 2021 were $66.56 per barrel for NYMEX crude oil (WTI) and $3.60 per MCF for natural gas (Henry Hub). The average prices used for 2020 were $39.57 per barrel for NYMEX crude oil (WTI) and $1.98 per MCF for natural gas (Henry Hub). Reported quantities are subject to future revisions, some of which may be substantial, as additional information becomes available from reservoir performance, new geological and geophysical data, additional drilling, technological advancements, price changes and other economic factors.

Murphy’s estimations for proved reserves were generated through the integration of available geoscience, engineering, and economic data (including hydrocarbon prices, operating costs, and development costs) and commercially available technologies to establish “reasonable certainty” of economic producibility. Estimates are presented in millions of barrels of oil equivalents and dollars and billions of cubic feet with one decimal; totals within the tables may not add as a result of rounding. As defined by the SEC, reasonable certainty of proved reserves describes a high degree of confidence that the quantities will be recovered. In estimating proved reserves, Murphy uses common industry-accepted methods for subsurface evaluations, including performance, volumetric and analog-based studies. Where appropriate, Murphy includes reliable geologic and engineering technology to estimate proved reserves. Reliable geologic and engineering technology is a method or combination of methods that are field tested and have been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation. This integrated approach increases the quality of and confidence in Murphy’s proved reserves estimates. The approach was utilized in certain undrilled acreage at distances greater than the directly offsetting development spacing areas and in certain reservoirs developed with the application of improved recovery techniques. Murphy utilized a combination of 3D seismic interpretation, core analysis, wellbore log measurements, well test data, historic production and pressure data and commercially available seismic processing and numerical reservoir simulation programs. Reservoir parameters from analogous reservoirs were used to strengthen the reserves estimates when available.

Production quantities shown are net volumes withdrawn from reservoirs. These may differ from sales quantities due to inventory changes, volumes consumed for fuel and/or shrinkage from the extraction of natural gas liquids.

All crude oil, natural gas liquid reserves and natural gas reserves are from consolidated subsidiaries (including noncontrolling interest) and proportionately consolidated joint ventures. The Company has no proved reserves attributable to investees accounted for by the equity method.

SCHEDULE 7 – STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED OIL AND NATURAL GAS RESERVES

GAAP requires calculation of future net cash flows using a 10% annual discount factor, an unweighted average of oil and natural gas prices in effect at the beginning of each month of the year, and year-end costs and statutory tax rates, except for known future changes such as contracted prices and legislated tax rates.

The reported value of proved reserves is not necessarily indicative of either fair market value or present value of future cash flows because prices, costs and governmental policies do not remain static; appropriate discount rates may vary; and extensive judgment is required to estimate the timing of production. Other logical assumptions would likely have resulted in significantly different amounts.

Schedule 7 also presents the principal reasons for change in the standardized measure of discounted future net cash flows for each of the three years ended December 31, 2022.


	Equivalents
(Millions of barrels of oil equivalent)	Total	United States	Canada	Other
Proved developed and undeveloped reserves:
December 31, 2019	825.0	500.1	324.1	0.8
Revisions of previous estimates	(194.7)	(146.6)	(47.3)	(0.8)

Extensions and discoveries	150.3	19.5	130.7	—

Sales of properties	(1.7)	(1.7)	—	—
Production	(63.9)	(42.8)	(21.1)	—
December 31, 2020	714.9	328.5	386.4	—
Revisions of previous estimates	(52.9)	35.6	(89.3)	0.8

Extensions and discoveries	109.4	18.2	91.3	—
Purchases of properties	7.4	1.6	5.8	—
Sales of properties	(0.7)	—	(0.7)	—
Production	(61.1)	(40.4)	(20.6)	(0.1)
December 31, 2021	716.9	343.4	372.8	0.7
Revisions of previous estimates	(23.6)	29.0	(52.8)	0.2
Improved recovery	5.3	5.3	—	—
Extensions and discoveries	80.1	20.6	59.5	—
Purchases of properties	5.0	5.0	—	—
Sales of properties	(4.4)	(4.4)	—	—
Production	(63.9)	(41.9)	(21.7)	(0.3)
December 31, 2022 ¹	715.4	357.0	357.8	0.6
Proved developed reserves:
December 31, 2019	472.3	273.4	198.1	0.8
December 31, 2020	410.8	230.3	180.5	—
December 31, 2021	419.2	241.9	176.8	0.6
December 31, 2022 ²	436.0	264.2	171.3	0.5
Proved undeveloped reserves:
December 31, 2019	352.7	226.7	126.0	—
December 31, 2020	304.1	98.2	205.9	—
December 31, 2021	297.7	101.6	196.0	0.1
December 31, 2022 ³	279.4	92.8	186.5	0.1

1 Includes proved reserves of 18.2 MMBOE, consisting of 16.5 MMBBL oil, 0.6 MMBBL NGLs and 5.6 BCF natural gas attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 15.0 MMBOE, consisting of 13.7 MMBBL oil, 0.5 MMBBL NGLs and 4.2 BCF natural gas attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 3.2 MMBOE, consisting of 2.8 MMBBL oil, 0.1 MMBBL NGLs and 1.4 BCF natural gas attributable to the noncontrolling interest in MP GOM.

4 Totals within the tables may not add as a result of rounding.

2022 Comments for Proved Equivalent Reserves Changes

Revisions of previous estimates - The equivalent reserves revisions in 2022 resulted predominantly from increased royalty rates and accelerated royalty incentive payouts due to higher commodity prices in Tupper Montney. These negative revisions were partially offset by positive well performance in the U.S. Gulf of Mexico.

Extensions and discoveries - In 2022, proved equivalent reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney and Kaybob Duvernay as well as in the U.S. at the Gulf of Mexico and the Eagle Ford Shale.

Purchases and sales of properties - In 2022, the Company acquired incremental working interest in two producing fields in the U.S. Gulf of Mexico and divested working interest in one field in the U.S. Gulf of Mexico and a portion Eagle Ford Shale.

2021 Comments for Proved Equivalent Reserves Changes

Revisions of previous estimates - The equivalent reserves revisions in 2021 resulted predominantly from accelerated royalty incentive payouts due to higher commodity prices in Tupper Montney. These negative revisions were partially offset by positive revisions in the U.S. from higher commodity prices, which partially reversed the 2020 capital expenditure reduction and improved well performance in the U.S. Gulf of Mexico.

Extensions and discoveries - In 2021, proved equivalent reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney as well as in the U.S. at the Eagle Ford Shale and the Gulf of Mexico.

Purchases and sales of properties - In 2021, the Company acquired incremental working interest in Terra Nova offshore Canada and in the U.S. Gulf of Mexico.

2020 Comments for Proved Equivalent Reserves Changes

Revisions of previous estimates - The negative reserves revisions in 2020 resulted predominantly from lower crude oil prices and lower capital expenditures for onshore shale properties over the next 5 years causing the removal of numerous proved undeveloped locations, partially offset by improved well performance in the Gulf of Mexico. The 2020 negative equivalents revision in the U.S. was primarily attributable to lower capital expenditures in the Eagle Ford Shale and the negative revision in Canada was primarily attributable to the Kaybob Duvernay. Lower commodity prices also resulted in negative equivalents revisions in the U.S offshore and Canada offshore.

Extensions and discoveries - In 2020, proved equivalent reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney as well as in the U.S. at the Eagle Ford Shale. Proved equivalent reserves were also added for drilling activities in both the U.S. offshore and Canada offshore.

Purchases and sales of properties - In 2020, the Company divested partial working interest in an undeveloped well in the Gulf of Mexico.


(Millions of barrels)	Total	United States	Canada	Other
Proved developed and undeveloped crude oil reserves:
December 31, 2019	423.9	377.8	45.3	0.8
Revisions of previous estimates	(137.4)	(116.8)	(19.8)	(0.8)

Extensions and discoveries	19.6	14.5	5.1	—

Sales of properties	(1.5)	(1.5)	—	—
Production	(38.1)	(33.4)	(4.7)	—
December 31, 2020	266.5	240.6	25.9	—
Revisions of previous estimates	39.3	31.1	7.5	0.7

Extensions and discoveries	14.1	13.5	0.6	—
Purchases of properties	6.4	1.3	5.2	—
Production	(34.9)	(31.5)	(3.3)	(0.1)
December 31, 2021	291.5	255.0	35.9	0.6
Revisions of previous estimates	23.4	19.9	3.3	0.2
Improved recovery	4.7	4.7	—	—
Extensions and discoveries	18.9	16.1	2.8	—
Purchases of properties	4.2	4.2	—	—
Sales of properties	(3.6)	(3.6)	—	—
Production	(35.5)	(32.7)	(2.5)	(0.3)
December 31, 2022 ¹	303.6	263.6	39.5	0.5
Proved developed crude oil reserves:
December 31, 2019	230.9	205.0	25.1	0.8
December 31, 2020	179.8	161.4	18.4	—
December 31, 2021	191.5	174.9	16.0	0.5
December 31, 2022 ²	209.0	194.4	14.2	0.4
Proved undeveloped crude oil reserves:
December 31, 2019	193.0	172.8	20.2	—
December 31, 2020	86.7	79.2	7.5	—
December 31, 2021	99.9	80.0	19.8	0.1
December 31, 2022 ³	94.6	69.2	25.3	0.1

1 Includes total proved reserves of 16.5 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 13.7 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 2.8 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

4 Totals within the tables may not add as a result of rounding.

2022 Comments for Proved Crude Oil Reserves Changes

Revisions of previous estimates - The positive crude oil reserves revisions in 2022 resulted predominantly from improved well performance in the U.S. Gulf of Mexico and impacts of higher commodity prices in the U.S.

Extensions and discoveries - In 2022, proved oil reserves were added for drilling and expansion activities predominantly in the U.S. in the Gulf of Mexico and the Eagle Ford Shale.

2021 Comments for Proved Crude Oil Reserves Changes

Revisions of previous estimates - The positive crude oil reserves revisions in 2021 resulted predominantly from impacts of higher commodity prices in the U.S., which partially reversed the 2020 capital expenditure reductions and improved well performance in the U.S. Gulf of Mexico.

Extensions and discoveries - In 2021, proved oil reserves were added for drilling and expansion activities predominantly in the U.S. at the Eagle Ford Shale and the Gulf of Mexico.

Purchases and sales of properties - In 2021, the Company acquired incremental working interest in Terra Nova offshore Canada and one field in the U.S. Gulf of Mexico.

2020 Comments for Proved Crude Oil Reserves Changes

Revisions of previous estimates - The negative crude oil reserves revisions in 2020 resulted predominantly from lower crude oil prices and lower capital expenditures for onshore shale properties over the next 5 years causing the removal of numerous proved undeveloped locations, partially offset by improved well performance in the Gulf of Mexico. The 2020 negative oil revision in the U.S. was primarily attributable to lower capital expenditures in the Eagle Ford Shale and the negative revision in Canada was primarily attributable to the Kaybob Duvernay. Lower commodity prices also resulted in negative oil reserves revisions in the U.S offshore and Canada offshore.

Extensions and discoveries - In 2020, proved oil reserves were added for drilling activities predominantly in the U.S. offshore and the Eagle Ford Shale. Proved oil reserves were also added for drilling activities in Canada offshore.

Purchases and sales of properties - In 2020, the Company divested partial working interest in an undeveloped well in the Gulf of Mexico.


(Millions of barrels)	Total	United States	Canada	Other
Proved developed and undeveloped NGL reserves:
December 31, 2019	56.1	52.8	3.3	—
Revisions of previous estimates	(16.4)	(17.1)	0.7	—
Extensions and discoveries	2.8	2.7	0.1	—

Sales of properties	(0.1)	(0.1)	—	—
Production	(4.2)	(3.7)	(0.5)	—
December 31, 2020	38.2	34.6	3.6	—
Revisions of previous estimates	1.4	1.4	—	—
Extensions and discoveries	2.5	2.4	0.1	—
Purchases of properties	0.1	0.1	—	—
Production	(3.8)	(3.4)	(0.4)	—
December 31, 2021	38.4	35.1	3.3	—
Revisions of previous estimates	4.4	3.9	0.5	—
Improved recovery	0.2	0.2	—	—
Extensions and discoveries	2.5	1.9	0.6	—
Purchases of properties	0.3	0.3	—	—
Sales of properties	(0.2)	(0.2)	—	—
Production	(3.9)	(3.6)	(0.3)	—
December 31, 2022 ¹	41.7	37.6	4.1	—
Proved developed NGL reserves:
December 31, 2019	28.1	26.2	1.9	—
December 31, 2020	28.7	25.5	3.2	—
December 31, 2021	28.4	25.6	2.8	—
December 31, 2022 ²	29.7	27.4	2.3	—
Proved undeveloped NGL reserves:
December 31, 2019	28.0	26.6	1.4	—
December 31, 2020	9.5	9.1	0.4	—
December 31, 2021	10.0	9.5	0.5	—
December 31, 2022 ³	12.0	10.2	1.8	—

1 Includes total proved reserves of 0.6 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 0.5 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 0.1 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

2022 Comments for Proved Natural Gas Liquids Reserves Changes

Revisions of previous estimates - The positive NGL reserves revisions in 2022 resulted predominantly from improved well performance in the U.S. Gulf of Mexico and the Eagle Ford Shale as well as in Canada at Kaybob Duvernay.

Extensions and discoveries - In 2022, proved NGL reserves were added for drilling and expansion activities predominantly in the U.S. at the Gulf of Mexico and the Eagle Ford Shale as well as in Canada at Tupper Montney and Kaybob Duvernay.

2021 Comments for Proved Natural Gas Liquids Reserves Changes

Revisions of previous estimates - The positive NGL reserves revisions in 2021 resulted predominantly from impacts of higher commodity prices, which partially reversed the 2020 capital expenditure reductions and improved well performance in the U.S. Gulf of Mexico.

Extensions and discoveries - In 2021, proved NGL reserves were added for drilling and expansion activities predominantly in the U.S. Eagle Ford Shale.

Purchases and sales of properties - In 2021, the Company acquired incremental working interest in the U.S. Gulf of Mexico.

2020 Comments for Proved Natural Gas Liquids Reserves Changes

Revisions of previous estimates - The negative NGL reserves revisions in 2020 resulted predominantly from lower crude oil prices and lower capital expenditures for onshore shale properties over the next 5 years causing the removal of numerous proved undeveloped locations, partially offset by improved well performance in the Gulf of Mexico. The 2020 negative NGL revision in the U.S. was primarily attributable to lower capital allowance in the Eagle Ford Shale. The positive revision in Canada was primarily attributable to higher yields at the Kaybob Duvernay due to improved plant recoveries.

Extensions and discoveries - In 2020, proved NGL reserves were added for drilling activities predominantly in the U.S. at the Eagle Ford Shale.

Purchases and sales of properties - In 2020, the Company divested partial working interest in an undeveloped well in the Gulf of Mexico.


(Billions of cubic feet)	Total	United States	Canada	Other
Proved developed and undeveloped natural gas reserves:
December 31, 2019	2,069.7	416.8	1,652.9	—
Revisions of previous estimates	(245.4)	(76.2)	(169.2)	—

Extensions and discoveries	767.2	14.0	753.2	—

Sales of properties	(0.7)	(0.7)	—	—
Production	(129.8)	(34.4)	(95.4)	—
December 31, 2020	2,461.0	319.5	2,141.5	—
Revisions of previous estimates	(562.2)	18.7	(581.0)	0.2

Extensions and discoveries	556.7	13.5	543.2	—
Purchases of properties	5.4	1.5	3.9	—
Sale of properties	(4.4)	—	(4.4)	—
Production	(134.2)	(32.8)	(101.4)	—
December 31, 2021	2,322.3	320.3	2,001.8	0.2
Revisions of previous estimates	(309.8)	30.7	(340.5)	—
Improved recovery	2.6	2.6	—	—
Extensions and discoveries	352.4	15.7	336.7	—
Purchases of properties	2.9	2.9	—	—
Sales of properties	(3.6)	(3.6)	—	—
Production	(146.9)	(33.7)	(113.2)	—
December 31, 2022 1,4	2,219.9	334.9	1,884.8	0.2
Proved developed natural gas reserves:
December 31, 2019	1,279.8	253.1	1,026.7	—
December 31, 2020	1,213.8	260.2	953.6	—
December 31, 2021	1,196.0	248.1	947.7	0.2
December 31, 2022 2,4	1,183.1	254.1	928.8	0.2
Proved undeveloped natural gas reserves:
December 31, 2019	789.9	163.7	626.2	—
December 31, 2020	1,247.2	59.3	1,187.9	—
December 31, 2021	1,126.4	72.2	1,054.1	—
December 31, 2022 ³	1,036.8	80.8	956.0	—

1 Includes total proved reserves of 5.6 BCF for Total and United States attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 4.2 BCF for Total and United States attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 1.4 BCF for Total and United States attributable to the noncontrolling interest in MP GOM.

4 Includes proved natural gas reserves to be consumed in operations as fuel of 74.9 BCF and 43.5 BCF for the U.S. and Canada, respectively, with 0.8 BCF attributable to the noncontrolling interest in MP GOM.

5 Totals within the tables may not add as a result of rounding.

2022 Comments for Proved Natural Gas Reserves Changes

Revisions of previous estimates - The negative natural gas reserves revisions in 2022 resulted predominantly from increased royalty rates and accelerated royalty incentive payouts due to higher commodity prices in Canada at Tupper Montney.

Extensions and discoveries - In 2022, proved natural gas reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney as well as in the U.S. at the Gulf of Mexico and the Eagle Ford Shale.

2021 Comments for Proved Natural Gas Reserves Changes

Revisions of previous estimates - The negative natural gas reserves revisions in 2021 resulted predominantly from accelerated royalty incentive payouts due to higher commodity prices at Tupper Montney.

Purchases and sales of properties - In 2021, the Company acquired incremental working interest at Terra Nova offshore Canada and in the U.S. Gulf of Mexico.

2020 Comments for Proved Natural Gas Reserves Changes

Revisions of previous estimates - The negative natural gas reserves revisions in 2020 resulted predominantly from lower crude oil prices and lower capital expenditures for onshore shale properties over the next 5 years causing the removal of numerous proved undeveloped locations, partially offset by improved well performance in the Gulf of Mexico. The 2020 negative natural gas revision in the U.S. was primarily attributable to lower capital expenditures in the Eagle Ford Shale which offset positive natural gas revisions in the Gulf of Mexico. The negative revision in Canada was primarily attributable to the Kaybob Duvernay.

Extensions and discoveries - In 2020, proved natural gas reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney as well as in the U.S. at the Eagle Ford Shale.

Purchases and sales of properties - In 2020, the Company divested partial working interest in an undeveloped well in the Gulf of Mexico.


(Millions of dollars)	United States		Canada 1		Other		Total
Year ended December 31, 2022
Property acquisition costs
Unproved	$	1.8	$	—	$	—	$	1.8
Proved	128.5		—		—		128.5
Total acquisition costs	130.3		—		—		130.3
Exploration costs	42.2		0.8		70.3		113.3
Development costs	704.9		208.5		4.3		917.7
Total costs incurred	877.4		209.3		74.6		1,161.3
Charged to expense
Dry hole expense	23.0		—		59.1		82.1
Geophysical and other costs	15.8		0.8		21.1		37.7
Total charged to expense	38.8		0.8		80.2		119.8
Property additions	$	838.6	$	208.5	$	(5.7)	$	1,041.4
Year ended December 31, 2021
Property acquisition costs
Unproved	$	8.8	$	—	$	—	$	8.8
Proved	19.9		(20.4)		—		(0.5)
Total acquisition costs	28.7		(20.4)		—		8.3
Exploration costs	31.7		0.4		30.1		62.2
Development costs	513.2		102.4		3.7		619.3
Total costs incurred	573.6		82.4		33.8		689.8
Charged to expense
Dry hole expense	17.3		—		—		17.3
Geophysical and other costs	13.1		0.4		19.3		32.8
Total charged to expense	30.4		0.4		19.3		50.1
Property additions	$	543.2	$	82.0	$	14.5	$	639.7
Year ended December 31, 2020
Property acquisition costs
Unproved	$	6.5	$	0.5	$	7.3	$	14.3
Proved	0.2		—		—		0.2
Total acquisition costs	6.7		0.5		7.3		14.5
Exploration costs	34.3		(0.4)		24.7		58.6
Development costs	609.2		120.8		6.8		736.8
Total costs incurred	650.2		120.9		38.8		809.9
Charged to expense

Geophysical and other costs	14.3		0.7		23.6		38.6
Total charged to expense	14.3		0.7		23.6		38.6
Property additions	$	635.9	$	120.2	$	15.2	$	771.3


(Millions of dollars)	United States		Canada		Other		Total
Year ended December 31, 2022
Revenues
Crude oil and natural gas liquids sales	$	3,210.3	$	267.5	$	22.8	$	3,500.6
Natural gas sales	225.3		312.6		—		537.9
Sales of purchased natural gas	0.2		181.5		—		181.7
Total oil and natural gas revenues	3,435.8		761.6		22.8		4,220.2
Other operating revenues	25.4		1.3		—		26.7
Total revenues	3,461.2		762.9		22.8		4,246.9
Costs and expenses
Lease operating expenses	522.7		155.1		1.5		679.3
Severance and ad valorem taxes	55.7		1.3		—		57.0
Transportation, gathering and processing	142.2		70.5		—		212.7
Costs of purchased natural gas	0.2		171.8		—		172.0

Exploration costs charged to expense	38.8		0.8		80.2		119.8
Undeveloped lease amortization	8.7		0.2		4.4		13.3
Depreciation, depletion and amortization	617.0		141.5		5.4		763.9
Accretion of asset retirement obligations	36.5		9.6		0.1		46.2

Selling and general expenses	20.4		21.9		2.2		44.5
Other expenses (benefits)	126.3		12.4		3.1		141.8
Total costs and expenses	1,568.5		585.1		96.9		2,250.5
Results of operations before taxes	1,892.7		177.8		(74.1)		1,996.4
Income tax expense (benefit)	370.8		43.6		2.9		417.3
Results of operations	$	1,521.9	$	134.2	$	(77.0)	$	1,579.1
Year ended December 31, 2021
Revenues
Crude oil and natural gas liquids sales	$	2,199.7	$	228.9	$	4.9	$	2,433.5
Natural gas sales	121.8		245.9		—		367.7
Total oil and natural gas revenues	2,321.5		474.8		4.9		2,801.2
Other operating revenues	16.0		1.5		—		17.5
Total revenues	2,337.5		476.3		4.9		2,818.7
Costs and expenses
Lease operating expenses	406.4		136.3		(3.2)		539.5
Severance and ad valorem taxes	39.6		1.6		—		41.2
Transportation, gathering and processing	126.5		60.5		—		187.0

Exploration costs charged to expense	30.4		0.4		19.3		50.1
Undeveloped lease amortization	11.1		0.2		7.6		18.9
Depreciation, depletion and amortization	616.5		163.8		1.8		782.1
Accretion of asset retirement obligations	36.9		9.7		—		46.6
Impairment of assets	—		171.3		18.0		189.3
Selling and general expenses	20.5		16.5		6.6		43.6
Other expenses	99.4		(66.2)		(2.2)		31.0
Total costs and expenses	1,387.3		494.1		47.9		1,929.3
Results of operations before taxes	950.2		(17.8)		(43.0)		889.4
Income tax expense (benefit)	183.9		(1.7)		(9.5)		172.7
Results of operations	$	766.3	$	(16.1)	$	(33.5)	$	716.7

1 Results exclude corporate overhead, interest and discontinued operations. Results include noncontrolling interest in MP GOM.


(Millions of dollars)	United States		Canada		Other		Total
Year ended December 31, 2020
Revenues
Crude oil and natural gas liquids sales	$	1,335.8	$	174.0	$	1.8	$	1,511.6
Natural gas sales	69.4		170.6		—		240.1
Total oil and natural gas revenues	1,405.3		344.6		1.8		1,751.7
Other operating revenues	6.5		1.2		—		7.7
Total revenues	1,411.8		345.8		1.8		1,759.4
Costs and expenses
Lease operating expenses	476.9		121.6		1.6		600.1
Severance and ad valorem taxes	27.2		1.3		—		28.5
Transportation, gathering and processing	127.7		44.7		—		172.4
Restructuring expenses	1.2		—		—		1.2
Exploration costs charged to expense	35.5		0.6		23.6		59.7
Undeveloped lease amortization	17.2		0.4		9.2		26.8
Depreciation, depletion and amortization	749.4		213.2		2.3		964.9
Accretion of asset retirement obligations	36.6		5.6		—		42.2
Impairment of assets	1,152.5		—		39.7		1,192.2

Selling and general expenses	24.6		17.1		7.1		48.8
Other expenses	21.5		(2.3)		1.8		21.0
Total costs and expenses	2,670.3		402.2		85.3		3,157.8
Results of operations before taxes	(1,258.5)		(56.4)		(83.5)		(1,398.4)
Income tax expense (benefit)	(244.2)		(21.4)		2.1		(263.5)
Results of operations	$	(1,014.3)	$	(35.0)	$	(85.6)	$	(1,134.9)

1 Results exclude corporate overhead, interest and discontinued operations. Results include noncontrolling interest in MP GOM.


(Millions of dollars)	United States		Canada		Other		Total
December 31, 2022
Future cash inflows	$	27,277.9	$	12,360.2	$	59.2	$	39,697.3
Future development costs	(1,594.5)		(642.4)		(1.4)		(2,238.3)
Future production costs	(8,297.4)		(4,199.0)		(12.1)		(12,508.5)
Future income taxes	(2,606.8)		(1,788.7)		(5.4)		(4,400.9)
Future net cash flows	14,779.2		5,730.1		40.3		20,549.6
10% annual discount for estimated timing of cash flows	(5,709.8)		(3,015.6)		(11.0)		(8,736.4)
Standardized measure of discounted future net cash flows	$	9,069.4	$	2,714.5	$	29.3	$	11,813.2
December 31, 2021
Future cash inflows	$	18,449.1	$	7,203.5	$	44.0	$	25,696.7
Future development costs	(1,164.3)		(521.1)		(1.5)		(1,686.8)
Future production costs	(7,140.6)		(3,525.8)		(9.1)		(10,675.4)
Future income taxes	(1,024.4)		(565.4)		(3.0)		(1,592.8)
Future net cash flows	9,119.9		2,591.3		30.4		11,741.6
10% annual discount for estimated timing of cash flows	(3,264.9)		(1,169.3)		(8.5)		(4,442.7)
Standardized measure of discounted future net cash flows	$	5,855.1	$	1,422.0	$	21.9	$	7,299.0
December 31, 2020
Future cash inflows	$	9,976.7	$	4,617.5	$	—	$	14,594.2
Future development costs	(1,289.8)		(404.3)		—		(1,694.1)
Future production costs	(5,777.5)		(2,634.6)		—		(8,412.1)
Future income taxes	—		(166.8)		—		(166.8)
Future net cash flows	2,909.4		1,411.8		—		4,321.2
10% annual discount for estimated timing of cash flows	(1,079.2)		(623.4)		—		(1,702.6)
Standardized measure of discounted future net cash flows	$	1,830.2	$	788.4	$	—	$	2,618.6

1 Includes noncontrolling interest in MP GOM.

2 Totals within the table may not add as a result of rounding.

Following are the principal sources of change in the standardized measure of discounted future net cash flows for the years shown.


(Millions of dollars)	2022		2021		2020
Net changes in prices and production costs 2	$	4,812.2	$	5,962.1	$	(5,942.1)
Net changes in development costs	(531.1)		(503.6)		2,215.1
Sales and transfers of oil and natural gas produced, net of production costs	(2,917.4)		(2,220.5)		(1,123.1)
Net change due to extensions and discoveries	1,223.5		908.5		568.5
Net change due to purchases and sales of proved reserves	102.1		63.1		(14.6)
Development costs incurred	769.3		619.3		736.8
Accretion of discount	802.6		267.2		699.3
Revisions of previous quantity estimates	1,652.9		277.1		(1,461.3)
Net change in income taxes	(1,399.9)		(692.8)		1,112.4
Net increase (decrease)	4,514.2		4,680.4		(3,209.0)
Standardized measure at January 1	7,299.0		2,618.6		5,827.6
Standardized measure at December 31	$	11,813.2	$	7,299.0	$	2,618.6

1 Includes noncontrolling interest in MP GOM.

2 The average prices used for 2022 were $93.67 per barrel for NYMEX crude oil (WTI) and $6.36 per MCF for natural gas (Henry Hub). The average prices used for 2021 were $66.56 per barrel for NYMEX crude oil (WTI) and $3.60 per MCF for natural gas (Henry Hub). The average prices used for 2020 were $39.57 per barrel for NYMEX crude oil (WTI) and $1.98 per MCF for natural gas (Henry Hub).


(Millions of dollars)	United States		Canada		Other		Total
December 31, 2022
Unproved oil and natural gas properties	$	494.6	$	19.2	$	135.1	$	648.9
Proved oil and natural gas properties	15,051.9		4,684.8		55.9		19,792.6
Gross capitalized costs	15,546.5		4,704.0		191.0		20,441.5
Accumulated depreciation, depletion and amortization
Unproved oil and natural gas properties	(117.8)		—		(14.7)		(132.5)
Proved oil and natural gas properties	(8,873.6)		(3,208.0)		(41.3)		(12,122.9)
Net capitalized costs	$	6,555.1	$	1,496.0	$	135.0	$	8,186.1
December 31, 2021
Unproved oil and natural gas properties	$	602.8	$	17.7	$	141.7	$	762.2
Proved oil and natural gas properties	14,690.7		4,865.1		100.0		19,655.8
Gross capitalized costs	15,293.5		4,882.8		241.7		20,418.0
Accumulated depreciation, depletion and amortization
Unproved oil and natural gas properties	(109.1)		—		(22.0)		(131.1)
Proved oil and natural gas properties	(8,821.5)		(3,320.5)		(69.0)		(12,211.0)
Net capitalized costs	$	6,362.9	$	1,562.3	$	150.7	$	8,075.9

Note: Unproved oil and natural gas properties above include costs and associated accumulated amortization of properties that do not have proved reserves; these costs include mineral interests, uncompleted exploratory wells and exploratory wells capitalized pending further evaluation.

Supplemental Quarterly Information (Unaudited)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Supplemental Quarterly Information (Unaudited)


(Millions of dollars except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Year 1
Year ended December 31, 2022
Revenue from contracts with customers	$	871.4	$	1,196.2	$	1,166.4	$	986.1	$	4,220.1
Income (loss) from continuing operations before income taxes	(81.9)		515.5		734.0		282.7		1,450.3
Income (loss) from continuing operations	(64.9)		410.4		574.5		220.8		1,140.8
Net income (loss) including noncontrolling interest	(65.5)		409.5		574.1		220.6		1,138.7
Net income (loss) attributable to Murphy	(113.3)		350.6		528.3		199.4		965.0
Income (loss) from continuing operations per Common share ²
Basic	(0.73)		2.27		3.40		1.28		6.23
Diluted	(0.73)		2.24		3.36		1.26		6.14
Net income (loss) per Common share ²
Basic	(0.73)		2.26		3.40		1.28		6.22
Diluted	(0.73)		2.23		3.36		1.26		6.13
Cash dividend per Common share	0.150		0.175		0.250		0.250		0.825
Year ended December 31, 2021
Revenue from contracts with customers	$	592.5	$	758.8	$	687.6	$	762.3	$	2,801.2
Income (loss) from continuing operations before income taxes	(355.2)		(38.1)		174.9		261.3		42.9
Income (loss) from continuing operations	(267.0)		(26.9)		138.0		204.7		48.8
Net income (loss) including noncontrolling interest	(266.8)		(27.0)		137.3		204.0		47.5
Net income (loss) attributable to Murphy	(287.4)		(63.1)		108.4		168.4		(73.7)
Income (loss) from continuing operations per Common share ²
Basic	(1.87)		(0.41)		0.70		1.09		(0.47)
Diluted	(1.87)		(0.41)		0.70		1.08		(0.47)
Net income (loss) per Common share ²
Basic	(1.87)		(0.41)		0.70		1.09		(0.48)
Diluted	(1.87)		(0.41)		0.70		1.09		(0.48)
Cash dividend per Common share	0.125		0.125		0.125		0.125		0.500

1 Revenue from contracts with customers, “Income (Loss) from continuing operations before income taxes”, “Income (Loss) from continuing operations” and “Net income (loss) including noncontrolling interest” include results attributable to the noncontrolling interest in MP GOM.

2 The sum of quarterly income (loss) from continuing operations per share and net income (loss) per share may not agree with total year net income (loss) per share as each quarterly computation is based on the weighted average of common shares outstanding.

Schedule II - Valuation Accounts and Reserves

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation Accounts and Reserves


(Millions of dollars)	Balance at January 1		Charged to Expense		Deductions		Other		Balance at December 31
2022
Deducted from asset accounts:
Allowance for doubtful accounts	$	1.6	$	—	$	—	$	—	$	1.6
Deferred tax asset valuation allowance	111.2		24.8		—		—		136.0
2021
Deducted from asset accounts:
Allowance for doubtful accounts	$	1.6	$	—	$	—	$	—	$	1.6
Deferred tax asset valuation allowance	106.4		4.8		—		—		111.2
2020
Deducted from asset accounts:
Allowance for doubtful accounts	$	1.6	$	—	$	—	$	—	$	1.6
Deferred tax asset valuation allowance	103.1		3.3		—		—		106.4

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	PRINCIPLES OF CONSOLIDATION – The consolidated financial statements include the accounts of Murphy Oil Corporation and all majority-owned subsidiaries. Undivided interests in oil and natural gas joint ventures are consolidated on a proportionate basis. Investments in affiliates in which the Company owns from 20% to 50% are accounted for by the equity method. Beginning in the fourth quarter of 2018, Murphy reports 100% of the sales volume, revenues, costs, assets and liabilities including the 20% noncontrolling interest (NCI), of MP GOM in accordance with accounting for noncontrolling interest as prescribed by ASC 810-10-45. Other investments are generally carried at cost. Intercompany accounts and transactions are eliminated.
Use of Estimates	USE OF ESTIMATES – Preparing the financial statements of the Company in accordance with U.S. generally accepted accounting principles (GAAP) requires management to make a number of estimates and assumptions that affect the reporting of amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results may differ from the estimates.
Revenue Recognition	REVENUE RECOGNITION – Revenues from sales of crude oil, natural gas liquids and natural gas are recorded when deliveries have occurred and legal ownership of the commodity transfers to the customer; the amount of revenue recognized reflects the consideration expected in exchange for those commodities. The Company measures revenue based on consideration specified in a contract and excludes taxes and other amounts collected on behalf of third parties. Revenues from the production of oil and natural gas properties in which Murphy shares in the undivided interest with other producers are recognized based on the actual volumes sold by the Company during the period. Natural gas imbalances occur when the Company’s actual natural gas sales volumes differ from its proportional share of production from the well. The Company follows the sales method of accounting for these natural gas imbalances. The Company records a liability for natural gas imbalances when it has sold more than its working interest of natural gas production and the estimated remaining reserves make it doubtful that partners can recoup their share of production from the field. At December 31, 2022 and 2021, the liabilities for natural gas balancing were immaterial. Gains and losses on asset disposals or retirements are included in net income/(loss) as a component of revenues.
Cash Equivalents	CASH EQUIVALENTS – Short-term investments, which include government securities and other instruments with government securities as collateral, that are highly liquid and have a maturity of three months or less from the date of purchase are classified as cash equivalents.
Marketable Securities	MARKETABLE SECURITIES – The Company classifies investments in marketable securities as available-for-sale or held-to-maturity. The Company does not have any investments classified as trading securities. Available-for-sale securities are carried at fair value with the unrealized gain or loss, net of tax, reported in other comprehensive loss. Held-to-maturity securities are recorded at amortized cost. Premiums and discounts are amortized or accreted into earnings over the life of the related available-for-sale or held-to-maturity security. Dividend and interest income is recognized when earned. Unrealized losses considered to be other than temporary are recognized in earnings. The cost of securities sold is based on the specific identification method. The fair value of investment securities is determined by available market prices.
Accounts Receivable	ACCOUNTS RECEIVABLE – At December 31, 2022 and 2021, the Company’s accounts receivable primarily consisted of amounts owed to the Company by customers for sales of crude oil and natural gas and operating costs related to joint venture partners working interest share. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses on these receivables. The Company reviews this allowance for adequacy at least quarterly and bases its assessment on a combination of current information about its customers, joint venture partners and historical write-off experience. Any trade accounts receivable balances written off are charged against the allowance for doubtful accounts. The Company has not experienced any significant credit-related losses in the past three years.
Inventories	INVENTORIES – Amounts included in the Consolidated Balance Sheets include unsold crude oil production and materials and supplies associated with oil and natural gas production operations. Unsold crude oil production is carried in inventory at the lower of cost (applied on a first-in, first-out basis and includes costs incurred to bring the inventory to its existing condition), or market. Materials and supplies inventories are valued at the lower of average cost or estimated market value and generally consist of tubulars and other drilling equipment.
Property, Plant and Equipment	PROPERTY, PLANT AND EQUIPMENT – The Company uses the successful efforts method to account for exploration and development expenditures. Leasehold acquisition costs are capitalized. If proved reserves are found on undeveloped property, the leasehold cost is transferred to proved properties. Costs of undeveloped leases associated with unproved properties are expensed over the life of the leases. Exploratory well costs are capitalized pending determination about whether proved reserves have been found. In certain cases, a determination of whether a drilled exploratory well has found proved reserves cannot be made immediately. This is generally due to the need for a major capital expenditure to produce and/or evacuate the hydrocarbon(s) found. The determination of whether to make such a capital expenditure is usually dependent on whether further exploratory or appraisal wells find a sufficient quantity of additional reserves. The Company continues to capitalize exploratory well costs in “Property, plant and equipment” when the well has found a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. The Company reevaluates its capitalized drilling costs at least annually to ascertain whether drilling costs continue to qualify for ongoing capitalization. Other exploratory costs, including geological and geophysical costs, are charged to expense as incurred. Development costs, including unsuccessful development wells, are capitalized. Interest is capitalized on significant development projects that are expected to take one year or more to complete.Oil and natural gas properties are evaluated by field for potential impairment. Other properties are evaluated for impairment on a specific asset basis or in groups of similar assets as applicable. An impairment is recognized when there are indications that the estimated undiscounted future net cash flows of an asset are less than its carrying value. If an impairment occurs, the carrying value of the impaired asset is reduced to fair value. The Company records a liability for asset retirement obligations (ARO) equal to the fair value of the estimated cost to retire an asset. The ARO liability is initially recorded in the period in which the obligation meets the definition of a liability, which is generally when a well is drilled or the asset is placed in service. The ARO liability is estimated by the Company’s engineers using existing regulatory requirements and anticipated future inflation rates. When the liability is initially recorded, the Company increases the carrying amount of the related long-lived asset by an amount equal to the original liability. The liability is increased over time to reflect the change in its present value and the capitalized cost is depreciated over the useful life of the related long-lived asset. The Company reevaluates the adequacy of its recorded ARO liability at least annually. Actual costs of asset retirements such as dismantling oil and natural gas production facilities and site restoration are charged against the related liability. Any difference between costs incurred upon settlement of an ARO and the recorded liability is recognized as a gain or loss in the Company’s earnings.
Capitalized Interest	CAPITALIZED INTEREST– Interest associated with borrowings from third parties is capitalized on significant oil and natural gas development projects when the expected development period extends for one year or more. Interest capitalized is credited in the Consolidated Statements of Operations and is added to the cost of the underlying asset for the development project in “Property, plant and equipment” in the Consolidated Balance Sheets. Capitalized interest is amortized over the useful life of the asset in the same manner as other development costs.
Leases	LEASES - At inception, contracts are assessed for the presence of a lease according to criteria laid out by ASC 842. If a lease is present, further criteria is assessed to determine if the lease should be classified as an operating or finance lease. Operating leases are presented on the Consolidated Balance Sheet as “Operating lease assets” with the corresponding lease liabilities presented in “Operating lease liabilities” and “Non-current operating lease liabilities”. Finance lease assets (related to Brunei) are presented on the Consolidated Balance Sheet within “Property, plant and equipment” with the corresponding liabilities presented in “Current maturities of long-term debt, finance lease” and “Long-term debt, including finance lease obligation”. Generally, lease liabilities are recognized at commencement and based on the present value of the future minimum lease payments to be made over the lease term. Lease assets are then recognized based on the value of the lease liabilities. Where implicit lease rates are not determinable, the minimum lease payments are discounted using the Company’s collateralized incremental borrowing rates. Operating leases are expensed according to their nature and recognized in LOE, Selling and general expenses or capitalized in the Consolidated Financial Statements. Finance leases are depreciated with the relevant expenses recognized in “Depreciation, depletion and amortization” and “Interest expense, net” on the Consolidated Statement of Operations.
Environmental Liabilities	ENVIRONMENTAL LIABILITIES – A liability for environmental matters is established when it is probable that an environmental obligation exists and the cost can be reasonably estimated. If there is a range of reasonably estimated costs, the most likely amount will be recorded, or if no amount is most likely, the minimum of the range is used. Related expenditures are charged against the liability. Environmental remediation liabilities have not been discounted for the time value of future expected payments. Environmental expenditures that have future economic benefit are capitalized.
Income Taxes	INCOME TAXES – The Company accounts for income taxes using the asset and liability method. Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Deferred income taxes are measured using the enacted tax rates that are assumed will be in effect when the differences reverse. The Company routinely assesses the realizability of deferred tax assets based on available evidence including assumptions of future taxable income, tax planning strategies and other pertinent factors. A deferred tax asset valuation allowance is recorded when evidence indicates that it is more likely than not that all or a portion of these deferred tax assets will not be realized in a future period. The accounting rules for income tax uncertainties permit recognition of income tax benefits only when they are more likely than not to be realized. The Company includes potential penalties and interest for uncertain income tax positions in income tax expense.
Foreign Currency	FOREIGN CURRENCY – Local currency is the functional currency used for recording operations in Canada and former refining and marketing activities in the United Kingdom. The U.S. dollar is the functional currency used to record all other operations. Exchange gains or losses from transactions in a currency other than the functional currency are included in earnings as part of Interest and other income (loss). Gains or losses from translating foreign functional currencies into U.S. dollars are included in Accumulated Other Comprehensive Loss in Consolidated Statements of Stockholders’ Equity.
Derivative Instruments and Hedging Activities	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES – The fair value of a derivative instrument is recognized as an asset or liability in the Company’s Consolidated Balance Sheets. Upon entering into a derivative contract, the Company may designate the derivative as either a fair value hedge or a cash flow hedge or decide that the contract is not a hedge for accounting purposes, and thenceforth, recognize changes in the fair value of the contract in earnings. The Company documents the relationship between the derivative instrument designated as a hedge and the hedged items as well as its objective for risk management and strategy for the use of the hedging instrument to manage the risk. Derivative instruments designated as fair value or cash flow hedges are linked to specific assets and liabilities or to specific firm commitments or forecasted transactions. The Company assesses at inception and on an ongoing basis whether a derivative instrument accounted for as a hedge is highly effective in offsetting changes in the fair value or cash flows of the hedged item. A derivative that is not a highly effective hedge does not qualify for hedge accounting. The change in the fair value of a qualifying fair value hedge is recorded in earnings along with the gain or loss on the hedged item. The effective portion of the change in the fair value of a qualifying cash flow hedge is recorded in Accumulated other comprehensive loss in the Consolidated Balance Sheets until the hedged item is recognized currently in earnings. If a derivative instrument no longer qualifies as a cash flow hedge and the underlying forecasted transaction is no longer probable of occurring, hedge accounting is discontinued, and the gain or loss recorded in Accumulated other comprehensive loss is recognized immediately in earnings. All commodity price derivatives for the periods provided are not designated as cash flow or fair value hedges and therefore changes in fair value are recognized in earnings.
Fair Value Measurements	FAIR VALUE MEASUREMENTS– The Company carries certain assets and liabilities at fair value in its Consolidated Balance Sheets. Fair value is determined using various techniques depending on the availability of observable inputs. Level 1 inputs include quoted prices in active markets for identical assets or liabilities. Level 2 inputs include observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants.
Stock-Based Compensation	STOCK-BASED COMPENSATION Equity-Settled Awards – The fair value of awarded stock options, restricted stock units and other stock-based compensation that are settled with Company shares is determined based on a combination of management assumptions and the market value of the Company’s common stock. The Company uses a Monte Carlo valuation model to determine the fair value of performance-based restricted stock units (PSUs) that are equity settled and expense is recognized over the three-year vesting period. The fair value of time-lapse restricted stock units is determined based on the price of Company stock on the date of grant and expense is recognized over the vesting period. The Company uses the Black-Scholes option pricing model for computing the fair value of equity-settled stock options. The primary assumptions made by management include the expected life of the stock option award and the expected volatility of Murphy’s common stock price. The Company uses both historical data and current information to support its assumptions. Stock option expense is recognized on a straight-line basis over the respective vesting period of two or three years. The Company estimates the number of stock options and PSUs that will not vest and adjusts its compensation expense accordingly. Differences between estimated and actual vested amounts are accounted for as an adjustment to expense when known. Cash-Settled Awards – The Company accounts for stock appreciation rights (SARs), cash-settled restricted stock units (CRSU) and phantom stock units as liability awards. Expense associated with these awards is recognized over the vesting period based on the latest available estimate of the fair value of the awards, which is generally determined using a Black-Scholes method for SAR, a Monte Carlo method for performance-based CRSU, and the period-end price of the Company’s common stock for time-based CRSU and phantom units. When SARs are exercised and when CRSU and phantom units settle, the Company adjusts previously recorded expense to the final amounts paid out in cash for these awards.
Pension and Other Postretirement Benefit Plans	PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS – The Company recognizes the funded status (the difference between the fair value of plan assets and the projected benefit obligation) of its defined benefit and other postretirement benefit plans in the Consolidated Balance Sheets. Changes in the funded status which have not yet been recognized in the Consolidated Statement of Operations are recorded net of tax in Accumulated other comprehensive loss. The remaining amounts in Accumulated other comprehensive loss include net actuarial losses and prior service (cost) credit.
Net Income (Loss) Per Common Share	NET INCOME (LOSS) PER COMMON SHARE – Basic income (loss) per common share is computed by dividing net income (loss) for each reporting period by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is computed by dividing net income (loss) for each reporting period by the weighted average number of common shares outstanding during the period plus the effects of all potentially dilutive common shares. Dilutive securities are not included in the computation of diluted income (loss) per share when a net loss occurs as the inclusion would have the effect of reducing the diluted loss per share
Accounting Principles Adopted and Recent Accounting Pronouncements	Accounting Principles Adopted Compensation-Retirement Benefits-Defined Benefit Plans-General. In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-14 which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. For public companies, the amendments in this ASU are effective for fiscal years ending after December 15, 2020, with early adoption permitted and is to be applied on a retrospective basis to all periods presented. The Company adopted the standard in the fourth quarter of 2020 and it did not have a material impact on its consolidated financial statements. Financial Instruments – Credit Losses. In June 2016, the FASB issued ASU 2016-13 which replaces the impairment model for most financial assets, including trade receivables, from the incurred loss methodology to a forward-looking expected loss model that will result in earlier recognition of credit losses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, with early adoption permitted and is to be applied on a modified retrospective basis. The Company adopted this accounting standard in the first quarter of 2020 and it did not have a material impact on its consolidated financial statements. Fair Value Measurement. In August 2018, the FASB issued ASU 2018-13 which modifies disclosure requirements related to fair value measurement. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. Early adoption is permitted. The standard also allows for early adoption of any removed or modified disclosures upon issuance of this ASU while delaying adoption of the additional disclosures until their effective date. The Company adopted this accounting standard in the first quarter of 2020 and it did not have a material impact on its consolidated financial statements. Income Taxes. In December 2019, the FASB issued ASU 2019-12, which removes certain exceptions for investments, intraperiod allocations and interim calculations and adds guidance to reduce complexity in accounting for income taxes. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Implementation on a prospective or retrospective basis varies by specific topics within the ASU. The Company adopted this guidance in the first quarter of 2021 and it did not have a material impact on its consolidated financial statements. Recent Accounting Pronouncements None affecting the Company.

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


		Years Ended December 31,
(Thousands of dollars)		2022		2021		2020
Net crude oil and condensate revenue
United States	Onshore	$	856,219	$	626,136	$	353,311
	Offshore1	2,229,658		1,478,993		940,265
Canada	Onshore	131,400		119,799		93,591
	Offshore	117,747		92,741		71,495
Other		22,824		4,924		1,806
Total crude oil and condensate revenue		3,357,848		2,322,593		1,460,468

Net natural gas liquids revenue
United States	Onshore	64,015		50,189		22,504
	Offshore1	60,424		44,411		19,749
Canada	Onshore	18,338		16,375		8,921
Total natural gas liquids revenue		142,777		110,975		51,174

Net natural gas revenue
United States	Onshore	64,037		39,803		20,132
	Offshore1	161,160		81,944		49,300
Canada	Onshore	312,629		245,900		170,635
Total natural gas revenue		537,826		367,647		240,067
Revenue from production		4,038,451		2,801,215		1,751,709

Sales of purchased natural gas
United States	Offshore	204		—		—
Canada	Onshore	181,485		—		—
Total sales of purchased natural gas		181,689		—		—

Total revenue from sales to customers		4,220,140		2,801,215		1,751,709

(Loss) gain on crude contracts		(320,410)		(525,850)		202,661
Gain on sale of assets and other income		32,932		23,916		12,971
Total revenue and other income		$	3,932,662	$	2,299,281	$	1,967,341

1 Includes revenue attributable to noncontrolling interest in MP GOM.

Current Long-Term Contracts Outstanding

Current Long-Term Contracts Outstanding at December 31, 2022

Location

Commodity

End Date

Description

Approximate Volumes

U.S.

Natural Gas and NGL

Q1 2023

Deliveries from dedicated acreage in Eagle Ford

As produced

U.S.

Natural Gas and NGL

Q2 2023

Deliveries from dedicated acreage in Eagle Ford

As produced

Canada

Natural Gas

Q4 2023

Contracts to sell natural gas at USD index pricing

25 MMCFD

Canada

Natural Gas

Q4 2023

Contracts to sell natural gas at CAD fixed prices

38 MMCFD

Canada

Natural Gas

Q4 2024

Contracts to sell natural gas at USD index pricing

31 MMCFD

Canada

Natural Gas

Q4 2024

Contracts to sell natural gas at CAD fixed prices

100 MMCFD

Canada

Natural Gas

Q4 2024

Contracts to sell natural gas at CAD fixed prices

34 MMCFD

Canada

Natural Gas

Q4 2024

Contracts to sell natural gas at USD fixed pricing

15 MMCFD

Canada

Natural Gas

Q4 2026

Contracts to sell natural gas at USD index pricing

49 MMCFD

Canada

NGL

Q3 2023

Contracts to sell natural gas liquids at CAD pricing

952 BOEPD

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The Company’s property, plant and equipment assets for the respective periods are presented as follows.


	December 31, 2022					December 31, 2021
(Thousands of dollars)	Cost		Net			Cost		Net
Exploration and production ¹	$	20,567,489	$	8,204,463	2	$	20,440,568	$	8,098,396	2
Corporate and other	150,498		23,553			145,135		29,456
Property, plant and equipment	$	20,717,987	$	8,228,016		$	20,585,703	$	8,127,852
¹ Includes unproved mineral rights as follows:	$	476,981	$	344,507		$	615,724	$	131,107

2 Includes $18,319 in 2022 and $22,543 in 2021 related to administrative assets and support equipment.

Schedule of Recognized Impairments

The following table reflects the recognized before tax impairments for the three years ended December 31, 2022.


	December 31,
(Thousands of dollars)	2022		2021		2020
Canada	$	—	$	171,296	$	—
Other Foreign	—		18,000		39,709
Corporate	—		7,000		14,060
U.S.	—		—		1,152,515
	$	—	$	196,296	$	1,206,284

Net Changes in Capitalized Exploratory Well Costs

The following table reflects the net changes in capitalized exploratory well costs during the three-year period ended December 31, 2022.


(Thousands of dollars)	2022		2021		2020
Beginning balance at January 1	$	179,481	$	181,616	$	217,326
Additions pending the determination of proved reserves	33,440		16,725		3,999

Divestment	(7,915)		—		—
Capitalized exploration well costs charged to expense	(33,146)		(18,860)		(39,709)
Ending balance at December 31	$	171,860	$	179,481	$	181,616

Aging of Capitalized Exploratory Well Costs


	2022				2021				2020
(Thousands of dollars)	Amount		No. of Wells	No. of Projects	Amount		No. of Wells	No. of Projects	Amount		No. of Wells	No. of Projects
Aging of capitalized well costs:
Zero to one year	$	15,527	2	2	$	13,273	3	3	$	—	—	—
One to two years	13,307		2	2	—		—	—	54,220		5	5
Two to three years	—		—	—	53,070		5	5	—		—	—
Three years or more	143,026		5	4	113,138		6	—	127,396		6	—
	$	171,860	9	8	$	179,481	14	8	$	181,616	11	5

Assets Held for Sale and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Major Categories of Assets and Liabilities Reflected as Held for Sale


(Thousands of dollars)	2022		2021
Current assets




Property, plant and equipment, net	$	—	$	15,453


Total current assets associated with assets held for sale	$	—	$	15,453

Results of Operations Associated with Discontinued Operations

The results of operations associated with discontinued operations are presented in the following table.


(Thousands of dollars)	2022		2021		2020
Revenues	$	—	$	795	$	4,090
Costs and expenses


Other costs and expenses	2,078		2,020		11,241


Loss from discontinued operations	$	(2,078)	$	(1,225)	$	(7,151)

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consisted of the following at December 31, 2022 and 2021:


	December 31,
(Thousands of dollars)	2022		2021
Unsold crude oil	$	6,546	$	15,497
Materials and supplies	47,967		38,701
Inventories	$	54,513	$	54,198

Financing Arrangements and Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following as of December 31, 2022 and 2021:


	December 31,
(Thousands of dollars)	2022		2021
Notes payable


6.875% notes, due August 2024	$	—	$	242,428
5.75% notes, due August 2025	248,675		548,675
5.875% notes, due December 2027	543,249		543,249
6.375% notes, due July 2028	451,934		550,000
7.05% notes, due May 2029	250,000		250,000
6.125% notes, due December 2042 ¹	339,761		349,000

Total notes payable	1,833,619		2,483,352
Unamortized debt issuance cost and discount on notes payable	(15,324)		(22,773)
Total notes payable, net of unamortized discount	1,818,295		2,460,579
Capitalized lease obligation, due through March 2029 ¹	4,844		5,489
Total debt including current maturities	1,823,139		2,466,068

Current maturities	(687)		(654)
Total long-term debt	$	1,822,452	$	2,465,414

1 Coupon rate may fluctuate 25 basis points if rating is periodically downgraded or upgraded by S&P and Moody’s.

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Reconciliation of Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligations

A reconciliation of the beginning and ending aggregate carrying amount of the ARO for 2022 and 2021 is shown in the following table.


(Thousands of dollars)	2022		2021
Balance at beginning of year	$	971,893	$	849,956
Accretion	46,243		46,613
Liabilities incurred	46,449		54,439

Revisions of previous estimates	(78,229)		48,737
Liabilities settled	(64,255)		(27,824)

Liabilities associated with assets held for sale	—		263
Changes due to translation of foreign currencies	(10,448)		(291)
Balance at end of year	911,653		971,893
Current portion of liability at end of year ¹	(94,385)		(132,117)
Noncurrent portion of liability at end of year	$	817,268	$	839,776

1 Included in “Other accrued liabilities” on the Consolidated Balance Sheets.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income (loss) from continuing operations before income taxes for each of the three years presented and income tax expense (benefit) attributable thereto were as follows.


(Thousands of dollars)	2022		2021		2020
Income (loss) from continuing operations before income taxes
United States	$	1,306,200	$	114,659	$	(1,407,598)
Foreign	144,061		(71,768)		(141,437)
Total	$	1,450,261	$	42,891	$	(1,549,035)
Income tax expense (benefit)
U.S. Federal – Current	$	—	$	—	$	(10,627)
– Deferred	234,749		(1,480)		(249,253)
Total U.S. Federal	234,749		(1,480)		(259,880)
State	9,010		3,303		(8,413)
Foreign – Current	18,134		(5,158)		(5,072)
– Deferred	47,571		(2,527)		(20,376)
Total Foreign	65,705		(7,685)		(25,448)
Total	$	309,464	$	(5,862)	$	(293,741)

Effective Income Tax Rates

The following table reconciles income taxes based on the U.S. statutory tax rate to the Company’s income tax expense.


(Thousands of dollars)	2022		2021		2020
Income tax expense (benefit) based on the U.S. statutory tax rate	$	304,555	$	9,007	$	(325,299)

Foreign income (loss) subject to foreign tax rates different than the U.S. statutory rate	10,823		13,270		(3,791)
State income taxes, net of federal benefit	7,118		2,500		(6,646)
U.S. tax benefit on certain foreign upstream investments	—		(8,916)		—
Change in deferred tax asset valuation allowance related to other foreign exploration expenditures	24,748		4,814		7,707
Tax effect on income attributable to noncontrolling interest	(36,471)		(25,450)		23,712
Other, net	(1,309)		(1,087)		10,576
Total	$	309,464	$	(5,862)	$	(293,741)

Analysis of Deferred Tax Assets and Deferred Tax Liabilities Showing Tax Effects of Significant Temporary Differences

An analysis of the Company’s deferred tax assets and deferred tax liabilities at December 31, 2022 and 2021 showing the tax effects of significant temporary differences follows.


(Thousands of dollars)	2022		2021
Deferred tax assets
Property and leasehold costs	$	242,467	$	241,833
Liabilities for dismantlements	31,017		37,728
Postretirement and other employee benefits	86,798		114,790

U. S. net operating loss	442,699		577,531
Investment in partnership	11,595		39,396
Other deferred tax assets	111,212		135,838
Total gross deferred tax assets	925,788		1,147,116
Less valuation allowance	(136,008)		(111,259)
Net deferred tax assets	789,780		1,035,857
Deferred tax liabilities
Deferred tax on undistributed foreign earnings	(5,000)		(5,000)
Accumulated depreciation, depletion and amortization	(796,510)		(786,846)

Other deferred tax liabilities	(85,284)		(41,387)
Total gross deferred tax liabilities	(886,794)		(833,233)
Net deferred tax (liabilities) assets	$	(97,014)	$	202,624

Reconciliation of Beginning and Ending Amount of Consolidated Liability for Unrecognized Income Tax Benefits

A reconciliation of the beginning and ending amount of the consolidated liability for unrecognized income tax benefits during the three years presented is shown in the following table.


(Thousands of dollars)	2022		2021		2020
Balance at January 1	$	2,903	$	2,832	$	2,538
Additions for tax positions related to current year	77		71		3,042
Additions for tax positions related to prior year	948		—		—

Settlements with taxing authorities	—		—		(2,748)

Balance at December 31	$	3,928	$	2,903	$	2,832

Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Plans, Amounts Recognized in the Financial Statements

Amounts recognized in the financial statements with respect to share-based plans are shown in the following table:


(Thousands of dollars)	2022		2021		2020
Compensation charged against income before income tax benefit	$	74,587	$	43,660	$	24,812
Related income tax benefit recognized in income	12,710		7,196		2,672

Changes in PSUs and RSUs Outstanding

Changes in PSUs outstanding for each of the last three years are presented in the following table.


(Number of stock units)	2022	2021	2020
Outstanding at beginning of year	2,670,756	2,207,429	2,129,733
Granted	595,700	1,156,800	999,700
Vested and issued	(654,177)	(642,473)	(429,194)
Forfeited	(463,812)	(51,000)	(492,810)
Outstanding at end of year	2,148,467	2,670,756	2,207,429

Changes in RSUs outstanding for each of the last three years are presented in the following table.


(Number of share units)	2022	2021	2020
Outstanding at beginning of year	1,451,438	1,383,043	1,535,080
Granted	416,492	573,907	446,848
Vested and issued	(462,418)	(476,012)	(271,285)
Forfeited	(177,720)	(29,500)	(327,600)
Outstanding at end of year	1,227,792	1,451,438	1,383,043

Assumptions used in Valuation of Performance Awards Granted

The assumptions used in the valuation of the performance awards granted in 2022, 2021 and 2020 are presented in the following table.


	2022	2021	2020
Fair value per share at grant date	$37.77 - $47.37	$16.03	$21.51
Assumptions
Expected volatility	79.00% - 81.00%	74.00%	39.00%
Risk-free interest rate	1.39% - 2.85%	0.18%	1.40%
Stock beta	1.195 - 1.200	1.169	0.864
Expected life	3.0 years	3.0 years	3.0 years

Schedule of Stock Unit Awards

The fair value of the time-based restricted stock units awarded in 2022, 2021 and 2020 are presented in the following table.


Type of Plan	Valuation Methodology	2022	2021	2020
Non-Employee Directors1	Closing Stock Price at Grant Date	$32.84	$13.14 - $23.58	$22.59
Long-Term Incentive Plan, 2	Average Low/High Stock Price at Grant Date	$29.80 - $49.86	12.30	21.68

1 Under the 2021 NED Plan, RSUs granted in 2021 are scheduled to vest in February 2022.

Changes in Stock Options Outstanding

Changes in stock options outstanding during the last three years are presented in the following table.


	Number of Shares	Average Exercise Price
Outstanding at December 31, 2019	2,920,410	43.93
Outstanding at Exercised	(47,000)	17.57
Outstanding at Forfeited	(825,010)	54.85
Outstanding at December 31, 2020	2,048,400	40.14

Exercised	(170,000)	17.57
Forfeited	(558,900)	52.61
Outstanding at December 31, 2021	1,319,500	37.77

Exercised	(760,500)	23.29
Forfeited	(546,000)	49.65
Outstanding at December 31, 2022	13,000	28.51
Exercisable at December 31, 2019	3,182,345	49.10
Exercisable at December 31, 2020	2,048,400	37.88
Exercisable at December 31, 2021	1,319,500	34.25
Exercisable at December 31, 2022	13,000	28.51

Additional Information about Stock Options Outstanding

Additional information about stock options outstanding at December 31, 2022 is shown below.


	Options Outstanding				Options Exercisable
Exercisable Price	No. of Options	Avg. Life Remaining in Years	Aggregate Intrinsic Value		No. of Options	Avg. Life Remaining in Years	Aggregate Intrinsic Value
28.51	13,000	1.1	$	188,565	13,000	1.1	$	188,565

Employee and Retiree Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Plans' Benefit Obligations and Fair Value of Assets and Statement of Funded Status


	Pension Benefits				Other Postretirement Benefits
(Thousands of dollars)	2022		2021		2022		2021
Change in benefit obligation
Obligation at January 1	$	939,380	$	981,467	$	96,133	$	108,378
Service cost	7,875		8,199		968		1,295
Interest cost	22,747		14,784		2,211		2,071
Participant contributions	—		—		2,283		2,648
Actuarial loss (gain)	(238,407)		(24,440)		(29,533)		(9,519)
Medicare Part D subsidy	—		—		331		300
Exchange rate changes	(21,018)		(1,764)		(20)		3
Benefits paid	(47,504)		(38,866)		(4,694)		(4,041)



Plan amendments	—		—		—		(5,002)
Obligation at December 31	663,073		939,380		67,679		96,133
Change in plan assets
Fair value of plan assets at January 1	611,302		586,720		—		—
Actual return on plan assets	(133,395)		33,687		—		—
Employer contributions	41,145		31,607		2,080		1,093
Participant contributions	—		—		2,283		2,648
Medicare Part D subsidy	—		—		331		300
Exchange rate changes	(20,604)		(1,846)		—		—
Benefits paid	(47,504)		(38,866)		(4,694)		(4,041)

Fair value of plan assets at December 31	450,944		611,302		—		—
Funded status and amounts recognized in the Consolidated Balance Sheets at December 31
Deferred charges and other assets	3,584		5,535		—		—
Other accrued liabilities	(9,693)		(10,144)		(4,830)		(4,867)
Deferred credits and other liabilities	(206,020)		(323,469)		(62,849)		(91,266)
Fund Status and net plan liability recognized at December 31	$	(212,129)	$	(328,078)	$	(67,679)	$	(96,133)

The preceding tables in this note include the following amounts related to foreign benefit plans.


	Pension Benefits				Other Postretirement Benefits
(Thousands of dollars)	2022		2021		2022		2021
Benefit obligation at December 31	$	122,915	$	225,117	$	107	$	526
Fair value of plan assets at December 31	115,862		218,746		—		—
Net plan liabilities recognized	(7,053)		(6,371)		(107)		(526)
Net periodic benefit expense (benefit)	(5,322)		598		62		64

Amounts Included in Accumulated Other Comprehensive Loss Not Recognized in Net Periodic Benefit Expense


(Thousands of dollars)	Pension Benefits		Other Postretirement Benefits
Net actuarial gain (loss)	$	(194,735)	$	42,129
Prior service (credit) cost	(2,181)		4,470
	$	(196,916)	$	46,599

Projected Benefit Obligations, Accumulated Benefit Obligations and Fair Value of Plan Assets


	Projected Benefit Obligations				Accumulated Benefit Obligations				Fair Value of Plan Assets
(Thousands of dollars)	2022		2021		2022		2021		2022		2021
Funded qualified plans where accumulated benefit obligation exceeds fair value of plan assets	$	511,375	$	734,375	$	499,338	$	723,887	$	434,283	$	589,529
Unfunded nonqualified and directors’ plans where accumulated benefit obligation exceeds fair value of plan assets	141,917		188,713		139,634		188,530		—		—
Unfunded other postretirement plans	67,679		96,133		67,679		96,133		—		—

Components of Net Periodic Benefit Expense

The table that follows provides the components of net periodic benefit expense for each of the three years ended December 31, 2022.


	Pension Benefits						Other Postretirement Benefits
(Thousands of dollars)	2022		2021		2020		2022		2021		2020
Service cost	$	7,875	$	8,199	$	7,967	$	968	$	1,295	$	1,373
Interest cost	22,747		14,784		21,127		2,211		2,071		2,626
Expected return on plan assets	(36,458)		(19,222)		(24,316)		—		—		—
Amortization of prior service cost (credit)	(684)		591		640		(532)		—		—
Amortization of transitional (asset) liability	231		—		—		(587)		—		—
Recognized actuarial (gain) loss	15,867		20,565		22,828		(28)		(29)		(31)
Net periodic benefit expense	9,578		24,917		28,246		2,032		3,337		3,968
Termination benefits expense	—		—		8,434		—		—		—
Curtailment expense	—		—		586		—		—		(1,825)
Total net periodic benefit expense	$	9,578	$	24,917	$	37,266	$	2,032	$	3,337	$	2,143

Weighted-Average Assumptions used in Measurement of Benefit Obligations and Net Periodic Benefit Expense


	Benefit Obligations								Net Periodic Benefit Expense
	Pension Benefits				Other Postretirement Benefits				Pension Benefits				Other Postretirement Benefits
	December 31,				December 31,				Year				Year
	2022		2021		2022		2021		2022		2021		2022		2021
Discount rate	5.30	%	2.54	%	5.41	%	2.86	%	3.13	%	2.24	%	2.86	%	2.51	%
Rate of compensation increase	3.50	%	3.04	%	—		—		3.00	%	3.04	%	—		—
Cash balance interest credit rate	3.20	%	1.89	%	—		—		—		—		—		—
Expected return on plan assets	—		—		—		—		6.24	%	4.25	%	—		—

Benefit Payments Expected to be Paid in Future Years

Benefit payments, reflecting expected future service as appropriate, which are expected to be paid in future years from the assets of the plans or by the Company, are shown in the following table.


(Thousands of dollars)	Pension Benefits		Other Postretirement Benefits
2023	$	45,104	$	4,830
2024	46,418		4,858
2025	46,240		4,808
2026	47,003		4,820
2027	47,293		4,778
2028-2032	244,253		23,648

Weighted Average Asset Allocation for Funded Pension Benefit Plans

The weighted average asset allocation for the Company’s funded pension benefit plans at December 31, 2022 and 2021 are presented in the following table.


	December 31,
	2022		2021
Equity securities	65.7	%	60.9	%
Fixed income securities	23.4	%	21.7	%
Alternatives	7.3	%	13.5	%
Cash equivalents	3.6	%	3.9	%
	100.0	%	100.0	%

Fair Value Measurements of Retirement Plan Assets

At December 31, 2022, the fair value measurements of retirement plan assets within the fair value hierarchy are included in the table that follows.


			Fair Value Measurements Using
(Thousands of dollars)	Fair Value at December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Domestic Plans
Equity securities:
U.S. core equity	$	96,433	$	96,433	$	—	$	—
U.S. small/midcap	64,421		64,421		—		—
Other alternative strategies	12,106		—		—		12,106
International equity	44,672		44,672		—		—
Emerging market equity	13,541		13,541		—		—
Fixed income securities:
U.S. fixed income	85,190		35,661		49,528		—
International commingled trust fund	—		—		—		—
Emerging market mutual fund	—		—		—		—
Cash and equivalents	18,719		18,719		—		—
Total Domestic Plans	335,082		273,447		49,528		12,106
Foreign Plans
Equity securities funds	23,877		—		23,877		—
Fixed income securities funds	30,727		—		30,727		—
Diversified pooled fund	31,246		—		31,246		—
Other	20,628		—		—		20,628
Cash and equivalents	9,384		—		9,384		—
Total Foreign Plans	115,862		—		95,234		20,628
Total	$	450,944	$	273,447	$	144,763	$	32,734

At December 31, 2021, the fair value measurements of retirement plan assets within the fair value hierarchy are included in the table that follows.


			Fair Value Measurements Using
(Thousands of dollars)	Fair Value at December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Domestic Plans
Equity securities:
U.S. core equity	$	108,422	$	108,422	$	—	$	—
U.S. small/midcap	73,222		73,222		—		—
Other alternative strategies	47,248		—		—		47,248
International equity	47,546		47,546		—		—
Emerging market equity	14,937		14,937		—		—
Fixed income securities:
U.S. fixed income	92,231		36,888		55,343		—


Cash and equivalents	8,951		8,951		—		—
Total Domestic Plans	392,557		289,966		55,343		47,248
Foreign Plans
Equity securities funds	73,642		—		73,642		—
Fixed income securities funds	40,610		—		40,610		—
Diversified pooled fund	54,317		—		54,317		—
Other	35,606		—		—		35,606
Cash and equivalents	14,570		—		14,570		—
Total Foreign Plans	218,745		—		183,139		35,606
Total	$	611,302	$	289,966	$	238,482	$	82,854

Effects of Fair Value Measurements Using Significant Unobservable Inputs on Changes in Level 3 Plan Assets

The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets are outlined below:


(Thousands of dollars)	Hedged Funds and Other Alternative Strategies
Total at December 31, 2020	$	97,685
Actual return on plan assets:
Relating to assets held at the reporting date	5,206

Purchases, sales and settlements	(20,037)
Total at December 31, 2021	82,854
Actual return on plan assets:
Relating to assets held at the reporting date	(38,389)

Purchases, sales and settlements	(11,731)
Total at December 31, 2022	$	32,734

Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments Not Designated as Hedging Instruments

At December 31, 2022 and 2021, the fair value of derivative instruments not designated as hedging instruments are presented in the following table. See also Note P.


(Thousands of dollars)	Asset (Liability) Derivatives Fair Value at December 31,
Type of Derivative Contract	Balance Sheet Location	2022	2021
Commodity swaps	Accounts payable	—	(239,882)
Commodity collars	Accounts receivable	—	4,280
	Accounts payable	—	(19,533)

Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments


		Gain (Loss)
(Thousands of dollars)		Year Ended December 31,
Type of Derivative Contract	Statement of Operations Locations	2022		2021		2020
Commodity swaps	(Loss) Gain on derivative instruments	$	(160,690)	$	(510,596)	$	202,661
Commodity collars	(Loss) Gain on derivative instruments	(159,721)		(15,254)		—

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Weighted-Average Shares Outstanding for Computation of Basic and Diluted Income per Common Share

The following table reconciles the weighted-average shares outstanding used for these computations.


(Weighted-average shares)	2022	2021	2020
Basic method	155,276,533	154,290,741	153,507,109
Dilutive stock options and restricted stock units ¹	2,198,305	—	—
Diluted method	157,474,838	154,290,741	153,507,109

Anti Dilutive Securities Not Included in Computation of Diluted EPS


	2022	2021	2020
Antidilutive stock options excluded from diluted shares	126,000	1,420,992	2,246,532
Weighted average price of these options	$49.65	$35.30	$39.67

Other Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Other Financial Information [Abstract]

Noncash Operating Working Capital (Increase) Decrease

Noncash operating working capital (increased) decreased during each of the three years ended December 31, 2022 as shown in the following table.


(Thousands of dollars)	2022		2021		2020
Net (increase) decrease in operating working capital, excluding cash and cash equivalents:
(Increase) decrease in accounts receivable ¹	$	(137,228)	$	8,056	$	164,613
(Increase) decrease in inventories	(1,534)		12,809		5,953
(Increase) decrease in prepaid expenses	(3,413)		2,003		7,178
Increase (decrease) in accounts payable and accrued liabilities ¹	69,854		95,166		(208,740)
Increase (decrease) in income taxes payable	6,593		423		(1,031)
Net (increase) decrease in noncash operating working capital	$	(65,728)	$	118,457	$	(32,027)
Supplementary disclosures:
Cash income taxes paid, net of refunds	$	24,853	$	2,138	$	(44,175)
Interest paid, net of amounts capitalized of $16.3 million in 2022, $16.1 million in 2021 and $8.0 million in 2020	149,957		165,699		191,561

Non-cash investing activities:
Asset retirement costs capitalized	$	(21,147)	$	54,439	$	14,736
(Increase) decrease in capital expenditure accrual	(31,397)		9,788		84,645

1 Excludes receivable/payable balances relating to mark-to-market of crude contracts.

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Components of Accumulated Other Comprehensive Loss

The components of AOCL on the Consolidated Balance Sheets at December 31, 2022 and December 31, 2021 and the changes during 2022 and 2021 are presented net of taxes in the following table.


(Thousands of dollars)	Foreign Currency Translation Gains (Losses)		Retirement and Postretirement Benefit Plan Adjustments			Deferred Loss on Interest Rate Derivative Hedges			Total
Balance at December 31, 2020	$	(324,011)	$	(275,632)		$	(1,690)		$	(601,333)
2021 components of other comprehensive income (loss):
Before reclassifications to income	12,116		40,095			—			52,211
Reclassifications to income	—		19,721		¹	1,690		²	21,411
Net other comprehensive income	12,116		59,816			1,690			73,622
Balance at December 31, 2021	(311,895)		(215,816)			—			(527,711)
2022 components of other comprehensive income (loss):
Before reclassifications to income	(106,335)		87,362			—			(18,973)
Reclassifications to income	—		11,998		¹	—		²	11,998
Net other comprehensive income (loss)	(106,335)		99,360			—			(6,975)
Balance at December 31, 2022	$	(418,230)	$	(116,456)		$	—		$	(534,686)

Assets and Liabilities Measured at Fair Value (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis

The fair value measurements for these assets and liabilities at December 31, 2022 and 2021 are presented in the following table.


	December 31, 2022								December 31, 2021
(Thousands of dollars)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Commodity collars	$	—	$	—	$	—	$	—	$	—	$	4,280	$	—	$	4,280



Liabilities:
Nonqualified employee savings plan	$	15,135	$	—	$	—	$	15,135	$	16,962	$	—	$	—	$	16,962
Commodity collars	—		—		—		—		—		19,533		—		19,533
Contingent consideration	—		—		—		—		—		—		196,151		196,151
Commodity swaps	—		—		—		—		—		239,882		—		239,882
	$	15,135	$	—	$	—	$	15,135	$	16,962	$	259,415	$	196,151	$	472,528

Carrying Amounts and Estimated Fair Values of Financial Instruments


	December 31,
	2022				2021
(Thousands of dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets (liabilities):
Current and long-term debt	$	(1,823,139)	$	(1,668,216)	$	(2,466,068)	$	(2,666,773)

Nonrecurring Fair Value Measurements

The fair value information associated with the 2021 impaired properties is presented in the following table.


	Year Ended December 31,
							Net Book Value Prior to Impairment		Total Pretax Impairment
	Fair Value
(Thousands of dollars)	Level 1		Level 2		Level 3







2021
Assets:
Impaired proved properties
U.S. Offshore	$	—	$	—	$	156,185	$	327,481	$	171,296
Other Foreign	—		—		25,739		43,739		18,000
Corporate	—		—		36,994		43,994		7,000

Common Stock Issued and Outstanding (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Activity in Number of Shares of Common Stock Issued and Outstanding

Activity in the number of shares of Common Stock issued and outstanding for the three years ended December 31, 2022 is shown below.


(Number of shares outstanding)	2022	2021	2020
Beginning of year	154,463,050	153,598,625	152,935,361
Stock options exercised 1	181,655	32,554	11,359
Restricted stock awards 1	822,614	831,871	651,905


End of year	155,467,319	154,463,050	153,598,625

1 Shares issued upon exercise of stock options and award of restricted stock are less than the amount reflected in Note J due to withholdings for statutory income taxes owed upon issuance of shares.

Business Segments (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Revenue by Major Customers

Customers that accounted for 10% or more of the Company’s sales revenue for each of the below three years ended December 31, are shown below.


	2022		2021		2020
Chevron Corporation	19	%	30	%	24	%
ExxonMobil Corporation	12	%	N/A		N/A
Phillips 66	N/A		N/A		18	%

Segment Information


	Exploration and Production
(Millions of dollars)	United States 1		Canada		Other		Total E&P		Corporate and Other		Discontinued Operations		Consolidated Total
Year ended December 31, 2022
Segment income (loss) - including NCI 1	$	1,521.9	$	134.2	$	(77.0)	$	1,579.1	$	(438.3)	$	(2.1)	$	1,138.7
Revenues from external customers	3,461.2		762.9		23.0		4,247.1		(314.4)		—		3,932.7
Interest and other income (loss)	(6.6)		(1.9)		(0.5)		(9.0)		23.3		—		14.3
Interest expense, net of capitalization	(0.1)		—		(0.3)		(0.4)		(150.4)		—		(150.8)
Income tax expense (benefit)	370.8		43.6		2.9		417.3		(107.8)		—		309.5
Significant noncash charges (credits)

Depreciation, depletion and amortization	617.0		141.5		5.4		763.9		12.9		—		776.8
Accretion of asset retirement obligations	36.5		9.6		0.1		46.2		—		—		46.2
Amortization of undeveloped leases	8.7		0.2		4.4		13.3		—		—		13.3
Deferred and noncurrent income taxes	362.7		34.8		0.6		398.1		(112.0)		—		286.1
Additions to property, plant, equipment	838.6		208.5		(5.7)		1,041.4		21.9		—		1,063.3
Total assets at year-end	6,930.6		2,125.6		217.4		9,273.6		1,034.6		0.8		10,309.0
Year ended December 31, 2021
Segment income (loss) - including NCI 1	$	766.3	(16.1)		(33.5)		716.7		$	(668.0)	(1.2)		47.5
Revenues from external customers	2,337.5		476.3		4.9		2,818.7		(519.4)		—		2,299.3
Interest and other income (loss)	(11.6)		(1.9)		3.2		(10.3)		(6.5)		—		(16.8)
Interest expense, net of capitalization	—		—		(0.2)		(0.2)		(221.6)		—		(221.8)
Income tax expense (benefit)	183.9		(1.7)		(9.5)		172.7		(178.6)		—		(5.9)
Significant noncash charges (credits)
Impairment of assets	—		171.3		18.0		189.3		7.0		—		196.3
Depreciation, depletion and amortization	616.5		163.8		1.8		782.1		13.0		—		795.1
Accretion of asset retirement obligations	36.9		9.7		—		46.6		—		—		46.6
Amortization of undeveloped leases	11.1		0.2		7.6		18.9		—		—		18.9
Deferred and noncurrent income taxes	176.3		(1.9)		(8.0)		166.4		(170.5)		—		(4.1)
Additions to property, plant, equipment	519.5		52.7		13.1		585.3		—		—		585.3
Total assets at year-end	6,591.6		2,231.9		259.8		9,083.3		1,220.8		0.8		10,304.9


	Exploration and Production
(Millions of dollars)	United States 1		Canada		Other		Total E&P		Corporate and Other		Discontinued Operations		Consolidated Total
Year ended December 31, 2020
Segment income (loss) - including NCI 1	$	(1,014.3)	$	(35.0)	$	(85.6)	$	(1,134.9)	$	(120.3)	$	(7.2)	$	(1,262.4)
Revenues from external customers	1,411.8		345.8		1.8		1,759.4		207.9		—		1,967.3
Interest and other income (loss)	(9.9)		0.8		0.8		(8.2)		(9.1)		—		(17.3)
Interest expense, net of capitalization	—		(0.5)		(0.4)		(0.9)		(168.5)		—		(169.4)
Income tax expense (benefit)	(244.2)		(21.4)		2.1		(263.5)		(30.2)		—		(293.7)
Significant noncash charges (credits)
Impairment of assets	1,152.5		—		39.7		1,192.2		14.1		—		1,206.3
Depreciation, depletion and amortization	749.4		213.2		2.3		964.9		22.3		—		987.2
Accretion of asset retirement obligations	36.6		5.5		—		42.1		—		—		42.1
Amortization of undeveloped leases	17.2		0.4		9.1		26.7		—		—		26.7
Deferred and noncurrent income taxes	(244.2)		(10.6)		1.9		(252.9)		(25.1)		—		(278.0)
Additions to property, plant, equipment	623.1		118.3		15.2		756.6		—		—		756.6
Total assets at year-end	6,915.5		2,404.1		267.7		9,587.3		1,032.9		0.7		10,620.9

1 Includes results attributable to a noncontrolling interest in MP GOM.


Geographic Information	Certain long-lived assets at December 31 1
(Millions of dollars)	United States		Canada		Other		Total
2022	$	6,562.8	$	1,499.1	$	166.1	$	8,228.0
2021	6,371.4		1,566.9		189.6		8,127.9
2020	6,395.7		1,702.5		170.8		8,269.0

1 Certain long-lived assets at December 31 exclude investments, right-of-use operating lease assets, non-current receivables, deferred tax assets and other intangible assets.

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of Lease Expenses, Term and Discount Rate

Expenses related to finance and operating leases included in the Consolidated Financial Statements are as follows:


		Year Ended December 31,
(Thousands of dollars)	Financial Statement Category	2022		2021
Operating lease 1,2	Lease operating expenses	$	217,038	$	198,189
Operating lease 2	Transportation, gathering and processing	39,669		39,396
Operating lease 2	Selling and general expense	8,003		9,019
Operating lease 2	Other operating expense	510		7,480
Operating lease 2	Exploration expenses	10,019		902

Operating lease 2	Property, plant and equipment	196,829		81,924
Operating lease 2	Asset retirement obligations	11,190		11,103
Finance lease
Amortization of asset	Depreciation, depletion and amortization	5,481		1,173
Interest on lease liabilities	Interest expense, net	254		228
Sublease income	Other income	(1,296)		(2,482)
Net lease expense		$	487,697	$	346,932

Lease Term and Discount Rate


	December 31, 2022		December 31, 2021
Weighted average remaining lease term:
Operating leases	9 years		12 years
Finance leases	6 years		7 years
Weighted average discount rate:
Operating leases	5.9	%	5.7	%
Finance leases	4.7	%	4.7	%

Maturity of Operating Leases

Maturity of Lease Liabilities


(Thousands of dollars)	Operating Leases		Finance Leases		Total
2023	$	270,868	$	1,068	$	271,936
2024	241,455		1,069		242,524
2025	79,974		1,068		81,042
2026	61,534		1,069		62,603
2027	59,964		1,069		61,033
Remaining	548,118		1,336		549,454
Total future minimum lease payments	1,261,913		6,679		1,268,592
Less imputed interest	(298,846)		(1,835)		(300,681)
Present value of lease liabilities 1	$	963,067	$	4,844	$	967,911

1 Includes both the current and long-term portion of the lease liabilities.

Maturity of Finance Leases

Maturity of Lease Liabilities


(Thousands of dollars)	Operating Leases		Finance Leases		Total
2023	$	270,868	$	1,068	$	271,936
2024	241,455		1,069		242,524
2025	79,974		1,068		81,042
2026	61,534		1,069		62,603
2027	59,964		1,069		61,033
Remaining	548,118		1,336		549,454
Total future minimum lease payments	1,261,913		6,679		1,268,592
Less imputed interest	(298,846)		(1,835)		(300,681)
Present value of lease liabilities 1	$	963,067	$	4,844	$	967,911

1 Includes both the current and long-term portion of the lease liabilities.

Summary of Other Lease Information

Other Information


	Year Ended December 31,
(Thousands of dollars)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	212,061	$	194,412
Operating cash flows from finance leases	254		228
Financing cash flows from finance leases	636		803
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases ¹	$	262,669	$	95,500

Restructuring Charges (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Summary of Restructuring Charges

The following table presents a summary of the restructuring charges included in Operating (loss) income from continuing operations for the year ended December 31, 2020.


(Thousands of dollars)	Year Ended December 31, 2020
Severance	$	25,088
Contract exit costs and other	13,993
Pension and termination benefit charges	10,913
Restructuring charges	$	49,994

Supplemental Oil and Gas Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2022

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Summary of Proved Reserves Based on Average Prices


	Equivalents
(Millions of barrels of oil equivalent)	Total	United States	Canada	Other
Proved developed and undeveloped reserves:
December 31, 2019	825.0	500.1	324.1	0.8
Revisions of previous estimates	(194.7)	(146.6)	(47.3)	(0.8)

Extensions and discoveries	150.3	19.5	130.7	—

Sales of properties	(1.7)	(1.7)	—	—
Production	(63.9)	(42.8)	(21.1)	—
December 31, 2020	714.9	328.5	386.4	—
Revisions of previous estimates	(52.9)	35.6	(89.3)	0.8

Extensions and discoveries	109.4	18.2	91.3	—
Purchases of properties	7.4	1.6	5.8	—
Sales of properties	(0.7)	—	(0.7)	—
Production	(61.1)	(40.4)	(20.6)	(0.1)
December 31, 2021	716.9	343.4	372.8	0.7
Revisions of previous estimates	(23.6)	29.0	(52.8)	0.2
Improved recovery	5.3	5.3	—	—
Extensions and discoveries	80.1	20.6	59.5	—
Purchases of properties	5.0	5.0	—	—
Sales of properties	(4.4)	(4.4)	—	—
Production	(63.9)	(41.9)	(21.7)	(0.3)
December 31, 2022 ¹	715.4	357.0	357.8	0.6
Proved developed reserves:
December 31, 2019	472.3	273.4	198.1	0.8
December 31, 2020	410.8	230.3	180.5	—
December 31, 2021	419.2	241.9	176.8	0.6
December 31, 2022 ²	436.0	264.2	171.3	0.5
Proved undeveloped reserves:
December 31, 2019	352.7	226.7	126.0	—
December 31, 2020	304.1	98.2	205.9	—
December 31, 2021	297.7	101.6	196.0	0.1
December 31, 2022 ³	279.4	92.8	186.5	0.1

1 Includes proved reserves of 18.2 MMBOE, consisting of 16.5 MMBBL oil, 0.6 MMBBL NGLs and 5.6 BCF natural gas attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 15.0 MMBOE, consisting of 13.7 MMBBL oil, 0.5 MMBBL NGLs and 4.2 BCF natural gas attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 3.2 MMBOE, consisting of 2.8 MMBBL oil, 0.1 MMBBL NGLs and 1.4 BCF natural gas attributable to the noncontrolling interest in MP GOM.

4 Totals within the tables may not add as a result of rounding.


(Millions of barrels)	Total	United States	Canada	Other
Proved developed and undeveloped crude oil reserves:
December 31, 2019	423.9	377.8	45.3	0.8
Revisions of previous estimates	(137.4)	(116.8)	(19.8)	(0.8)

Extensions and discoveries	19.6	14.5	5.1	—

Sales of properties	(1.5)	(1.5)	—	—
Production	(38.1)	(33.4)	(4.7)	—
December 31, 2020	266.5	240.6	25.9	—
Revisions of previous estimates	39.3	31.1	7.5	0.7

Extensions and discoveries	14.1	13.5	0.6	—
Purchases of properties	6.4	1.3	5.2	—
Production	(34.9)	(31.5)	(3.3)	(0.1)
December 31, 2021	291.5	255.0	35.9	0.6
Revisions of previous estimates	23.4	19.9	3.3	0.2
Improved recovery	4.7	4.7	—	—
Extensions and discoveries	18.9	16.1	2.8	—
Purchases of properties	4.2	4.2	—	—
Sales of properties	(3.6)	(3.6)	—	—
Production	(35.5)	(32.7)	(2.5)	(0.3)
December 31, 2022 ¹	303.6	263.6	39.5	0.5
Proved developed crude oil reserves:
December 31, 2019	230.9	205.0	25.1	0.8
December 31, 2020	179.8	161.4	18.4	—
December 31, 2021	191.5	174.9	16.0	0.5
December 31, 2022 ²	209.0	194.4	14.2	0.4
Proved undeveloped crude oil reserves:
December 31, 2019	193.0	172.8	20.2	—
December 31, 2020	86.7	79.2	7.5	—
December 31, 2021	99.9	80.0	19.8	0.1
December 31, 2022 ³	94.6	69.2	25.3	0.1

1 Includes total proved reserves of 16.5 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 13.7 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 2.8 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

4 Totals within the tables may not add as a result of rounding.


(Millions of barrels)	Total	United States	Canada	Other
Proved developed and undeveloped NGL reserves:
December 31, 2019	56.1	52.8	3.3	—
Revisions of previous estimates	(16.4)	(17.1)	0.7	—
Extensions and discoveries	2.8	2.7	0.1	—

Sales of properties	(0.1)	(0.1)	—	—
Production	(4.2)	(3.7)	(0.5)	—
December 31, 2020	38.2	34.6	3.6	—
Revisions of previous estimates	1.4	1.4	—	—
Extensions and discoveries	2.5	2.4	0.1	—
Purchases of properties	0.1	0.1	—	—
Production	(3.8)	(3.4)	(0.4)	—
December 31, 2021	38.4	35.1	3.3	—
Revisions of previous estimates	4.4	3.9	0.5	—
Improved recovery	0.2	0.2	—	—
Extensions and discoveries	2.5	1.9	0.6	—
Purchases of properties	0.3	0.3	—	—
Sales of properties	(0.2)	(0.2)	—	—
Production	(3.9)	(3.6)	(0.3)	—
December 31, 2022 ¹	41.7	37.6	4.1	—
Proved developed NGL reserves:
December 31, 2019	28.1	26.2	1.9	—
December 31, 2020	28.7	25.5	3.2	—
December 31, 2021	28.4	25.6	2.8	—
December 31, 2022 ²	29.7	27.4	2.3	—
Proved undeveloped NGL reserves:
December 31, 2019	28.0	26.6	1.4	—
December 31, 2020	9.5	9.1	0.4	—
December 31, 2021	10.0	9.5	0.5	—
December 31, 2022 ³	12.0	10.2	1.8	—

1 Includes total proved reserves of 0.6 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 0.5 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 0.1 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.


(Billions of cubic feet)	Total	United States	Canada	Other
Proved developed and undeveloped natural gas reserves:
December 31, 2019	2,069.7	416.8	1,652.9	—
Revisions of previous estimates	(245.4)	(76.2)	(169.2)	—

Extensions and discoveries	767.2	14.0	753.2	—

Sales of properties	(0.7)	(0.7)	—	—
Production	(129.8)	(34.4)	(95.4)	—
December 31, 2020	2,461.0	319.5	2,141.5	—
Revisions of previous estimates	(562.2)	18.7	(581.0)	0.2

Extensions and discoveries	556.7	13.5	543.2	—
Purchases of properties	5.4	1.5	3.9	—
Sale of properties	(4.4)	—	(4.4)	—
Production	(134.2)	(32.8)	(101.4)	—
December 31, 2021	2,322.3	320.3	2,001.8	0.2
Revisions of previous estimates	(309.8)	30.7	(340.5)	—
Improved recovery	2.6	2.6	—	—
Extensions and discoveries	352.4	15.7	336.7	—
Purchases of properties	2.9	2.9	—	—
Sales of properties	(3.6)	(3.6)	—	—
Production	(146.9)	(33.7)	(113.2)	—
December 31, 2022 1,4	2,219.9	334.9	1,884.8	0.2
Proved developed natural gas reserves:
December 31, 2019	1,279.8	253.1	1,026.7	—
December 31, 2020	1,213.8	260.2	953.6	—
December 31, 2021	1,196.0	248.1	947.7	0.2
December 31, 2022 2,4	1,183.1	254.1	928.8	0.2
Proved undeveloped natural gas reserves:
December 31, 2019	789.9	163.7	626.2	—
December 31, 2020	1,247.2	59.3	1,187.9	—
December 31, 2021	1,126.4	72.2	1,054.1	—
December 31, 2022 ³	1,036.8	80.8	956.0	—

1 Includes total proved reserves of 5.6 BCF for Total and United States attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 4.2 BCF for Total and United States attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 1.4 BCF for Total and United States attributable to the noncontrolling interest in MP GOM.

5 Totals within the tables may not add as a result of rounding.

Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities


(Millions of dollars)	United States		Canada 1		Other		Total
Year ended December 31, 2022
Property acquisition costs
Unproved	$	1.8	$	—	$	—	$	1.8
Proved	128.5		—		—		128.5
Total acquisition costs	130.3		—		—		130.3
Exploration costs	42.2		0.8		70.3		113.3
Development costs	704.9		208.5		4.3		917.7
Total costs incurred	877.4		209.3		74.6		1,161.3
Charged to expense
Dry hole expense	23.0		—		59.1		82.1
Geophysical and other costs	15.8		0.8		21.1		37.7
Total charged to expense	38.8		0.8		80.2		119.8
Property additions	$	838.6	$	208.5	$	(5.7)	$	1,041.4
Year ended December 31, 2021
Property acquisition costs
Unproved	$	8.8	$	—	$	—	$	8.8
Proved	19.9		(20.4)		—		(0.5)
Total acquisition costs	28.7		(20.4)		—		8.3
Exploration costs	31.7		0.4		30.1		62.2
Development costs	513.2		102.4		3.7		619.3
Total costs incurred	573.6		82.4		33.8		689.8
Charged to expense
Dry hole expense	17.3		—		—		17.3
Geophysical and other costs	13.1		0.4		19.3		32.8
Total charged to expense	30.4		0.4		19.3		50.1
Property additions	$	543.2	$	82.0	$	14.5	$	639.7
Year ended December 31, 2020
Property acquisition costs
Unproved	$	6.5	$	0.5	$	7.3	$	14.3
Proved	0.2		—		—		0.2
Total acquisition costs	6.7		0.5		7.3		14.5
Exploration costs	34.3		(0.4)		24.7		58.6
Development costs	609.2		120.8		6.8		736.8
Total costs incurred	650.2		120.9		38.8		809.9
Charged to expense

Geophysical and other costs	14.3		0.7		23.6		38.6
Total charged to expense	14.3		0.7		23.6		38.6
Property additions	$	635.9	$	120.2	$	15.2	$	771.3

1 2021 Canada proved property acquisitions represents cash received from divesting partners on acquisition of an additional 7.525% working interest at Terra Nova as part of the sanction of an asset life extension project.

Results of Operations for Oil andGas Producing Activities


(Millions of dollars)	United States		Canada		Other		Total
Year ended December 31, 2022
Revenues
Crude oil and natural gas liquids sales	$	3,210.3	$	267.5	$	22.8	$	3,500.6
Natural gas sales	225.3		312.6		—		537.9
Sales of purchased natural gas	0.2		181.5		—		181.7
Total oil and natural gas revenues	3,435.8		761.6		22.8		4,220.2
Other operating revenues	25.4		1.3		—		26.7
Total revenues	3,461.2		762.9		22.8		4,246.9
Costs and expenses
Lease operating expenses	522.7		155.1		1.5		679.3
Severance and ad valorem taxes	55.7		1.3		—		57.0
Transportation, gathering and processing	142.2		70.5		—		212.7
Costs of purchased natural gas	0.2		171.8		—		172.0

Exploration costs charged to expense	38.8		0.8		80.2		119.8
Undeveloped lease amortization	8.7		0.2		4.4		13.3
Depreciation, depletion and amortization	617.0		141.5		5.4		763.9
Accretion of asset retirement obligations	36.5		9.6		0.1		46.2

Selling and general expenses	20.4		21.9		2.2		44.5
Other expenses (benefits)	126.3		12.4		3.1		141.8
Total costs and expenses	1,568.5		585.1		96.9		2,250.5
Results of operations before taxes	1,892.7		177.8		(74.1)		1,996.4
Income tax expense (benefit)	370.8		43.6		2.9		417.3
Results of operations	$	1,521.9	$	134.2	$	(77.0)	$	1,579.1
Year ended December 31, 2021
Revenues
Crude oil and natural gas liquids sales	$	2,199.7	$	228.9	$	4.9	$	2,433.5
Natural gas sales	121.8		245.9		—		367.7
Total oil and natural gas revenues	2,321.5		474.8		4.9		2,801.2
Other operating revenues	16.0		1.5		—		17.5
Total revenues	2,337.5		476.3		4.9		2,818.7
Costs and expenses
Lease operating expenses	406.4		136.3		(3.2)		539.5
Severance and ad valorem taxes	39.6		1.6		—		41.2
Transportation, gathering and processing	126.5		60.5		—		187.0

Exploration costs charged to expense	30.4		0.4		19.3		50.1
Undeveloped lease amortization	11.1		0.2		7.6		18.9
Depreciation, depletion and amortization	616.5		163.8		1.8		782.1
Accretion of asset retirement obligations	36.9		9.7		—		46.6
Impairment of assets	—		171.3		18.0		189.3
Selling and general expenses	20.5		16.5		6.6		43.6
Other expenses	99.4		(66.2)		(2.2)		31.0
Total costs and expenses	1,387.3		494.1		47.9		1,929.3
Results of operations before taxes	950.2		(17.8)		(43.0)		889.4
Income tax expense (benefit)	183.9		(1.7)		(9.5)		172.7
Results of operations	$	766.3	$	(16.1)	$	(33.5)	$	716.7

1 Results exclude corporate overhead, interest and discontinued operations. Results include noncontrolling interest in MP GOM.


(Millions of dollars)	United States		Canada		Other		Total
Year ended December 31, 2020
Revenues
Crude oil and natural gas liquids sales	$	1,335.8	$	174.0	$	1.8	$	1,511.6
Natural gas sales	69.4		170.6		—		240.1
Total oil and natural gas revenues	1,405.3		344.6		1.8		1,751.7
Other operating revenues	6.5		1.2		—		7.7
Total revenues	1,411.8		345.8		1.8		1,759.4
Costs and expenses
Lease operating expenses	476.9		121.6		1.6		600.1
Severance and ad valorem taxes	27.2		1.3		—		28.5
Transportation, gathering and processing	127.7		44.7		—		172.4
Restructuring expenses	1.2		—		—		1.2
Exploration costs charged to expense	35.5		0.6		23.6		59.7
Undeveloped lease amortization	17.2		0.4		9.2		26.8
Depreciation, depletion and amortization	749.4		213.2		2.3		964.9
Accretion of asset retirement obligations	36.6		5.6		—		42.2
Impairment of assets	1,152.5		—		39.7		1,192.2

Selling and general expenses	24.6		17.1		7.1		48.8
Other expenses	21.5		(2.3)		1.8		21.0
Total costs and expenses	2,670.3		402.2		85.3		3,157.8
Results of operations before taxes	(1,258.5)		(56.4)		(83.5)		(1,398.4)
Income tax expense (benefit)	(244.2)		(21.4)		2.1		(263.5)
Results of operations	$	(1,014.3)	$	(35.0)	$	(85.6)	$	(1,134.9)

1 Results exclude corporate overhead, interest and discontinued operations. Results include noncontrolling interest in MP GOM.

Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Oil and Gas Reserves


(Millions of dollars)	United States		Canada		Other		Total
December 31, 2022
Future cash inflows	$	27,277.9	$	12,360.2	$	59.2	$	39,697.3
Future development costs	(1,594.5)		(642.4)		(1.4)		(2,238.3)
Future production costs	(8,297.4)		(4,199.0)		(12.1)		(12,508.5)
Future income taxes	(2,606.8)		(1,788.7)		(5.4)		(4,400.9)
Future net cash flows	14,779.2		5,730.1		40.3		20,549.6
10% annual discount for estimated timing of cash flows	(5,709.8)		(3,015.6)		(11.0)		(8,736.4)
Standardized measure of discounted future net cash flows	$	9,069.4	$	2,714.5	$	29.3	$	11,813.2
December 31, 2021
Future cash inflows	$	18,449.1	$	7,203.5	$	44.0	$	25,696.7
Future development costs	(1,164.3)		(521.1)		(1.5)		(1,686.8)
Future production costs	(7,140.6)		(3,525.8)		(9.1)		(10,675.4)
Future income taxes	(1,024.4)		(565.4)		(3.0)		(1,592.8)
Future net cash flows	9,119.9		2,591.3		30.4		11,741.6
10% annual discount for estimated timing of cash flows	(3,264.9)		(1,169.3)		(8.5)		(4,442.7)
Standardized measure of discounted future net cash flows	$	5,855.1	$	1,422.0	$	21.9	$	7,299.0
December 31, 2020
Future cash inflows	$	9,976.7	$	4,617.5	$	—	$	14,594.2
Future development costs	(1,289.8)		(404.3)		—		(1,694.1)
Future production costs	(5,777.5)		(2,634.6)		—		(8,412.1)
Future income taxes	—		(166.8)		—		(166.8)
Future net cash flows	2,909.4		1,411.8		—		4,321.2
10% annual discount for estimated timing of cash flows	(1,079.2)		(623.4)		—		(1,702.6)
Standardized measure of discounted future net cash flows	$	1,830.2	$	788.4	$	—	$	2,618.6

1 Includes noncontrolling interest in MP GOM.

2 Totals within the table may not add as a result of rounding.

Principal Sources of Change in the Standardized Measure of Discounted Future Net Cash Flows

Following are the principal sources of change in the standardized measure of discounted future net cash flows for the years shown.


(Millions of dollars)	2022		2021		2020
Net changes in prices and production costs 2	$	4,812.2	$	5,962.1	$	(5,942.1)
Net changes in development costs	(531.1)		(503.6)		2,215.1
Sales and transfers of oil and natural gas produced, net of production costs	(2,917.4)		(2,220.5)		(1,123.1)
Net change due to extensions and discoveries	1,223.5		908.5		568.5
Net change due to purchases and sales of proved reserves	102.1		63.1		(14.6)
Development costs incurred	769.3		619.3		736.8
Accretion of discount	802.6		267.2		699.3
Revisions of previous quantity estimates	1,652.9		277.1		(1,461.3)
Net change in income taxes	(1,399.9)		(692.8)		1,112.4
Net increase (decrease)	4,514.2		4,680.4		(3,209.0)
Standardized measure at January 1	7,299.0		2,618.6		5,827.6
Standardized measure at December 31	$	11,813.2	$	7,299.0	$	2,618.6

1 Includes noncontrolling interest in MP GOM.

Capitalized Costs Relating to Oil and Gas Producing Activities


(Millions of dollars)	United States		Canada		Other		Total
December 31, 2022
Unproved oil and natural gas properties	$	494.6	$	19.2	$	135.1	$	648.9
Proved oil and natural gas properties	15,051.9		4,684.8		55.9		19,792.6
Gross capitalized costs	15,546.5		4,704.0		191.0		20,441.5
Accumulated depreciation, depletion and amortization
Unproved oil and natural gas properties	(117.8)		—		(14.7)		(132.5)
Proved oil and natural gas properties	(8,873.6)		(3,208.0)		(41.3)		(12,122.9)
Net capitalized costs	$	6,555.1	$	1,496.0	$	135.0	$	8,186.1
December 31, 2021
Unproved oil and natural gas properties	$	602.8	$	17.7	$	141.7	$	762.2
Proved oil and natural gas properties	14,690.7		4,865.1		100.0		19,655.8
Gross capitalized costs	15,293.5		4,882.8		241.7		20,418.0
Accumulated depreciation, depletion and amortization
Unproved oil and natural gas properties	(109.1)		—		(22.0)		(131.1)
Proved oil and natural gas properties	(8,821.5)		(3,320.5)		(69.0)		(12,211.0)
Net capitalized costs	$	6,362.9	$	1,562.3	$	150.7	$	8,075.9

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References + Details

- Definition

Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed.

+ References + Details

Supplemental Quarterly Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Schedule of Supplemental Quarterly Information


(Millions of dollars except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Year 1
Year ended December 31, 2022
Revenue from contracts with customers	$	871.4	$	1,196.2	$	1,166.4	$	986.1	$	4,220.1
Income (loss) from continuing operations before income taxes	(81.9)		515.5		734.0		282.7		1,450.3
Income (loss) from continuing operations	(64.9)		410.4		574.5		220.8		1,140.8
Net income (loss) including noncontrolling interest	(65.5)		409.5		574.1		220.6		1,138.7
Net income (loss) attributable to Murphy	(113.3)		350.6		528.3		199.4		965.0
Income (loss) from continuing operations per Common share ²
Basic	(0.73)		2.27		3.40		1.28		6.23
Diluted	(0.73)		2.24		3.36		1.26		6.14
Net income (loss) per Common share ²
Basic	(0.73)		2.26		3.40		1.28		6.22
Diluted	(0.73)		2.23		3.36		1.26		6.13
Cash dividend per Common share	0.150		0.175		0.250		0.250		0.825
Year ended December 31, 2021
Revenue from contracts with customers	$	592.5	$	758.8	$	687.6	$	762.3	$	2,801.2
Income (loss) from continuing operations before income taxes	(355.2)		(38.1)		174.9		261.3		42.9
Income (loss) from continuing operations	(267.0)		(26.9)		138.0		204.7		48.8
Net income (loss) including noncontrolling interest	(266.8)		(27.0)		137.3		204.0		47.5
Net income (loss) attributable to Murphy	(287.4)		(63.1)		108.4		168.4		(73.7)
Income (loss) from continuing operations per Common share ²
Basic	(1.87)		(0.41)		0.70		1.09		(0.47)
Diluted	(1.87)		(0.41)		0.70		1.08		(0.47)
Net income (loss) per Common share ²
Basic	(1.87)		(0.41)		0.70		1.09		(0.48)
Diluted	(1.87)		(0.41)		0.70		1.09		(0.48)
Cash dividend per Common share	0.125		0.125		0.125		0.125		0.500

Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
Significant Accounting Policies (Details) $ in Thousands	Dec. 31, 2022 USD ($) entity	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Significant Accounting Policies [Line Items]
Ownership percentage in variable interest entity	0.50%
Number of variable interest entities (in entities) \| entity	2
Maximum loss exposure	$ 3,200
Impairment of assets	0	$ 196,296	$ 1,206,284
Impairment of assets	$ 0	196,296	$ 1,206,284
Performance Based Restricted Stock
Significant Accounting Policies [Line Items]
Stock-based compensation, vesting period	3 years
Petrobas America Inc
Significant Accounting Policies [Line Items]
Percentage of acquired entity reported	100.00%
Percentage of acquired entity noncontrolling interest reported	20.00%
Terra Nova
Significant Accounting Policies [Line Items]
Impairment of assets		$ 171,300
Minimum \| Stock Options
Significant Accounting Policies [Line Items]
Stock-based compensation, vesting period	2 years
Maximum \| Stock Options
Significant Accounting Policies [Line Items]
Stock-based compensation, vesting period	3 years
Investments In Affiliates \| Minimum
Significant Accounting Policies [Line Items]
Equity method investment, ownership percentage	20.00%
Investments In Affiliates \| Maximum
Significant Accounting Policies [Line Items]
Equity method investment, ownership percentage	50.00%

Revenue from Contracts with Customers - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) segment revenueStream	Dec. 31, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Number of geographic segments (in segments) \| segment	2
Number of revenue streams (in revenue stream) \| revenueStream	3
Receivables from contracts with customers \| $	$ 201.1	$ 169.8

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 986,100	$ 1,166,400	$ 1,196,200	$ 871,400	$ 762,300	$ 687,600	$ 758,800	$ 592,500	$ 4,220,140	$ 2,801,215	$ 1,751,709
(Loss) gain on crude contracts									(320,410)	(525,850)	202,661
Gain on sale of assets and other income									32,932	23,916	12,971
Total revenues and other income									3,932,662	2,299,281	1,967,341
Revenue from production
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									4,038,451	2,801,215	1,751,709
Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									3,357,848	2,322,593	1,460,468
Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									142,777	110,975	51,174
Net natural gas revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									537,826	367,647	240,067
Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									181,689	0	0
United States \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									856,219	626,136	353,311
United States \| Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									64,015	50,189	22,504
United States \| Net natural gas revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									64,037	39,803	20,132
United States Offshore \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									2,229,658	1,478,993	940,265
United States Offshore \| Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									60,424	44,411	19,749
United States Offshore \| Net natural gas revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									161,160	81,944	49,300
United States Offshore \| Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									204	0	0
Canada \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									131,400	119,799	93,591
Canada \| Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									18,338	16,375	8,921
Canada \| Net natural gas revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									312,629	245,900	170,635
Canada \| Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									181,485	0	0
Canada Offshore \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									117,747	92,741	71,495
Other \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									$ 22,824	$ 4,924	$ 1,806

Revenue from Contracts with Customers - Current Long-Term Contracts Outstanding (Details) - Canada	Dec. 31, 2022 Boe MMcf
Q3 2023
Disaggregation of Revenue [Line Items]
Remaining performance obligation, oil quantity per day \| Boe	952
Deliveries from dedicated acreage in Eagle Ford \| Q4 2023
Disaggregation of Revenue [Line Items]
Remaining performance obligation	25
Deliveries from dedicated acreage in Eagle Ford \| Q4 2024
Disaggregation of Revenue [Line Items]
Remaining performance obligation	31
Deliveries from dedicated acreage in Eagle Ford \| Q4 2024
Disaggregation of Revenue [Line Items]
Remaining performance obligation	15
Deliveries from dedicated acreage in Eagle Ford \| Q4 2026
Disaggregation of Revenue [Line Items]
Remaining performance obligation	49
Contracts to sell natural gas at CAD fixed prices \| Q4 2023
Disaggregation of Revenue [Line Items]
Remaining performance obligation	38
Contracts to sell natural gas at CAD fixed prices \| Q4 2024
Disaggregation of Revenue [Line Items]
Remaining performance obligation	100
Contracts to sell natural gas at CAD fixed prices \| Q4 2024
Disaggregation of Revenue [Line Items]
Remaining performance obligation	34

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Cost	$ 20,717,987	$ 20,585,703
Net	8,228,016	8,127,852
Exploration and Production
Property, Plant and Equipment [Line Items]
Cost	20,567,489	20,440,568
Net	8,204,463	8,098,396
Corporate and other
Property, Plant and Equipment [Line Items]
Cost	150,498	145,135
Net	23,553	29,456
Mineral Rights
Property, Plant and Equipment [Line Items]
Cost	476,981	615,724
Net	344,507	131,107
Administrative Assets and Support Equipment
Property, Plant and Equipment [Line Items]
Net	$ 18,319	$ 22,543

Property, Plant and Equipment - Narrative (Details) - USD ($)	1 Months Ended			3 Months Ended	12 Months Ended
	Aug. 31, 2022	Jun. 30, 2022	Mar. 31, 2021	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Impairment of assets					$ 0	$ 196,296,000	$ 1,206,284,000
Proceeds from sale of oil and gas property and equipment			$ 267,700,000
Impairment of assets					0	196,296,000	1,206,284,000
Total capitalized exploratory well costs					171,860,000	179,481,000	181,616,000		$ 217,326,000
Exploratory well costs capitalized more than one year					156,300,000
Vietnam
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year					96,300,000
U.S.
Property, Plant and Equipment [Line Items]
Impairment of assets					0	0	1,152,515,000
Exploratory well costs capitalized more than one year					37,100,000
MEXICO
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year					15,500,000
Canada
Property, Plant and Equipment [Line Items]
Impairment of assets					0	171,296,000	$ 0
Exploratory well costs capitalized more than one year					4,700,000
Brunei
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year					$ 2,700,000
Terra Nova
Property, Plant and Equipment [Line Items]
Impairment of assets						171,300,000
Additional percentage acquired through commercial settlement					7.525%			7.525%
Impairment of long-lived assets to be disposed of						$ 25,000,000
Lucius Field
Property, Plant and Equipment [Line Items]
Percentage of field acquired	3.37%
Consideration transferred	$ 78,500,000
Kodak Field
Property, Plant and Equipment [Line Items]
Percentage of field acquired		11.00%
Consideration transferred		$ 50,000,000
Discontinued Operations, Disposed of by Sale \| Thunder Hawk field
Property, Plant and Equipment [Line Items]
Percentage of ownership sold				62.50%
Cash received from divestiture				$ 20,000,000
Closing adjustment				23,100,000
Net payment				3,100,000
Gain on sale				17,900,000
Discontinued Operations, Disposed of by Sale \| Thunder Hawk field \| Buyer
Property, Plant and Equipment [Line Items]
Impairment of assets				47,900,000
Discontinued Operations, Disposed of by Sale \| CA-2 Asset
Property, Plant and Equipment [Line Items]
Gain on sale				0
Contingent consideration value				$ 8,700,000

Property, Plant and Equipment - Schedule of Recognized Impairments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Impairment of assets	$ 0	$ 196,296	$ 1,206,284
Corporate
Property, Plant and Equipment [Line Items]
Impairment of assets	0	7,000	14,060
Canada
Property, Plant and Equipment [Line Items]
Impairment of assets	0	171,296	0
Other Foreign
Property, Plant and Equipment [Line Items]
Impairment of assets	0	18,000	39,709
U.S.
Property, Plant and Equipment [Line Items]
Impairment of assets	$ 0	$ 0	$ 1,152,515

Property, Plant And Equipment - Net Changes in Capitalized Exploratory Well Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward]
Beginning balance at January 1	$ 179,481	$ 181,616	$ 217,326
Additions pending the determination of proved reserves	33,440	16,725	3,999
Divestment	(7,915)	0	0
Capitalized exploration well costs charged to expense	(33,146)	(18,860)	(39,709)
Ending balance at December 31	$ 171,860	$ 179,481	$ 181,616

Property, Plant And Equipment - Aging of Capitalized Exploratory Well Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) well project	Dec. 31, 2021 USD ($) well project	Dec. 31, 2020 USD ($) well project	Dec. 31, 2019 USD ($)
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 171,860	$ 179,481	$ 181,616	$ 217,326
No. of wells (in wells) \| well	9	14	11
No. of projects (in projects) \| project	8	8	5
Zero to one year
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 15,527	$ 13,273	$ 0
No. of wells (in wells) \| well	2	3	0
No. of projects (in projects) \| project	2	3	0
One to two years
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 13,307	$ 0	$ 54,220
No. of wells (in wells) \| well	2	0	5
No. of projects (in projects) \| project	2	0	5
Two to three years
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 0	$ 53,070	$ 0
No. of wells (in wells) \| well	0	5	0
No. of projects (in projects) \| project	0	5	0
Three years or more
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 143,026	$ 113,138	$ 127,396
No. of wells (in wells) \| well	5	6	6
No. of projects (in projects) \| project	4	0	0

Assets Held for Sale and Discontinued Operations - Major Categories of Assets and Liabilities Reflected as Held for Sale (Details) - Discontinued operations, held-for-sale or disposed of by sale - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Property, plant and equipment, net	$ 0	$ 15,453
Total current assets associated with assets held for sale	$ 0	$ 15,453

Assets Held for Sale and Discontinued Operations - Results of Operations Associated with Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations	$ (2,078)	$ (1,225)	$ (7,151)
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	0	795	4,090
Other costs and expenses	2,078	2,020	11,241
Loss from discontinued operations	$ (2,078)	$ (1,225)	$ (7,151)

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(12))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3B
-URI https://asc.fasb.org/extlink&oid=109222160&loc=SL51721525-107759

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109222160&loc=d3e957-107759

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3A
-URI https://asc.fasb.org/extlink&oid=109222160&loc=SL51721523-107759

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=109222160&loc=d3e1012-107759

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 45
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109227538&loc=d3e44648-109337

+ Details

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Unsold crude oil	$ 6,546	$ 15,497
Materials and supplies	47,967	38,701
Inventories	$ 54,513	$ 54,198

Financing Arrangements and Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Total notes payable	$ 1,833,619	$ 2,483,352
Unamortized debt issuance cost and discount on notes payable	(15,324)	(22,773)
Total notes payable, net of unamortized discount	$ 1,818,295	$ 2,460,579
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long-term debt, including finance lease obligation	Long-term debt, including finance lease obligation
Capitalized lease obligation, due through March 2029	$ 4,844	$ 5,489
Total debt including current maturities	1,823,139	2,466,068
Current maturities	(687)	(654)
Long-term debt, including finance lease obligation	$ 1,822,452	2,465,414
6.875% notes, due August 2024
Debt Instrument [Line Items]
Stated interest rate	6.875%
Total notes payable	$ 0	242,428
5.75% notes, due August 2025
Debt Instrument [Line Items]
Stated interest rate	5.75%
Total notes payable	$ 248,675	548,675
5.875% notes, due December 2027
Debt Instrument [Line Items]
Stated interest rate	5.875%
Total notes payable	$ 543,249	543,249
6.375% notes, due July 2028
Debt Instrument [Line Items]
Stated interest rate	6.375%		6.375%
Total notes payable	$ 451,934	550,000
7.05% notes, due May 2029
Debt Instrument [Line Items]
Stated interest rate	7.05%
Total notes payable	$ 250,000	250,000
6.125% notes, due December 2042
Debt Instrument [Line Items]
Stated interest rate	6.125%
Total notes payable	$ 339,761	$ 349,000
Debt instrument, basis spread on variable rate	0.25%

Financing Arrangements and Debt - Narrative (Details)		1 Months Ended			2 Months Ended	12 Months Ended
Financing Arrangements and Debt - Narrative (Details)	Mar. 31, 2021 USD ($)	Nov. 30, 2022 USD ($) consecutiveTradingDay	Dec. 31, 2021 USD ($)	Aug. 31, 2021 USD ($)	Oct. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2022 USD ($)	Aug. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Aug. 05, 2021 USD ($)
Line of Credit Facility [Line Items]
Future maturities of long term debt in 2023						$ 0
Future maturities of long term debt in 2024						0
Future maturities of long term debt in 2025						248,700,000
Future maturities of long term debt in 2026						0
Future maturities of long term debt in 2027						543,200,000
Future maturities of long term debt, thereafter						1,040,000,000.00
Debt extinguishment cost						8,295,000	$ 39,335,000	$ 0
Early repayment of senior debt						647,707,000	876,358,000	$ 12,225,000
5.750% Notes Due 2025
Line of Credit Facility [Line Items]
Stated interest rate		5.75%
Repurchase amount		$ 200,000,000
Cost of debt extinguishment						3,900,000
Debt extinguishment cost						2,900,000
6.125% Notes Due 2042
Line of Credit Facility [Line Items]
Stated interest rate									6.125%
Repurchase amount									$ 9,200,000
Cost of debt extinguishment						0
Early repayment of senior debt					$ 7,200,000
6.875% Notes Due 2024
Line of Credit Facility [Line Items]
Stated interest rate										6.875%	6.875%
Repurchase amount			$ 150,000,000				150,000,000			$ 42,400,000	$ 200,000,000	$ 150,000,000
Cost of debt extinguishment						4,300,000
Debt extinguishment cost				$ 2,600,000		$ 3,400,000	2,600,000
Gain (loss) on extinguishment of debt			$ 3,400,000	$ 3,500,000
Senior Notes Due 2025
Line of Credit Facility [Line Items]
Repurchase amount										$ 100,000,000
Senior Notes Due 2028
Line of Credit Facility [Line Items]
Stated interest rate										6.375%
Repurchase amount										$ 98,100,000
6.375% notes, due July 2028
Line of Credit Facility [Line Items]
Stated interest rate	6.375%					6.375%
Transaction costs	$ 8,100,000
Face amount of notes	$ 550,000,000
4.00% Notes Due June 2022
Line of Credit Facility [Line Items]
Stated interest rate	4.00%
Repayments of debt	$ 259,300,000
4.95% Notes Due December 2022
Line of Credit Facility [Line Items]
Stated interest rate	4.95%
Repayments of debt	$ 317,100,000
3.70% Notes Due 2022
Line of Credit Facility [Line Items]
Stated interest rate	3.70%
4.00%, and 4.95% Notes Due 2022
Line of Credit Facility [Line Items]
Cost of debt extinguishment							36,900,000
Debt extinguishment cost							$ 34,200,000
Base Rate
Line of Credit Facility [Line Items]
Business days \| consecutiveTradingDay		2
Senior Notes
Line of Credit Facility [Line Items]
Cost of debt extinguishment						$ 4,000,000
Senior Notes \| Senior Notes due 2025 and 2028
Line of Credit Facility [Line Items]
Debt extinguishment cost						2,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Transaction costs		$ 14,400,000
Revolving Credit Facility \| Base Rate
Line of Credit Facility [Line Items]
Interest rate		0.50%
Revolving Credit Facility \| Adjusted Term SOFR Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1.00%
Revolving Credit Facility \| Adjusted Daily Simple SOFR Rate [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		0.10%
Revolving Credit Facility \| Daily Simple SOFR [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		0.10%
Revolving Credit Facility \| Unsecured Debt
Line of Credit Facility [Line Items]
Credit facility maximum borrowing capacity		$ 800,000,000
Amount outstanding						$ 0
Interest rate on credit facility						6.96%
Revolving Credit Facility \| Unsecured Debt \| Minimum
Line of Credit Facility [Line Items]
Debt Instrument, Consolidated Interest Coverage Ratio		2.50
Revolving Credit Facility \| Unsecured Debt \| Maximum
Line of Credit Facility [Line Items]
Debt Instrument, Consolidated Leverage Ratio		3.50
Revolving Credit Facility \| Unsecured Debt \| 5.750% Notes Due 2025
Line of Credit Facility [Line Items]
Stated interest rate		5.75%
Debt instrument, periodic payment, principal		$ 50,000,000
Revolving Credit Facility \| Unsecured Debt \| Letter of Credit
Line of Credit Facility [Line Items]
Amount outstanding						$ 57,600,000

Asset Retirement Obligations - Schedule of Reconciliation of Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of year	$ 971,893	$ 849,956
Accretion	46,243	46,613	$ 42,136
Liabilities incurred	46,449	54,439
Revisions of previous estimates	(78,229)	48,737
Liabilities settled	(64,255)	(27,824)
Liabilities associated with assets held for sale	0	263
Changes due to translation of foreign currencies	(10,448)	(291)
Balance at end of year	$ 911,653	$ 971,893	$ 849,956

Asset Retirement Obligations - Classification of Asset of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Balance at end of year	$ 911,653	$ 971,893	$ 849,956
Current portion of liability at end of year	(94,385)	(132,117)
Asset retirement obligations	$ 817,268	$ 839,776

Income Taxes - Components of Income (Loss) from Continuing Operations Before Income Taxes and Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income (loss) from continuing operations before income taxes
United States									$ 1,306,200	$ 114,659	$ (1,407,598)
Foreign									144,061	(71,768)	(141,437)
Income (Loss) from continuing operations before income taxes	$ 282,700	$ 734,000	$ 515,500	$ (81,900)	$ 261,300	$ 174,900	$ (38,100)	$ (355,200)	1,450,261	42,891	(1,549,035)
Income tax expense (benefit)
U.S. Federal – Current									0	0	(10,627)
Federal - Deferred									234,749	(1,480)	(249,253)
Total U.S. Federal									234,749	(1,480)	(259,880)
State									9,010	3,303	(8,413)
Foreign – Current									18,134	(5,158)	(5,072)
Foreign - Deferred									47,571	(2,527)	(20,376)
Total Foreign									65,705	(7,685)	(25,448)
Total income tax expense (benefit)									$ 309,464	$ (5,862)	$ (293,741)

Income Taxes - Effective Income Tax Rates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit) based on the U.S. statutory tax rate	$ 304,555	$ 9,007	$ (325,299)
Foreign income (loss) subject to foreign tax rates different than the U.S. statutory rate	10,823	13,270	(3,791)
State income taxes, net of federal benefit	7,118	2,500	(6,646)
U.S. tax benefit on certain foreign upstream investments	0	(8,916)	0
Change in deferred tax asset valuation allowance related to other foreign exploration expenditures	24,748	4,814	7,707
Tax effect on income attributable to noncontrolling interest	(36,471)	(25,450)	23,712
Other, net	(1,309)	(1,087)	10,576
Total income tax expense (benefit)	$ 309,464	$ (5,862)	$ (293,741)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Analysis of Deferred Tax Assets and Deferred Tax Liabilities Showing Tax Effects of Significant Temporary Differences (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Property and leasehold costs	$ 242,467	$ 241,833
Liabilities for dismantlements	31,017	37,728
Postretirement and other employee benefits	86,798	114,790
U. S. net operating loss	442,699	577,531
Investment in partnership	11,595	39,396
Other deferred tax assets	111,212	135,838
Total gross deferred tax assets	925,788	1,147,116
Less valuation allowance	(136,008)	(111,259)
Net deferred tax assets	789,780	1,035,857
Deferred tax liabilities
Deferred tax on undistributed foreign earnings	(5,000)	(5,000)
Accumulated depreciation, depletion and amortization	(796,510)	(786,846)
Other deferred tax liabilities	(85,284)	(41,387)
Total gross deferred tax liabilities	(886,794)	(833,233)
Net deferred tax (liabilities) assets	$ (97,014)
Net deferred tax (liabilities) assets		$ 202,624

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Line Items]
Increase (decrease) in deferred tax asset valuation allowance		$ 24,700,000
Deferred tax asset. operating loss carryforward		442,699,000	$ 577,531,000
Earnings expected to be repatriated in next fiscal year		100,000,000
Deferred tax liability, undistributed foreign earnings		5,000,000	5,000,000
Undistributed foreign earnings			1,400,000,000
Other recorded liabilities for interest and penalties	$ 300,000	300,000	300,000
Income tax benefit related to interest and penalties	100,000	0	$ 0
Alternative minimum tax refund, CARES Act	$ 18,500,000
Minimum
Income Tax Disclosure [Line Items]
Expected liability to be added for uncertain taxes during next twelve months		100,000
Maximum
Income Tax Disclosure [Line Items]
Expected liability to be added for uncertain taxes during next twelve months		1,000,000
Federal
Income Tax Disclosure [Line Items]
Operating loss carryforwards		$ 2,100,000,000

Income Taxes - Reconciliation of Beginning and Ending Amount of Consolidated Liability for Unrecognized Income Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 2,903	$ 2,832	$ 2,538
Additions for tax positions related to current year	77	71	3,042
Additions for tax positions related to prior year	948	0	0
Settlements with taxing authorities	0	0	(2,748)
Balance at December 31	$ 3,928	$ 2,903	$ 2,832

Incentive Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested share-based compensation arrangements, compensation costs to be expensed	$ 51.8
Settlement period of phantom units	3 years
Option term	7 years
Total intrinsic value of options exercised	$ 10.9
Cash settled awards	49.3	$ 18.2	$ 1.5
Incentive compensation plan expense	$ 42.9	$ 29.0	$ 9.8
Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Vesting percentage	50.00%
Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Settlement period of phantom units	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Settlement period of phantom units	5 years
Performance Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return, weighted percentage of PSU	0.80
EBITDA divided by average capital employed, weighted percentage of PSU	0.20
Vesting period	3 years
2020 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for issuance (in shares)	5,000,000
Number of shares available (in shares)	2,900,000
2012 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option term	7 years

Incentive Plans - Share-Based Plans, Amounts Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Compensation charged against income before income tax benefit	$ 74,587	$ 43,660	$ 24,812
Related income tax benefit recognized in income	$ 12,710	$ 7,196	$ 2,672

Incentive Plans - Changes in Performance-Based RSU Outstanding (Details) - Equity-Settled Restricted Stock Units - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Roll Forward]
Outstanding at beginning of year (in shares)	2,670,756	2,207,429	2,129,733
Granted (in shares)	595,700	1,156,800	999,700
Vested and issued (in shares)	(654,177)	(642,473)	(429,194)
Forfeited (in shares)	(463,812)	(51,000)	(492,810)
Outstanding at end of year (in shares)	2,148,467	2,670,756	2,207,429

Incentive Plans - Assumptions used in Valuation Performance Awards Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life		1 year
Performance Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share at grant date (in USD per share)		$ 16.03	$ 21.51
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected volatility rate maximum	81.00%
Expected volatility rate minimum	79.00%
Expected volatility		74.00%	39.00%
Risk-free interest rate		0.18%	1.40%
Stock beta maximum	120.00%
Stock beta minimum	119.50%
Stock beta		1.169	0.864
Expected life	3 years	3 years	3 years
Performance Based Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share at grant date (in USD per share)	$ 37.77
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate	1.39%
Performance Based Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share at grant date (in USD per share)	$ 47.37
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate	2.85%
Time lapse restricted stock \| Non-employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share at grant date (in USD per share)	$ 32.84		$ 22.59
Time lapse restricted stock \| Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share at grant date (in USD per share)		$ 12.30	$ 21.68
Time lapse restricted stock \| Minimum \| Non-employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share at grant date (in USD per share)		13.14
Time lapse restricted stock \| Minimum \| Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share at grant date (in USD per share)	29.80
Time lapse restricted stock \| Maximum \| Non-employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share at grant date (in USD per share)		$ 23.58
Time lapse restricted stock \| Maximum \| Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share at grant date (in USD per share)	$ 49.86

Incentive Plans - Changes in Time-Lapse Restricted Stock and Restricted Stock Units Outstanding (Details) - Restricted Stock and Restricted Stock Units - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Roll Forward]
Outstanding at beginning of year (in shares)	1,451,438	1,383,043	1,535,080
Granted (in shares)	416,492	573,907	446,848
Vested and issued (in shares)	(462,418)	(476,012)	(271,285)
Forfeited (in shares)	(177,720)	(29,500)	(327,600)
Outstanding at end of year (in shares)	1,227,792	1,451,438	1,383,043

Incentive Plans - Changes in Stock Options Outstanding (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Exercised (in shares)	(181,655)	(32,554)	(11,359)
Stock Options
Number of Shares
Outstanding at beginning of year (in shares)	1,319,500	2,048,400	2,920,410
Exercised (in shares)	(760,500)	(170,000)	(47,000)
Forfeited (in shares)	(546,000)	(558,900)	(825,010)
Outstanding at end of year (in shares)	13,000	1,319,500	2,048,400
Exercisable at end of year (in shares)	13,000	1,319,500	2,048,400	3,182,345
Average Exercise Price
Outstanding at beginning of year (in USD per share)	$ 37.77	$ 40.14	$ 43.93
Exercised (in USD per share)	23.29	17.57	17.57
Forfeited (in USD per share)	49.65	52.61	54.85
Outstanding at end of year (in USD per share)	28.51	37.77	40.14
Exercisable at end of year (in USD per share)	$ 28.51	$ 34.25	$ 37.88	$ 49.10

Incentive Plans - Additional Information about Stock Options Outstanding (Details) - 28.51	12 Months Ended
	Dec. 31, 2022 USD ($) shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, no. of options (in shares) \| shares	13,000
Options outstanding, avg. life remaining in years	1 year 1 month 6 days
Options outstanding, aggregate intrinsic value \| $	$ 188,565
Options exercisable, no. of options (in shares) \| shares	13,000
Options exercisable, avg. life remaining in years	1 year 1 month 6 days
Options exercisable, aggregate intrinsic value \| $	$ 188,565

Employee and Retiree Benefit Plans - Plans' Benefit Obligations and Fair Value of Assets and Statement of Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in plan assets
Beginning balance	$ 611,302
Ending balance	450,944	$ 611,302
Pension Benefits
Change in benefit obligation
Beginning balance	939,380	981,467
Service cost	7,875	8,199	$ 7,967
Interest cost	22,747	14,784	21,127
Participant contributions	0	0
Actuarial loss (gain)	(238,407)	(24,440)
Medicare Part D subsidy	0	0
Exchange rate changes	(21,018)	(1,764)
Benefits paid	(47,504)	(38,866)
Plan amendments	0	0
Ending balance	663,073	939,380	981,467
Change in plan assets
Beginning balance	611,302	586,720
Actual return on plan assets	(133,395)	33,687
Employer contributions	41,145	31,607
Participant contributions	0	0
Medicare Part D subsidy	0	0
Exchange rate changes	(20,604)	(1,846)
Benefits paid	(47,504)	(38,866)
Ending balance	450,944	611,302	586,720
Funded status and amounts recognized in the Consolidated Balance Sheets at December 31
Deferred charges and other assets	3,584	5,535
Other accrued liabilities	(9,693)	(10,144)
Deferred credits and other liabilities	(206,020)	(323,469)
Funded status and net plan liability recognized at December 31	(212,129)	(328,078)
Other Postretirement Benefits
Change in benefit obligation
Beginning balance	96,133	108,378
Service cost	968	1,295	1,373
Interest cost	2,211	2,071	2,626
Participant contributions	2,283	2,648
Actuarial loss (gain)	(29,533)	(9,519)
Medicare Part D subsidy	331	300
Exchange rate changes	(20)	3
Benefits paid	(4,694)	(4,041)
Plan amendments	0	(5,002)
Ending balance	67,679	96,133	108,378
Change in plan assets
Beginning balance	0	0
Actual return on plan assets	0	0
Employer contributions	2,080	1,093
Participant contributions	2,283	2,648
Medicare Part D subsidy	331	300
Exchange rate changes	0	0
Benefits paid	(4,694)	(4,041)
Ending balance	0	0	$ 0
Funded status and amounts recognized in the Consolidated Balance Sheets at December 31
Deferred charges and other assets	0	0
Other accrued liabilities	(4,830)	(4,867)
Deferred credits and other liabilities	(62,849)	(91,266)
Funded status and net plan liability recognized at December 31	$ (67,679)	$ (96,133)

Employee and Retiree Benefit Plans - Amounts Included in Accumulated Other Comprehensive Income Not Recognized in Net Periodic Benefit Expense (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial gain (loss)	$ (194,735)
Prior service (credit) cost	(2,181)
Amounts included in accumulated other comprehensive loss which have not been recognized in net periodic benefit expense	(196,916)
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial gain (loss)	42,129
Prior service (credit) cost	4,470
Amounts included in accumulated other comprehensive loss which have not been recognized in net periodic benefit expense	$ 46,599

Employee and Retiree Benefit Plans - Projected Benefit Obligations, Accumulated Benefit Obligations and Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Funded plan \| Qualified plan
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligations	$ 511,375	$ 734,375
Accumulated Benefit Obligations	499,338	723,887
Fair Value of Plan Assets	434,283	589,529
Unfunded plan \| Other postretirement plans
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligations	67,679	96,133
Accumulated Benefit Obligations	67,679	96,133
Fair Value of Plan Assets	0	0
Unfunded plan \| Nonqualified plan
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligations	141,917	188,713
Accumulated Benefit Obligations	139,634	188,530
Fair Value of Plan Assets	$ 0	$ 0

Employee and Retiree Benefit Plans - Components of Net Periodic Benefit Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 7,875	$ 8,199	$ 7,967
Interest cost	22,747	14,784	21,127
Expected return on plan assets	(36,458)	(19,222)	(24,316)
Amortization of prior service cost (credit)	(684)	591	640
Amortization of transitional (asset) liability	231	0	0
Recognized actuarial (gain) loss	15,867	20,565	22,828
Net periodic benefit expense	9,578	24,917	28,246
Termination benefits expense	0	0	8,434
Curtailment expense	0	0	586
Total net periodic benefit expense	9,578	24,917	37,266
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	968	1,295	1,373
Interest cost	2,211	2,071	2,626
Expected return on plan assets	0	0	0
Amortization of prior service cost (credit)	(532)	0	0
Amortization of transitional (asset) liability	(587)	0	0
Recognized actuarial (gain) loss	(28)	(29)	(31)
Net periodic benefit expense	2,032	3,337	3,968
Termination benefits expense	0	0	0
Curtailment expense	0	0	(1,825)
Total net periodic benefit expense	$ 2,032	$ 3,337	$ 2,143

Employee and Retiree Benefit Plans - Amount Related to Foreign Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at December 31	$ 450,944	$ 611,302
Foreign Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at December 31	115,862	218,745
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at December 31	663,073	939,380	$ 981,467
Fair value of plan assets at December 31	450,944	611,302	586,720
Net plan liabilities recognized	(212,129)	(328,078)
Net periodic benefit expense (benefit)	9,578	24,917	37,266
Pension Benefits \| Foreign Plans
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at December 31	122,915	225,117
Fair value of plan assets at December 31	115,862	218,746
Net plan liabilities recognized	(7,053)	(6,371)
Net periodic benefit expense (benefit)	(5,322)	598
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at December 31	67,679	96,133	108,378
Fair value of plan assets at December 31	0	0	0
Net plan liabilities recognized	(67,679)	(96,133)
Net periodic benefit expense (benefit)	2,032	3,337	$ 2,143
Other Postretirement Benefits \| Foreign Plans
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at December 31	107	526
Fair value of plan assets at December 31	0	0
Net plan liabilities recognized	(107)	(526)
Net periodic benefit expense (benefit)	$ 62	$ 64

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Employee and Retiree Benefit Plans - Weighted-Average Assumptions used in Measurement of Benefit Obligations and Net Periodic Benefit Expense (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	6.20%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Benefit obligations, discount rate	5.30%	2.54%
Net periodic benefit expense, discount rate	3.13%	2.24%
Benefit obligation, rate of compensation increase	3.50%	3.04%
Net periodic benefit expense, rate of compensation increase	3.00%	3.04%
Benefit obligation, cash balance interest credit rate	3.20%	1.89%
Net periodic benefit cost, cash balance interest credit rate	0.00%	0.00%
Benefit obligation, expected return on Plan assets	0.00%	0.00%
Expected return on plan assets	6.24%	4.25%
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Benefit obligations, discount rate	5.41%	2.86%
Net periodic benefit expense, discount rate	2.86%	2.51%
Benefit obligation, rate of compensation increase	0.00%	0.00%
Net periodic benefit expense, rate of compensation increase	0.00%	0.00%
Benefit obligation, cash balance interest credit rate	0.00%	0.00%
Net periodic benefit cost, cash balance interest credit rate	0.00%	0.00%
Benefit obligation, expected return on Plan assets	0.00%	0.00%
Expected return on plan assets	0.00%	0.00%

Employee and Retiree Benefit Plans - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) investment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Future annual rate of increase in cost of health care to measure postretirement benefit obligations	6.30%
Ultimate rate of health care cost	4.00%
Weighted average expected return on plan asset	6.20%
Basis used to determine expected return on plan asset, average expected investment expenses	0.60%
Perentage return on plan assets over the last ten years	3.40%
Number of investments in hedge funds and other alternative investments (in investments) \| investment	2
Defined benefit plan, percentage of employer's matching contribution	6.00%
Thrift plan expense	$ 6,000	$ 5,400	$ 6,600
Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average expected return on plan asset	7.90%
Equity securities \| Minimum \| Domestic Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations of plan assets	40.00%
Equity securities \| Maximum \| Domestic Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations of plan assets	75.00%
Fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average expected return on plan asset	4.60%
Fixed income securities \| Minimum \| Domestic Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations of plan assets	20.00%
Fixed income securities \| Maximum \| Domestic Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations of plan assets	60.00%
Other \| Minimum \| Domestic Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations of plan assets	0.00%
Other \| Maximum \| Domestic Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations of plan assets	15.00%
Cash equivalents \| Minimum \| Domestic Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations of plan assets	0.00%
Cash equivalents \| Maximum \| Domestic Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations of plan assets	20.00%
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Benefit obligation, cash balance interest credit rate	3.20%	1.89%
Contributions to benefit plans	$ 41,145	$ 31,607
Weighted average expected return on plan asset	6.24%	4.25%
Pension Benefits \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions to benefit plans	$ 34,000
Contributions to benefit plans, next fiscal year	31,100
Pension Benefits \| Foreign Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions to benefit plans, next fiscal year	$ 1,100
Other Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Benefit obligation, cash balance interest credit rate	0.00%	0.00%
Contributions to benefit plans	$ 2,080	$ 1,093
Weighted average expected return on plan asset	0.00%	0.00%
Other Postretirement Benefits \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions to benefit plans	$ 2,100
Contributions to benefit plans, next fiscal year	$ 4,800
Second investment
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Domestic plan, investment notice period	90 days
Third investment
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Domestic plan, investment notice period	95 days
Domestic plan, investment lock up period	3 years

Employee and Retiree Benefit Plans - Benefit Payments Expected to be Paid in Future Years (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2023	$ 45,104
2024	46,418
2025	46,240
2026	47,003
2027	47,293
2028-2032	244,253
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2023	4,830
2024	4,858
2025	4,808
2026	4,820
2027	4,778
2028-2032	$ 23,648

Employee and Retiree Benefit Plans - Weighted Average Asset Allocation for Funded Pension Benefit Plans (Details)	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Weighted average asset allocation	100.00%	100.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Weighted average asset allocation	65.70%	60.90%
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Weighted average asset allocation	23.40%	21.70%
Alternatives
Defined Benefit Plan Disclosure [Line Items]
Weighted average asset allocation	7.30%	13.50%
Cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Weighted average asset allocation	3.60%	3.90%

Employee and Retiree Benefit Plans - Effects of Fair Value Measurements Using Significant Unobservable Inputs on Changes in Level 3 Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Beginning balance	$ 611,302
Ending balance	450,944	$ 611,302
Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Beginning balance	82,854
Ending balance	32,734	82,854
Hedged Funds and Other Alternative Strategies \| Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Beginning balance	82,854	97,685
Relating to assets held at the reporting date	(38,389)	5,206
Purchases, sales and settlements	(11,731)	(20,037)
Ending balance	$ 32,734	$ 82,854

- Definition

+ References + Details

Financial Instruments and Risk Management - Narrative (Details) barrels_per_day in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) derivative	Dec. 31, 2021 barrels_per_day derivative $ / bbl
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of loss reclassified to interest expense \| $	$ 2.1
Interest rate swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative instruments held (in derivatives) \| derivative	0
Commodity derivative contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Oil and gas delivery commitments and contracts, daily production \| barrels_per_day		20
Derivative swap, average price (in USD per barrel)		44.88
Commodity collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Oil and gas delivery commitments and contracts, daily production \| barrels_per_day		25
Commodity collars \| Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative swap, average price (in USD per barrel)		75.20
Commodity collars \| Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative swap, average price (in USD per barrel)		63.24
Foreign exchange contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative instruments held (in derivatives) \| derivative	0	0

Financial Instruments and Risk Management - Fair Value of Derivative Instruments Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Commodity derivative contracts \| Accounts payable
Derivatives, Fair Value [Line Items]
Liability	$ 0	$ (239,882)
Commodity collars \| Accounts payable
Derivatives, Fair Value [Line Items]
Liability	0	(19,533)
Commodity collars \| Accounts receivable
Derivatives, Fair Value [Line Items]
Asset	$ 0	$ 4,280

Financial Instruments and Risk Management - Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commodity derivative contracts
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) Gain on derivative instruments	$ (160,690)	$ (510,596)	$ 202,661
Commodity collars
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) Gain on derivative instruments	$ (159,721)	$ (15,254)	$ 0

Earnings Per Share - Weighted-Average Shares Outstanding for Computation of Basic and Diluted Income per Common Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Basic method (in shares)	155,276,533	154,290,741	153,507,109
Dilutive stock options (in shares)	2,198,305	0	0
Diluted method (in shares)	157,474,838	154,290,741	153,507,109
Unvested stock awards		$ 0	$ 0

Earnings Per Share - Anti Dilutive Securities Not Included in Computation of Diluted EPS (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Antidilutive stock options excluded from diluted shares (in shares)	126,000	1,420,992	2,246,532
Weighted average price of these options (in USD per share)	$ 49.65	$ 35.30	$ 39.67

Other Financial Information - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Financial Information [Abstract]
Net gains (losses) from foreign currency transactions	$ 23.0	$ 1.0	$ (0.9)

Other Financial Information - Noncash Operating Working Capital (Increase) Decrease) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net (increase) decrease in operating working capital, excluding cash and cash equivalents:
(Increase) decrease in accounts receivable	$ (137,228)	$ 8,056	$ 164,613
(Increase) decrease in inventories	(1,534)	12,809	5,953
(Increase) decrease in prepaid expenses	(3,413)	2,003	7,178
Increase (decrease) in accounts payable and accrued liabilities	69,854	95,166	(208,740)
Increase (decrease) in income taxes payable	6,593	423	(1,031)
Net (increase) decrease in noncash operating working capital	(65,728)	118,457	(32,027)
Supplementary disclosures:
Cash income taxes paid, net of refunds	24,853	2,138	(44,175)
Interest paid, net of amounts capitalized of $16.3 million in 2022, $16.1 million in 2021 and $8.0 million in 2020	149,957	165,699	191,561
Capitalized interest paid	16,300	16,100	8,000
Non-cash investing activities:
Asset retirement costs capitalized	(21,147)	54,439	14,736
(Increase) decrease in capital expenditure accrual	$ (31,397)	$ 9,788	$ 84,645

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of year	$ 4,320,796,000	$ 4,394,147,000
Other comprehensive (loss) income	(6,975,000)	73,622,000	$ (27,172,000)
Balance at end of year	5,148,893,000	4,320,796,000	4,394,147,000
Foreign Currency Translation Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of year	(311,895,000)	(324,011,000)
Before reclassifications to income	(106,335,000)	12,116,000
Reclassifications to income	0	0
Other comprehensive (loss) income	(106,335,000)	12,116,000
Balance at end of year	(418,230,000)	(311,895,000)	(324,011,000)
Retirement and Postretirement Benefit Plan Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of year	(215,816,000)	(275,632,000)
Before reclassifications to income	87,362,000	40,095,000
Reclassifications to income	11,998,000	19,721,000
Other comprehensive (loss) income	99,360,000	59,816,000
Balance at end of year	(116,456,000)	(215,816,000)	(275,632,000)
Reclassification before tax	15,300,000	23,500,000
Reclassification tax	3,300,000	3,800,000
Deferred Loss on Interest Rate Derivative Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of year	0	(1,690,000)
Before reclassifications to income	0	0
Reclassifications to income	0	1,690,000
Other comprehensive (loss) income	0	1,690,000
Balance at end of year	0	0	(1,690,000)
Reclassification before tax	0	(2,100,000)
Reclassification tax	0	500,000
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of year	(527,711,000)	(601,333,000)	(574,161,000)
Before reclassifications to income	(18,973,000)	52,211,000
Reclassifications to income	11,998,000	21,411,000
Other comprehensive (loss) income	(6,975,000)	73,622,000
Balance at end of year	$ (534,686,000)	$ (527,711,000)	$ (601,333,000)

Assets and Liabilities Measured at Fair Value - Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	$ 15,135	$ 472,528
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	15,135	16,962
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	259,415
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	196,151
Commodity collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	4,280
Liabilities	0	19,533
Commodity collars \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	0	0
Commodity collars \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	4,280
Liabilities	0	19,533
Commodity collars \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	0	0
Nonqualified employee savings plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	15,135	16,962
Nonqualified employee savings plan \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	15,135	16,962
Nonqualified employee savings plan \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	0
Nonqualified employee savings plan \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	0
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	196,151
Contingent consideration \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	0
Contingent consideration \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	0
Contingent consideration \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	196,151
Commodity swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	239,882
Commodity swaps \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	0
Commodity swaps \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	239,882
Commodity swaps \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	$ 0	$ 0

Assets and Liabilities Measured at Fair Value - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) OffsettingPosition	Dec. 31, 2021 USD ($) OffsettingPosition	Dec. 31, 2020 USD ($)	Sep. 30, 2021	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Expected life		1 year
Number of offsetting positions (in offsetting positions) \| OffsettingPosition	0	0
Impairment of assets	$ 0	$ 196,296	$ 1,206,284
Terra Nova
Impairment of assets		171,300
Additional percentage acquired through commercial settlement	7.525%			7.525%
Impairment of long-lived assets to be disposed of		$ 25,000
LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C. \| Sales thresholds 2019 to 2022
Contingent consideration, maximum					$ 200,000
LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C. \| Net crude oil and condensate revenue
Contingent consideration, maximum					$ 50,000
Petrobas America Inc \| Sales thresholds 2019 to 2022
Contingent consideration, maximum						$ 150,000
Petrobas America Inc \| Enhanced oil recovery projects
Contingent consideration, maximum						$ 50,000
Commodity Swaps
Derivative liabilities	$ 19,600
Commodity collars
Derivative liabilities	2,300
PAI and LLOG
Derivative liabilities	$ 192,700
Contingent consideration
Expected life		4 years
Fair value, expected volatility rate		9.90%
Risk-free interest rate		1.49%

Assets and Liabilities Measured at Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Carrying Amount
Current and long-term debt, carrying amount	$ (1,823,139)	$ (2,466,068)
Fair Value
Current and long-term debt, fair value	$ (1,668,216)	$ (2,666,773)

Assets and Liabilities Measured at Fair Value - Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Pretax Impairment	$ 0	$ 196,296	$ 1,206,284
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Book Value Prior to Impairment		43,994
Total Pretax Impairment	$ 0	7,000	$ 14,060
CA Offshore
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Book Value Prior to Impairment		327,481
Total Pretax Impairment		171,296
Other Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Book Value Prior to Impairment		43,739
Total Pretax Impairment		18,000
Level 1 \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		0
Level 1 \| CA Offshore
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		0
Level 1 \| Other Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		0
Level 2 \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		0
Level 2 \| CA Offshore
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		0
Level 2 \| Other Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		0
Level 3 \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		36,994
Level 3 \| CA Offshore
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		156,185
Level 3 \| Other Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		$ 25,739

Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Line Items]
Future rental payments, due year one	$ 270,868
Future rental payments, due year two	241,455
Future rental payments, due year three	79,974
Future rental payments, due year four	61,534
Future rental payments, due year five	59,964
Commitments for capital expenditures	282,400
Gulf of Mexico
Commitments and Contingencies Disclosure [Line Items]
Commitments for capital expenditures	200,900
Eagle Ford Shale
Commitments and Contingencies Disclosure [Line Items]
Commitments for capital expenditures	46,600
Canada
Commitments and Contingencies Disclosure [Line Items]
Commitments for capital expenditures	33,800
Other foreign
Commitments and Contingencies Disclosure [Line Items]
Commitments for capital expenditures	1,100
Processing production handling and transportation services
Commitments and Contingencies Disclosure [Line Items]
Future rental payments, due year one	295,400
Future rental payments, due year two	118,800
Future rental payments, due year three	91,200
Future rental payments, due year four	82,200
Future rental payments, due year five	69,000
Processing and transportation charges	$ 216,400	$ 151,800	$ 107,600

Environmental and Other Contingencies - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)
Environmental Remediation Obligations [Abstract]
Threshold for disclosure of monetary sanctions related to environmental proceedings	$ 1.0
Threshold for disclosure of monetary sanctions related to aware of legal environmental proceedings	$ 1.0

Common Stock Issued and Outstanding (Details) - shares	12 Months Ended
Common Stock Issued and Outstanding (Details) - shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning of year (in shares)	154,463,050	153,598,625	152,935,361
Stock options exercised (in shares)	181,655	32,554	11,359
Restricted stock awards (in shares)	822,614	831,871	651,905
End of year (in shares)	155,467,319	154,463,050	153,598,625

Business Segments - Schedule of Revenue by Major Customers (Details) - Sales Revenue - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Chevron Corporation
Segment Reporting Information [Line Items]
Concentration risk	19.00%	30.00%	24.00%
ExxonMobil Corporation
Segment Reporting Information [Line Items]
Concentration risk	12.00%
Phillips 66
Segment Reporting Information [Line Items]
Concentration risk			18.00%

Business Segments - Narrative (Details)	Dec. 31, 2022 USD ($)
Segment Reporting [Abstract]
Assets held-for-sale	$ 0

Business Segments - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net income (loss) including noncontrolling interest	$ 220,600	$ 574,100	$ 409,500	$ (65,500)	$ 204,000	$ 137,300	$ (27,000)	$ (266,800)	$ 1,138,719	$ 47,528	$ (1,262,445)
Revenues from external customers									3,932,662	2,299,281	1,967,341
Other income (expense)									14,310	(16,771)	(17,303)
Interest expense, net of capitalization									(150,759)	(221,773)	(169,423)
Income tax expense (benefit)									309,464	(5,862)	(293,741)
Impairment of assets									0	196,296	1,206,284
Depreciation, depletion and amortization									776,817	795,105	987,239
Accretion of asset retirement obligations									46,243	46,613	42,136
Amortization of undeveloped leases									13,300	18,925	26,743
Deferred income tax expense (benefit)									286,079	(4,146)	(278,042)
Additions to property, plant, equipment									1,063,300	585,300	756,600
Total assets at year-end	10,308,952				10,304,940				10,308,952	10,304,940	10,620,900
Discontinued Operations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net income (loss) including noncontrolling interest									(2,100)	(1,200)	(7,200)
Revenues from external customers									0	0	0
Other income (expense)									0	0	0
Interest expense, net of capitalization									0	0	0
Income tax expense (benefit)									0	0	0
Impairment of assets										0	0
Depreciation, depletion and amortization									0	0	0
Accretion of asset retirement obligations									0	0	0
Amortization of undeveloped leases									0	0	0
Deferred income tax expense (benefit)									0	0	0
Additions to property, plant, equipment									0	0	0
Total assets at year-end	800				800				800	800	700
Corporate and Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net income (loss) including noncontrolling interest									(438,300)	(668,000)	(120,300)
Revenues from external customers									(314,400)	(519,400)	207,900
Other income (expense)									23,300	(6,500)	(9,100)
Interest expense, net of capitalization									(150,400)	(221,600)	(168,500)
Income tax expense (benefit)									(107,800)	(178,600)	(30,200)
Impairment of assets										7,000	14,100
Depreciation, depletion and amortization									12,900	13,000	22,300
Accretion of asset retirement obligations									0	0	0
Amortization of undeveloped leases									0	0	0
Deferred income tax expense (benefit)									(112,000)	(170,500)	(25,100)
Additions to property, plant, equipment									21,900	0	0
Total assets at year-end	1,034,600				1,220,800				1,034,600	1,220,800	1,032,900
Exploration and Production \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net income (loss) including noncontrolling interest									1,579,100	716,700	(1,134,900)
Revenues from external customers									4,247,100	2,818,700	1,759,400
Other income (expense)									(9,000)	(10,300)	(8,200)
Interest expense, net of capitalization									(400)	(200)	(900)
Income tax expense (benefit)									417,300	172,700	(263,500)
Impairment of assets										189,300	1,192,200
Depreciation, depletion and amortization									763,900	782,100	964,900
Accretion of asset retirement obligations									46,200	46,600	42,100
Amortization of undeveloped leases									13,300	18,900	26,700
Deferred income tax expense (benefit)									398,100	166,400	(252,900)
Additions to property, plant, equipment									1,041,400	585,300	756,600
Total assets at year-end	9,273,600				9,083,300				9,273,600	9,083,300	9,587,300
Exploration and Production \| Operating Segments \| United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net income (loss) including noncontrolling interest									1,521,900	766,300	(1,014,300)
Revenues from external customers									3,461,200	2,337,500	1,411,800
Other income (expense)									(6,600)	(11,600)	(9,900)
Interest expense, net of capitalization									(100)	0	0
Income tax expense (benefit)									370,800	183,900	(244,200)
Impairment of assets										0	1,152,500
Depreciation, depletion and amortization									617,000	616,500	749,400
Accretion of asset retirement obligations									36,500	36,900	36,600
Amortization of undeveloped leases									8,700	11,100	17,200
Deferred income tax expense (benefit)									362,700	176,300	(244,200)
Additions to property, plant, equipment									838,600	519,500	623,100
Total assets at year-end	6,930,600				6,591,600				6,930,600	6,591,600	6,915,500
Exploration and Production \| Operating Segments \| Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Net income (loss) including noncontrolling interest									134,200	(16,100)	(35,000)
Revenues from external customers									762,900	476,300	345,800
Other income (expense)									(1,900)	(1,900)	800
Interest expense, net of capitalization									0	0	(500)
Income tax expense (benefit)									43,600	(1,700)	(21,400)
Impairment of assets										171,300	0
Depreciation, depletion and amortization									141,500	163,800	213,200
Accretion of asset retirement obligations									9,600	9,700	5,500
Amortization of undeveloped leases									200	200	400
Deferred income tax expense (benefit)									34,800	(1,900)	(10,600)
Additions to property, plant, equipment									208,500	52,700	118,300
Total assets at year-end	2,125,600				2,231,900				2,125,600	2,231,900	2,404,100
Exploration and Production \| Operating Segments \| Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net income (loss) including noncontrolling interest									(77,000)	(33,500)	(85,600)
Revenues from external customers									23,000	4,900	1,800
Other income (expense)									(500)	3,200	800
Interest expense, net of capitalization									(300)	(200)	(400)
Income tax expense (benefit)									2,900	(9,500)	2,100
Impairment of assets										18,000	39,700
Depreciation, depletion and amortization									5,400	1,800	2,300
Accretion of asset retirement obligations									100	0	0
Amortization of undeveloped leases									4,400	7,600	9,100
Deferred income tax expense (benefit)									600	(8,000)	1,900
Additions to property, plant, equipment									(5,700)	13,100	15,200
Total assets at year-end	$ 217,400				$ 259,800				$ 217,400	$ 259,800	$ 267,700

Business Segments - Geographic Information on Certain Long-Lived Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Certain long-lived assets	$ 8,228.0	$ 8,127.9	$ 8,269.0
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Certain long-lived assets	6,562.8	6,371.4	6,395.7
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Certain long-lived assets	1,499.1	1,566.9	1,702.5
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Certain long-lived assets	$ 166.1	$ 189.6	$ 170.8

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Termination period	1 year
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	20 years

Leases - Summary of Lease Related Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Amortization of asset	$ 5,481	$ 1,173
Interest on lease liabilities	254	228
Sublease income	(1,296)	(2,482)
Net lease expense	487,697	346,932
Variable lease expenses primarily related to additional volumes processed at natural gas processing plant	32,200	25,800
Property, plant and equipment
Lessee, Lease, Description [Line Items]
Operating lease cost	196,829	81,924
Short-term lease cost	125,400	28,900
Asset retirement obligations
Lessee, Lease, Description [Line Items]
Operating lease cost	11,190	11,103
Short-term lease cost	11,200	11,100
Lease operating expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	217,038	198,189
Short-term lease cost	62,800	56,900
Transportation, gathering and processing
Lessee, Lease, Description [Line Items]
Operating lease cost	39,669	39,396
Short-term lease cost	31,500	30,200
Selling and general expense
Lessee, Lease, Description [Line Items]
Operating lease cost	8,003	9,019
Short-term lease cost	700	2,100
Other operating expense
Lessee, Lease, Description [Line Items]
Operating lease cost	510	7,480
Short-term lease cost	100	200
Exploration expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	10,019	$ 902
Short-term lease cost	$ 8,800

Leases - Schedule of Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Leases
2023	$ 270,868
2024	241,455
2025	79,974
2026	61,534
2027	59,964
Remaining	548,118
Total future minimum lease payments	1,261,913
Less imputed interest	(298,846)
Lease obligation	963,067
Finance Leases
2023	1,068
2024	1,069
2025	1,068
2026	1,069
2027	1,069
Remaining	1,336
Total future minimum lease payments	6,679
Less imputed interest	(1,835)
Present value of lease liabilities	$ 4,844	$ 5,489
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current maturities of long-term debt, finance lease
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt, including finance lease obligation
Total
2023	$ 271,936
2024	242,524
2025	81,042
2026	62,603
2027	61,033
Remaining	549,454
Total future minimum lease payments	1,268,592
Less imputed interest	(300,681)
Present value of lease liabilities	$ 967,911

Leases - Summary of Lease Term and Discount Rate (Details)	Dec. 31, 2022	Dec. 31, 2021
Weighted average remaining lease term:
Operating leases	9 years	12 years
Finance leases	6 years	7 years
Weighted average discount rate:
Operating leases	5.90%	5.70%
Finance leases	4.70%	4.70%

Leases - Summary of Other Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 212,061	$ 194,412
Operating cash flows from finance leases	254	228
Financing cash flows from finance leases	636	803	$ 695
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	262,669	95,500
Offshore drilling rig
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$ 254,000	$ 90,300
Lease term	24 months	16 months

Restructuring Charges - Summary of Restructuring Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 0	$ 49,994
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges			25,088
Contract exit costs and other
Restructuring Cost and Reserve [Line Items]
Restructuring charges			13,993
Pension and termination benefit charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 10,913

Restructuring Charges - Reconciliation of Restructuring Liability (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Restructuring activities	$ 0	$ 2,200,000

Supplemental Oil and Gas Information (Unaudited) - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 $ / bbl ft³	Dec. 31, 2021 $ / bbl	Dec. 31, 2020 $ / bbl
Reserve Quantities [Line Items]
Future net cash flows annual discount factor, percentage	10.00%
Equity Method Investee
Reserve Quantities [Line Items]
Reserves attributable to investees accounted for my the equity method \| ft³	0
Net crude oil and condensate revenue
Reserve Quantities [Line Items]
Average production costs per barrel of oil (in dollars per barrel)	93.67	66.56	39.57
Net natural gas revenue
Reserve Quantities [Line Items]
Average production costs per volume of natural gas (in dollars per cubic foot)	6.36	3.60	1.98

Supplemental Oil and Gas Information (Unaudited) - Summary of Proved Reserves Based on Average Prices (Details) MMcf in Millions, MMBbls in Millions, ft³ in Billions	12 Months Ended
	Dec. 31, 2022 MMcf ft³ MMBbls	Dec. 31, 2022 ft³ MMBbls	Dec. 31, 2022 ft³ MMBbls	Dec. 31, 2021 MMcf ft³ MMBbls	Dec. 31, 2020 MMcf ft³ MMBbls	Dec. 31, 2019 ft³ MMBbls
Proved developed and undeveloped oil reserves:
Proved developed reserves	436.0	436.0	436.0	419.2	410.8	472.3
Proved undeveloped reserves	279.4	279.4	279.4	297.7	304.1	352.7
Crude Oil
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped crude oil/synthetic oil reserves, beginning balance			716.9	714.9	825.0
Revisions of previous estimates			(23.6)	(52.9)	(194.7)
Improved recovery			5.3
Extensions and discoveries			80.1	109.4	150.3
Purchases of properties			5.0	7.4
Sales of properties			(4.4)	(0.7)	(1.7)
Production			(63.9)	(61.1)	(63.9)
Proved developed and undeveloped reserves, ending balance			715.4	716.9	714.9
Net crude oil and condensate revenue \| Crude Oil
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped crude oil/synthetic oil reserves, beginning balance			291.5	266.5	423.9
Revisions of previous estimates			23.4	39.3	(137.4)
Improved recovery			4.7
Extensions and discoveries			18.9	14.1	19.6
Purchases of properties			4.2	6.4
Sales of properties			(3.6)		(1.5)
Production			(35.5)	(34.9)	(38.1)
Proved developed and undeveloped reserves, ending balance			303.6	291.5	266.5
Proved developed reserves	209.0	209.0	209.0	191.5	179.8	230.9
Proved undeveloped reserves	94.6	94.6	94.6	99.9	86.7	193.0
Net natural gas liquids revenue
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped crude oil/synthetic oil reserves, beginning balance			38.4	38.2	56.1
Revisions of previous estimates			4.4	1.4	(16.4)
Improved recovery \| MMcf	0.2
Extensions and discoveries			2.5	2.5	2.8
Purchases of properties			0.3	0.1
Sales of properties			(0.2)		(0.1)
Production			(3.9)	(3.8)	(4.2)
Proved developed and undeveloped reserves, ending balance			41.7	38.4	38.2
Proved developed reserves	29.7	29.7	29.7	28.4	28.7	28.1
Proved undeveloped reserves	12.0	12.0	12.0	10.0	9.5	28.0
Net natural gas revenue
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped crude oil/synthetic oil reserves, beginning balance \| ft³		2,322.3		2,461.0	2,069.7
Revisions of previous estimates \| ft³		(309.8)		(562.2)	(245.4)
Improved recovery \| MMcf	2,600.0
Extensions and discoveries \| ft³		352.4		556.7	767.2
Purchases of properties \| ft³		2.9		5.4
Sales of properties		(3.6)		(4,400.0)	(0.7)
Production \| ft³		(146.9)		(134.2)	(129.8)
Proved developed and undeveloped reserves, ending balance \| ft³		2,219.9		2,322.3	2,461.0
Proved developed reserves \| ft³	1,183.1	1,183.1	1,183.1	1,196.0	1,213.8	1,279.8
Proved undeveloped reserves \| ft³	1,036.8	1,036.8	1,036.8	1,126.4	1,247.2	789.9
MP Gulf of Mexico LLC
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped reserves, ending balance			18.2
Proved developed reserves	15.0	15.0	15.0
Proved undeveloped reserves	3.2	3.2	3.2
MP Gulf of Mexico LLC \| Net crude oil and condensate revenue
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped reserves, ending balance			16.5
Proved developed reserves	13.7	13.7	13.7
Proved undeveloped reserves	2.8	2.8	2.8
MP Gulf of Mexico LLC \| Net natural gas liquids revenue
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped reserves, ending balance		0.8	0.6
Proved developed reserves	0.5	0.5	0.5
Proved undeveloped reserves	0.1	0.1	0.1
MP Gulf of Mexico LLC \| Net natural gas revenue
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped reserves, ending balance \| ft³		5.6
Proved developed reserves \| ft³	4.2	4.2	4.2
Proved undeveloped reserves \| ft³	1.4	1.4	1.4
U.S.
Proved developed and undeveloped oil reserves:
Proved developed reserves	264.2	264.2	264.2	241.9	230.3	273.4
Proved undeveloped reserves	92.8	92.8	92.8	101.6	98.2	226.7
U.S. \| Crude Oil
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped crude oil/synthetic oil reserves, beginning balance			343.4	328.5	500.1
Revisions of previous estimates			29.0	35.6	(146.6)
Improved recovery			5.3
Extensions and discoveries			20.6	18.2	19.5
Purchases of properties			5.0	1.6
Sales of properties			(4.4)	0.0	(1.7)
Production			(41.9)	(40.4)	(42.8)
Proved developed and undeveloped reserves, ending balance			357.0	343.4	328.5
U.S. \| Net crude oil and condensate revenue \| Crude Oil
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped crude oil/synthetic oil reserves, beginning balance			255.0	240.6	377.8
Revisions of previous estimates			19.9	31.1	(116.8)
Improved recovery			4.7
Extensions and discoveries			16.1	13.5	14.5
Purchases of properties			4.2	1.3
Sales of properties			(3.6)		(1.5)
Production			(32.7)	(31.5)	(33.4)
Proved developed and undeveloped reserves, ending balance			263.6	255.0	240.6
Proved developed reserves	194.4	194.4	194.4	174.9	161.4	205.0
Proved undeveloped reserves	69.2	69.2	69.2	80.0	79.2	172.8
U.S. \| Net natural gas liquids revenue
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped crude oil/synthetic oil reserves, beginning balance			35.1	34.6	52.8
Revisions of previous estimates			3.9	1.4	(17.1)
Improved recovery \| MMcf	0.2
Extensions and discoveries			1.9	2.4	2.7
Purchases of properties			0.3	0.1
Sales of properties			(0.2)		(0.1)
Production			(3.6)	(3.4)	(3.7)
Proved developed and undeveloped reserves, ending balance		74.9	37.6	35.1	34.6
Proved developed reserves	27.4	27.4	27.4	25.6	25.5	26.2
Proved undeveloped reserves	10.2	10.2	10.2	9.5	9.1	26.6
U.S. \| Net natural gas revenue
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped crude oil/synthetic oil reserves, beginning balance \| ft³		320.3		319.5	416.8
Revisions of previous estimates \| ft³		30.7		18.7	(76.2)
Improved recovery \| MMcf	2,600.0
Extensions and discoveries \| ft³		15.7		13.5	14.0
Purchases of properties \| ft³		2.9		1.5
Sales of properties		(3.6)		0.0	(0.7)
Production \| ft³		(33.7)		(32.8)	(34.4)
Proved developed and undeveloped reserves, ending balance \| ft³		334.9		320.3	319.5
Proved developed reserves \| ft³	254.1	254.1	254.1	248.1	260.2	253.1
Proved undeveloped reserves \| ft³	80.8	80.8	80.8	72.2	59.3	163.7
Canada
Proved developed and undeveloped oil reserves:
Proved developed reserves	171.3	171.3	171.3	176.8	180.5	198.1
Proved undeveloped reserves	186.5	186.5	186.5	196.0	205.9	126.0
Canada \| Crude Oil
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped crude oil/synthetic oil reserves, beginning balance			372.8	386.4	324.1
Revisions of previous estimates			(52.8)	(89.3)	(47.3)
Improved recovery			0.0
Extensions and discoveries			59.5	91.3	130.7
Purchases of properties			0.0	5.8
Sales of properties			0.0	(0.7)	0.0
Production			(21.7)	(20.6)	(21.1)
Proved developed and undeveloped reserves, ending balance			357.8	372.8	386.4
Canada \| Net crude oil and condensate revenue \| Crude Oil
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped crude oil/synthetic oil reserves, beginning balance			35.9	25.9	45.3
Revisions of previous estimates			3.3	7.5	(19.8)
Improved recovery			0.0
Extensions and discoveries			2.8	0.6	5.1
Purchases of properties			0.0	5.2
Sales of properties			0.0		0.0
Production			(2.5)	(3.3)	(4.7)
Proved developed and undeveloped reserves, ending balance			39.5	35.9	25.9
Proved developed reserves	14.2	14.2	14.2	16.0	18.4	25.1
Proved undeveloped reserves	25.3	25.3	25.3	19.8	7.5	20.2
Canada \| Net natural gas liquids revenue
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped crude oil/synthetic oil reserves, beginning balance			3.3	3.6	3.3
Revisions of previous estimates			0.5	0.0	0.7
Improved recovery \| MMcf	0.0
Extensions and discoveries			0.6	0.1	0.1
Purchases of properties			0.0	0.0
Sales of properties			0.0		0.0
Production			(0.3)	(0.4)	(0.5)
Proved developed and undeveloped reserves, ending balance		43.5	4.1	3.3	3.6
Proved developed reserves	2.3	2.3	2.3	2.8	3.2	1.9
Proved undeveloped reserves	1.8	1.8	1.8	0.5	0.4	1.4
Canada \| Net natural gas revenue
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped crude oil/synthetic oil reserves, beginning balance \| ft³		2,001.8		2,141.5	1,652.9
Revisions of previous estimates \| ft³		(340.5)		(581.0)	(169.2)
Improved recovery \| MMcf	0.0
Extensions and discoveries \| ft³		336.7		543.2	753.2
Purchases of properties \| ft³		0.0		3.9
Sales of properties		0.0		(4,400.0)	0.0
Production \| ft³		(113.2)		(101.4)	(95.4)
Proved developed and undeveloped reserves, ending balance \| ft³		1,884.8		2,001.8	2,141.5
Proved developed reserves \| ft³	928.8	928.8	928.8	947.7	953.6	1,026.7
Proved undeveloped reserves \| ft³	956.0	956.0	956.0	1,054.1	1,187.9	626.2
Other
Proved developed and undeveloped oil reserves:
Proved developed reserves	0.5	0.5	0.5	0.6	0.0	0.8
Proved undeveloped reserves	0.1	0.1	0.1	0.1	0.0	0.0
Other \| Crude Oil
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped crude oil/synthetic oil reserves, beginning balance			0.7	0.0	0.8
Revisions of previous estimates			0.2	0.8	(0.8)
Improved recovery			0.0
Extensions and discoveries			0.0	0.0	0.0
Purchases of properties			0.0	0.0
Sales of properties			0.0	0.0	0.0
Production			(0.3)	(0.1)	0.0
Proved developed and undeveloped reserves, ending balance			0.6	0.7	0.0
Other \| Net crude oil and condensate revenue \| Crude Oil
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped crude oil/synthetic oil reserves, beginning balance			0.6	0.0	0.8
Revisions of previous estimates			0.2	0.7	(0.8)
Improved recovery			0.0
Extensions and discoveries			0.0	0.0	0.0
Purchases of properties			0.0	0.0
Sales of properties			0.0		0.0
Production			(0.3)	(0.1)	0.0
Proved developed and undeveloped reserves, ending balance			0.5	0.6	0.0
Proved developed reserves	0.4	0.4	0.4	0.5	0.0	0.8
Proved undeveloped reserves	0.1	0.1	0.1	0.1	0.0	0.0
Other \| Net natural gas liquids revenue
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped crude oil/synthetic oil reserves, beginning balance			0.0	0.0	0.0
Revisions of previous estimates			0.0	0.0	0.0
Improved recovery \| MMcf	0.0
Extensions and discoveries			0.0	0.0	0.0
Purchases of properties			0.0	0.0
Sales of properties			0.0		0.0
Production			0.0	0.0	0.0
Proved developed and undeveloped reserves, ending balance			0.0	0.0	0.0
Proved developed reserves	0.0	0.0	0.0	0.0	0.0	0.0
Proved undeveloped reserves	0.0	0.0	0.0	0.0	0.0	0.0
Other \| Net natural gas revenue
Proved developed and undeveloped oil reserves:
Proved developed and undeveloped crude oil/synthetic oil reserves, beginning balance \| ft³		0.2		0.0	0.0
Revisions of previous estimates \| ft³		0.0		0.2	0.0
Improved recovery \| MMcf	0.0
Extensions and discoveries \| ft³		0.0		0.0	0.0
Purchases of properties \| ft³		0.0		0.0
Sales of properties		0.0		0.0	0.0
Production \| ft³		0.0		0.0	0.0
Proved developed and undeveloped reserves, ending balance \| ft³		0.2		0.2	0.0
Proved developed reserves \| ft³	0.2	0.2	0.2	0.2	0.0	0.0
Proved undeveloped reserves \| ft³	0.0	0.0	0.0	0.0	0.0	0.0

Supplemental Oil and Gas Information (Unaudited) - Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Property acquisition costs
Unproved	$ 1.8	$ 8.8	$ 14.3
Proved	128.5	(0.5)	0.2
Total acquisition costs	130.3	8.3	14.5
Refunded exploration costs			58.6
Exploration costs	113.3	62.2
Development costs	917.7	619.3	736.8
Total costs incurred	1,161.3	689.8	809.9
Charged to expense
Dry hole expense	82.1	17.3
Geophysical and other costs	37.7	32.8	38.6
Total charged to expense	119.8	50.1	38.6
Property additions	$ 1,041.4	639.7	771.3
Terra Nova
Charged to expense
Additional percentage acquired through commercial settlement	7.525%			7.525%
U.S.
Property acquisition costs
Unproved	$ 1.8	8.8	6.5
Proved	128.5	19.9	0.2
Total acquisition costs	130.3	28.7	6.7
Refunded exploration costs			34.3
Exploration costs	42.2	31.7
Development costs	704.9	513.2	609.2
Total costs incurred	877.4	573.6	650.2
Charged to expense
Dry hole expense	23.0	17.3
Geophysical and other costs	15.8	13.1	14.3
Total charged to expense	38.8	30.4	14.3
Property additions	838.6	543.2	635.9
Canada
Property acquisition costs
Unproved	0.0	0.0	0.5
Proved	0.0	(20.4)	0.0
Total acquisition costs	0.0	(20.4)	0.5
Refunded exploration costs			(0.4)
Exploration costs	0.8	0.4
Development costs	208.5	102.4	120.8
Total costs incurred	209.3	82.4	120.9
Charged to expense
Dry hole expense	0.0	0.0
Geophysical and other costs	0.8	0.4	0.7
Total charged to expense	0.8	0.4	0.7
Property additions	208.5	82.0	120.2
Other
Property acquisition costs
Unproved	0.0	0.0	7.3
Proved	0.0	0.0	0.0
Total acquisition costs	0.0	0.0	7.3
Refunded exploration costs			24.7
Exploration costs	70.3	30.1
Development costs	4.3	3.7	6.8
Total costs incurred	74.6	33.8	38.8
Charged to expense
Dry hole expense	59.1	0.0
Geophysical and other costs	21.1	19.3	23.6
Total charged to expense	80.2	19.3	23.6
Property additions	$ (5.7)	$ 14.5	$ 15.2

Supplemental Oil and Gas Information (Unaudited) - Results of Operations for Oil and Gas Producing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Revenues	$ 4,220,200	$ 2,801,200	$ 1,751,700
Other operating revenues	26,700	17,500	7,700
Total revenues	4,246,900	2,818,700	1,759,400
Costs and expenses
Lease operating expenses	679,300	539,500	600,100
Severance and ad valorem taxes	57,000	41,200	28,500
Transportation, gathering and processing	212,711	187,028	172,399
Costs of purchased natural gas	171,991	0	0
Restructuring expenses	0	0	49,994
Restructuring expenses			1,200
Exploration costs charged to expense	119,800	50,100	59,700
Undeveloped lease amortization	13,300	18,900	26,800
Depreciation, depletion and amortization	763,900	782,100	964,900
Accretion of asset retirement obligations	46,200	46,600	42,200
Impairment of assets		189,300
Impairment of assets			1,192,200
Selling and general expenses	44,500	43,600	48,800
Other expenses (benefits)	141,800	31,000	21,000
Total costs and expenses	2,250,500	1,929,300	3,157,800
Results of operations before taxes	1,996,400	889,400	(1,398,400)
Income tax expense (benefit)	417,300	172,700	(263,500)
Results of operations	1,579,100	716,700	(1,134,900)
Crude Oil and Natural Gas Liquids
Revenues
Revenues	3,500,600	2,433,500	1,511,600
Natural Gas
Revenues
Revenues	537,900	367,700	240,100
Sales of purchased natural gas
Revenues
Revenues	181,700
U.S.
Revenues
Revenues	3,435,800	2,321,500	1,405,300
Other operating revenues	25,400	16,000	6,500
Total revenues	3,461,200	2,337,500	1,411,800
Costs and expenses
Lease operating expenses	522,700	406,400	476,900
Severance and ad valorem taxes	55,700	39,600	27,200
Transportation, gathering and processing	142,200	126,500	127,700
Costs of purchased natural gas	200
Restructuring expenses			1,200
Exploration costs charged to expense	38,800	30,400	35,500
Undeveloped lease amortization	8,700	11,100	17,200
Depreciation, depletion and amortization	617,000	616,500	749,400
Accretion of asset retirement obligations	36,500	36,900	36,600
Impairment of assets		0
Impairment of assets			1,152,500
Selling and general expenses	20,400	20,500	24,600
Other expenses (benefits)	126,300	99,400	21,500
Total costs and expenses	1,568,500	1,387,300	2,670,300
Results of operations before taxes	1,892,700	950,200	(1,258,500)
Income tax expense (benefit)	370,800	183,900	(244,200)
Results of operations	1,521,900	766,300	(1,014,300)
U.S. \| Crude Oil and Natural Gas Liquids
Revenues
Revenues	3,210,300	2,199,700	1,335,800
U.S. \| Natural Gas
Revenues
Revenues	225,300	121,800	69,400
U.S. \| Sales of purchased natural gas
Revenues
Revenues	200
Canada \| Conventional gas
Revenues
Revenues	761,600	474,800	344,600
Other operating revenues	1,300	1,500	1,200
Total revenues	762,900	476,300	345,800
Costs and expenses
Lease operating expenses	155,100	136,300	121,600
Severance and ad valorem taxes	1,300	1,600	1,300
Transportation, gathering and processing	70,500	60,500	44,700
Costs of purchased natural gas	171,800
Restructuring expenses			0
Exploration costs charged to expense	800	400	600
Undeveloped lease amortization	200	200	400
Depreciation, depletion and amortization	141,500	163,800	213,200
Accretion of asset retirement obligations	9,600	9,700	5,600
Impairment of assets		171,300
Impairment of assets			0
Selling and general expenses	21,900	16,500	17,100
Other expenses (benefits)	12,400	(66,200)	(2,300)
Total costs and expenses	585,100	494,100	402,200
Results of operations before taxes	177,800	(17,800)	(56,400)
Income tax expense (benefit)	43,600	(1,700)	(21,400)
Results of operations	134,200	(16,100)	(35,000)
Canada \| Crude Oil and Natural Gas Liquids \| Conventional gas
Revenues
Revenues	267,500	228,900	174,000
Canada \| Natural Gas \| Conventional gas
Revenues
Revenues	312,600	245,900	170,600
Canada \| Sales of purchased natural gas \| Conventional gas
Revenues
Revenues	181,500
Other
Revenues
Revenues	22,800	4,900	1,800
Other operating revenues	0	0	0
Total revenues	22,800	4,900	1,800
Costs and expenses
Lease operating expenses	1,500	(3,200)	1,600
Severance and ad valorem taxes	0	0	0
Transportation, gathering and processing	0	0	0
Costs of purchased natural gas	0
Restructuring expenses			0
Exploration costs charged to expense	80,200	19,300	23,600
Undeveloped lease amortization	4,400	7,600	9,200
Depreciation, depletion and amortization	5,400	1,800	2,300
Accretion of asset retirement obligations	100	0	0
Impairment of assets		18,000
Impairment of assets			39,700
Selling and general expenses	2,200	6,600	7,100
Other expenses (benefits)	3,100	(2,200)	1,800
Total costs and expenses	96,900	47,900	85,300
Results of operations before taxes	(74,100)	(43,000)	(83,500)
Income tax expense (benefit)	2,900	(9,500)	2,100
Results of operations	(77,000)	(33,500)	(85,600)
Other \| Crude Oil and Natural Gas Liquids
Revenues
Revenues	22,800	4,900	1,800
Other \| Natural Gas
Revenues
Revenues	0	$ 0	$ 0
Other \| Sales of purchased natural gas
Revenues
Revenues	$ 0

Supplemental Oil and Gas Information (Unaudited) - Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Oil and Gas Reserves (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Future cash inflows	$ 39,697.3	$ 25,696.7	$ 14,594.2
Future development costs	(2,238.3)	(1,686.8)	(1,694.1)
Future production costs	(12,508.5)	(10,675.4)	(8,412.1)
Future income taxes	(4,400.9)	(1,592.8)	(166.8)
Future net cash flows	20,549.6	11,741.6	4,321.2
10% annual discount for estimated timing of cash flows	(8,736.4)	(4,442.7)	(1,702.6)
Standardized measure of discounted future net cash flows	11,813.2	7,299.0	2,618.6	$ 5,827.6
U.S.
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Future cash inflows	27,277.9	18,449.1	9,976.7
Future development costs	(1,594.5)	(1,164.3)	(1,289.8)
Future production costs	(8,297.4)	(7,140.6)	(5,777.5)
Future income taxes	(2,606.8)	(1,024.4)	0.0
Future net cash flows	14,779.2	9,119.9	2,909.4
10% annual discount for estimated timing of cash flows	(5,709.8)	(3,264.9)	(1,079.2)
Standardized measure of discounted future net cash flows	9,069.4	5,855.1	1,830.2
Canada
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Future cash inflows	12,360.2	7,203.5	4,617.5
Future development costs	(642.4)	(521.1)	(404.3)
Future production costs	(4,199.0)	(3,525.8)	(2,634.6)
Future income taxes	(1,788.7)	(565.4)	(166.8)
Future net cash flows	5,730.1	2,591.3	1,411.8
10% annual discount for estimated timing of cash flows	(3,015.6)	(1,169.3)	(623.4)
Standardized measure of discounted future net cash flows	2,714.5	1,422.0	788.4
Other
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Future cash inflows	59.2	44.0	0.0
Future development costs	(1.4)	(1.5)	0.0
Future production costs	(12.1)	(9.1)	0.0
Future income taxes	(5.4)	(3.0)	0.0
Future net cash flows	40.3	30.4	0.0
10% annual discount for estimated timing of cash flows	(11.0)	(8.5)	0.0
Standardized measure of discounted future net cash flows	$ 29.3	$ 21.9	$ 0.0

Supplemental Oil and Gas Information (Unaudited) - Principal Sources of Change in the Standardized Measure of Discounted Future Net Cash Flows (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / bbl	Dec. 31, 2021 USD ($) $ / bbl	Dec. 31, 2020 USD ($) $ / bbl
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Net changes in prices and production costs	$ 4,812.2	$ 5,962.1	$ (5,942.1)
Net changes in development costs	(531.1)	(503.6)	2,215.1
Sales and transfers of oil and natural gas produced, net of production costs	(2,917.4)	(2,220.5)	(1,123.1)
Net change due to extensions and discoveries	1,223.5	908.5	568.5
Net change due to purchases and sales of proved reserves	102.1	63.1	(14.6)
Development costs incurred	769.3	619.3	736.8
Accretion of discount	802.6	267.2	699.3
Revisions of previous quantity estimates	1,652.9	277.1	(1,461.3)
Net change in income taxes	(1,399.9)	(692.8)	1,112.4
Net increase (decrease)	4,514.2	4,680.4	(3,209.0)
Standardized measure, beginning balance	7,299.0	2,618.6	5,827.6
Standardized measure, ending balance	$ 11,813.2	$ 7,299.0	$ 2,618.6
Net crude oil and condensate revenue
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Average production costs per barrel of oil (in dollars per barrel) \| $ / bbl	93.67	66.56	39.57
Net natural gas revenue
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Average production costs per volume of natural gas (in dollars per cubic foot) \| $ / bbl	6.36	3.60	1.98

Supplemental Oil and Gas Information (Unaudited) - Capitalized Costs Relating to Oil and Gas Producing Activities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items]
Unproved oil and natural gas properties	$ 648.9	$ 762.2
Proved oil and natural gas properties	19,792.6	19,655.8
Gross capitalized costs	20,441.5	20,418.0
Accumulated depreciation, depletion and amortization
Unproved oil and natural gas properties	(132.5)	(131.1)
Proved oil and natural gas properties	(12,122.9)	(12,211.0)
Net capitalized costs	8,186.1	8,075.9
U.S.
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items]
Unproved oil and natural gas properties	494.6	602.8
Proved oil and natural gas properties	15,051.9	14,690.7
Gross capitalized costs	15,546.5	15,293.5
Accumulated depreciation, depletion and amortization
Unproved oil and natural gas properties	(117.8)	(109.1)
Proved oil and natural gas properties	(8,873.6)	(8,821.5)
Net capitalized costs	6,555.1	6,362.9
Canada
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items]
Unproved oil and natural gas properties	19.2	17.7
Proved oil and natural gas properties	4,684.8	4,865.1
Gross capitalized costs	4,704.0	4,882.8
Accumulated depreciation, depletion and amortization
Unproved oil and natural gas properties	0.0	0.0
Proved oil and natural gas properties	(3,208.0)	(3,320.5)
Net capitalized costs	1,496.0	1,562.3
Other
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items]
Unproved oil and natural gas properties	135.1	141.7
Proved oil and natural gas properties	55.9	100.0
Gross capitalized costs	191.0	241.7
Accumulated depreciation, depletion and amortization
Unproved oil and natural gas properties	(14.7)	(22.0)
Proved oil and natural gas properties	(41.3)	(69.0)
Net capitalized costs	$ 135.0	$ 150.7

Supplemental Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Revenue from contracts with customers	$ 986,100	$ 1,166,400	$ 1,196,200	$ 871,400	$ 762,300	$ 687,600	$ 758,800	$ 592,500	$ 4,220,140	$ 2,801,215	$ 1,751,709
Income (loss) from continuing operations before income taxes	282,700	734,000	515,500	(81,900)	261,300	174,900	(38,100)	(355,200)	1,450,261	42,891	(1,549,035)
Income (loss) from continuing operations	220,800	574,500	410,400	(64,900)	204,700	138,000	(26,900)	(267,000)	1,140,797	48,753	(1,255,294)
Net income (loss) including noncontrolling interest	220,600	574,100	409,500	(65,500)	204,000	137,300	(27,000)	(266,800)	1,138,719	47,528	(1,262,445)
Net income (loss) attributable to Murphy	$ 199,400	$ 528,300	$ 350,600	$ (113,300)	$ 168,400	$ 108,400	$ (63,100)	$ (287,400)	$ 965,047	$ (73,664)	$ (1,148,777)
Income (loss) from continuing operations per Common share ²
Basic (in USD per share)	$ 1.28	$ 3.40	$ 2.27	$ (0.73)	$ 1.09	$ 0.70	$ (0.41)	$ (1.87)	$ 6.23	$ (0.47)	$ (7.43)
Diluted (in USD per share)	1.26	3.36	2.24	(0.73)	1.08	0.70	(0.41)	(1.87)	6.14	(0.47)	(7.43)
Net income (loss) per Common share ²
Basic (in USD per share)	1.28	3.40	2.26	(0.73)	1.09	0.70	(0.41)	(1.87)	6.22	(0.48)	(7.48)
Diluted (in USD per share)	1.26	3.36	2.23	(0.73)	1.09	0.70	(0.41)	(1.87)	6.13	(0.48)	(7.48)
Cash dividend per Common share (in USD per share)	$ 0.250	$ 0.250	$ 0.175	$ 0.150	$ 0.125	$ 0.125	$ 0.125	$ 0.125	$ 0.825	$ 0.50	$ 0.625

Schedule II - Valuation Accounts and Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 1.6	$ 1.6	$ 1.6
Charged to Expense	0.0	0.0	0.0
Deductions	0.0	0.0	0.0
Other	0.0	0.0	0.0
Ending balance	1.6	1.6	1.6
Deferred tax asset valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	111.2	106.4	103.1
Charged to Expense	24.8	4.8	3.3
Deductions	0.0	0.0	0.0
Other	0.0	0.0	0.0
Ending balance	$ 136.0	$ 111.2	$ 106.4

Employee and Retiree Benefit Plans - Fair Value Measurements of Retirement Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	$ 450,944	$ 611,302
Level 1
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	273,447	289,966
Level 2
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	144,763	238,482
Level 3
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	32,734	82,854
U.S.
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	335,082	392,557
U.S. \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	273,447	289,966
U.S. \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	49,528	55,343
U.S. \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	12,106	47,248
U.S. \| U.S. core equity
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	96,433	108,422
U.S. \| U.S. core equity \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	96,433	108,422
U.S. \| U.S. core equity \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
U.S. \| U.S. core equity \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
U.S. \| U.S. small/midcap
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	64,421	73,222
U.S. \| U.S. small/midcap \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	64,421	73,222
U.S. \| U.S. small/midcap \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
U.S. \| U.S. small/midcap \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
U.S. \| Other alternative strategies
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	12,106	47,248
U.S. \| Other alternative strategies \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
U.S. \| Other alternative strategies \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
U.S. \| Other alternative strategies \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	12,106	47,248
U.S. \| International equity
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	44,672	47,546
U.S. \| International equity \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	44,672	47,546
U.S. \| International equity \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
U.S. \| International equity \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
U.S. \| Emerging market equity
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	13,541	14,937
U.S. \| Emerging market equity \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	13,541	14,937
U.S. \| Emerging market equity \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
U.S. \| Emerging market equity \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
U.S. \| U.S. fixed income
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	85,190	92,231
U.S. \| U.S. fixed income \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	35,661	36,888
U.S. \| U.S. fixed income \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	49,528	55,343
U.S. \| U.S. fixed income \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
U.S. \| International commingled trust fund
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0
U.S. \| International commingled trust fund \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0
U.S. \| International commingled trust fund \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0
U.S. \| International commingled trust fund \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0
U.S. \| Emerging market mutual fund
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0
U.S. \| Emerging market mutual fund \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0
U.S. \| Emerging market mutual fund \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0
U.S. \| Emerging market mutual fund \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0
U.S. \| Cash and equivalents
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	18,719	8,951
U.S. \| Cash and equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	18,719	8,951
U.S. \| Cash and equivalents \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
U.S. \| Cash and equivalents \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
Foreign Plans
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	115,862	218,745
Foreign Plans \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
Foreign Plans \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	95,234	183,139
Foreign Plans \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	20,628	35,606
Foreign Plans \| Cash and equivalents
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	9,384	14,570
Foreign Plans \| Cash and equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
Foreign Plans \| Cash and equivalents \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	9,384	14,570
Foreign Plans \| Cash and equivalents \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
Foreign Plans \| Equity securities funds
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	23,877	73,642
Foreign Plans \| Equity securities funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
Foreign Plans \| Equity securities funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	23,877	73,642
Foreign Plans \| Equity securities funds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
Foreign Plans \| Fixed income securities funds
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	30,727	40,610
Foreign Plans \| Fixed income securities funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
Foreign Plans \| Fixed income securities funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	30,727	40,610
Foreign Plans \| Fixed income securities funds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
Foreign Plans \| Diversified pooled fund
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	31,246	54,317
Foreign Plans \| Diversified pooled fund \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
Foreign Plans \| Diversified pooled fund \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	31,246	54,317
Foreign Plans \| Diversified pooled fund \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
Foreign Plans \| Other
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	20,628	35,606
Foreign Plans \| Other \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
Foreign Plans \| Other \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	0	0
Foreign Plans \| Other \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Retirement plan assets	$ 20,628	$ 35,606