<SEC-DOCUMENT>0000950103-18-012157.txt : 20181017
<SEC-HEADER>0000950103-18-012157.hdr.sgml : 20181017
<ACCEPTANCE-DATETIME>20181017165850
ACCESSION NUMBER:		0000950103-18-012157
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20181017
DATE AS OF CHANGE:		20181017
EFFECTIVENESS DATE:		20181017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MURPHY OIL CORP /DE
		CENTRAL INDEX KEY:			0000717423
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				710361522
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-227875
		FILM NUMBER:		181126831

	BUSINESS ADDRESS:	
		STREET 1:		300 PEACH STREET
		STREET 2:		PO BOX 7000
		CITY:			EL DORADO
		STATE:			AR
		ZIP:			71731-7000
		BUSINESS PHONE:		8708626411

	MAIL ADDRESS:	
		STREET 1:		300 PEACH STREET
		STREET 2:		PO BOX 7000
		CITY:			EL DORADO
		STATE:			AR
		ZIP:			71731-7000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW MURPHY OIL CORP /DE
		DATE OF NAME CHANGE:	19831115
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>dp96824_s3asr.htm
<DESCRIPTION>FORM S-3ASR
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on October 17, 2018</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333- </B>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED
STATES</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Washington, D.C. 20549</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM S-3</B></FONT><BR>
<B>REGISTRATION STATEMENT</B><BR>
<B>UNDER THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>MURPHY
OIL CORPORATION</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter) </FONT></P>

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    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>71-0361522</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or Other Jurisdiction of</FONT><BR>
<FONT STYLE="font-size: 10pt">Incorporation or Organization)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer</FONT><BR>
<FONT STYLE="font-size: 10pt">Identification Number)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>300 Peach Street, P.O. Box 7000</B><BR>
<B>El Dorado, Arkansas 71731-7000</B><BR>
<B>(870) 862-6411</B><BR>
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant&rsquo;s Principal Executive Offices)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Walter K. Compton</B><BR>
<B>Executive Vice President and General Counsel</B><BR>
<B>300 Peach Street, P.O. Box 7000</B><BR>
<B>El Dorado, Arkansas 71731-7000</B><BR>
<B>(870) 862-6411</B><BR>
(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service)&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copy to: </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>Joseph A. Hall</B><BR>
<B>Davis Polk &amp; Wardwell LLP</B><BR>
<B>450 Lexington Avenue</B><BR>
<B>New York, NY 10017</B><BR>
<B>(212) 450-4000</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt"><B>Approximate
date of commencement of proposed sale to the public:</B> From time to time after this Registration Statement becomes effective.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">If the only
securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the
following box. <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">If any of
the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the
following box. <FONT STYLE="font-family: Wingdings">x</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">If this Form
is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the
same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT> ____________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">If this Form
is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;
</FONT>____________</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">If this Form
is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective
upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">x</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">If this Form
is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional
securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">Indicate
by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller
reporting company&rdquo; in Rule 12b-2 of the Exchange Act.</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%; padding: 2pt 2pt 2pt 0.25in"><FONT STYLE="font-size: 9pt">Large accelerated filer <FONT STYLE="font-family: Wingdings">x</FONT></FONT></TD>
    <TD STYLE="width: 35%; padding: 2pt"><FONT STYLE="font-size: 9pt">Accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 2pt 2pt 0.25in"><FONT STYLE="font-size: 9pt">Non-accelerated filer <FONT STYLE="font-family: Wingdings">&uml;
    </FONT></FONT></TD>
    <TD STYLE="padding: 2pt"><FONT STYLE="font-size: 9pt">Smaller reporting company <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt"><FONT STYLE="font-size: 9pt">Emerging growth company <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">If an emerging
growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>CALCULATION
OF REGISTRATION FEE</B></FONT></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 9pt">Title
    of Each<BR>
    Class of Securities <BR>
    to Be Registered</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 9pt">Amount
    to Be<BR>
    Registered</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 9pt">Proposed
    <BR>
    Maximum<BR>
    Offering Price Per <BR>
    Unit (1)</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 9pt">Proposed
    Maximum<BR>
    Aggregate Offering<BR>
    Price</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: Black 1.5pt double; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 9pt">Amount
    of<BR>
    Registration Fee</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">Common stock, $1.00 par value
    &#9;</FONT></TD>
    <TD ROWSPAN="8" STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-size: 9pt">(1)</FONT></TD>
    <TD ROWSPAN="8" STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-size: 9pt">(1)</FONT></TD>
    <TD ROWSPAN="8" STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-size: 9pt">(1)</FONT></TD>
    <TD ROWSPAN="8" STYLE="border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-size: 9pt">(1)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">Preferred stock, $100 par value &#9;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">Depositary shares representing preferred stock&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">Senior debt securities&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">Subordinated debt securities&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">Warrants&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">Purchase contracts&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 9pt">Units&#9;</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 9pt">An indeterminate amount of securities
                                         to be offered at indeterminate prices is being registered pursuant to this registration
                                         statement. The Registrant is deferring payment of the registration fee for such securities
                                         pursuant to Rule 456(b) and is omitting this information in reliance on Rule 456(b) and
                                         Rule 457(r).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT="Murphy Oil Corporation" STYLE="height: 100px; width: 201px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMMON STOCK<BR>
PREFERRED STOCK<BR>
DEPOSITARY SHARES<BR>
SENIOR DEBT SECURITIES<BR>
SUBORDINATED DEBT SECURITIES<BR>
WARRANTS<BR>
PURCHASE CONTRACTS<BR>
UNITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may offer from time to time common stock,
preferred stock, depositary shares representing preferred stock, senior debt securities, subordinated debt securities, warrants,
purchase contracts, and units. Specific terms of these securities will be provided in supplements to this prospectus. You should
read this prospectus and any supplement carefully before you invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our common stock is listed on the New York
Stock Exchange and trades under the ticker symbol &ldquo;MUR.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may sell the securities offered under
this prospectus through agents; through underwriters or dealers; directly to one or more purchasers; or through a combination of
any of these methods of sale. For each offering of securities under this prospectus, we will identify the specific plan of distribution,
including any underwriters, dealers, agents or direct purchasers, and their compensation, in the related prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Investing in these securities involves
certain risks. See &ldquo;Risk Factors&rdquo; in our Annual Report on Form 10-K for the year ended December 31, 2017 and in our
most recent Quarterly Report on Form 10-Q subsequent to such Annual Report, each of which is incorporated by reference herein.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities, or determined if this prospectus is truthful
or complete. Any representation to the contrary is a criminal offense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is October
17, 2018.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should rely only on the information
contained in or incorporated by reference in this prospectus, the accompanying prospectus supplement, and any free writing prospectus
that we file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) in connection with the offering described in such
prospectus supplement. We have not authorized anyone to provide you with different information. We are not making an offer of these
securities in any state where the offer is not permitted. You should not assume that the information contained in or incorporated
by reference in this prospectus is accurate as of any date other than the date on the front of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The terms &ldquo;we,&rdquo; &ldquo;our,&rdquo;
&ldquo;us,&rdquo; &ldquo;its,&rdquo; &ldquo;the Company,&rdquo; &ldquo;Murphy Oil&rdquo; and &ldquo;Murphy Oil Corporation&rdquo;
refer to Murphy Oil Corporation and its consolidated subsidiaries unless the context indicates otherwise, and except as provided
in the next sentence. In the descriptions of securities contained herein, the terms &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;us,&rdquo;
&ldquo;its,&rdquo; &ldquo;the Company,&rdquo; &ldquo;Murphy Oil&rdquo; and &ldquo;Murphy Oil Corporation&rdquo; refer to Murphy
Oil Corporation only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>table
of contents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Page</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">About This Prospectus</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">Murphy Oil Corporation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">Where You Can Find More Information</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">Special Note on Forward-Looking Statements</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">Use of Proceeds</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">Description of Common Stock</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">Description of Preferred Stock</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">Description of Depositary Shares</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">Description of Debt Securities</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">Description of Warrants</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">Description of Purchase Contracts</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">Description of Units</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">Forms of Securities</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">20</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">Plan of Distribution</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">Validity of Securities</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">Experts</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">21</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">About This
Prospectus</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus is part of a registration
statement that we filed with the SEC utilizing a &ldquo;shelf&rdquo; registration process. Under this shelf process, we may sell
any combination of the securities described in this prospectus in one or more offerings. This prospectus provides you with a general
description of the securities we may offer. Each time we sell securities, we will provide a prospectus supplement that will contain
specific information about the terms of that offering. The prospectus supplement may also add, update or change information contained
in this prospectus. You should read both this prospectus and any prospectus supplement together with additional information described
under the heading &ldquo;Where You Can Find More Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Murphy Oil
Corporation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Murphy Oil Corporation is a worldwide oil
and gas exploration and production company that conducts business through various operating subsidiaries. The Company produces
oil and natural gas in the United States, Canada and Malaysia and conducts oil and natural gas exploration activities worldwide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our principal executive offices are located
at 300 Peach Street, P.O. Box 7000, El Dorado, Arkansas 71731-7000, and our telephone number is (870) 862-6411. Our capital stock
is listed on the New York Stock Exchange under the symbol &ldquo;MUR.&rdquo; We maintain a website at http://www.murphyoilcorp.com
where general information about us is available. We are not incorporating the contents of the website into this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Where You
Can Find More Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We file annual, quarterly and current reports,
proxy statements and other information with the SEC. You may read and copy any document that we file at the Public Reference Room
of the SEC at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room
by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains an Internet site at http://www.sec.gov, from which interested
persons can electronically access our SEC filings, including the registration statement and the exhibits and schedules thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The SEC allows us to &ldquo;incorporate
by reference&rdquo; the information we file with them, which means that we can disclose important information to you by referring
you to those documents. The information incorporated by reference is an important part of this prospectus, and information that
we file later with the SEC will automatically update and supersede this information. We incorporate by reference each document
listed below and all documents subsequently filed with the SEC pursuant to Section 13(a), 13(c), 14, or 15(d) of the Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), prior to the termination of the offering under this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our Annual Report on Form 10-K for the year ended December 31, 2017, filed on February 26, 2018;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2018, and June 30, 2018, filed on May 3, 2018 and August
9, 2018, respectively;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our Definitive Proxy Statement on Schedule 14A filed on March 23, 2018 (solely to the extent incorporated by reference into
Part III of our Annual Report on Form 10-K); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our Current
Reports on Form 8-K filed on February 13, 2018, February 23, 2018, April 25, 2018, May 1, 2018, May 10, 2018, August 21, 2018
and October 11, 2018.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are not incorporating by reference any
Current Report on Form 8-K that is furnished to the SEC pursuant to Items 2.02, 7.01 or 9.01 of Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may request a copy of these filings
at no cost, by writing or telephoning the office of the Corporate Secretary, Murphy Oil Corporation, P.O. Box 7000, El Dorado,
Arkansas 71731-7000, (870) 862-6411.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Special
Note on Forward-Looking Statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus, including the documents
we incorporate by reference, contains forward-looking statements as defined in the Private Securities Litigation Reform Act of
1995. These statements, which express management&rsquo;s current views concerning future events or results, are subject to inherent
risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in these
forward-looking statements include, but are not limited to, the volatility and level of crude oil and natural gas prices, the level
and success rate of Murphy&rsquo;s exploration programs, the Company&rsquo;s ability to maintain production rates and replace reserves,
customer demand for Murphy&rsquo;s products, adverse foreign exchange movements, political and regulatory instability, adverse
developments in the U.S. or global capital markets, credit markets or economies generally and uncontrollable natural hazards, as
well as those contained under the caption &ldquo;Risk Factors&rdquo; in our Annual Report on Form 10-K for the year ended December
31, 2017. We undertake no duty to publicly update or revise any forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Use of Proceeds</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise stated in the prospectus
supplement accompanying this prospectus, we will use the net proceeds we receive from the sale of the securities offered by this
prospectus and any accompanying prospectus supplement for general corporate purposes. General corporate purposes may include additions
to working capital, capital expenditures, repayment of debt or the financing of possible acquisitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Description
of Common Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following description of our capital
stock is based upon our certificate of incorporation (&ldquo;Certificate of Incorporation&rdquo;), our bylaws (&ldquo;Bylaws&rdquo;)
and applicable provisions of law. We have summarized certain portions of the Certificate of Incorporation and Bylaws below. The
summary is not complete. The Certificate of Incorporation and Bylaws are incorporated by reference in the registration statement
for these securities that we have filed with the SEC and have been filed as exhibits to our Annual Report on Form 10-K for the
year ended December 31, 2017. You should read the Certificate of Incorporation and Bylaws for the provisions that are important
to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain provisions of the Delaware General
Corporation Law (&ldquo;DGCL&rdquo;), the Certificate of Incorporation and the Bylaws summarized in the following paragraphs may
have an anti-takeover effect. This may delay, defer or prevent a tender offer or takeover attempt that a shareholder might consider
in its best interests, including those attempts that might result in a premium over the market price for its shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Authorized Capital Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Certificate of Incorporation authorizes
us to issue 450,400,000 shares of stock of all classes, of which 450,000,000 shares shall be common stock, par value $1.00 per
share, and 400,000 shares shall be cumulative preferred stock, par value $100 per share. No shares of stock of any class have any
preemptive or preferential right to purchase or subscribe to any shares of stock of any class or any notes, debentures, bonds,
or other securities convertible into or carrying options or warrants to purchase shares of any class, other than such rights as
the Board of Directors may grant and at such prices as the Board of Directors may fix. The Board of Directors may issues shares
of stock of any class, or any notes, debentures, bonds or other securities convertible into or carrying options or warrants to
purchase shares of stock of any class, without offering any such shares of stock of any class, either in whole or in part, to the
existing stockholders of any class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of October 15, 2018, there were
173,055,713 shares of common stock outstanding. Except as provided by our Certificate of Incorporation or by law, each holder
of common stock shall have the right, to the exclusion of all other classes of stock, to one vote for each share of stock
standing in the name of such holder on the books of the Company. Subject to preferences that may be applicable to any
outstanding preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be
declared from time to time by the Board of Directors out of funds legally available therefor. In the event of liquidation,
dissolution or winding up of Murphy Oil, the holders of common stock are entitled to share ratably in all assets remaining
after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding. There are no
redemption or sinking fund provisions applicable to the common stock. All outstanding shares of common stock are fully paid
and non-assessable, and the shares of common stock to be issued upon completion of this offering will be fully paid and
non-assessable. The common stock is listed on the New York Stock Exchange. The transfer agent and registrar for the common
stock is Computershare Investor Services, LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Preferred Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Board of Directors has the authority
to issue the preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof, including
dividend rights, dividend rates, conversion or exchange rights, voting rights, terms of redemption, redemption prices, liquidation
preferences, use of purchase, retirement or sinking funds and the number of shares constituting any series of the designation of
such series, without further vote or action by the shareholders. The issuance of preferred stock may have the effect of delaying,
deferring or preventing a change in control of Murphy Oil without further action by the shareholders and may adversely affect the
voting and other rights of the holders of common stock. We may further amend from time to time our Certificate of Incorporation
to increase the number of authorized shares of preferred stock. An amendment would require the approval of the holders of a majority
of the outstanding shares of our preferred stock. As of the date of this prospectus, we have not issued any preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain Anti-Takeover Effects of Delaware Law</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are subject to Section 203 of the DGCL
(&ldquo;Section 203&rdquo;). In general, Section 203 prohibits a publicly held Delaware corporation from engaging in various &ldquo;business
combination&rdquo; transactions with any interested stockholder</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">for a period of three years following the
date of the transactions in which the person became an interested stockholder, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the transaction is approved by the board of directors prior to the date the interested stockholder obtained such status;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder
owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>on or subsequent to such date the business combination is approved by the board and authorized at an annual or special meeting
of stockholders by the affirmative vote of at least 66<FONT STYLE="font-size: 10pt">2</FONT>/<FONT STYLE="font-size: 10pt">3</FONT>%
of the outstanding voting stock which is not owned by the interested stockholder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A &ldquo;business combination&rdquo; is
defined to include mergers, asset sales, and other transactions resulting in financial benefit to a stockholder. In general, an
&ldquo;interested stockholder&rdquo; is a person who, together with affiliates and associates, owns (or within three years, did
own) 15% or more of a corporation&rsquo;s voting stock. The statute could prohibit or delay mergers or other takeover or change
in control attempts with respect to Murphy Oil and, accordingly, may discourage attempts to acquire Murphy Oil even though such
a transaction may offer Murphy Oil&rsquo;s stockholders the opportunity to sell their stock at a price above the prevailing market
price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Description
of Preferred Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">When we offer to sell a particular series
of preferred stock, if the terms of any series of preferred stock being offered differ from the terms set forth in this prospectus,
we will describe the specific terms of the securities in a supplement to this prospectus. The preferred stock will be issued under
a certificate of designations relating to each series of preferred stock and is also subject to our Certificate of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Board of Directors may issue authorized
shares of preferred stock, as well as authorized but unissued shares of common stock, without further shareholder action, unless
shareholder action is required by applicable law or by the rules of a stock exchange or quotation system on which any series of
our stock may be listed or quoted. All shares of preferred stock offered will be fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The transfer agent for each series of preferred
stock will be described in the prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividend Rights</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The preferred stock will be preferred over
our common stock as to payment of dividends. Before we declare and set apart for payment or pay any dividends or distributions
(other than dividends or distributions payable in common stock) on our common stock, the holders of shares of each series of preferred
stock will be entitled to receive dividends when, as and if declared by our board of directors. We will pay those dividends either
in cash, shares of common stock or preferred stock or otherwise, at the rate and on the date or dates set forth in the prospectus
supplement. With respect to each series of preferred stock, the dividends on each share of the series will be cumulative from the
date of issue of the share unless some other date is set forth in the prospectus supplement relating to the series. Accruals of
dividends will not bear interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rights upon Liquidation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The preferred stock will be preferred over
the common stock as to asset distributions so that the holders of each series of preferred stock will be entitled to be paid, upon
our voluntary or involuntary liquidation, dissolution or winding up and before any distribution is made to the holders of common
stock, the liquidation preference per share plus the amount of accumulated dividends and, in the event of a voluntary liquidation,
any premium, as set forth in the applicable prospectus supplement. However, in this case the holders of preferred stock will not
be entitled to any other or further payment. If upon any liquidation, dissolution or winding up our net assets are insufficient
to permit the payment in full of the respective amounts to which the holders of all outstanding preferred stock are entitled, our
entire remaining net assets will be distributed among the holders of each series of preferred stock in amounts proportional to
the full amounts to which the holders of each series are entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redemption</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All shares of any series of preferred stock
will be redeemable to the extent set forth in the prospectus supplement relating to the series. All shares of any series of preferred
stock will be convertible into shares of common stock or into shares of any other series of preferred stock to the extent set forth
in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other Provisions of our Certificate of Incorporation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event of a proposed merger or tender
offer, proxy contest or other attempt to gain control of Murphy Oil which is not approved by the board of directors of Murphy Oil,
the board of directors of Murphy Oil may authorize the issuance of one or more series of preferred stock with voting rights or
other rights and preferences which could impede the success of the proposed merger, tender offer, proxy contest or other attempt
to gain control of Murphy Oil. While the ability of the board of directors of Murphy Oil to do this may be limited by applicable
law, our restated certificate of incorporation and the applicable rules of the stock exchanges upon which our common stock is listed,
the consent of the holders of common stock would not be required for any issuance of preferred stock in such a situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Description
of Depositary Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may, at our option, elect to offer fractional
shares of preferred stock, rather than full shares of preferred stock. If we exercise this option, we will issue to the public
receipts for depositary shares, and each of these depositary shares will represent a fraction, as set forth in the applicable prospectus
supplement, of a share of a particular series of preferred stock. The shares of any series of preferred stock underlying the depositary
shares will be deposited under a depositary agreement between us and a bank or trust company selected by us. The depositary will
have its principal office in the United States and a combined capital and surplus of at least $50,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the terms of the depositary
agreement, each owner of a depositary share will be entitled, in proportion to the applicable fraction of a share of preferred
stock underlying that depositary share, to all the rights and preferences of the preferred stock underlying that depositary share.
Those rights include dividend, voting, redemption and liquidation rights. The depositary shares will be evidenced by depositary
receipts issued pursuant to the depositary agreement. Depositary receipts will be distributed to those persons purchasing the fractional
shares of preferred stock underlying the depositary shares, in accordance with the terms of the offering. Copies of the depositary
agreement and depositary receipt will be filed with the SEC in connection with the offering of specific depositary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividends and Other Distributions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The depositary will distribute all cash
dividends or other cash distributions received with respect to the preferred stock to the record holders of depositary shares relating
to the preferred stock in proportion to the number of depositary shares owned by those holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If there is a distribution other than in
cash, the depositary will distribute property received by it to the record holders of depositary shares that are entitled to receive
the distribution, unless the depositary determines that it is not feasible to make the distribution. If this occurs, the depositary
may, with our approval, sell the property and distribute the net proceeds from the sale to the applicable holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redemption of Depositary Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a series of preferred stock represented
by depositary shares is subject to redemption, the depositary shares will be redeemed from the proceeds received by the depositary
resulting from the redemption, in whole or in part, of that series of preferred stock held by the depositary. The redemption price
per depositary share will be equal to the applicable fraction of the redemption price per share payable with respect to that series
of the preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Whenever we redeem shares of preferred
stock that are held by the depositary, the depositary will redeem, as of the same redemption date, the number of depositary shares
representing the shares of preferred stock so redeemed. If fewer than all the depositary shares are to be redeemed, the depositary
will select the depositary shares to be redeemed by lot or pro rata, as the depositary may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Voting the Preferred Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon receipt of notice of any meeting at
which the holders of the preferred stock are entitled to vote, the depositary will mail the information contained in the notice
to the record holders of the depositary shares underlying the preferred stock. Each record holder of the depositary shares on the
record date (which will be the same date as the record date for the preferred stock) will be entitled to instruct the depositary
as to the exercise of the voting rights pertaining to the amount of the preferred stock represented by the holder&rsquo;s depositary
shares. The depositary will then try, as far as practicable, to vote the number of shares of preferred stock underlying those depositary
shares in accordance with these instructions, and we agree to take all actions deemed necessary by the depositary to enable the
depositary to do so. The depositary will not vote the shares of preferred stock to the extent it does not receive specific instructions
from the holders of depositary shares underlying the preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amendment and Termination of the Depositary Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The form of depositary receipt evidencing
the depositary shares and any provision of the depositary agreement may at any time be amended by agreement between us and the
depositary. However, any amendment which materially and adversely alters the rights of the holders of depositary shares will not
be effective unless the holders of at least a majority of the depositary shares then outstanding approve the amendment. We or the
depositary may</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">terminate the depositary agreement only
if (a) all outstanding depositary shares have been redeemed or (b) there has been a final distribution of the underlying preferred
stock in connection with our liquidation, dissolution or winding up and the preferred stock has been distributed to the holders
of depositary receipts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Charges of Depositary</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will pay all transfer and other taxes
and governmental charges arising solely from the existence of the depositary arrangements. We will also pay charges of the depositary
in connection with the initial deposit of the preferred stock and any redemption of the preferred stock. Holders of depositary
receipts will pay other transfer and other taxes and governmental charges and those other charges, including a fee for the withdrawal
of shares of preferred stock upon surrender of depositary receipts, as are expressly provided in the depositary agreement to be
for their accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Miscellaneous</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The depositary will forward to holders
of depositary receipts all reports and communications from us that we deliver to the depositary and that we are required to furnish
to the holders of the preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither we nor the depositary will be liable
if either of us is prevented or delayed by law or any circumstance beyond our control in performing our respective obligations
under the depositary agreement. Our obligations and those of the depositary will be limited to performance in good faith of our
respective duties under the depositary agreement. Neither we nor they will be obligated to prosecute or defend any legal proceeding
in respect of any depositary shares or preferred stock unless satisfactory indemnity is furnished. We and the depositary may rely
upon written advice of counsel or accountants, or upon information provided by persons presenting preferred stock for deposit,
holders of depositary receipts or other persons believed to be competent and on documents believed to be genuine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Resignation and Removal of Depositary</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The depositary may resign at any time by
delivering notice to us of its election to resign. We may remove the depositary at any time. Any resignation or removal will take
effect upon the appointment of a successor depositary and its acceptance of the appointment. We must appoint the successor depositary
within 60 days after delivery of the notice of resignation or removal and it must be a bank or trust company having its principal
office in the United States and having a combined capital and surplus of at least $50,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Description
of Debt Securities</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus describes certain general
terms and provisions that could apply to the debt securities. The debt securities will constitute either senior or subordinated
debt of Murphy Oil. Each prospectus supplement will state the particular terms that actually will apply to the debt securities
included in the supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to the following summary, you
should refer to the applicable provisions of the following documents for more detailed information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the senior indenture dated as of May 18, 2012 between Murphy Oil and U.S. Bank National Association, as trustee, which has
been filed as an exhibit to the registration statement of which this prospectus is a part, and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the subordinated indenture, a form of which has been filed as an exhibit to the registration statement of which this prospectus
is a part.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither indenture limits the aggregate
principal amount of debt securities that we may issue under that indenture. We may authorize the issuance of the debt securities
in one or more series at various times. All debt securities will be unsecured. The senior securities will have the same rank as
all of our other unsecured and unsubordinated debt. The subordinated securities will be subordinated to senior indebtedness as
described under &ldquo;Subordinated Securities&rdquo; in this prospectus. The prospectus supplement relating to the particular
series of debt securities being offered will specify the amounts, prices and terms of those debt securities. These terms may include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the debt securities are senior securities or subordinated securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the title and the limit on the aggregate principal amount of the debt securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the maturity date or dates;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the interest rate (which may be fixed or variable), or the method of determining any interest rates, at which the debt securities
may bear interest;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the dates from which interest shall accrue and the dates on which interest will be payable;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the currencies in which the debt securities are denominated and principal and interest may be payable;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any redemption or sinking fund terms;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any event of default or covenant with respect to the debt securities of a particular series, if not set forth in this prospectus;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the debt securities are to be issued, in whole or in part, in the form of one or more global securities and the depositary
for the global securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the debt securities would be convertible into our common stock; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other terms of the series, which will not conflict with the terms of the applicable indenture.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may issue debt securities of any series
at various times and we may reopen any series for further issuances from time to time without notice to existing holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will issue the debt securities in fully
registered form without coupons. Unless we specify otherwise in the applicable prospectus supplement, we will issue debt securities
denominated in U.S. dollars in denominations of $1,000 or multiples of $1,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will describe special Federal income
tax and other considerations relating to debt securities denominated in foreign currencies and &ldquo;original issue discount&rdquo;
debt securities (debt securities issued at a substantial discount below their principal amount because they pay no interest or
pay interest that is below market rates at the time of issuance) in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless we specify otherwise in the applicable
prospectus supplement, the covenants contained in the indentures and the debt securities will not provide special protection to
holders of debt securities if we enter into a highly leveraged transaction, recapitalization or restructuring.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exchange, Registration and Transfer</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may exchange debt securities of any
series that are not global securities for other debt securities of the same series and of like aggregate principal amount and tenor
in different authorized denominations. In addition, you may present debt securities for registration of transfer, together with
a duly executed form of transfer, at the office of the security registrar or at the office of any transfer agent designated by
us for that purpose with respect to any series of debt securities and referred to in the applicable prospectus supplement. No service
charge is required for any transfer or exchange of debt securities but we may require payment of any taxes and other governmental
charges. The security registrar or the transfer agent will effect the transfer or exchange upon being satisfied with the documents
of title and identity of the person making the request. We have appointed the applicable trustee as security registrar for the
applicable indenture. We may at any time designate additional transfer agents with respect to any series of debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event of any redemption in part,
we will not be required to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>issue, register the transfer of or exchange debt securities of any series during a period beginning at the opening of business
15 days before the mailing of notice of redemption of debt securities of that series to be redeemed and ending at the close of
business on the mailing date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>register the transfer of or exchange any debt security, or portion thereof, called for redemption, except the unredeemed portion
of any registered security being redeemed in part.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For a discussion of restriction on the
exchange, registration and transfer of global securities, see &ldquo;Global Securities.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment and Paying Agents</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless we specify otherwise in the applicable
prospectus supplement, payment of principal, any premium and any interest on debt securities will be made at the offices of the
paying agents that we designate at various times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">However, at our option, we may make interest
payments by check mailed to the address, as it appears in the security register, of the person entitled to the payments. Unless
we specify otherwise in the applicable prospectus supplement, we will make payment of any installment of interest on debt securities
to the person in whose name that registered security is registered at the close of business on the regular record date for such
interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will specify in the applicable prospectus
supplement, the agency which will be designated as our paying agent for payments with respect to debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Modification of the Indentures</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under each indenture our rights and obligations
and the rights of the holders may be modified with our consent and the consents of the trustee under that indenture and the holders
of at least a majority in principal amount of the then outstanding debt securities of each series affected by the modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">However, the consent of each affected holder
is needed to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>extend the maturity, reduce the interest rate or extend the payment schedule of any of the debt securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the principal amount or any amount payable on redemption of any debt security;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the amount of principal of an original issue discount security payable upon acceleration of maturity or in bankruptcy;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change the conversion provisions of either indenture in a manner adverse to the holders;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change the subordination provisions of the subordinated indenture in a manner adverse to the holders of subordinated debt;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the percentage required for modifications or waivers of compliance with the indentures; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>impair the right of repayment at the holder&rsquo;s option or the right of a holder to institute suit for repayment on or with
respect to any debt security.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the subordinated provisions
of the subordinated indenture cannot be modified to the detriment of any of our senior indebtedness without the consent of the
holders of the senior indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any actions we or the trustee may take
toward adding to our covenants, adding events of default or establishing the structure or terms of the debt securities as permitted
by the indentures will not require the approval of any holder of debt securities. In addition, we or the trustee may cure ambiguities
or inconsistencies in the indentures or make other provisions without the approval of any holder as long as no holder&rsquo;s interests
are materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consolidation, Merger or Sale of Assets</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will not merge or consolidate with any
other corporation or sell or convey all or substantially all of our assets to any Person, unless (i) either we are the continuing
corporation, or the successor corporation or the Person which acquires by sale or conveyance substantially all our assets (if other
than us) will be a corporation organized under the laws of the United States of America or any State thereof and will expressly
assume the due and punctual payment of the principal of and interest on all the debt securities, according to their tenor, and
the due and punctual performance and observance of all of the covenants and conditions of the indenture to be performed or observed
by us, by supplemental indenture in form reasonably satisfactory to the trustee, executed and delivered to the trustee by such
corporation, and (ii) we or our successor corporation, as the case may be, are not, immediately after such merger or consolidation,
or such sale or conveyance, in default in the performance of any such covenant or condition of the indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In case of any such consolidation, merger,
sale or conveyance, and following such an assumption by the successor corporation, such successor corporation will succeed to and
be substituted for us, with the same effect as if it had been named in the indenture. Such successor corporation may cause to be
signed, and may issue either in its own name or in our name prior to such succession any or all of the debt securities issuable
under the indenture which theretofore had not been signed by us and delivered to the trustee; and, upon the order of such successor
corporation instead of us and subject to all the terms, conditions and limitations prescribed in the indenture, the trustee will
authenticate and will deliver any debt securities which previously were signed and delivered by our officers to the trustee for
authentication, and any debt securities which such successor corporation thereafter causes to be signed and delivered to the trustee
for that purpose. All of the debt securities so issued will in all respects have the same legal rank and benefit under the indenture
as the debt securities theretofore or thereafter issued in accordance with the terms of the indenture as though all of such debt
securities had been issued at the date of the execution of the indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event of any such sale or conveyance
(other than a conveyance by way of lease) we or any successor corporation which has become such in the manner described above will
be discharged from all obligations and covenants under the indenture and the debt securities and may be liquidated and dissolved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our U.S. downstream business does not constitute
substantially all of our assets, and for the avoidance of doubt the senior indenture provides that the covenant described above
will not apply in the event we determine to dispose of our U.S. downstream business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Events of Default, Notice and Waiver</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Event of Default,&rdquo; when used
in an indenture, will mean any of the following in relation to a series of debt securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>failure to pay interest on any debt security for 30 days after the interest becomes due;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>failure to pay the principal on any debt security when due;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>failure to deposit any sinking fund payment after such payment becomes due;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>failure to perform or breach of any other covenant or warranty in the indenture or any debt security that continues for 90
days after our being given notice from the trustee or the holders of at least 25% in aggregate principal amount of the outstanding
debt securities of the affected series;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>default in the payment when due of (a) other indebtedness in an aggregate principal amount in excess of $75,000,000 and such
default is not cured within 30 days after written notice to us and the trustee by the holders of at least 25% in principal amount
of the outstanding debt securities of the series and (b) interest, principal, premium or a sinking fund or redemption payment under
any such other indebtedness, causing the indebtedness to become due prior to its stated maturity, which acceleration is not stayed,
rescinded or annulled within 10 days after written notice to us and the trustee by the holders of at least 25% in principal amount
of the outstanding debt securities of the series;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a creditor commences involuntary bankruptcy, insolvency or similar proceedings against us and we are unable to obtain a stay
or dismissal of that proceeding within 60 days;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we voluntarily seek relief under bankruptcy, insolvency or similar laws or we consent to a court entering an order for relief
against us under those laws; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other event of default provided for debt securities of that series.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any event of default relating to outstanding
debt securities of any series occurs and is continuing, either the trustee or the holders of at least 25% in principal amount of
the outstanding debt securities of that series may declare the principal and accrued interest of all of the outstanding debt securities
of such series to be due and immediately payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The indentures provide that the holders
of at least a majority in principal amount of the outstanding debt securities of any series may direct the time, method and place
of conducting any proceeding for any remedy available to the trustee, or of exercising any trust or power conferred on the trustee,
with respect to the debt securities of that series. The trustee may act in any way that is consistent with those directions and
may decline to act if any of the directions is contrary to law or to the indentures or would involve the trustee in personal liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The indentures provide that the holders
of at least a majority in principal amount of the outstanding debt securities of any series may on behalf of the holders of all
of the outstanding debt securities of the series waive any past default (and its consequences) under the indentures relating to
the series, except a default (a) in the payment of the principal of, interest on or sinking fund installment of any of the debt
securities of the series, (b) with respect to voluntary or involuntary bankruptcy, insolvency or similar proceedings, or (c) with
respect to a covenant or provision of such indentures which, under the terms of such indentures, cannot be modified or amended
without the consent of the holders of all of the outstanding debt securities of the series affected. In the case of clause (b)
above, the holders of at least a majority of all outstanding debt securities (voting as one class) may on behalf of all holders
waive a default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The indentures contain provisions entitling
the trustee, subject to the duty of the trustee during an event of default to act with the required standard of care, to be indemnified
by the holders of the debt securities of the relevant series before proceeding to exercise any right or power under the indentures
at the request of those holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The indentures require the trustee to,
within 90 days after the occurrence of a default known to it with respect to any series of outstanding debt securities, give the
holders of that series notice of the default if uncured and unwaived. However, the trustee may withhold this notice if it in good
faith determines that the withholding of this notice is in the interest of those holders. However, the trustee may not withhold
this notice in the case of a default in payment of principal of, interest on or sinking fund installment with respect to any debt
securities of the series. The term &ldquo;default&rdquo; for the purpose of this provision means any event that is, or after notice
or lapse of time, or both, would become, an event of default with respect to the debt securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each indenture requires us to file annually
with the trustee a certificate, executed by our officers, indicating whether any of the officers has knowledge of any default under
the indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Replacement of Securities</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will replace any mutilated debt security
at the expense of the holder, if we so choose, upon surrender of the mutilated debt security to the appropriate trustee. We will
replace debt securities that are destroyed, stolen or lost at the expense of the holder upon delivery to the appropriate trustee
of evidence of the destruction, loss or theft of the debt securities satisfactory to us and to the trustee. In the case of a destroyed,
lost or stolen debt security, an indemnity satisfactory to the appropriate trustee and us may be required at the expense of the
holder of the debt security before a replacement debt security will be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Defeasance</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The indentures contain a provision that
permits us to elect to defease and be discharged from all of our obligations (subject to limited exceptions) with respect to any
series of debt securities then outstanding provided the following conditions, among others, have been satisfied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we have deposited in trust with the trustee (a) money, (b) U.S. government obligations, or (c) a combination thereof, in each
case, in an amount sufficient to pay and discharge the principal of and interest on the outstanding debt securities of any series;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>no event of default has occurred or is continuing with respect to the securities of any series being defeased;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>defeasance will not result in a breach or violation of, or constitute a default under any agreement to which we are a party
or by which we are bound; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we have delivered to the trustee (a) an officers&rsquo; certificate and an opinion of counsel that all conditions precedent
relating to the defeasance have been complied with and (b) an opinion of counsel that the holders will not recognize income, gain
or loss for Federal income tax purposes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Governing Law</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The indentures and the debt securities
will be governed by, and construed in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trustee</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">U.S. Bank National Association is trustee
under the senior indenture dated as of May 18, 2012. We will specify the trustee for each issue of debt securities in the applicable
prospectus supplement, as well as any material relationship we may have with such trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Senior Securities</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Limitations on Liens</I>. Neither we
nor any restricted subsidiary will issue, assume or guarantee any debt secured by a mortgage, lien, pledge or other encumbrance,
which are collectively called &ldquo;mortgages&rdquo; in the indenture, on any principal property or on any debt or capital stock
of any restricted subsidiary which owns any principal property without providing that the senior securities will be secured equally
and ratably or prior to the debt. A &ldquo;restricted subsidiary&rdquo; is a 50% or more owned subsidiary owning principal property
and having stockholder&rsquo;s equity greater than 2% of our consolidated net assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Principal property&rdquo; is all
property and equipment directly engaged in our exploration, production, refining, marketing and transportation activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Consolidated net assets&rdquo; means
the total of all assets of Murphy Oil, excluding intangible assets (other than goodwill), treasury stock carried as an asset or
write-ups of non- acquisition-related capital assets, less depreciation, amortization and other similar reserves, less the total
of all liabilities, deferred credits, minority shareholders&rsquo; interests in subsidiaries, reserves and other similar items
of Murphy Oil, excluding certain acquisition-related debt or stockholders&rsquo; equity, as calculated on our consolidated balance
sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">However, the limitation on liens shall
not apply to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>mortgages existing on the date of the senior indenture;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>mortgages existing at the time an entity becomes a restricted subsidiary of ours;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>mortgages securing debt of a restricted subsidiary in favor of Murphy Oil or any subsidiary of ours;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>mortgages on property, shares of stock or indebtedness (a) existing at the time of the acquisition of the property, shares
of stock or indebtedness, (b) to secure payment of all or part of the purchase price of the property, shares of stock or indebtedness,
or (c) to secure debt incurred prior to, at the time of or within 120 days after the acquisition of the property, shares of stock
or indebtedness or after the completion of construction of the property, for the purpose of financing all or part of the purchase
price of the property, shares of stock or indebtedness or the cost of construction;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>mortgages in favor of the United States of America, any state, any other country or any political subdivision required by contract
or statute;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>mortgages on property of Murphy Oil or any restricted subsidiary securing all or part of the cost of operating, constructing
or acquiring projects, as long as recourse is only to the property;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>specific marine mortgages or foreign equivalents on property or assets of Murphy Oil or any restricted subsidiary;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>mortgages or easements on property of Murphy Oil or any restricted subsidiary incurred to finance the property on a tax-exempt
basis that do not materially detract from the value of or materially impair the use of the property or assets; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any extension, renewal or replacement of any mortgage referred to in the preceding items or of any debt secured by those mortgages
as long as the extension, renewal or replacement secures the same or a lesser amount of debt and is limited to substantially the
same property (plus improvements) which secured the mortgage.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding anything mentioned above,
we and any of our restricted subsidiaries may issue, assume or guarantee debt secured by mortgages on principal property or on
any indebtedness or capital stock of any restricted subsidiary (other than the debt secured by mortgages permitted above) which
does not exceed 10% of our consolidated net assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Limitations on Sale and Lease-Back Transactions</I>.
Neither we nor any restricted subsidiary will lease any principal property for more than three years from the purchaser or transferee
of such principal property. However, the limitation on this type of arrangement shall not apply if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we or our restricted subsidiary could incur debt secured by a mortgage on the property to be leased, as permitted above, without
equally and ratably securing the senior securities of any series; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we apply the greater of the proceeds from the sale or transfer and the fair value of the leased property to any senior acquisition-related
debt within 120 days of the sale and lease-back transaction, in both cases less any amounts spent to purchase unencumbered principal
property during the one year prior to or 120 days after any sale and lease-back transaction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subordinated Securities</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the subordinated indenture, payment
of the principal of, interest on and any premium on the subordinated securities will generally be subordinated in right of payment
to the prior payment in full of all of our senior indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Senior indebtedness&rdquo; is defined
as the principal of, any premium and accrued and unpaid interest on the following items, whether outstanding on or created, incurred
or assumed after the date of execution of the subordinated indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our indebtedness for money borrowed (other than the subordinated securities);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our guarantees of indebtedness for money borrowed of any other person; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>indebtedness evidenced by notes, debentures, bonds or other instruments of indebtedness for the payment of which we are responsible
or liable, by guarantees or otherwise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Senior indebtedness also includes modifications,
renewals, extensions and refundings of any of the types of indebtedness, liabilities, obligations or guarantees listed above, unless
the relevant instrument states that the indebtedness, liability, obligation or guarantee, or modification, renewal, extension or
refunding, is not senior in right of payment to the subordinated securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may not make any payment of principal
of, interest on or any premium on the subordinated securities except for sinking fund payments as described below if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any default or event of default with respect to any senior indebtedness occurs and is continuing, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any judicial proceeding is pending with respect to any default in payment of senior indebtedness.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may make sinking fund payments during
a suspension of principal or interest payments on subordinated debt if we make these sinking fund payments by redeeming or acquiring
securities prior to the default or by converting the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any subordinated security is declared
due and payable before its specified date, or if we pay or distribute any assets to creditors upon our dissolution, winding up,
liquidation or reorganization, we must pay all principal of, any premium and interest due or to become due on all senior indebtedness
in full before the holders of subordinated securities are entitled to receive or take any payment. Subject to the payment in full
of all senior indebtedness, the holders of the subordinated securities are to be subrogated to the rights of the holders of senior
indebtedness to receive payments or distribution of our assets applicable to senior indebtedness until the subordinated securities
are paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">By reason of this subordination, in the
event of insolvency, our creditors who are holders of senior indebtedness, as well as some of our general creditors, may recover
more, ratably, than the holders of the subordinated securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The subordinated indenture will not limit
the amount of senior indebtedness or debt securities which we may issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conversion Rights</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The prospectus supplement will provide
if a series of securities is convertible into our common stock and the initial conversion price per share at which the securities
may be converted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we have not redeemed a convertible security,
the holder of the convertible security may convert the security, or any portion of the principal amount in integral multiples of
$1,000, at the conversion price in effect at the time of conversion, into shares of Murphy Oil common stock. Conversion rights
expire at the close of business on the date specified in the prospectus supplement for a series of convertible securities. Conversion
rights expire at the close of business on the redemption date in the case of any convertible securities that we call for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to exercise the conversion privilege,
the holder of the convertible security must surrender to us, at any office or agency maintained for that purpose, the security
with a written notice of the election to convert the security, and, if the holder is converting less than the entire principal
amount of the security, the amount of security to be converted. In addition, if the convertible security is converted during the
period between a record date for the payment of interest and the related interest payment date, the person entitled to convert
the security must pay us an amount equal to the interest payable on the principal amount being converted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will not pay any interest on converted
securities on any interest payment date after the date of conversion except for those securities surrendered during the period
between a record date for the payment of interest and the related interest payment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Convertible securities shall be deemed
to have been converted immediately prior to the close of business on the day of surrender of the security. We will not issue any
fractional shares of stock upon conversion, but we will make an adjustment in cash based on the market price at the close of business
on the date of conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The conversion price will be subject to
adjustment in the event of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>payment of stock dividends or other distributions on our common stock;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>issuance of rights or warrants to all our stockholders entitling them to subscribe for or purchase our stock at a price less
than the market price of our common stock;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the subdivision of our common stock into a greater or lesser number of shares of stock;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the distribution to all stockholders of evidences of our indebtedness or assets, excluding stock dividends or other distributions
and rights or warrants; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the reclassification of our common stock into other securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may also decrease the conversion price
as we consider necessary so that any event treated for Federal income tax purposes as a dividend of stock or stock rights will
not be taxable to the holders of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will pay any and all transfer taxes
that may be payable in respect of the issue or delivery of shares of common stock on conversion of the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are not required to pay any tax which
may be payable in respect of any transfer involved in the issue and delivery of shares in a name other than that of the holder
of the security to be converted and no issue and delivery shall be made unless and until the person requesting the issue has paid
the amount of any such tax or established to our satisfaction that such tax has been paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After the occurrence of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>consolidation with or merger of Murphy Oil into any other corporation,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any merger of another corporation into Murphy Oil, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any sale or transfer of substantially all of the assets of Murphy Oil,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">which results in any reclassification,
change or conversion of our common stock, the holders of any convertible securities will be entitled to receive on conversion the
kind and amount of shares of common stock or other securities, cash or other property receivable upon such event by a holder of
our common stock immediately prior to the occurrence of the event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Description
of Warrants</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may issue securities warrants for the
purchase of debt securities, preferred stock or common stock. Securities warrants may be issued independently or together with
debt securities, preferred stock or common stock and may be attached to or separate from any offered securities. We will issue
each series of securities warrants under a separate warrant agreement to be entered into between us and a bank or trust company,
as warrant agent. The securities warrant agent will act solely as our agent in connection with the securities warrants and will
not assume any obligation or relationship of agency or trust for or with any registered holders of securities warrants or beneficial
owners of securities warrants. In addition to this summary, you should refer to the securities warrant agreement, including the
form of securities warrant certificate, relating to the specific securities warrants being offered for the complete terms of the
securities warrant agreement and the securities warrants. The securities warrant agreement, together with the terms of securities
warrant certificate and securities warrants, will be filed with the SEC in connection with the offering of the specific securities
warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will describe the particular terms of
any issue of securities warrants in the prospectus supplement relating to the issue. Those terms may include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the designation, aggregate principal amount, currencies, denominations and terms of the series of debt securities purchasable
upon exercise of securities warrants to purchase debt securities and the price at which the debt securities may be purchased upon
exercise;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the designation, number of shares, stated value and terms (including, without limitation, liquidation, dividend, conversion
and voting rights) of the series of preferred stock purchasable upon exercise of securities warrants to purchase shares of preferred
stock and the price at which such number of shares of preferred stock of such series may be purchased upon such exercise;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the number of shares of common stock purchasable upon the exercise of securities warrants to purchase shares of common stock
and the price at which such number of shares of common stock may be purchased upon such exercise;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date on which the right to exercise the securities warrants will commence and the date on which the right will expire;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Federal income tax consequences applicable to the securities warrants; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other terms of the securities warrant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Securities warrants for the purchase of
preferred stock and common stock will be offered and exercisable for U.S. dollars only. Securities warrants will be issued in registered
form only. The exercise price for securities warrants will be subject to adjustment in accordance with the applicable prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each securities warrant will entitle its
holder to purchase the principal amount of debt securities or the number of shares of preferred stock or common stock at the exercise
price set forth in, or calculable as set forth in, the applicable prospectus supplement. The exercise price may be adjusted upon
the occurrence of events as set forth in the prospectus supplement. After the close of business on the expiration date, unexercised
securities warrants will become void. We will specify the place or places where, and the manner in which, securities warrants may
be exercised in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the exercise of any securities
warrants to purchase debt securities, preferred stock or common stock, holders of the securities warrants will not have any of
the rights of holders of the debt securities, preferred stock or common stock purchasable upon exercise, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the case of securities warrants for the purchase of debt securities, the right to receive payments of principal of, any
premium or interest on the debt securities purchasable upon exercise or to enforce covenants in the applicable indenture; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the case of securities warrants for the purchase of preferred stock or common stock, the right to vote or to receive any
payments of dividends on the preferred stock or common stock purchasable upon exercise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Description
of Purchase Contracts</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may issue purchase contracts for the
purchase or sale of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>debt or equity securities issued by us or securities of third parties, a basket of such securities, an index or indices or
such securities or any combination of the above as specified in the applicable prospectus supplement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>currencies; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>commodities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each purchase contract will entitle the
holder thereof to purchase or sell, and obligate us to sell or purchase, on specified dates, such securities, currencies or commodities
at a specified purchase price, which may be based on a formula, all as set forth in the applicable prospectus supplement. We may,
however, satisfy our obligations, if any, with respect to any purchase contract by delivering the cash value of such purchase contract
or the cash value of the property otherwise deliverable or, in the case of purchase contracts on underlying currencies, by delivering
the underlying currencies, as set forth in the applicable prospectus supplement. The applicable prospectus supplement will also
specify the methods by which the holders may purchase or sell such securities, currencies or commodities and any acceleration,
cancellation or termination provisions or other provisions relating to the settlement of a purchase contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The purchase contracts may require us to
make periodic payments to the holders thereof or vice versa, which payments may be deferred to the extent set forth in the applicable
prospectus supplement, and those payments may be unsecured or prefunded on some basis. The purchase contracts may require the holders
thereof to secure their obligations in a specified manner to be described in the applicable prospectus supplement. Alternatively,
purchase contracts may require holders to satisfy their obligations thereunder when the purchase contracts are issued. Our obligation
to settle such pre-paid purchase contracts on the relevant settlement date may constitute indebtedness. Accordingly, pre-paid purchase
contracts will be issued under either the senior indenture or the subordinated indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Description
of Units</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As specified in the applicable prospectus
supplement, we may issue units consisting of one or more shares of common stock, shares of preferred stock, depositary shares representing
preferred stock, senior debt securities, subordinated debt securities, warrants, purchase contracts or any combination of such
securities. The applicable supplement will describe:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the terms of the units and of the securities comprising the units, including whether and under what circumstances the securities
comprising the units may be traded separately;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a description of the terms of any unit agreement governing the units; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a description of the provisions for the payment, settlement, transfer or exchange of the units.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Forms of
Securities</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each debt security and warrant will be
represented either by a certificate issued in definitive form to a particular investor or by one or more global securities representing
the entire issuance of securities. Certificated securities in definitive form and global securities will be issued in registered
form. Definitive securities name you or your nominee as the owner of the security, and in order to transfer or exchange these securities
or to receive payments other than interest or other interim payments, you or your nominee must physically deliver the securities
to the trustee, registrar, paying agent or other agent, as applicable. Global securities name a depositary or its nominee as the
owner of the debt securities or warrants represented by these global securities. The depositary maintains a computerized system
that will reflect each investor&rsquo;s beneficial ownership of the securities through an account maintained by the investor with
its broker/dealer, bank, trust company or other representative, as we explain more fully below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Global Securities</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may issue the debt securities and warrants
in the form of one or more fully registered global securities that will be deposited with a depositary or its nominee identified
in the applicable prospectus supplement and registered in the name of that depositary or nominee. In those cases, one or more registered
global securities will be issued in a denomination or aggregate denominations equal to the portion of the aggregate principal or
face amount of the securities to be represented by registered global securities. Unless and until it is exchanged in whole for
securities in definitive registered form, a registered global security may not be transferred except as a whole by and among the
depositary for the registered global security, the nominees of the depositary or any successors of the depositary or those nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If not described below, any specific terms
of the depositary arrangement with respect to any securities to be represented by a registered global security will be described
in the prospectus supplement relating to those securities. We anticipate that the following provisions will apply to all depositary
arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Ownership of beneficial interests in a
registered global security will be limited to persons, called participants, that have accounts with the depositary or persons that
may hold interests through participants. Upon the issuance of a registered global security, the depositary will credit, on its
book-entry registration and transfer system, the participants&rsquo; accounts with the respective principal or face amounts of
the securities beneficially owned by the participants. Any dealers, underwriters or agents participating in the distribution of
the securities will designate the accounts to be credited. Ownership of beneficial interests in a registered global security will
be shown on, and the transfer of ownership interests will be effected only through, records maintained by the depositary, with
respect to interests of participants, and on the records of participants, with respect to interests of persons holding through
participants. The laws of some states may require that some purchasers of securities take physical delivery of these securities
in definitive form. These laws may impair your ability to own, transfer or pledge beneficial interests in registered global securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">So long as the depositary, or its nominee,
is the registered owner of a registered global security, that depositary or its nominee, as the case may be, will be considered
the sole owner or holder of the securities represented by the registered global security for all purposes under the applicable
indenture or warrant agreement. Except as described below, owners of beneficial interests in a registered global security will
not be entitled to have the securities represented by the registered global security registered in their names, will not receive
or be entitled to receive physical delivery of the securities in definitive form and will not be considered the owners or holders
of the securities under the applicable indenture or warrant agreement. Accordingly, each person owning a beneficial interest in
a registered global security must rely on the procedures of the depositary for that registered global security and, if that person
is not a participant, on the procedures of the participant through which the person owns its interest, to exercise any rights of
a holder under the applicable indenture or warrant agreement. We understand that under existing industry practices, if we request
any action of holders or if an owner of a beneficial interest in a registered global security desires to give or take any action
that a holder is entitled to give or take under the applicable indenture or warrant agreement, the depositary for the registered
global security would authorize the participants holding the relevant beneficial interests to give or take that action, and the
participants would authorize beneficial owners owning through them to give or take that action or would otherwise act upon the
instructions of beneficial owners holding through them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Principal, premium, if any, and interest
payments on debt securities, and any payments to holders with respect to warrants, represented by a registered global security
registered in the name of a depositary or its nominee will be made to the depositary or its nominee, as the case may be, as the
registered owner of the registered global security. None of Murphy Oil, the trustees, the warrant agents, or any other agent of
Murphy Oil, agent of the trustees or agent of the warrant agents will have any responsibility or liability for any aspect of the
records relating to payments made on account of beneficial ownership interests in the registered global security or for maintaining,
supervising or reviewing any records relating to those beneficial ownership interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect that the depositary for any of
the securities represented by a registered global security, upon receipt of any payment of principal, premium, interest or other
distribution of underlying securities or other property to holders on that registered global security, will immediately credit
participants&rsquo; accounts in amounts proportionate to their respective beneficial interests in that registered global security
as shown on the records of the depositary. We also expect that payments by participants to owners of beneficial interests in a
registered global security held through participants will be governed by standing customer instructions and customary practices,
as is now the case with the securities held for the accounts of customers in bearer form or registered in &ldquo;street name,&rdquo;
and will be the responsibility of those participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the depositary for any of these securities
represented by a registered global security is at any time unwilling or unable to continue as depositary or ceases to be a clearing
agency registered under the Exchange Act, and a successor depositary registered as a clearing agency under the Exchange Act is
not appointed by us within 90 days, we will issue securities in definitive form in exchange for the registered global security
that had been held by the depositary. Any securities issued in definitive form in exchange for a registered global security will
be registered in the name or names that the depositary gives to the relevant trustee, warrant agent or other relevant agent of
ours or theirs. It is expected that the depositary&rsquo;s instructions will be based upon directions received by the depositary
from participants with respect to ownership of beneficial interests in the registered global security that had been held by the
depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Plan of
Distribution</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may sell the securities offered under
this prospectus through agents; through underwriters or dealers; directly to one or more purchasers; or through a combination of
any of these methods of sale. For each offering of securities under this prospectus, we will identify the specific plan of distribution,
including any underwriters, dealers, agents or direct purchasers, and their compensation, in the related prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Validity
of Securities</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The validity of the securities will be
passed on for us by Davis Polk &amp; Wardwell LLP, New York, New York, and for any underwriters by the law firm named in the applicable
prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Experts</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The consolidated financial statements and
schedule of Murphy Oil Corporation and subsidiaries as of December 31, 2017 and 2016, and for each of the years in the three-year
period ended December 31, 2017, and management&rsquo;s assessment of the effectiveness of internal control over financial reporting
as of December 31, 2017, have been incorporated by reference herein in reliance upon the reports of KPMG LLP, independent registered
public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 14. <I>Other Expenses of Issuance and Distribution</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The expenses in connection with the issuance
and distribution of the securities being registered hereby, other than underwriting discounts and commissions, are as follows.
All of such expenses will be borne by the Registrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount<BR> to be Paid</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD STYLE="width: 87%; text-align: left">SEC registration fee&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(1</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounting fees and expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD STYLE="text-align: left">Legal fees and expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Printing and engraving costs&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD STYLE="text-align: left">Fees and expenses of trustee&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Rating agencies&rsquo; fees &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD STYLE="padding-bottom: 1pt">Miscellaneous &#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*</P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">TOTAL&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right"><B>&#9;*</B></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Omitted because the registration fee is being deferred pursuant to Rule 456(b).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>Not presently known.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 15. <I>Indemnification of Directors and Officers</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Section 145 of the Delaware General Corporation
Law provides that a corporation may indemnify directors and officers as well as other employees and individuals against expenses
(including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person
in connection with any threatened, pending or completed actions, suits or proceedings in which such person is made a party by reason
of such person being or having been a director, officer, employee or agent to the Registrant. The Delaware General Corporation
Law provides that Section 145 is not exclusive of other rights to which those seeking indemnification may be entitled under any
bylaw, agreement, vote of stockholders or disinterested directors or otherwise. Article VIII of the Registrant&rsquo;s Bylaws provides
for indemnification by the Registrant of its directors, officers and employees to the fullest extent permitted by the Delaware
General Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Section 102(b)(7) of the Delaware General
Corporation Law permits a corporation to provide in its certificate of incorporation that a director of the corporation shall not
be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except
for liability (i) for any breach of the director&rsquo;s duty of loyalty to the corporation or its stockholders, (ii) for acts
or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) for unlawful payments
of dividends or unlawful stock repurchases, redemptions or other distributions, or (iv) for any transaction from which the director
derived an improper personal benefit. The Registrant&rsquo;s Certificate of Incorporation provides for such limitation of liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Murphy Oil maintains insurance for its
officers and directors against certain liabilities, including liabilities under the Securities Act of 1933, under insurance policies,
the premiums of which are paid by Murphy Oil. The effect of these is to indemnify any officer or director of Murphy Oil against
expenses, judgments, attorney&rsquo;s fees and other amounts paid in settlements incurred by an officer or director upon a determination
that such person acted in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The proposed forms of Underwriting Agreement
filed as Exhibits 1(a), (b), (c) and (d) to this Registration Statement provide for indemnification of directors and officers of
the Registrant by the underwriters against certain liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 16. <I>Exhibits</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Exhibits to be filed by amendment or as
an exhibit to a document to be incorporated by reference herein in connection with an offering of securities are designated by
an asterisk (*). All exhibits not so designated are filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 7%; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/717423/000119312509186201/dex1a.htm">1(a)</A></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 90%; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/717423/000119312509186201/dex1a.htm">Form of Underwriting Agreement (common stock and debt securities) (incorporated by reference to Exhibit 1(a) to Murphy Oil Corporation&rsquo;s Registration Statement on Form S-3 (File No. 333-161688) filed with the SEC on September 2, 2009).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">1(b)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Form of Underwriting Agreement (preferred stock).*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">1(c)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Form of Underwriting Agreement (depositary shares).*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">1(d)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Form of Underwriting Agreement (warrants).*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/717423/000119312512239199/d355530dex41.htm">4(a)</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/717423/000119312512239199/d355530dex41.htm">Indenture dated as of May 18, 2012 between Murphy Oil Corporation and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to Murphy Oil Corporation&rsquo;s Current Report on Form 8-K filed with the SEC on May 18, 2012).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/717423/000119312512239199/d355530dex41.htm">4(b)</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/717423/000119312512239199/d355530dex41.htm">Form of Senior Note (included in Exhibit 4(a)).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/717423/000119312509186201/dex4c.htm">4(c)</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/717423/000119312509186201/dex4c.htm">Form of Subordinated Indenture (incorporated by reference to Exhibit 4(c) to Murphy Oil Corporation&rsquo;s Registration Statement on Form S-3 (File No. 333-161688) filed with the SEC on September 2, 2009).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/717423/000119312509186201/dex4c.htm">4(d)</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/717423/000119312509186201/dex4c.htm">Form of Subordinated Note (included in Exhibit 4(c)).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="dp96824_ex05.htm">5</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="dp96824_ex05.htm">Opinion of Davis Polk &amp; Wardwell LLP.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="dp96824_ex23a.htm">23(a)</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="dp96824_ex23a.htm">Consent of Independent Registered Public Accounting Firm.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="dp96824_ex05.htm">23(b)</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="dp96824_ex05.htm">Consent of Davis Polk &amp; Wardwell LLP (included in Exhibit 5).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="dp96824_ex24.htm">24</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="dp96824_ex24.htm">Powers of Attorney.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="dp96824_ex25a.htm">25(a)</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="dp96824_ex25a.htm">Form T-1 Statement of Eligibility and Qualification under the Trust Indenture Act of 1939 of U.S. Bank National Association.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="dp96824_ex25b.htm">25(b)</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="dp96824_ex25b.htm">Form T-1 Statement of Eligibility and Qualification under the Trust Indenture Act of 1939 of Wells Fargo Bank, National Association.</A></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 17. <I>Undertakings</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a) The undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(1) To file, during any period in which
offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(i) To include any prospectus required
by Section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(ii) To reflect in the prospectus any facts
or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if,
in the aggregate, the changes in volume and price represent no more than a 20 percent change in the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">maximum aggregate offering price set forth
in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(iii) To include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>provided</I>, <I>however</I>, that paragraphs
(i), (ii) and (iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in periodic reports filed with or furnished to the Securities and Exchange Commission by the Registrant pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this registration statement,
or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(2) That, for the purpose of determining
any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial <I>bona
fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(3) To remove from registration by means
of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(4) That, for the purpose of determining
liability under the Securities Act of 1933 to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(A) Each prospectus filed by the Registrant
pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed
part of and included in the registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(B) Each prospectus required to be filed
pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering
made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the
Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such
form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described
in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration
statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial
<I>bona fide</I> offering thereof. <I>Provided, however</I>, that no statement made in a registration statement or prospectus that
is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior
to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part
of the registration statement or made in any such document immediately prior to such effective date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(5) That, for the purpose of determining
liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The undersigned Registrant undertakes that
in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of
the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell
such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(i) Any preliminary prospectus or prospectus
of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(ii) Any free writing prospectus relating
to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(iii) The portion of any other free writing
prospectus relating to the offering containing material information about the undersigned Registrant or its securities provided
by or on behalf of the undersigned Registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(iv) Any other communication that is an
offer in the offering made by the undersigned Registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b) The undersigned Registrant hereby undertakes
to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310
of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section 305(b)(2) of
the Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c) The undersigned Registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant&rsquo;s annual
report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of
an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated
by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d) Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant
to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of El Dorado, State of Arkansas, on October 17, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">MURPHY OIL CORPORATION</FONT></TD></TR>
<TR>
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Walter K. Compton</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Walter K. Compton</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Executive Vice President and General Counsel</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 23%; padding-right: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Signature</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 53%; padding-right: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Title</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 24%; padding-right: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Date</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">*</P></TD>
    <TD STYLE="text-align: center">Chairman and Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 17, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>Claiborne P. Deming</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">*</P></TD>
    <TD STYLE="text-align: center">President and Chief Executive Officer and Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 17, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>Roger W. Jenkins</B></TD>
    <TD STYLE="text-align: center">(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">*</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 17, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>T. Jay Collins</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">*</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 17, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>Steven A. Coss&eacute;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">*</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">October 17, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>Lawrence R. Dickerson</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">*</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 17, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>James V. Kelley</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">*</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 17, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>Walentin Mirosh</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">*</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 17, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>R. Madison Murphy</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">*</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 17, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>Jeffrey W. Nolan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">*</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 17, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>Neal E. Schmale</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">*</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 17, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>Laura A. Sugg</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">*</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 17, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>Elisabeth W. Keller</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">*</P></TD>
    <TD STYLE="text-align: center">Executive Vice President and Chief Financial Officer</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 17, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>David R. Looney </B></TD>
    <TD STYLE="text-align: center">(Principal Financial Officer)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">*</P></TD>
    <TD STYLE="text-align: center">Vice President and Controller</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 17, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>Christopher D. Hulse</B></TD>
    <TD STYLE="text-align: center">(Principal Accounting Officer)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;*By:</TD>
    <TD STYLE="width: 44%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid">/s/ Walter K. Compton</P></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Walter K. Compton</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Executive Vice President and General Counsel, as <BR>
Attorney-in-fact</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>2
<FILENAME>dp96824_ex05.htm
<DESCRIPTION>EXHIBIT 5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;<B>Exhibits
5 and 23(b)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New
    York<BR>
    Northern California<BR>
    Washington DC<BR>
    S&atilde;o Paulo<BR>
    London</FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Paris<BR>
    Madrid<BR>
    Tokyo<BR>
    Beijing<BR>
    Hong Kong</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><IMG SRC="image_002.jpg" ALT="DavisPolk" STYLE="height: 30px; width: 155px"></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Davis
        Polk &amp; Wardwell LLP</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">450
        Lexington Avenue<BR>
        New York, NY 10017</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">212
                    450 4000 tel</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">212
        701 5800 fax</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="text-align: right; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">October
17, 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Murphy
Oil Corporation<BR>
300 Peach Street, P.O. Box 7000<BR>
El Dorado, Arkansas 71730</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Murphy
Oil Corporation, a Delaware corporation (the &ldquo;Company&rdquo;), is filing with the Securities and Exchange Commission a Registration
Statement on Form S-3 (the &ldquo;Registration Statement&rdquo;) for the purpose of registering under the Securities Act of 1933,
as amended (the &ldquo;Securities Act&rdquo;) (a) shares of common stock, par value $1.00 per share (the &ldquo;Common Stock&rdquo;)
of the Company; (b) shares of preferred stock, par value $100.00 per share (the &ldquo;Preferred Stock&rdquo;) of the Company;
(c) the Company&rsquo;s senior debt securities (the &ldquo;Senior Debt Securities&rdquo;), which may be issued pursuant to an
indenture (the &ldquo;Senior Debt Indenture&rdquo;), dated as of May 18, 2012, between the Company and U.S. Bank National Association,
as trustee (the &ldquo;Senior Debt Trustee&rdquo;); (d) the Company&rsquo;s subordinated debt securities (the &ldquo;Subordinated
Debt Securities&rdquo; and, together with the Senior Debt Securities, the &ldquo;Debt Securities&rdquo;), which may be issued
pursuant to an indenture (the &ldquo;Subordinated Debt Indenture&rdquo; and, together with the Senior Debt Indenture, the &ldquo;Indentures&rdquo;)
between the Company and the trustee to be named therein, as trustee (the &ldquo;Subordinated Debt Trustee&rdquo; and, together
with the Senior Debt Trustee, the &ldquo;Trustees&rdquo;); (e) warrants of the Company (the &ldquo;Warrants&rdquo;), which may
be issued under one or more warrant agreements (each, a &ldquo;Warrant Agreement&rdquo;) to be entered into between the Company
and the warrant agent to be named therein (the &ldquo;Warrant Agent&rdquo;), (f) purchase contracts (the &ldquo;Purchase Contracts&rdquo;)
which may be issued under one or more purchase contract agreements (each, a &ldquo;Purchase Contract Agreement&rdquo;) to be entered
into between the Company and the purchase contract agent to be named therein (the &ldquo;Purchase Contract Agent&rdquo;), (g)
units (the &ldquo;Units&rdquo;) to be issued under one or more unit agreements to be entered into among the Company, a bank or
trust company, as unit agent (the &ldquo;Unit Agent&rdquo;), and the holders from time to time of the Units (each such unit agreement,
a &ldquo;Unit Agreement&rdquo;); and (h) depositary shares representing fractional interests in shares or multiple shares of the
Preferred Stock (the &ldquo;Depositary Shares&rdquo;), which may be issued under one or more preferred stock depositary agreements
(each, a &ldquo;Depositary Agreement&rdquo;) to be entered into between the Company and the preferred stock depositary to be named
therein (the &ldquo;Depositary&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We,
as your counsel, have examined originals or copies of such documents, corporate records, certificates of public officials and
other instruments as we have deemed necessary or advisable for the purpose of rendering this opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
rendering the opinions expressed herein, we have, without independent inquiry or investigation, assumed that (i) all documents
submitted to us as originals are authentic and complete, (ii) all documents submitted to us as copies conform to authentic, complete
originals, (iii) all documents filed as exhibits to the Registration Statement that have not been executed will conform to the
forms thereof, (iv) all signatures on all documents that we reviewed are genuine, (v) all natural persons executing documents</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">had
and have the legal capacity to do so, (vi) all statements in certificates of public officials and officers of the Company that
we reviewed were and are accurate and (vii) all representations made by the Company as to matters of fact in the documents that
we reviewed were and are accurate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Based
upon the foregoing, and subject to the additional assumptions and qualifications set forth below, we advise you that, in our opinion:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">When the
                                         necessary corporate action on the part of the Company has been taken to authorize the
                                         issuance and sale of such shares of Common Stock proposed to be sold by the Company,
                                         and when such shares of Common Stock are issued and delivered in accordance with the
                                         applicable underwriting or other agreement against payment therefor (in excess of par
                                         value thereof) or upon conversion or exercise of any security offered under the Registration
                                         Statement (the &ldquo;Offered Security&rdquo;), in accordance with the terms of such
                                         Offered Security or the instrument governing such Offered Security providing for such
                                         conversion or exercise as approved by the Board of Directors of the Company, for the
                                         consideration approved by such Board of Directors (which consideration is not less than
                                         the par value of the Common Stock), such shares of Common Stock will be validly issued,
                                         fully-paid and non-assessable.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Upon designation
                                         of the relative rights, preferences and limitations of any series of Preferred Stock
                                         by the Board of Directors of the Company and the proper filing with the Secretary of
                                         State of the State of Delaware of a Certificate of Designation relating to such series
                                         of Preferred Stock, all necessary corporate action on the part of the Company will have
                                         been taken to authorize the issuance and sale of such series of Preferred Stock proposed
                                         to be sold by the Company, and when such shares of Preferred Stock are issued and delivered
                                         in accordance with the applicable underwriting or other agreement against payment therefor
                                         (in excess of par value thereof), such shares of Preferred Stock will be validly issued,
                                         fully paid and non-assessable.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">When the
                                         applicable Indenture and any supplemental indenture to be entered into in connection
                                         with the issuance of any Debt Securities have been duly authorized, executed and delivered
                                         by the applicable Trustee and the Company; the specific terms of a particular series
                                         of Debt Securities have been duly authorized and established in accordance with such
                                         Indenture; and such Debt Securities have been duly authorized, executed, authenticated,
                                         issued and delivered in accordance with such Indenture and the applicable underwriting
                                         or other agreement against payment therefor, such Debt Securities will constitute valid
                                         and binding obligations of the Company, enforceable in accordance with their terms, subject
                                         to applicable bankruptcy, insolvency and similar laws affecting creditors&rsquo; rights
                                         generally, concepts of reasonableness and equitable principles of general applicability.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">When the
                                         Warrant Agreement to be entered into in connection with the issuance of any Warrants
                                         has been duly authorized, executed and delivered by the Warrant Agent and the Company;
                                         the specific terms of the Warrants have been duly authorized and established in accordance
                                         with the Warrant Agreement; and such Warrants have been duly authorized, executed, issued
                                         and delivered in accordance with the Warrant Agreement and the applicable underwriting
                                         or other agreement against payment therefor, such Warrants will constitute valid and
                                         binding obligations of the Company, enforceable in accordance with their terms, subject
                                         to applicable bankruptcy, insolvency and similar laws affecting creditors&rsquo; rights
                                         generally, concepts of reasonableness and equitable principles of general applicability.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">When the
                                         Purchase Contract Agreement to be entered into in connection with the issuance of any
                                         Purchase Contracts has been duly authorized, executed and delivered by the Purchase Contract
                                         Agent and the Company; the specific terms of the Purchase Contracts have been duly authorized
                                         and established in accordance with the Purchase Contract Agreement; and such Purchase
                                         Contracts have been duly authorized, executed, issued and delivered in accordance with
                                         the Purchase Contract Agreement and the applicable underwriting or other agreement against
                                         payment therefor, such Purchase Contracts will constitute valid and binding obligations
                                         of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">insolvency
and similar laws affecting creditors&rsquo; rights generally, concepts of reasonableness and equitable principles of general applicability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">When the
                                         Unit Agreement to be entered into in connection with the issuance of any Units has been
                                         duly authorized, executed and delivered by the Unit Agent and the Company; the specific
                                         terms of the Units have been duly authorized and established in accordance with the Unit
                                         Agreement; and such Units have been duly authorized, executed, issued and delivered in
                                         accordance with the Unit Agreement and the applicable underwriting or other agreement
                                         against payment therefor, such Units will constitute valid and binding obligations of
                                         the Company, enforceable in accordance with their terms, subject to applicable bankruptcy,
                                         insolvency and similar laws affecting creditors&rsquo; rights generally, concepts of
                                         reasonableness and equitable principles of general applicability.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">When the
                                         Depositary Agreement to be entered into in connection with the issuance of any Depositary
                                         Shares has been duly authorized, executed and delivered by the Depositary and the Company;
                                         and the specific terms of the Depositary Shares have been duly authorized and established
                                         in accordance with the Depositary Agreement; such Depositary Shares have been duly authorized,
                                         executed, issued and delivered in accordance with the Depositary Agreement and the applicable
                                         underwriting or other agreement against payment therefor, such Depositary Shares will
                                         constitute legal and valid interests in the corresponding shares of Preferred Stock,
                                         subject to applicable bankruptcy, insolvency and similar laws affecting creditors&rsquo;
                                         rights generally, concepts of reasonableness and equitable principles of general applicability.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
connection with the opinions expressed above, we have assumed that, at or prior to the time of the delivery of any such security,
(i) the Board of Directors of the Company shall have duly established the terms of such security and duly authorized the issuance
and sale of such security and such authorization shall not have been modified or rescinded; (ii) the Company shall remain validly
existing as a corporation in good standing under the laws of the State of Delaware; (iii) the Registration Statement shall have
become effective and such effectiveness shall not have been terminated or rescinded; (iv) the Indentures, the Debt Securities,
the Warrant Agreement, the Purchase Contract Agreement, the Unit Agreement and the Depositary Agreement are each valid, binding
and enforceable agreements of each party thereto (other than as expressly covered above in respect of the Company); and (v) there
shall not have occurred any change in law affecting the validity or enforceability of such security. We have also assumed that
(i) the terms of any security whose terms are established subsequent to the date hereof and the issuance, execution, delivery
and performance by the Company of any such security (a) require no action by or in respect of, or filing with, any governmental
body, agency or official and (b) do not contravene, or constitute a default under, any provision of applicable law or public policy
or regulation or any judgment, injunction, order or decree or any agreement or other instrument binding upon the Company and (ii)
any Depositary Agreement, Warrant Agreement, Purchase Contract Agreement and Unit Agreement will be governed by the laws of the
State of New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
are members of the Bar of the State of New York and the foregoing opinion is limited to the laws of the State of New York and
the General Corporation Law of the State of Delaware.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
hereby consent to the filing of this opinion as an exhibit to the Registration Statement referred to above and further consent
to the reference to our name under the caption &ldquo;Validity of Securities&rdquo; in the prospectus, which is a part of the
Registration Statement. In giving this consent, we do not admit that we are in the category of persons whose consent is required
under Section 7 of the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Very
truly yours,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-variant: small-caps">/s/
Davis Polk &amp; Wardwell LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>3
<FILENAME>dp96824_ex23a.htm
<DESCRIPTION>EXHIBIT 23A
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 23(a)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors<BR>
Murphy Oil Corporation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the use of our reports dated February 23, 2018,
with respect to the consolidated balance sheets of Murphy Oil Corporation and subsidiaries as of December 31, 2017 and 2016, and
the related consolidated statements of operations, comprehensive income (loss), cash flows, and stockholders&rsquo; equity for
each of the years in the three-year period ended December 31, 2017, and the related notes and financial statement Schedule II &ndash;
Valuation Accounts and Reserves (collectively, the &ldquo;consolidated financial statements&rdquo;), and the effectiveness of internal
control over financial reporting as of December 31, 2017, incorporated herein by reference in the Registration Statement on Form
S-3 and to the reference to our firm under the heading &ldquo;Experts&rdquo; in the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ KPMG LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Houston, Texas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October 17, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>4
<FILENAME>dp96824_ex24.htm
<DESCRIPTION>EXHIBIT 24
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 24</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">POWER OF ATTORNEY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">KNOW ALL MEN BY THESE PRESENTS, that each
person whose signature appears below constitutes and appoints each of Roger W. Jenkins, Walter K. Compton and David R. Looney, and
each of them singly, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution,
to do any and all acts and things and execute, in the name of the undersigned, any and all instruments which said attorneys-in-fact
and agents may deem necessary or advisable in order to enable Murphy Oil Corporation to comply with the Securities Act of 1933,
as amended (the &ldquo;1933 Act&rdquo;) and any requirements of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
in respect thereof, in connection with the filing with the Commission of a registration statement on Form S-3 under the 1933 Act,
including specifically but without limitation, power and authority to sign the name of the undersigned to such registration statement,
and any amendments to such registration statement (including post-effective amendments), and any registration statement contemplated
by Rule 462(b) under the 1933 Act relating thereto, and to file the same with all exhibits thereto and other documents in connection
therewith, with the Commission, to sign any and all applications, registration statements, notices or other documents necessary
or advisable to comply with the 1933 Act or the Securities Exchange Act of 1934, as amended, and any applicable state securities
laws, and to file the same, together with other documents in connection therewith with the Commission and any appropriate state
securities authorities, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and to
perform each and every act and thing requisite or necessary to be done in and about the premises, as fully and to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents,
and each of them, or their substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid; padding-right: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signature</B></P></TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid; padding-right: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Title</B></P></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date</B></P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid">/s/ Claiborne P.
Deming</P></TD>
    <TD STYLE="vertical-align: top; text-align: center">Chairman and Director</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">October 3, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Claiborne P. Deming</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid">/s/ Roger W. Jenkins</P></TD>
    <TD STYLE="text-align: center">President and Chief Executive Officer and Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 3, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Roger W. Jenkins</TD>
    <TD STYLE="text-align: center">(Principal Executive Officer)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid">/s/ T. Jay Collins</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 3, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>T. Jay Collins</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid">/s/ Steven A. Coss&eacute;</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 3, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Steven A. Coss&eacute;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid">/s/ Lawrence R. Dickerson</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">October 3, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Lawrence R. Dickerson</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid">/s/ James V. Kelley</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 3, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>James V. Kelley</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid">/s/ Walentin Mirosh</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 3, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Walentin Mirosh</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid">/s/ R. Madison Murphy</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 3, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>R. Madison Murphy</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <TD STYLE="width: 38%; border-bottom: Black 1pt solid; padding-right: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signature</B></P></TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid; padding-right: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Title</B></P></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date</B></P></TD>
</TR>

<TR>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid">/s/ Jeffrey W. Nolan</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 3, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Jeffrey W. Nolan</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid">/s/ Neal E. Schmale</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 3, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Neal E. Schmale</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid">/s/ Laura A. Sugg</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 3, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Laura A. Sugg</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid">/s/ Elisabeth W.
Keller</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="white-space: nowrap; text-align: center">October 3, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Elisabeth W. Keller</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid">/s/ David R. Looney</P></TD>
    <TD STYLE="vertical-align: top; text-align: center">Executive Vice President and Chief Financial Officer</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">October 3, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>David R. Looney </TD>
    <TD STYLE="text-align: center">(Principal Financial Officer)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid">/s/ Christopher D.
Hulse</P></TD>
    <TD STYLE="vertical-align: top; text-align: center">Vice President and Controller</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">October 3, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Christopher D. Hulse</TD>
    <TD STYLE="text-align: center">(Principal Accounting Officer)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
</TABLE>

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<TYPE>EX-25
<SEQUENCE>5
<FILENAME>dp96824_ex25a.htm
<DESCRIPTION>EXHIBIT 25A
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 25(a)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>SECURITIES
        AND EXCHANGE COMMISSION</B></FONT></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">__________________________</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM T-1</B></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Statement
        of Eligibility Under</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>The
        Trust Indenture Act of 1939 of a </B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Corporation
        Designated to Act as Trustee</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Check if an Application to Determine Eligibility
        of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">a Trustee Pursuant to Section 305(b)(2)
        <FONT STYLE="font-size: 14pt">&#9633;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">__________________________________________________</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>U.S. BANK NATIONAL ASSOCIATION</B></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of Trustee as specified in its
        charter)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>31-0841368</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(I.R.S. Employer Identification No.)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
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<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">800 Nicollet Mall</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Minneapolis, Minnesota</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">55402 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>
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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Felicia H. Powell<BR>
U.S. Bank National Association<BR>
1349 West Peachtree St. NW, Suite 1050<BR>
Atlanta, GA 30309<BR>
(404) 898-8828<BR>
(Name, address and telephone number of agent for service)</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>Murphy Oil Corporation</B></FONT><BR>
(Issuer with respect to the Securities)</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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    <TD STYLE="width: 63%; border: black 1pt solid; text-align: center">Delaware </TD>
    <TD STYLE="width: 37%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">71-0361522</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">(State or other jurisdiction of incorporation or organization)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">(I.R.S. Employer Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TR>
    <TD STYLE="vertical-align: top; width: 50%; border: black 1pt solid; text-align: center">300 Peach Street<BR>
P.O. Box 7000<BR>
El Dorado, AR</TD>
    <TD STYLE="vertical-align: bottom; width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">71731</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Debt Securities</B></FONT><BR>
(Title of the Indenture Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FORM T-1</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<TR>
    <TD STYLE="vertical-align: top; width: 0.75in"><FONT STYLE="font-size: 10pt"><B>Item 1.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>GENERAL INFORMATION.</B> Furnish the following information as to the Trustee.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"></FONT></P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
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    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">a)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><I>Name and address of each examining or supervising authority to which it is subject.</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25in"><FONT STYLE="font-size: 10pt">Comptroller of the Currency</FONT><BR> <FONT STYLE="font-size: 10pt">Washington, D.C.</FONT> &nbsp;</P>



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    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">b)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><I>Whether it is authorized to exercise corporate trust powers.</I></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25in">&nbsp;  <FONT STYLE="font-size: 10pt">Yes</FONT></P>



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    <TD STYLE="width: 0.75in"><FONT STYLE="font-size: 10pt"><B>Item 2.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>AFFILIATIONS WITH OBLIGOR.</B> <I>If the obligor is an affiliate of the Trustee, describe each such affiliation.</I></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp; &nbsp; <FONT STYLE="font-size: 10pt">None</FONT></P>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in"><FONT STYLE="font-size: 10pt"><B>Items 3-15</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><I>Items 3-15 are not applicable because to the best of the Trustee&rsquo;s knowledge, the obligor is not in default under any Indenture for which the Trustee acts as Trustee.</I></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in"><FONT STYLE="font-size: 10pt"><B>Item 16.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>LIST OF EXHIBITS: </B><I>List below all exhibits filed as a part of this statement of eligibility and qualification.</I></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">A copy of the Articles of Association of the Trustee.*</FONT></TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">A copy of the certificate of authority of the Trustee to commence business, attached as Exhibit 2.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">A copy of the certificate of authority of the Trustee to exercise corporate trust powers, attached as Exhibit 3.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">A copy of the existing bylaws of the Trustee.**</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">A copy of each Indenture referred to in Item 4. Not applicable.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939, attached as Exhibit 6.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Report of Condition of
the Trustee as of June 30, 2018 published pursuant to law or the requirements of its supervising or examining authority, attached
as Exhibit 7.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>Incorporated by reference to Exhibit 25.1 to Amendment No. 2 to registration statement on S-4, Registration Number 333-128217
filed on November 15, 2005.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">**</TD><TD>Incorporated by reference to Exhibit 25.1 to registration statement on form S-3ASR, Registration Number 333-199863 filed on
November 5, 2014.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Trust Indenture Act of 1939,
as amended, the Trustee, U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of
the United States of America, has duly caused this statement of eligibility and qualification to be signed on its behalf by the
undersigned, thereunto duly authorized, all in the City of Atlanta, State of Georgia on the 17<SUP>th</SUP> of October, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 40%; border-bottom: black 1pt solid">/s/ Felicia H. Powell</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Felicia H. Powell</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Assistant Vice President</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U></U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Exhibit 2</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<IMG SRC="image_006.gif" ALT=""></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Exhibit 3</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<IMG SRC="image_005.gif" ALT=""></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>U.S. BANK NATIONAL ASSOCIAT IO N, AKA U.S. BANK, N.A</B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B><U>AUTHORIZED SIGNER(S)</U></B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.25pt; text-align: justify; text-indent: 35.55pt">I hereby certify that the following is a true and exact extract of Atticle VI of the Bylaws presently in effect for U.S.
Bank National Association, an association organized and existing under the laws of the United States:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.9pt 0pt 8pt; text-align: justify; text-indent: -0.7pt">&nbsp;</P>



<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>ARTICLE VI.</B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>CONVEYANCES, CONTRACTS, ETC.</B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.25pt; text-align: justify; text-indent: 35.55pt">All transfers and conveyances of real estate, mortgages, and transfers, endorsements or assignments of stock, bonds, notes,
debentures or other negotiable instruments, securities or personal property shall be signed by any elected or appointed officer.</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.25pt; text-align: justify; text-indent: 35.55pt">All checks, drafts, certificates of deposit and all funds of the Association held in it s own or in a fiduciary capacity
may be paid out by an order, draft or check bearing the manual or facsimile signature of any elected or appointed officer
of the Association.</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.25pt; text-align: justify; text-indent: 35.55pt">All mortgage satisfactions, releases, all types of loan agreements, all routine transactional documents of the Association
, and all ot her instruments not specifically provided for, whether to be executed in a fiduciary capacity or otherwise, may
be signed on behalf of the Association by any elected or appointed officer thereof.</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.25pt; text-align: justify; text-indent: 35.55pt">The Secretary or any Assistant Secretary of the Association or other proper officer may execute and certify that required
action or authority has been given or has taken place by resolution of the Board under this Bylaw without the necessity of
further action by the Board.</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">I further certify that the officers listed below of U.S. Bank National Association, have been duly elected and qualified and
now hold the office listed herein, and that the signature of such officer is authentic:</P>



<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0; margin-left: 1in">Felicia H. Powell &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assistant Vice President</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">IN WITNESS WHEREOF, I have hereunto set my hand to be affixed hereto this 17th day of October 2018.</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">U.S. Bank National
Association</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;<IMG SRC="image_007.gif" ALT="" STYLE="width: 276px; height: 50px"></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;&nbsp;</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Exhibit 6</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In accordance with Section 321(b) of the
Trust Indenture Act of 1939, the undersigned, U.S. BANK NATIONAL ASSOCIATION hereby consents that reports of examination of the
undersigned by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange
Commission upon its request therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: October 17, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 40%; border-bottom: black 1pt solid">/s/ Felicia H. Powell</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Felicia H. Powell</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Assistant Vice President</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center; text-indent: 0in"><B><U>Exhibit 7</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center; text-indent: 0in"><B>U.S. Bank National Association</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center; text-indent: 0in"><B>Statement of Financial Condition</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center; text-indent: 0in"><B>As of 6/30/2018</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 42%; text-align: center; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center; text-indent: 0in"><B>($000&rsquo;s)</B></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; text-align: right; border-bottom: Black 1pt solid"><B>6/30/2018</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; width: 46%"><B>Assets</B></TD>
    <TD STYLE="text-indent: 0in; width: 12%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0in; padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash
        and Balances Due From Depository Institutions</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P></TD>
    <TD STYLE="text-indent: 0in; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$18,933,741</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Securities</FONT></TD>
    <TD STYLE="text-indent: 0in; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">111,465,209</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Federal
    Funds</FONT></TD>
    <TD STYLE="text-indent: 0in; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">92,722</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loans
    &amp; Lease Financing Receivables</FONT></TD>
    <TD STYLE="text-indent: 0in; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">279,066,037</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fixed
    Assets</FONT></TD>
    <TD STYLE="text-indent: 0in; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,726,559</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Intangible
    Assets</FONT></TD>
    <TD STYLE="text-indent: 0in; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,023,820</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    Assets</FONT></TD>
    <TD STYLE="text-indent: 0in; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26,714,957</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total
    Assets</B></FONT></TD>
    <TD STYLE="text-indent: 0in; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$453,023,045</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; text-indent: 0in"><B>Liabilities</B></TD>
    <TD STYLE="width: 12%; text-indent: 0in; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 0.125in">Deposits</TD>
    <TD STYLE="text-indent: 0in; text-align: right">$350,952,197</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 0.125in">Fed Funds</TD>
    <TD STYLE="text-indent: 0in; text-align: right">2,497,543</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 0.125in">Treasury Demand Notes</TD>
    <TD STYLE="text-indent: 0in; text-align: right">0</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 0.125in">Trading Liabilities</TD>
    <TD STYLE="text-indent: 0in; text-align: right">904,426</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 0.125in">Other Borrowed Money</TD>
    <TD STYLE="text-indent: 0in; text-align: right">34,319,863</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 0.125in">Acceptances</TD>
    <TD STYLE="text-indent: 0in; text-align: right">0</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 0.125in">Subordinated Notes and Debentures</TD>
    <TD STYLE="text-indent: 0in; text-align: right">3,300,000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 0.125in">Other Liabilities</TD>
    <TD STYLE="text-indent: 0in; text-align: right; border-bottom: Black 1pt solid">13,252,394</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 0.125in"><B>Total Liabilities</B></TD>
    <TD STYLE="text-indent: 0in; text-align: right"><B>$405,226,423</B></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>



<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; text-indent: 0in"><B>Equity</B></TD>
    <TD STYLE="width: 12%; text-indent: 0in; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 0.125in">Common and Preferred Stock</TD>
    <TD STYLE="text-indent: 0in; text-align: right">18,200</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 0.125in">Surplus</TD>
    <TD STYLE="text-indent: 0in; text-align: right">14,266,915</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 0.125in">Undivided Profits</TD>
    <TD STYLE="text-indent: 0in; text-align: right">32,711,429</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 0.125in">Minority Interest in Subsidiaries</TD>
    <TD STYLE="text-indent: 0in; text-align: right; border-bottom: Black 1pt solid">800,078</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 0.25in"><B>Total Equity Capital</B></TD>
    <TD STYLE="text-indent: 0in; text-align: right"><B>$47,796,622</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><B>Total Liabilities and Equity Capital</B></TD>
    <TD STYLE="text-indent: 0in; text-align: right"><B>$453,023,045</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25
<SEQUENCE>6
<FILENAME>dp96824_ex25b.htm
<DESCRIPTION>EXHIBIT 25B
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 25(b)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top: Black 2.25pt double">UNITED
STATES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">____________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM T-1</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STATEMENT OF ELIGIBILITY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNDER THE TRUST INDENTURE ACT OF 1939 OF
A</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CORPORATION DESIGNATED TO ACT AS TRUSTEE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_____________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">__ CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b) (2)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WELLS FARGO BANK, NATIONAL ASSOCIATION
</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of trustee as specified in its
charter)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 11pt"><B>A National Banking Association</B></FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 11pt"><B>94-1347393</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">(Jurisdiction of incorporation or</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">(I.R.S. Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">organization if not a U.S. national</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">bank)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt"><B>101 North Phillips Avenue</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt"><B>Sioux Falls, South Dakota</B></FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;<B>57104</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">(Address of principal executive offices)</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">(Zip code)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Wells Fargo &amp; Company<BR>
Law Department, Trust Section</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MAC N9305-175</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Sixth
Street and Marquette Avenue, 17<SUP>th</SUP></B></FONT><B> Floor</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Minneapolis, Minnesota 55479</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(612) 667-4608</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address and telephone number of agent
for service)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">____________________________________________________________________________________________</FONT><BR>
<FONT STYLE="font-size: 14pt"><B>MURPHY OIL CORPORATION</B></FONT><BR>
<FONT STYLE="font-size: 11pt">(Exact Name of Registrant as Specified in Its Charter) </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-size: 11pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-size: 11pt"><B>71-0361522</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">(State or Other Jurisdiction of</FONT><BR>
<FONT STYLE="font-size: 11pt">Incorporation or Organization)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">(I.R.S. Employer</FONT><BR>
<FONT STYLE="font-size: 11pt">Identification Number)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>300 Peach Street, P.O. Box 7000</B><BR>
<B>El Dorado, Arkansas 71731-7000</B><BR>
<B>(870) 862-6411</B><BR>
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant&rsquo;s Principal Executive Offices)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SENIOR DEBT SECURITIES</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">Item 1.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><U>General Information.</U> Furnish
                                         the following information as to the trustee:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="padding-right: 0.5in"><FONT STYLE="font-size: 10pt">Name
                                         and address of each examining or supervising authority to which it is subject.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">Comptroller
of the Currency</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">Treasury
Department</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">Washington,
D.C.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">Federal
Deposit Insurance Corporation</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">Washington,
D.C.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">Federal
Reserve Bank of San Francisco</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">San
Francisco, California 94120</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="padding-right: 0.5in"><FONT STYLE="font-size: 10pt">Whether
                                         it is authorized to exercise corporate trust powers.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
trustee is authorized to exercise corporate trust powers.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">Item 2.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><U>Affiliations with Obligor.</U>
                                         If the obligor is an affiliate of the trustee, describe each such affiliation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">None
with respect to the trustee.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">No responses are included for
Items 3-14 of this Form T-1 because the obligor is not in default as provided under Item 13.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">Item 15.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><U>Foreign
                                         Trustee.</U>&#9;Not applicable.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">Item 16.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><U>List
                                         of Exhibits.</U>&#9;List below all exhibits filed as a part of this Statement of Eligibility.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit 1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">A copy of the Articles
of Association of the trustee now in effect.*</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit 2.</FONT></TD><TD><FONT STYLE="font-size: 10pt">A
copy of the Comptroller of the Currency Certificate of Corporate</FONT><BR>
<FONT STYLE="font-size: 10pt">Existence for Wells Fargo Bank, National Association, dated January 14, 2015.*</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.25in; text-indent: -0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit 3.</FONT></TD><TD><FONT STYLE="font-size: 10pt">A copy of the Comptroller
of the Currency Certification of Fiduciary Powers for Wells Fargo Bank, National Association, dated January 6, 2014.*</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.25in; text-indent: -0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit 4.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Copy of By-laws of the
trustee as now in effect.*</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit 5.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Not applicable.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit 6.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The consent of the trustee
required by Section 321(b) of the Act.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit 7.</FONT></TD><TD><FONT STYLE="font-size: 10pt">A copy of the latest report
of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.25in; text-indent: -0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit 8.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Not applicable.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.75in; font-size: 12pt"><FONT STYLE="font-size: 10pt">Exhibit 9.</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Not applicable.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">* Incorporated by
reference to the exhibit of the same number to the trustee&rsquo;s Form T-1 dated March 13, 2015 filed with the SEC pursuant to
Section 305(b)(2) of the Trust Indenture Act of 1939, as amended, with respect to file number 333-190926.<BR></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;<BR></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">SIGNATURE</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Pursuant to the requirements
of the Trust Indenture Act of 1939, as amended, the trustee, Wells Fargo Bank, National Association, a national banking association
organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed
on its behalf by the undersigned, thereunto duly authorized, all in the City of Dallas and State of Texas on the 17<SUP>th</SUP>
of October, 2018.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">WELLS FARGO BANK, NATIONAL ASSOCIATION</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 56%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;<IMG SRC="image_003.jpg" ALT="" STYLE="height: 38px; width: 215px"></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Patrick T.
Giordano</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">EXHIBIT
6</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">October 17, 2018</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange
Commission</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0"><FONT STYLE="font-size: 10pt">Washington, D.C. 20549</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0"><FONT STYLE="font-size: 10pt">Gentlemen:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0"><FONT STYLE="font-size: 10pt">In accordance with
Section 321(b) of the Trust Indenture Act of 1939, as amended, the undersigned hereby consents that reports of examination of
the undersigned made by Federal, State, Territorial, or District authorities authorized to make such examination may be furnished
by such authorities to the Securities and Exchange Commission upon its request thereof.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-indent: 2.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-indent: 2.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-indent: 2.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Very
truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">WELLS FARGO BANK, NATIONAL ASSOCIATION</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 56%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;<IMG SRC="image_003.jpg" ALT="" STYLE="height: 38px; width: 215px"></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Patrick T.
Giordano</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-indent: 2.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-indent: 2.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-indent: 2.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Exhibit 7</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Consolidated
Report of Condition of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Wells Fargo
Bank National Association</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">of 101 North
Phillips Avenue, Sioux Falls, SD 57104</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">And Foreign
and Domestic Subsidiaries,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">at the close
of business June 30, 2018, filed in accordance with 12 U.S.C. &sect;161 for National Banks.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">Dollar Amounts</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">In Millions</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">ASSETS</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Cash and balances due from depository institutions:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCEBF4">
    <TD STYLE="width: 68%; text-align: justify; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Noninterest-bearing balances and currency and coin</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="text-align: right; width: 14%"><FONT STYLE="font-size: 10pt">19,803</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Interest-bearing balances</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">143,123</FONT></TD></TR>
<TR STYLE="background-color: #DCEBF4">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Securities:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Held-to-maturity securities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">144,098</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCEBF4">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Available-for-sale securities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">250,007</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Equity Securities with readily determinable fair value not held for trading</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">94</FONT></TD></TR>
<TR STYLE="background-color: #DCEBF4">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Federal funds sold and securities purchased under agreements to resell:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCEBF4">
    <TD STYLE="vertical-align: bottom; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Federal funds sold in domestic offices</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">79</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="vertical-align: bottom; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Securities purchased under agreements to resell</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">34,203</FONT></TD></TR>
<TR STYLE="background-color: #DCEBF4">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Loans and lease financing receivables:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Loans and leases held for sale</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">13,308</FONT></TD></TR>
<TR STYLE="background-color: #DCEBF4">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Loans and leases, net of unearned income</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">918,993</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">LESS: Allowance for loan and lease losses</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">9,864</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCEBF4">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Loans and leases, net of unearned income and allowance</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">909,129</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Trading Assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">44,974</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCEBF4">
    <TD><FONT STYLE="font-size: 10pt">Premises and fixed assets (including capitalized leases)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8,073</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Other real estate owned</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">502</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCEBF4">
    <TD><FONT STYLE="font-size: 10pt">Investments in unconsolidated subsidiaries and associated companies</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">12,118</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Direct and indirect investments in real estate ventures</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">163</FONT></TD></TR>
<TR STYLE="background-color: #DCEBF4">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Intangible assets</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">40,514</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Other assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">54,889</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCEBF4">
    <TD><FONT STYLE="font-size: 10pt">Total assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="text-decoration: none">&nbsp;&nbsp;1,675,077</U></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: #DCEBF4">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">LIABILITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Deposits:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCEBF4">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">In domestic offices</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">$1,269,998</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Noninterest-bearing</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">415,406</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: #DCEBF4">
    <TD STYLE="vertical-align: bottom; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Interest-bearing</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">854,592</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">In foreign offices, Edge and Agreement subsidiaries, and IBFs</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">52,292</FONT></TD></TR>
<TR STYLE="background-color: #DCEBF4">
    <TD STYLE="vertical-align: bottom; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Noninterest-bearing</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">897</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Interest-bearing</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">51,395</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: #DCEBF4">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Federal funds purchased and securities sold under agreements to repurchase:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Federal funds purchased in domestic offices</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8,421</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCEBF4">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Securities sold under agreements to repurchase</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6,394</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 6in">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Dollar Amounts</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">In Millions</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 83%; text-align: left">Trading liabilities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">11,024</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD STYLE="text-align: left">Other borrowed money</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">(includes mortgage indebtedness and obligations under capitalized leases)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">116,305</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD STYLE="text-align: left">Subordinated notes and debentures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,749</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,525</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,510,708</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD STYLE="text-align: left">EQUITY CAPITAL</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Perpetual preferred stock and related surplus</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD STYLE="text-align: left">Common stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">519</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Surplus (exclude all surplus related to preferred stock)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,567</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD STYLE="text-align: left">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,424</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accumulated other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-3,482</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD STYLE="text-align: left">Other equity capital components</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD STYLE="text-align: left">Total bank equity capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164,028</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Noncontrolling (minority) interests in consolidated subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">341</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total equity capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164,369</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total liabilities, and equity capital</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,675,077</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 6in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 6in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 6in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">I, John R. Shrewsberry, Sr. EVP
&amp; CFO of the above-named bank do hereby declare that this Report of Condition has been prepared in conformance with the instructions
issued by the appropriate Federal regulatory authority and is true to the best of my knowledge and belief.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6in"><FONT STYLE="font-size: 10pt">John R. Shrewsberry</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6in"><FONT STYLE="font-size: 10pt">Sr. EVP &amp;
CFO</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We, the undersigned directors,
attest to the correctness of this Report of Condition and declare that it has been examined by us and to the best of our knowledge
and belief has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is
true and correct.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Directors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Enrique Hernandez, Jr</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Federico F. Pena</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">James Quigley</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
