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Business Segments | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Business Segments | Note S – Business Segments Murphy’s reportable segments are organized into geographic areas of operations. The Company’s exploration and production activity is subdivided into segments for the United States, Canada and all other countries. Each of these segments derive revenues primarily from the sale of crude oil, condensate, natural gas liquids and/or natural gas. The Company’s management evaluates segment performance based on income (loss) from operations, excluding interest income and interest expense. Customers that accounted for 10% or more of the Company’s sales revenue for each of the below three years ended December 31, are shown below.
| 2023 |  | 2022 |  | 2021
Chevron Corporation | 16 | % |  | 19 | % |  | 30 | %
ExxonMobil Corporation | 27 | % |  | 12 | % |  | N/A
Due to the quantity of active oil and gas purchasers in the markets where it produces hydrocarbons, the Company does not foresee any difficulty with selling its hydrocarbon production at fair market prices. No assets were held for sale as of December 31, 2023 and 2022. The former U.K. and U.S. downstream units have been reported as discontinued operations for all periods presented in these consolidated financial statements. Information about business segments and geographic operations is reported in the following tables. For geographic purposes, revenues are attributed to the country in which the sale occurs. Corporate and other activities, including interest income, other gains and losses (including foreign exchange gains/losses and realized/unrealized gains/losses on crude oil contracts), interest expense and unallocated overhead, are shown in the tables to reconcile the business segments to consolidated totals.
| Exploration and Production |  |  |  |  |  |
(Millions of dollars) | United States 1 |  | Canada |  | Other |  | Total E&P |  | Corporate and Other |  | Discontinued Operations |  | Consolidated Total
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Segment income (loss) - including NCI 1 | $ | 905.1 |  |  | $ | 41.6 |  |  | $ | (65.5) |  |  | $ | 881.2 |  |  | $ | (156.0) |  |  | $ | (1.5) |  |  | $ | 723.7 |
Revenues from external customers | 2,928.3 |  |  | 517.5 |  |  | 11.0 |  |  | 3,456.8 |  |  | 3.4 |  |  | — |  |  | 3,460.2 |
Interest and other income (loss) | (3.9) |  |  | (1.1) |  |  | (0.6) |  |  | (5.6) |  |  | (3.0) |  |  | – |  |  | (8.6) |
Interest expense, net of capitalization | (0.1) |  |  | (0.2) |  |  | (0.2) |  |  | (0.5) |  |  | (111.9) |  |  | – |  |  | (112.4) |
Income tax expense (benefit) | 232.7 |  |  | 11.2 |  |  | (6.1) |  |  | 237.8 |  |  | (41.8) |  |  | – |  |  | 196.0 |
Significant noncash charges (credits) |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization | 706.0 |  |  | 142.2 |  |  | 2.3 |  |  | 850.5 |  |  | 11.0 |  |  | – |  |  | 861.5 |
Accretion of asset retirement obligations | 37.8 |  |  | 7.8 |  |  | 0.4 |  |  | 46.0 |  |  | 0.1 |  |  | – |  |  | 46.1 |
Amortization of undeveloped leases | 8.1 |  |  | 0.1 |  |  | 2.7 |  |  | 10.9 |  |  | – |  |  | – |  |  | 10.9 |
Deferred and noncurrent income taxes | 229.6 |  |  | 7.5 |  |  | (6.7) |  |  | 230.4 |  |  | (50.6) |  |  | – |  |  | 179.8 |
Additions to property, plant, equipment | 671.3 |  |  | 206.2 |  |  | 13.1 |  |  | 890.6 |  |  | 24.2 |  |  | – |  |  | 914.8 |
Total assets at year-end | 7,107.0 |  |  | 2,080.0 |  |  | 213.3 |  |  | 9,400.2 |  |  | 365.5 |  |  | 0.8 |  |  | 9,766.6 |
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
Segment income (loss) - including NCI 1 | $ | 1,521.9 |  |  | 134.2 |  |  | (77.0) |  |  | 1,579.1 |  |  | $ | (438.3) |  |  | (2.1) |  |  | 1,138.7 |
Revenues from external customers | 3,461.2 |  |  | 762.9 |  |  | 23.0 |  |  | 4,247.1 |  |  | (314.4) |  |  | – |  |  | 3,932.7 |
Interest and other income (loss) | (6.6) |  |  | (1.9) |  |  | (0.5) |  |  | (9.0) |  |  | 23.3 |  |  | – |  |  | 14.3 |
Interest expense, net of capitalization | (0.1) |  |  | – |  |  | (0.3) |  |  | (0.4) |  |  | (150.4) |  |  | – |  |  | (150.8) |
Income tax expense (benefit) | 370.8 |  |  | 43.6 |  |  | 2.9 |  |  | 417.3 |  |  | (107.8) |  |  | – |  |  | 309.5 |
Significant noncash charges (credits) |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization | 617.0 |  |  | 141.5 |  |  | 5.4 |  |  | 763.9 |  |  | 12.9 |  |  | – |  |  | 776.8 |
Accretion of asset retirement obligations | 36.5 |  |  | 9.6 |  |  | 0.1 |  |  | 46.2 |  |  | – |  |  | – |  |  | 46.2 |
Amortization of undeveloped leases | 8.7 |  |  | 0.2 |  |  | 4.4 |  |  | 13.3 |  |  | – |  |  | – |  |  | 13.3 |
Deferred and noncurrent income taxes | 362.7 |  |  | 34.8 |  |  | 0.6 |  |  | 398.1 |  |  | (112.0) |  |  | – |  |  | 286.1 |
Additions to property, plant, equipment | 838.6 |  |  | 208.5 |  |  | (5.7) |  |  | 1,041.4 |  |  | 21.9 |  |  | – |  |  | 1,063.3 |
Total assets at year-end | 6,930.6 |  |  | 2,125.6 |  |  | 217.4 |  |  | 9,273.6 |  |  | 1,034.6 |  |  | 0.8 |  |  | 10,309.0 |
Year ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |
Segment income (loss) - including NCI 1 | $ | 766.3 |  |  | $ | (16.1) |  |  | $ | (33.5) |  |  | $ | 716.7 |  |  | $ | (668.0) |  |  | $ | (1.2) |  |  | $ | 47.5 |
Revenues from external customers | 2,337.5 |  |  | 476.3 |  |  | 4.9 |  |  | 2,818.7 |  |  | (519.4) |  |  | – |  |  | 2,299.3 |
Interest and other income (loss) | (11.6) |  |  | (1.9) |  |  | 3.2 |  |  | (10.3) |  |  | (6.5) |  |  | – |  |  | (16.8) |
Interest expense, net of capitalization | – |  |  | – |  |  | (0.2) |  |  | (0.2) |  |  | (221.6) |  |  | – |  |  | (221.8) |
| Exploration and Production |  |  |  |  |  |
(Millions of dollars) | United States 1 |  | Canada |  | Other |  | Total E&P |  | Corporate and Other |  | Discontinued Operations |  | Consolidated Total
Income tax expense (benefit) | 183.9 |  |  | (1.7) |  |  | (9.5) |  |  | 172.7 |  |  | (178.6) |  |  | – |  |  | (5.9) |
Significant noncash charges (credits) |  |  |  |  |  |  |  |  |  |  |  |  |
Impairment of assets | – |  |  | 171.3 |  |  | 18.0 |  |  | 189.3 |  |  | 7.0 |  |  | – |  |  | 196.3 |
Depreciation, depletion and amortization | 616.5 |  |  | 163.8 |  |  | 1.8 |  |  | 782.1 |  |  | 13.0 |  |  | – |  |  | 795.1 |
Accretion of asset retirement obligations | 36.9 |  |  | 9.7 |  |  | – |  |  | 46.6 |  |  | – |  |  | – |  |  | 46.6 |
Amortization of undeveloped leases | 11.1 |  |  | 0.2 |  |  | 7.6 |  |  | 18.9 |  |  | – |  |  | – |  |  | 18.9 |
Deferred and noncurrent income taxes | 176.3 |  |  | (1.9) |  |  | (8.0) |  |  | 166.4 |  |  | (170.5) |  |  | – |  |  | (4.1) |
Additions to property, plant, equipment | 519.5 |  |  | 52.7 |  |  | 13.1 |  |  | 585.3 |  |  | – |  |  | – |  |  | 585.3 |
Total assets at year-end | 6,591.6 |  |  | 2,231.9 |  |  | 259.8 |  |  | 9,083.3 |  |  | 1,220.8 |  |  | 0.8 |  |  | 10,304.9 |
1 Includes results attributable to a noncontrolling interest in MP GOM.
Geographic Information | Certain long-lived assets at December 31 1
(Millions of dollars) | United States |  | Canada |  | Other |  | Total
2023 | $ | 6,555.0 |  |  | $ | 1,497.3 |  |  | $ | 172.8 |  |  | $ | 8,225.1 |
2022 | 6,562.8 |  |  | 1,499.1 |  |  | 166.1 |  |  | 8,228.0 |
2021 | 6,371.4 |  |  | 1,566.9 |  |  | 189.6 |  |  | 8,127.9 |
1 Certain long-lived assets at December 31 exclude investments, right-of-use operating lease assets, non-current receivables, deferred tax assets and other intangible assets.

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