Murphy Oil (MUR) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	1-8590
Entity Registrant Name	MURPHY OIL CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	71-0361522
Entity Address, Address Line One	300 Peach Street, P.O. Box 7000
Entity Address, City or Town	El Dorado,
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	71731-7000
City Area Code	(870)
Local Phone Number	862-6411
Title of 12(b) Security	Common Stock, $1.00 Par Value
Trading Symbol	MUR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		153,572,954
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000717423
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 407,753	$ 306,760
Accounts receivable, less allowance for doubtful accounts of $1,605 in 2020 and 2019	597,248	426,684
Inventories	68,348	76,123
Prepaid expenses	50,561	40,896
Assets held for sale	88,448	123,864
Total current assets	1,212,358	974,327
Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization of $9,736,196 in 2020 and $9,333,646 in 2019	8,956,303	9,969,743
Operating lease assets	797,335	598,293
Deferred income taxes	210,127	129,287
Deferred charges and other assets	29,662	46,854
Total assets	11,205,785	11,718,504
Current liabilities
Accounts payable	554,557	602,096
Income taxes payable	19,353	19,049
Other taxes payable	13,472	18,613
Operating lease liabilities	109,490	92,286
Other accrued liabilities	155,272	197,447
Liabilities associated with assets held for sale	12,607	13,298
Total current liabilities	864,751	942,789
Long-term debt, including capital lease obligation	2,970,234	2,803,381
Asset retirement obligations	825,461	825,794
Deferred credits and other liabilities	550,655	613,407
Non-current operating lease liabilities	702,796	521,324
Deferred income taxes	193,585	207,198
Total liabilities	6,107,482	5,913,893
Equity
Cumulative Preferred Stock, par $100, authorized 400,000 shares, none issued	0	0
Common Stock, par $1.00, authorized 450,000,000 shares, issued 195,100,628 shares in 2020 and 195,089,269 shares in 2019	195,101	195,089
Capital in excess of par value	924,930	949,445
Retained earnings	6,159,808	6,614,304
Accumulated other comprehensive loss	(701,984)	(574,161)
Treasury stock	(1,691,706)	(1,717,217)
Murphy Shareholders' Equity	4,886,149	5,467,460
Noncontrolling interest	212,154	337,151
Total equity	5,098,303	5,804,611
Total liabilities and equity	$ 11,205,785	$ 11,718,504

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1,605	$ 1,605
Property, plant and equipment, accumulated depreciation, depletion and amortization	$ 10,285,996	$ 9,333,646
Cumulative preferred stock, par value (in USD per share)	$ 100	$ 100
Cumulative preferred stock, authorized shares (in shares)	400,000	400,000
Cumulative preferred stock, shares issued (in shares)	0	0
Common stock, par value (in USD per share)	$ 1	$ 1
Common stock, authorized shares (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	195,100,628	195,089,269

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues and other income
Revenue from sales to customers	$ 600,558	$ 629,354
Gain on crude contracts	400,672	0
Gain on sale of assets and other income	2,498	1,192
Total revenues and other income	1,003,728	630,546
Costs and expenses
Lease operating expenses	209,148	131,696
Severance and ad valorem taxes	9,422	10,097
Transportation, gathering and processing	44,367	39,542
Exploration expenses, including undeveloped lease amortization	20,126	32,538
Selling and general expenses	36,772	63,360
Depreciation, depletion and amortization	306,102	229,406
Accretion of asset retirement obligations	9,966	9,340
Impairment of assets	967,530	0
Other (benefit) expense	(45,188)	30,005
Total costs and expenses	1,558,245	545,984
Operating (loss) income from continuing operations	(554,517)	84,562
Other income (loss)
Interest and other income (loss)	241	(4,748)
Interest expense, net	(41,097)	(46,069)
Total other loss	(40,856)	(50,817)
(Loss) income from continuing operations before income taxes	(595,373)	33,745
Income tax (benefit) expense	(91,533)	10,822
(Loss) income from continuing operations	(503,840)	22,923
(Loss) income from discontinued operations, net of income taxes	(4,862)	49,846
Net (loss) income including noncontrolling interest	(508,702)	72,769
Less: Net (loss) income attributable to noncontrolling interest	(92,598)	32,587
NET (LOSS) INCOME ATTRIBUTABLE TO MURPHY	$ (416,104)	$ 40,182
(LOSS) INCOME PER COMMON SHARE – BASIC
Continuing operations (in USD per share)	$ (2.68)	$ (0.06)
Discontinued operations (in USD per share)	(0.03)	0.29
Net (loss) income (in USD per share)	(2.71)	0.23
(LOSS) INCOME PER COMMON SHARE – DILUTED
Continuing operations (in USD per share)	(2.68)	(0.06)
Discontinued operations (in USD per share)	(0.03)	0.29
Net (loss) income (in USD per share)	(2.71)	0.23
Cash dividends per Common share (in USD per share)	$ 0.25	$ 0.25
Average Common shares outstanding (thousands)
Basic (in shares)	153,312,647	173,341,304
Diluted (in shares)	153,312,647	174,491,343

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income including noncontrolling interest	$ (416,104)	$ 40,182
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(508,702)	72,769
Other comprehensive (loss) income, net of tax
Net (loss) gain from foreign currency translation	(118,411)	25,449
Retirement and postretirement benefit plans	(9,711)	2,754
Deferred loss on interest rate hedges reclassified to interest expense	299	585
Other comprehensive (loss) income	(127,823)	28,788
COMPREHENSIVE (LOSS) INCOME	$ (636,525)	$ 101,557

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Operating Activities
Net (loss) income including noncontrolling interest		$ (508,702)	$ 72,769
Adjustments to reconcile net (loss) income to net cash provided by continuing operations activities:
Loss (income) from discontinued operations		4,862	(49,846)
Depreciation, depletion and amortization		306,102	229,406
Previously suspended exploration costs		97	13,251
Amortization of undeveloped leases		7,478	8,045
Accretion of asset retirement obligations		9,966	9,340
Impairment of assets		967,530	0
Deferred income tax (benefit) charge		(81,373)	15,589
Mark to market (gain) loss on contingent consideration		(59,151)	13,530
Mark to market (gain) loss on crude contracts		(358,302)	0
Long-term non-cash compensation		9,805	22,388
Net decrease (increase) in noncash operating working capital		107,827	(98,505)
Other operating activities, net		(13,482)	(18,770)
Net cash provided by continuing operations activities		392,657	217,197
Investing Activities
Property additions and dry hole costs		(354,834)	(270,338)
Property additions for King's Quay FPS		(21,296)	0
Net cash required by investing activities		(376,130)	(270,338)
Financing Activities
Borrowings on revolving credit facility		170,000	0
Capital lease obligation payments		(168)	(160)
Debt issuance, net of cost		(613)	0
Early retirement of debt		(3,570)	0
Withholding tax on stock-based incentive awards		(7,094)	(6,991)
Distributions to noncontrolling interest		(32,399)	(18,437)
Cash dividends paid		(38,392)	(43,398)
Net cash provided (required) by financing activities		87,764	(68,986)
Cash Flows from Discontinued Operations
Operating activities	[1]	(1,202)	123,469
Investing activities	[1]	4,494	(26,438)
Financing activities	[1]	0	(2,547)
Net cash provided by discontinued operations	[1]	3,292	94,484
Cash transferred from discontinued operations to continuing operations		0	46,080
Effect of exchange rate changes on cash and cash equivalents		(3,298)	2,405
Net increase (decrease) in cash and cash equivalents		100,993	(73,642)
Cash and cash equivalents at beginning of period		306,760	359,923
Cash and cash equivalents at end of period		$ 407,753	$ 286,281
[1]	Net cash provided by discontinued operations are not part of the cash flow reconciliation.

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Murphy Shareholders' Equity	Cumulative Preferred Stock	Common Stock	Capital In Excess Of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Noncontrolling Interest
Balance at beginning of period at Dec. 31, 2018				$ 195,077	$ 979,642	$ 5,513,529	$ (609,787)	$ (1,249,162)	$ 368,343
Exercise of stock options, including income tax benefits				(6)	(123)
Restricted stock transactions and other					(38,732)
Share-based compensation					8,636
Adjustments to acquisition valuation					(24,519)
Net (loss) income attributable to noncontrolling interest	$ 40,182					40,182			32,587
Sale and leaseback gain recognized upon adoption of ASC 842, net of tax impact						116,768
Cash dividends						(43,398)
Foreign currency translation (loss) gain, net of income taxes	25,449						25,449
Retirement and postretirement benefit plans, net of income taxes	2,754						2,754
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes	585						585
Awarded restricted stock, net of forfeitures								31,869
Acquisition closing adjustments									(4,592)
Distributions to noncontrolling interest owners									(18,437)
Balance at end of period at Mar. 31, 2019	5,326,677	$ 4,948,776	$ 0	195,083	924,904	5,627,081	(580,999)	(1,217,293)	377,901
Balance at beginning of period at Dec. 31, 2019	5,804,611			195,089	949,445	6,614,304	(574,161)	(1,717,217)	337,151
Exercise of stock options, including income tax benefits				(12)	(156)
Restricted stock transactions and other					(32,604)
Share-based compensation					8,245
Adjustments to acquisition valuation					0
Net (loss) income attributable to noncontrolling interest	(416,104)					(416,104)			(92,598)
Sale and leaseback gain recognized upon adoption of ASC 842, net of tax impact						0
Cash dividends						(38,392)
Foreign currency translation (loss) gain, net of income taxes	(118,411)						(118,411)
Retirement and postretirement benefit plans, net of income taxes	(9,711)						(9,711)
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes	299						299
Awarded restricted stock, net of forfeitures								25,511
Acquisition closing adjustments									0
Distributions to noncontrolling interest owners									(32,399)
Balance at end of period at Mar. 31, 2020	$ 5,098,303	$ 4,886,149	$ 0	$ 195,101	$ 924,930	$ 6,159,808	$ (701,984)	$ (1,691,706)	$ 212,154

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cumulative Preferred Stock, par value (per share)	$ 100	$ 100
Cumulative Preferred Stock, authorized shares	400,000	400,000
Cumulative Preferred Stock, shares issued	0	0
Common Stock, par value (per share)	$ 1	$ 1
Common Stock, authorized shares	450,000,000	450,000,000
Common Stock, shares issued	195,100,628	195,083,364
Treasury stock, shares	41,527,674	21,456,366

Nature of Business and Interim

Nature of Business and Interim Financial Statements	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Interim Financial Statements	NATURE OF BUSINESS – Murphy Oil Corporation is an international oil and gas company that conducts its business through various operating subsidiaries. The Company primarily produces oil and natural gas in the United States and Canada and conducts oil and natural gas exploration activities worldwide. In connection with the LLOG acquisition, further discussed in Note Q – Acquisitions , we hold a 0.5% interest in two variable interest entities (VIEs), Delta House Oil and Gas Lateral LLC and Delta House FPS LLC (collectively Delta House). These VIEs have not been consolidated because we are not considered the primary beneficiary. These non-consolidated VIEs are not material to our financial position or results of operations. As of March 31, 2020 , our maximum exposure to loss was $3.5 million , which represents our net investment in Delta House. We have not provided any financial support to Delta House other than amounts previously required by our membership interest. INTERIM FINANCIAL STATEMENTS – In the opinion of Murphy’s management, the unaudited financial statements presented herein include all accruals necessary to present fairly the Company’s financial position at March 31, 2020 and December 31, 2019 , and the results of operations, cash flows and changes in stockholders’ equity for the interim periods ended March 31, 2020 and 2019 , in conformity with accounting principles generally accepted in the United States of America (U.S.). In preparing the financial statements of the Company in conformity with accounting principles generally accepted in the U.S., management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Actual results may differ from the estimates. Financial statements and notes to consolidated financial statements included in this Form 10-Q report should be read in conjunction with the Company’s 2019 Form 10-K report, as certain notes and other pertinent information have been abbreviated or omitted in this report. Financial results for the three-month period ended March 31, 2020 are not necessarily indicative of future results.

New Accounting Principles and R

New Accounting Principles and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2020
Accounting Changes and Error Corrections [Abstract]
New Accounting Principles and Recent Accounting Pronouncements	Accounting Principles Adopted Financial Instruments – Credit Losses. In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13 which replaces the impairment model for most financial assets, including trade receivables, from the incurred loss methodology to a forward-looking expected loss model that will result in earlier recognition of credit losses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, with early adoption permitted, and is to be applied on a modified retrospective basis. The Company adopted this accounting standard in the first quarter of 2020 and it did not have a material impact on its consolidated financial statements. Fair Value Measurement. In August 2018, the FASB issued ASU 2018-13 which modifies disclosure requirements related to fair value measurement. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. Early adoption is permitted. The standard also allows for early adoption of any removed or modified disclosures upon issuance of this ASU while delaying adoption of the additional disclosures until their effective date. The Company adopted this accounting standard in the first quarter of 2020 and it did not have a material impact on its consolidated financial statements. Recent Accounting Pronouncements Income Taxes . In December 2019, the FASB issued ASU 2019-12, which removes certain exceptions for investments, intraperiod allocations and interim calculations, and adds guidance to reduce complexity in accounting for income taxes. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Implementation on a prospective or retrospective basis varies by specific topics within the ASU. Early adoption is permitted. The Company is currently assessing the potential impact of this ASU to its consolidated financial statements. Compensation-Retirement Benefits-Defined Benefit Plans-General. In August 2018, the FASB issued ASU 2018-14 which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. For public companies, the amendments in this ASU are effective for fiscal years beginning after December 15, 2020, with early adoption permitted, and is to be applied on a retrospective basis to all periods presented. The Company is currently assessing the potential impact of this ASU to its consolidated financial statements.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Nature of Goods and Services The Company explores for and produces crude oil, natural gas and natural gas liquids (collectively oil and gas) in select basins around the globe. The Company’s revenue from sales of oil and gas production activities are primarily subdivided into two key geographic segments: the U.S. and Canada. Additionally, revenue from sales to customers is generated from three primary revenue streams: crude oil and condensate, natural gas liquids, and natural gas. For operated oil and gas production where the non-operated working interest owner does not take-in-kind its proportionate interest in the produced commodity, the Company acts as an agent for the working interest owner and recognizes revenue only for its own share of the commingled production. The exception to this is the reporting of the noncontrolling interest in MP GOM as prescribed by ASC 810-10-45. U.S. - In the United States, the Company primarily produces oil and gas from fields in the Eagle Ford Shale area of South Texas and in the Gulf of Mexico. Revenue is generally recognized when oil and gas are transferred to the customer at the delivery point. Revenue recognized is largely index based with price adjustments for floating market differentials. Canada - In Canada, contracts are primarily long-term floating commodity index priced, except for certain natural gas physical forward sales fixed-price contracts. For the Offshore business in Canada, contracts are based on index prices and revenue is recognized at the time of vessel load based on the volumes on the bill of lading and point of custody transfer. In the third quarter of 2019, the Company made an immaterial reclassification to correct its financial statements to report transportation, gathering, and processing costs as a separate line item (previously reported net in revenue) in the Consolidated Statements of Operations and revised all historical periods to reflect this presentation. There was no resultant change in net income attributable to Murphy. Disaggregation of Revenue The Company reviews performance based on two key geographical segments and between onshore and offshore sources of revenue within these geographies. For the three months ended March 31, 2020 and 2019 , the Company recognized $600.6 million and $629.4 million , respectively, from contracts with customers for the sales of oil, natural gas liquids and natural gas. Three Months Ended (Thousands of dollars) 2020 2019 Net crude oil and condensate revenue United States Onshore $ 131,236 134,676 Offshore 346,972 339,663 Canada Onshore 23,383 28,941 Offshore 24,614 44,924 Other 1,864 2,852 Total crude oil and condensate revenue 528,069 551,056 Net natural gas liquids revenue United States Onshore 5,503 8,221 Offshore 5,026 5,292 Canada Onshore 2,034 3,461 Total natural gas liquids revenue 12,563 16,974 Net natural gas revenue United States Onshore 5,558 7,574 Offshore 14,995 4,477 Canada Onshore 39,373 49,273 Total natural gas revenue 59,926 61,324 Total revenue from contracts with customers 600,558 629,354 Gain (loss) on crude contracts 400,672 — Gain on sale of assets and other income 2,498 1,192 Total revenue and other income $ 1,003,728 630,546 Contract Balances and Asset Recognition As of March 31, 2020 , and December 31, 2019 , receivables from contracts with customers, net of royalties and associated payables, on the balance sheet from continuing operations, were $73.1 million and $186.8 million , respectively. Payment terms for the Company’s sales vary across contracts and geographical regions, with the majority of the cash receipts required within 30 days of billing. Based on a forward-looking expected loss model in accordance with ASU 2016-13 (see Note B), the Company did not recognize any impairment losses on receivables or contract assets arising from customer contracts during the reporting periods. The Company has not entered into any upstream oil and gas sale contracts that have financing components as at March 31, 2020 . The Company does not employ sales incentive strategies such as commissions or bonuses for obtaining sales contracts. For the periods presented, the Company did not identify any assets to be recognized associated with the costs to obtain a contract with a customer. Performance Obligations The Company recognizes oil and gas revenue when it satisfies a performance obligation by transferring control over a commodity to a customer. Judgment is required to determine whether some customers simultaneously receive and consume the benefit of commodities. As a result of this assessment for the Company, each unit of measure of the specified commodity is considered to represent a distinct performance obligation that is satisfied at a point in time upon the transfer of control of the commodity. For contracts with market or index-based pricing, which represent the majority of sales contracts, the Company has elected the allocation exception and allocates the variable consideration to each single performance obligation in the contract. As a result, there is no price allocation to unsatisfied remaining performance obligations for delivery of commodity product in subsequent periods. The Company has entered into several long-term, fixed-price contracts in Canada. The underlying reason for entering a fixed price contract is generally unrelated to anticipated future prices or other observable data and serves a particular purpose in the company’s long-term strategy. As of March 31, 2020 , the Company had the following sales contracts in place which are expected to generate revenue from sales to customers for a period of 12 months or more starting at the inception of the contract: ໿ Current Long-Term Contracts Outstanding at March 31, 2020 Approximate Volumes Location Commodity End Date Description U.S. Oil Q4 2021 Fixed quantity delivery in Eagle Ford 17,000 BOED U.S. Natural Gas and NGL Q2 2026 Deliveries from dedicated acreage in Eagle Ford As produced U.S. NGL Q4 2020 Dedicated acreage delivery in GOM As produced Canada Natural Gas Q4 2020 Contracts to sell natural gas at Alberta AECO fixed prices 59 MMCFD Canada Natural Gas Q4 2020 Contracts to sell natural gas at USD Index pricing 60 MMCFD Canada Natural Gas Q4 2021 Contracts to sell natural gas at USD Index pricing 10 MMCFD Canada Natural Gas Q4 2024 Contracts to sell natural gas at USD Index pricing 30 MMCFD Canada Natural Gas Q4 2026 Contracts to sell natural gas at USD Index pricing 38 MMCFD Canada Natural Gas Q4 2026 Contracts to sell natural gas at USD Index pricing 11 MMCFD Fixed price contracts are accounted for as normal sales and purchases for accounting purposes.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Exploratory Wells Under FASB guidance exploratory well costs should continue to be capitalized when the well has found a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. At March 31, 2020 , the Company had total capitalized exploratory well costs for continuing operations pending the determination of proved reserves of $178.4 million . The following table reflects the net changes in capitalized exploratory well costs during the three -month periods ended March 31, 2020 and 2019 . (Thousands of dollars) 2020 2019 Beginning balance at January 1 $ 217,326 207,855 Additions pending the determination of proved reserves 816 32,416 Capitalized exploratory well costs charged to expense (39,709 ) (13,145 ) Balance at March 31 $ 178,433 227,126 The capitalized well costs charged to expense during 2020 represent a charge for asset impairments (see below). The capitalized well costs charged to expense during 2019 included the CM-1X and the CT-1X wells in Vietnam Block 11-2/11. The wells were originally drilled in 2017. The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed for each individual well and the number of projects for which exploratory well costs have been capitalized. The projects are aged based on the last well drilled in the project. March 31, 2020 2019 (Thousands of dollars) Amount No. of Wells No. of Projects Amount No. of Wells No. of Projects Aging of capitalized well costs: Zero to one year $ 24,637 3 3 $ 78,016 3 2 One to two years 31,541 2 2 — — — Two to three years — — — 27,270 1 1 Three years or more 122,255 6 — 121,840 5 1 $ 178,433 11 5 $ 227,126 9 4 Of the $153.8 million of exploratory well costs capitalized more than one year at March 31, 2020 , $86.0 million is in Vietnam, $27.3 million is in the U.S., $24.2 million is in Brunei, and $16.4 million is in Mexico. In all geographical areas, either further appraisal or development drilling is planned and/or development studies/plans are in various stages of completion. Divestments In July 2019, the Company completed a divestiture of its two subsidiaries conducting Malaysian operations, Murphy Sabah Oil Co., Ltd. and Murphy Sarawak Oil Co., Ltd., in a transaction with PTT Exploration and Production Public Company Limited (PTTEP) which was effective January 1, 2019. Total cash consideration received upon closing was $2.0 billion. A gain on sale of $960.0 million was recorded as part of discontinued operations on the Consolidated Statement of Operations during 2019. The Company does not anticipate tax liabilities related to the sales proceeds. Murphy is entitled to receive a $100.0 million bonus payment contingent upon certain future exploratory drilling results prior to October 2020. Acquisitions In 2016, a Canadian subsidiary of Murphy Oil acquired a 70% operated working interest (WI) in Athabasca Oil Corporation’s (Athabasca) production, acreage, infrastructure and facilities in the Kaybob Duvernay lands, and a 30% non-operated WI in Athabasca’s production, acreage, infrastructure and facilities in the liquids rich Placid Montney lands in Alberta, the majority of which was unproved. As part of the transaction, Murphy agreed to pay an additional $168.0 million in the form of a carried interest on the Kaybob Duvernay property. As of March 31, 2020 , all of the carried interest had been fully utilized. Impairments In the first quarter of 2020, declines in future oil and natural gas prices (principally driven by increased supply from foreign oil producers and reduced demand in response to the COVID-19 pandemic - see Risk Factors on page 33 ) led to impairments in certain of the Company’s U.S. Offshore and Other Foreign properties. The Company recorded pretax noncash impairment charges of $967.5 million to reduce the carrying values to their estimated fair values at select properties. The fair values were determined by internal discounted cash flow models using estimates of future production, prices, costs and discount rates believed to be consistent with those used by principal market participants in the applicable region. The following table reflects the recognized impairments for the three months ended March 31, 2020 . Three Months Ended (Thousands of dollars) March 31, 2020 U.S. $ 927,821 Other Foreign 39,709 $ 967,530

Discontinued Operations and Ass

Discontinued Operations and Assets Held for Sale	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations and Assets Held for Sale	Discontinued Operations and Assets Held for Sale The Company has accounted for its former Malaysian exploration and production operations and its former U.K., U.S. refining and marketing operations as discontinued operations for all periods presented. The results of operations associated with discontinued operations for the three-month periods ended March 31, 2020 and 2019 were as follows: Three Months Ended (Thousands of dollars) 2020 2019 Revenues $ 4,073 195,412 Costs and expenses Lease operating expenses — 62,716 Depreciation, depletion and amortization — 31,353 Other costs and expenses (benefits) 8,935 13,080 (Loss) income before taxes (4,862 ) 88,263 Income tax expense — 38,417 (Loss) income from discontinued operations $ (4,862 ) 49,846 The following table presents the carrying value of the major categories of assets and liabilities of the Brunei exploration and production and the U.K. refining and marketing operations reflected as held for sale on the Company’s Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019 . (Thousands of dollars) March 31, December 31, Current assets Cash $ 34,894 25,185 Accounts receivable 514 4,834 Inventories 406 406 Prepaid expenses and other 845 1,882 Property, Plant, and Equipment, net 42,348 82,116 Deferred income taxes and other assets 9,441 9,441 Total current assets associated with assets held for sale 88,448 123,864 Current liabilities Accounts payable $ 3,076 3,702 Current maturities of long-term debt (finance lease) 709 705 Taxes payable 1,510 1,411 Long-term debt (finance lease) 7,067 7,240 Asset retirement obligation 245 240 Total current liabilities associated with assets held for sale 12,607 13,298

Financing Arrangements and Debt

Financing Arrangements and Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Financing Arrangements and Debt	Financing Arrangements and Debt As of March 31, 2020 , the Company has a $1.6 billion revolving credit facility (RCF). The RCF is a senior unsecured guaranteed facility which expires in November 2023. At March 31, 2020 , the Company had $170.0 million outstanding borrowings under the RCF and $3.9 million of outstanding letters of credit, which reduce the borrowing capacity of the RCF. At March 31, 2020 , the interest rate in effect on borrowings under the facility was 2.44% . At March 31, 2020 , the Company was in compliance with all covenants related to the RCF. The Company also has a shelf registration statement on file with the U.S. Securities and Exchange Commission that permits the offer and sale of debt and/or equity securities through October 2021 .

Other Financial Information

Other Financial Information	3 Months Ended
	Mar. 31, 2020
Other Financial Information [Abstract]
Other Financial Information	Other Financial Information Additional disclosures regarding cash flow activities are provided below. ໿ Three Months Ended (Thousands of dollars) 2020 2019 Net (increase) decrease in operating working capital, excluding cash and cash equivalents: (Increase) decrease in accounts receivable ¹ $ 186,436 (112,673 ) (Increase) decrease in inventories 7,553 3,930 (Increase) decrease in prepaid expenses (10,179 ) (10,763 ) Increase (decrease) in accounts payable and accrued liabilities ¹ (76,287 ) 21,131 Increase (decrease) in income taxes payable 304 (130 ) Net (increase) decrease in noncash operating working capital $ 107,827 (98,505 ) Supplementary disclosures: Cash income taxes paid, net of refunds $ 72 — Interest paid, net of amounts capitalized of $2.4 million in 2020 and $0 million in 2019 42,344 39,024 Non-cash investing activities: Asset retirement costs capitalized $ 280 486 (Increase) decrease in capital expenditure accrual 10,633 (63,328 ) 1 Excludes receivable/payable balances relating to mark-to-market of crude contracts and contingent consideration relating to acquisitions.

Employee and Retiree Benefit Pl

Employee and Retiree Benefit Plans	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Employee and Retiree Benefit Plans	Employee and Retiree Benefit Plans The Company has defined benefit pension plans that are principally noncontributory and cover most full-time employees. All pension plans are funded except for the U.S. and Canadian nonqualified supplemental plan and the U.S. director’s plan. All U.S. tax qualified plans meet the funding requirements of federal laws and regulations. Contributions to foreign plans are based on local laws and tax regulations. The Company also sponsors health care and life insurance benefit plans, which are not funded, that cover most retired U.S. employees. The health care benefits are contributory; the life insurance benefits are noncontributory. The table that follows provides the components of net periodic benefit expense for the three-month periods ended March 31, 2020 and 2019 . Three Months Ended March 31, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2020 2019 2020 2019 Service cost $ 2,166 2,062 447 420 Interest cost 5,791 7,151 794 945 Expected return on plan assets (6,344 ) (6,460 ) — — Amortization of prior service cost (credit) 183 247 — (98 ) Recognized actuarial loss 4,269 3,514 — — Net periodic benefit expense $ 6,065 6,514 1,241 1,267 The components of net periodic benefit expense, other than the service cost component, are included in the line item “Interest and other income (loss)” in Consolidated Statements of Operations. During the three -month period ended March 31, 2020 , the Company made contributions of $7.3 million to its defined benefit pension and postretirement benefit plans. Remaining funding in 2020 for the Company’s defined benefit pension and postretirement plans is anticipated to be $32.4 million .

Incentive Plans

Incentive Plans	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Incentive Plans	Incentive Plans The costs resulting from all share-based and cash-based incentive plans are recognized as an expense in the Consolidated Statements of Operations using a fair value-based measurement method over the periods that the awards vest. The 2017 Annual Incentive Plan (2017 Annual Plan) authorizes the Executive Compensation Committee (the Committee) to establish specific performance goals associated with annual cash awards that may be earned by officers, executives and certain other employees. Cash awards under the 2017 Annual Plan are determined based on the Company’s actual financial and operating results as measured against the performance goals established by the Committee. The 2018 Long-Term Incentive Plan (2018 Long-Term Plan) authorizes the Committee to make grants of the Company’s Common Stock to employees. These grants may be in the form of stock options (nonqualified or incentive), stock appreciation rights (SAR), restricted stock, restricted stock units (RSU), performance units, performance shares, dividend equivalents and other stock-based incentives. The 2018 Long-Term Plan expires in 2028. A total of 6,750,000 shares are issuable during the life of the 2018 Long-Term Plan, with annual grants limited to one percent ( 1% ) of Common shares outstanding. Shares issued pursuant to awards granted under this Plan may be shares that are authorized and unissued or shares that were reacquired by the Company, including shares purchased in the open market. Share awards that have been canceled, expired, forfeited or otherwise not issued under an award shall not count as shares issued under this Plan. The Company also has a Stock Plan for Non-Employee Directors that permits the issuance of restricted stock, restricted stock units and stock options or a combination thereof to the Company’s Non-Employee Directors. In the first quarter of 2020 , the Committee granted 999,700 performance-based RSUs and 340,600 time-based RSUs to certain employees. The fair value of the performance-based RSUs, using a Monte Carlo valuation model, was $21.51 per unit. The fair value of the time-based RSUs was estimated based on the fair market value of the Company’s stock on the date of grant of $21.68 per unit. Additionally, in February 2020, the Committee granted 1,152,500 cash-settled RSUs (CRSU) to certain employees. The CRSUs are to be settled in cash, net of applicable income taxes, and are accounted for as liability-type awards. The initial fair value of the CRSUs granted in February 2020 was $21.68 . Also, in February, the Committee granted 106,248 shares of time-based RSUs to the Company’s non-employee Directors under the 2018 Stock Plan for Non-Employee Directors. These units are scheduled to vest on the third anniversary of the date of grant. The estimated fair value of these awards was $22.59 per unit on date of grant. All stock option exercises are non-cash transactions for the Company. The employee receives net shares, after applicable withholding taxes, upon each stock option exercise. The actual income tax benefit realized from the tax deductions related to stock option exercises of the share-based payment arrangements were immaterial for the three -month period ended March 31, 2020 . Amounts recognized in the financial statements with respect to share-based plans are shown in the following table: Three Months Ended (Thousands of dollars) 2020 2019 Compensation charged against income before tax benefit $ 553 15,514 Related income tax (expense) benefit recognized in income (592 ) 2,342 Certain incentive compensation granted to the Company’s named executive officers, to the extent their total compensation exceeds $1.0 million per executive per year, is not eligible for a U.S. income tax deduction under the Tax Cuts and Jobs Act (2017 Tax Act).

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Net (loss) income attributable to Murphy was used as the numerator in computing both basic and diluted income per Common share for the three-month periods ended March 31, 2020 and 2019 . The following table reports the weighted-average shares outstanding used for these computations. Three Months Ended (Weighted-average shares) 2020 2019 Basic method 153,312,647 173,341,304 Dilutive stock options and restricted stock units ¹ — 1,150,039 Diluted method 153,312,647 174,491,343 1 Due to a net loss recognized by the Company for the three months ended March 31, 2020, no unvested stock awards were included in the computation of diluted earnings per share because the effect would have been antidilutive. The following table reflects certain options to purchase shares of common stock that were outstanding during the periods presented but were not included in the computation of diluted shares above because the incremental shares from the assumed conversion were antidilutive. Three Months Ended 2020 2019 Antidilutive stock options excluded from diluted shares 2,490,542 3,140,065 Weighted average price of these options $ 42.58 $ 46.18

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rate is calculated as the amount of income tax expense (benefit) divided by income from continuing operations before income taxes. For the three-month periods ended March 31, 2020 and 2019 , the Company’s effective income tax rates were as follows: 2020 2019 Three months ended March 31, 15.4% 32.1% The effective tax rate for the three-month period ended March 31, 2020 was below the U.S. statutory tax rate of 21% due to impairment charges, exploration expenses in certain foreign jurisdictions in which no income tax benefit is available, as well as no tax benefit available from the pre-tax loss of the noncontrolling interest in MP GOM. The effective tax rate for the three-month period ended March 31, 2019 was above the statutory tax rate primarily due to income generated in Canada, which has a higher tax rate, combined with exploration expenses in certain foreign jurisdictions in which no income tax benefit is available. The Company’s tax returns in multiple jurisdictions are subject to audit by taxing authorities. These audits often take multiple years to complete and settle. Although the Company believes that recorded liabilities for unsettled issues are adequate, additional gains or losses could occur in future years from resolution of outstanding unsettled matters. As of March 31, 2020 , the earliest years remaining open for audit and/or settlement in our major taxing jurisdictions are as follows: United States – 2016 ; Canada – 2015 ; Malaysia – 2013 ; and United Kingdom – 2018 . Following the divestment of Malaysia, the Company has retained certain possible liabilities and rights to income tax receivables relating to Malaysia for the years prior to 2019. The Company believes current recorded liabilities are adequate.

Financial Instruments and Risk

Financial Instruments and Risk Management	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments and Risk Management	Financial Instruments and Risk Management Murphy uses derivative instruments to manage certain risks related to commodity prices, foreign currency exchange rates and interest rates. The use of derivative instruments for risk management is covered by operating policies and is closely monitored by the Company’s senior management. The Company does not hold any derivatives for speculative purposes and it does not use derivatives with leveraged or complex features. Derivative instruments are traded with creditworthy major financial institutions or over national exchanges such as the New York Mercantile Exchange (NYMEX). The Company has a risk management control system to monitor commodity price risks and any derivatives obtained to manage a portion of such risks. For accounting purposes, the Company has not designated commodity and foreign currency derivative contracts as hedges, and therefore, it recognizes all gains and losses on these derivative contracts in its Consolidated Statements of Operations. Certain interest rate derivative contracts were accounted for as hedges and the gain or loss associated with recording the fair value of these contracts was deferred in Accumulated other comprehensive loss until the anticipated transactions occur. Commodity Price Risks At March 31, 2020 , the Company had 45,000 barrels per day in WTI crude oil swap financial contracts maturing through the end of April 2020 at an average price of $56.42 , 65,000 barrels per day in WTI crude oil swap financial contracts maturing in May and June 2020 at an average price of $47.20 , and 45,000 barrels per day in WTI crude oil swap contracts maturing through the end of 2020 at an average price of $56.42 . Under these contracts, which mature monthly, the Company pays the average monthly price in effect and receives the fixed contract price. At March 31, 2019 , the Company had no WTI crude oil swap financial contracts outstanding. Foreign Currency Exchange Risks The Company is subject to foreign currency exchange risk associated with operations in countries outside the U.S. The Company had no foreign currency exchange short-term derivatives outstanding at March 31, 2020 and 2019 . At March 31, 2020 and December 31, 2019 , the fair value of derivative instruments not designated as hedging instruments are presented in the following table. March 31, 2020 December 31, 2019 (Thousands of dollars) Asset (Liability) Derivatives Asset (Liability) Derivatives Type of Derivative Contract Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity Accounts receivable $ 361,176 Accounts payable $ (33,364 ) For the three-month periods ended March 31, 2020 and 2019 , the gains and losses recognized in the Consolidated Statements of Operations for derivative instruments not designated as hedging instruments are presented in the following table. Gain (Loss) (Thousands of dollars) Three months ended March 31, Type of Derivative Contract Statement of Operations Location 2020 2019 Commodity Gain (loss) on crude contracts $ 400,672 — Interest Rate Risks Under hedge accounting rules, the Company deferred the net cost associated with derivative contracts purchased to manage interest rate risk associated with 10 -year notes sold in May 2012 to match the payment of interest on these notes through 2022. During the three -month periods ended March 31, 2020 and 2019 , $0.4 million and $0.7 million , respectively, of the deferred loss on the interest rate swaps was charged to Interest expense in the Consolidated Statement of Operations. The remaining loss (net of tax) deferred on these matured contracts at March 31, 2020 was $2.6 million and is recorded, net of income taxes of $0.7 million , in Accumulated other comprehensive loss in the Consolidated Balance Sheet. The Company expects to charge approximately $1.1 million of this deferred loss to Interest expense, net in the Consolidated Statement of Operations during the remainder of 2020 . Fair Values – Recurring The Company carries certain assets and liabilities at fair value in its Consolidated Balance Sheets. The fair value hierarchy is based on the quality of inputs used to measure fair value, with Level 1 being the highest quality and Level 3 being the lowest quality. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants. The carrying value of assets and liabilities recorded at fair value on a recurring basis at March 31, 2020 and December 31, 2019 , are presented in the following table. March 31, 2020 December 31, 2019 (Thousands of dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Commodity derivative contracts $ — 361,176 — 361,176 — — — — $ — 361,176 — 361,176 — — — — Liabilities: Commodity derivative contracts $ — — — — — 33,364 — 33,364 Nonqualified employee savings plans 13,013 — — 13,013 17,035 — — 17,035 Contingent consideration — — 87,636 87,636 — — 146,787 146,787 $ 13,013 — 87,636 100,649 17,035 33,364 146,787 197,186 The fair value of WTI crude oil derivative contracts in 2019 and 2020 were based on active market quotes for WTI crude oil. The income effect of changes in the fair value of crude oil derivative contracts is recorded in Gain (loss) on crude contracts in the Consolidated Statements of Operations. The nonqualified employee savings plan is an unfunded savings plan through which participants seek a return via phantom investments in equity securities and/or mutual funds. The fair value of this liability was based on quoted prices for these equity securities and mutual funds. The income effect of changes in the fair value of the nonqualified employee savings plan is recorded in Selling and general expenses in the Consolidated Statements of Operations. The contingent consideration, related to two acquisitions in 2018 and 2019, is valued using a Monte Carlo simulation model. The income effect of changes in the fair value of the contingent consideration is recorded in Other (income) expense in the Consolidated Statements of Operations. Any remaining contingent consideration payable will be due annually in years 2021 to 2026. The Company offsets certain assets and liabilities related to derivative contracts when the legal right of offset exists. There were no offsetting positions recorded at March 31, 2020 and December 31, 2019

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The components of Accumulated other comprehensive loss on the Consolidated Balance Sheets at December 31, 2019 and March 31, 2020 and the changes during the three -month period ended March 31, 2020 , are presented net of taxes in the following table. (Thousands of dollars) Foreign Currency Translation Gains (Losses) Retirement and Postretirement Benefit Plan Adjustments Deferred Loss on Interest Rate Derivative Hedges Total Balance at December 31, 2019 $ (353,252 ) (218,015 ) (2,894 ) (574,161 ) Components of other comprehensive income (loss): Before reclassifications to income and retained earnings (118,411 ) (13,054 ) — (131,465 ) Reclassifications to income — 3,343 ¹ 299 ² 3,642 Net other comprehensive income (loss) (118,411 ) (9,711 ) 299 (127,823 ) Balance at March 31, 2020 $ (471,663 ) (227,726 ) (2,595 ) (701,984 ) 1 Reclassifications before taxes of $4,250 are included in the computation of net periodic benefit expense for the three -month period ended March 31, 2020 . See Note H for additional information. Related income taxes of $907 are included in Income tax expense (benefit) for the three -month period ended March 31, 2020 . 2 Reclassifications before taxes of $379 are included in Interest expense, net, for the three -month period ended March 31, 2020 . Related income taxes of $80 are included in Income tax expense (benefit) for the three -month period ended March 31, 2020 . See Note L for additional information.

Environmental and Other Conting

Environmental and Other Contingencies	3 Months Ended
	Mar. 31, 2020
Environmental Remediation Obligations [Abstract]
Environmental and Other Contingencies	Environmental and Other Contingencies The Company’s operations and earnings have been, and may be, affected by various forms of governmental action both in the United States and throughout the world. Examples of such governmental action include, but are by no means limited to: tax legislation changes, including tax rate changes and retroactive tax claims; royalty and revenue sharing changes; price controls; currency controls; allocation of supplies of crude oil and petroleum products and other goods; expropriation of property; restrictions and preferences affecting the issuance of oil and gas or mineral leases; restrictions on drilling and/or production; laws and regulations intended for the promotion of safety and the protection and/or remediation of the environment; governmental support for other forms of energy; and laws and regulations affecting the Company’s relationships with employees, suppliers, customers, stockholders and others. Governmental actions are often motivated by political considerations and may be taken without full consideration of their consequences or may be taken in response to actions of other governments. It is not practical to attempt to predict the likelihood of such actions, the form the actions may take or the effect such actions may have on the Company. Murphy and other companies in the oil and gas industry are subject to numerous federal, state, local and foreign laws and regulations dealing with the environment. Violation of federal or state environmental laws, regulations and permits can result in the imposition of significant civil and criminal penalties, injunctions and construction bans or delays. A discharge of hazardous substances into the environment could, to the extent such event is not insured, subject the Company to substantial expense, including both the cost to comply with applicable regulations and claims by neighboring landowners and other third parties for any personal injury and property damage that might result. The Company currently owns or leases, and has in the past owned or leased, properties at which hazardous substances have been or are being handled. Although the Company has used operating and disposal practices that were standard in the industry at the time, hazardous substances may have been disposed of or released on or under the properties owned or leased by the Company, or on or under other locations where these wastes have been taken for disposal. In addition, many of these properties have been operated by third parties whose treatment and disposal or release of hydrocarbons or other wastes were not under Murphy’s control. Under existing laws, the Company could be required to remove or remediate previously disposed wastes (including wastes disposed of or released by prior owners or operators), to clean up contaminated property (including contaminated groundwater) or to perform remedial plugging operations to prevent future contamination. Certain of these historical properties are in various stages of negotiation, investigation, and/or cleanup and the Company is investigating the extent of any such liability and the availability of applicable defenses. The Company has retained certain liabilities related to environmental and operational matters at formerly owned U.S. refineries that were sold in 2011. The Company obtained insurance covering certain levels of environmental exposures related to past operations of these refineries. The Company has not retained any environmental exposure associated with Murphy’s former U.S. marketing operations. The Company believes costs related to these sites will not have a material adverse effect on Murphy’s net income, financial condition or liquidity in a future period. There is the possibility that environmental expenditures could be required at currently unidentified sites, and new or revised regulations could require additional expenditures at known sites. However, based on information currently available to the Company, the amount of future remediation costs incurred, at known or currently unidentified sites, is not expected to have a material adverse effect on the Company’s future net income, cash flows or liquidity. Murphy and its subsidiaries are engaged in a number of other legal proceedings, all of which Murphy considers routine and incidental to its business. Based on information currently available to the Company, the ultimate resolution of environmental and legal matters referred to in this note is not expected to have a material adverse effect on the Company’s net income, financial condition or liquidity in a future period.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Business Segments	Business Segments Information about business segments and geographic operations is reported in the following table. For geographic purposes, revenues are attributed to the country in which the sale occurs. Corporate, including interest income, other gains and losses (including foreign exchange gains/losses and realized and unrealized gains/losses on crude oil contracts), interest expense and unallocated overhead, is shown in the tables to reconcile the business segments to consolidated totals. ໿ Total Assets Three Months Ended Three Months Ended (Millions of dollars) External Income External Income Exploration and production ¹ United States $ 7,619.5 511.5 (696.0 ) 500.8 116.2 Canada 2,154.2 89.7 (6.9 ) 126.8 7.5 Other 270.9 1.8 (52.3 ) 2.9 (28.3 ) Total exploration and production 10,044.6 603.0 (755.2 ) 630.5 95.4 Corporate 1,140.5 400.7 251.4 — (72.4 ) Assets/revenue/income from continuing operations 11,185.1 1,003.7 (503.8 ) 630.5 23.0 Discontinued operations, net of tax 20.7 — (4.9 ) — 49.8 Total $ 11,205.8 1,003.7 (508.7 ) 630.5 72.8 1 Additional details about results of oil and gas operations are presented in the table on pages 24 .

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Lessee Disclosure [Abstract]
Leases	Leases Nature of Leases The Company has entered into various operating leases such as a gas processing plant, floating production storage and off-take vessels, buildings, marine vessels, vehicles, drilling rigs, pipelines and other oil and gas field equipment. Remaining lease terms range from 1 year to 20 years , some of which may include options to extend leases for multi-year periods and others which include options to terminate the leases within 1 month . Options to extend lease terms are at the Company’s discretion. Early lease terminations are a combination of both at Company discretion and mutual agreement between the Company and lessor. Purchase options also exist for certain leases. Related Expenses Expenses related to finance and operating leases included in the Consolidated Financial Statements are as follows: Three Months Ended March 31, (Thousands of dollars) Financial Statement Category 2020 2019 Operating lease 1,2 Lease operating expenses $ 71,601 48,671 Operating lease 2 Transportation, gathering and processing 9,926 9,852 Operating lease 2 Selling and general expense 3,469 3,109 Operating lease 2 Other operating expense 414 — Operating lease 2 Property, plant and equipment 24,556 23,447 Operating lease 2 Asset retirement obligations — 3,024 Finance lease Amortization of asset Depreciation, depletion and amortization 268 210 Interest on lease liabilities Interest expense, net 96 101 Sublease income Other income (306 ) (217 ) Net lease expense $ 110,024 88,197 1 The three months ended March 31, 2020 and 2019 included variable lease expenses of $6.3 million and $7.2 million , respectively, primarily related to additional volumes processed at a gas processing plant. 2 The three months ended March 31, 2020 included $32.9 million for Lease operating expense, $1.4 million for T ransportation, gathering and processing , $1.2 million for Selling and general expense and $15.4 million for Property, plant and equipment, net relating to short-term leases due within 12 months. The three months ended March 31, 2019 included $12.0 million for Lease operating expense, $1.1 million for Selling and general expense, $20.1 million for Property, plant and equipment, net and $3.0 million for Asset retirement obligations relating to short-term leases. Expenses primarily relate to drilling rigs and other oil and gas field equipment. Maturity of Lease Liabilities ໿ (Thousands of dollars) Operating Leases 1 Finance Leases Total 2020 $ 103,106 801 103,907 2021 135,875 1,069 136,944 2022 116,818 1,069 117,887 2023 114,990 1,069 116,059 2024 110,652 1,069 111,721 Remaining 478,780 4,541 483,321 Total future minimum lease payments 1,060,221 9,618 1,069,839 Less imputed interest (247,935 ) (1,842 ) (249,777 ) Present value of lease liabilities 2 $ 812,286 7,776 820,062 1 Excludes $256.7 million of minimum lease payments for leases entered but not yet commenced. These payments relate to an expansion of an existing gas processing plant and payments are anticipated to commence at the end of 2020 for 20 years . 2 Includes both the current and long-term portion of the lease liabilities. Lease Term and Discount Rate March 31, 2020 Weighted average remaining lease term: Operating leases 9 years Finance leases 9 years Weighted average discount rate: Operating leases 5.3 % Finance leases 5.1 % Other Information ໿ Three Months Ended March 31, (Thousands of dollars) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 53,039 44,730 Operating cash flows from finance leases 102 102 Financing cash flows from finance leases 168 160 Right-of-use assets obtained in exchange for lease liabilities: Operating leases ¹ $ 274,237 311 1 The three months ended March 31, 2020 includes $268.8 million related to a 5
Leases	Leases Nature of Leases The Company has entered into various operating leases such as a gas processing plant, floating production storage and off-take vessels, buildings, marine vessels, vehicles, drilling rigs, pipelines and other oil and gas field equipment. Remaining lease terms range from 1 year to 20 years , some of which may include options to extend leases for multi-year periods and others which include options to terminate the leases within 1 month . Options to extend lease terms are at the Company’s discretion. Early lease terminations are a combination of both at Company discretion and mutual agreement between the Company and lessor. Purchase options also exist for certain leases. Related Expenses Expenses related to finance and operating leases included in the Consolidated Financial Statements are as follows: Three Months Ended March 31, (Thousands of dollars) Financial Statement Category 2020 2019 Operating lease 1,2 Lease operating expenses $ 71,601 48,671 Operating lease 2 Transportation, gathering and processing 9,926 9,852 Operating lease 2 Selling and general expense 3,469 3,109 Operating lease 2 Other operating expense 414 — Operating lease 2 Property, plant and equipment 24,556 23,447 Operating lease 2 Asset retirement obligations — 3,024 Finance lease Amortization of asset Depreciation, depletion and amortization 268 210 Interest on lease liabilities Interest expense, net 96 101 Sublease income Other income (306 ) (217 ) Net lease expense $ 110,024 88,197 1 The three months ended March 31, 2020 and 2019 included variable lease expenses of $6.3 million and $7.2 million , respectively, primarily related to additional volumes processed at a gas processing plant. 2 The three months ended March 31, 2020 included $32.9 million for Lease operating expense, $1.4 million for T ransportation, gathering and processing , $1.2 million for Selling and general expense and $15.4 million for Property, plant and equipment, net relating to short-term leases due within 12 months. The three months ended March 31, 2019 included $12.0 million for Lease operating expense, $1.1 million for Selling and general expense, $20.1 million for Property, plant and equipment, net and $3.0 million for Asset retirement obligations relating to short-term leases. Expenses primarily relate to drilling rigs and other oil and gas field equipment. Maturity of Lease Liabilities ໿ (Thousands of dollars) Operating Leases 1 Finance Leases Total 2020 $ 103,106 801 103,907 2021 135,875 1,069 136,944 2022 116,818 1,069 117,887 2023 114,990 1,069 116,059 2024 110,652 1,069 111,721 Remaining 478,780 4,541 483,321 Total future minimum lease payments 1,060,221 9,618 1,069,839 Less imputed interest (247,935 ) (1,842 ) (249,777 ) Present value of lease liabilities 2 $ 812,286 7,776 820,062 1 Excludes $256.7 million of minimum lease payments for leases entered but not yet commenced. These payments relate to an expansion of an existing gas processing plant and payments are anticipated to commence at the end of 2020 for 20 years . 2 Includes both the current and long-term portion of the lease liabilities. Lease Term and Discount Rate March 31, 2020 Weighted average remaining lease term: Operating leases 9 years Finance leases 9 years Weighted average discount rate: Operating leases 5.3 % Finance leases 5.1 % Other Information ໿ Three Months Ended March 31, (Thousands of dollars) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 53,039 44,730 Operating cash flows from finance leases 102 102 Financing cash flows from finance leases 168 160 Right-of-use assets obtained in exchange for lease liabilities: Operating leases ¹ $ 274,237 311 1 The three months ended March 31, 2020 includes $268.8 million related to a 5

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Acquisition	Acquisitions LLOG Acquisition : In June 2019, the Company announced the completion of a transaction with LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C., (LLOG) which was effective January 1, 2019. Through this transaction, Murphy acquired strategic deepwater Gulf of Mexico assets which added approximately 67 MMBOE of proven reserves at May 31, 2019. Under the terms of the transaction, Murphy paid cash consideration of $1,236.2 million and has an obligation to pay additional contingent consideration of up to $200 million in the event that certain revenue thresholds are exceeded between 2019 and 2022; and $50 million following first oil from certain development projects. The following table contains the preliminary purchase price allocations at fair value: (Thousands of dollars) LLOG Cash consideration paid $ 1,236,165 Contingent consideration 89,444 Total purchase consideration 1,325,609 (Thousands of dollars) Fair value of Property, plant and equipment 1,356,185 Other assets 6,697 Less: Asset retirement obligations (37,273 ) Total net assets $ 1,325,609 The fair value measurements of crude oil and natural gas properties and asset retirement obligations are based on inputs that are not observable in the market and therefore represent Level 3 inputs. The fair values of crude oil and natural gas properties and asset retirement obligations were measured using valuation techniques that convert expected future cash flows to a single discounted amount. Significant inputs to the valuation of crude oil and natural gas properties included estimates of: (i) proved and probable reserves; (ii) production rates and related development timing; (iii) future operating and development costs; (iv) future commodity prices; and (v) a market-based weighted average discount rate. These inputs require significant judgments and estimates by management at the time of the valuation, are sensitive, and may be subject to change. Certain data necessary to complete the purchase price allocations are not yet available, and includes, but is not limited to, analysis of the underlying tax basis of the acquired assets and assumed liabilities as well as the final purchase price adjustments to be settled in 2020. We expect to complete the purchase price allocations during the 12-month periods following the acquisition dates of May 31, 2019, during which time the value of the assets and liabilities may be revised as appropriate. Results of Operations Murphy’s Consolidated Statement of Operations for the three month period ended March 31, 2020 , included additional revenues of $93.7 million and pre-tax loss of $406.3 million attributable to the acquired LLOG assets (including impairment expense of $413.2 million ).

New Accounting Principles and_2

New Accounting Principles and Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Nature of Business	NATURE OF BUSINESS – Murphy Oil Corporation is an international oil and gas company that conducts its business through various operating subsidiaries. The Company primarily produces oil and natural gas in the United States and Canada and conducts oil and natural gas exploration activities worldwide.
Accounting Principles Adopted	Accounting Principles Adopted Financial Instruments – Credit Losses. In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13 which replaces the impairment model for most financial assets, including trade receivables, from the incurred loss methodology to a forward-looking expected loss model that will result in earlier recognition of credit losses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, with early adoption permitted, and is to be applied on a modified retrospective basis. The Company adopted this accounting standard in the first quarter of 2020 and it did not have a material impact on its consolidated financial statements. Fair Value Measurement. In August 2018, the FASB issued ASU 2018-13 which modifies disclosure requirements related to fair value measurement. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. Early adoption is permitted. The standard also allows for early adoption of any removed or modified disclosures upon issuance of this ASU while delaying adoption of the additional disclosures until their effective date. The Company adopted this accounting standard in the first quarter of 2020 and it did not have a material impact on its consolidated financial statements. Recent Accounting Pronouncements Income Taxes . In December 2019, the FASB issued ASU 2019-12, which removes certain exceptions for investments, intraperiod allocations and interim calculations, and adds guidance to reduce complexity in accounting for income taxes. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Implementation on a prospective or retrospective basis varies by specific topics within the ASU. Early adoption is permitted. The Company is currently assessing the potential impact of this ASU to its consolidated financial statements. Compensation-Retirement Benefits-Defined Benefit Plans-General. In August 2018, the FASB issued ASU 2018-14 which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. For public companies, the amendments in this ASU are effective for fiscal years beginning after December 15, 2020, with early adoption permitted, and is to be applied on a retrospective basis to all periods presented. The Company is currently assessing the potential impact of this ASU to its consolidated financial statements.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	For the three months ended March 31, 2020 and 2019 , the Company recognized $600.6 million and $629.4 million , respectively, from contracts with customers for the sales of oil, natural gas liquids and natural gas. Three Months Ended (Thousands of dollars) 2020 2019 Net crude oil and condensate revenue United States Onshore $ 131,236 134,676 Offshore 346,972 339,663 Canada Onshore 23,383 28,941 Offshore 24,614 44,924 Other 1,864 2,852 Total crude oil and condensate revenue 528,069 551,056 Net natural gas liquids revenue United States Onshore 5,503 8,221 Offshore 5,026 5,292 Canada Onshore 2,034 3,461 Total natural gas liquids revenue 12,563 16,974 Net natural gas revenue United States Onshore 5,558 7,574 Offshore 14,995 4,477 Canada Onshore 39,373 49,273 Total natural gas revenue 59,926 61,324 Total revenue from contracts with customers 600,558 629,354 Gain (loss) on crude contracts 400,672 — Gain on sale of assets and other income 2,498 1,192 Total revenue and other income $ 1,003,728 630,546
Current Long-Term Contracts Outstanding	As of March 31, 2020 , the Company had the following sales contracts in place which are expected to generate revenue from sales to customers for a period of 12 months or more starting at the inception of the contract: ໿ Current Long-Term Contracts Outstanding at March 31, 2020 Approximate Volumes Location Commodity End Date Description U.S. Oil Q4 2021 Fixed quantity delivery in Eagle Ford 17,000 BOED U.S. Natural Gas and NGL Q2 2026 Deliveries from dedicated acreage in Eagle Ford As produced U.S. NGL Q4 2020 Dedicated acreage delivery in GOM As produced Canada Natural Gas Q4 2020 Contracts to sell natural gas at Alberta AECO fixed prices 59 MMCFD Canada Natural Gas Q4 2020 Contracts to sell natural gas at USD Index pricing 60 MMCFD Canada Natural Gas Q4 2021 Contracts to sell natural gas at USD Index pricing 10 MMCFD Canada Natural Gas Q4 2024 Contracts to sell natural gas at USD Index pricing 30 MMCFD Canada Natural Gas Q4 2026 Contracts to sell natural gas at USD Index pricing 38 MMCFD Canada Natural Gas Q4 2026 Contracts to sell natural gas at USD Index pricing 11 MMCFD

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Net Changes in Capitalized Exploratory Well Costs	The following table reflects the net changes in capitalized exploratory well costs during the three -month periods ended March 31, 2020 and 2019 . (Thousands of dollars) 2020 2019 Beginning balance at January 1 $ 217,326 207,855 Additions pending the determination of proved reserves 816 32,416 Capitalized exploratory well costs charged to expense (39,709 ) (13,145 ) Balance at March 31 $ 178,433 227,126
Aging of Capitalized Exploratory Well Costs	The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed for each individual well and the number of projects for which exploratory well costs have been capitalized. The projects are aged based on the last well drilled in the project. March 31, 2020 2019 (Thousands of dollars) Amount No. of Wells No. of Projects Amount No. of Wells No. of Projects Aging of capitalized well costs: Zero to one year $ 24,637 3 3 $ 78,016 3 2 One to two years 31,541 2 2 — — — Two to three years — — — 27,270 1 1 Three years or more 122,255 6 — 121,840 5 1 $ 178,433 11 5 $ 227,126 9 4
Schedule of Recognized Impairments	The following table reflects the recognized impairments for the three months ended March 31, 2020 . Three Months Ended (Thousands of dollars) March 31, 2020 U.S. $ 927,821 Other Foreign 39,709 $ 967,530

Discontinued Operations and A_2

Discontinued Operations and Assets Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Results of Operations Associated with Discontinued Operations	The results of operations associated with discontinued operations for the three-month periods ended March 31, 2020 and 2019 were as follows: Three Months Ended (Thousands of dollars) 2020 2019 Revenues $ 4,073 195,412 Costs and expenses Lease operating expenses — 62,716 Depreciation, depletion and amortization — 31,353 Other costs and expenses (benefits) 8,935 13,080 (Loss) income before taxes (4,862 ) 88,263 Income tax expense — 38,417 (Loss) income from discontinued operations $ (4,862 ) 49,846
Major Categories of Assets and Liabilities Reflected as Held for Sale	The following table presents the carrying value of the major categories of assets and liabilities of the Brunei exploration and production and the U.K. refining and marketing operations reflected as held for sale on the Company’s Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019 . (Thousands of dollars) March 31, December 31, Current assets Cash $ 34,894 25,185 Accounts receivable 514 4,834 Inventories 406 406 Prepaid expenses and other 845 1,882 Property, Plant, and Equipment, net 42,348 82,116 Deferred income taxes and other assets 9,441 9,441 Total current assets associated with assets held for sale 88,448 123,864 Current liabilities Accounts payable $ 3,076 3,702 Current maturities of long-term debt (finance lease) 709 705 Taxes payable 1,510 1,411 Long-term debt (finance lease) 7,067 7,240 Asset retirement obligation 245 240 Total current liabilities associated with assets held for sale 12,607 13,298

Other Financial Information (Ta

Other Financial Information (Tables)	3 Months Ended
	Mar. 31, 2020
Other Financial Information [Abstract]
Noncash Operating Working Capital (Increase) Decrease	Additional disclosures regarding cash flow activities are provided below. ໿ Three Months Ended (Thousands of dollars) 2020 2019 Net (increase) decrease in operating working capital, excluding cash and cash equivalents: (Increase) decrease in accounts receivable ¹ $ 186,436 (112,673 ) (Increase) decrease in inventories 7,553 3,930 (Increase) decrease in prepaid expenses (10,179 ) (10,763 ) Increase (decrease) in accounts payable and accrued liabilities ¹ (76,287 ) 21,131 Increase (decrease) in income taxes payable 304 (130 ) Net (increase) decrease in noncash operating working capital $ 107,827 (98,505 ) Supplementary disclosures: Cash income taxes paid, net of refunds $ 72 — Interest paid, net of amounts capitalized of $2.4 million in 2020 and $0 million in 2019 42,344 39,024 Non-cash investing activities: Asset retirement costs capitalized $ 280 486 (Increase) decrease in capital expenditure accrual 10,633 (63,328 ) 1 Excludes receivable/payable balances relating to mark-to-market of crude contracts and contingent consideration relating to acquisitions.

Employee and Retiree Benefit _2

Employee and Retiree Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Expense	The table that follows provides the components of net periodic benefit expense for the three-month periods ended March 31, 2020 and 2019 . Three Months Ended March 31, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2020 2019 2020 2019 Service cost $ 2,166 2,062 447 420 Interest cost 5,791 7,151 794 945 Expected return on plan assets (6,344 ) (6,460 ) — — Amortization of prior service cost (credit) 183 247 — (98 ) Recognized actuarial loss 4,269 3,514 — — Net periodic benefit expense $ 6,065 6,514 1,241 1,267

Incentive Plans (Tables)

Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Plans, Amounts Recognized	Amounts recognized in the financial statements with respect to share-based plans are shown in the following table: Three Months Ended (Thousands of dollars) 2020 2019 Compensation charged against income before tax benefit $ 553 15,514 Related income tax (expense) benefit recognized in income (592 ) 2,342

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Weighted-Average Shares Outstanding for Computation of Basic and Diluted Income per Common Share	The following table reports the weighted-average shares outstanding used for these computations. Three Months Ended (Weighted-average shares) 2020 2019 Basic method 153,312,647 173,341,304 Dilutive stock options and restricted stock units ¹ — 1,150,039 Diluted method 153,312,647 174,491,343 1 Due to a net loss recognized by the Company for the three months ended March 31, 2020, no unvested stock awards were included in the computation of diluted earnings per share because the effect would have been antidilutive.
Anti Dilutive Securities Not Included in Computation of Diluted EPS	The following table reflects certain options to purchase shares of common stock that were outstanding during the periods presented but were not included in the computation of diluted shares above because the incremental shares from the assumed conversion were antidilutive. Three Months Ended 2020 2019 Antidilutive stock options excluded from diluted shares 2,490,542 3,140,065 Weighted average price of these options $ 42.58 $ 46.18

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Effective Income Tax Rates	For the three-month periods ended March 31, 2020 and 2019 , the Company’s effective income tax rates were as follows: 2020 2019 Three months ended March 31, 15.4% 32.1%

Financial Instruments and Ris_2

Financial Instruments and Risk Management (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Instruments Not Designated as Hedging Instruments	At March 31, 2020 and December 31, 2019 , the fair value of derivative instruments not designated as hedging instruments are presented in the following table. March 31, 2020 December 31, 2019 (Thousands of dollars) Asset (Liability) Derivatives Asset (Liability) Derivatives Type of Derivative Contract Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity Accounts receivable $ 361,176 Accounts payable $ (33,364 )
Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments	For the three-month periods ended March 31, 2020 and 2019 , the gains and losses recognized in the Consolidated Statements of Operations for derivative instruments not designated as hedging instruments are presented in the following table. Gain (Loss) (Thousands of dollars) Three months ended March 31, Type of Derivative Contract Statement of Operations Location 2020 2019 Commodity Gain (loss) on crude contracts $ 400,672 —
Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis	The carrying value of assets and liabilities recorded at fair value on a recurring basis at March 31, 2020 and December 31, 2019 , are presented in the following table. March 31, 2020 December 31, 2019 (Thousands of dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Commodity derivative contracts $ — 361,176 — 361,176 — — — — $ — 361,176 — 361,176 — — — — Liabilities: Commodity derivative contracts $ — — — — — 33,364 — 33,364 Nonqualified employee savings plans 13,013 — — 13,013 17,035 — — 17,035 Contingent consideration — — 87,636 87,636 — — 146,787 146,787 $ 13,013 — 87,636 100,649 17,035 33,364 146,787 197,186

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Components of Accumulated Other Comprehensive Loss	The components of Accumulated other comprehensive loss on the Consolidated Balance Sheets at December 31, 2019 and March 31, 2020 and the changes during the three -month period ended March 31, 2020 , are presented net of taxes in the following table. (Thousands of dollars) Foreign Currency Translation Gains (Losses) Retirement and Postretirement Benefit Plan Adjustments Deferred Loss on Interest Rate Derivative Hedges Total Balance at December 31, 2019 $ (353,252 ) (218,015 ) (2,894 ) (574,161 ) Components of other comprehensive income (loss): Before reclassifications to income and retained earnings (118,411 ) (13,054 ) — (131,465 ) Reclassifications to income — 3,343 ¹ 299 ² 3,642 Net other comprehensive income (loss) (118,411 ) (9,711 ) 299 (127,823 ) Balance at March 31, 2020 $ (471,663 ) (227,726 ) (2,595 ) (701,984 ) 1 Reclassifications before taxes of $4,250 are included in the computation of net periodic benefit expense for the three -month period ended March 31, 2020 . See Note H for additional information. Related income taxes of $907 are included in Income tax expense (benefit) for the three -month period ended March 31, 2020 . 2 Reclassifications before taxes of $379 are included in Interest expense, net, for the three -month period ended March 31, 2020 . Related income taxes of $80 are included in Income tax expense (benefit) for the three -month period ended March 31, 2020 . See Note L for additional information.

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Information	Information about business segments and geographic operations is reported in the following table. For geographic purposes, revenues are attributed to the country in which the sale occurs. Corporate, including interest income, other gains and losses (including foreign exchange gains/losses and realized and unrealized gains/losses on crude oil contracts), interest expense and unallocated overhead, is shown in the tables to reconcile the business segments to consolidated totals. ໿ Total Assets Three Months Ended Three Months Ended (Millions of dollars) External Income External Income Exploration and production ¹ United States $ 7,619.5 511.5 (696.0 ) 500.8 116.2 Canada 2,154.2 89.7 (6.9 ) 126.8 7.5 Other 270.9 1.8 (52.3 ) 2.9 (28.3 ) Total exploration and production 10,044.6 603.0 (755.2 ) 630.5 95.4 Corporate 1,140.5 400.7 251.4 — (72.4 ) Assets/revenue/income from continuing operations 11,185.1 1,003.7 (503.8 ) 630.5 23.0 Discontinued operations, net of tax 20.7 — (4.9 ) — 49.8 Total $ 11,205.8 1,003.7 (508.7 ) 630.5 72.8 1 Additional details about results of oil and gas operations are presented in the table on pages 24 .

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Lessee Disclosure [Abstract]
Summary of Lease Related Expenses	Expenses related to finance and operating leases included in the Consolidated Financial Statements are as follows: Three Months Ended March 31, (Thousands of dollars) Financial Statement Category 2020 2019 Operating lease 1,2 Lease operating expenses $ 71,601 48,671 Operating lease 2 Transportation, gathering and processing 9,926 9,852 Operating lease 2 Selling and general expense 3,469 3,109 Operating lease 2 Other operating expense 414 — Operating lease 2 Property, plant and equipment 24,556 23,447 Operating lease 2 Asset retirement obligations — 3,024 Finance lease Amortization of asset Depreciation, depletion and amortization 268 210 Interest on lease liabilities Interest expense, net 96 101 Sublease income Other income (306 ) (217 ) Net lease expense $ 110,024 88,197 1 The three months ended March 31, 2020 and 2019 included variable lease expenses of $6.3 million and $7.2 million , respectively, primarily related to additional volumes processed at a gas processing plant. 2 The three months ended March 31, 2020 included $32.9 million for Lease operating expense, $1.4 million for T ransportation, gathering and processing , $1.2 million for Selling and general expense and $15.4 million for Property, plant and equipment, net relating to short-term leases due within 12 months. The three months ended March 31, 2019 included $12.0 million for Lease operating expense, $1.1 million for Selling and general expense, $20.1 million for Property, plant and equipment, net and $3.0 million for Asset retirement obligations relating to short-term leases. Expenses primarily relate to drilling rigs and other oil and gas field equipment.
Schedule of Maturity of Operating Lease Liabilities	Maturity of Lease Liabilities ໿ (Thousands of dollars) Operating Leases 1 Finance Leases Total 2020 $ 103,106 801 103,907 2021 135,875 1,069 136,944 2022 116,818 1,069 117,887 2023 114,990 1,069 116,059 2024 110,652 1,069 111,721 Remaining 478,780 4,541 483,321 Total future minimum lease payments 1,060,221 9,618 1,069,839 Less imputed interest (247,935 ) (1,842 ) (249,777 ) Present value of lease liabilities 2 $ 812,286 7,776 820,062 1 Excludes $256.7 million of minimum lease payments for leases entered but not yet commenced. These payments relate to an expansion of an existing gas processing plant and payments are anticipated to commence at the end of 2020 for 20 years . 2 Includes both the current and long-term portion of the lease liabilities.
Schedule of Maturity of Finance Lease Liabilities	Maturity of Lease Liabilities ໿ (Thousands of dollars) Operating Leases 1 Finance Leases Total 2020 $ 103,106 801 103,907 2021 135,875 1,069 136,944 2022 116,818 1,069 117,887 2023 114,990 1,069 116,059 2024 110,652 1,069 111,721 Remaining 478,780 4,541 483,321 Total future minimum lease payments 1,060,221 9,618 1,069,839 Less imputed interest (247,935 ) (1,842 ) (249,777 ) Present value of lease liabilities 2 $ 812,286 7,776 820,062 1 Excludes $256.7 million of minimum lease payments for leases entered but not yet commenced. These payments relate to an expansion of an existing gas processing plant and payments are anticipated to commence at the end of 2020 for 20 years . 2 Includes both the current and long-term portion of the lease liabilities.
Summary of Lease Term and Discount Rate	Lease Term and Discount Rate March 31, 2020 Weighted average remaining lease term: Operating leases 9 years Finance leases 9 years Weighted average discount rate: Operating leases 5.3 % Finance leases 5.1 %
Summary of Other Lease Information	Other Information ໿ Three Months Ended March 31, (Thousands of dollars) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 53,039 44,730 Operating cash flows from finance leases 102 102 Financing cash flows from finance leases 168 160 Right-of-use assets obtained in exchange for lease liabilities: Operating leases ¹ $ 274,237 311 1 The three months ended March 31, 2020 includes $268.8 million related to a 5 -year lease for the Cascade/Chinook FPSO in the U.S. Gulf of Mexico.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Preliminary Purchase Price Allocation	The following table contains the preliminary purchase price allocations at fair value: (Thousands of dollars) LLOG Cash consideration paid $ 1,236,165 Contingent consideration 89,444 Total purchase consideration 1,325,609 (Thousands of dollars) Fair value of Property, plant and equipment 1,356,185 Other assets 6,697 Less: Asset retirement obligations (37,273 ) Total net assets $ 1,325,609

Nature of Business and Interi_2

Nature of Business and Interim Financial Statements Nature of Business and Interim Financial Statements (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)entity
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	0.50%
Variable Interest Entity, Number of Entities | entity	2
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $	$ 3.5

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)itemsegment	Dec. 31, 2019USD ($)
Revenue from Contract with Customer [Abstract]
Number of geographic segments | segment	2
Number of revenue streams | item	3
Receivables from contracts with customers | $	$ 73.1	$ 186.8

Revenue from Contracts with C_4

Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 600,558	$ 629,354
Gain (loss) on crude contracts	400,672	0
Gain on sale of assets and other income	2,498	1,192
Total revenues	1,003,728	630,546
Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	528,069	551,056
Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	12,563	16,974
Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	59,926	61,324
United States | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	131,236	134,676
United States | Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	5,503	8,221
United States | Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	5,558	7,574
United States Offshore | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	346,972	339,663
United States Offshore | Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	5,026	5,292
United States Offshore | Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	14,995	4,477
Canada | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	23,383	28,941
Canada | Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	2,034	3,461
Canada | Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	39,373	49,273
Canada Offshore | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	24,614	44,924
Other | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 1,864	$ 2,852

Revenue from Contracts with C_5

Revenue from Contracts with Customers (Current Long-Term Contracts Outstanding) (Details) Boe / d in Thousands	Mar. 31, 2020MMcf / dBoe / d
Q4 2021 | United States
Disaggregation of Revenue [Line Items]
Approximate Volumes | Boe / d	17
Q4 2021 | Canada | Dedicated acreage delivery in GOM
Disaggregation of Revenue [Line Items]
Approximate Volumes	10
Q4 2020 | Canada | Deliveries from dedicated acreage in Eagle Ford
Disaggregation of Revenue [Line Items]
Approximate Volumes	59
Q4 2020 | Canada | Dedicated acreage delivery in GOM
Disaggregation of Revenue [Line Items]
Approximate Volumes	60
Q4 2024 | Canada | Dedicated acreage delivery in GOM
Disaggregation of Revenue [Line Items]
Approximate Volumes	30
Q4 2026 | Canada | Dedicated acreage delivery in GOM
Disaggregation of Revenue [Line Items]
Approximate Volumes	38
Q4 2026 | Canada | Dedicated acreage delivery in GOM
Disaggregation of Revenue [Line Items]
Approximate Volumes	11

Property, Plant and Equipment N

Property, Plant and Equipment Narrative - (Details) $ in Thousands	Jul. 31, 2019USD ($)entity	Mar. 31, 2020USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Property, Plant and Equipment [Line Items]
Well Costs		$ 178,433		$ 217,326	$ 227,126	$ 207,855
Exploratory well costs capitalized more than one year		153,800
Impairment of oil and gas Properties		967,530
Athabasca Oil Corporation | Canadian Subsidiary
Property, Plant and Equipment [Line Items]
Cost of acquired assets, carried interest			$ 168,000
Malaysia Subsidiaries
Property, Plant and Equipment [Line Items]
Number of businesses divested | entity	2
Cash received from divestiture	$ 2,000,000
Gain (loss) on disposition of business	960,000
Contingent bonus payment	$ 100,000
Brunei
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year		24,200
Vietnam
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year		86,000
Gulf of Mexico
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year		16,400
United States
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year		27,300
Impairment of oil and gas Properties		$ 927,821
Kaybob Duvernay Lands, Alberta | Canadian Subsidiary
Property, Plant and Equipment [Line Items]
Interest in assets acquired			70.00%
Placid Montney Lands, Alberta | Canadian Subsidiary
Property, Plant and Equipment [Line Items]
Interest in assets acquired			30.00%

Property, Plant and Equipment_2

Property, Plant and Equipment Net Changes in Capitalized Exploratory Well Costs - (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Beginning balance at January 1	$ 217,326	$ 207,855
Additions pending the determination of proved reserves	816	32,416
Capitalized exploratory well costs charged to expense	(39,709)	(13,145)
Balance at March 31	$ 178,433	$ 227,126

Property, Plant and Equipment A

Property, Plant and Equipment Aging of Capitalized Exploratory Well Costs - (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)wellproject	Mar. 31, 2019USD ($)wellproject	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 178,433	$ 227,126	$ 217,326	$ 207,855
No. of Wells (in wells) | well	11	9
No. of Projects (in projects) | project	5	4
Zero to one year
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 24,637	$ 78,016
No. of Wells (in wells) | well	3	3
No. of Projects (in projects) | project	3	2
One to two years
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 31,541	$ 0
No. of Wells (in wells) | well	2	0
No. of Projects (in projects) | project	2	0
Two to three years
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 0	$ 27,270
No. of Wells (in wells) | well	0	1
No. of Projects (in projects) | project	0	1
Three years or more
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 122,255	$ 121,840
No. of Wells (in wells) | well	6	5
No. of Projects (in projects) | project	0	1

Property, Plant and Equipment S

Property, Plant and Equipment Schedule of Recognized Impairments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Property, Plant and Equipment [Line Items]
Impairment of oil and gas Properties	$ 967,530
United States
Property, Plant and Equipment [Line Items]
Impairment of oil and gas Properties	927,821
Other Foreign
Property, Plant and Equipment [Line Items]
Impairment of oil and gas Properties	$ 39,709

Discontinued Operations and A_3

Discontinued Operations and Assets Held for Sale (Results of Operations Associated with Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Revenues	$ 4,073	$ 195,412
Lease operating expenses	0	62,716
Depreciation, depletion and amortization	0	31,353
Other costs and expenses (benefits)	8,935	13,080
(Loss) income before taxes	(4,862)	88,263
Income tax expense	0	38,417
(Loss) income from discontinued operations	$ (4,862)	$ 49,846

Discontinued Operations and A_4

Discontinued Operations and Assets Held for Sale (Major Categories of Assets and Liabilities Reflected as Held for Sale) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current liabilities
Total current liabilities associated with assets held for sale	$ 12,607	$ 13,298
Discontinued Operations, Held-for-sale or Disposed of by Sale
Current assets
Cash	34,894	25,185
Accounts receivable	514	4,834
Inventories	406	406
Prepaid expenses and other	845	1,882
Property, Plant, and Equipment, net	42,348	82,116
Deferred income taxes and other assets	9,441	9,441
Total current assets associated with assets held for sale	88,448	123,864
Current liabilities
Accounts payable	3,076	3,702
Current maturities of long-term debt (finance lease)	709	705
Taxes payable	1,510	1,411
Long-term debt (finance lease)	7,067	7,240
Asset retirement obligation	245	240
Total current liabilities associated with assets held for sale	$ 12,607	$ 13,298

Financing Arrangements and De_2

Financing Arrangements and Debt (Narrative) (Details) - 2018 Revolving Credit Facility	3 Months Ended
	Mar. 31, 2020USD ($)
Line of Credit Facility [Line Items]
Credit facility maximum borrowing capacity	$ 1,600,000,000
Amount outstanding	$ 170,000,000
Interest rate	2.44%
Letter of Credit
Line of Credit Facility [Line Items]
Amount outstanding	$ 3,900,000

Other Financial Information (No

Other Financial Information (Noncash Operating Working Capital (Increase) Decrease) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Financial Information [Abstract]
Capitalized interest paid	$ 2,400	$ 0
Net (increase) decrease in operating working capital, excluding cash and cash equivalents:
(Increase) decrease in accounts receivable	186,436	(112,673)
(Increase) decrease in inventories	7,553	3,930
(Increase) decrease in prepaid expenses	(10,179)	(10,763)
Increase (decrease) in accounts payable and accrued liabilities	(76,287)	21,131
Increase (decrease) in income taxes payable	304	(130)
Net (increase) decrease in noncash operating working capital	107,827	(98,505)
Supplementary disclosures:
Cash income taxes paid, net of refunds	72	0
Interest paid, net of amounts capitalized of $2.4 million in 2020 and $0 million in 2019	42,344	39,024
Non-cash investing activities:
Asset retirement costs capitalized	280	486
(Increase) decrease in capital expenditure accrual	$ 10,633	$ (63,328)

Employee and Retiree Benefit _3

Employee and Retiree Benefit Plans (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Retirement Benefits [Abstract]
Contributions to benefit plans	$ 7.3
Expected benefit plan contributions to be made during the year	$ 32.4

Employee and Retiree Benefit _4

Employee and Retiree Benefit Plans (Components of Net Periodic Benefit Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,166	$ 2,062
Interest cost	5,791	7,151
Expected return on plan assets	(6,344)	(6,460)
Amortization of prior service cost (credit)	183	247
Recognized actuarial loss	4,269	3,514
Net periodic benefit expense	6,065	6,514
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	447	420
Interest cost	794	945
Expected return on plan assets	0	0
Amortization of prior service cost (credit)	0	(98)
Recognized actuarial loss	0	0
Net periodic benefit expense	$ 1,241	$ 1,267

Incentive Plans (Narrative) (De

Incentive Plans (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 29, 2020	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold of executive compensation not eligible for U.S. income tax deduction		$ 1,000,000
2012 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for issuance (in shares)		6,750,000
Annual rate for maximum number of shares available for issuance		1.00%
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)		999,700
Performance-Based RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share at grant date (in USD per share)		$ 21.51
Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	106,248	340,600
Fair value per share at grant date (in USD per share)		$ 21.68
Time-Based RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share at grant date (in USD per share)	$ 22.59
Cash Settled RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	1,152,500
Cash Settled RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share at grant date (in USD per share)		$ 21.68

Incentive Plans (Share-Based Pl

Incentive Plans (Share-Based Plans, Amounts Recognized) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement [Abstract]
Compensation charged against income before tax benefit	$ 553	$ 15,514
Related income tax (expense) benefit recognized in income	$ (592)	$ 2,342

Earnings per Share (Weighted-Av

Earnings per Share (Weighted-Average Shares Outstanding for Computation of Basic and Diluted Income per Common Share) (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Basic method (in shares)	153,312,647	173,341,304
Dilutive stock options and restricted stock units (in shares)	0	1,150,039
Diluted method (in shares)	153,312,647	174,491,343

Earnings per Share (Antidilutiv

Earnings per Share (Antidilutive Securities Not Included in Computation of Diluted EPS) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Antidilutive stock options excluded from diluted shares (in shares)	2,490,542	3,140,065
Weighted average price of these options (in USD per share)	$ 42.58	$ 46.18

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Statutory tax rate	21.00%

Income Taxes (Effective Income

Income Taxes (Effective Income Tax Rates) (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	15.40%	32.10%

Financial Instruments and Ris_3

Financial Instruments and Risk Management (Narrative) (Details) bbl / d in Thousands, $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2020bbl / d$ / bbl	Jun. 30, 2020bbl / d$ / bbl	Mar. 31, 2020USD ($)bbl / dcontractOffsettingPosition	Mar. 31, 2019USD ($)barrels_per_daycontract	Dec. 31, 2019itemAcquisition	Dec. 31, 2020$ / bbl
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of foreign currency derivatives | contract			0	0
Amount of loss reclassified to interest expense			$ 0.4	$ 0.7
Income taxes on deferred loss on fair value of interest rate derivative contracts			2.6
Derivative loss			$ 1.1
Number of businesses acquired (in acquisitions) | Acquisition					2
Number of offsetting positions (in positions)			0		0
Commodity derivative contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Daily production commitment (barrels per day)			45	0
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Income taxes on deferred loss on fair value of interest rate derivative contracts			$ 0.7
Notes Due 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument term			10 years
Subsequent Event | Commodity derivative contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Daily production commitment (barrels per day) | bbl / d	65
Average forward price (in dollars per barrel) | $ / bbl	56.42
Forecast | Subsequent Event | Commodity derivative contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Daily production commitment (barrels per day) | bbl / d		45
Average forward price (in dollars per barrel) | $ / bbl		47.20				56.42

Financial Instruments and Ris_4

Financial Instruments and Risk Management (Fair Value of Derivative Instruments Not Designated as Hedging Instruments) (Details) - Not Designated as Hedging Instrument - Commodity derivative contracts - Accounts Payable - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Accounts receivable	$ 361,176
Accounts payable		$ (33,364)

Financial Instruments and Ris_5

Financial Instruments and Risk Management (Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Not Designated as Hedging Instrument | Commodity derivative contracts | Gain (loss) on crude contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on crude contracts	$ 400,672	$ 0

Financial Instruments and Ris_6

Financial Instruments and Risk Management (Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis) (Details) - Fair Value - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 361,176	$ 0
Liabilities	100,649	197,186
Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	361,176	0
Commodity derivative contracts	0	33,364
Nonqualified employee savings plans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonqualified employee savings plans	13,013	17,035
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	87,636	146,787
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	13,013	17,035
Level 1 | Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Commodity derivative contracts	0	0
Level 1 | Nonqualified employee savings plans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonqualified employee savings plans	13,013	17,035
Level 1 | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	361,176	0
Liabilities	0	33,364
Level 2 | Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	361,176	0
Commodity derivative contracts	0	33,364
Level 2 | Nonqualified employee savings plans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonqualified employee savings plans	0	0
Level 2 | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	87,636	146,787
Level 3 | Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Commodity derivative contracts	0	0
Level 3 | Nonqualified employee savings plans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonqualified employee savings plans	0	0
Level 3 | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 87,636	$ 146,787

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 5,804,611
Components of other comprehensive income (loss):
Other comprehensive (loss) income	(127,823)	$ 28,788
Balance at end of period	5,098,303	$ 5,326,677
Reclassifications before taxes, included in net periodic benefit expense	379
Reclassifications, income tax expense	80
Foreign Currency Translation Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(353,252)
Components of other comprehensive income (loss):
Before reclassifications to income and retained earnings	(118,411)
Reclassifications to income	0
Other comprehensive (loss) income	(118,411)
Balance at end of period	(471,663)
Retirement and Postretirement Benefit Plan Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(218,015)
Components of other comprehensive income (loss):
Before reclassifications to income and retained earnings	(13,054)
Reclassifications to income	3,343
Other comprehensive (loss) income	(9,711)
Balance at end of period	(227,726)
Reclassifications before taxes, included in net periodic benefit expense	4,250
Deferred Loss on Interest Rate Derivative Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(2,894)
Components of other comprehensive income (loss):
Before reclassifications to income and retained earnings	0
Reclassifications to income	299
Other comprehensive (loss) income	299
Balance at end of period	(2,595)
Reclassifications, income tax expense	907
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(574,161)
Components of other comprehensive income (loss):
Before reclassifications to income and retained earnings	(131,465)
Reclassifications to income	3,642
Other comprehensive (loss) income	(127,823)
Balance at end of period	$ (701,984)

Business Segments (Segment Info

Business Segments (Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total Assets	$ 11,205,785		$ 11,718,504
External Revenues	1,003,728	$ 630,546
Income (Loss)	(508,702)	72,769
Assets/revenue/income from continuing operations
Segment Reporting Information [Line Items]
Total Assets	11,185,100
External Revenues	1,003,700	630,500
Income (Loss)	(503,800)	23,000
Discontinued operations, net of tax
Segment Reporting Information [Line Items]
Total Assets	20,700
External Revenues	0	0
Income (Loss)	(4,900)	49,800
Corporate
Segment Reporting Information [Line Items]
Total Assets	1,140,500
External Revenues	400,700	0
Income (Loss)	251,400	(72,400)
Exploration and production | Operating Segments
Segment Reporting Information [Line Items]
Total Assets	10,044,600
External Revenues	603,000	630,500
Income (Loss)	(755,200)	95,400
Exploration and production | Operating Segments | United States
Segment Reporting Information [Line Items]
Total Assets	7,619,500
External Revenues	511,500	500,800
Income (Loss)	(696,000)	116,200
Exploration and production | Operating Segments | Canada
Segment Reporting Information [Line Items]
Total Assets	2,154,200
External Revenues	89,700	126,800
Income (Loss)	(6,900)	7,500
Exploration and production | Operating Segments | Other
Segment Reporting Information [Line Items]
Total Assets	270,900
External Revenues	1,800	2,900
Income (Loss)	$ (52,300)	$ (28,300)

Leases (Narrative) (Details)

Leases (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020
Minimum
Remaining lease terms	1 year
Period in which leases have termination option	1 month
Maximum
Remaining lease terms	20 years

Leases (Summary of Lease Relate

Leases (Summary of Lease Related Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lessee, Lease, Description [Line Items]
Amortization of asset	$ 268	$ 210
Interest on lease liabilities	96	101
Sublease income	(306)	(217)
Net lease expense	110,024	88,197
Variable lease expense	6,300	7,200
Lease operating expense	209,148	131,696
Property, plant and equipment
Lessee, Lease, Description [Line Items]
Operating lease	24,556	23,447
Lease operating expense	15,400	20,100
Asset retirement obligations
Lessee, Lease, Description [Line Items]
Operating lease	0	3,024
Lease operating expense		3,000
Lease operating expenses
Lessee, Lease, Description [Line Items]
Operating lease	71,601	48,671
Lease operating expense	32,900	12,000
Transportation, gathering and processing
Lessee, Lease, Description [Line Items]
Operating lease	9,926	9,852
Lease operating expense	1,400
Selling and general expense
Lessee, Lease, Description [Line Items]
Operating lease	3,469	3,109
Lease operating expense	1,200	1,100
Other operating expense
Lessee, Lease, Description [Line Items]
Operating lease	$ 414	$ 0

Leases (Schedule of Maturity of

Leases (Schedule of Maturity of Lease Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019
Operating Leases
2020		$ 103,106
2021	$ 135,875
2022			$ 116,818
2023			114,990
2024			110,652
Remaining	478,780
Total future minimum lease payments	1,060,221
Less imputed interest	(247,935)
Present value of lease liabilities	812,286
Finance Leases
2020	801
2021			1,069
2022	1,069
2023	1,069
2024			1,069
Remaining			4,541
Total future minimum lease payments	9,618
Less imputed interest	(1,842)
Present value of lease liabilities	7,776
Total
2020			$ 103,907
2021	136,944
2022	117,887
2023	116,059
2024	111,721
Remaining	483,321
Total future minimum lease payments	1,069,839
Less imputed interest	(249,777)
Present value of lease liabilities	820,062
Minimum lease payments for leases signed but not yet commenced	$ 256,700
Lease duration for leases signed but not yet commenced		20 years

Leases (Summary of Lease Term a

Leases (Summary of Lease Term and Discount Rate) (Details)	Mar. 31, 2020	Dec. 31, 2019
Weighted average remaining lease term:
Operating leases		9 years
Finance leases		9 years
Weighted average discount rate:
Operating leases	5.30%
Finance leases	5.10%

Leases (Summary of Other Lease

Leases (Summary of Other Lease Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 53,039	$ 44,730
Operating cash flows from finance leases	102	102
Financing cash flows from finance leases	168	160
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	274,237	$ 311
Cascade/Chinook FPSO
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$ 268,800
Lease term	5 years

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended		7 Months Ended
	Jun. 30, 2019USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	May 31, 2019MMBoe
Business Acquisition [Line Items]
Revenue from sales to customers		$ 600,558	$ 629,354
Income (loss) from continuing operations before income taxes		(595,373)	33,745
Impairment of assets		967,530	$ 0
LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C.
Business Acquisition [Line Items]
Proved reserves | MMBoe					67
Cash consideration paid to PAI	$ 1,236,200			$ 1,236,165
Revenue from sales to customers		93,700
Income (loss) from continuing operations before income taxes		(406,300)
Impairment of assets		$ 413,200
LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C. | Sales Thresholds 2019 to 2022
Business Acquisition [Line Items]
Contingent consideration, maximum				200,000
LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C. | First Oil from Development Projects
Business Acquisition [Line Items]
Contingent consideration, maximum				$ 50,000

Acquisitions (Preliminary Purch

Acquisitions (Preliminary Purchase Price Allocation) (Details) - LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C. - USD ($) $ in Thousands	1 Months Ended	7 Months Ended
	Jun. 30, 2019	Dec. 31, 2019	Mar. 31, 2020
Business Acquisition [Line Items]
Cash consideration paid	$ 1,236,200	$ 1,236,165
Contingent consideration		89,444
Total purchase consideration		$ 1,325,609
Fair value of Property, plant and equipment			$ 1,356,185
Other assets			6,697
Less: Asset retirement obligations			(37,273)
Total net assets			$ 1,325,609