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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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		153,598,625
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000717423
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 145,505	$ 306,760
Accounts receivable, less allowance for doubtful accounts of	372,549	426,684
Inventories	59,728	76,123
Prepaid expenses	61,271	40,896
Assets held for sale	124,337	123,864
Total current assets	763,390	974,327
Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization of $10,603,617 in 2020 and $9,333,646 in 2019	8,891,419	9,969,743
Operating lease assets	779,591	598,293
Deferred income taxes	290,006	129,287
Deferred charges and other assets	29,624	46,854
Total assets	10,754,030	11,718,504
Current liabilities
Accounts payable	366,205	602,096
Income taxes payable	18,646	19,049
Other taxes payable	16,988	18,613
Operating lease liabilities	103,341	92,286
Other accrued liabilities	151,848	197,447
Liabilities associated with assets held for sale	13,711	13,298
Total current liabilities	670,739	942,789
Long-term debt, including capital lease obligation	2,956,419	2,803,381
Asset retirement obligations	844,545	825,794
Deferred credits and other liabilities	628,904	613,407
Non-current operating lease liabilities	697,674	521,324
Deferred income taxes	182,267	207,198
Total liabilities	5,980,548	5,913,893
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 2020 and 195,089,269 shares in 2019	195,101	195,089
Capital in excess of par value	931,429	949,445
Retained earnings	5,823,426	6,614,304
Accumulated other comprehensive loss	(690,341)	(574,161)
Treasury stock	(1,691,070)	(1,717,217)
Murphy Shareholders' Equity	4,568,545	5,467,460
Noncontrolling interest	204,937	337,151
Total equity	4,773,482	5,804,611
Total liabilities and equity	$ 10,754,030	$ 11,718,504

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,605	$ 1,605
Accumulated depreciation, depletion and amortization	$ 10,603,617	$ 9,333,646
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	195,089,269

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues and other income
Revenue from sales to customers	$ 285,745	$ 680,436	$ 886,303	$ 1,309,790
(Loss) gain on crude contracts	(75,880)	57,916	324,792	57,916
Gain on sale of assets and other income	1,677	5,598	4,175	6,790
Total revenues and other income	211,542	743,950	1,215,270	1,374,496
Costs and expenses
Lease operating expenses	144,644	137,132	353,792	268,828
Severance and ad valorem taxes	6,442	13,072	15,864	23,169
Transportation, gathering and processing	41,090	34,901	85,457	74,443
Exploration expenses, including undeveloped lease amortization	29,468	30,674	49,594	63,212
Selling and general expenses	39,100	57,532	75,872	120,892
Restructuring expenses	41,397	0	41,397	0
Depreciation, depletion and amortization	231,446	264,302	537,548	493,708
Accretion of asset retirement obligations	10,469	9,897	20,435	19,237
Impairment of assets	19,616	0	987,146	0
Other (benefit) expense	22,007	25,437	(23,181)	55,442
Total costs and expenses	585,679	572,947	2,143,924	1,118,931
Operating (loss) income from continuing operations	(374,137)	171,003	(928,654)	255,565
Other income (loss)
Interest and other income (loss)	(5,171)	(8,968)	(4,930)	(13,716)
Interest expense, net	(38,598)	(54,096)	(79,695)	(100,165)
Total other loss	(43,769)	(63,064)	(84,625)	(113,881)
(Loss) income from continuing operations before income taxes	(417,906)	107,939	(1,013,279)	141,684
Income tax (benefit) expense	(94,773)	9,115	(186,306)	19,937
(Loss) income from continuing operations	(323,133)	98,824	(826,973)	121,747
(Loss) income from discontinued operations, net of income taxes	(1,267)	24,418	(6,129)	74,264
Net (loss) income including noncontrolling interest	(324,400)	123,242	(833,102)	196,011
Less: Net (loss) income attributable to noncontrolling interest	(7,216)	30,970	(99,814)	63,557
NET (LOSS) INCOME ATTRIBUTABLE TO MURPHY	$ (317,184)	$ 92,272	$ (733,288)	$ 132,454
(LOSS) INCOME PER COMMON SHARE – BASIC
Continuing operations (in USD per share)	$ (2.05)	$ 0.40	$ (4.74)	$ 0.34
Discontinued operations (in USD per share)	(0.01)	0.15	(0.04)	0.44
Net (loss) income (in USD per share)	(2.06)	0.55	(4.78)	0.78
(LOSS) INCOME PER COMMON SHARE – DILUTED
Continuing operations (in USD per share)	(2.05)	0.40	(4.74)	0.34
Discontinued operations (in USD per share)	(0.01)	0.14	(0.04)	0.43
Net (loss) income (in USD per share)	(2.06)	0.54	(4.78)	0.77
Cash dividends per Common share (in USD per share)	$ 0.13	$ 0.25	$ 0.38	$ 0.50
Average Common shares outstanding (thousands)
Basic (in shares)	153,580,758	168,537,896	153,428,666	170,555,685
Diluted (in shares)	153,580,758	169,272,463	153,428,666	171,432,692

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income including noncontrolling interest	$ (324,400)	$ 123,242	$ (833,102)	$ 196,011
Other comprehensive (loss) income, net of tax
Net (loss) gain from foreign currency translation	50,568	28,606	(67,843)	54,055
Retirement and postretirement benefit plans	(39,234)	2,762	(48,945)	5,516
Deferred loss on interest rate hedges reclassified to interest expense	309	586	608	1,171
Other comprehensive (loss) income	11,643	31,954	(116,180)	60,742
COMPREHENSIVE (LOSS) INCOME	$ (312,757)	$ 155,196	$ (949,282)	$ 256,753

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

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

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Operating Activities

Net (loss) income including noncontrolling interest

$ (833,102)

$ 196,011

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

Loss (income) from discontinued operations

6,129

(74,264)

Depreciation, depletion and amortization

537,548

493,708

Previously suspended exploration costs

7,677

12,901

Amortization of undeveloped leases

14,770

15,150

Accretion of asset retirement obligations

20,435

19,237

Impairment of assets

987,146

Noncash restructuring expense

17,565

Deferred income tax (benefit) expense

(167,902)

18,001

Mark to market (gain) loss on contingent consideration

(43,529)

28,890

Mark to market (gain) loss on crude contracts

(173,848)

(50,831)

Long-term non-cash compensation

22,760

44,755

Net decrease (increase) in noncash operating working capital

1,335

(5,366)

Other operating activities, net

(27,605)

(42,761)

Net cash provided by continuing operations activities

369,379

655,431

Investing Activities

Property additions and dry hole costs

(537,601)

(645,169)

Property additions for King's Quay FPS

(51,635)

Acquisition of oil and gas properties

(1,226,261)

Proceeds from sales of property, plant and equipment

16,816

Net cash required by investing activities

(589,236)

(1,854,614)

Financing Activities

Borrowings on revolving credit facility

370,000

1,075,000

Repayment of revolving credit facility

(200,000)

Cash dividends paid

(57,590)

(85,503)

Distributions to noncontrolling interest

(32,400)

(68,776)

Early retirement of debt

(12,225)

Withholding tax on stock-based incentive awards

(7,247)

(6,991)

Debt issuance, net of cost

(613)

Proceeds from term loan and other loans

371

500,000

Capital lease obligation payments

(336)

(335)

Repurchase of common stock

(299,924)

Net cash provided by financing activities

59,960

1,113,471

Cash Flows from Discontinued Operations

Operating activities

^[1]

(1,202)

122,272

Investing activities

^[1]

4,494

(49,798)

Financing activities

^[1]

(4,914)

Net cash provided by discontinued operations

^[1]

3,292

67,560

Cash transferred from discontinued operations to continuing operations

48,565

Effect of exchange rate changes on cash and cash equivalents

(1,358)

3,268

Net increase (decrease) in cash and cash equivalents

(161,255)

(33,879)

Cash and cash equivalents at beginning of period

306,760

359,923

Cash and cash equivalents at end of period

$ 145,505

$ 326,044

[1]	Net cash provided by discontinued operations is not part of the cash flow reconciliation. See Notes to Consolidated Financial Statements, page 7.

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	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Treasury Stock	Noncontrolling Interest
Balance at beginning of period at Dec. 31, 2018				$ 195,077	$ 979,642	$ 5,513,529	$ 116,768	$ (609,787)	$ (1,249,162)	$ 368,343
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options, including income tax benefits				6	(123)
Restricted stock transactions and other					(38,732)
Share-based compensation					17,676
Adjustments to acquisition valuation					(24,519)
Net (loss) income attributable to noncontrolling interest	$ 132,454					132,454				63,557
Cash dividends						(85,503)
Foreign currency translation (loss) gain, net of income taxes	54,055							54,055
Retirement and postretirement benefit plans, net of income taxes								5,516
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes	1,171							1,171
Purchase of treasury shares									(299,924)
Awarded restricted stock, net of forfeitures									31,869
Acquisition closing adjustments										(4,592)
Distributions to noncontrolling interest owners										(68,776)
Balance at end of period at Jun. 30, 2019	5,098,545	$ 4,740,013	$ 0	195,083	933,944	5,677,248		(549,045)	(1,517,217)	358,532
Balance at beginning of period at Mar. 31, 2019				195,083	924,904	5,627,081		(580,999)	(1,217,293)	377,901
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation					9,040
Net (loss) income attributable to noncontrolling interest	92,272					92,272				30,970
Cash dividends						(42,105)
Foreign currency translation (loss) gain, net of income taxes	28,606							28,606
Retirement and postretirement benefit plans, net of income taxes								2,762
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes	586							586
Purchase of treasury shares									(299,924)
Distributions to noncontrolling interest owners										(50,339)
Balance at end of period at Jun. 30, 2019	5,098,545	4,740,013	0	195,083	933,944	5,677,248		(549,045)	(1,517,217)	358,532
Balance at beginning of period at Dec. 31, 2019	5,804,611			195,089	949,445	6,614,304		(574,161)	(1,717,217)	337,151
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options, including income tax benefits				12	(156)
Restricted stock transactions and other					(33,240)
Share-based compensation					15,380
Net (loss) income attributable to noncontrolling interest	(733,288)					(733,288)				(99,814)
Cash dividends						(57,590)
Foreign currency translation (loss) gain, net of income taxes	(67,843)							(67,843)
Retirement and postretirement benefit plans, net of income taxes								(48,945)
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes	608							608
Awarded restricted stock, net of forfeitures									26,147
Distributions to noncontrolling interest owners										(32,400)
Balance at end of period at Jun. 30, 2020	4,773,482	4,568,545	0	195,101	931,429	5,823,426		(690,341)	(1,691,070)	204,937
Balance at beginning of period at Mar. 31, 2020				195,101	924,930	6,159,808		(701,984)	(1,691,706)	212,154
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock transactions and other					(636)
Share-based compensation					7,135
Net (loss) income attributable to noncontrolling interest	(317,184)					(317,184)				(7,216)
Cash dividends						(19,198)
Foreign currency translation (loss) gain, net of income taxes	50,568							50,568
Retirement and postretirement benefit plans, net of income taxes								(39,234)
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes	309							309
Awarded restricted stock, net of forfeitures									636
Distributions to noncontrolling interest owners										(1)
Balance at end of period at Jun. 30, 2020	$ 4,773,482	$ 4,568,545	$ 0	$ 195,101	$ 931,429	$ 5,823,426		$ (690,341)	$ (1,691,070)	$ 204,937

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2020	Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Cumulative preferred stock, par value (in USD per share)	$ 100
Cumulative preferred stock, authorized shares (in shares)	400,000
Cumulative preferred stock, shares issued (in shares)	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	195,083,364
Treasury stock, shares (in shares)	41,512,066	32,832,771

Nature of Business and Interim Financial Statements	6 Months Ended
Nature of Business and Interim Financial Statements	Jun. 30, 2020
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 gas company that conducts its business through various operating subsidiaries. The Company primarily produces oil and natural gas in the United States and Canada and conducts oil and natural gas exploration activities worldwide. In connection with the LLOG acquisition, further discussed in Note P – Acquisitions, we hold a 0.5% interest in two variable interest entities (VIEs), Delta House Oil and Gas Lateral LLC and Delta House Floating Production System (FPS) LLC (collectively Delta House). These VIEs have not been consolidated because we are not considered the primary beneficiary. These non-consolidated VIEs are not material to our financial position or results of operations. As of June 30, 2020, our maximum exposure to loss was $3.5 million, 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, 2020 and December 31, 2019, and the results of operations, cash flows and changes in stockholders’ equity for the interim periods ended June 30, 2020 and 2019, in conformity with accounting principles generally accepted in the United States of America (U.S.). In preparing the financial statements of the Company in conformity with accounting principles generally accepted in the U.S., management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Actual results may differ from the estimates. Financial statements and notes to consolidated financial statements included in this Form 10-Q report should be read in conjunction with the Company’s 2019 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, 2020 are not necessarily indicative of future results.

New Accounting Principles and Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2020
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 Financial Instruments – Credit Losses. In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13 which replaces the impairment model for most financial assets, including trade receivables, from the incurred loss methodology to a forward-looking expected loss model that will result in earlier recognition of credit losses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, with early adoption permitted, and is to be applied on a modified retrospective basis. The Company adopted this accounting standard in the first quarter of 2020 and it did not have a material impact on its consolidated financial statements. Fair Value Measurement. In August 2018, the FASB issued ASU 2018-13 which modifies disclosure requirements related to fair value measurement. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. Early adoption is permitted. The standard also allows for early adoption of any removed or modified disclosures upon issuance of this ASU while delaying adoption of the additional disclosures until their effective date. The Company adopted this accounting standard in the first quarter of 2020 and it did not have a material impact on its consolidated financial statements. Recent Accounting Pronouncements Income Taxes. In December 2019, the FASB issued ASU 2019-12, which removes certain exceptions for investments, intraperiod allocations and interim calculations, and adds guidance to reduce complexity in accounting for income taxes. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Implementation on a prospective or retrospective basis varies by specific topics within the ASU. Early adoption is permitted. The Company is currently assessing the potential impact of this ASU to its consolidated financial statements. Compensation-Retirement Benefits-Defined Benefit Plans-General. In August 2018, the FASB issued ASU 2018-14 which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. For public companies, the amendments in this ASU are effective for fiscal years beginning after December 15, 2020, with early adoption permitted, and is to be applied on a retrospective basis to all periods presented. The Company is currently assessing the potential impact of this ASU to its consolidated financial statements.

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2020

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 gas) in select basins around the globe. The Company’s revenue from sales of oil and 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 gas production where the non-operated working interest owner does not take-in-kind its proportionate interest in the produced commodity, the Company acts as an agent for the working interest owner and recognizes revenue only for its own share of the commingled production. The exception to this is the reporting of the noncontrolling interest in MP GOM as prescribed by ASC 810-10-45.

U.S. - In the United States, the Company primarily produces oil and 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 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 are primarily long-term floating commodity index priced, except for certain 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.

In the third quarter of 2019, the Company made an immaterial reclassification to correct its financial statements to report transportation, gathering, and processing costs as a separate line item (previously reported net in revenue) in the Consolidated Statements of Operations and revised all historical periods to reflect this presentation. There was no resultant change in net income attributable to Murphy.

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 and six-month periods ended June 30, 2020, the Company recognized $285.7 million and $886.3 million, respectively, from contracts with customers for the sales of oil, natural gas liquids and natural gas. For the three-month and six-month periods ended June 30, 2019, the Company recognized $680.4 million and $1,309.8 million respectively, from contracts with customers for the sales of oil, natural gas liquids and natural gas.


		Three Months Ended June 30,								Six Months Ended June 30,
(Thousands of dollars)		2020				2019		2020		2019
Net crude oil and condensate revenue
United States	Onshore	$	54,550			193,565		185,786		328,241
	Offshore	150,253				352,281		497,225		691,944
Canada	Onshore	11,527				28,031		34,910		56,972
	Offshore	11,077				42,355		35,691		87,279
Other		(58)				3,123		1,806		5,975
Total crude oil and condensate revenue				227,349			619,355		755,418		1,170,411

Net natural gas liquids revenue
United States	Onshore	3,876				8,719		9,379		16,940
	Offshore	3,464				4,478		8,490		9,770
Canada	Onshore	1,276				2,775		3,310		6,236
Total natural gas liquids revenue				8,616			15,972		21,179		32,946

Net natural gas revenue
United States	Onshore	4,090				7,340		9,648		14,914
	Offshore	10,665				9,219		25,660		13,696
Canada	Onshore	35,025				28,550		74,398		77,823
Total natural gas revenue				49,780			45,109		109,706		106,433
Total revenue from contracts with customers				285,745			680,436		886,303		1,309,790

(Loss) gain on crude contracts				(75,880)			57,916		324,792		57,916
Gain on sale of assets and other income				1,677			5,598		4,175		6,790
Total revenue and other income				$	211,542		743,950		1,215,270		1,374,496

Contract Balances and Asset Recognition

As of June 30, 2020, and December 31, 2019, receivables from contracts with customers, net of royalties and associated payables, on the balance sheet from continuing operations, were $101.3 million and $186.8 million, respectively. Payment terms for the Company’s sales vary across contracts and geographical regions, with the majority of the cash receipts required within 30 days of billing. Based on a forward-looking expected loss model in accordance with ASU 2016-13 (see Note B), 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 upstream oil and gas sale contracts that have financing components as at June 30, 2020.

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

Performance Obligations

The Company recognizes oil and 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, 2020, 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, 2020

Approximate Volumes

Location

Commodity

End Date

Description

U.S.

Oil

Q4 2021

Fixed quantity delivery in Eagle Ford

17,000 BOED

U.S.

Natural Gas and NGL

Q1 2023

Deliveries from dedicated acreage in Eagle Ford

As produced

Canada

Natural Gas

Q4 2020

Contracts to sell natural gas at Alberta AECO fixed prices

59 MMCFD

Canada

Natural Gas

Q4 2020

Contracts to sell natural gas at USD Index pricing

60 MMCFD

Canada

Natural Gas

Q4 2021

Contracts to sell natural gas at USD Index pricing

10 MMCFD

Canada

Natural Gas

Q4 2024

Contracts to sell natural gas at USD Index pricing

30 MMCFD

Canada

Natural Gas

Q4 2026

Contracts to sell natural gas at USD Index pricing

38 MMCFD

Canada

Natural Gas

Q4 2026

Contracts to sell natural gas at USD Index pricing

11 MMCFD

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

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note D – Property, Plant, and Equipment

Exploratory Wells

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

At June 30, 2020, the Company had total capitalized exploratory well costs for continuing operations pending the determination of proved reserves of $180.1 million. The following table reflects the net changes in capitalized exploratory well costs during the six-month periods ended June 30, 2020 and 2019.


(Thousands of dollars)	2020		2019
Beginning balance at January 1	$	217,326	207,855
Additions pending the determination of proved reserves	2,328		50,307

Capitalized exploratory well costs charged to expense	(39,519)		(13,145)
Balance at June 30	$	180,135	245,017

The capitalized well costs charged to expense during 2020 represent a charge for asset impairments (see below). The capitalized well costs charged to expense during 2019 included the CM-1X and the CT-1X wells in Vietnam Block 11-2/11. The wells were originally drilled in 2017.

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,
	2020						2019

(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	$	24,429	3	3	33,125	3	2
One to two years	30,691		2	2	61,293	1	1
Two to three years	—		—	—	27,266	1	1
Three years or more	125,015		6	—	123,333	5	—
	$	180,135	11	5	245,017	10	4

Of the $155.7 million of exploratory well costs capitalized more than one year at June 30, 2020, $87.6 million is in Vietnam, $27.4 million is in the U.S., $25.2 million is in Brunei, and $15.5 million is in Mexico. In all geographical areas, either further appraisal or development drilling is planned and/or development studies/plans are in various stages of completion.

Divestments

In July 2019, the Company completed a divestiture of its two subsidiaries conducting Malaysian operations, Murphy Sabah Oil Co., Ltd. and Murphy Sarawak Oil Co., Ltd., in a transaction with PTT Exploration and Production Public Company Limited (PTTEP) which was effective January 1, 2019. Total cash consideration received upon closing was $2.0 billion. A gain on sale of $960.0 million was recorded as part of discontinued operations on the Consolidated Statement of Operations during 2019. The Company does not anticipate tax liabilities related to the sales proceeds. Murphy is entitled to receive a $100.0 million bonus payment contingent upon certain future exploratory drilling results prior to October 2020.

Acquisitions

In 2016, a Canadian subsidiary of Murphy Oil acquired a 70% operated working interest (WI) in Athabasca Oil Corporation’s (Athabasca) production, acreage, infrastructure and facilities in the Kaybob Duvernay lands, and a 30% non-operated WI in Athabasca’s production, acreage, infrastructure and facilities in the liquids rich Placid Montney lands in Alberta, the majority of which was unproved. As part of the transaction, Murphy agreed to pay an additional $168.0 million in the form of a carried interest on the Kaybob Duvernay property. As of June 30, 2020, all of the carried interest had been fully utilized.

Impairments

In 2020, declines in future oil and natural gas prices (principally driven by reduced demand in response to the COVID-19 pandemic and increased supply in the first quarter of 2020 from foreign oil producers and - see Risk Factors on page 39) led to impairments in certain of the Company’s U.S. Offshore and Other Foreign properties. The Company recorded pretax noncash impairment charges of $987.1 million to reduce the carrying values to their estimated fair values at select properties.

The fair values were determined by internal discounted cash flow models using estimates of future production, prices, costs and discount rates believed to be consistent with those used by principal market participants in the applicable region.

The following table reflects the recognized impairments for the six months ended June 30, 2020.


	Six Months Ended
(Thousands of dollars)	June 30, 2020
U.S.	$	947,437

Other Foreign	39,709
	$	987,146

Discontinued Operations and Assets Held for Sale

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Assets Held for Sale

Note E – Discontinued Operations and Assets Held for Sale

The Company has accounted for its former Malaysian exploration and production operations and its former U.K., U.S. refining and marketing operations as discontinued operations for all periods presented. The results of operations associated with discontinued operations for the three-month and six-month periods ended June 30, 2020 and 2019 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(Thousands of dollars)	2020		2019	2020	2019
Revenues	$	1	159,961	4,074	355,373
Costs and expenses
Lease operating expenses	—		58,160	—	120,876
Depreciation, depletion and amortization	—		2,345	—	33,698
Other costs and expenses (benefits)	1,268		57,401	10,203	70,481
(Loss) income before taxes	(1,267)		42,055	(6,129)	130,318
Income tax expense	—		17,637	—	56,054
(Loss) income from discontinued operations	$	(1,267)	24,418	(6,129)	74,264

The following table presents the carrying value of the major categories of assets and liabilities of the Brunei exploration and production operations, the U.K. refining and marketing operations and the Company’s office building in El Dorado, AR and two airplanes that are reflected as held for sale on the Company’s Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019.


(Thousands of dollars)	June 30, 2020		December 31, 2019
Current assets
Cash	$	30,898	25,185
Accounts receivable	425		4,834
Inventories	406		406
Prepaid expenses and other	814		1,882
Property, plant, and equipment, net	82,353		82,116
Deferred income taxes and other assets	9,441		9,441

Total current assets associated with assets held for sale	124,337		123,864





Current liabilities
Accounts payable	$	4,342	3,702

Current maturities of long-term debt (finance lease)	720		705
Taxes payable	1,510		1,411

Long-term debt (finance lease)	6,889		7,240
Asset retirement obligation	250		240
Total current liabilities associated with assets held for sale	13,711		13,298

Financing Arrangements and Debt	6 Months Ended
Financing Arrangements and Debt	Jun. 30, 2020
Debt Disclosure [Abstract]
Financing Arrangements and Debt	Note F – Financing Arrangements and Debt As of June 30, 2020, the Company had a $1.6 billion revolving credit facility (RCF). The RCF is a senior unsecured guaranteed facility which expires in November 2023. At June 30, 2020, the Company had $170.0 million outstanding borrowings under the RCF and $3.7 million of outstanding letters of credit, which reduce the borrowing capacity of the RCF. At June 30, 2020, the interest rate in effect on borrowings under the facility was 1.86%. At June 30, 2020, 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 that permits the offer and sale of debt and/or equity securities through October 2021.

Other Financial Information

6 Months Ended

Jun. 30, 2020

Other Financial Information [Abstract]

Other Financial Information

Note G – Other Financial Information

Additional disclosures regarding cash flow activities are provided below.໿


	Six Months Ended June 30,
(Thousands of dollars)	2020		2019
Net (increase) decrease in operating working capital, excluding cash and cash equivalents:
(Increase) decrease in accounts receivable ¹	$	227,710	(141,793)
(Increase) decrease in inventories	13,968		(617)
(Increase) decrease in prepaid expenses	(20,712)		(12,190)
Increase (decrease) in accounts payable and accrued liabilities ¹	(219,228)		147,569
Increase (decrease) in income taxes payable	(403)		1,665
Net (increase) decrease in noncash operating working capital	$	1,335	(5,366)
Supplementary disclosures:
Cash income taxes paid, net of refunds	$	(7)	79
Interest paid, net of amounts capitalized of $4.9 million in 2020 and $0 million in 2019	100,745		102,802

Non-cash investing activities:
Asset retirement costs capitalized ²	$	6,342	38,396
(Increase) decrease in capital expenditure accrual	58,602		(65,830)

¹Excludes receivable/payable balances relating to mark-to-market of crude contracts and contingent consideration relating to acquisitions.

²2019 includes asset retirement obligations assumed as part of the LLOG acquisition of $37.3 million. See Note P.

Employee and Retiree Benefit Plans

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

Employee and Retiree Benefit Plans

Note H – Employee and Retiree Benefit Plans

The Company has defined benefit pension plans that are principally noncontributory and cover most full-time employees. All pension plans are funded except for the U.S. and Canadian nonqualified supplemental 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 are based on 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.

On May 6, 2020, the Company announced that it was closing its headquarter office in El Dorado, Arkansas, its office in Calgary, Alberta, and consolidating all worldwide staff activities to its existing office location in Houston, Texas. As a result of this decision and the subsequent restructuring activities, a pension remeasurement was triggered and the Company incurred pension curtailment and special termination benefit charges as a result of the associated reduction of force. The Company elected the use of a practical expedient to perform the pension remeasurement as of May 31, 2020, which resulted in an increase in our pension and other postretirement benefit liabilities of $63.0 million due to lower discount rate and lower plan assets relative to December 31, 2019.

The table that follows provides the components of net periodic benefit expense for the three-month and six-month periods ended June 30, 2020 and 2019.


	Three Months Ended June 30,
	Pension Benefits				Other Postretirement Benefits
(Thousands of dollars)	2020		2019	2020	2019
Service cost	$	2,166	2,062	446	420
Interest cost	5,763		7,100	794	943
Expected return on plan assets	(6,297)		(6,370)	—	—
Amortization of prior service cost (credit)	183		246	—	(97)
Recognized actuarial loss	4,264		3,508	—	—
Net periodic benefit expense	6,079		6,546	1,240	1,266
Other - curtailment	586		—	(1,825)	—
Other - special termination benefits	8,435		—	—	—
Total net periodic benefit expense	$	15,100	6,546	(585)	1,266

	Six Months Ended June 30,
	Pension Benefits				Other Postretirement Benefits
(Thousands of dollars)	2020		2019	2020	2019
Service cost	$	4,332	4,124	893	840
Interest cost	11,554		14,251	1,588	1,888
Expected return on plan assets	(12,641)		(12,830)	—	—
Amortization of prior service cost (credit)	366		493	—	(195)
Recognized actuarial loss	8,533		7,022	—	—
Net periodic benefit expense	12,144		13,060	2,481	2,533
Other - curtailment	586		—	(1,825)	—
Other - special termination benefits	8,435		—	—	—
Total net periodic benefit expense	$	21,165	13,060	656	2,533

The components of net periodic benefit expense, other than the service cost, curtailment and special termination benefits components, are included in the line item “Interest and other income (loss)” in Consolidated Statements of Operations. The curtailment and special termination benefits components are included in the line item “Restructuring expenses” in Consolidated Statement of Operations.

During the six-month period ended June 30, 2020, the Company made contributions of $15.3 million to its defined benefit pension and postretirement benefit plans. Remaining funding in 2020 for the Company’s defined benefit pension and postretirement plans is anticipated to be $22.4 million.

Incentive Plans

6 Months Ended

Jun. 30, 2020

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 2017 Annual Incentive Plan (2017 Annual Plan) authorizes the Executive 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 2017 Annual Plan are determined based on the Company’s actual financial and operating results as measured against the performance goals established by the Committee.

In May 2020, the Company’s shareholders approved replacement of the 2018 Long-Term Incentive Plan (2018 Long-Term Plan) with the 2020 Long-Term Incentive Plan (2020 Long-Term Plan). All awards on or after May 13, 2020, will be made under the 2020 Long-Term Plan.

The 2020 Long-Term Plan and the 2018 Long-Term Incentive 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 5,000,000 shares are issuable during the life of the 2020 Long-Term Plan. Shares issued pursuant to awards granted under this Plan may be shares that are authorized and unissued or shares that were reacquired by the Company, including shares purchased in the open market. Share awards that have been canceled, expired, forfeited or otherwise not issued under an award shall not count as shares issued under this Plan.

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.

In the first quarter of 2020, the Committee granted 999,700 performance-based RSUs and 340,600 time-based RSUs to certain employees under the 2018 Long-Term Plan. The fair value of the performance-based RSUs, using a Monte Carlo valuation model, was $21.51 per unit. The fair value of the time-based RSUs was estimated based on the fair market value of the Company’s stock on the date of grant of $21.68 per unit. Additionally, in February 2020, the Committee granted 1,152,500 cash-settled RSUs (CRSU) to certain employees. The CRSUs are to be settled in cash, net of applicable income taxes, and are accounted for as liability-type awards. The initial fair value of the CRSUs granted in February 2020 was $21.68. Also, in February, the Committee granted 106,248 shares of time-based RSUs to the Company’s non-employee Directors under the 2018 Stock Plan for Non-Employee Directors. These units are scheduled to vest on the third anniversary of the date of grant. The estimated fair value of these awards was $22.59 per unit on date of grant.

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, 2020.

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)	2020		2019
Compensation charged against income before tax benefit	$	10,272	30,003
Related income tax (expense) benefit recognized in income	769		4,387

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).

Earnings per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings per Share

Note J – Earnings per Share

Net (loss) 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, 2020 and 2019. 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)	2020	2019	2020	2019
Basic method	153,580,758	168,537,896	153,428,666	170,555,685
Dilutive stock options and restricted stock units ¹	—	734,567	—	877,007
Diluted method	153,580,758	169,272,463	153,428,666	171,432,692

¹ Due to a net loss recognized by the Company for the three-month and six-month periods ended June 30, 2020, no unvested stock awards were included in the computation of diluted earnings per share because the effect would have been antidilutive.

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Antidilutive stock options excluded from diluted shares	2,187,235		2,927,469		2,396,920		3,066,166
Weighted average price of these options	$	39.24	$	45.38	$	40.83	$	45.66

Income Taxes

6 Months Ended

Jun. 30, 2020

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 from continuing operations before income taxes. For the three-month and six-month periods ended June 30, 2020 and 2019, the Company’s effective income tax rates were as follows:


	2020	2019
Three months ended June 30,	22.7%	8.4%
Six months ended June 30,	18.4%	14.1%

The effective tax rate for the three-month period ended June 30, 2020 is higher than the U.S. statutory tax rate of 21% principally due to a research and development tax credit in Canada, which has the impact of increasing the effective tax rate.

The effective tax rate for the three-month period ended June 30, 2019 was below the statutory tax rate primarily due to an enacted future change in the Alberta provincial corporate income tax rate in Canada that reduced the future deferred tax liability by $13 million and no tax applied to the pre-tax income of the noncontrolling interest in MP Gulf of Mexico, LLC (MP GOM).

The effective tax rate for the six-month period ended June 30, 2020 was below the U.S. statutory tax rate of 21% due to exploration expenses in certain foreign jurisdictions in which no income tax benefit is available, as well as no tax benefit available from the pre-tax loss of the noncontrolling interest in MP GOM. These items reduced the tax credit on a reported pre-tax net loss.

The effective tax rate for the six-month period ended June 30, 2019 was below the statutory tax rate of 21% due to an enacted future change in the Alberta provincial corporate income tax rate in Canada that reduced the future deferred tax liability $13 million and no tax applied to the pre-tax income of the noncontrolling interest in MP GOM.

The Company’s tax returns in multiple jurisdictions are subject to audit by taxing authorities. These audits often take multiple 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. As of June 30, 2020, the earliest years remaining open for audit and/or settlement in our major taxing jurisdictions are as follows: United States – 2016; Canada – 2015; Malaysia – 2013; and United Kingdom – 2018. Following the divestment of Malaysia in the third quarter of

2019, the Company has retained certain possible liabilities and rights to income tax receivables relating to Malaysia for the years prior to 2019. The Company believes current recorded liabilities are adequate.

Financial Instruments and Risk Management

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments and Risk Management

Note L – Financial Instruments and Risk Management

Murphy 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. Certain interest rate derivative contracts were accounted for as hedges and the gain or loss associated with recording the fair value of these contracts was deferred in Accumulated other comprehensive loss until the anticipated transactions occur.

Commodity Price Risks

At June 30, 2020, the Company had 45,000 barrels per day in WTI crude oil swap financial contracts maturing through December 2020 at an average price of $56.42, and 2,000 barrels per day in WTI crude oil swap financial contracts maturing from January to December of 2021 at an average price of $41.54. Under these contracts, which mature monthly, the Company pays the average monthly price in effect and receives the fixed contract price.

At June 30, 2019, the Company had 20,000 barrels per day in WTI crude oil swap financial contracts maturing through December 2019 at an average price of $63.64 and 20,000 barrels per day in WTI crude oil swap financial contracts maturing through December 2020 at an average price of $60.10.

Foreign Currency Exchange Risks

The Company is subject to foreign currency exchange risk associated with operations in countries outside the U.S. The Company had no foreign currency exchange short-term derivatives outstanding at June 30, 2020 and 2019.

At June 30, 2020 and December 31, 2019, the fair value of derivative instruments not designated as hedging instruments are presented in the following table.

June 30, 2020

December 31, 2019

(Thousands of dollars)

Asset (Liability) Derivatives

Type of Derivative Contract

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Commodity

Accounts receivable

157,809

Accounts payable

(33,364)

For the three-month and six-month periods ended June 30, 2020 and 2019, 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)	Statement of Operations Location	Three Months Ended June 30,								Six months ended June 30,
Type of Derivative Contract				2020		2019			2020		2019
Commodity	(Loss) gain on crude contracts	$	(75,880)		57,916		$	324,792		57,916

Interest Rate Risks

Under hedge accounting rules, the Company deferred the net cost associated with derivative contracts purchased to manage interest rate risk associated with 10-year notes sold in May 2012 to match the payment of interest on these notes through 2022. During the six-month periods ended June 30, 2020 and 2019, $0.8 million and $1.5 million, respectively, of the deferred loss on the interest rate swaps was charged to Interest expense in the Consolidated Statement of Operations. The remaining loss (net of tax) deferred on these matured contracts at June 30, 2020 was $2.3 million and is recorded, net of income taxes of $0.6 million, in Accumulated other comprehensive loss in the Consolidated Balance Sheet. The Company expects to charge approximately $0.8 million of this deferred loss to Interest expense, net in the Consolidated Statement of Operations during the remainder of 2020.

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, 2020 and December 31, 2019, are presented in the following table.


	June 30, 2020								December 31, 2019
(Thousands of dollars)	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets:
Commodity derivative contracts	$	—	157,809	—	157,809	—	—	—	—
	$	—	157,809	—	157,809	—	—	—	—

Liabilities:
Commodity derivative contracts	$	—	—	—	—	—	33,364	—	33,364
Nonqualified employee savings plans	15,703		—	—	15,703	17,035	—	—	17,035
Contingent consideration	—		—	103,258	103,258	—	—	146,787	146,787
	$	15,703	—	103,258	118,961	17,035	33,364	146,787	197,186

The fair value of WTI crude oil derivative contracts in 2020 and 2019 were based on active market quotes for WTI crude oil. The income effect of changes in the fair value of crude oil derivative contracts is recorded in Gain (loss) on crude contracts in the Consolidated Statements of Operations.

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.

The contingent consideration, related to two acquisitions in 2019 and 2018, is valued using a Monte Carlo simulation model. The income effect of changes in the fair value of the contingent consideration is recorded in Other (income) expense in the Consolidated Statements of Operations. Any remaining contingent consideration payable will be due annually in years 2021 to 2026.

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, 2020 and December 31, 2019.

Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2020

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

Accumulated Other Comprehensive Loss

Note M – Accumulated Other Comprehensive Loss

The components of Accumulated other comprehensive loss on the Consolidated Balance Sheets at December 31, 2019 and June 30, 2020 and the changes during the six-month period ended June 30, 2020, are presented net of taxes in the following table.


(Thousands of dollars)	Foreign Currency Translation Gains (Losses)		Retirement and Postretirement Benefit Plan Adjustments		Deferred Loss on Interest Rate Derivative Hedges		Total
Balance at December 31, 2019	$	(353,252)	(218,015)		(2,894)		(574,161)
Components of other comprehensive income (loss):
Before reclassifications to income and retained earnings	(67,843)		(55,707)		—		(123,550)
Reclassifications to income	—		6,762	¹	608	²	7,370
Net other comprehensive income (loss)	(67,843)		(48,945)		608		(116,180)
Balance at June 30, 2020	(421,095)		(266,960)		(2,286)		(690,341)

¹Reclassifications before taxes of $8,987 are included in the computation of net periodic benefit expense for the six-month period ended June 30, 2020. See Note H for additional information. Related income taxes of $2,225 are included in Income tax expense (benefit) for the six-month period ended June 30, 2020.

²Reclassifications before taxes of $769 are included in Interest expense, net, for the six-month period ended June 30, 2020. Related income taxes of $161 are included in Income tax expense (benefit) for the six-month period ended June 30, 2020. See Note L for additional information.

Environmental and Other Contingencies	6 Months Ended
Environmental and Other Contingencies	Jun. 30, 2020
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 changes; 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 gas or mineral leases; restrictions on drilling and/or production; laws and regulations intended for the promotion of safety and the protection and/or remediation of the environment; governmental support for other forms of energy; and laws and regulations affecting the Company’s relationships with employees, suppliers, customers, stockholders and others. Governmental actions are often motivated by political considerations and may be taken without full consideration of their consequences or may be taken in response to actions of other governments. It is not practical to attempt to predict the likelihood of such actions, the form the actions may take or the effect such actions may have on the Company. Murphy and other companies in the oil and gas industry are subject to numerous federal, state, local and foreign laws and regulations dealing with the environment. Violation of federal or state environmental 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 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. 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. Although the Company has used operating and disposal practices that were standard in the industry at the time, 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 remove or remediate previously disposed wastes (including wastes disposed of or released by prior owners or operators), to 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 and operational matters at formerly owned U.S. refineries that were sold in 2011. The Company obtained insurance covering certain levels of environmental exposures related to past operations of these refineries. The Company has not retained any environmental exposure associated with Murphy’s former U.S. marketing operations. The Company believes costs related to these sites will not have a material adverse effect on Murphy’s net income/ (loss), financial condition or liquidity in a future period. There is the possibility that environmental expenditures could be required at currently unidentified sites, and new or revised regulations could require additional expenditures at known sites. However, based on information currently available to the Company, the amount of future 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/(loss), cash flows or liquidity. Murphy and its subsidiaries are engaged in a number of other legal proceedings, 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/ (loss), financial condition or liquidity in a future period.

Business Segments

6 Months Ended

Jun. 30, 2020

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 crude oil contracts), interest expense and unallocated overhead, is shown in the tables to reconcile the business segments to consolidated totals.໿


	Total Assets at June 30, 2020		Three Months Ended June 30, 2020			Three Months Ended June 30, 2019
(Millions of dollars)				External Revenues	Income (Loss)	External Revenues	Income (Loss)
Exploration and production ¹
United States	$	7,363.8	228.3	(143.1)	576.7	133.0
Canada	2,184.9		59.2	(19.5)	102.0	(5.9)
Other	269.2		—	(9.0)	3.1	(3.4)
Total exploration and production	9,817.9		287.5	(171.6)	681.8	123.7
Corporate	915.7		(76.0)	(151.6)	62.2	(24.9)
Assets/revenue/income (loss) from continuing operations	10,733.6		211.5	(323.2)	744.0	98.8
Discontinued operations, net of tax	20.4		—	(1.2)	—	24.4
Total	$	10,754.0	211.5	(324.4)	744.0	123.2

			Six Months Ended June 30, 2020			Six Months Ended June 30, 2019
			External Revenues	Income (Loss)	External Revenues	Income (Loss)
Exploration and production ¹
United States			739.8	(839.1)	1,077.5	249.2
Canada			148.9	(26.4)	228.9	1.6
Other			1.8	(61.3)	6.0	(31.7)
Total exploration and production			890.5	(926.8)	1,312.4	219.1
Corporate			324.8	99.8	62.1	(97.4)
Assets/revenue/income (loss) from continuing operations			1,215.3	(827.0)	1,374.5	121.7
Discontinued operations, net of tax			—	(6.1)	—	74.3
Total			1,215.3	(833.1)	1,374.5	196.0

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

Acquisitions

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Acquisitions

Note P – Acquisitions

LLOG Acquisition:

In June 2019, the Company announced the completion of a transaction with LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C., (LLOG) which was effective January 1, 2019. Through this transaction, Murphy acquired strategic deepwater Gulf of Mexico assets which added approximately 67 MMBOE of proven reserves at May 31, 2019.

Under the terms of the transaction, Murphy paid cash consideration of $1,236.2 million and has an obligation to pay additional contingent consideration of up to $200 million in the event that certain revenue thresholds are exceeded between 2019 and 2022; and $50 million following first oil from certain development projects. The revenue threshold was not exceeded for the 2019 period.

The following table contains the preliminary purchase price allocations at fair value:


(Thousands of dollars)	LLOG (Final)
Cash consideration paid	$	1,236,165
Contingent consideration	89,444
Total purchase consideration	1,325,609
(Thousands of dollars)
Fair value of Property, plant and equipment	1,356,185
Other assets	6,697
Less: Asset retirement obligations	(37,273)
Total net assets	$	1,325,609

The fair value measurements of crude oil and natural gas properties and asset retirement obligations are based on inputs that are not observable in the market and therefore represent Level 3 inputs. The fair values of crude oil and natural gas properties and asset retirement obligations were measured using valuation techniques that convert expected future cash flows to a single discounted amount. Significant inputs to the valuation of crude oil and natural gas properties included estimates of: (i) proved and probable reserves; (ii) production rates and related development timing; (iii) future operating and development costs; (iv) future commodity prices; and (v) a market-based weighted average discount rate. These inputs require significant judgments and estimates by management at the time of the valuation, are sensitive, and may be subject to change.

Results of Operations

Murphy’s Consolidated Statement of Operations for the three month period ended June 30, 2020, included additional revenues of $40.9 million and pre-tax loss of $31.6 million attributable to the acquired LLOG assets. For the six months ended June 30, 2020, additional revenues of $134.5 million and pre-tax loss of $437.9 million attributable to the acquired LLOG assets (including impairment expense of $432.9 million).

Restructuring Charges

6 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring Charges

Note Q – Restructuring Charges

On May 6, 2020, the Company announced that it was closing its headquarter office in El Dorado, Arkansas, its office in Calgary, Alberta, and consolidating all worldwide staff activities to its existing office location in Houston, Texas. As a result of this decision, certain directly attributable costs and charges have been recognized and reported as Restructuring charges as part of net income in the second quarter 2020. These costs include severance, relocation, IT costs, pension curtailment charges and a write-off of the right of use asset lease associated with the Canada office. Further, the office building in El Dorado and two airplanes are classified as held for sale. All Restructuring charges have been recorded in the Corporate segment.

The following table presents a summary of the restructuring charges included in Operating (loss) income from continuing operations for the three months ended June 30, 2020:


(Thousands of dollars)	Three Months Ended June 30, 2020
Severance	$	19,867
Pension and termination benefit charges	10,913
Contract exit costs and other	10,617
Restructuring charges	$	41,397

The following table represents a reconciliation of the liability associated with the Company’s restructuring activities at June 30, 2020, which is reflected in Other accrued liabilities on the Consolidated Balance Sheet:


(Thousands of dollars)
Restructuring accruals	$	23,832
Utilizations	(7,169)
Liability at June 30, 2020	$	16,663

New Accounting Principles and Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]
Nature of Business	NATURE OF BUSINESS – Murphy Oil Corporation is an international oil and gas company that conducts its business through various operating subsidiaries. The Company primarily produces oil and natural gas in the United States and Canada and conducts oil and natural gas exploration activities worldwide.
Accounting Principles Adopted and Recent Accounting Pronouncements	Accounting Principles Adopted Financial Instruments – Credit Losses. In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13 which replaces the impairment model for most financial assets, including trade receivables, from the incurred loss methodology to a forward-looking expected loss model that will result in earlier recognition of credit losses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, with early adoption permitted, and is to be applied on a modified retrospective basis. The Company adopted this accounting standard in the first quarter of 2020 and it did not have a material impact on its consolidated financial statements. Fair Value Measurement. In August 2018, the FASB issued ASU 2018-13 which modifies disclosure requirements related to fair value measurement. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. Early adoption is permitted. The standard also allows for early adoption of any removed or modified disclosures upon issuance of this ASU while delaying adoption of the additional disclosures until their effective date. The Company adopted this accounting standard in the first quarter of 2020 and it did not have a material impact on its consolidated financial statements. Recent Accounting Pronouncements Income Taxes. In December 2019, the FASB issued ASU 2019-12, which removes certain exceptions for investments, intraperiod allocations and interim calculations, and adds guidance to reduce complexity in accounting for income taxes. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Implementation on a prospective or retrospective basis varies by specific topics within the ASU. Early adoption is permitted. The Company is currently assessing the potential impact of this ASU to its consolidated financial statements. Compensation-Retirement Benefits-Defined Benefit Plans-General. In August 2018, the FASB issued ASU 2018-14 which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. For public companies, the amendments in this ASU are effective for fiscal years beginning after December 15, 2020, with early adoption permitted, and is to be applied on a retrospective basis to all periods presented. The Company is currently assessing the potential impact of this ASU to its consolidated financial statements.

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


		Three Months Ended June 30,								Six Months Ended June 30,
(Thousands of dollars)		2020				2019		2020		2019
Net crude oil and condensate revenue
United States	Onshore	$	54,550			193,565		185,786		328,241
	Offshore	150,253				352,281		497,225		691,944
Canada	Onshore	11,527				28,031		34,910		56,972
	Offshore	11,077				42,355		35,691		87,279
Other		(58)				3,123		1,806		5,975
Total crude oil and condensate revenue				227,349			619,355		755,418		1,170,411

Net natural gas liquids revenue
United States	Onshore	3,876				8,719		9,379		16,940
	Offshore	3,464				4,478		8,490		9,770
Canada	Onshore	1,276				2,775		3,310		6,236
Total natural gas liquids revenue				8,616			15,972		21,179		32,946

Net natural gas revenue
United States	Onshore	4,090				7,340		9,648		14,914
	Offshore	10,665				9,219		25,660		13,696
Canada	Onshore	35,025				28,550		74,398		77,823
Total natural gas revenue				49,780			45,109		109,706		106,433
Total revenue from contracts with customers				285,745			680,436		886,303		1,309,790

(Loss) gain on crude contracts				(75,880)			57,916		324,792		57,916
Gain on sale of assets and other income				1,677			5,598		4,175		6,790
Total revenue and other income				$	211,542		743,950		1,215,270		1,374,496

Current Long-Term Contracts Outstanding

໿

Current Long-Term Contracts Outstanding at June 30, 2020

Approximate Volumes

Location

Commodity

End Date

Description

U.S.

Oil

Q4 2021

Fixed quantity delivery in Eagle Ford

17,000 BOED

U.S.

Natural Gas and NGL

Q1 2023

Deliveries from dedicated acreage in Eagle Ford

As produced

Canada

Natural Gas

Q4 2020

Contracts to sell natural gas at Alberta AECO fixed prices

59 MMCFD

Canada

Natural Gas

Q4 2020

Contracts to sell natural gas at USD Index pricing

60 MMCFD

Canada

Natural Gas

Q4 2021

Contracts to sell natural gas at USD Index pricing

10 MMCFD

Canada

Natural Gas

Q4 2024

Contracts to sell natural gas at USD Index pricing

30 MMCFD

Canada

Natural Gas

Q4 2026

Contracts to sell natural gas at USD Index pricing

38 MMCFD

Canada

Natural Gas

Q4 2026

Contracts to sell natural gas at USD Index pricing

11 MMCFD

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020 and 2019.


(Thousands of dollars)	2020		2019
Beginning balance at January 1	$	217,326	207,855
Additions pending the determination of proved reserves	2,328		50,307

Capitalized exploratory well costs charged to expense	(39,519)		(13,145)
Balance at June 30	$	180,135	245,017

Aging of Capitalized Exploratory Well Costs


	June 30,
	2020						2019

(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	$	24,429	3	3	33,125	3	2
One to two years	30,691		2	2	61,293	1	1
Two to three years	—		—	—	27,266	1	1
Three years or more	125,015		6	—	123,333	5	—
	$	180,135	11	5	245,017	10	4

Schedule of Recognized Impairments

The following table reflects the recognized impairments for the six months ended June 30, 2020.


	Six Months Ended
(Thousands of dollars)	June 30, 2020
U.S.	$	947,437

Other Foreign	39,709
	$	987,146

Discontinued Operations and Assets Held for Sale (Tables)

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Results of Operations Associated with Discontinued Operations

The results of operations associated with discontinued operations for the three-month and six-month periods ended June 30, 2020 and 2019 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(Thousands of dollars)	2020		2019	2020	2019
Revenues	$	1	159,961	4,074	355,373
Costs and expenses
Lease operating expenses	—		58,160	—	120,876
Depreciation, depletion and amortization	—		2,345	—	33,698
Other costs and expenses (benefits)	1,268		57,401	10,203	70,481
(Loss) income before taxes	(1,267)		42,055	(6,129)	130,318
Income tax expense	—		17,637	—	56,054
(Loss) income from discontinued operations	$	(1,267)	24,418	(6,129)	74,264

Major Categories of Assets and Liabilities Reflected as Held for Sale


(Thousands of dollars)	June 30, 2020		December 31, 2019
Current assets
Cash	$	30,898	25,185
Accounts receivable	425		4,834
Inventories	406		406
Prepaid expenses and other	814		1,882
Property, plant, and equipment, net	82,353		82,116
Deferred income taxes and other assets	9,441		9,441

Total current assets associated with assets held for sale	124,337		123,864





Current liabilities
Accounts payable	$	4,342	3,702

Current maturities of long-term debt (finance lease)	720		705
Taxes payable	1,510		1,411

Long-term debt (finance lease)	6,889		7,240
Asset retirement obligation	250		240
Total current liabilities associated with assets held for sale	13,711		13,298

Other Financial Information (Tables)

6 Months Ended

Jun. 30, 2020

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)	2020		2019
Net (increase) decrease in operating working capital, excluding cash and cash equivalents:
(Increase) decrease in accounts receivable ¹	$	227,710	(141,793)
(Increase) decrease in inventories	13,968		(617)
(Increase) decrease in prepaid expenses	(20,712)		(12,190)
Increase (decrease) in accounts payable and accrued liabilities ¹	(219,228)		147,569
Increase (decrease) in income taxes payable	(403)		1,665
Net (increase) decrease in noncash operating working capital	$	1,335	(5,366)
Supplementary disclosures:
Cash income taxes paid, net of refunds	$	(7)	79
Interest paid, net of amounts capitalized of $4.9 million in 2020 and $0 million in 2019	100,745		102,802

Non-cash investing activities:
Asset retirement costs capitalized ²	$	6,342	38,396
(Increase) decrease in capital expenditure accrual	58,602		(65,830)

¹Excludes receivable/payable balances relating to mark-to-market of crude contracts and contingent consideration relating to acquisitions.

²2019 includes asset retirement obligations assumed as part of the LLOG acquisition of $37.3 million. See Note P.

Employee and Retiree Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020 and 2019.


	Three Months Ended June 30,
	Pension Benefits				Other Postretirement Benefits
(Thousands of dollars)	2020		2019	2020	2019
Service cost	$	2,166	2,062	446	420
Interest cost	5,763		7,100	794	943
Expected return on plan assets	(6,297)		(6,370)	—	—
Amortization of prior service cost (credit)	183		246	—	(97)
Recognized actuarial loss	4,264		3,508	—	—
Net periodic benefit expense	6,079		6,546	1,240	1,266
Other - curtailment	586		—	(1,825)	—
Other - special termination benefits	8,435		—	—	—
Total net periodic benefit expense	$	15,100	6,546	(585)	1,266

	Six Months Ended June 30,
	Pension Benefits				Other Postretirement Benefits
(Thousands of dollars)	2020		2019	2020	2019
Service cost	$	4,332	4,124	893	840
Interest cost	11,554		14,251	1,588	1,888
Expected return on plan assets	(12,641)		(12,830)	—	—
Amortization of prior service cost (credit)	366		493	—	(195)
Recognized actuarial loss	8,533		7,022	—	—
Net periodic benefit expense	12,144		13,060	2,481	2,533
Other - curtailment	586		—	(1,825)	—
Other - special termination benefits	8,435		—	—	—
Total net periodic benefit expense	$	21,165	13,060	656	2,533

Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Share-Based Plans, Amounts Recognized

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)	2020		2019
Compensation charged against income before tax benefit	$	10,272	30,003
Related income tax (expense) benefit recognized in income	769		4,387

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

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)	2020	2019	2020	2019
Basic method	153,580,758	168,537,896	153,428,666	170,555,685
Dilutive stock options and restricted stock units ¹	—	734,567	—	877,007
Diluted method	153,580,758	169,272,463	153,428,666	171,432,692

Anti Dilutive Securities Not Included in Computation of Diluted EPS


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Antidilutive stock options excluded from diluted shares	2,187,235		2,927,469		2,396,920		3,066,166
Weighted average price of these options	$	39.24	$	45.38	$	40.83	$	45.66

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Effective Income Tax Rates

For the three-month and six-month periods ended June 30, 2020 and 2019, the Company’s effective income tax rates were as follows:


	2020	2019
Three months ended June 30,	22.7%	8.4%
Six months ended June 30,	18.4%	14.1%

Financial Instruments and Risk Management (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments Not Designated as Hedging Instruments

At June 30, 2020 and December 31, 2019, the fair value of derivative instruments not designated as hedging instruments are presented in the following table.

June 30, 2020

December 31, 2019

(Thousands of dollars)

Asset (Liability) Derivatives

Type of Derivative Contract

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Commodity

Accounts receivable

157,809

Accounts payable

(33,364)

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


		Gain (Loss)								Gain (Loss)
(Thousands of dollars)	Statement of Operations Location	Three Months Ended June 30,								Six months ended June 30,
Type of Derivative Contract				2020		2019			2020		2019
Commodity	(Loss) gain on crude contracts	$	(75,880)		57,916		$	324,792		57,916

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, 2020 and December 31, 2019, are presented in the following table.


	June 30, 2020								December 31, 2019
(Thousands of dollars)	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets:
Commodity derivative contracts	$	—	157,809	—	157,809	—	—	—	—
	$	—	157,809	—	157,809	—	—	—	—

Liabilities:
Commodity derivative contracts	$	—	—	—	—	—	33,364	—	33,364
Nonqualified employee savings plans	15,703		—	—	15,703	17,035	—	—	17,035
Contingent consideration	—		—	103,258	103,258	—	—	146,787	146,787
	$	15,703	—	103,258	118,961	17,035	33,364	146,787	197,186

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2020

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

Components of Accumulated Other Comprehensive Loss


(Thousands of dollars)	Foreign Currency Translation Gains (Losses)		Retirement and Postretirement Benefit Plan Adjustments		Deferred Loss on Interest Rate Derivative Hedges		Total
Balance at December 31, 2019	$	(353,252)	(218,015)		(2,894)		(574,161)
Components of other comprehensive income (loss):
Before reclassifications to income and retained earnings	(67,843)		(55,707)		—		(123,550)
Reclassifications to income	—		6,762	¹	608	²	7,370
Net other comprehensive income (loss)	(67,843)		(48,945)		608		(116,180)
Balance at June 30, 2020	(421,095)		(266,960)		(2,286)		(690,341)

Business Segments (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Information


	Total Assets at June 30, 2020		Three Months Ended June 30, 2020			Three Months Ended June 30, 2019
(Millions of dollars)				External Revenues	Income (Loss)	External Revenues	Income (Loss)
Exploration and production ¹
United States	$	7,363.8	228.3	(143.1)	576.7	133.0
Canada	2,184.9		59.2	(19.5)	102.0	(5.9)
Other	269.2		—	(9.0)	3.1	(3.4)
Total exploration and production	9,817.9		287.5	(171.6)	681.8	123.7
Corporate	915.7		(76.0)	(151.6)	62.2	(24.9)
Assets/revenue/income (loss) from continuing operations	10,733.6		211.5	(323.2)	744.0	98.8
Discontinued operations, net of tax	20.4		—	(1.2)	—	24.4
Total	$	10,754.0	211.5	(324.4)	744.0	123.2

			Six Months Ended June 30, 2020			Six Months Ended June 30, 2019
			External Revenues	Income (Loss)	External Revenues	Income (Loss)
Exploration and production ¹
United States			739.8	(839.1)	1,077.5	249.2
Canada			148.9	(26.4)	228.9	1.6
Other			1.8	(61.3)	6.0	(31.7)
Total exploration and production			890.5	(926.8)	1,312.4	219.1
Corporate			324.8	99.8	62.1	(97.4)
Assets/revenue/income (loss) from continuing operations			1,215.3	(827.0)	1,374.5	121.7
Discontinued operations, net of tax			—	(6.1)	—	74.3
Total			1,215.3	(833.1)	1,374.5	196.0

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

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Preliminary Purchase Price Allocation

The following table contains the preliminary purchase price allocations at fair value:


(Thousands of dollars)	LLOG (Final)
Cash consideration paid	$	1,236,165
Contingent consideration	89,444
Total purchase consideration	1,325,609
(Thousands of dollars)
Fair value of Property, plant and equipment	1,356,185
Other assets	6,697
Less: Asset retirement obligations	(37,273)
Total net assets	$	1,325,609

Restructuring Charges (Tables)

6 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

Summary of Restructuring Charges

The following table presents a summary of the restructuring charges included in Operating (loss) income from continuing operations for the three months ended June 30, 2020:


(Thousands of dollars)	Three Months Ended June 30, 2020
Severance	$	19,867
Pension and termination benefit charges	10,913
Contract exit costs and other	10,617
Restructuring charges	$	41,397

Reconciliation of Restructuring Liability


(Thousands of dollars)
Restructuring accruals	$	23,832
Utilizations	(7,169)
Liability at June 30, 2020	$	16,663

Nature of Business and Interim Financial Statements (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($) business
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership percentage in variable interest entity	0.50%
Number of variable interest entities (in entities) \| business	2
Maximum exposure to loss \| $	$ 3.5

Revenue from Contracts with Customers (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($) segment revenueStream	Dec. 31, 2019 USD ($)
Revenue from Contract with Customer [Abstract]
Number of geographic segments (in segments) \| segment	2
Number of revenue streams (in revenue streams) \| revenueStream	3
Receivables from contracts with customers \| $	$ 101.3	$ 186.8

Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 285,745	$ 680,436	$ 886,303	$ 1,309,790
(Loss) gain on crude contracts	(75,880)	57,916	324,792	57,916
Gain on sale of assets and other income	1,677	5,598	4,175	6,790
Total revenues and other income	211,542	743,950	1,215,270	1,374,496
Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	227,349	619,355	755,418	1,170,411
Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	8,616	15,972	21,179	32,946
Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	49,780	45,109	109,706	106,433
United States \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	54,550	193,565	185,786	328,241
United States \| Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	3,876	8,719	9,379	16,940
United States \| Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	4,090	7,340	9,648	14,914
United States Offshore \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	150,253	352,281	497,225	691,944
United States Offshore \| Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	3,464	4,478	8,490	9,770
United States Offshore \| Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	10,665	9,219	25,660	13,696
Canada \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	11,527	28,031	34,910	56,972
Canada \| Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	1,276	2,775	3,310	6,236
Canada \| Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	35,025	28,550	74,398	77,823
Canada Offshore \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	11,077	42,355	35,691	87,279
Other \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ (58)	$ 3,123	$ 1,806	$ 5,975

Revenue from Contracts with Customers (Current Long-Term Contracts Outstanding) (Details) Boe in Thousands	Jun. 30, 2020 Boe MMcf
Q4 2021 \| United States
Disaggregation of Revenue [Line Items]
Revenue, Remaining Performance Obligation, Oil Quantity Per Day \| Boe	17
Q4 2021 \| Canada \| Contracts to sell natural gas at USD Index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	10
Q4 2020 \| Canada \| Contracts to sell natural gas at Alberta AECO fixed prices
Disaggregation of Revenue [Line Items]
Remaining performance obligation	59
Q4 2020 \| Canada \| Contracts to sell natural gas at USD Index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	60
Q4 2024 \| Canada \| Contracts to sell natural gas at USD Index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	30
Q4 2026 \| Canada \| Contracts to sell natural gas at USD Index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	38
Q4 2026 \| Canada \| Contracts to sell natural gas at USD Index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	11

Property, Plant and Equipment (Narrative) (Details) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Jul. 31, 2019 USD ($) business	Jun. 30, 2020 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)
Property, Plant and Equipment [Line Items]
Well costs		$ 180,135		$ 217,326	$ 245,017	$ 207,855
Exploratory well costs capitalized more than one year		155,700
Impairment of oil and gas Properties		987,146
Athabasca Oil Corporation \| Canadian Subsidiary
Property, Plant and Equipment [Line Items]
Cost of acquired assets, carried interest			$ 168,000
Malaysia Subsidiaries
Property, Plant and Equipment [Line Items]
Number of businesses divested (in businesses) \| business	2
Cash received from divestiture	$ 2,000,000
Gain (loss) on disposition of business	960,000
Contingent bonus payment	$ 100,000
Vietnam
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year		87,600
United States
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year		27,400
Impairment of oil and gas Properties		947,437
Brunei
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year		25,200
MEXICO
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year		$ 15,500
Kaybob Duvernay Lands, Alberta \| Canadian Subsidiary
Property, Plant and Equipment [Line Items]
Interest in assets acquired			70.00%
Placid Montney Lands, Alberta \| Canadian Subsidiary
Property, Plant and Equipment [Line Items]
Interest in assets acquired			30.00%

Property, Plant and Equipment (Net Changes in Capitalized Exploratory Well Costs) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Movement in Property, Plant and Equipment [Roll Forward]
Beginning balance at January 1	$ 217,326	$ 207,855
Additions pending the determination of proved reserves	2,328	50,307
Capitalized exploratory well costs charged to expense	(39,519)	(13,145)
Balance at June 30	$ 180,135	$ 245,017

Property, Plant and Equipment (Aging of Capitalized Exploratory Well Costs) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020 USD ($) well project	Jun. 30, 2019 USD ($) well project	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 180,135	$ 245,017	$ 217,326	$ 207,855
No. of Wells (in wells) \| well	11	10
No. of Projects (in projects) \| project	5	4
Zero to one year
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 24,429	$ 33,125
No. of Wells (in wells) \| well	3	3
No. of Projects (in projects) \| project	3	2
One to two years
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 30,691	$ 61,293
No. of Wells (in wells) \| well	2	1
No. of Projects (in projects) \| project	2	1
Two to three years
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 0	$ 27,266
No. of Wells (in wells) \| well	0	1
No. of Projects (in projects) \| project	0	1
Three years or more
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 125,015	$ 123,333
No. of Wells (in wells) \| well	6	5
No. of Projects (in projects) \| project	0	0

Property, Plant and Equipment (Schedule of Recognized Impairments) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020 USD ($)
Property, Plant and Equipment [Line Items]
Impairment of oil and gas Properties	$ 987,146
United States
Property, Plant and Equipment [Line Items]
Impairment of oil and gas Properties	947,437
Other Foreign
Property, Plant and Equipment [Line Items]
Impairment of oil and gas Properties	$ 39,709

Discontinued Operations and Assets Held for Sale (Results of Operations Associated with Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) income from discontinued operations	$ (1,267)	$ 24,418	$ (6,129)	$ 74,264
Discontinued Operation \| Malaysian Exploration And Production Operations And U.K., U.S. Refining And Marketing Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	1	159,961	4,074	355,373
Lease operating expenses	0	58,160	0	120,876
Depreciation, depletion and amortization	0	2,345	0	33,698
Other costs and expenses (benefits)	1,268	57,401	10,203	70,481
(Loss) income before taxes	(1,267)	42,055	(6,129)	130,318
Income tax expense	0	17,637	0	56,054
(Loss) income from discontinued operations	$ (1,267)	$ 24,418	$ (6,129)	$ 74,264

Discontinued Operations and Assets Held for Sale (Major Categories of Assets and Liabilities Reflected as Held for Sale) (Details) $ in Thousands	Jun. 30, 2020 USD ($) airplane	Dec. 31, 2019 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Number of airplanes held for sale (in airplanes) \| airplane	2
Current liabilities
Total current liabilities associated with assets held for sale	$ 13,711	$ 13,298
Discontinued Operations, Held-for-sale or Disposed of by Sale \| Brunei Exploration And Production Operations
Current assets
Cash	30,898	25,185
Accounts receivable	425	4,834
Inventories	406	406
Prepaid expenses and other	814	1,882
Property, plant, and equipment, net	82,353	82,116
Deferred income taxes and other assets	9,441	9,441
Total current assets associated with assets held for sale	124,337	123,864
Current liabilities
Accounts payable	4,342	3,702
Current maturities of long-term debt (finance lease)	720	705
Taxes payable	1,510	1,411
Long-term debt (finance lease)	6,889	7,240
Asset retirement obligation	250	240
Total current liabilities associated with assets held for sale	$ 13,711	$ 13,298

Financing Arrangements and Debt (Narrative) (Details) - 2018 Revolving Credit Facility	6 Months Ended
	Jun. 30, 2020 USD ($)
Line of Credit Facility [Line Items]
Credit facility maximum borrowing capacity	$ 1,600,000,000
Amount outstanding	$ 170,000,000.0
Interest rate	1.86%
Letter of Credit
Line of Credit Facility [Line Items]
Amount outstanding	$ 3,700,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Other Financial Information (Noncash Operating Working Capital (Increase) Decrease) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Net (increase) decrease in operating working capital, excluding cash and cash equivalents:
(Increase) decrease in accounts receivable	$ 227,710	$ (141,793)
(Increase) decrease in inventories	13,968	(617)
(Increase) decrease in prepaid expenses	(20,712)	(12,190)
Increase (decrease) in accounts payable and accrued liabilities	(219,228)	147,569
Increase (decrease) in income taxes payable	(403)	1,665
Net (increase) decrease in noncash operating working capital	1,335	(5,366)
Supplementary disclosures:
Cash income taxes paid, net of refunds	(7)	79
Interest paid, net of amounts capitalized of $4.9 million in 2020 and $0 million in 2019	100,745	102,802
Capitalized interest paid	4,900	0
Non-cash investing activities:
Asset retirement costs capitalized	6,342	38,396
(Increase) decrease in capital expenditure accrual	$ 58,602	(65,830)
Asset retirement obligations assumed		$ (37,300)

Employee and Retiree Benefit Plans (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($)
Retirement Benefits [Abstract]
Increase in pension liabilities	$ 63.0
Contributions to benefit plans	15.3
Expected benefit plan contributions to be made during the year	$ 22.4

Employee and Retiree Benefit Plans (Components of Net Periodic Benefit Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,166	$ 2,062	$ 4,332	$ 4,124
Interest cost	5,763	7,100	11,554	14,251
Expected return on plan assets	(6,297)	(6,370)	(12,641)	(12,830)
Amortization of prior service cost (credit)	183	246	366	493
Recognized actuarial loss	4,264	3,508	8,533	7,022
Net periodic benefit expense	6,079	6,546	12,144	13,060
Other - curtailment	586	0	586	0
Other - special termination benefits	8,435	0	8,435	0
Total net periodic benefit expense	15,100	6,546	21,165	13,060
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	446	420	893	840
Interest cost	794	943	1,588	1,888
Expected return on plan assets	0	0	0	0
Amortization of prior service cost (credit)	0	(97)	0	(195)
Recognized actuarial loss	0	0	0	0
Net periodic benefit expense	1,240	1,266	2,481	2,533
Other - curtailment	(1,825)	0	(1,825)	0
Other - special termination benefits	0	0	0	0
Total net periodic benefit expense	$ (585)	$ 1,266	$ 656	$ 2,533

Incentive Plans (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
Incentive Plans (Narrative) (Details) - USD ($)	Feb. 29, 2020	Mar. 31, 2020	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold of executive compensation not eligible for U.S. income tax deduction			$ 1,000,000.0
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
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)		999,700
Fair value per share at grant date (in USD per share)		$ 21.51
Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	106,248	340,600
Fair value per share at grant date (in USD per share)	$ 22.59	$ 21.68
Cash Settled RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	1,152,500
Fair value per share at grant date (in USD per share)		$ 21.68

Incentive Plans (Share-Based Plans, Amounts Recognized) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Compensation charged against income before tax benefit	$ 10,272	$ 30,003
Related income tax (expense) benefit recognized in income	$ 769	$ 4,387

Earnings per Share (Weighted-Average Shares Outstanding for Computation of Basic and Diluted Income per Common Share) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Basic method (in shares)	153,580,758	168,537,896	153,428,666	170,555,685
Dilutive stock options and restricted stock units (in shares)	0	734,567	0	877,007
Diluted method (in shares)	153,580,758	169,272,463	153,428,666	171,432,692

Earnings per Share (Antidilutive Securities Not Included in Computation of Diluted EPS) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Antidilutive stock options excluded from diluted shares (in shares)	2,187,235	2,927,469	2,396,920	3,066,166
Weighted average price of these options (in USD per share)	$ 39.24	$ 45.38	$ 40.83	$ 45.66

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Reduction in tax liability due to change in tax rate	$ 13	$ 13

Income Taxes (Effective Income Tax Rates) (Details)	3 Months Ended		6 Months Ended
Income Taxes (Effective Income Tax Rates) (Details)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	22.70%	8.40%	18.40%	14.10%

Financial Instruments and Risk Management (Narrative) (Details) barrels_per_day in Thousands, $ in Millions	6 Months Ended				24 Months Ended
	Dec. 31, 2020 barrels_per_day $ / bbl	Jun. 30, 2020 USD ($) barrels_per_day contract OffsettingPosition $ / bbl	Dec. 31, 2019 barrels_per_day OffsettingPosition $ / bbl	Jun. 30, 2019 USD ($) barrels_per_day contract	Dec. 31, 2019 Acquisition OffsettingPosition $ / bbl	Dec. 31, 2021 $ / bbl
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of foreign currency derivatives (in contracts) \| contract		0		0
Amount of loss reclassified to interest expense		$ 0.8		$ 1.5
Income taxes on deferred loss on fair value of interest rate derivative contracts		2.3
Derivative loss		$ 0.8
Number of businesses acquired (in acquisitions) \| Acquisition					2
Number of offsetting positions (in offsetting positions) \| OffsettingPosition		0	0		0
Commodity derivative contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Daily production commitment (barrels per day) \| barrels_per_day		45	20	20
Average forward price (in dollars per barrel) \| $ / bbl		56.42	63.64		63.64
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Income taxes on deferred loss on fair value of interest rate derivative contracts		$ 0.6
Notes Due 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument term		10 years
Forecast \| Commodity derivative contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average forward price (in dollars per barrel) \| $ / bbl	60.10					41.54
Forecast \| Commodity derivative contracts \| Subsequent Event
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Daily production commitment (barrels per day) \| barrels_per_day	2

Financial Instruments and Risk Management (Fair Value of Derivative Instruments Not Designated as Hedging Instruments) (Details) - Not Designated as Hedging Instrument - Commodity derivative contracts - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounts receivable
Derivatives, Fair Value [Line Items]
Asset (Liability) Derivatives	$ 157,809
Accounts payable
Derivatives, Fair Value [Line Items]
Asset (Liability) Derivatives		$ (33,364)

Financial Instruments and Risk Management (Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Not Designated as Hedging Instrument \| Commodity derivative contracts \| (Loss) gain on crude contracts
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain on crude contracts	$ (75,880)	$ 57,916	$ 324,792	$ 57,916

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, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 157,809	$ 0
Liabilities	118,961	197,186
Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	157,809	0
Commodity derivative contracts	0	33,364
Nonqualified employee savings plans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonqualified employee savings plans	15,703	17,035
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	103,258	146,787
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	15,703	17,035
Level 1 \| Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Commodity derivative contracts	0	0
Level 1 \| Nonqualified employee savings plans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonqualified employee savings plans	15,703	17,035
Level 1 \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	157,809	0
Liabilities	0	33,364
Level 2 \| Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	157,809	0
Commodity derivative contracts	0	33,364
Level 2 \| Nonqualified employee savings plans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonqualified employee savings plans	0	0
Level 2 \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	103,258	146,787
Level 3 \| Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Commodity derivative contracts	0	0
Level 3 \| Nonqualified employee savings plans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonqualified employee savings plans	0	0
Level 3 \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 103,258	$ 146,787

Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			$ 5,804,611
Components of other comprehensive income (loss):
Before reclassifications to income and retained earnings			(123,550)
Reclassifications to income			7,370
Other comprehensive (loss) income	$ 11,643	$ 31,954	(116,180)	$ 60,742
Balance at end of period	4,773,482	$ 5,098,545	4,773,482	$ 5,098,545
Reclassifications before taxes, included in net periodic benefit expense			769
Reclassifications, income tax expense			161
Foreign Currency Translation Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			(353,252)
Components of other comprehensive income (loss):
Before reclassifications to income and retained earnings			(67,843)
Reclassifications to income			0
Other comprehensive (loss) income			(67,843)
Balance at end of period	(421,095)		(421,095)
Retirement and Postretirement Benefit Plan Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			(218,015)
Components of other comprehensive income (loss):
Before reclassifications to income and retained earnings			(55,707)
Reclassifications to income			6,762
Other comprehensive (loss) income			(48,945)
Balance at end of period	(266,960)		(266,960)
Reclassifications before taxes, included in net periodic benefit expense			8,987
Deferred Loss on Interest Rate Derivative Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			(2,894)
Components of other comprehensive income (loss):
Before reclassifications to income and retained earnings			0
Reclassifications to income			608
Other comprehensive (loss) income			608
Balance at end of period	(2,286)		(2,286)
Reclassifications, income tax expense			2,225
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			(574,161)
Components of other comprehensive income (loss):
Balance at end of period	$ (690,341)		$ (690,341)

Business Segments (Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total Assets	$ 10,754,030		$ 10,754,030		$ 11,718,504
External Revenues	211,542	$ 743,950	1,215,270	$ 1,374,496
Income (Loss)	(324,400)	123,242	(833,102)	196,011
Assets/revenue/income (loss) from continuing operations
Segment Reporting Information [Line Items]
Total Assets	10,733,600		10,733,600
External Revenues	211,500	744,000	1,215,300	1,374,500
Income (Loss)	(323,200)	98,800	(827,000)	121,700
Discontinued operations, net of tax
Segment Reporting Information [Line Items]
Total Assets	20,400		20,400
External Revenues	0	0	0	0
Income (Loss)	(1,200)	24,400	(6,100)	74,300
Corporate
Segment Reporting Information [Line Items]
Total Assets	915,700		915,700
External Revenues	(76,000)	62,200	324,800	62,100
Income (Loss)	(151,600)	(24,900)	99,800	(97,400)
Exploration and production \| Operating Segments
Segment Reporting Information [Line Items]
Total Assets	9,817,900		9,817,900
External Revenues	287,500	681,800	890,500	1,312,400
Income (Loss)	(171,600)	123,700	(926,800)	219,100
Exploration and production \| Operating Segments \| United States
Segment Reporting Information [Line Items]
Total Assets	7,363,800		7,363,800
External Revenues	228,300	576,700	739,800	1,077,500
Income (Loss)	(143,100)	133,000	(839,100)	249,200
Exploration and production \| Operating Segments \| Canada
Segment Reporting Information [Line Items]
Total Assets	2,184,900		2,184,900
External Revenues	59,200	102,000	148,900	228,900
Income (Loss)	(19,500)	(5,900)	(26,400)	1,600
Exploration and production \| Operating Segments \| Other
Segment Reporting Information [Line Items]
Total Assets	269,200		269,200
External Revenues	0	3,100	1,800	6,000
Income (Loss)	$ (9,000)	$ (3,400)	$ (61,300)	$ (31,700)

Acquisitions (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
Acquisitions (Narrative) (Details) $ in Thousands	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	May 31, 2019 MMBoe
Business Acquisition [Line Items]
Revenue from sales to customers		$ 285,745	$ 680,436	$ 886,303	$ 1,309,790
Income (loss) from continuing operations before income taxes		(417,906)	107,939	(1,013,279)	141,684
Impairment of assets		19,616	0	987,146	0
LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C.
Business Acquisition [Line Items]
Proved reserves \| MMBoe						67
Cash consideration paid to LLOG	$ 1,236,165
Revenue from sales to customers		40,900		134,500
Income (loss) from continuing operations before income taxes		$ (31,600)		(437,900)
Impairment of assets				$ 432,900
LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C. \| Sales Thresholds 2019 to 2022
Business Acquisition [Line Items]
Contingent consideration, maximum	200,000		200,000		200,000
LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C. \| First Oil from Development Projects
Business Acquisition [Line Items]
Contingent consideration, maximum	$ 50,000		$ 50,000		$ 50,000

Acquisitions (Preliminary Purchase Price Allocation) (Details) $ in Thousands	1 Months Ended
	Jun. 30, 2019 USD ($)
Business Acquisition [Line Items]
Less: Asset retirement obligations	$ 37,300
LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C.
Business Acquisition [Line Items]
Cash consideration paid	1,236,165
Contingent consideration	89,444
Total purchase consideration	1,325,609
Fair value of Property, plant and equipment	1,356,185
Other assets	6,697
Less: Asset retirement obligations	(37,273)
Total net assets	$ 1,325,609

Restructuring Charges (Summary of Restructuring Charges) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020 USD ($) airplane	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) airplane	Jun. 30, 2019 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 41,397	$ 0	$ 41,397	$ 0
Number of airplanes held for sale (in airplanes) \| airplane	2		2
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 19,867
Pension and termination benefit charges
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	10,913
Contract exit costs and other
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 10,617

Restructuring Charges (Reconciliation of Restructuring Liability) (Details) $ in Thousands	2 Months Ended
	Jun. 30, 2020 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring accruals	$ 23,832
Utilizations	(7,169)
Liability at June 30, 2020	$ 16,663