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v3.26.1

Business Segments | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Business Segments | Note P – Business Segments 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 includes interest income, other gains and losses, interest expense and unallocated overhead and is shown in the tables to reconcile the business segments to consolidated totals. The Company has accounted for its former United Kingdom (U.K.), Malaysia and U.S. refining and marketing operations as discontinued operations for all periods presented. Murphy’s President and Chief Executive Officer, Eric M. Hambly, acts as the Chief Operating Decision Maker (CODM). “Other segment costs (income)” below are those items that are included in Segment income (loss) but are not regularly provided to the CODM or are reported to the CODM but are not considered to be significant segment expenses. “Other segment costs (income)” for the periods presented included certain pension amortization costs allocated to the reportable segments, and dividend income attributed to the Canada segment.
| Exploration and Production |  |  |  |  |  |  |  |
(Millions of dollars) | United States 1 |  | Canada |  | Other |  | Total E&P |  |  |  |  |  | Corporate and Discontinued Operations |  | Consolidated Total
Three Months Ended March 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from production | $ | 574.7 |  |  | $ | 154.8 |  |  | $ | 2.9 |  |  | $ | 732.4 |  |  |  |  |  |  | $ | — |  |  | $ | 732.4 |
Gain on sale of assets and other operating income | 0.8 |  |  | 0.4 |  |  | — |  |  | 1.2 |  |  |  |  |  |  | — |  |  | 1.2 |
Total revenues and other income | 575.5 |  |  | 155.2 |  |  | 2.9 |  |  | 733.6 |  |  |  |  |  |  | — |  |  | 733.6 |
Lease operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease operating expenses and taxes other than income | 80.8 |  |  | 41.8 |  |  | 0.8 |  |  | 123.4 |  |  |  |  |  |  | — |  |  | 123.4 |
Repair and maintenance | 12.3 |  |  | 0.7 |  |  | — |  |  | 13.0 |  |  |  |  |  |  | — |  |  | 13.0 |
Workovers | 4.7 |  |  | 2.4 |  |  | — |  |  | 7.1 |  |  |  |  |  |  | — |  |  | 7.1 |
Total lease operating expenses | 97.8 |  |  | 44.9 |  |  | 0.8 |  |  | 143.5 |  |  |  |  |  |  | — |  |  | 143.5 |
Severance and ad valorem taxes | 12.9 |  |  | 0.8 |  |  | — |  |  | 13.7 |  |  |  |  |  |  | — |  |  | 13.7 |
Transportation, gathering and processing | 25.2 |  |  | 21.9 |  |  | — |  |  | 47.1 |  |  |  |  |  |  | — |  |  | 47.1 |
Selling and general expenses | 5.5 |  |  | 7.5 |  |  | 2.1 |  |  | 15.1 |  |  |  |  |  |  | 19.8 |  |  | 34.9 |
Exploration Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Geological and geophysical | 0.8 |  |  | — |  |  | 0.8 |  |  | 1.6 |  |  |  |  |  |  | — |  |  | 1.6 |
Dry holes and previously suspended exploration costs | — |  |  | — |  |  | 67.1 |  |  | 67.1 |  |  |  |  |  |  | — |  |  | 67.1 |
Other exploratory costs, including undeveloped lease amortization and delay lease rentals | 4.9 |  |  | — |  |  | 9.2 |  |  | 14.1 |  |  |  |  |  |  | — |  |  | 14.1 |
Total exploration expenses | 5.7 |  |  | — |  |  | 77.1 |  |  | 82.8 |  |  |  |  |  |  | — |  |  | 82.8 |
Depreciation, depletion and amortization | 216.9 |  |  | 34.0 |  |  | 1.1 |  |  | 252.0 |  |  |  |  |  |  | 2.4 |  |  | 254.4 |
Accretion of asset retirement obligations | 11.6 |  |  | 2.6 |  |  | 0.2 |  |  | 14.4 |  |  |  |  |  |  | 0.1 |  |  | 14.5 |
Other operating expenses | 4.0 |  |  | 0.1 |  |  | 0.3 |  |  | 4.4 |  |  |  |  |  |  | — |  |  | 4.4 |
Interest Income | (0.2) |  |  | — |  |  | — |  |  | (0.2) |  |  |  |  |  |  | (2.3) |  |  | (2.5) |
Interest expense, net of capitalization | 0.1 |  |  | 0.1 |  |  | — |  |  | 0.2 |  |  |  |  |  |  | 28.8 |  |  | 29.0 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current income tax expense | 1.0 |  |  | 9.6 |  |  | 0.3 |  |  | 10.9 |  |  |  |  |  |  | 2.2 |  |  | 13.1 |
Deferred income tax expense (benefit) | 37.3 |  |  | 1.6 |  |  | 3.4 |  |  | 42.3 |  |  |  |  |  |  | (5.5) |  |  | 36.8 |
Total income tax expense (benefit) | 38.3 |  |  | 11.2 |  |  | 3.7 |  |  | 53.2 |  |  |  |  |  |  | (3.3) |  |  | 49.9 |
Other segment costs (income) | 1.1 |  |  | 0.4 |  |  | 0.3 |  |  | 1.8 |  |  |  |  |  |  | (8.6) |  |  | (6.8) |
Segment income (loss) - including NCI 1 | $ | 156.6 |  |  | $ | 31.7 |  |  | $ | (82.7) |  |  | $ | 105.6 |  |  |  |  |  |  | $ | (36.9) |  |  | $ | 68.7 |
Additions to property, plant, equipment | $ | 254.8 |  |  | $ | 62.1 |  |  | $ | 71.3 |  |  | $ | 388.2 |  |  |  |  |  |  | $ | 9.3 |  |  | $ | 397.5 |
Total assets at quarter-end | 6,916.5 |  |  | 1,980.3 |  |  | 660.7 |  |  | 9,557.5 |  |  |  |  |  |  | 478.1 |  | 10,035.6 |
1 Includes results attributable to the noncontrolling interest in MP GOM.
| Exploration and Production |  |  |  |  |  |  |  |
(Millions of dollars) | United States 1 |  | Canada |  | Other |  | Total E&P |  |  |  |  |  | Corporate and Discontinued Operations |  | Consolidated Total
Three Months Ended March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from production | $ | 507.4 |  |  | $ | 165.3 |  |  | $ | — |  |  | $ | 672.7 |  |  |  |  |  |  | $ | — |  |  | $ | 672.7 |
Gain on sale of assets and other operating income (loss) | 2.1 |  |  | 0.4 |  |  | — |  |  | 2.5 |  |  |  |  |  |  | (9.5) |  |  | (7.0) |
Total revenues and other income | 509.5 |  |  | 165.7 |  |  | — |  |  | 675.2 |  |  |  |  |  |  | (9.5) |  |  | 665.7 |
Lease operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease operating expenses and taxes other than income | 100.3 |  |  | 45.2 |  |  | 0.4 |  |  | 145.9 |  |  |  |  |  |  | — |  |  | 145.9 |
Repair and maintenance | 10.2 |  |  | 1.6 |  |  | — |  |  | 11.8 |  |  |  |  |  |  | — |  |  | 11.8 |
Workovers | 47.1 |  |  | 0.3 |  |  | — |  |  | 47.4 |  |  |  |  |  |  | — |  |  | 47.4 |
Total lease operating expenses | 157.6 |  |  | 47.1 |  |  | 0.4 |  |  | 205.1 |  |  |  |  |  |  | — |  |  | 205.1 |
Severance and ad valorem taxes | 8.4 |  |  | 0.3 |  |  | — |  |  | 8.7 |  |  |  |  |  |  | — |  |  | 8.7 |
Transportation, gathering and processing | 28.7 |  |  | 20.2 |  |  | — |  |  | 48.9 |  |  |  |  |  |  | — |  |  | 48.9 |
Selling and general expenses | 2.0 |  |  | 6.0 |  |  | 1.9 |  |  | 9.9 |  |  |  |  |  |  | 21.0 |  |  | 30.9 |
Exploration Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Geological and geophysical | 3.2 |  |  | — |  |  | 0.3 |  |  | 3.5 |  |  |  |  |  |  | — |  |  | 3.5 |
Dry holes and previously suspended exploration costs | 0.2 |  |  | — |  |  | — |  |  | 0.2 |  |  |  |  |  |  | — |  |  | 0.2 |
Other exploratory costs, including undeveloped lease amortization and delay lease rentals | 2.7 |  |  | 0.1 |  |  | 8.0 |  |  | 10.8 |  |  |  |  |  |  | — |  |  | 10.8 |
Total exploration expenses | 6.1 |  |  | 0.1 |  |  | 8.3 |  |  | 14.5 |  |  |  |  |  |  | — |  |  | 14.5 |
Depreciation, depletion and amortization | 159.4 |  |  | 32.4 |  |  | 0.1 |  |  | 191.9 |  |  |  |  |  |  | 2.3 |  |  | 194.2 |
Accretion of asset retirement obligations | 11.3 |  |  | 2.5 |  |  | 0.2 |  |  | 14.0 |  |  |  |  |  |  | — |  |  | 14.0 |
Other operating expenses | 2.6 |  |  | 0.9 |  |  | 0.1 |  |  | 3.6 |  |  |  |  |  |  | 2.0 |  |  | 5.6 |
Interest Income | (0.4) |  |  | — |  |  | — |  |  | (0.4) |  |  |  |  |  |  | (3.3) |  |  | (3.7) |
Interest expense, net of capitalization | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 23.5 |  |  | 23.5 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current income tax expense | 0.5 |  |  | 13.7 |  |  | — |  |  | 14.2 |  |  |  |  |  |  | 2.1 |  |  | 16.3 |
Deferred income tax expense (benefit) | 24.5 |  |  | 0.6 |  |  | — |  |  | 25.1 |  |  |  |  |  |  | (8.7) |  |  | 16.4 |
Total income tax expense (benefit) | 25.0 |  |  | 14.3 |  |  | — |  |  | 39.3 |  |  |  |  |  |  | (6.6) |  |  | 32.7 |
Other segment costs | 0.9 |  |  | 0.4 |  |  | 0.2 |  |  | 1.5 |  |  |  |  |  |  | 0.4 |  |  | 1.9 |
Segment income (loss) - including NCI 1 | $ | 107.9 |  |  | $ | 41.5 |  |  | $ | (11.2) |  |  | $ | 138.2 |  |  |  |  |  |  | $ | (48.8) |  |  | $ | 89.4 |
Additions to property, plant, equipment | $ | 317.1 |  |  | $ | 55.4 |  |  | $ | 35.3 |  |  | $ | 407.8 |  |  |  |  |  |  | $ | 4.2 |  |  | $ | 412.0 |
Total assets at quarter-end | 7,046.3 |  |  | 1,963.4 |  |  | 345.7 |  |  | 9,355.4 |  |  |  |  |  |  | 464.9 |  |  | 9,820.3 |
1 Includes results attributable to the noncontrolling interest in MP GOM.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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