1. 2012 Analyst Day
El Dorado, Arkansas
May 8, 2012
M U R P H Y O I L C O R P O R AT I O N

2. Agenda
 Financial Overview
 Kevin Fitzgerald - Executive VP & CFO
 Exploration & Production
 Roger Jenkins – Executive VP, Exploration & Production
 Sam Algar – VP, Worldwide Exploration
 Break
 Downstream
 Tom McKinlay – Executive VP, Worldwide Downstream
 Wrap Up
MURPHY OIL CORPORATION

3. Financial Overview
Kevin Fitzgerald
Executive Vice President & CFO
May 8, 2012
MURPHY OIL CORPORATION

4. Cautionary Note
Cautionary Note to U.S. Investors - The United States Security and
Exchange Commission permits oil and gas companies, in their
filings with the SEC, to disclose only proved and probable
reserves. We use certain terms in this presentation, such as
reserve estimates, that the SEC’s rules strictly prohibit us from
including in filings with the SEC.
This presentation contains forward-looking statements as defined
in the Private Securities Litigation Reform Act of 1995. These
statements, which express management’s current views
concerning future events or results, are subject to inherent risks
and uncertainties. Factors that could cause actual results to differ
materially from those expressed or implied in our forward-looking
statements include, but are not limited to, the volatility and level of
crude oil and natural gas prices, the level and success rate of our
exploration programs, our ability to maintain production rates and
replace reserves, political and regulatory instability, and
uncontrollable natural hazards. For further discussion of risk
factors, see Murphy’s 2011 Annual Report on Form 10-K on file with
the U.S. Securities and Exchange Commission. Murphy undertakes
no duty to publicly update or revise any forward-looking
statements.
MURPHY OIL CORPORATION

5. First Quarter 2012
($ Millions))
Net Income $ 290
Cash Flow 730
Capital Expenditures 740
Long-term Debt 250
Stockholders’ Equity 9,119
L/T Debt as % of Capital Employed 2.7%
MURPHY OIL CORPORATION 2

6. Financial Strength / Liquidity
 Liquidity sources
 Cash flow
 $3.4 billion in 2012 at $95.00 WTI and $3.00 Henry Hub
 Assumes mid-year conversion of Milford Haven refinery
to a terminal
 Revolver
 $1.5 billion committed facility maturing in June 2016
 Long term bond market
 Maintain investment grade rating (BBB, Baa3)
 Preparing to access market - $500 million for 10 years
MURPHY OIL CORPORATION 3

7. Historically Low Debt
$ MM Debt/Cap %
2,500 50.0
Ninian Low Contract Kikeh WCSB
Prices Drilling 45.0
2,000 40.0
35.0
1,500 30.0
25.0
1,000 20.0
15.0
500 10.0
5.0
0 0.0
1970 1975 1980 1985 1990 1995 2000 2005 2010
LTD Debt/Cap
MURPHY OIL CORPORATION 4

8. Financial Projections
2012 2013 2014 2015
Oil Price Assumption – WTI ($/bbl) 95.00 95.00 95.00 95.00
Brent Assumption ($/bbl) 110.00 105.00 100.00 95.00
Natural Gas Price Assumption – HH ($/mcf) 3.00 3.50 4.00 4.10
Oil and Gas Production – mboe/d 193 200 250 260
Cash Flow from Operations ($MM) 3,400 3,500 4,300 4,200
Capital Expenditures ($MM) 3,700 3,800 4,000 3,300
Free Cash Flow ($MM) (300) (300) 300 900
Total Long Term Debt ($MM) 950 1,450 1,350 750
MURPHY OIL CORPORATION 5

9. CASH FLOW vs. CAPEX
E&P AND DOWNSTREAM
$MM
4,000
3,000
2,000 3,700
3,500 3,400
2,900
1,000
500 200
0
E&P 2012 DS 2012 Total 2012
Cash Flow CAPEX
MURPHY OIL CORPORATION 6

10. Capital Expenditures
2012 CAPEX BY SEGMENT
E&P DS
$MM
5%
E&P 3,500
Downstream 200
Total 3,700
95%
MURPHY OIL CORPORATION 7

11. Capital Expenditures
Exploration & Production
$MM
2012 E&P CAPEX BY TYPE
Exploration 400
Exploration Development
Development 3,100
Total 3,500
11%
Major Dev. Projects $MM
Eagle Ford 985
Kikeh, Kakap, Siakap 800
Sarawak 515
89% Seal 215
Syncrude 165
Montney 140
MURPHY OIL CORPORATION 8

12. Capital Expenditures
Exploration & Production
2012 E&P CAPEX BY REGION
$MM
Other Malaysia 1,450
6%
U.S. 1,200
U.S. Canada 650
34%
Other 200
Malaysia
41%
Total 3,500
Canada
19%
MURPHY OIL CORPORATION 9

13. Capital Expenditures
Downstream
2012 DS CAPEX BY TYPE
UK Refining & Retail US Marketing
$MM
15% Marketing 170
(incl Ethanol)
UK Refining & Retail 30
Total 200
85%
MURPHY OIL CORPORATION 10

14. Conclusion
 Operating groups continued goal to live within cash
flow
 Financial flexibility within Capex programs
 Sufficient liquidity/access to markets to take
advantage of multiple opportunities
MURPHY OIL CORPORATION 11

15. Exploration & Production
Roger Jenkins
President
Sam Algar
Vice President - Worldwide Exploration
May 8, 2012
MURPHY OIL CORPORATION 1

16. Since We Last Met
 220% Reserve Replacement, Lower F&D, Higher R/P
 Remained Oil Weighted: 73% - Production, 75% - Reserves
 NA Onshore Oil - Exceeding Expectations
 Sanctioned 6 Offshore Oil Projects - De-Risked Block H FLNG
 Back to Normal Pace of Exploration
 New Completions at Kikeh – Problem Resolved
 Slowed NA Dry Gas – Shift Capital to Oil
 Improved Rigor in Production Forecasting Process
MURPHY OIL CORPORATION 2

17. Since We Last Met
350
Last Year
300
250
260
250
Δ Recalibration
200
MBOEPD
193 200
150
100
50
-
2012 2013 2014 2015
MURPHY OIL CORPORATION 3

18. Agenda
 Upstream Strategy
 North America Dry Gas
 Ongoing Oil Projects
 Oil Focused Exploration Program
 Operations, Reserves, and Production
 Conclusions
MURPHY OIL CORPORATION 4

19. UPSTREAM
STRATEGY
MURPHY OIL CORPORATION 5

20. Murphy Strategic Objectives
Maintain Conduct Reduce
Oil-Weighted Impactful Expl & Dev
Resource Base Exploration Cycle Time
RESULT:
Invest Rationalize
with GROWTH IN & Strengthen
Discipline VALUE & Portfolio
SCALE
MURPHY OIL CORPORATION 6

21. Building on a Strong Foundation
2011 Production Mix
 9 Oil Projects In Execution Phase
26%
Oil
 Global Business 58% Oil Indexed Gas
16%
Gas
 Production Growth Resumes
 680 MMBOE Risked Exploration
2015 Production Mix
Portfolio
20%
 Flexible, Substantial NA Land Oil
11%
Position Oil Indexed Gas
69%
Gas
 Brent Priced Advantage
MURPHY OIL CORPORATION 7

22. Oil Weighted Long Range Plan
300
260
250
250
200
200 193
Oil-Indexed SK Gas
NA Dry Gas
MBOEPD
150
80% Oil-Weighted
100 73% Oil-Weighted
50 Oil
-
2012 2013 2014 2015
MURPHY OIL CORPORATION 8

23. Visible, Valuable Growth
Production - MBOEPD
300
 More Wells, Less
250
Volatility 200
US
150 Canada
100
 90% Of Growth Is Oil 50 M’sia
-
Oil & 2012 2013 2014 2015
Oil Indexed: 73% 77% 81% 80%
 Sanctioned New Projects Capital 2012 – 2015
On Track
37%
Ongoing
Projects 26%
New
 Consistent Exploration Projects
Base
and New Venture Activity
17%
Exploration
20%
MURPHY OIL CORPORATION 9

24. NORTH AMERICA
DRY GAS – VALUE-DRIVEN
FLEXIBILITY
MURPHY OIL CORPORATION 10

25. Montney – Quality Gas Resource
 Facilities- On Time- On
Budget
R21 R20 R19 R18 R17 R16 R15 R14 R13
T79
 First Quartile Well Costs
British Columbia
Alberta
T78
Groundbirch
Tupper West  Opex = $ 0.65/MCF
T77
 DD&A = $2.50/MCF
T76
Brassey Tupper
T75
 EUR = 4.0 BCF/ Well
Murphy Acreage
T74
Sundown
– 156,000 Acres
 Total Resource =
T73
0 Miles 6
1,700 - 3,500 BCF
X AECO Price
MURPHY OIL CORPORATION 11

26. NA Dry Gas – Montney Flexibility
Montney Net Production - MMCFD
250
 Curtailing 30 MMCFD for
200
150 50 28
Remainder of 2012
44
100
50
208 130 137 123
 Drilling for Land Retention
0 Only
2012 2013 2014 2015
Minimum Flexibility Curtailment
 Activity Driven by Price Signal
Montney Wells To Be Drilled
25  Further Slowdown Possible in
20
Outer Years - Absent Price
15
Support
10 7 6 15
5
14 8 8 8
0
2012 2013 2014 2015
MURPHY OIL CORPORATION 12

27. ONGOING OIL PROJECTS
MURPHY OIL CORPORATION 13

28. NORTH AMERICA ONSHORE
MURPHY OIL CORPORATION 14

29. NA Onshore – Sustainable Growth
Production – MBOEPD
125
 Proven Capability
100 Montney
75 Canada
 A Business of Scale 50
Other
25 US
-
 $1.7 Billion Spend Per Year 2012 2013 2014 2015
Oil: 48% 58 % 65% 67%
Capital 2012 – 2015
 Seal & Eagle Ford: 13%
New
 De-Risked, Long Life Assets Projects 6%
Exploration
Base
 Reorganized Team 7%
Ongoing
Delivering Results 74% Projects
MURPHY OIL CORPORATION 15

30. Eagle Ford – Premier Resource
KARNES
 216,000 Net Acres N TILDEN
 60 % Oil
 61 Producing Wells
 10 Drilling Rigs
 13 Facilities
 2 Dedicated Frac Crews
 42 MMBOE Booked
TILDEN
NUECES
CATARINA
Murphy Acreage
Murphy Gas Well
Oil
Murphy Oil Well
Oil Condensate 0 10 mi
Drilled
Gas
MURPHY OIL CORPORATION 16

31. EFS: De-Risked by Industry
xx
800,000 BOEPD
Source: Bentek, a Platts Company
MURPHY OIL CORPORATION 17

32. EFS Production
12
2012 Production Mix
11 Yearly Average Production
50
6%
Net MBOEPD
10 40
30 13%
9 20
10
Net MBOEPD
8 0
2011 2012 2013 2014 2015 81%
7
6
Oil Associated Gas Dry Gas
5
4
 2012 Guidance:
3 15,450 BOEPD
2
 December Rate:
1
25,275 BOEPD
0
Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12
MURPHY OIL CORPORATION 18

33. Karnes – Continues to Exceed
Expectations
1000 Current Guidance
500 MBBL EUR New Type Curve
500 730 MBBL EUR
Gross BOPD
100
31 Wells Producing
14,440 Net Acres
Drees 1H JOG 1H Bellah 1H Schendel A 1H Schendel C 1 H Wilson 1H
Schendel B-1 JOG E-1 Cannon-1 CEF-1 Dove E-1 Dove W-1
10
0 3 6 9 12 15 18 21 24 27 30
Months
180 Locations on 80 Acre Spacing
MURPHY OIL CORPORATION 19

34. Tilden – Major Growth Area
Current Guidance
Gross BOPD
380 MBO
EUR: 380 MBO & 343 MMCF
Months
 69,500 Acres  2,650 BOPD & 380 MCFD
 100% W.I.  870 Locations @ 80-Acre Spacing
 Except 5,200 Acres at 50% W.I.
 Drilling 81 Wells This Year
 11 Wells Producing
MURPHY OIL CORPORATION 20

35. Reduced Choke Production
 Preserves Reservoir
Energy
FOCUS
AREA  Reduces Formation
Murphy Oil Well Damage
Drilled
0 10 mi
Rate Comparison of Average Well  Enhances Frac Flow
600
500
MUR Competition Performance
400
Gross BOEPD
300
 Benchmarked 230 Wells
200
100
0
Month 3 Avg Month 6 Avg Month 12 Avg
MURPHY OIL CORPORATION 21

36. Continuous D&C Improvements
Drilling Days
40
 2012: 20+ Additional Wells -
32%
30 No Budget Increase
20
 Drilling Records Set in Each
10
County
0
2011 2012  Fit for Purpose Rigs
Frac Cost/Stage $M
340
320
16%
300 Current Target D&C Target D&C
280 D&C Costs Year End 2013
($MM) ($MM) ($MM)
260 Karnes 8.3 7.9 7.1
240 Tilden 7.9 7.6 6.8
Catarina 7.2 6.9 6.2
2011 2012
MURPHY OIL CORPORATION 22

37. EFS Innovations
 Down Spacing Pilots in 2012
 Karnes (Drilling Now)
 Tilden (3rd Quarter)
 Catarina (3rd Quarter)
 Frac Optimization Ongoing:
 Hybrid vs. Slick Water
Less
 Short Slick Water Water
 5-Cluster Slick Water
 Additional Optimization
Tests:
 Packers PlusTM
 Zipper Fracs
MURPHY OIL CORPORATION 23

38. EFS Oil & Gas Marketing
April Net Back Prices
Oil $/Bbl Rich Gas $/Mcf KARNES
Karnes 110.21 5.46
Tilden 115.48 5.46
Catarina 112.76 5.27
CATARINA
TILDEN Valero
Energy Transfer Pipeline
Harbor Island
Crude Oil Pipeline Barge Terminal
Crude Oil Trucks
Crude Oil Truck Station NUECES
Gas Pipeline
Refinery
Flint Hills
Murphy Acreage 0 10 mi
MURPHY OIL CORPORATION 24

39. Eagle Ford Summary
Production – MBOEPD
 Low Cost Entry with 50
Attractive Returns 40
Other
Catarina
 EURs Increasing 30
Tilden
20
 D&C Costs Improving
10
Karnes
 Moving from 10 to 12 Rigs -
2012 2013 2014 2015
 Early Days for Technology Oil: 81% 86% 86% 86%
 275 MMBOE Resource
 Significant Downspacing
Potential
MURPHY OIL CORPORATION 25

40. Canada Seal Lake
Murphy 100% Lands Polymer
Murphy 50% W.I. Lands Thermal
Successful Strat Wells CSS Pilot  70 HZ Wells in 2012
VSD Pilot
CADOTTE NORTH  Increased Operated
Production by 20% to 8,500
BOPD
 Successful Polymer Pilot
CLIFFDALE
EAST  Successful 16 Well Strat
WEST CENTRAL
Program
SOUTH  Cyclic Steam Pilot- Q4 2012
 Vertical Steam Pilot – Q3
SOUTH 2013
HARMON
MURPHY OIL CORPORATION 26

41. Well Pad
Producer
Seal
Polymer Update
Injector
 Injection Started Oct
2010
600
 Response July 2011
Start of Polymer
Injection
500
400
 Incremental Production -
300
Targeted range of response
380 BOPD from 4 Wells
200
100
 Commercial Polymer
Project
0
 Phase 1: Q2 2012
Mar-11
Apr-11
Mar-12
Jun-11
Sep-11
Jan-11
Feb-11
Jul-11
Aug-11
Jan-12
Feb-12
Oct-10
Nov-10
Dec-10
May-11
Oct-11
Nov-11
Dec-11
 Phase 2: Q4 2012
Pilot Oil Production - BOPD
MURPHY OIL CORPORATION 27

42. Seal Resources
5,850
STOIIP MMSTB
Polymer /
Thermal
Type of Recovery Primary Polymer Thermal Total
TBD
2,555 500-700 1,000-1300 1,295 – 1,795 5,850
Identified STOIIP MMSTB MMSTB MMSTB MMSTB MMSTB
200-300 45-75 190-370 50-450 485-1195
EUR Range MMSTB MMSTB MMSTB MMSTB MMSTB
210 45 110 365
YE11 Resource MMSTB MMSTB MMSTB MMSTB
 Reserve Group Focus- Resource Increased by 105%
 Current Proven Reserves: 20 MMBOE
 Focus on Polymer and Thermal EOR
MURPHY OIL CORPORATION 28

43. Seal- Long Term Oil Growth
MBOEPD
20
Thermal
 5+ Billion Barrels in Place
18
Polymer
16
Primary Drilling
 Reallocation of Dry Gas
14
Capital
12
10
8
 Working Plan to
6
Accelerate Production
4
2  Major Resource Adds
- Ahead
2012 2013 2014 2015
MURPHY OIL CORPORATION 29

44. Southern Alberta - New Play
 150,000 Acres
 Low Entry Costs
 Current Focus Kanai -
Lower Banff 3 Forks
Focus Wells
 2012 Plan
 Lower Costs
 Enhanced Fracs
 Longer Laterals
MURPHY OIL CORPORATION 30

45. S. Alberta Kainai Reserve
GR
Murphy Lands
5m
Murphy Exshaw Focus
Lower
Mississippian
Murphy Three Forks Focus
Banff Fm
KAINAI
Upper Exshaw Kainai 14-5
Middle Exshaw Original Focus Testing
Lower Exshaw 14-5
Recent Focus
Devonian
Three Forks 15-21
Kainai 15-21
350 BOPD IP
Stettler Fm Cum Prod:
0 6 mi
24,000 BBLs
MURPHY OIL CORPORATION 31

46. Southern Alberta - The Prize
Lower Banff Middle
Exshaw Lower Exshaw Upper Three Forks
BTM
 Summary  The Prize – 130 MMBO Net
 Oil in the System  160 Acre Spacing
 42 Degree API
 250 BOPD, 250 MBO per Well
 Search Continues for Perfect Zone
 22% ROR
 Upside in Longer Laterals and Frac
Design
 Resource Could Double
MURPHY OIL CORPORATION 32

47. Southern Alberta vs. Eagle Ford Wells
600 Kainai 14-5
500
EFS Tilden
400
Gross BOPD
300
200
100
EFS Catarina
0
1 6 11 16 21 26 31 36 41 46 51 56 61 66 71 76 81 86 91 96 101 106 111 116
Days
5 per. Mov. Avg. (Kainai )
Kainai 14-5 EFS Tilden
5 per. Mov. Avg. (Jambers #1H) 5 per. Mov. Catarina
EFS Avg. (Briggs #2H)
MURPHY OIL CORPORATION 33

48. Muskwa - New Area
Murphy Lands
Murphy Well
 Targeting the Muskwa
Competitor Well
Shale
 Equivalent to Duvernay Fm
 Total Acres to Date:
168,000
 Low Entry Cost
 Murphy 4-1-109 Well
IP 200 BOPD
 IP = 150 BOPD
Cum Prod 30.2
MBBL  Put Well on Pump
 Evaluating
4 - 1 - 109 Well
0 Miles 6
MURPHY OIL CORPORATION 34

49. INTERNATIONAL & OFFSHORE
MURPHY OIL CORPORATION 35

50. International/Offshore – Pillar for Growth
Production – MBOEPD
175
 $1.7 Billion Spend Per 150 Other
Year 125 GoM
100
Srwk
75
50
 Malaysia – Attractive for 25 Sabah
Continued Investment -
Oil & 2012 2013 2014 2015
Oil Indexed: 89% 90 % 92% 90%
Capital 2012 – 2015
 Back to Work in GOM
33%
40% Exploration
 Malaysia FLNG – New
Projects
Significant New Project Base
27%
MURPHY OIL CORPORATION 36

51. Kikeh
Yearly World Class Deepwater Field
Production
 140 MM BBLs Recovered To Date
40%
60%
 The Kikeh Issue - Sand/Fines
Migration Upon Planned Water
Deeper Reservoirs Shallow Reservoirs Production
(9 wells) (11 wells)
 Resolved With Gravel Pack (GP)
Completions
Well Types
 8 New Gravel Packed Wells
2
4 8  3 of 8 Produce Water as Planned - No
Sand / Fines
8
No Sand Control New GP Wells
 Field Producing with Forecasted
Old Screen Completions Shut In Water Cuts
MURPHY OIL CORPORATION 37

52. Kikeh: Robust, Will Continue to Deliver
 State-of-the-Art Reservoir
Monitoring
 Continuously Updated Simulation
(1.7 mil cells, 593 layers)
Sand
452m
Shale  90+ Well Penetrations Tie
452m
Wells Model to Reality
 Waterflood is Working
 Partner - NOC Technical
Collaboration
 Highly Experienced Team
MURPHY OIL CORPORATION 38

53. Kikeh Field Performance
 Sand/Fines Control
Process
 100% Success
100 Gravel Pack Completions
90  Key Issues
80
 Rig Schedule
70
Gross MBOPD
60  Execution
50  GP Refinement
40
30
20  Total Field Recovery
10
0
Maintained
Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12
MURPHY OIL CORPORATION 39

54. Sarawak Oil Projects
Moving Forward
30
Future Fields
25 Existing
 Utilizes Existing
Infrastructure
Net MBOPD
20
15
10  Progressing on
5
Schedule
0
2003 2006 2009 2012 2015 2018 2021 2024 2027
Sanctioned Oil Projects Resource Levels Net First Oil Status
MMBOE
Serendah & Patricia 25 Q2 2013 Construction and
Drilling
South Acis 23 Q3 2013 Construction
Permas & Endau 12 Q4 2013 FEED Work
MURPHY OIL CORPORATION 40

55. Dalmatian Development
 3 Well Subsea Development to
Petronius
 55 MMBOE Recoverable
Dalmatian Gross, MBOEPD
20
Resource
15
 40% Oil Mix
10
5
 Robust Economics
0
2015 2017 2019 2021 2023 2025 2027 2029
 Path Forward
 DOCD Approval June 2012
 Project Sanction June 2012
 Completions Mid 2013
 First Oil Q1 2015
MURPHY OIL CORPORATION 41

56. Medusa Subsea Development
 Murphy 60% W.I.
 Existing Completions
Exceeding Expectations
 3 Well Subsea
Net MBOEPD Development
10
 16-27 MMBOE
Recoverable
5  Spud 1st Well Q2 2013
 1st Oil Q2 2015
0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
MURPHY OIL CORPORATION 42

57. SK Gas – Major Oil Indexed Project
 Consistent Steady
Production
300
250  Facility Upgrade 2012
Gross MMCFD
200  Working to Increase Rate
150
 $7.00+/MCF Gas
100
50 P
P
0
Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 P
300
250
Phase 1 Phase 2 Phase 3
P
P
Gross MMCFD
200
150 PP P P
P
100 PP
50 PP
P
0 P -- Phase 1 Successful Delineation
P - Phase 2 Successful Delineation
2009 2011 2013 2015 2017 2019 2021 2023 2025
P Phase 3 Successful Delineation
MURPHY OIL CORPORATION 43

58. Long Term Oil Indexed Growth
Malaysia FLNG Block H
Gross Risked Resources: ~2,200 BCF
300
250 Discovered Drill Ready Prospects Leads Discovered
910 BCF 635 BCF 260 BCF 425 BCF
200
MMCFD
150
100
Murphy Net Entitlement = ~1,150 BCF
50
0
2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040
 De-Risked by Recent Exploration Success  Sanction 2013
 Award FEED Q3 2012  First Gas Planned 2016/17
MURPHY OIL CORPORATION 44

59. EXPLORATION
MURPHY OIL CORPORATION 45

60. Exploration Value Creation
 Proven Track Record in Value Creation Through Exploration
 Last 3 Years: 9 Discoveries (39% Success)
 13 Successful Delineation Wells in Malaysia (81% Success)
 Sanctioned 4 Projects with 88 MM Net BOE
10
Exploration Efficiency - Value Creation per Dollar Invested
9
2001 - 2010
8
7
6
5
4
MURPHY
3
2
1
0 Woodmac, 2012
PEER GROUP
APC, APA, BG, BHP, BP, CVX, COP, ENI, XOM, HES, Maersk, MRO, NXY, NBL, OXY, OGX, OMV, Petrobras, PETRONAS,
Repsol YPF, RWE Dea, STO, RDS, Statoil, TLM, Total, TLW, Wintershall, WPL
MURPHY OIL CORPORATION 46

61. Exploration Drilling – More Coming
 Limited Recent Exploration Drilling
 Ramping Back-Up in 2012-13
 First 3 Wells of 2012 Discoveries
20
Wells Yet to be Drilled
Wildcat Dry Holes
Wildcat Discoveries
15
Key Discoveries
Exploration Wells
10
5
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Year
MURPHY OIL CORPORATION 47

62. 2012-13 Exploration Program
Iraq
2-4 Wells
GOM
2-4 Wells
Malaysia
5-7 Wells
Cameroon Brunei
1-2 Wells 2-5 Wells
Congo
1-3 Wells
 Technically Grounded, Value Driven Indonesia
2 Wells
 Up to 30 Wells; Oil / LNG-Scale Gas Focus
Australia
 Leveraging Operational Expertise – Partner of Choice 1-3 Wells
 Balance - Frontier & Lower Risk Proven Plays
 5 Billion BOE Gross; 500 Million BOE Risked Net 2012-2013
Portfolio
MURPHY OIL CORPORATION 48

63. Exploration Program
2012 2013
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Block H
Buluh-1
MALAYSIA Block H/P Bunga Lili-1
Block H
Block P
Julong
BRUNEI CA-1 East-1
Jagus
East-1
CA-2
C. Dohuk & Linnava-1 Gali
IRAQ Baranan Baranan-1
CAMEROON Ntem
MPN
CONGO MPN/MPS MPN
MPS
WA-423-P Eupheme-1
AUSTRALIA ACP/36 NTP/80
Bassett Deep
INDONESIA Semai II Semai II
Dalmatian
GOM Multiple South
Exact Timing
Discovery Rig Contracted
Wells Shown by Spud Date TBD
MURPHY OIL CORPORATION 49

64. MALAYSIA - Block H
 2 Discoveries for 2012
 Buluh-1
 Bunga Lili-1
 4 Discoveries/4 Wells
Gas Field
Block H  Results Matched
Low Risk Prospects
Higher Risk Leads Pre-drill Predictions
BULUH
 Multiple Low Risk
Hanks Lookalike Prospects
ROTAN
Remain
Bemban Rotan W Tembusu N& S
Bates  Total Resource
Bunga Lili North
~1.5 - 2 TCF
Saraca
DOLFIN Bunga Lili South
BUNGA LILI
0 5 km
MURPHY OIL CORPORATION 50

65. BRUNEI
First Discovery Made
 CA-1
 Julong East-1 Discovery
 2013 Appraisal
BLOCK CA-1
(5% W.I.)
 Jagus East
 2012 Exploration
Julong BLOCK
K
 Additional Prospects
East-1
KIKEH
KAKAP -
BLOCK CA-2
(30% W.I.)
GUMUSUT
 CA-2
Saga Jagus
East
 Re-processing Seismic to
Jati Semerak
Locate Sand
 3 Lower Risk Prospects
Identified
Oil Discovery  Late 2012 / 2013 Drilling
Prospects
0 20 km
MURPHY OIL CORPORATION 51

66. IRAQ
Drilling Next to Giants
Peshkabir-1 Tawke Ber Bahr
Sheik Adi
 Surrounded by Giant Oil
Swara Tika Discoveries in Same Plays
Atrush
Shaikan  First Well, Linnava-1, Drilling
Linnava-1
Jebel Simrit
 WI 50%
Oil
Discovery
0 25km
 Resource Range
 100-600-1500 MMBBL
MURPHY OIL CORPORATION 52

67. CONGO – Extending Proven Plays
 Cretaceous Carbonate Oil Fields Nearby
 Play Unexplored in Deep Water
 New Seismic Defines Multiple Prospects
 100-350 MMBO Each
Yombo Loango
110 305 Zatchi
226  Pre-Salt Structures Underlie Carbonates
MPN W. South
Murphy - 85%
Prospect
 Q3 2012 Well Firm
Yanga
164
Sendji
263
 W Africa Rig Firm Q3 2013+
Kitina
91 Tchendo W South Prospect
62
Moho
Nord N’Kossa Likouala Cretaceous
358/2 TCF 127 4-Way Closure
Moho
100
MPS 0 10 20 30 40 50
0 50 km
Murphy - 50% Kilometers
Oil Discovery - MMBO Cretaceous Prospect
Pre-Salt Structure
Pre-Salt Prospect Tertiary Prospect
MURPHY OIL CORPORATION 53

68. CAMEROON– Ghana Play Extension
Aseng Complex
143 MMBO
 Extending Play from Ghana to
Cameroon
Cameroon
Gas Condensate  Ntem - 50% WI &
Oil
Prospects/Leads
Operatorship
 3D Seismic Shot In-House
 Multiple 100+ MMBO Prospects
 First Wells 2012 / 13
Ntem
 Room to Grow in Play
Equatorial
Seal Rock
Guinea
Okume Complex
320 MMBO
0 40 km
Cretaceous Source Rock
MURPHY OIL CORPORATION 54

69. GoM – Back to Action
LEGEND  Focus on Proven Plays
Murphy HBP  Miocene Amplitudes
 Norphlet
Murphy Leases
 Sub-Salt Structures
Murphy Facilities
 Securing Long Term Rig Contract
Oil Prospect
 Multiple Prospects 2 - 4 Wells in 2012 - 13; First in July
Dalmatian
South Hornet
EGOM Play Area
Mid - Lwr. Miocene Subsalt Play
Trifecta
Mustang
Skyhawk
Photo
Deep Finish
Blue Titanium
Samurai
MURPHY OIL CORPORATION 55

70. Gulf of Mexico Prospects
Vito Skyhawk
Gunflint Photo Finish
3-way Against Salt 65 - 200 MMBO
3-way Against Salt 90 - 350 MMBO
Samurai-1
Subsalt 4-way 50 - 100 MMBO
Photo Finish
Skyhawk
Samurai
MURPHY OIL CORPORATION 56

71. AUSTRALIA
Testing the Largest Undrilled Structures
 Bonaparte Basin
0 50 km
NTP/80
 NTP/80 Fulmar
Fulmar Prospect
 Permian Reservoirs
Petrel
Frigate
 Anticlinal Trap
 1.5 to 4 TCF
Bonaparte FLNG
1.5 TCF
 Drill 2013
Tern
ACP/36
 Browse Basin
Prospect
0 50 km
 ACP/36 Bassett Deep
Poseidon/
Kronos ~7 TCF Prelude
~2.5 TCF
 Jurassic Plover Reservoir
Torosa
11.5 TCF
 Tilted Fault Block Trap
Brecknock
 Multi TCF
Calliance
4TCF
5.3 TCF
Icthys  Drill 2012/13
~13 TCF
MURPHY OIL CORPORATION 57

72. Murphy Global Exploration
 Ramping Up Exploration Drilling in 2012-13
 Up to 30 Wells by End 2013
 5 Billion BOE Gross, 500 MMBOE Net Risked
 Oil or Oil Indexed Gas Focus
 Multiple Impactful Prospects
 Iraq, Congo, Cameroon, Australia
 Balanced With Smaller, Lower Risk Prospects
 Malaysia, GoM
 Continuing to Grow Acreage in Focused Areas
MURPHY OIL CORPORATION 58

73. OPERATIONS, RESERVES
& PRODUCTION
MURPHY OIL CORPORATION 59

74. Murphy – A Proven Operator
 HSE
 First Ever - Flow Capture Permit
 No Lost Time Accidents 3 Years in
Congo
 TRIR in Malaysia 0.22 YTD
 Industry Leading Uptime
 GOM
 Canada Gas Plants
 Kikeh FPSO - No 1 in the World
 Cycle Time
 Iraq Drilling
 SK Oil Projects - On Time
MURPHY OIL CORPORATION 60

75. Production Volatility To Improve
Operated Well Count
 Doubled Well Count in 750
Two Years Offshore
500
 Operate 82% of Wells NA
Onshore
250
 Resource Plays – Step
Change 0
2 Years Ago 1 Year Ago Today End 2012
Facilities 2012 Average Production By Well
175 4.0
Production MBOEPD
150 3.5
Gross MBOEPD
Offshor Onshor
3.0
125 e e
Operated Net
2.5
100
2.0
75 1.5
50 1.0
25 0.5
0 0.0
GoM
EFS
Montney
SK Gas
Kikeh
Seal
West Pat
2011 2012
Kikeh FPSO M'sia LNG Methanol Plant
Montney Other Facilities
MURPHY OIL CORPORATION 61

76. 2012 Worldwide Production
Kikeh - SS Wells
225,000 EFS - Wells
Terra Nova - Return
Seal - Wells
Guidance = 193,000 BOEPD
200,000
175,000
BOEPD
Syncrude - TAR
Medusa - PL Shut-In
Terra Nova - Offline
150,000
125,000
100,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Actual Forecast
MURPHY OIL CORPORATION 62

77. Reserves – Continue to Grow & Replace
Total Proved – 534 MMBOE
 65% Oil
 65% North America
Resource Play
Deepwater
28%
27%
 67% Developed
Conventional
 220% Replacement Syncrude
17%
24%
3.4 BBOE
3.3 BBOE
2.8 BBOE
Heavy Oil
Contingent (Unconventional) 4%
Contingent (Conventional)
Possible
Probable
Proved Reserves
YE 2009 YE 2010 YE 2011
MURPHY OIL CORPORATION 63

78. Low Risk Non-Proved Resource
Total Non-Proved – 2.9 BBOE
 75% Oil Weighted
Seal Msia Oil
EFS Oil 12% 11%
 54% Low Risk – Existing & Assoc Gas Msia Gas
Development Areas 15% 10%
Syncrude
North America 11%
Dry Gas
 38% NA Onshore Oil 25%
Other Oil
Projects
3.4 BBOE 16%
3.3 BBOE
2.8 BBOE
Contingent (Unconventional)
Contingent (Conventional)
Possible
Probable
Proved Reserves
YE 2009 YE 2010 YE 2011
MURPHY OIL CORPORATION 64

79. Upside Potential
350
Guidance
Capacity Forecast
300
250
MBOEPD
200
150
250 260
100 193 200
50
0
2012 2013 2014 2015
MURPHY OIL CORPORATION 65

80. Value Proposition – NAV
 Based on 2P/2C Resource
Malaysia Oil Malaysia
Malaysia
Gas  Incremental Resource Upside
of 80%
East On-
Canada Syncrude
Coast Shore
 Based on Long-term $95/Bbl
Brent, $4.25/MMBTU HH
Upside
Eagle
EFS
USA GOM Ford
Risked
Exploration 2012 - 2015
Portfolio  Discounted at 10% After-Tax
0 5 10 15 20 25 30 35
$/Share
MURPHY OIL CORPORATION 66

81. Conclusions
 Strong Oil Weighted Production Growth Ahead
 NA Gas Growth on Hold
 New Production Forecasting Process in Place – Consistency
to Improve
 NA Onshore Oil – Source of Near-term Growth with Upside
 Exploration – Back to Normal Activity Levels
 Kikeh – New Completion Success; Long Term Project
 Value Ahead in Malaysia Oil-Indexed Gas
 Oil Weighted, De-Risked Resource Base
MURPHY OIL CORPORATION 67

82. Downstream Business
Tom McKinlay
Executive VP, World Wide Downstream
May 8, 2012
MURPHY OIL CORPORATION 1

83. Agenda
 Refining
 Renewable Energy
 UK Marketing
 US Marketing
MURPHY OIL CORPORATION 2

84. Refining
MURPHY OIL CORPORATION 3

85. Milford Haven Refinery Highlights
 Continued Focus on Safety and Operational Excellence
 Zero Incident Rate for Last 12 Month Period
 Consistently High Crude Rates - Demonstrated 135,000+ Bbl/D
 Improved Operating Margin Capture ~$1.00/Bbl vs Q1 2011
 EBITDA: 2011 - $(15.16) MM; 2012 YTD - $20.44 MM
 Operations Supporting the Sales Process
 Aided by the Dedication and Goodwill of our Team
Milford Haven 12 Month Rolling Incident Rates
1.60
TRIR LTIR
1.20 Industry
TRIR Avg
0.80
0.40 Industry
LTIR Avg
0.00
MURPHY OIL CORPORATION Industry Average Source: OSHA 4

86. Renewable Energy
MURPHY OIL CORPORATION 5

87. Ethanol Plants
HANKINSON, ND
 Running at 120+ mmgpy Rates
 Best-in-Class Production
 Increasing to 135+ mmgpy
 Co-product Development
 Advantaged by Corn Supply
HEREFORD, TX
 Running at 104+ mmgpy Rates
 115+ mmgpy Target in
2013
 Full 12 Months Operations
 Advantaged by Local Demand
MURPHY OIL CORPORATION 6

88. UK Marketing
MURPHY OIL CORPORATION 7

89. UK Marketing
Today Murco % of Total Stations
 Operates 457 Stations in the UK Supermarkets
16%
 233 Company, 224 Branded
BP
14%
 Sells ~185 mmgpy
5% Shell
 Has 2.0% of UK Market Share
10% Esso
 Sells ~$145 Million of
Texaco
Merchandise Each Year % of Total Fuel Sold
2% Total
Murco
Jet
41%
GB Oils
Other
12%
15%
MURPHY OIL CORPORATION Source: Energy Institute, DECC, Forecourt Trader (06/2011) 8

90. UK Marketing
Retail EBITDA
£25
£20
£15
£ Millions
£10
£5
£0
2006 2007 2008 2009 2010 2011
Retail Company Stations Retail Dealer Stations
MURPHY OIL CORPORATION 9

91. US Marketing
MURPHY OIL CORPORATION 10

92. Gasoline Demand Trends
 Consumers are Driving 49 Billion Fewer Miles per Year from Peak in 2007
 Automobile Efficiencies Impacting Demand
9400 260
Vehicle Miles Traveled (Billions)
9200 250
Gasoline Demand (MB/D)
9000
240
8800
230
8600
220
8400
8200 210
8000 200
Gasoline Demand (MB/D) Vehicle Miles Traveled Billions
MURPHY OIL CORPORATION Source: PIRA, (VMT Peak 1/2007, Base 12/2011) 11

93. US Retail
MURPHY OIL CORPORATION 12

94. Murphy USA Overview
 Opened First Retail Store in 1996 Operating Sites
1,400
 Operate 1,137 sites in 23 states 1,175*
1,200
 1,007 Murphy USAs on Walmart Lots
 130 Murphy Express Stores 1,000
 Provide 3% of Total US Retail 800
Gasoline (5% in Mkt Area) 600
 We serve ~1.6 Million Customers 400
Every Day
200
 Historically Strong Growth Model 0
 91% Fee-owned Real Estate
 100% Company Operated
*By End 2012
MURPHY OIL CORPORATION 13

95. US Retail Safety
Murphy USA
12 Month Rolling Incident Rates
3.50
3.00 Industry
TRIR Avg
2.50
2.00
1.50 Industry
1.00 LTIR Avg
0.50
0.00
TRIR LTIR
 Industry Leading Performance
 Received National Liberty Mutual Award for OSHA Recordable
Rate Significantly Lower Than National Average
MURPHY OIL CORPORATION Industry Average Source: OSHA 14

96. 2011 Gasoline Market Share
0% - 2%
US Market Share ~3% 3% - 6%
(5% Mkt Area) 7% - 14%
TN
OK
MURPHY OIL CORPORATION Source: EIA, Internal Calculations 15