0000717423-23-000050 | 10-Q | XBRL Viewer

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

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

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


	Three Months Ended June 30,		Six Months Ended June 30,
(Weighted-average shares)	2023	2022	2023	2022
Basic method	156,126,580	155,388,555	155,976,326	155,121,098
Dilutive stock options and restricted stock units ¹	1,172,382	2,066,575	1,331,696	2,730,624
Diluted method	157,298,962	157,455,130	157,308,022	157,851,722

1 The following table reflects certain options to purchase shares of common stock that were outstanding during the periods presented but were not included in the computation of diluted shares above because the incremental shares from the assumed conversion were antidilutive.

Anti Dilutive Securities Not Included in Computation of Diluted EPS


	Six Months Ended June 30,
		2023		2022
Antidilutive stock options excluded from diluted shares		$	–	$	234,000
Weighted average price of these options		$	–	$	49.65

Other Financial Information

6 Months Ended

Jun. 30, 2023

Other Financial Information [Abstract]

Other Financial Information

Note F – Other Financial Information

Additional disclosures regarding cash flow activities are provided below.


	Six Months Ended June 30,
(Thousands of dollars)	2023		2022
Net (increase) decrease in operating working capital, excluding cash and cash equivalents:
(Increase) in accounts receivable	$	(18,915)	$	(263,104)
(Increase) decrease in inventories	(8,353)		(10,092)
(Increase) decrease in prepaid expenses	8,291		(1,693)
Increase in accounts payable and accrued liabilities ¹	6,642		147,790
Increase (decrease) in income taxes payable	(3,005)		5,501
Net increase in noncash working capital	$	(15,340)	$	(121,598)
Supplementary disclosures:
Cash income taxes paid, net of refunds	$	10,904	$	1,783
Interest paid, net of amounts capitalized of $6.8 million in 2023 and $10.4 million in 2022	54,305		78,747

Non-cash investing activities:
Asset retirement costs capitalized	$	2,742	$	9,007
(Increase) decrease in capital expenditure accrual	20,522		(1,929)

1 Excludes payable balances relating to mark-to-market of derivative instruments and contingent consideration relating to acquisitions.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - 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 period at Dec. 31, 2021					$ 926,698	$ 5,218,670	$ (527,711)	$ (1,655,447)	$ 163,485
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock transactions and other					(55,804)
Share-based compensation					12,474
Net income	$ 237,221					237,221			106,797
Cash dividends paid						(50,491)
Foreign currency translation (loss) gain, net of income taxes	(33,525)						(33,525)
Retirement and postretirement benefit plans, net of income taxes							6,509
Awarded restricted stock, net of forfeitures								39,107
Distributions to noncontrolling interest owners									(94,854)
Balance at end of period at Jun. 30, 2022	4,488,230	$ 4,312,802	$ 0	$ 195,101	883,368	5,405,400	(554,727)	(1,616,340)	175,428
Balance at beginning of period at Mar. 31, 2022					880,537	5,082,034	(506,355)	(1,618,478)	171,451
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock transactions and other					(3,415)
Share-based compensation					6,246
Net income	350,557					350,557			58,947
Cash dividends paid						(27,191)
Foreign currency translation (loss) gain, net of income taxes	(51,545)						(51,545)
Retirement and postretirement benefit plans, net of income taxes							3,173
Awarded restricted stock, net of forfeitures								2,138
Distributions to noncontrolling interest owners									(54,970)
Balance at end of period at Jun. 30, 2022	4,488,230	4,312,802	0	195,101	883,368	5,405,400	(554,727)	(1,616,340)	175,428
Balance at beginning of period at Dec. 31, 2022	5,148,893				893,578	6,055,498	(534,686)	(1,614,717)	154,119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock transactions and other					(42,415)
Share-based compensation					10,788
Net income	289,930					289,930			16,239
Cash dividends paid						(85,867)
Foreign currency translation (loss) gain, net of income taxes	36,752						36,752
Retirement and postretirement benefit plans, net of income taxes							2,151
Awarded restricted stock, net of forfeitures								28,195
Distributions to noncontrolling interest owners									(15,983)
Balance at end of period at Jun. 30, 2023	5,388,683	5,234,308	0	195,101	861,951	6,259,561	(495,783)	(1,586,522)	154,375
Balance at beginning of period at Mar. 31, 2023					857,000	6,204,217	(529,919)	(1,588,841)	167,110
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock transactions and other					(2,321)
Share-based compensation					7,272
Net income	98,286					98,286			(6,431)
Cash dividends paid						(42,942)
Foreign currency translation (loss) gain, net of income taxes	33,083						33,083
Retirement and postretirement benefit plans, net of income taxes							1,053
Awarded restricted stock, net of forfeitures								2,319
Distributions to noncontrolling interest owners									(6,304)
Balance at end of period at Jun. 30, 2023	$ 5,388,683	$ 5,234,308	$ 0	$ 195,101	$ 861,951	$ 6,259,561	$ (495,783)	$ (1,586,522)	$ 154,375

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	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Commodity swaps
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivative instruments	$ 0	$ (46,552)	$ 0	$ (202,911)
Commodity collars
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivative instruments	$ 0	$ (56,516)	$ 0	$ (220,934)

Property, Plant and Equipment - Aging of Capitalized Exploratory Well Costs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) well project	Jun. 30, 2022 USD ($) well project	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 193,405	$ 178,421	$ 171,860	$ 179,481
No. of Wells (in wells) \| well	7	15
No. of Projects (in projects) \| project	6	8
Zero to one year
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 8,494	$ 4,268
No. of Wells (in wells) \| well	1	2
No. of Projects (in projects) \| project	1	2
One to two years
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 38,497	$ 2,813
No. of Wells (in wells) \| well	1	2
No. of Projects (in projects) \| project	1	2
Two to three years
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 2,698	$ 26,848
No. of Wells (in wells) \| well	1	3
No. of Projects (in projects) \| project	1	2
Three years or more
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 143,716	$ 144,492
No. of Wells (in wells) \| well	4	8
No. of Projects (in projects) \| project	3	2

Environmental and Other Contingencies (Details) $ in Millions	Jun. 30, 2023 USD ($)
Environmental Remediation Obligations [Abstract]
Threshold for disclosure of monetary sanctions, environmental proceedings	$ 1.0

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Effective Income Tax Rates

For the three-month and six-month periods ended June 30, 2023 and 2022, the Company’s effective income tax rates were as follows:


	2023	2022
Three months ended June 30,	27.4%	20.4%
Six months ended June 30,	22.4%	20.3%

Revenue from Contracts with Customers - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment revenueStream	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Number of geographic segments (in segments) \| segment			2
Number of revenue streams (in revenue streams) \| revenueStream			3
Total revenue from sales to customers	$ 812,850	$ 1,196,238	$ 1,652,818	$ 2,067,612
Receivables from contracts with customers	$ 197,400		$ 197,400		$ 201,100

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Employee and Retiree Benefit Plans

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Employee and Retiree Benefit Plans

Note H – Employee and Retiree Benefit Plans

The Company has defined benefit pension plans that are noncontributory and cover most full-time employees. All pension plans are funded except for the U.S. and Canadian nonqualified supplemental plan and the U.S. director’s plan. All U.S. tax qualified plans meet the funding requirements of federal laws and regulations. Contributions to foreign plans meet the requirements of local laws and tax regulations. The Company also sponsors 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.

The table that follows provides the components of net periodic benefit expense for the three-month and six-month periods ended June 30, 2023 and 2022.


	Three Months Ended June 30,
	Pension Benefits				Other Postretirement Benefits
(Thousands of dollars)	2023		2022		2023		2022
Service cost	$	1,650	$	2,129	$	132	$	292
Interest cost	8,564		5,139		874		574
Expected return on plan assets	(8,254)		(7,954)		–		–
Estimated defined contribution provision	54		–		–		–
Amortization of prior service cost (credit)	155		579		(133)		(133)
Recognized actuarial loss (gain)	2,414		3,822		(767)		(78)



Total net periodic benefit expense	$	4,583	3,715		106		655

	Six Months Ended June 30,
	Pension Benefits				Other Postretirement Benefits
(Thousands of dollars)	2023		2022		2023		2022
Service cost	$	3,300	$	4,258	$	264	$	584
Interest cost	17,071		10,382		1,748		1,148
Expected return on plan assets	(16,448)		(16,092)		–		–
Estimated defined contribution provision	108		—		–		–
Amortization of prior service cost (credit)	310		1,179		(266)		(266)
Recognized actuarial loss (gain)	4,815		7,644		(1,548)		(155)
Total net periodic benefit expense	$	9,156	$	7,371	$	198	$	1,311

The components of net periodic benefit expense, other than the service cost, are recorded in “Other (expenses) income” in the Consolidated Statements of Operations.

During the six-month period ended June 30, 2023, the Company made contributions of $18.9 million to its defined benefit pension and postretirement benefit plans. Remaining funding in 2023 for the Company’s defined benefit pension and postretirement plans is anticipated to be $18.2 million.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Financial Instruments and Risk Management - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current and long-term debt	$ 1,824,226	$ 1,823,139
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current and long-term debt	$ 1,728,376	$ 1,668,216

Environmental and Other Contingencies	6 Months Ended
Environmental and Other Contingencies	Jun. 30, 2023
Environmental Remediation Obligations [Abstract]
Environmental and Other Contingencies	Note N – 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 Greenhouse Gas (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 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.

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+ Details

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2023

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 are 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 Gulf of Mexico, LLC (MP GOM) as prescribed by ASC 810-10-45.

U.S. - In the U.S., 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 are 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. The Company also purchases natural gas in Canada to meet certain sales commitments.

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 three-month periods ended June 30, 2023, and 2022, the Company recognized $812.9 million and $1,196.2 million, respectively, from total revenue from sales to customers, from sales of oil, natural gas liquids and natural gas.

For the six-month periods ended June 30, 2023, and 2022, the Company recognized $1,652.8 million and $2,067.6 million, respectively, from total revenue from sales to customers, from sales of oil, natural gas liquids and natural gas.


		Three Months Ended June 30,				Six Months Ended June 30,
(Thousands of dollars)		2023		2022		2023		2022
Net crude oil and condensate revenue
United States	Onshore	$	177,085	$	264,841	$	307,166	$	436,537
	Offshore	480,841		612,526		981,151		1,078,147
Canada	Onshore	19,306		40,417		41,258		77,114
	Offshore	24,871		38,354		41,001		67,186
Other		–		13,636		3,644		13,636
Total crude oil and condensate revenue		702,103		969,774		1,374,220		1,672,620

Net natural gas liquids revenue
United States	Onshore	6,540		18,062		14,810		34,747
	Offshore	11,541		18,093		26,170		32,072
Canada	Onshore	1,517		5,001		4,980		9,868
Total natural gas liquids revenue		19,598		41,156		45,960		76,687

Net natural gas revenue
United States	Onshore	4,138		19,034		9,588		30,403
	Offshore	14,802		43,567		36,934		69,768
Canada	Onshore	59,195		72,768		129,365		131,349
Total natural gas revenue		78,135		135,369		175,887		231,520

Revenue from production		799,836		1,146,299		1,596,067		1,980,827

Sales of purchased natural gas
United States	Offshore	–		181		–		181


Canada	Onshore	13,014		49,758		56,751		86,604
Total sales of purchased natural gas		13,014		49,939		56,751		86,785

Total revenue from sales to customers		812,850		1,196,238		1,652,818		2,067,612

Loss on derivative instruments		–		(103,068)		–		(423,845)
Gain on sale of assets and other income		1,738		7,887		3,486		10,251
Total revenues and other income		$	814,588	$	1,101,057	$	1,656,304	$	1,654,018

Contract Balances and Asset Recognition

As of June 30, 2023, and December 31, 2022, receivables from contracts with customers, net of royalties and associated payables, on the balance sheets from continuing operations, were $197.4 million and $201.1 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 June 30, 2023.

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 June 30, 2023, the Company had the following sales contracts in place which are expected to generate revenue from sales to customers for a period of more than 12 months starting at the inception of the contract:

Current Long-Term Contracts Outstanding at June 30, 2023

Location

Commodity

End Date

Description

Approximate Volumes

U.S.

Natural Gas and NGL

Q1 2030

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 index fixed prices

15 MMCFD

Canada

Natural Gas

Q4 2024

Contracts to sell natural gas at CAD index prices

28 MMCFD

Canada

Natural Gas

Q4 2026

Contracts to sell natural gas at USD index pricing

49 MMCFD

Canada

Natural Gas

Q4 2027

Contracts to sell natural gas at CAD index prices

10 MMCFD

Canada

NGL

Q3 2023

Contracts to sell natural gas liquids at CAD prices

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.

+ References

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-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Incentive Plans - Summary of Awards Granted (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold of executive compensation not eligible for U.S. income tax deduction \| $	$ 1.0
2020 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for issuance (in shares)	5,000,000,000,000
Performance-Based RSUs \| 2020 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	409,160
Fair value per share at grant date (in USD per share) \| $ / shares	$ 60.46
Award vesting period	3 years
Time-Based RSUs \| 2020 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	499,220
Fair value per share at grant date (in USD per share) \| $ / shares	$ 43.27
Award vesting period	3 years
Time-Based RSUs \| 2021 NED Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	56,880
Fair value per share at grant date (in USD per share) \| $ / shares	$ 42.20
Cash Settled RSUs \| 2020 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	123,230
Fair value per share at grant date (in USD per share) \| $ / shares	$ 43.27
Award vesting period	3 years

Asset Retirement Obligations - Classification of Asset of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Balance at end of year	$ 876,099	$ 911,653	$ 974,545	$ 971,893
Current portion of liability at end of period	(32,771)		(110,653)
Asset retirement obligations	$ 843,328	$ 817,268	$ 863,892

New Accounting Principles and Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2023
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 None. 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.

+ References

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-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

+ Details

Earnings Per Share - Antidilutive Securities Not Included in Computation of Diluted EPS (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Antidilutive stock options excluded from diluted shares (in shares)	0	234,000
Weighted average price of these options (in USD per share)	$ 0	$ 49.65

Employee and Retiree Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Expense

The table that follows provides the components of net periodic benefit expense for the three-month and six-month periods ended June 30, 2023 and 2022.


	Three Months Ended June 30,
	Pension Benefits				Other Postretirement Benefits
(Thousands of dollars)	2023		2022		2023		2022
Service cost	$	1,650	$	2,129	$	132	$	292
Interest cost	8,564		5,139		874		574
Expected return on plan assets	(8,254)		(7,954)		–		–
Estimated defined contribution provision	54		–		–		–
Amortization of prior service cost (credit)	155		579		(133)		(133)
Recognized actuarial loss (gain)	2,414		3,822		(767)		(78)



Total net periodic benefit expense	$	4,583	3,715		106		655

	Six Months Ended June 30,
	Pension Benefits				Other Postretirement Benefits
(Thousands of dollars)	2023		2022		2023		2022
Service cost	$	3,300	$	4,258	$	264	$	584
Interest cost	17,071		10,382		1,748		1,148
Expected return on plan assets	(16,448)		(16,092)		–		–
Estimated defined contribution provision	108		—		–		–
Amortization of prior service cost (credit)	310		1,179		(266)		(266)
Recognized actuarial loss (gain)	4,815		7,644		(1,548)		(155)
Total net periodic benefit expense	$	9,156	$	7,371	$	198	$	1,311

Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Business Segments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total Assets	$ 10,249,530		$ 10,249,530		$ 10,308,952
External Revenues	814,588	$ 1,101,057	1,656,304	$ 1,654,018
Income (Loss)	91,855	409,504	306,169	344,018
Continuing operations
Segment Reporting Information [Line Items]
Total Assets	10,248,400		10,248,400
External Revenues	814,600	1,101,100	1,656,300	1,654,000
Income (Loss)	92,500	410,400	306,500	345,500
Discontinued operations, net of tax
Segment Reporting Information [Line Items]
Total Assets	1,200		1,200
External Revenues	0	0	0	0
Income (Loss)	(600)	(900)	(300)	(1,500)
Corporate
Segment Reporting Information [Line Items]
Total Assets	822,800		822,800
External Revenues	100	(97,200)	100	(417,800)
Income (Loss)	(46,600)	(124,800)	(75,200)	(421,100)
Exploration and production \| Operating Segments
Segment Reporting Information [Line Items]
Total Assets	9,425,600		9,425,600
External Revenues	814,500	1,198,300	1,656,200	2,071,800
Income (Loss)	139,100	535,200	381,700	766,600
Exploration and production \| Operating Segments \| United States
Segment Reporting Information [Line Items]
Total Assets	6,963,300		6,963,300
External Revenues	696,200	978,000	1,378,500	1,685,400
Income (Loss)	168,900	491,500	394,900	744,400
Exploration and production \| Operating Segments \| Canada
Segment Reporting Information [Line Items]
Total Assets	2,234,700		2,234,700
External Revenues	118,300	206,600	274,100	372,700
Income (Loss)	2,500	47,200	24,400	69,900
Exploration and production \| Operating Segments \| Other
Segment Reporting Information [Line Items]
Total Assets	227,600		227,600
External Revenues	0	13,700	3,600	13,700
Income (Loss)	$ (32,300)	$ (3,500)	$ (37,600)	$ (47,700)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cumulative preferred stock, par value (in USD per share)	$ 100	$ 100	$ 100	$ 100
Cumulative preferred stock, authorized shares (in shares)	400,000	400,000	400,000	400,000
Cumulative preferred stock, shares issued (in shares)	0	0	0	0
Common stock, par value (in USD per share)	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Common stock, authorized shares (in shares)	450,000,000	450,000,000	450,000,000	450,000,000
Common stock, shares issued (in shares)	195,100,628	195,100,628	195,100,628	195,100,628
Treasury Stock
Treasury stock, shares (in shares)	38,945,622	39,677,584	38,945,622	39,677,584
Awarded restricted stock, net of forfeitures	$ 2,319	$ 2,138	$ 28,195	$ 39,107
Capital in Excess of Par Value
Restricted stock transactions and other	$ (2,321)	$ (3,415)	$ (42,415)	$ (55,804)

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating Activities
Net income including noncontrolling interest	$ 306,169	$ 344,018
Adjustments to reconcile net income to net cash provided by continuing operations activities
Loss from discontinued operations	323	1,494
Depreciation, depletion and amortization	411,337	359,980
Unsuccessful exploration well costs and previously suspended exploration costs	96,533	34,102
Amortization of undeveloped leases	5,369	7,980
Accretion of asset retirement obligations	22,521	23,439
Deferred income tax expense	92,557	66,691
Contingent consideration payment	(139,574)	0
Mark to market loss on contingent consideration	7,113	129,818
Mark to market loss on derivative instruments	0	100,343
Long-term non-cash compensation	22,076	40,467
Gain from sale of assets	0	(35)
Net increase in noncash working capital	(15,340)	(121,598)
Other operating activities, net	(59,417)	(27,458)
Net cash provided by continuing operations activities	749,667	959,241
Investing Activities
Property additions and dry hole costs	(694,753)	(552,825)
Acquisition of oil and natural gas properties	0	(46,491)
Proceeds from sales of property, plant and equipment	0	47
Net cash required by investing activities	(694,753)	(599,269)
Financing Activities
Borrowings on revolving credit facility	200,000	100,000
Repayment of revolving credit facility	(200,000)	(100,000)
Retirement of debt	0	(200,000)
Early redemption of debt cost	0	(3,438)
Distributions to noncontrolling interest	(15,983)	(94,854)
Contingent consideration payment	(60,243)	(81,742)
Cash dividends paid	(85,867)	(50,491)
Withholding tax on stock-based incentive awards	(14,220)	(16,697)
Capital lease obligation payments	(296)	(320)
Issue costs of debt facility	(20)	0
Net cash required by financing activities	(176,629)	(447,542)
Effect of exchange rate changes on cash and cash equivalents	(893)	(1,595)
Net decrease in cash and cash equivalents	(122,608)	(89,165)
Cash and cash equivalents at beginning of period	491,963	521,184
Cash and cash equivalents at end of period	$ 369,355	$ 432,019

Earnings Per Share - Shares Outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Basic method (in shares)	156,126,580	155,388,555	155,976,326	155,121,098
Dilutive stock options and restricted stock units (in shares)	1,172,382	2,066,575	1,331,696	2,730,624
Diluted method (in shares)	157,298,962	157,455,130	157,308,022	157,851,722

Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note J – Earnings Per Share

Net income attributable to Murphy was used as the numerator in computing both basic and diluted income per Common share for the three-month and six-month periods ended June 30, 2023 and 2022. The following table reports the weighted-average shares outstanding used for these computations.


	Three Months Ended June 30,		Six Months Ended June 30,
(Weighted-average shares)	2023	2022	2023	2022
Basic method	156,126,580	155,388,555	155,976,326	155,121,098
Dilutive stock options and restricted stock units ¹	1,172,382	2,066,575	1,331,696	2,730,624
Diluted method	157,298,962	157,455,130	157,308,022	157,851,722


	Six Months Ended June 30,
		2023		2022
Antidilutive stock options excluded from diluted shares		$	–	$	234,000
Weighted average price of these options		$	–	$	49.65

Financial Instruments and Risk Management - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 USD ($) derivative_instrument contract OffsettingPosition	Jun. 30, 2022 USD ($) contract	Dec. 31, 2022 USD ($) OffsettingPosition	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of foreign currency derivatives (in contracts) \| contract	0	0
Contingent consideration payment	$ 139,574,000	$ 0
Contingent consideration payment	$ 60,243,000	$ 81,742,000
Number of offsetting positions (in offsetting positions) \| OffsettingPosition	0		0
LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C. \| Sales Thresholds 2019 to 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration, maximum				$ 200,000,000
LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C. \| Net crude oil and condensate revenue
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration, maximum				$ 50,000,000
Petrobas America Inc
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration, maximum			$ 150,000,000
Contingent consideration payment	$ 150,000,000
Petrobas America Inc \| Sales Thresholds 2019 to 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration, maximum					$ 150,000,000
Petrobas America Inc \| Enhanced Oil Recovery Projects
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration, maximum					$ 50,000,000
Commodity Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative instruments held (in derivatives) \| derivative_instrument	0
Derivative liability	$ 0		19,600,000
Derivative, fair value			0
Commodity collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative instruments held (in derivatives) \| derivative_instrument	0
Derivative liability	$ 0		2,300,000
Derivative, fair value			0
PAI and LLOG
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability	0		$ 192,700,000
Contingent consideration payment	$ 199,800,000

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			$ 5,148,893
Components of other comprehensive income (loss):
Before reclassifications to income			36,752
Reclassifications to income			2,151
Other comprehensive (loss) income	$ 34,136	$ (48,372)	38,903	$ (27,016)
Balance at end of period	5,388,683	$ 4,488,230	5,388,683	$ 4,488,230
Foreign Currency Translation Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			(418,230)
Components of other comprehensive income (loss):
Before reclassifications to income			36,752
Reclassifications to income			0
Other comprehensive (loss) income			36,752
Balance at end of period	(381,478)		(381,478)
Retirement and Postretirement Benefit Plan Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			(116,456)
Components of other comprehensive income (loss):
Before reclassifications to income			0
Reclassifications to income			2,151
Other comprehensive (loss) income			2,151
Balance at end of period	(114,305)		(114,305)
Reclassifications before taxes, included in net periodic benefit expense			2,669
Deferred Loss on Interest Rate Derivative Hedges
Components of other comprehensive income (loss):
Reclassifications, income tax expense			518
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			(534,686)
Components of other comprehensive income (loss):
Balance at end of period	$ (495,783)		$ (495,783)

Property, Plant and Equipment - Net Changes in Capitalized Exploratory Well Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Movement in Property, Plant and Equipment [Roll Forward]
Beginning balance	$ 171,860	$ 179,481
Additions pending the determination of proved reserves	47,733	9,412
Capitalized exploratory well costs charged to expense	(26,188)	(10,472)
Ending balance	$ 193,405	$ 178,421

Business Segments

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Business Segments

Note O – Business Segments

Information about business segments and geographic operations is reported in the following table. For geographic purposes, revenues are attributed to the country in which the sale occurs. Corporate, including interest income, other gains and losses (including foreign exchange gains/losses and realized and unrealized gains/losses on commodity price derivatives), interest expense and unallocated overhead, is shown in the table to reconcile the business segments to consolidated totals. The Company has accounted for its former United Kingdom (U.K.) and U.S. refining and marketing operations as discontinued operations for all periods presented.


	Total Assets at June 30, 2023		Three Months Ended June 30, 2023			Three Months Ended June 30, 2022
(Millions of dollars)			External Revenues		Income (Loss)	External Revenues		Income (Loss)
Exploration and production ¹
United States	$	6,963.3	$	696.2	168.9	$	978.0	491.5
Canada	2,234.7		118.3		2.5	206.6		47.2
Other	227.6		—		(32.3)	13.7		(3.5)
Total exploration and production	9,425.6		814.5		139.1	1,198.3		535.2
Corporate	822.8		0.1		(46.6)	(97.2)		(124.8)
Continuing operations	10,248.4		814.6		92.5	1,101.1		410.4
Discontinued operations, net of tax	1.2		–		(0.6)	–		(0.9)
Total	$	10,249.5	$	814.6	91.9	$	1,101.1	409.5

			Six Months Ended June 30, 2023			Six Months Ended June 30, 2022
(Millions of dollars)			External Revenues		Income (Loss)	External Revenues		Income (Loss)
Exploration and production ¹
United States			$	1,378.5	394.9	$	1,685.4	744.4
Canada			274.1		24.4	372.7		69.9
Other			3.6		(37.6)	13.7		(47.7)
Total exploration and production			1,656.2		381.7	2,071.8		766.6
Corporate			0.1		(75.2)	(417.8)		(421.1)
Continuing operations			1,656.3		306.5	1,654.0		345.5
Discontinued operations, net of tax			–		(0.3)	–		(1.5)
Total			$	1,656.3	306.2	$	1,654.0	344.0

1 Additional details about results of oil and natural gas operations are presented in the table on pages 27 and 28.

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note D – Property, Plant and Equipment

Exploratory Wells

Under Financial Accounting Standards Board 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.

As of June 30, 2023, the Company had total capitalized exploratory well costs for continuing operations pending the determination of proved reserves of $193.4 million. The following table reflects the net changes in capitalized exploratory well costs during the six-month periods ended June 30, 2023 and 2022.


(Thousands of dollars)	2023		2022
Beginning balance at January 1	$	171,860	$	179,481
Additions pending the determination of proved reserves	47,733		9,412

Capitalized exploratory well costs charged to expense	(26,188)		(10,472)
Balance at June 30	$	193,405	$	178,421

Capital additions of $47.7 million in 2023 are primarily related to Oso #1 well (Atwater Valley 138) and Longclaw GC 433 #1 in the Gulf of Mexico and LDV-4X in Vietnam. In the first quarter of 2023, drilling of the Oso #1 well was temporarily suspended prior to reaching the objective. The Company plans to return to the well in the third quarter of 2023. Capitalized well costs charged to dry hole expense of $26.2 million for the six months ended June 30, 2023 are related to Cholula -1 EXP well in Mexico and Chinook #7 exploration well in the Gulf of Mexico. The preceding table excludes well costs of $70.3 million incurred and expensed directly to dry hole during the six months ended June 30, 2023, related to the Chinook #7 exploration well 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 have been capitalized. The projects are aged based on the last well drilled in the project.


	June 30,
	2023				2022

(Thousands of dollars)	Amount		No. of Wells	No. of Projects	Amount		No. of Wells	No. of Projects
Aging of capitalized well costs:
Zero to one year	$	8,494	1	1	$	4,268	2	2
One to two years	38,497		1	1	2,813		2	2
Two to three years	2,698		1	1	26,848		3	2
Three years or more	143,716		4	3	144,492		8	2
	$	193,405	7	6	$	178,421	15	8

Of the $184.9 million of exploratory well costs capitalized more than one year at June 30, 2023, $112.4 million was in Vietnam, $65.0 million was in the U.S., $4.8 million was in Canada, and $2.7 million was 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.

Impairments

There were no impairments in the six months ended June 30, 2023 or 2022.

Divestitures

On July 31, 2023 the Company entered into a purchase and sale agreement to sell a portion of our operated non-core Kaybob Duvernay assets and all of our non-operated Placid Montney assets, located in Alberta, Canada for net cash consideration of C$150 million. The transaction is anticipated to close in the third quarter of 2023, subject to closing conditions and adjustments. No gain or loss is anticipated in relation to this transaction. These assets did not meet the accounting criteria to be disclosed as held for sale as of June 30, 2023 and continue to be classified as “Property, plant and equipment” on the Company’s Consolidated Balance Sheets.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues and other income
Total revenue from sales to customers	$ 812,850	$ 1,196,238	$ 1,652,818	$ 2,067,612
Loss on derivative instruments	0	(103,068)	0	(423,845)
Gain on sale of assets and other income	1,738	7,887	3,486	10,251
Total revenues and other income	814,588	1,101,057	1,656,304	1,654,018
Costs and expenses
Lease operating expenses	194,292	147,352	394,276	284,177
Severance and ad valorem taxes	12,765	17,565	24,205	32,200
Transportation, gathering and processing	59,868	49,948	113,790	96,871
Costs of purchased natural gas	9,657	47,971	41,926	81,636
Exploration expenses, including undeveloped lease amortization	115,793	15,151	125,975	62,717
Selling and general expenses	25,345	27,130	43,653	60,659
Depreciation, depletion and amortization	215,667	195,856	411,337	359,980
Accretion of asset retirement obligations	11,364	11,563	22,521	23,439
Other operating expense	4,960	36,913	16,948	142,855
Total costs and expenses	649,711	549,449	1,194,631	1,144,534
Operating income from continuing operations	164,877	551,608	461,673	509,484
Other income (loss)
Other (expenses) income	(7,694)	5,308	(7,767)	2,813
Interest expense, net	(29,856)	(41,385)	(58,711)	(78,662)
Total other loss	(37,550)	(36,077)	(66,478)	(75,849)
Income from continuing operations before income taxes	127,327	515,531	395,195	433,635
Income tax expense	34,870	105,084	88,703	88,123
Income from continuing operations	92,457	410,447	306,492	345,512
Loss from discontinued operations, net of income taxes	(602)	(943)	(323)	(1,494)
Net income including noncontrolling interest	91,855	409,504	306,169	344,018
Less: Net (loss) income attributable to noncontrolling interest	(6,431)	58,947	16,239	106,797
NET INCOME ATTRIBUTABLE TO MURPHY	$ 98,286	$ 350,557	$ 289,930	$ 237,221
INCOME PER COMMON SHARE – BASIC
Continuing operations (in USD per share)	$ 0.63	$ 2.27	$ 1.86	$ 1.54
Discontinued operations (in USD per share)	0	(0.01)	0	(0.01)
Net income (in USD per share)	0.63	2.26	1.86	1.53
INCOME (LOSS) PER COMMON SHARE – DILUTED
Continuing operations (in USD per share)	0.62	2.24	1.84	1.51
Discontinued operations (in USD per share)	0	(0.01)	0	(0.01)
Net income (in USD per share)	0.62	2.23	1.84	1.50
Cash dividends per common share (in USD per share)	$ 0.275	$ 0.175	$ 0.550	$ 0.325
Average common shares outstanding
Basic (in shares)	156,126,580	155,388,555	155,976,326	155,121,098
Diluted (in shares)	157,298,962	157,455,130	157,308,022	157,851,722
Revenue from production
Revenues and other income
Total revenue from sales to customers	$ 799,836	$ 1,146,299	$ 1,596,067	$ 1,980,827
Sales of purchased natural gas
Revenues and other income
Total revenue from sales to customers	$ 13,014	$ 49,939	$ 56,751	$ 86,785

Property, Plant and Equipment - Narrative (Details) $ in Millions			6 Months Ended
	Jul. 31, 2023 USD ($)	Jul. 31, 2023 CAD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Property, Plant and Equipment [Line Items]
Well costs			$ 193,405,000	$ 178,421,000	$ 171,860,000	$ 179,481,000
Additions pending the determination of proved reserves			47,733,000	9,412,000
Capitalized exploratory well costs charged to expense			26,188,000	10,472,000
Exploratory well costs capitalized more than one year			184,900,000
Impairment of oil and gas properties			0	0
Proceeds from sales of property, plant and equipment			0	$ 47,000
Subsequent event
Property, Plant and Equipment [Line Items]
Gain (loss) on sale of property plant equipment	$ 0
Vietnam
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year			112,400,000
United States
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year			65,000,000
Canada
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year			4,800,000
Canada \| Subsequent event
Property, Plant and Equipment [Line Items]
Proceeds from sales of property, plant and equipment		$ 150
Brunei
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year			2,700,000
Mexico
Property, Plant and Equipment [Line Items]
Capitalized exploratory well costs charged to expense			$ 70,300,000

New Accounting Principles and Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Nature of Business	NATURE OF BUSINESS – Murphy Oil Corporation is an international oil and natural gas exploration and production company that conducts its business through various operating subsidiaries. The Company primarily produces oil and natural gas in the United States (U.S.) and Canada and conducts oil and natural gas exploration activities worldwide.
Accounting Principles Adopted and Recent Accounting Pronouncements	Accounting Principles Adopted None. Recent Accounting Pronouncements None affecting the Company.

Employee and Retiree Benefit Plans - Components of Net Periodic Benefit Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,650	$ 2,129	$ 3,300	$ 4,258
Interest cost	8,564	5,139	17,071	10,382
Expected return on plan assets	(8,254)	(7,954)	(16,448)	(16,092)
Estimated defined contribution provision	54	0	108	0
Amortization of prior service cost (credit)	155	579	310	1,179
Recognized actuarial loss (gain)	2,414	3,822	4,815	7,644
Total net periodic benefit expense	4,583	3,715	9,156	7,371
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	132	292	264	584
Interest cost	874	574	1,748	1,148
Expected return on plan assets	0	0	0	0
Estimated defined contribution provision	0	0	0	0
Amortization of prior service cost (credit)	(133)	(133)	(266)	(266)
Recognized actuarial loss (gain)	(767)	(78)	(1,548)	(155)
Total net periodic benefit expense	$ 106	$ 655	$ 198	$ 1,311

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	$ 812,850	$ 1,196,238	$ 1,652,818	$ 2,067,612
Loss on derivative instruments	0	(103,068)	0	(423,845)
Gain on sale of assets and other income	1,738	7,887	3,486	10,251
Total revenues and other income	814,588	1,101,057	1,656,304	1,654,018
Revenue from production
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	799,836	1,146,299	1,596,067	1,980,827
Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	702,103	969,774	1,374,220	1,672,620
Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	19,598	41,156	45,960	76,687
Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	78,135	135,369	175,887	231,520
Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	13,014	49,939	56,751	86,785
United States Onshore \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	177,085	264,841	307,166	436,537
United States Onshore \| Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	6,540	18,062	14,810	34,747
United States Onshore \| Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	4,138	19,034	9,588	30,403
United States Offshore \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	480,841	612,526	981,151	1,078,147
United States Offshore \| Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	11,541	18,093	26,170	32,072
United States Offshore \| Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	14,802	43,567	36,934	69,768
United States Offshore \| Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	0	181	0	181
Canada Onshore \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	19,306	40,417	41,258	77,114
Canada Onshore \| Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	1,517	5,001	4,980	9,868
Canada Onshore \| Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	59,195	72,768	129,365	131,349
Canada Onshore \| Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	13,014	49,758	56,751	86,604
Canada Offshore \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	24,871	38,354	41,001	67,186
Other \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	$ 0	$ 13,636	$ 3,644	$ 13,636

Revenue from Contracts with Customers - Current Long-Term Contracts Outstanding (Details) - Canada	Jun. 30, 2023 Boe MMcf
Q4 2023 \| Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	25
Q4 2023 \| Contracts to sell natural gas at CAD fixed prices
Disaggregation of Revenue [Line Items]
Remaining performance obligation	38
Q4 2024 \| Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	31
Q4 2024 \| Contracts to sell natural gas at CAD fixed prices
Disaggregation of Revenue [Line Items]
Remaining performance obligation	100
Q4 2024 \| Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	15
Q4 2024 \| Contracts to sell natural gas at CAD fixed prices
Disaggregation of Revenue [Line Items]
Remaining performance obligation	34
Q4 2024 \| Contracts to sell natural gas at CAD fixed prices
Disaggregation of Revenue [Line Items]
Remaining performance obligation	28
Q4 2026 \| Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	49
Q4 2027 \| Contracts to sell natural gas at CAD fixed prices
Disaggregation of Revenue [Line Items]
Remaining performance obligation	10
Q3 2023 \| Contracts to sell natural gas liquids at CAD prices
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, oil quantity per day \| Boe	952

Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Awards Granted

During the six months ended June 30, 2023, the Committee granted the following awards from the 2020 Long-Term Plan:

2020 Long-Term Incentive Plan

Type of Award

Number of Awards Granted

Grant Date

Grant Date Fair Value

Valuation Methodology

Performance Based RSUs 1

409,160

January 31, 2023

60.46

Monte Carlo

Time Based RSUs 2

499,220

January 31, 2023

43.27

Average Stock Price

Cash Settled RSUs 3

123,230

January 31, 2023

43.27

Average Stock Price

1 Performance based RSUs are scheduled to vest over a three year performance period.

2 Time based RSUs are generally scheduled to vest over three years from the date of grant.

3 Cash settled RSUs are generally scheduled to vest over three years from the date of grant.

During the six months ended June 30, 2023, the Committee granted the following awards to Non-Employee Directors:

2021 Stock Plan for Non-Employee Directors

Type of Award

Number of Awards Granted

Grant Date

Grant Date Fair Value

Valuation Methodology

Time Based RSUs 1

56,880

February 1, 2023

42.20

Closing Stock Price

1 Non-employee directors time-based RSUs are scheduled to vest in February 2024.

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:


	Six Months Ended June 30,
(Thousands of dollars)	2023		2022
Compensation charged against income before tax benefit	$	23,684	$	34,016
Related income tax benefit recognized in income	3,444		5,822

Other Financial Information (Tables)

6 Months Ended

Jun. 30, 2023

Other Financial Information [Abstract]

Noncash Operating Working Capital (Increase) Decrease

Additional disclosures regarding cash flow activities are provided below.


	Six Months Ended June 30,
(Thousands of dollars)	2023		2022
Net (increase) decrease in operating working capital, excluding cash and cash equivalents:
(Increase) in accounts receivable	$	(18,915)	$	(263,104)
(Increase) decrease in inventories	(8,353)		(10,092)
(Increase) decrease in prepaid expenses	8,291		(1,693)
Increase in accounts payable and accrued liabilities ¹	6,642		147,790
Increase (decrease) in income taxes payable	(3,005)		5,501
Net increase in noncash working capital	$	(15,340)	$	(121,598)
Supplementary disclosures:
Cash income taxes paid, net of refunds	$	10,904	$	1,783
Interest paid, net of amounts capitalized of $6.8 million in 2023 and $10.4 million in 2022	54,305		78,747

Non-cash investing activities:
Asset retirement costs capitalized	$	2,742	$	9,007
(Increase) decrease in capital expenditure accrual	20,522		(1,929)

1 Excludes payable balances relating to mark-to-market of derivative instruments and contingent consideration relating to acquisitions.

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2023

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

Components of Accumulated Other Comprehensive Loss

The components of “Accumulated other comprehensive loss” on the Consolidated Balance Sheets at December 31, 2022 and June 30, 2023 and the changes during the six-month period ended June 30, 2023 are presented net of taxes in the following table.


(Thousands of dollars)	Foreign Currency Translation Gains (Losses)		Retirement and Postretirement Benefit Plan Adjustments		Total
Balance at December 31, 2022	$	(418,230)	$	(116,456)	$	(534,686)
Components of other comprehensive income (loss):
Before reclassifications to income	36,752		–		36,752
Reclassifications to income ¹	–		2,151		2,151
Net other comprehensive income (loss)	36,752		2,151		38,903
Balance at June 30, 2023	$	(381,478)	$	(114,305)	$	(495,783)

1 Reclassifications before taxes of $2,669 thousand are included in the computation of net periodic benefit expense for the six-month period ended June 30, 2023. See Note H for additional information. Related income taxes of $518 thousand are included in “Income tax expense (benefit)” on the Consolidated Statements of Operations for the six-month period ended June 30, 2023.

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 369,355	$ 491,963
Accounts receivable, net	409,989	391,152
Inventories	62,450	54,513
Prepaid expenses	27,354	34,697
Total current assets	869,148	972,325
Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization of $12,984,567 in 2023 and $12,489,970 in 2022	8,426,045	8,228,016
Operating lease assets	867,353	946,406
Deferred income taxes	40,678	117,889
Deferred charges and other assets	46,306	44,316
Total assets	10,249,530	10,308,952
Current liabilities
Current maturities of long-term debt, finance lease	705	687
Accounts payable	584,107	543,786
Income taxes payable	23,539	26,544
Other taxes payable	32,091	22,819
Operating lease liabilities	258,278	220,413
Other accrued liabilities	135,788	443,585
Total current liabilities	1,034,508	1,257,834
Long-term debt, including finance lease obligation	1,823,521	1,822,452
Asset retirement obligations	843,328	817,268
Deferred credits and other liabilities	299,089	304,948
Non-current operating lease liabilities	624,736	742,654
Deferred income taxes	235,665	214,903
Total liabilities	4,860,847	5,160,059
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 2023 and 195,100,628 shares in 2022	195,101	195,101
Capital in excess of par value	861,951	893,578
Retained earnings	6,259,561	6,055,498
Accumulated other comprehensive loss	(495,783)	(534,686)
Treasury stock	(1,586,522)	(1,614,717)
Murphy Shareholders' Equity	5,234,308	4,994,774
Noncontrolling interest	154,375	154,119
Total equity	5,388,683	5,148,893
Total liabilities and equity	$ 10,249,530	$ 10,308,952

Financing Arrangements and Debt	6 Months Ended
Financing Arrangements and Debt	Jun. 30, 2023
Debt Disclosure [Abstract]
Financing Arrangements and Debt	Note E – Financing Arrangements and Debt As of June 30, 2023, the Company had an $800 million revolving credit facility (RCF). 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% senior notes due 2025 (2025 Notes) as at February 15, 2025 exceeds $50.0 million, in which case, the RCF will expire on that date. As of June 30, 2023, the Company had $248.7 million outstanding on the 2025 Notes. At June 30, 2023, the Company had no outstanding borrowings under the RCF and $30.4 million of outstanding letters of credit, which reduce the borrowing capacity of the RCF. At June 30, 2023, the interest rate in effect on borrowings under the RCF would have been 7.74%. At June 30, 2023, the Company was in compliance with all covenants related to the RCF. The Company also has a shelf registration statement on file with the U.S. Securities and Exchange Commission (SEC) that permits the offer and sale of debt and/or equity securities through October 15, 2024.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Incentive Plans - Share-Based Plans, Amounts Recognized (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Compensation charged against income before tax benefit	$ 23,684	$ 34,016
Related income tax benefit recognized in income	$ 3,444	$ 5,822

Financial Instruments and Risk Management - Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - Fair Value - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Liabilities:
Liabilities	$ 15,273	$ 15,135
Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	15,273	15,135
Level 1
Liabilities:
Liabilities	15,273	15,135
Level 1 \| Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	15,273	15,135
Level 2
Liabilities:
Liabilities	0	0
Level 2 \| Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	0	0
Level 3
Liabilities:
Liabilities	0	0
Level 3 \| Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	$ 0	$ 0

Financial Instruments and Risk Management

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments and Risk Management

Note L – Financial Instruments and Risk Management

Murphy, at times, uses derivative instruments 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.

Commodity Price Risks

During the second quarter of 2023, the Company did not have any outstanding crude oil derivative contracts.

During the second quarter of 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 was above the ceiling price or payments to the Company if the NYMEX average closing price was below the floor price.

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 derivatives outstanding at June 30, 2023 and 2022.

For the three-month and six-month periods ended June 30, 2023 and 2022, 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)				Gain (Loss)
(Thousands of dollars)	Statements of Operations Location	Three Months Ended June 30,				Six Months Ended June 30,
Type of Derivative Contract		2023		2022		2023		2022
Commodity swaps	Loss on derivative instruments	$	–	$	(46,552)	$	–	$	(202,911)
Commodity collars	Loss on derivative instruments	–		(56,516)		–		(220,934)

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 carrying value of assets and liabilities recorded at fair value on a recurring basis at June 30, 2023 and December 31, 2022, are presented in the following table.


	June 30, 2023								December 31, 2022
(Thousands of dollars)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total


Liabilities:
Nonqualified employee savings plan	$	15,273	$	–	$	–	$	15,273	$	15,135	$	–	$	–	$	15,135
	$	15,273	$	–	$	–	$	15,273	$	15,135	$	–	$	–	$	15,135

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 June 30, 2023, there were no outstanding commodity West Texas Intermediate (WTI) crude oil swaps and collars contracts subject to fair value measurement.

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 Sheets.

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 had an obligation to pay additional contingent consideration of up to $200 million in the event that certain revenue thresholds were 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. The obligation period related to LLOG revenue-related contingent consideration ended in 2022, with final payments made in the first half of 2023.

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 had an obligation to pay additional contingent consideration of up to $150 million if certain price and production thresholds were 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 of December 31, 2022, the $150 million obligation limit was achieved and paid in the first half of 2023.

As at June 30, 2023, the Company had no remaining liabilities relating to prior acquisitions from PAI and LLOG. 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 reaching contractual thresholds or time limitations that ended in 2022. As a result, the related liabilities as at December 31, 2022 of $192.7 million were no longer subject to fair value measurement. The liability remaining was included in “Other accrued liabilities” in the Consolidated Balance Sheets. During the six months ended June 30, 2023, the Company paid a total of $199.8 million in contingent consideration payments, thereby reducing the liability balance to nil as at June 30, 2023. In the Consolidated Statement of Cash Flows, $139.6 million is shown in “Operating Activities” and $60.2 million is shown in “Financing Activities”.

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 June 30, 2023 and December 31, 2022.

The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at June 30, 2023 and December 31, 2022. 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.


	June 30,				December 31,
	2023				2022
(Thousands of dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Current and long-term debt	$	1,824,226	$	1,728,376	$	1,823,139	$	1,668,216

Asset Retirement Obligations - Schedule of Reconciliation of Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of year			$ 911,653	$ 971,893
Accretion	$ 11,364	$ 11,563	22,521	23,439
Liabilities incurred			4,805	9,007
Revisions of previous estimates			(822)	0
Liabilities settled			(64,978)	(26,144)
Changes due to translation of foreign currencies			2,920	(3,650)
Balance at end of year	$ 876,099	$ 974,545	$ 876,099	$ 974,545

Asset Retirement Obligations (Tables)

6 Months Ended

Jun. 30, 2023

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 the six-month periods ended June 30, 2023 and 2022 is shown in the following table.


(Thousands of dollars)	June 30, 2023		June 30, 2022
Balance at beginning of year	$	911,653	971,893
Accretion	22,521		23,439
Liabilities incurred	4,805		9,007

Revisions of previous estimates	(822)		—
Liabilities settled	(64,978)		(26,144)


Changes due to translation of foreign currencies	2,920		(3,650)
Balance at end of year	876,099		974,545
Current portion of liability at June 30 ¹	(32,771)		(110,653)
Noncurrent portion of liability at June 30	$	843,328	863,892

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

Financing Arrangements and Debt (Details) - USD ($)	1 Months Ended	6 Months Ended
Financing Arrangements and Debt (Details) - USD ($)	Nov. 30, 2022	Jun. 30, 2023
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
Amount outstanding		$ 248,700,000
Revolving Credit Facility \| Unsecured Debt
Line of Credit Facility [Line Items]
Credit facility maximum borrowing capacity	$ 800,000,000
2018 Revolving Credit Facility
Line of Credit Facility [Line Items]
Amount outstanding		$ 0
Interest rate		7.74%
2018 Revolving Credit Facility \| Letter of Credit
Line of Credit Facility [Line Items]
Amount outstanding		$ 30,400,000

Asset Retirement Obligations

6 Months Ended

Jun. 30, 2023

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Note G – Asset Retirement Obligations

The asset retirement obligations liabilities (ARO) recognized by the Company 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 the six-month periods ended June 30, 2023 and 2022 is shown in the following table.


(Thousands of dollars)	June 30, 2023		June 30, 2022
Balance at beginning of year	$	911,653	971,893
Accretion	22,521		23,439
Liabilities incurred	4,805		9,007

Revisions of previous estimates	(822)		—
Liabilities settled	(64,978)		(26,144)


Changes due to translation of foreign currencies	2,920		(3,650)
Balance at end of year	876,099		974,545
Current portion of liability at June 30 ¹	(32,771)		(110,653)
Noncurrent portion of liability at June 30	$	843,328	863,892

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.

Other Financial Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Net (increase) decrease in operating working capital, excluding cash and cash equivalents:
(Increase) in accounts receivable	$ (18,915)	$ (263,104)
(Increase) decrease in inventories	(8,353)	(10,092)
(Increase) decrease in prepaid expenses	8,291	(1,693)
Increase in accounts payable and accrued liabilities	6,642	147,790
Increase (decrease) in income taxes payable	(3,005)	5,501
Net increase in noncash working capital	(15,340)	(121,598)
Supplementary disclosures:
Cash income taxes paid, net of refunds	10,904	1,783
Interest paid, net of amounts capitalized of $6.8 million in 2023 and $10.4 million in 2022	54,305	78,747
Non-cash investing activities:
Asset retirement costs capitalized	2,742	9,007
(Increase) decrease in capital expenditure accrual	20,522	(1,929)
Interest paid, amount capitalized	$ 6,800	$ 10,400

Nature of Business and Interim Financial Statements (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) entity
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership percentage in variable interest entity	0.50%
Number of variable interest entities (in entities) \| entity	2
Maximum exposure to loss \| $	$ 3.1

Nature of Business and Interim Financial Statements	6 Months Ended
Nature of Business and Interim Financial Statements	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Interim Financial Statements	Note A – Nature of Business and Interim Financial Statements NATURE OF BUSINESS – Murphy Oil Corporation is an international oil and natural gas exploration and production company that conducts its business through various operating subsidiaries. The Company primarily produces oil and natural gas in the United States (U.S.) and Canada and conducts oil and natural gas exploration activities worldwide. 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 as Murphy is not considered the primary beneficiary. These non-consolidated VIEs are not material to our financial position or results of operations. As of June 30, 2023, our maximum exposure to loss was $3.1 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. INTERIM FINANCIAL STATEMENTS – In the opinion of Murphy’s management, the unaudited financial statements presented herein include all accruals necessary to present fairly the Company’s financial position at June 30, 2023 and December 31, 2022, and the results of operations, statements of operations, cash flows and changes in stockholders’ equity for the interim periods ended June 30, 2023 and 2022, in conformity with U.S generally accepted accounting principles (GAAP). In preparing the financial statements of the Company in conformity with GAAP, management has made 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. Consolidated financial statements and notes to consolidated financial statements included in this Form 10-Q report should be read in conjunction with the Company’s 2022 Form 10-K report, as certain notes and other pertinent information have been abbreviated or omitted in this report. Financial results for the three-month and six-month periods ended June 30, 2023 are not necessarily indicative of future results.

Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2023

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

Accumulated Other Comprehensive Loss

Note M – Accumulated Other Comprehensive Loss


(Thousands of dollars)	Foreign Currency Translation Gains (Losses)		Retirement and Postretirement Benefit Plan Adjustments		Total
Balance at December 31, 2022	$	(418,230)	$	(116,456)	$	(534,686)
Components of other comprehensive income (loss):
Before reclassifications to income	36,752		–		36,752
Reclassifications to income ¹	–		2,151		2,151
Net other comprehensive income (loss)	36,752		2,151		38,903
Balance at June 30, 2023	$	(381,478)	$	(114,305)	$	(495,783)

Business Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Information


	Total Assets at June 30, 2023		Three Months Ended June 30, 2023			Three Months Ended June 30, 2022
(Millions of dollars)			External Revenues		Income (Loss)	External Revenues		Income (Loss)
Exploration and production ¹
United States	$	6,963.3	$	696.2	168.9	$	978.0	491.5
Canada	2,234.7		118.3		2.5	206.6		47.2
Other	227.6		—		(32.3)	13.7		(3.5)
Total exploration and production	9,425.6		814.5		139.1	1,198.3		535.2
Corporate	822.8		0.1		(46.6)	(97.2)		(124.8)
Continuing operations	10,248.4		814.6		92.5	1,101.1		410.4
Discontinued operations, net of tax	1.2		–		(0.6)	–		(0.9)
Total	$	10,249.5	$	814.6	91.9	$	1,101.1	409.5

			Six Months Ended June 30, 2023			Six Months Ended June 30, 2022
(Millions of dollars)			External Revenues		Income (Loss)	External Revenues		Income (Loss)
Exploration and production ¹
United States			$	1,378.5	394.9	$	1,685.4	744.4
Canada			274.1		24.4	372.7		69.9
Other			3.6		(37.6)	13.7		(47.7)
Total exploration and production			1,656.2		381.7	2,071.8		766.6
Corporate			0.1		(75.2)	(417.8)		(421.1)
Continuing operations			1,656.3		306.5	1,654.0		345.5
Discontinued operations, net of tax			–		(0.3)	–		(1.5)
Total			$	1,656.3	306.2	$	1,654.0	344.0

1 Additional details about results of oil and natural gas operations are presented in the table on pages 27 and 28.

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note K – Income Taxes

The Company’s effective income tax rate is calculated as the amount of income tax expense (benefit) divided by income (loss) from continuing operations before income taxes. For the three-month and six-month periods ended June 30, 2023 and 2022, the Company’s effective income tax rates were as follows:


	2023	2022
Three months ended June 30,	27.4%	20.4%
Six months ended June 30,	22.4%	20.3%

The effective tax rate for the three-month period ended June 30, 2023, was above the U.S. statutory tax rate of 21% primarily due to several factors, including: no tax benefit applied to the pre-tax loss of the noncontrolling interest in MP GOM; U.S. state tax expense; stock-based compensation; and certain expenses, including exploration and other expenses in certain foreign jurisdictions, for which no income tax benefits are currently available.

The effective tax rate for the three-month period ended June 30, 2022, was below the statutory tax rate of 21% primarily due to no tax applied to the pre-tax income of the noncontrolling interest in MP GOM.

The effective tax rate for the six-month period ended June 30, 2023 was above the U.S. statutory tax rate of 21% primarily due to several factors, including: the effects of income generated in foreign tax jurisdictions, certain of which have income tax rates higher than the U.S. Federal rate; U.S. state tax expense; and certain expenses, including exploration and other expenses in certain foreign jurisdictions, for which no income tax benefits are currently available. These impacts were partially offset by no tax applied to the pre-tax income of the noncontrolling interest in MP GOM.

The effective tax rate for the six-month period ended June 30, 2022 was below the statutory tax rate of 21% primarily due to no tax applied to the pre-tax income of the noncontrolling interest in MP GOM offset by exploration expenses in certain foreign jurisdictions in which no income tax benefit is currently available.

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 has paid amounts into escrow, and may from time to time pay more amounts

into escrow, in order to continue tax disputes with the relevant taxing authorities. As of June 30, 2023, the earliest years remaining open for audit and/or settlement in our major taxing jurisdictions are as follows: U.S. – 2016; Canada – 2016; and Malaysia – 2016. Following the sale in 2019, the Company has retained certain possible liabilities and rights to income tax receivables relating to the divested Malaysia business for the years prior to 2019. The Company believes current recorded liabilities are adequate.

- 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.

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+ Details

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Net Changes in Capitalized Exploratory Well Costs

The following table reflects the net changes in capitalized exploratory well costs during the six-month periods ended June 30, 2023 and 2022.


(Thousands of dollars)	2023		2022
Beginning balance at January 1	$	171,860	$	179,481
Additions pending the determination of proved reserves	47,733		9,412

Capitalized exploratory well costs charged to expense	(26,188)		(10,472)
Balance at June 30	$	193,405	$	178,421

Aging of Capitalized Exploratory Well Costs


	June 30,
	2023				2022

(Thousands of dollars)	Amount		No. of Wells	No. of Projects	Amount		No. of Wells	No. of Projects
Aging of capitalized well costs:
Zero to one year	$	8,494	1	1	$	4,268	2	2
One to two years	38,497		1	1	2,813		2	2
Two to three years	2,698		1	1	26,848		3	2
Three years or more	143,716		4	3	144,492		8	2
	$	193,405	7	6	$	178,421	15	8

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income including noncontrolling interest	$ 91,855	$ 409,504	$ 306,169	$ 344,018
Other comprehensive (loss) income, net of tax
Net gain (loss) from foreign currency translation	33,083	(51,545)	36,752	(33,525)
Retirement and postretirement benefit plans	1,053	3,173	2,151	6,509
Other comprehensive (loss) income	34,136	(48,372)	38,903	(27,016)
Comprehensive income (loss) including noncontrolling interest	125,991	361,132	345,072	317,002
Less: Comprehensive income attributable to noncontrolling interest	(6,431)	58,947	16,239	106,797
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO MURPHY	$ 132,422	$ 302,185	$ 328,833	$ 210,205

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


		Three Months Ended June 30,				Six Months Ended June 30,
(Thousands of dollars)		2023		2022		2023		2022
Net crude oil and condensate revenue
United States	Onshore	$	177,085	$	264,841	$	307,166	$	436,537
	Offshore	480,841		612,526		981,151		1,078,147
Canada	Onshore	19,306		40,417		41,258		77,114
	Offshore	24,871		38,354		41,001		67,186
Other		–		13,636		3,644		13,636
Total crude oil and condensate revenue		702,103		969,774		1,374,220		1,672,620

Net natural gas liquids revenue
United States	Onshore	6,540		18,062		14,810		34,747
	Offshore	11,541		18,093		26,170		32,072
Canada	Onshore	1,517		5,001		4,980		9,868
Total natural gas liquids revenue		19,598		41,156		45,960		76,687

Net natural gas revenue
United States	Onshore	4,138		19,034		9,588		30,403
	Offshore	14,802		43,567		36,934		69,768
Canada	Onshore	59,195		72,768		129,365		131,349
Total natural gas revenue		78,135		135,369		175,887		231,520

Revenue from production		799,836		1,146,299		1,596,067		1,980,827

Sales of purchased natural gas
United States	Offshore	–		181		–		181


Canada	Onshore	13,014		49,758		56,751		86,604
Total sales of purchased natural gas		13,014		49,939		56,751		86,785

Total revenue from sales to customers		812,850		1,196,238		1,652,818		2,067,612

Loss on derivative instruments		–		(103,068)		–		(423,845)
Gain on sale of assets and other income		1,738		7,887		3,486		10,251
Total revenues and other income		$	814,588	$	1,101,057	$	1,656,304	$	1,654,018

Current Long-Term Contracts Outstanding

Current Long-Term Contracts Outstanding at June 30, 2023

Location

Commodity

End Date

Description

Approximate Volumes

U.S.

Natural Gas and NGL

Q1 2030

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 index fixed prices

15 MMCFD

Canada

Natural Gas

Q4 2024

Contracts to sell natural gas at CAD index prices

28 MMCFD

Canada

Natural Gas

Q4 2026

Contracts to sell natural gas at USD index pricing

49 MMCFD

Canada

Natural Gas

Q4 2027

Contracts to sell natural gas at CAD index prices

10 MMCFD

Canada

NGL

Q3 2023

Contracts to sell natural gas liquids at CAD prices

952 BOEPD

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		156,155,341
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000717423
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accumulated depreciation, depletion and amortization	$ 12,984,567	$ 12,489,970
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

Financial Instruments and Risk Management (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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


		Gain (Loss)				Gain (Loss)
(Thousands of dollars)	Statements of Operations Location	Three Months Ended June 30,				Six Months Ended June 30,
Type of Derivative Contract		2023		2022		2023		2022
Commodity swaps	Loss on derivative instruments	$	–	$	(46,552)	$	–	$	(202,911)
Commodity collars	Loss on derivative instruments	–		(56,516)		–		(220,934)

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

The carrying value of assets and liabilities recorded at fair value on a recurring basis at June 30, 2023 and December 31, 2022, are presented in the following table.


	June 30, 2023								December 31, 2022
(Thousands of dollars)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total


Liabilities:
Nonqualified employee savings plan	$	15,273	$	–	$	–	$	15,273	$	15,135	$	–	$	–	$	15,135
	$	15,273	$	–	$	–	$	15,273	$	15,135	$	–	$	–	$	15,135

Carrying Amounts and Estimated Fair Values of Financial Instruments

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.


	June 30,				December 31,
	2023				2022
(Thousands of dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Current and long-term debt	$	1,824,226	$	1,728,376	$	1,823,139	$	1,668,216

Employee and Retiree Benefit Plans - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Retirement Benefits [Abstract]
Contributions to benefit plans	$ 18.9
Expected benefit plan contributions to be made during the year	$ 18.2

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	27.40%	20.40%	22.40%	20.30%

Incentive Plans

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Incentive Plans

Note I – Incentive Plans

The costs resulting from all share-based and cash-based incentive plans are recognized as an expense in the Consolidated Statements of Operations using a fair value-based measurement method over the periods that the awards vest.

The Annual Incentive Plan (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 Incentive Plan (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), stock appreciation rights (SAR), restricted stock, restricted stock units (RSU), performance units, performance shares, dividend equivalents and other stock-based incentives. The 2020 Long-Term Plan expires in 2030. A total of five million shares are issuable during the life of the 2020 Long-Term Plan. Shares issued pursuant to awards granted under the 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 the Plan.

During the six months ended June 30, 2023, the Committee granted the following awards from the 2020 Long-Term Plan:

2020 Long-Term Incentive Plan

Type of Award

Number of Awards Granted

Grant Date

Grant Date Fair Value

Valuation Methodology

Performance Based RSUs 1

409,160

January 31, 2023

60.46

Monte Carlo

Time Based RSUs 2

499,220

January 31, 2023

43.27

Average Stock Price

Cash Settled RSUs 3

123,230

January 31, 2023

43.27

Average Stock Price

1 Performance based RSUs are scheduled to vest over a three year performance period.

2 Time based RSUs are generally scheduled to vest over three years from the date of grant.

3 Cash settled RSUs are generally scheduled to vest over three years from the date of grant.

The Company also has a Stock Plan for Non-Employee Directors that 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 Stock Plan for Non-Employee Directors (2021 NED Plan) and the 2018 Stock Plan for Non-Employee Directors. All awards on or after May 12, 2021, were made under the 2021 NED Plan.

During the six months ended June 30, 2023, the Committee granted the following awards to Non-Employee Directors:

2021 Stock Plan for Non-Employee Directors

Type of Award

Number of Awards Granted

Grant Date

Grant Date Fair Value

Valuation Methodology

Time Based RSUs 1

56,880

February 1, 2023

42.20

Closing Stock Price

1 Non-employee directors time-based RSUs are scheduled to vest in February 2024.

All stock option exercises are non-cash transactions for the Company. The employee receives net shares, after applicable withholding obligations, upon each stock option exercise. The actual income tax benefit realized from the tax deductions related to stock option exercises of the share-based payment arrangements were immaterial for the six-month period ended June 30, 2023.

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


	Six Months Ended June 30,
(Thousands of dollars)	2023		2022
Compensation charged against income before tax benefit	$	23,684	$	34,016
Related income tax benefit recognized in income	3,444		5,822

Certain incentive compensation granted to the Company’s named executive officers, to the extent their total compensation exceeds $1.0 million per executive per year, is not eligible for a U.S. income tax deduction under the Tax Cuts and Jobs Act (2017 Tax Act).