Murphy Oil (MUR) 10-Q2 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		152,576,275
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000717423
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 323,430	$ 317,074
Accounts receivable, net	356,863	343,992
Inventories	49,662	54,454
Prepaid expenses	30,934	36,674
Total current assets	760,889	752,194
Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization of $13,309,133 in 2024 and $13,135,385 in 2023	8,188,903	8,225,197
Operating lease assets	681,766	745,185
Deferred income taxes	434	435
Deferred charges and other assets	36,668	43,686
Total assets	9,668,660	9,766,697
Current liabilities
Current maturities of long-term debt, finance lease	730	723
Accounts payable	485,892	446,891
Income taxes payable	24,710	21,007
Other taxes payable	26,096	29,339
Operating lease liabilities	179,471	207,840
Other accrued liabilities	101,253	140,745
Total current liabilities	818,152	846,545
Long-term debt, including finance lease obligation	1,328,669	1,328,352
Asset retirement obligations	916,815	904,051
Deferred credits and other liabilities	303,951	309,605
Non-current operating lease liabilities	516,520	551,845
Deferred income taxes	292,048	276,646
Total liabilities	4,176,155	4,217,044
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 2024 and 195,100,628 shares in 2023	195,101	195,101
Capital in excess of par value	816,815	880,297
Retained earnings	6,590,308	6,546,079
Accumulated other comprehensive loss	(555,735)	(521,117)
Treasury stock	(1,742,498)	(1,737,566)
Murphy Shareholders' Equity	5,303,991	5,362,794
Noncontrolling interest	188,514	186,859
Total equity	5,492,505	5,549,653
Total liabilities and equity	$ 9,668,660	$ 9,766,697

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accumulated depreciation, depletion and amortization	$ 13,309,133	$ 13,135,385
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	$ 1
Common stock, authorized shares (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	195,100,628	195,100,628

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues and other income
Total revenue from sales to customers	$ 794,848	$ 839,968
Gain on sale of assets and other income	1,564	1,748
Total revenues and other income	796,412	841,716
Costs and expenses
Lease operating expenses	234,264	199,984
Severance and ad valorem taxes	10,086	11,440
Transportation, gathering and processing	56,553	53,922
Costs of purchased natural gas	160	32,269
Exploration expenses, including undeveloped lease amortization	44,429	10,182
Selling and general expenses	31,161	18,308
Depreciation, depletion and amortization	211,134	195,670
Accretion of asset retirement obligations	12,774	11,157
Other operating expense	7,266	11,988
Impairment of assets	34,528	0
Total costs and expenses	642,355	544,920
Operating income from continuing operations	154,057	296,796
Other loss
Other income (loss)	11,551	(73)
Interest expense, net	(20,021)	(28,855)
Total other loss	(8,470)	(28,928)
Income from continuing operations before income taxes	145,587	267,868
Income tax expense	30,057	53,833
Income from continuing operations	115,530	214,035
(Loss) gain from discontinued operations, net of income taxes	(872)	279
Net income including noncontrolling interest	114,658	214,314
Less: Net income attributable to noncontrolling interest	24,656	22,670
NET INCOME ATTRIBUTABLE TO MURPHY	$ 90,002	$ 191,644
INCOME (LOSS) PER COMMON SHARE – BASIC
Continuing operations (in USD per share)	$ 0.60	$ 1.23
Discontinued operations (in USD per share)	(0.01)	0
Net income (in USD per share)	0.59	1.23
INCOME (LOSS) PER COMMON SHARE – DILUTED
Continuing operations (in USD per share)	0.60	1.22
Discontinued operations (in USD per share)	(0.01)	0
Net income (in USD per share)	0.59	1.22
Cash dividends per common share (in USD per share)	$ 0.300	$ 0.275
Average common shares outstanding
Basic (in shares)	152,664,422	155,856,509
Diluted (in shares)	153,816,626	157,388,566
Revenue from production
Revenues and other income
Total revenue from sales to customers	$ 794,603	$ 796,231
Sales of purchased natural gas
Revenues and other income
Total revenue from sales to customers	$ 245	$ 43,737

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income including noncontrolling interest	$ 114,658	$ 214,314
Other comprehensive (loss) income, net of tax
Net (loss) gain from foreign currency translation	(35,528)	3,669
Retirement and postretirement benefit plans	910	1,098
Other comprehensive (loss) income	(34,618)	4,767
Comprehensive income including noncontrolling interest	80,040	219,081
Less: Comprehensive income attributable to noncontrolling interest	24,656	22,670
COMPREHENSIVE INCOME ATTRIBUTABLE TO MURPHY	$ 55,384	$ 196,411

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities
Net income including noncontrolling interest	$ 114,658	$ 214,314
Adjustments to reconcile net income to net cash provided by continuing operations activities
Depreciation, depletion and amortization	211,134	195,670
Impairment of assets	34,528	0
Unsuccessful exploration well costs and previously suspended exploration costs	32,437	851
Deferred income tax expense	19,478	49,042
Accretion of asset retirement obligations	12,774	11,157
Long-term non-cash compensation	9,851	8,536
Amortization of undeveloped leases	2,793	2,653
Loss (income) from discontinued operations	872	(279)
Contingent consideration payment	0	(123,965)
Mark to market loss on contingent consideration	0	3,938
Other operating activities, net	(15,381)	(7,110)
Net increase in noncash working capital	(24,353)	(75,031)
Net cash provided by continuing operations activities	398,791	279,776
Investing Activities
Property additions and dry hole costs	(249,085)	(345,319)
Net cash required by investing activities	(249,085)	(345,319)
Financing Activities
Borrowings on revolving credit facility	100,000	100,000
Repayment of revolving credit facility	(100,000)	(100,000)
Repurchase of common stock	(50,000)	0
Cash dividends paid	(45,773)	(42,925)
Withholding tax on stock-based incentive awards	(25,270)	(14,217)
Distributions to noncontrolling interest	(23,001)	(9,679)
Finance lease obligation payments	(164)	(139)
Contingent consideration payment	0	(47,678)
Issue costs of debt facility	0	(17)
Net cash required by financing activities	(144,208)	(114,655)
Effect of exchange rate changes on cash and cash equivalents	858	618
Net increase (decrease) in cash and cash equivalents	6,356	(179,580)
Cash and cash equivalents at beginning of period	317,074	491,963
Cash and cash equivalents at end of period	$ 323,430	$ 312,383

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Murphy Shareholders’ Equity	Cumulative Preferred Stock	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Noncontrolling Interest
Balance at beginning of period at Dec. 31, 2022					$ 893,578	$ 6,055,498	$ (534,686)	$ (1,614,717)	$ 154,119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock transactions and other					(40,094)
Share-based compensation					3,516
Net income attributable to Murphy and noncontrolling interest	$ 191,644					191,644			22,670
Cash dividends paid						(42,925)
Foreign currency translation (loss) gain, net of income taxes	3,669						3,669
Retirement and postretirement benefit plans, net of income taxes							1,098
Awarded restricted stock, net of forfeitures								25,876
Repurchase of common stock								0
Distributions to noncontrolling interest owners									(9,679)
Balance at end of period at Mar. 31, 2023	5,304,668	$ 5,137,558	$ 0	$ 195,101	857,000	6,204,217	(529,919)	(1,588,841)	167,110
Balance at beginning of period at Dec. 31, 2023	5,549,653				880,297	6,546,079	(521,117)	(1,737,566)	186,859
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock transactions and other					(70,387)
Share-based compensation					6,905
Net income attributable to Murphy and noncontrolling interest	90,002					90,002			24,656
Cash dividends paid						(45,773)
Foreign currency translation (loss) gain, net of income taxes	(35,528)						(35,528)
Retirement and postretirement benefit plans, net of income taxes							910
Awarded restricted stock, net of forfeitures								45,117
Repurchase of common stock								(50,049)
Distributions to noncontrolling interest owners									(23,001)
Balance at end of period at Mar. 31, 2024	$ 5,492,505	$ 5,303,991	$ 0	$ 195,101	$ 816,815	$ 6,590,308	$ (555,735)	$ (1,742,498)	$ 188,514

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2024	Mar. 31, 2023
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	$ 1
Common stock, authorized shares (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	195,100,628	195,100,628
Treasury stock, shares (in shares)	42,524,472	39,002,553

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note A – Basis of Presentation The unaudited financial statements presented herein, in the opinion of Murphy’s management, include all accruals necessary to present fairly the Company’s financial position as at March 31, 2024 and December 31, 2023, and the results of operations, statements of operations, cash flows and changes in stockholders’ equity for the interim periods ended March 31, 2024 and 2023, in conformity with U.S generally accepted accounting principles (GAAP). In preparing the financial statements of the Company in conformity with GAAP, management has made a number of estimates and assumptions that affect the reporting of amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Actual results may differ from the estimates. Consolidated financial statements and notes to consolidated financial statements included in this Form 10-Q report should be read in conjunction with the Company’s 2023 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 period ended March 31, 2024 are not necessarily indicative of future results.

New Accounting Principles and R

New Accounting Principles and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
New Accounting Principles and Recent Accounting Pronouncements	Note B – New Accounting Principles and Recent Accounting Pronouncements Accounting Principles Adopted None affecting the Company. Recent Accounting Pronouncements Income Tax Disclosures. In December 2023 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The standard becomes effective for annual periods beginning after December 15, 2024. The update requires financial statements to include consistent categories and greater disaggregation of information in the rate reconciliation, as well as income taxes paid disaggregated by jurisdiction. Murphy is currently evaluating the impact of adopting this standard. Reportable Segment Disclosures. In November 2023 the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The standard becomes effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The standard requires additional disclosures about operating segments, including segment expense information provided to the chief operating decision maker, and extends certain disclosure requirements to interim periods. The standard does not affect our determination of significant segments. Murphy is currently evaluating the impact of adopting this standard.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
Revenue from Contracts with Customers	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Note C – Revenue from Contracts with Customers Nature of Goods and Services The Company explores for and produces crude oil, natural gas and natural gas liquids (collectively oil and natural gas) in select basins around the globe. The Company’s revenue from sales of oil and natural gas production activities are primarily subdivided into two key geographic segments: the United States (U.S.) and Canada. Additionally, revenue from sales to customers is generated from three primary revenue streams: crude oil and condensate, natural gas liquids (NGL), and natural gas. For operated oil and natural gas production where the non-operated working interest owner does not take in kind its proportionate interest in the produced commodity, the Company acts as an agent for the working interest owner and recognizes revenue only for its own share of the commingled production. The exception to this is the reporting of the noncontrolling interest (NCI) in MP Gulf of Mexico, LLC (MP GOM) as prescribed by GAAP. U.S. - In the U.S., the Company primarily produces oil and natural gas from fields in the Eagle Ford Shale area of South Texas and in the Gulf of Mexico. Revenue is generally recognized when oil and natural gas are transferred to the customer at the delivery point. Revenue recognized is largely index-based with price adjustments for floating market differentials. Canada - In Canada, contracts include long-term floating commodity index priced and natural gas physical forward sales fixed-price contracts. For the offshore business in Canada, contracts are based on index prices and revenue is recognized at the time of vessel load based on the volumes on the bill of lading and point of custody transfer. The Company also purchases natural gas in Canada to meet certain sales commitments. Disaggregation of Revenue The Company reviews performance based on two key geographical segments and between onshore and offshore sources of revenue within these geographies. The Company’s revenues and other income for the three-month periods ended March 31, 2024 and 2023 were as follows. Three Months Ended (Thousands of dollars) 2024 2023 Net crude oil and condensate revenue United States Onshore $ 142,543 $ 130,081 Offshore 1 480,439 500,310 Canada Onshore 13,873 21,952 Offshore 54,775 16,130 Other (98) 3,644 Total crude oil and condensate revenue 691,532 672,117 Net natural gas liquids revenue United States Onshore 7,836 8,270 Offshore 1 10,374 14,629 Canada Onshore 1,437 3,463 Total natural gas liquids revenue 19,647 26,362 Net natural gas revenue United States Onshore 4,276 5,450 Offshore 1 12,889 22,132 Canada Onshore 66,259 70,170 Total natural gas revenue 83,424 97,752 Revenue from production 794,603 796,231 Sales of purchased natural gas Canada Onshore 245 43,737 Total sales of purchased natural gas 245 43,737 Total revenue from sales to customers 794,848 839,968 Gain on sale of assets and other income 1,564 1,748 Total revenues and other income $ 796,412 $ 841,716 1 Includes revenue attributable to noncontrolling interest in MP GOM. Contract Balances and Asset Recognition As of March 31, 2024, and December 31, 2023, receivables from contracts with customers, net of royalties and associated payables, on the balance sheet from continuing operations, were $215.2 million and $193.7 million, respectively. Payment terms for the Company’s sales vary across contracts and geographical regions, with the majority of the cash receipts required within 30 days of billing. Based on a forward-looking expected loss model in accordance with ASU 2016-13, the Company did not recognize any impairment losses on receivables or contract assets arising from customer contracts during the reporting periods. The Company has not entered into any revenue contracts that have financing components as of March 31, 2024. The Company does not employ sales incentive strategies such as commissions or bonuses for obtaining sales contracts. For the periods presented, the Company did not identify any assets to be recognized associated with the costs to obtain a contract with a customer. Performance Obligations The Company recognizes oil and natural gas revenue when it satisfies a performance obligation by transferring control over a commodity to a customer. Judgment is required to determine whether some customers simultaneously receive and consume the benefit of commodities. As a result of this assessment for the Company, each unit of measure of the specified commodity is considered to represent a distinct performance obligation that is satisfied at a point in time upon the transfer of control of the commodity. For contracts with market or index-based pricing, which represent the majority of sales contracts, the Company has elected the allocation exception and allocates the variable consideration to each single performance obligation in the contract. As a result, there is no price allocation to unsatisfied remaining performance obligations for delivery of commodity product in subsequent periods. The Company has entered into several long-term, fixed-price contracts in Canada. The underlying reason for entering a fixed price contract is generally unrelated to anticipated future prices or other observable data and serves a particular purpose in the Company’s long-term strategy. As of March 31, 2024, the Company had the following sales contracts in place which are expected to generate revenue from sales to customers for a period over 12 months starting at the inception of the contract: Long-Term Contracts Outstanding at March 31, 2024 Location Commodity End Date Description Approximate Volumes U.S. Natural Gas and NGL Q1 2030 Deliveries from dedicated acreage in Eagle Ford As produced Canada Natural Gas Q4 2024 Contracts to sell natural gas at USD index pricing 31 MMCFD Canada Natural Gas Q4 2024 Contracts to sell natural gas at CAD fixed pricing 124 MMCFD Canada Natural Gas Q4 2024 Contracts to sell natural gas at USD fixed pricing 25 MMCFD Canada Natural Gas Q4 2024 Contracts to sell natural gas at CAD index pricing 28 MMCFD Canada Natural Gas Q4 2025 Contracts to sell natural gas at USD index pricing 25 MMCFD Canada Natural Gas Q4 2026 Contracts to sell natural gas at USD index pricing 49 MMCFD Canada Natural Gas Q4 2027 Contracts to sell natural gas at USD index pricing 30 MMCFD Canada Natural Gas Q4 2028 Contracts to sell natural gas at USD index pricing 10 MMCFD Fixed price contracts are accounted for as normal sales and purchases for accounting purposes.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
Property, Plant and Equipment	Mar. 31, 2024
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. As of March 31, 2024, the Company had total capitalized drilling costs pending the determination of proved reserves of $34.2 million. The following table reflects the net changes in capitalized exploratory well costs during the three-month periods ended March 31, 2024 and 2023. (Thousands of dollars) 2024 2023 Beginning balance at January 1 $ 49,118 $ 171,860 Additions pending the determination of proved reserves 11,538 24,685 Capitalized exploratory well costs charged to expense (26,471) – Balance at March 31 $ 34,185 $ 196,545 Capitalized well costs charged to dry hole expense of $26.5 million for the three months ended March 31, 2024 was related to the Hoffe Park #1 (Mississippi Canyon 166) exploratory well in the Gulf of Mexico. Capital additions include the Orange #1 (Mississippi Canyon 216) and Ocotillo #1 (Mississippi Canyon 40) exploratory wells in the Gulf of Mexico. The preceding table excludes well costs of $5.9 million incurred and expensed directly to dry hole during the three months ended March 31, 2024, mainly related to the Oso #1 (Atwater Valley 138) exploration well in the Gulf of Mexico. The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed for each individual well and the number of projects for which exploratory well costs have been capitalized. The projects are aged based on the last well drilled in the project. March 31, 2024 2023 (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 $ 11,641 4 3 $ 40,236 2 2 One to two years – – – 13,171 2 2 Two to three years – – – – – – Three years or more 22,544 3 3 143,138 5 4 $ 34,185 7 6 $ 196,545 9 8 Of the $22.5 million of exploratory well costs capitalized more than one year at March 31, 2024, $15.1 million was in Vietnam, $4.7 million was in Canada, and $2.7 million was in Brunei. In all geographical areas, either further appraisal or development drilling is planned and/or development studies/plans are in various stages of completion. Impairments There w ere pre-tax impairments of $34.5 million i n the three months ended March 31, 2024 r elated to Calliope field in the Mississippi Canyon block in the Gulf of Mexico in which operational issues led to a reserve reduction. There were no impairments in the three months ended March 31, 2023. Divestitures

Financing Arrangements and Debt

Financing Arrangements and Debt	3 Months Ended
Financing Arrangements and Debt	Mar. 31, 2024
Debt Disclosure [Abstract]
Financing Arrangements and Debt	Note E – Financing Arrangements and Debt As of March 31, 2024, the Company had an $800 million revolving credit facility (RCF). The RCF is a senior unsecured guaranteed facility which expires on November 17, 2027. At March 31, 2024, the Company had no outstanding borrowings under the RCF and $3.7 million of outstanding letters of credit, which reduce the borrowing capacity of the RCF. At March 31, 2024, the interest rate in effect on borrowings under the RCF would have been 7.68%. At March 31, 2024, the Company was in compliance with all covenants related to the RCF. The Company also has a shelf registration statement on file with the U.S. Securities and Exchange Commission (SEC) that permits the offer and sale of debt and/or equity securities through October 15, 2024.

Other Financial Information

Other Financial Information	3 Months Ended
Other Financial Information	Mar. 31, 2024
Other Financial Information [Abstract]
Other Financial Information	Note F – Other Financial Information Additional disclosures regarding cash flow activities are provided below. Three Months Ended (Thousands of dollars) 2024 2023 Net (increase) decrease in operating working capital, excluding cash and cash equivalents: (Increase) decrease in accounts receivable $ (13,174) $ (3,976) (Increase) decrease in inventories 4,860 (9,296) Decrease in prepaid expenses 5,110 3,813 Increase (decrease) in accounts payable and accrued liabilities ¹ (24,852) (63,800) Increase (decrease) in income taxes payable 3,703 (1,772) Net increase in noncash working capital $ (24,353) $ (75,031) Supplementary disclosures: Cash income taxes paid, net of refunds $ 405 $ 3,342 Interest paid, net of amounts capitalized of $3.9 million in 2024 and $3.3 million in 2023 11,062 19,358 Non-cash investing activities: Asset retirement costs capitalized $ 10,955 $ 2,396 (Increase) decrease in capital expenditure accrual (12,948) 15,973 1 Excludes payable balances relating to contingent consideration for prior acquisitions.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
Asset Retirement Obligations	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Note G – Asset Retirement Obligations The asset retirement obligations liabilities (ARO) recognized by the Company are related to the estimated costs to dismantle and abandon its producing oil and natural gas properties and related equipment. A reconciliation of the beginning and ending aggregate carrying amount of the ARO for the three-month periods ended March 31, 2024 and 2023 is shown in the following table. (Thousands of dollars) March 31, 2024 March 31, 2023 Balance at beginning of year $ 914,763 $ 911,653 Accretion 12,774 11,157 Liabilities incurred 8,960 3,605 Revisions of previous estimates 1,995 (822) Liabilities settled (737) (4,855) Changes due to translation of foreign currencies (3,143) 394 Balance at end of period 934,612 921,132 Current portion of liability 1 (17,797) (90,774) Noncurrent portion of liability $ 916,815 $ 830,358 1 Included in “Other accrued liabilities” on the Consolidated Balance Sheets. The estimation of future ARO is based on a number of assumptions requiring professional judgment. The Company cannot predict the type of revisions to these assumptions that may be required in future periods due to the availability of additional information such as: prices for oil field services, technological changes, governmental requirements and other factors.

Employee and Retiree Benefit Pl

Employee and Retiree Benefit Plans	3 Months Ended
Employee and Retiree Benefit Plans	Mar. 31, 2024
Retirement Benefits [Abstract]
Employee and Retiree Benefit Plans	Note H – Employee and Retiree Benefit Plans The Company has defined benefit pension plans that are noncontributory and cover most full-time employees. All pension plans are funded except for the U.S. and Canadian nonqualified supplemental plan and the U.S. director’s plan. All U.S. tax qualified plans meet the funding requirements of federal laws and regulations. Contributions to foreign plans meet the requirements of local laws and tax regulations. The Company also sponsors health care and life insurance benefit plans, which are not funded, that cover most retired U.S. employees. The health care benefits are contributory; the life insurance benefits are noncontributory. The table that follows provides the components of net periodic benefit expense for the three-month periods ended March 31, 2024 and 2023. Three Months Ended March 31, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2024 2023 2024 2023 Service cost $ 1,706 $ 1,650 $ 135 $ 132 Interest cost 8,391 8,507 782 874 Expected return on plan assets (8,357) (8,194) – – Estimated defined contribution provision 55 – – – Amortization of prior service cost (credit) 579 155 (133) (133) Recognized actuarial loss (gain) 2,360 2,401 (812) (781) Total net periodic benefit expense $ 4,734 $ 4,519 $ (28) $ 92 The components of net periodic benefit expense, other than the service cost, are recorded in “Other income (loss)” in the Consolidated Statements of Operations. During the three-month period ended March 31, 2024, the Company made contributions of $9.5 million to its defined benefit pension and postretirement benefit plans. Remaining funding in 2024 for the Company’s defined benefit pension and postretirement plans is anticipated to be $31.7 million.

Incentive Plans

Incentive Plans	3 Months Ended
Incentive Plans	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Incentive Plans	Note I – Incentive Plans The costs resulting from all share-based and cash-based incentive plans are recognized as an expense in the Consolidated Statements of Operations using a fair value-based measurement method over the periods that the awards vest. The Annual Incentive Plan (AIP) authorizes the Compensation Committee (the Committee) to establish specific performance goals associated with annual cash awards that may be earned by officers, executives and certain other employees. Cash awards under the AIP are determined based on the Company’s actual financial and operating results as measured against the performance goals established by the Committee. The 2020 Long-Term Incentive Plan (2020 Long-Term Plan) authorizes the Committee to make grants of the Company’s common stock to employees. These grants may be in the form of stock options (nonqualified or incentive), stock appreciation rights (SAR), restricted stock, restricted stock units (RSU), performance units, performance shares, dividend equivalents and other stock-based incentives. The 2020 Long-Term Plan expires in 2030. A total of five million shares are issuable during the term of the 2020 Long-Term Plan. Shares issued pursuant to awards granted under the 2020 Long-Term Plan may be shares that are authorized and unissued or shares that were reacquired by the Company, including shares purchased in the open market. Shares underlying awards that have been canceled, expired, forfeited or otherwise not issued under an award shall not count as shares issued under the Plan. During the three months ended March 31, 2024, the Committee granted the following awards from the 2020 Long-Term Plan: Type of Award Number of Awards Granted Grant Date Grant Date Valuation Methodology Performance-based RSUs (TSR) 1 423,640 February 6, 2024 $ 41.95 Monte Carlo Performance-based RSUs (ROACE) 1 105,980 February 6, 2024 $ 38.08 Average Stock Price Time-based RSUs (Stock-Settled) 2 658,420 February 6, 2024 $ 38.08 Average Stock Price Time-based RSUs (Cash-Settled) 2 102,900 February 6, 2024 $ 38.08 Average Stock Price 1 Performance-based RSUs are tied to the achievement of TSR and ROACE performance goals and scheduled to vest over a three-year performance period. 2 Time-based RSUs generally vest on the third anniversary of the date of grant. The Company also has a Stock Plan for Non-Employee Directors that permits the issuance of restricted stock, restricted stock units and stock options or a combination thereof to the Company’s Non-Employee Directors. The Company currently has outstanding incentive awards issued to Directors under the 2021 Stock Plan for Non-Employee Directors (2021 NED Plan) and the 2018 Stock Plan for Non-Employee Directors. All awards on or after May 12, 2021, were made under the 2021 NED Plan. During the three months ended March 31, 2024, the Committee granted the following awards to Non-Employee Directors under the 2021 NED Plan: Type of Award Number of Awards Granted Grant Date Grant Date Fair Value Valuation Methodology Time-Based RSUs 1 47,412 February 07, 2024 $ 37.97 Closing Stock Price Time-Based RSUs 2 1,230 March 28, 2024 $ 45.70 Closing Stock Price 1 Non-employee directors time-based RSUs are scheduled to vest on the first anniversary of the date of grant. Non-employee directors may elect to defer settlement of their vested time-based RSUs until (1) termination of service from the Board or (2) a future date selected by the director at the time of their deferral election. These unvested time-based RSUs are included in the table above, will vest in one year and become deferred RSUs. 2 Effective January 1, 2024, non-employee directors can elect to receive their annual cash retainers in the form of deferred RSUs. Director fees which are deferred into RSUs are calculated and expensed each quarter by taking fees earned in respect of the applicable quarter and dividing by the closing price of our common stock on the last trading day of the quarter. Each deferred RSU represents the right to receive one share of common stock following (1) termination of service from the Board or (2) a future date selected by the director at the time of their deferral election. In 2017, the Company ceased granting stock options and SARs as a part of the Company’s long-term incentive compensation program. As of December 31, 2023 there were no outstanding stock options or SARs remaining. Amounts recognized in the financial statements with respect to share-based plans are shown in the following table: Three Months Ended (Thousands of dollars) 2024 2023 Compensation charged against income before tax benefit $ 8,937 $ 11,196 Related income tax benefit recognized in income 1,014 1,581

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Note J – Earnings Per Share Net income attributable to Murphy was used as the numerator in computing both basic and diluted income per common share for the three-month periods ended March 31, 2024 and 2023. The following table reports the weighted-average shares outstanding used for these computations. Three Months Ended (Weighted-average shares) 2024 2023 Basic method 152,664,422 155,856,509 Dilutive stock options and restricted stock units 1,152,204 1,532,057 Diluted method 153,816,626 157,388,566

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note K – Income Taxes The Company’s effective income tax rate is calculated as the amount of income tax expense (benefit) divided by income (loss) from continuing operations before income taxes. For the three-month periods ended March 31, 2024 and 2023, the Company’s effective income tax rates were as follows: 2024 2023 Three months ended March 31, 20.6% 20.1% The effective tax rate for the three-month periods ended March 31, 2024 and March 31, 2023, was below the U.S. statutory tax rate of 21% primarily due to no tax applied to the pre-tax income of the noncontrolling interest in MP GOM, and partially offset by several factors, including: the effects of income generated in foreign tax jurisdictions, certain of which have income tax rates higher than the U.S. Federal rate; U.S. state tax expense; and certain expenses, including exploration and other expenses in certain foreign jurisdictions, for which no income tax benefits are currently available. The Company’s tax returns in multiple jurisdictions are subject to audit by taxing authorities. These audits often take years to complete and settle. Although the Company believes that recorded liabilities for unsettled issues are adequate, additional gains or losses could occur in future years from resolution of outstanding unsettled matters. Additionally, the Company could be required to pay amounts into an escrow account as any matters are identified and appealed with the relevant taxing authorities. As of March 31, 2024, the earliest years remaining open for audit and/or settlement in our major taxing jurisdictions are as follows: U.S. – 2016; Canada – 2016; and Malaysia – 2017. The Company has retained certain possible liabilities and rights to income tax receivables relating to Malaysia for the years prior to 2019.

Financial Instruments and Risk

Financial Instruments and Risk Management	3 Months Ended
Financial Instruments and Risk Management	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments and Risk Management	Note L – Financial Instruments and Risk Management Murphy, at times, uses derivative instruments to manage certain risks related to commodity prices, foreign currency exchange rates and interest rates. The use of derivative instruments for risk management is covered by operating policies and is closely monitored by the Company’s senior management. The Company does not hold any derivatives for speculative purposes, and it does not use derivatives with leveraged or complex features. Derivative instruments are traded with creditworthy major financial institutions or over national exchanges such as the New York Mercantile Exchange (NYMEX). The Company has a risk management control system to monitor commodity price risks and any derivatives obtained to manage a portion of such risks. For accounting purposes, the Company has not designated commodity and foreign currency derivative contracts as hedges, and therefore, it recognizes all gains and losses on these derivative contracts in its Consolidated Statements of Operations. Commodity Price Risks During the first quarter of 2024 and 2023, the Company did not have any crude oil derivative contracts. Foreign Currency Exchange Risks The Company is subject to foreign currency exchange risk associated with operations in countries outside the U.S. The Company had no foreign currency exchange derivatives outstanding at March 31, 2024 and 2023. Fair Values – Recurring The Company carries certain assets and liabilities at fair value in its Consolidated Balance Sheets. The fair value hierarchy is based on the quality of inputs used to measure fair value, with Level 1 being the highest quality and Level 3 being the lowest quality. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants. The fair value measurements for these assets and liabilities at March 31, 2024 and December 31, 2023, are shown in the following table. March 31, 2024 December 31, 2023 (Thousands of dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Liabilities: Nonqualified employee savings plan $ 17,688 $ – $ – $ 17,688 $ 17,785 $ – $ – $ 17,785 $ 17,688 $ – $ – $ 17,688 $ 17,785 $ – $ – $ 17,785 The nonqualified employee savings plan is an unfunded savings plan through which participants seek a return via phantom investments in equity securities and/or mutual funds. The fair value of this liability was based on quoted prices for these equity securities and mutual funds. The income effect of changes in the fair value of the nonqualified employee savings plan is recorded in “Selling and general expenses” in the Consolidated Statements of Operations. As of March 31, 2024 and December 31, 2023, there were no outstanding commodity WTI crude oil swaps and collars contracts subject to fair value measurement, nor were there any commodity swaps and collars liabilities. In 2019, the Company acquired strategic deepwater Gulf of Mexico assets from LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C. (LLOG). Under the terms of the transaction, in addition to the consideration paid, Murphy had an obligation to pay additional contingent consideration of up to $200 million in the event that certain revenue thresholds were exceeded between 2019 and 2022; and $50 million following first oil from certain development projects. The revenue threshold was not exceeded for 2019 or 2020; however, the threshold was met in 2021 and 2022. In 2018, the Company, through a subsidiary, acquired Gulf of Mexico producing assets from Petrobras America Inc. (PAI), a subsidiary of Petróleo Brasileiro S.A. Under the terms of the transaction, in addition to the consideration paid, Murphy had an obligation to pay additional contingent consideration of up to $150 million if certain price and production thresholds were exceeded beginning in 2019 through 2025; and $50 million carry for PAI development costs in the St. Malo Field if certain enhanced oil recovery projects were undertaken. The price and production thresholds were not exceeded for 2019 and 2020; however, the thresholds were met in 2021 and 2022. As of December 31, 2021, Murphy had completely funded the carried interest. As of the end of the second quarter of 2023, the Company had no remaining liabilities relating to prior acquisitions from PAI and LLOG. During the three months ended March 31, 2023, the Company paid a total of $171.7 million in contingent consideration payments. In the Consolidated Statements of Cash Flows, $124.0 million is shown in “Operating Activities” and $47.7 million is shown in “Financing Activities”. The Company offsets certain assets and liabilities related to derivative contracts when the legal right of offset exists. There were no offsetting positions recorded at March 31, 2024 and December 31, 2023. The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at March 31, 2024 and December 31, 2023. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes cash and cash equivalents, trade accounts receivable, trade accounts payable and accrued expenses, all of which had fair values approximating carrying amounts. The fair value of current and long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. Substantially all of the Company’s long-term debt is actively traded in open markets, and accordingly, is classified as Level 1 in the fair value hierarchy. The Company has off-balance sheet exposures relating to certain letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal. March 31, December 31, 2024 2023 (Thousands of dollars) Carrying Fair Carrying Fair Financial liabilities: Current and long-term debt $ 1,329,399 $ 1,284,012 $ 1,329,075 $ 1,265,185

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
Accumulated Other Comprehensive Loss	Mar. 31, 2024
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, 2023 and March 31, 2024 and the changes during the three-month period ended March 31, 2024 are presented net of taxes in the following table. (Thousands of dollars) Foreign Retirement Total Balance at December 31, 2023 $ (381,632) $ (139,485) $ (521,117) Components of other comprehensive income (loss): Before reclassifications to income (35,528) – (35,528) Reclassifications to income ¹ – 910 910 Net other comprehensive income (loss) (35,528) 910 (34,618) Balance at March 31, 2024 $ (417,160) $ (138,575) $ (555,735) 1 Reclassifications before taxes of $1.2 million are included in the computation of net periodic benefit expense for the three-month period ended March 31, 2024. See Note H for additional information. Related income taxes of $0.3 million are included in "Income tax expense” on the Consolidated Statements of Operations for the three-month period ended March 31, 2024.

Environmental and Other Conting

Environmental and Other Contingencies	3 Months Ended
Environmental and Other Contingencies	Mar. 31, 2024
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 U.S. and throughout the world. Examples of such governmental action include, but are by no means limited to: tax legislation changes, including tax rate changes, and retroactive tax claims; royalty and revenue sharing increases; import and export controls; price controls; currency controls; allocation of supplies of crude oil and petroleum products and other goods; expropriation of property; restrictions and preferences affecting the issuance of oil and gas or mineral leases; restrictions on drilling and/or production; laws, regulations and government action intended for the promotion of safety and the protection and/or remediation of the environment including in connection with the purported causes or potential impacts of climate change; governmental support for other forms of energy; and laws and regulations affecting the Company’s relationships with employees, suppliers, customers, stockholders and others. Given the factors involved in various government actions, including political considerations, it is difficult to predict their likelihood, the form they may take, or the effect they may have on the Company. ENVIRONMENTAL MATTERS – Murphy and other companies in the oil and gas industry are subject to numerous federal, state, local and foreign laws and regulations dealing with the environment and protection of health and safety. The principal environmental, health and safety laws and regulations to which Murphy is subject address such matters as the generation, storage, handling, use, disposal and remediation of petroleum products, wastewater and hazardous materials; the emission and discharge of such materials to the environment, including Greenhouse Gas (GHG) emissions; wildlife, habitat and water protection; the placement, operation and decommissioning of production equipment; and the health and safety of our employees, contractors and communities where our operations are located. These laws and regulations also generally require permits for existing operations, as well as the construction or development of new operations and the decommissioning of facilities once production has ceased. Violation of federal or state environmental, health and safety laws, regulations and permits can result in the imposition of significant civil and criminal penalties, injunctions and construction bans or delays. A discharge of hazardous substances into the environment could, to the extent such event is not adequately insured, subject the Company to substantial expense, including both the cost to comply with applicable regulations and claims by neighboring landowners and other third parties for any personal injury and property damage that might result. In addition, Item 103 of SEC Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that the Company reasonably believes will exceed a specified threshold. Pursuant to this item, the Company will be using a threshold of $1.0 million for such proceedings and the Company is not aware of environmental legal proceedings likely to exceed this $1.0 million threshold. There continues to be an increase in regulatory oversight of the oil and gas industry at the federal level, with a focus on climate change and GHG emissions (including methane emissions). For example, federal methane regulations currently pending or enacted that would, among other things, require increased leak detection monitoring and repairs, stringent restrictions on venting and flaring, a new third-party monitoring program, and new fees on methane emissions from petroleum and natural gas facilities. In addition, there have been a number of executive orders issued that address climate change, including creation of climate-related task forces, directives to federal agencies to procure carbon-free electricity, and a goal of a carbon pollution-free power sector by 2035 and a net-zero emissions U.S. economy by 2050. Executive orders have also been issued related to oil and gas activities on federal lands, infrastructure and environmental justice. In addition, an international climate agreement (the Paris Agreement) was agreed to at the 2015 United Nations Framework Convention on Climate Change in Paris, France. The Paris Agreement entered into force in November 2016. Although the U.S. officially withdrew from the Paris Agreement on November 4, 2020, the U.S. has since rejoined the Paris Agreement, which became effective for the U.S. on February 19, 2021. The Company currently owns or leases, and has in the past owned or leased, properties at which hazardous substances have been or are being handled. Hazardous substances may have been disposed of or released on or under the properties owned or leased by the Company or on or under other locations where these wastes have been taken for disposal. In addition, many of these properties have been operated by third parties whose treatment and disposal or release of hydrocarbons or other wastes were not under Murphy’s control. Under existing laws, the Company could be required to investigate, remove or remediate previously disposed wastes (including wastes disposed of or released by prior owners or operators), to investigate and clean up contaminated property (including contaminated groundwater) or to perform remedial plugging operations to prevent future contamination. Certain of these historical properties are in various stages of negotiation, investigation, and/or cleanup, and the Company is investigating the extent of any such liability and the availability of applicable defenses. The Company has retained certain liabilities related to environmental matters at formerly owned U.S. refineries that were sold in 2011. The Company also obtained insurance covering certain levels of environmental exposures related to past operations of these refineries. Murphy USA Inc. has retained any environmental exposure associated with Murphy’s former U.S. marketing operations that were spun-off in August 2013. The Company believes costs related to these sites will not have a material adverse effect on Murphy’s net income, financial condition or liquidity in a future period. There is the possibility that environmental expenditures could be required at currently unidentified sites, and additional expenditures could be required at known sites. However, based on information currently available to the Company, the amount of future investigation and remediation costs incurred at known or currently unidentified sites is not expected to have a material adverse effect on the Company’s future net income, cash flows or liquidity. LEGAL MATTERS – Murphy and its subsidiaries are engaged in a number of other legal proceedings (including litigation related to climate change), all of which Murphy considers routine and incidental to its business. Based on information currently available to the Company, the ultimate resolution of environmental and legal matters referred to in this note is not expected to have a material adverse effect on the Company’s net income, financial condition or liquidity in a future period.

Common Stock Issued and Outstan

Common Stock Issued and Outstanding	3 Months Ended
Common Stock Issued and Outstanding	Mar. 31, 2024
Equity [Abstract]
Common Stock Disclosure	Note O – Common Stock Issued and Outstanding Activity in the number of shares of common stock issued and outstanding for the three-month periods ended March 31, 2024 and 2023 is shown below. ( Number of shares outstanding ) March 31, 2024 March 31, 2023 Beginning of period 152,748,642 155,467,319 Restricted stock awards 1 1,100,759 630,756 Treasury shares purchased (1,273,245) – End of period 152,576,156 156,098,075 1 Shares issued upon exercise of stock options and award of restricted stock are less withholding for statutory income taxes owed upon issuance of shares. On August 4, 2022, the Company’s Board of Directors authorized a share repurchase program of up to $300 million of the Company’s common stock. On October 30, 2023, the Company authorized an increase to the share repurchase program by an additional $300 million, bringing the total amount allowed to be repurchased under the program to $600 million. This repurchase program has no time limit and may be suspended or discontinued completely at any time without prior notice as determined by the Company at its discretion and dependent upon a variety of factors. The share repurchase program is a component of the Company’s capital allocation framework, the details of which can be found as part of the Company’s Form 8-K filed on August 4, 2022. During the three months ended March 31, 2024, the Company repurchased 1.3 million shares of its common stock under the share repurchase program for $50.0 million, including excise taxes, commissions and fees. As of March 31, 2024, the Company has $400 million of its common stock remaining available to repurchase under the program.

Business Segments

Business Segments	3 Months Ended
Business Segments	Mar. 31, 2024
Segment Reporting [Abstract]
Business Segments	Note P – 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, interest expense and unallocated overhead, is shown in the table to reconcile the business segments to consolidated totals. The Company has accounted for its former United Kingdom (U.K.), Malaysia, and U.S. refining and marketing operations as discontinued operations for all periods presented. Total Assets at March 31, 2024 Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (Millions of dollars) External Income External Income Exploration and production ¹ United States $ 7,030.7 $ 659.6 $ 134.5 $ 682.3 $ 226.0 Canada 2,059.1 136.9 19.4 155.8 21.9 Other 210.2 (0.1) (10.8) 3.6 (5.2) Total exploration and production 9,300.0 796.4 143.1 841.7 242.7 Corporate 368.0 – (27.6) – (28.7) Continuing operations 9,668.0 796.4 115.6 841.7 214.0 Discontinued operations, net of tax 0.7 – (0.9) – 0.3 Total $ 9,668.7 $ 796.4 $ 114.7 $ 841.7 $ 214.3 1 Additional detail about the results of oil and natural gas operations is presented in the Exploration and Production Continuing Operations table on page 23 .

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income attributable to Murphy and noncontrolling interest	$ 90,002	$ 191,644

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

New Accounting Principles and_2

New Accounting Principles and Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Accounting Principles Adopted and Recent Accounting Pronouncements	Accounting Principles Adopted None affecting the Company. Recent Accounting Pronouncements Income Tax Disclosures. In December 2023 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The standard becomes effective for annual periods beginning after December 15, 2024. The update requires financial statements to include consistent categories and greater disaggregation of information in the rate reconciliation, as well as income taxes paid disaggregated by jurisdiction. Murphy is currently evaluating the impact of adopting this standard. Reportable Segment Disclosures. In November 2023 the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The standard becomes effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The standard requires additional disclosures about operating segments, including segment expense information provided to the chief operating decision maker, and extends certain disclosure requirements to interim periods. The standard does not affect our determination of significant segments. Murphy is currently evaluating the impact of adopting this standard.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
Revenue from Contracts with Customers (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The Company’s revenues and other income for the three-month periods ended March 31, 2024 and 2023 were as follows. Three Months Ended (Thousands of dollars) 2024 2023 Net crude oil and condensate revenue United States Onshore $ 142,543 $ 130,081 Offshore 1 480,439 500,310 Canada Onshore 13,873 21,952 Offshore 54,775 16,130 Other (98) 3,644 Total crude oil and condensate revenue 691,532 672,117 Net natural gas liquids revenue United States Onshore 7,836 8,270 Offshore 1 10,374 14,629 Canada Onshore 1,437 3,463 Total natural gas liquids revenue 19,647 26,362 Net natural gas revenue United States Onshore 4,276 5,450 Offshore 1 12,889 22,132 Canada Onshore 66,259 70,170 Total natural gas revenue 83,424 97,752 Revenue from production 794,603 796,231 Sales of purchased natural gas Canada Onshore 245 43,737 Total sales of purchased natural gas 245 43,737 Total revenue from sales to customers 794,848 839,968 Gain on sale of assets and other income 1,564 1,748 Total revenues and other income $ 796,412 $ 841,716 1 Includes revenue attributable to noncontrolling interest in MP GOM.
Current Long-Term Contracts Outstanding	As of March 31, 2024, the Company had the following sales contracts in place which are expected to generate revenue from sales to customers for a period over 12 months starting at the inception of the contract: Long-Term Contracts Outstanding at March 31, 2024 Location Commodity End Date Description Approximate Volumes U.S. Natural Gas and NGL Q1 2030 Deliveries from dedicated acreage in Eagle Ford As produced Canada Natural Gas Q4 2024 Contracts to sell natural gas at USD index pricing 31 MMCFD Canada Natural Gas Q4 2024 Contracts to sell natural gas at CAD fixed pricing 124 MMCFD Canada Natural Gas Q4 2024 Contracts to sell natural gas at USD fixed pricing 25 MMCFD Canada Natural Gas Q4 2024 Contracts to sell natural gas at CAD index pricing 28 MMCFD Canada Natural Gas Q4 2025 Contracts to sell natural gas at USD index pricing 25 MMCFD Canada Natural Gas Q4 2026 Contracts to sell natural gas at USD index pricing 49 MMCFD Canada Natural Gas Q4 2027 Contracts to sell natural gas at USD index pricing 30 MMCFD Canada Natural Gas Q4 2028 Contracts to sell natural gas at USD index pricing 10 MMCFD

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
Property, Plant and Equipment (Tables)	Mar. 31, 2024
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 three-month periods ended March 31, 2024 and 2023. (Thousands of dollars) 2024 2023 Beginning balance at January 1 $ 49,118 $ 171,860 Additions pending the determination of proved reserves 11,538 24,685 Capitalized exploratory well costs charged to expense (26,471) – Balance at March 31 $ 34,185 $ 196,545
Aging of Capitalized Exploratory Well Costs	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. March 31, 2024 2023 (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 $ 11,641 4 3 $ 40,236 2 2 One to two years – – – 13,171 2 2 Two to three years – – – – – – Three years or more 22,544 3 3 143,138 5 4 $ 34,185 7 6 $ 196,545 9 8

Other Financial Information (Ta

Other Financial Information (Tables)	3 Months Ended
Other Financial Information (Tables)	Mar. 31, 2024
Other Financial Information [Abstract]
Noncash Operating Working Capital (Increase) Decrease	Additional disclosures regarding cash flow activities are provided below. Three Months Ended (Thousands of dollars) 2024 2023 Net (increase) decrease in operating working capital, excluding cash and cash equivalents: (Increase) decrease in accounts receivable $ (13,174) $ (3,976) (Increase) decrease in inventories 4,860 (9,296) Decrease in prepaid expenses 5,110 3,813 Increase (decrease) in accounts payable and accrued liabilities ¹ (24,852) (63,800) Increase (decrease) in income taxes payable 3,703 (1,772) Net increase in noncash working capital $ (24,353) $ (75,031) Supplementary disclosures: Cash income taxes paid, net of refunds $ 405 $ 3,342 Interest paid, net of amounts capitalized of $3.9 million in 2024 and $3.3 million in 2023 11,062 19,358 Non-cash investing activities: Asset retirement costs capitalized $ 10,955 $ 2,396 (Increase) decrease in capital expenditure accrual (12,948) 15,973 1 Excludes payable balances relating to contingent consideration for prior acquisitions.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
Asset Retirement Obligations (Tables)	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Reconciliation of Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligations	A reconciliation of the beginning and ending aggregate carrying amount of the ARO for the three-month periods ended March 31, 2024 and 2023 is shown in the following table. (Thousands of dollars) March 31, 2024 March 31, 2023 Balance at beginning of year $ 914,763 $ 911,653 Accretion 12,774 11,157 Liabilities incurred 8,960 3,605 Revisions of previous estimates 1,995 (822) Liabilities settled (737) (4,855) Changes due to translation of foreign currencies (3,143) 394 Balance at end of period 934,612 921,132 Current portion of liability 1 (17,797) (90,774) Noncurrent portion of liability $ 916,815 $ 830,358 1 Included in “Other accrued liabilities” on the Consolidated Balance Sheets.

Employee and Retiree Benefit _2

Employee and Retiree Benefit Plans (Tables)	3 Months Ended
Employee and Retiree Benefit Plans (Tables)	Mar. 31, 2024
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 periods ended March 31, 2024 and 2023. Three Months Ended March 31, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2024 2023 2024 2023 Service cost $ 1,706 $ 1,650 $ 135 $ 132 Interest cost 8,391 8,507 782 874 Expected return on plan assets (8,357) (8,194) – – Estimated defined contribution provision 55 – – – Amortization of prior service cost (credit) 579 155 (133) (133) Recognized actuarial loss (gain) 2,360 2,401 (812) (781) Total net periodic benefit expense $ 4,734 $ 4,519 $ (28) $ 92

Incentive Plans (Tables)

Incentive Plans (Tables)	3 Months Ended
Incentive Plans (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Awards Granted	During the three months ended March 31, 2024, the Committee granted the following awards from the 2020 Long-Term Plan: Type of Award Number of Awards Granted Grant Date Grant Date Valuation Methodology Performance-based RSUs (TSR) 1 423,640 February 6, 2024 $ 41.95 Monte Carlo Performance-based RSUs (ROACE) 1 105,980 February 6, 2024 $ 38.08 Average Stock Price Time-based RSUs (Stock-Settled) 2 658,420 February 6, 2024 $ 38.08 Average Stock Price Time-based RSUs (Cash-Settled) 2 102,900 February 6, 2024 $ 38.08 Average Stock Price 1 Performance-based RSUs are tied to the achievement of TSR and ROACE performance goals and scheduled to vest over a three-year performance period. 2 Time-based RSUs generally vest on the third anniversary of the date of grant. During the three months ended March 31, 2024, the Committee granted the following awards to Non-Employee Directors under the 2021 NED Plan: Type of Award Number of Awards Granted Grant Date Grant Date Fair Value Valuation Methodology Time-Based RSUs 1 47,412 February 07, 2024 $ 37.97 Closing Stock Price Time-Based RSUs 2 1,230 March 28, 2024 $ 45.70 Closing Stock Price 1 Non-employee directors time-based RSUs are scheduled to vest on the first anniversary of the date of grant. Non-employee directors may elect to defer settlement of their vested time-based RSUs until (1) termination of service from the Board or (2) a future date selected by the director at the time of their deferral election. These unvested time-based RSUs are included in the table above, will vest in one year and become deferred RSUs. 2
Share-Based Plans, Amounts Recognized in the Financial Statements	Amounts recognized in the financial statements with respect to share-based plans are shown in the following table: Three Months Ended (Thousands of dollars) 2024 2023 Compensation charged against income before tax benefit $ 8,937 $ 11,196 Related income tax benefit recognized in income 1,014 1,581

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2024
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 (Weighted-average shares) 2024 2023 Basic method 152,664,422 155,856,509 Dilutive stock options and restricted stock units 1,152,204 1,532,057 Diluted method 153,816,626 157,388,566

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Effective Income Tax Rates	For the three-month periods ended March 31, 2024 and 2023, the Company’s effective income tax rates were as follows: 2024 2023 Three months ended March 31, 20.6% 20.1%

Financial Instruments and Ris_2

Financial Instruments and Risk Management (Tables)	3 Months Ended
Financial Instruments and Risk Management (Tables)	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis	The fair value measurements for these assets and liabilities at March 31, 2024 and December 31, 2023, are shown in the following table. March 31, 2024 December 31, 2023 (Thousands of dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Liabilities: Nonqualified employee savings plan $ 17,688 $ – $ – $ 17,688 $ 17,785 $ – $ – $ 17,785 $ 17,688 $ – $ – $ 17,688 $ 17,785 $ – $ – $ 17,785
Carrying Amounts and Estimated Fair Values of Financial Instruments	The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at March 31, 2024 and December 31, 2023. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes cash and cash equivalents, trade accounts receivable, trade accounts payable and accrued expenses, all of which had fair values approximating carrying amounts. The fair value of current and long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. Substantially all of the Company’s long-term debt is actively traded in open markets, and accordingly, is classified as Level 1 in the fair value hierarchy. The Company has off-balance sheet exposures relating to certain letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal. March 31, December 31, 2024 2023 (Thousands of dollars) Carrying Fair Carrying Fair Financial liabilities: Current and long-term debt $ 1,329,399 $ 1,284,012 $ 1,329,075 $ 1,265,185

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Components of Accumulated Other Comprehensive Loss	The components of “Accumulated other comprehensive loss” on the Consolidated Balance Sheets at December 31, 2023 and March 31, 2024 and the changes during the three-month period ended March 31, 2024 are presented net of taxes in the following table. (Thousands of dollars) Foreign Retirement Total Balance at December 31, 2023 $ (381,632) $ (139,485) $ (521,117) Components of other comprehensive income (loss): Before reclassifications to income (35,528) – (35,528) Reclassifications to income ¹ – 910 910 Net other comprehensive income (loss) (35,528) 910 (34,618) Balance at March 31, 2024 $ (417,160) $ (138,575) $ (555,735) 1 Reclassifications before taxes of $1.2 million are included in the computation of net periodic benefit expense for the three-month period ended March 31, 2024. See Note H for additional information. Related income taxes of $0.3 million are included in "Income tax expense” on the Consolidated Statements of Operations for the three-month period ended March 31, 2024.

Common Stock Issued and Outst_2

Common Stock Issued and Outstanding (Tables)	3 Months Ended
Common Stock Issued and Outstanding (Tables)	Mar. 31, 2024
Equity [Abstract]
Activity in Number of Shares of Common Stock Issued and Outstanding	Activity in the number of shares of common stock issued and outstanding for the three-month periods ended March 31, 2024 and 2023 is shown below. ( Number of shares outstanding ) March 31, 2024 March 31, 2023 Beginning of period 152,748,642 155,467,319 Restricted stock awards 1 1,100,759 630,756 Treasury shares purchased (1,273,245) – End of period 152,576,156 156,098,075 1 Shares issued upon exercise of stock options and award of restricted stock are less withholding for statutory income taxes owed upon issuance of shares.

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
Business Segments (Tables)	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	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, interest expense and unallocated overhead, is shown in the table to reconcile the business segments to consolidated totals. The Company has accounted for its former United Kingdom (U.K.), Malaysia, and U.S. refining and marketing operations as discontinued operations for all periods presented. Total Assets at March 31, 2024 Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (Millions of dollars) External Income External Income Exploration and production ¹ United States $ 7,030.7 $ 659.6 $ 134.5 $ 682.3 $ 226.0 Canada 2,059.1 136.9 19.4 155.8 21.9 Other 210.2 (0.1) (10.8) 3.6 (5.2) Total exploration and production 9,300.0 796.4 143.1 841.7 242.7 Corporate 368.0 – (27.6) – (28.7) Continuing operations 9,668.0 796.4 115.6 841.7 214.0 Discontinued operations, net of tax 0.7 – (0.9) – 0.3 Total $ 9,668.7 $ 796.4 $ 114.7 $ 841.7 $ 214.3 1 Additional detail about the results of oil and natural gas operations is presented in the Exploration and Production Continuing Operations table on page 23 .

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) revenueStream segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Number of geographic segments (in segments) \| segment	2
Number of revenue streams (in revenue streams) \| revenueStream	3
Revenue from from sales to customers	$ 794,848	$ 839,968
Receivables from contracts with customers	$ 215,200		$ 193,700

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	$ 794,848	$ 839,968
Gain on sale of assets and other income	1,564	1,748
Total revenues and other income	796,412	841,716
Revenue from production
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	794,603	796,231
Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	691,532	672,117
Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	19,647	26,362
Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	83,424	97,752
Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	245	43,737
United States Onshore \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	142,543	130,081
United States Onshore \| Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	7,836	8,270
United States Onshore \| Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	4,276	5,450
United States Offshore \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	480,439	500,310
United States Offshore \| Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	10,374	14,629
United States Offshore \| Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	12,889	22,132
Canada Onshore \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	13,873	21,952
Canada Onshore \| Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	1,437	3,463
Canada Onshore \| Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	66,259	70,170
Canada Onshore \| Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	245	43,737
Canada Offshore \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	54,775	16,130
Other \| Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	$ (98)	$ 3,644

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Current Long-Term Contracts Outstanding (Details) - Canada	Mar. 31, 2024 MMcf
Q4 2025 \| Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	25
Q4 2024 \| Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	31
Q4 2024 \| Contracts to sell natural gas at CAD fixed pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	124
Q4 2024 \| Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	25
Q4 2024 \| Contracts to sell natural gas at CAD fixed pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	28
Q4 2026 \| Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	49
Q4 2027 \| Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	30
Q4 2028 \| Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	10

Property, Plant and Equipment -

Property, Plant and Equipment - Narrative (Details) $ in Millions			3 Months Ended
	Sep. 15, 2023 USD ($)	Sep. 15, 2023 CAD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Well costs			$ 34,185,000	$ 196,545,000	$ 49,118,000	$ 171,860,000
Capitalized exploratory well costs charged to expense			26,471,000	0
Exploratory well costs capitalized more than one year			22,500,000
Impairment of oil and gas properties			34,500,000	$ 0
Mexico
Property, Plant and Equipment [Line Items]
Capitalized exploratory well costs charged to expense			5,900,000
Vietnam
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year			15,100,000
Canada
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year			4,700,000
Proceeds from sales of property, plant and equipment		$ 139
Gain (loss) on sale of property plant equipment	$ 0
Brunei
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year			$ 2,700,000

Property, Plant and Equipment_2

Property, Plant and Equipment - Net Changes in Capitalized Exploratory Well Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Movement in Property, Plant and Equipment [Roll Forward]
Beginning balance	$ 49,118	$ 171,860
Additions pending the determination of proved reserves	11,538	24,685
Capitalized exploratory well costs charged to expense	(26,471)	0
Ending balance	$ 34,185	$ 196,545

Property, Plant and Equipment_3

Property, Plant and Equipment - Aging of Capitalized Exploratory Well Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) well project	Mar. 31, 2023 USD ($) project well	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 34,185	$ 196,545	$ 49,118	$ 171,860
No. of Wells (in wells) \| well	7	9
No. of Projects (in projects) \| project	6	8
Zero to one year
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 11,641	$ 40,236
No. of Wells (in wells) \| well	4	2
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 \| $	$ 0	$ 13,171
No. of Wells (in wells) \| well	0	2
No. of Projects (in projects) \| project	0	2
Two to three years
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 0	$ 0
No. of Wells (in wells) \| well	0	0
No. of Projects (in projects) \| project	0	0
Three years or more
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount \| $	$ 22,544	$ 143,138
No. of Wells (in wells) \| well	3	5
No. of Projects (in projects) \| project	3	4

Financing Arrangements and De_2

Financing Arrangements and Debt (Details)	3 Months Ended
Financing Arrangements and Debt (Details)	Mar. 31, 2024 USD ($)
Revolving Credit Facility \| Unsecured Debt
Line of Credit Facility [Line Items]
Credit facility maximum borrowing capacity	$ 800,000,000
2018 Revolving Credit Facility
Line of Credit Facility [Line Items]
Amount outstanding	$ 0
Interest rate	7.68%
2018 Revolving Credit Facility \| Letter of Credit
Line of Credit Facility [Line Items]
Amount outstanding	$ 3,700,000

Other Financial Information (De

Other Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net (increase) decrease in operating working capital, excluding cash and cash equivalents:
(Increase) decrease in accounts receivable	$ (13,174)	$ (3,976)
(Increase) decrease in inventories	4,860	(9,296)
Decrease in prepaid expenses	5,110	3,813
Increase (decrease) in accounts payable and accrued liabilities	(24,852)	(63,800)
Increase (decrease) in income taxes payable	3,703	(1,772)
Net increase in noncash working capital	(24,353)	(75,031)
Supplementary disclosures:
Cash income taxes paid, net of refunds	405	3,342
Interest paid, net of amounts capitalized of $3.9 million in 2024 and $3.3 million in 2023	11,062	19,358
Non-cash investing activities:
Asset retirement costs capitalized	10,955	2,396
(Increase) decrease in capital expenditure accrual	(12,948)	15,973
Interest paid, amount capitalized	$ 3,900	$ 3,300

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of Reconciliation of Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of year	$ 914,763	$ 911,653
Accretion	12,774	11,157
Liabilities incurred	8,960	3,605
Revisions of previous estimates	1,995	(822)
Liabilities settled	(737)	(4,855)
Changes due to translation of foreign currencies	(3,143)	394
Balance at end of period	$ 934,612	$ 921,132

Asset Retirement Obligations _2

Asset Retirement Obligations - Classification of Asset of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Balance at end of period	$ 934,612	$ 914,763	$ 921,132	$ 911,653
Current portion of liability	(17,797)		(90,774)
Noncurrent portion of liability	$ 916,815	$ 904,051	$ 830,358

Employee and Retiree Benefit _3

Employee and Retiree Benefit Plans - Components of Net Periodic Benefit Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,706	$ 1,650
Interest cost	8,391	8,507
Expected return on plan assets	(8,357)	(8,194)
Estimated defined contribution provision	55	0
Amortization of prior service cost (credit)	579	155
Recognized actuarial loss (gain)	2,360	2,401
Total net periodic benefit expense	4,734	4,519
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	135	132
Interest cost	782	874
Expected return on plan assets	0	0
Estimated defined contribution provision	0	0
Amortization of prior service cost (credit)	(133)	(133)
Recognized actuarial loss (gain)	(812)	(781)
Total net periodic benefit expense	$ (28)	$ 92

Employee and Retiree Benefit _4

Employee and Retiree Benefit Plans - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Retirement Benefits [Abstract]
Contributions to benefit plans	$ 9.5
Expected benefit plan contributions to be made during the year	$ 31.7

Incentive Plans - Summary of Aw

Incentive Plans - Summary of Awards Granted (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold of executive compensation not eligible for U.S. income tax deduction \| $	$ 1
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 (TSR) \| 2020 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	423,640
Fair value per share at grant date (in USD per share) \| $ / shares	$ 41.95
Award vesting period	3 years
Performance-based RSUs (ROACE) \| 2020 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	105,980
Fair value per share at grant date (in USD per share) \| $ / shares	$ 38.08
Award vesting period	3 years
Time-based RSUs (Stock-Settled) \| 2020 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	658,420
Fair value per share at grant date (in USD per share) \| $ / shares	$ 38.08
Time-based RSUs (Stock-Settled) \| 2021 NED Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	47,412
Fair value per share at grant date (in USD per share) \| $ / shares	$ 37.97
Time-based RSUs (Cash-Settled) \| 2020 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	102,900
Fair value per share at grant date (in USD per share) \| $ / shares	$ 38.08
Time-Based RSUs \| 2021 NED Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	1,230
Fair value per share at grant date (in USD per share) \| $ / shares	$ 45.70
RSUs \| 2020 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

Incentive Plans - Share-Based P

Incentive Plans - Share-Based Plans, Amounts Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Compensation charged against income before tax benefit	$ 8,937	$ 11,196
Related income tax benefit recognized in income	$ 1,014	$ 1,581

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended
Earnings Per Share (Details) - shares	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Basic method (in shares)	152,664,422	155,856,509
Dilutive stock options and restricted stock units (in shares)	1,152,204	1,532,057
Diluted method (in shares)	153,816,626	157,388,566

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	20.60%	20.10%

Financial Instruments and Ris_3

Financial Instruments and Risk Management - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) derivative_instrument contract OffsettingPosition	Mar. 31, 2023 USD ($) derivative_instrument contract	Dec. 31, 2023 USD ($) OffsettingPosition	Jun. 30, 2023 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of foreign currency derivatives (in contracts) \| contract	0	0
Contingent consideration payment, operating activities	$ 0	$ 123,965,000
Contingent consideration payment, financing activities	$ 0	$ 47,678,000
Number of offsetting positions (in offsetting positions) \| OffsettingPosition	0		0
LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C. \| Sales Thresholds 2019 to 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration, maximum					$ 200,000,000
LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C. \| Net crude oil and condensate revenue
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration, maximum					$ 50,000,000
Petrobas America Inc \| Sales Thresholds 2019 to 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration, maximum						$ 150,000,000
Petrobas America Inc \| Enhanced Oil Recovery Projects
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration, maximum						$ 50,000,000
Commodity Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative instruments held (in derivatives) \| derivative_instrument	0	0
Derivative, fair value	$ 0		$ 0
Commodity collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative instruments held (in derivatives) \| derivative_instrument	0	0
Derivative, fair value	$ 0		$ 0
PAI and LLOG
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability				$ 0
Contingent consideration payment		$ 171,700,000

Financial Instruments and Ris_4

Financial Instruments and Risk Management - Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - Fair Value - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Liabilities:
Liabilities	$ 17,688	$ 17,785
Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	17,688	17,785
Level 1
Liabilities:
Liabilities	17,688	17,785
Level 1 \| Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	17,688	17,785
Level 2
Liabilities:
Liabilities	0	0
Level 2 \| Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	0	0
Level 3
Liabilities:
Liabilities	0	0
Level 3 \| Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	$ 0	$ 0

Financial Instruments and Ris_5

Financial Instruments and Risk Management - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - Level 1 - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current and long-term debt	$ 1,329,399	$ 1,329,075
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current and long-term debt	$ 1,284,012	$ 1,265,185

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 5,549,653
Components of other comprehensive income (loss):
Other comprehensive (loss) income	(34,618)	$ 4,767
Balance at end of period	5,492,505	5,304,668
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(521,117)	(534,686)
Components of other comprehensive income (loss):
Before reclassifications to income	(35,528)
Reclassifications to income	910
Other comprehensive (loss) income	(34,618)
Balance at end of period	(555,735)	$ (529,919)
Foreign Currency Translation Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(381,632)
Components of other comprehensive income (loss):
Before reclassifications to income	(35,528)
Reclassifications to income	0
Other comprehensive (loss) income	(35,528)
Balance at end of period	(417,160)
Retirement and Postretirement Benefit Plan Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(139,485)
Components of other comprehensive income (loss):
Before reclassifications to income	0
Reclassifications to income	910
Other comprehensive (loss) income	910
Balance at end of period	(138,575)
Reclassifications before taxes, included in net periodic benefit expense	1,200
Deferred Loss on Interest Rate Derivative Hedges
Components of other comprehensive income (loss):
Reclassifications, income tax expense	$ 300

Environmental and Other Conti_2

Environmental and Other Contingencies (Details) $ in Millions	Mar. 31, 2024 USD ($)
Environmental Remediation Obligations [Abstract]
Threshold for disclosure of monetary sanctions, environmental proceedings	$ 1

Common Stock Issued and Outst_3

Common Stock Issued and Outstanding - Activity (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning of year (in shares)	152,748,642	155,467,319
Restricted stock awards (in shares)	1,100,759	630,756
Treasury shares purchased (in shares)	(1,273,245)	0
End of year (in shares)	152,576,156	156,098,075

Common Stock Issued and Outst_4

Common Stock Issued and Outstanding - Narrative (Details) - USD ($)		3 Months Ended
	Oct. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Aug. 04, 2022
Treasury shares purchased (in shares)	$ 600,000,000			$ 300,000,000
Increase in authorized amount	$ 300,000,000
Treasury shares purchased (in shares)		1,300,000
Remaining available to repurchase		$ 400,000,000
Treasury Stock
Repurchase of common stock		$ 50,049,000	$ 0

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended
Business Segments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total Assets	$ 9,668,660		$ 9,766,697
External Revenues	796,412	$ 841,716
Income (Loss)	114,658	214,314
Continuing operations
Segment Reporting Information [Line Items]
Total Assets	9,668,000
External Revenues	796,400	841,700
Income (Loss)	115,600	214,000
Discontinued operations, net of tax
Segment Reporting Information [Line Items]
Total Assets	700
External Revenues	0	0
Income (Loss)	(900)	300
Corporate
Segment Reporting Information [Line Items]
Total Assets	368,000
External Revenues	0	0
Income (Loss)	(27,600)	(28,700)
Exploration and Production \| Operating Segments
Segment Reporting Information [Line Items]
Total Assets	9,300,000
External Revenues	796,400	841,700
Income (Loss)	143,100	242,700
Exploration and Production \| Operating Segments \| United States
Segment Reporting Information [Line Items]
Total Assets	7,030,700
External Revenues	659,600	682,300
Income (Loss)	134,500	226,000
Exploration and Production \| Operating Segments \| Canada
Segment Reporting Information [Line Items]
Total Assets	2,059,100
External Revenues	136,900	155,800
Income (Loss)	19,400	21,900
Exploration and Production \| Operating Segments \| Other
Segment Reporting Information [Line Items]
Total Assets	210,200
External Revenues	(100)	3,600
Income (Loss)	$ (10,800)	$ (5,200)