<SEC-DOCUMENT>0000950103-22-010738.txt : 20220823
<SEC-HEADER>0000950103-22-010738.hdr.sgml : 20220823
<ACCEPTANCE-DATETIME>20220616144329
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-22-010738
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220616

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MURPHY OIL CORP
		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:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		9805 KATY FWY
		STREET 2:		SUITE G-200
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024
		BUSINESS PHONE:		2816759000

	MAIL ADDRESS:	
		STREET 1:		9805 KATY FWY
		STREET 2:		SUITE G-200
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MURPHY OIL CORP /DE
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW MURPHY OIL CORP /DE
		DATE OF NAME CHANGE:	19831115
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="image_002.jpg" ALT=""></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 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">June 16, 2022</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">Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.E.<BR>
Washington, DC 20549</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" WIDTH="100%" STYLE="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">Attn:</FONT></TD><TD><FONT STYLE="font-size: 10pt">Mr. Michael Purcell<BR>
                                            Mr. Ethan Horowitz</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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">Re:</FONT></TD><TD><FONT STYLE="font-size: 10pt">Murphy Oil Corporation<BR>
                                            Form 10-K for the Fiscal Year Ended December 31, 2021<BR>
                                            Filed February 25, 2022<BR>
                                            File No. 001-08590</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"><FONT STYLE="font-size: 10pt">Ladies and Gentlemen:</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">This letter sets forth Murphy Oil Corporation&rsquo;s
responses to the June 2, 2022 comment letter from the staff (the &ldquo;Staff&rdquo;) of the Securities and Exchange Commission (the
&ldquo;SEC&rdquo;) regarding Murphy&rsquo;s Form 10-K for the year ended December 31, 2021, filed on February 25, 2022 (&ldquo;Form 10-K&rdquo;).
We have reproduced the Staff&rsquo;s comments preceding our response below.</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"><U>General</U></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" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="font-size: 10pt"><I>1.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>We
                                            note that you provided more expansive disclosure in your Sustainability Report than you provided
                                            in your SEC filings. Please advise us what consideration you gave to providing the same type
                                            of climate-related disclosure in your SEC filings as you provided in your Sustainability
                                            Report.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt 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"><FONT STYLE="font-size: 10pt">The information in our Form 10-K and
other SEC filings is prepared in accordance with U.S. securities law disclosure requirements that apply in the context of our business,
financial condition and results of operations. Accordingly, we provide disclosure in our SEC filings regarding particular events, transactions,
trends, uncertainties, impacts or other matters based on specific line-item disclosure requirements and after generally taking into account
whether or not any information is material to, or is reasonably likely to have a material impact on, our business, financial condition
or results of operations, in consideration of the size, scope and nature of our business. We believe our Form 10-K and other SEC filings
include all information that is material to an understanding of our business and that is otherwise responsive to the SEC&rsquo;s specific
disclosure requirements.</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">Separately, we voluntarily prepare a
Sustainability Report that we update annually, in which we report on certain environmental, social and governance (&ldquo;ESG&rdquo;)
matters that we believe may be of interest to a broad range of stakeholders, including not only our investors but also our employees,
customers, suppliers, and the communities in which we operate. Our Sustainability Report also aligns with multiple voluntary</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(0,60,113)">9805 Katy Freeway, Suite G-200, Houston, Texas 77024</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #003C71">281.675.9000</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #003C71">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission<BR> Division of Corporation Finance<BR> June 16, 2022</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">frameworks and is responsive to the
relevant topics of interest under those frameworks applicable to our company, in terms of our activities and initiatives involving ESG
matters.</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">The scope of matters discussed in our
Sustainability Report does not correspond with public company disclosure requirements. While the ESG matters discussed in our Sustainability
Report are not currently (and have historically not been) material to our business, financial condition and results of operations, with
respect to future SEC filings, we will continue to monitor and evaluate whether inclusion of any specific pending or existing climate-related
or other ESG matters may be warranted based on materiality and applicable disclosure requirements.</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"><U>Risk Factors, page 15</U></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" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="font-size: 10pt"><I>2.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>It
                                            appears that you have identified demand for less carbon intensive energy sources and the
                                            technological advancement of non-fossil-fuel energy sources as transition risks related to
                                            climate change. Please expand your disclosure to address the effects of these transition
                                            risks on your business, financial condition, and results of operations in greater detail.
                                            Additionally, tell us about other transition risks related to climate change, such as market
                                            trends that may alter business opportunities and credit risks, and explain how you considered
                                            providing related disclosure in your SEC filings.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt 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"><FONT STYLE="font-size: 10pt">We believe the disclosures in our Form
10-K and other SEC filings address the effects of a reduction in demand of carbon intensive energy sources and technological advances
affecting energy consumption on our business, financial condition and result of operations. The consequences of such transition risks
will be reflected in the prices of crude oil, natural gas and/or natural gas liquids. In our Form 10-K, under the caption &ldquo;Risk
Factors&mdash;Price Risk Factors&rdquo; beginning on page 15, we describe how price volatility may significantly affect the Company&rsquo;s
business, financial condition and result of operations.</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">One of the most significant factors
impacting the Company&rsquo;s results of operations is the sales prices for our products. In turn, among the many factors influencing
sales prices are the demand for our products, increased activism, and changes in public sentiment for oil and gas activities, including
the transition to a lower carbon economy. In our Risk Factor disclosure under the caption &ldquo;<I>We face various risks associated
with increased activism against, or change in public sentiment for, oil and gas exploration, development, and production activities and
sustainability considerations, including climate change and the transition to a lower carbon economy</I>&rdquo;, we specifically note
that &ldquo;a change in public sentiment regarding the oil and gas industry could result in a reduction in the demand for our products
or otherwise affect our results of operations or financial condition.&rdquo; In addition, our Risk Factors address the challenges to
our business model due to environmental and social trends changes toward less carbon intensive energy sources.</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">We will continue to monitor and evaluate
whether inclusion of more specific disclosures regarding the risks posed by the energy transition may be warranted based on materiality
and applicable disclosure requirements. For additional discussion regarding the kinds of impacts that climate-related regulation and
business trends could potentially have on our business, financial condition and results of operations in, please refer to our answer
in response to the Staff&rsquo;s comment 5, below.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission<BR> Division of Corporation Finance<BR> June 16, 2022</P><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="font-size: 10pt"><I>3.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Disclose
                                            any material litigation risks related to climate change and explain the potential impact
                                            to the company.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">We have not identified specific
litigation risks related to climate change that have had, or are reasonably likely to have, a material impact on our business, financial
condition and result of operations. While the Company has been named a co-defendant with other oil and gas companies in lawsuits related
to climate change, these lawsuits have not resulted in, and are not currently expected to result in, material liability for the Company.
We will continue to monitor and evaluate whether inclusion of any specific litigation risks related to climate change may be warranted
in future SEC filings based on materiality and applicable disclosure requirements.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 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"><U>Management&rsquo;s Discussion and
Analysis of Financial Condition and Results of Operations, page 32</U></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" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="font-size: 10pt"><I>4.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>We
                                            note from the disclosure on page 48 of your Form 10-K that you allocate a portion of your
                                            capital expenditures towards compliance with existing and anticipated environmental laws
                                            and regulations. We also note the language in your Sustainability Report regarding investments
                                            you have made and technologies you have implemented to reduce greenhouse gas and other emissions.
                                            Please revise your disclosure to identify any material past and/or future capital expenditures
                                            for climate-related projects. Quantify these expenditures for each of your last three years
                                            and amounts budgeted for future periods in your response. In addition, quantify compliance
                                            costs incurred related to climate change for the same periods.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt"><I>Capital expenditures related
to the reduction of greenhouse gases and other emissions</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">To the extent capital expenditures
for climate-related projects refer to capital expenditures related to the reduction of greenhouse gases and other emissions from our
operations, these expenditures are not material to the understanding of our business and are immaterial for the periods presented in
our Form 10-K. For the years ended December 31, 2021, 2020 and 2019, capital expenditures related to the reduction of greenhouse gas
and other emissions were less than 1% of total capital expenditures. Budgeted costs for the current year are also less than 1% of overall
budgeted capital expenditures.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">To the extent our capital
expenditures related to the reduction of greenhouse gases and other emissions in fiscal year 2022 (or a future fiscal year) are material,
we will provide appropriate disclosure in accordance with applicable disclosure requirements.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt"><I>Compliance costs incurred
related to climate change</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">To the extent capital expenditures
for climate-related projects refer to compliance costs incurred related to climate change, for the years ended December 31, 2021, 2020
and 2019, compliance costs incurred related to existing and anticipated environmental laws and regulations were less than 1% of &ldquo;Selling
and general expenses&rdquo; as per the consolidated statements of operations included in our Form 10-K, and therefore were not material
to our business. Budgeted costs for the current year are also less than 1% of overall budgeted &ldquo;Selling and general expenses&rdquo;.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission<BR> Division of Corporation Finance<BR> June 16, 2022</P><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company acknowledges the adoption
of future climate change legislation or regulation could result in increased &ldquo;Lease operating expenses&rdquo; and/or &ldquo;Selling
and general expenses&rdquo; as per the consolidated statement of operations. We confirm that in future filings, when material or otherwise
responsive to disclosure requirements, we will include additional disclosure regarding the compliance costs we incur related to climate
change.</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" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="font-size: 10pt"><I>5.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>To
                                            the extent material, discuss the indirect consequences of climate-related regulation or business
                                            trends, such as the following:<BR>
                                            <BR></I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-right: 24.2pt"><FONT STYLE="font-size: 10pt"><I>any
                                            anticipated reputational risks resulting from operations or products that produce material
                                            greenhouse gas emissions;</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-right: 24.2pt"><FONT STYLE="font-size: 10pt"><I>increased
                                            competition to develop innovative new products that result in lower emissions; and</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-right: 24.2pt"><FONT STYLE="font-size: 10pt"><I>developments
                                            that create new opportunities such as low-carbon technologies that complement your existing
                                            assets.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">Our Form 10-K discusses the
kinds of impacts that climate-related regulation and business trends could potentially have on our business, financial condition and
results of operations in, for example, &ldquo;Business&mdash;Sustainability&rdquo; beginning on page 10, and &ldquo;Risk Factors&rdquo;
beginning on page 15 under the following captions:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-right: 24.2pt"><FONT STYLE="font-size: 10pt"><I>&ldquo;Murphy&rsquo;s
                                            business is subject to operational hazards, physical security risks and risks normally associated
                                            with the exploration and production of oil and natural gas, which could become more significant
                                            as a result of climate change.&rdquo;</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-right: 24.2pt"><FONT STYLE="font-size: 10pt"><I>&ldquo;Murphy
                                            is subject to numerous environmental, health and safety laws and regulations, and such existing
                                            and any potential future laws and regulations may result in material liabilities and costs.&rdquo;</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-right: 24.2pt"><FONT STYLE="font-size: 10pt"><I>&ldquo;Murphy&rsquo;s
                                            operations and earnings have been and will continue to be affected by domestic and worldwide
                                            political developments.&rdquo;</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>&ldquo;Murphy
                                            could face long-term challenges to the fossil fuels business model reducing demand and price
                                            for hydrocarbon fuels.&rdquo;</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>&ldquo;We
                                            face various risks associated with increased activism against, or change in public sentiment
                                            for, oil and gas exploration, development, and production activities and sustainability considerations,
                                            including climate change and the transition to a lower carbon economy.&rdquo;</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">Further, to the extent the
indirect consequences of climate-related regulation or business trends result in reduced demand for crude oil, natural gas and/or natural
gas liquids, those consequences will be reflected in the price for such commodities. We provide significant disclosure in our SEC filings</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission<BR> Division of Corporation Finance<BR> June 16, 2022</P><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">regarding the impacts that
such price changes could potentially have on our business, financial condition and results of operations under &ldquo;Risk Factors&mdash;Price
Risk Factors&rdquo; beginning on page 15.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">To the extent that in the
future we identify direct or indirect consequences of climate-related regulation or business trends that are (or we believe are reasonably
likely to be) material to our business, financial condition or results of operations, we undertake to provide appropriate disclosure
regarding such consequences, in accordance with applicable disclosure requirements. We will also continue to monitor risks related to
the consequences of climate-related regulation or business trends and evaluate whether updates to our Risk Factor disclosures may be
warranted in future filings.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="font-size: 10pt"><I>6.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>We
                                            note the disclosure on page 19 regarding your vulnerability to severe weather. Please provide
                                            additional disclosure discussing the potential for indirect weather-related impacts that
                                            have affected or may affect your major customers or suppliers.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">We acknowledge the Staff&rsquo;s
comment and in future SEC filings will supplement our existing risk factor disclosure under the caption &ldquo;<I>Murphy&rsquo;s business
is subject to operational hazards, physical security risks and risks normally associated with the exploration and production of oil and
natural gas, which could become more significant as a result of climate change</I>&rdquo; to discuss the potential indirect weather-related
impacts that may affect our customers or suppliers. We anticipate such paragraph will read substantially as follows:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0.5in"><FONT STYLE="font-size: 10pt">In addition, certain
customer and supplier assets, such as storage terminals, refineries and pipelines, are located in areas that may be prone to severe weather
events, including hurricanes, winter storms, floods and major tropical storms. Severe weather events that significantly affect facilities
belonging to such customers or suppliers may reduce demand for our products and interrupt our ability to bring products to market, and
may therefore materially and adversely affect our results of operations, cash flows and financial condition, even if our own facilities
escape significant damage.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="font-size: 10pt"><I>7.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>You
                                            disclose that weather-related risks are not fully insured. Tell us more about weather-related
                                            impacts on the availability of insurance and provide us with quantitative information regarding
                                            the cost of insurance for the last three years and the current year. In addition, quantify
                                            any weather-related damages to your property or operations during the last three years.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt"><I>Insurance</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">For the years ended December
31, 2021, 2020 and 2019, the costs of weather-related insurance were less than 3% of &ldquo;Lease operating expenses&rdquo; as per the
consolidated statements of operations included in our Form 10-K, and therefore not material to our business. The cost of insurance in
the current year is not expected to be significantly different from the prior three years.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt"><I>Weather related damage</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">The cost of weather-related
damages to our property were not material to our business, financial condition and result of operations during the years covered in the
Form 10-K. For the years ended</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission<BR> Division of Corporation Finance<BR> June 16, 2022</P><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">December 31, 2021 and 2020,
we incurred before-tax costs to repair damage sustained from weather-related events of approximately $0.9 million and $1.3 million, respectively.
For the year ended December 31, 2019, we did not incur any before-tax costs to repair damage from weather-related events.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">Further, we note that the
impact of weather-related events is already disclosed in our SEC filings, where such impacts are material to an understanding of our
business. For example, as discussed in the &ldquo;Management&rsquo;s Discussion and Analysis&rdquo; (&ldquo;MD&amp;A&rdquo;) beginning
on page 26 of our Form 10-Q for the quarter ended March 31, 2021, a winter storm in February 2021 caused us to temporarily shut-in production
in the Eagle Ford Shale area, negatively impacting our production by 2,250 barrels per day during the first quarter of 2021 (2021 full
year impact of 555 barrels per day). As discussed in the MD&amp;A beginning on page 28 of our Form 10-Q for the quarter ended September
30, 2021, Hurricane Ida caused us to temporarily shut-in production in the Gulf of Mexico, negatively impacting our third quarter production
by 14,500 barrels of oil equivalent per day (&ldquo;BOED&rdquo;), including NCI (2021 full impact of 3,655 BOED).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="font-size: 10pt"><I>8.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Tell
                                            us how you considered providing disclosure about your purchase or sale of carbon credits
                                            or offsets. Include quantitative information regarding any such transactions during the last
                                            three years and subsequent periods with your response.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">We have not engaged in the
purchase or sale of carbon credits or offsets in the past three years or in the current fiscal year. To the extent in the future we purchase
or sell carbon credits or offsets and such transactions are material to our business, financial condition or results of operations, we
undertake to provide appropriate disclosure in accordance with applicable disclosure requirements.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">*&#9;*&#9;*</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">We would welcome the opportunity to
discuss these comments with you further. In the meantime, please do not hesitate to contact me (281-675-9215) or Tom Mireles (281-675-9372)
with any questions about these matters.</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">Please note that effective July 1, 2022,
Tom Mireles will assume the role of Chief Financial Officer of the Company, so kindly direct any further correspondence after this date
accordingly.</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">Very truly yours,</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">/s/ David R. Looney</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">David R. Looney<BR>
Chief Financial Officer</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 6; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  W 'H# 2(  A$! Q$!_\0
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M4E9 .@.0!D=<UO+#I7L]O(X8UV[76_F>YOJ%E&[(]Y;JZG!5I5!'ZU+#<07
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492![&O5Z**PJ.]F^QO35KKS/_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
