Murphy Oil (MUR) 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	9805 Katy Fwy, Suite G-200
Entity Address, Postal Zip Code	77024
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
City Area Code	(281)
Local Phone Number	675-9000
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		153,598,625
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000717423
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 219,636	$ 306,760
Accounts receivable, less allowance for doubtful accounts of $1,605 in 2020 and 2019	279,149	426,684
Inventories	67,856	76,123
Prepaid expenses	58,099	40,896
Assets held for sale	108,916	123,864
Total current assets	733,656	974,327
Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization of $11,102,285 in 2020 and $9,333,646 in 2019	8,592,834	9,969,743
Operating lease assets	765,484	598,293
Deferred income taxes	347,053	129,287
Deferred charges and other assets	30,324	46,854
Total assets	10,469,351	11,718,504
Current liabilities
Accounts payable	295,398	602,096
Income taxes payable	17,813	19,049
Other taxes payable	23,755	18,613
Operating lease liabilities	100,169	92,286
Other accrued liabilities	157,574	197,447
Liabilities associated with assets held for sale	14,677	13,298
Total current liabilities	609,386	942,789
Long-term debt, including capital lease obligation	2,987,057	2,803,381
Asset retirement obligations	856,856	825,794
Deferred credits and other liabilities	635,980	613,407
Non-current operating lease liabilities	686,516	521,324
Deferred income taxes	179,511	207,198
Total liabilities	5,955,306	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	936,318	949,445
Retained earnings	5,560,673	6,614,304
Accumulated other comprehensive loss	(657,995)	(574,161)
Treasury stock	(1,690,661)	(1,717,217)
Murphy Shareholders' Equity	4,343,436	5,467,460
Noncontrolling interest	170,609	337,151
Total equity	4,514,045	5,804,611
Total liabilities and equity	$ 10,469,351	$ 11,718,504

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,605	$ 1,605
Accumulated depreciation, depletion and amortization	$ 11,102,285	$ 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues and other income
Revenue from sales to customers	$ 425,324	$ 750,337	$ 1,311,627	$ 2,060,127
(Loss) gain on crude contracts	(5,290)	63,247	319,502	121,163
Gain on sale of assets and other income	1,831	3,493	6,006	10,283
Total revenues and other income	421,865	817,077	1,637,135	2,191,573
Costs and expenses
Lease operating expenses	124,491	147,632	478,283	416,460
Severance and ad valorem taxes	6,781	13,803	22,645	36,972
Transportation, gathering and processing	41,322	54,305	126,779	128,748
Exploration expenses, including undeveloped lease amortization	12,092	12,358	61,686	75,570
Selling and general expenses	28,509	55,366	104,381	176,258
Restructuring expenses	4,982	0	46,379	0
Depreciation, depletion and amortization	231,603	325,562	769,151	819,270
Accretion of asset retirement obligations	10,778	10,587	31,213	29,824
Impairment of assets	219,138	0	1,206,284	0
Other (benefit) expense	20,224	(29,000)	(2,957)	26,442
Total costs and expenses	699,920	590,613	2,843,844	1,709,544
Operating (loss) income from continuing operations	(278,055)	226,464	(1,206,709)	482,029
Other (loss)
Interest and other (loss)	(5,177)	(4,418)	(10,107)	(18,134)
Interest expense, net	(45,182)	(44,930)	(124,877)	(145,095)
Total other (loss)	(50,359)	(49,348)	(134,984)	(163,229)
(Loss) income from continuing operations before income taxes	(328,414)	177,116	(1,341,693)	318,800
Income tax (benefit) expense	(62,584)	18,782	(248,890)	38,719
(Loss) income from continuing operations	(265,830)	158,334	(1,092,803)	280,081
(Loss) income from discontinued operations, net of income taxes	(778)	953,368	(6,907)	1,027,632
Net (loss) income including noncontrolling interest	(266,608)	1,111,702	(1,099,710)	1,307,713
Less: Net (loss) income attributable to noncontrolling interest	(23,055)	22,700	(122,869)	86,257
NET (LOSS) INCOME ATTRIBUTABLE TO MURPHY	$ (243,553)	$ 1,089,002	$ (976,841)	$ 1,221,456
(LOSS) INCOME PER COMMON SHARE – BASIC
Continuing operations (in USD per share)	$ (1.58)	$ 0.85	$ (6.31)	$ 1.16
Discontinued operations (in USD per share)	(0.01)	5.94	(0.05)	6.14
Net (loss) income (in USD per share)	(1.59)	6.79	(6.36)	7.30
(LOSS) INCOME PER COMMON SHARE – DILUTED
Continuing operations (in USD per share)	(1.58)	0.84	(6.31)	1.16
Discontinued operations (in USD per share)	(0.01)	5.92	(0.05)	6.11
Net (loss) income (in USD per share)	(1.59)	6.76	(6.36)	7.27
Cash dividends per Common share (in USD per share)	$ 0.125	$ 0.25	$ 0.50	$ 0.75
Average Common shares outstanding (thousands)
Basic (in shares)	153,596,109	160,365,705	153,479,654	167,310,202
Diluted (in shares)	153,596,109	160,980,038	153,479,654	168,105,227

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income for the period	$ (266,608)	$ 1,111,702	$ (1,099,710)	$ 1,307,713
Other comprehensive (loss) income, net of tax
Net (loss) gain from foreign currency translation	28,323	(17,128)	(39,520)	36,927
Retirement and postretirement benefit plans	3,726	2,761	(45,219)	8,277
Deferred loss on interest rate hedges reclassified to interest expense	297	585	905	1,756
Other comprehensive (loss) income	32,346	(13,782)	(83,834)	46,960
COMPREHENSIVE (LOSS) INCOME	$ (234,262)	$ 1,097,920	$ (1,183,544)	$ 1,354,673

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019
Operating Activities
Net (loss) income including noncontrolling interest		$ (1,099,710)	$ 1,307,713
Adjustments to reconcile net (loss) income to net cash provided by continuing operations activities:
Loss (income) from discontinued operations		6,907	(1,027,632)
Depreciation, depletion and amortization		769,151	819,270
Previously suspended exploration costs		8,255	12,901
Amortization of undeveloped leases		21,951	21,680
Accretion of asset retirement obligations		31,213	29,824
Impairment of assets		1,206,284	0
Noncash restructuring expense		17,565	0
Deferred income tax (benefit) expense		(231,748)	50,597
Mark to market (gain) loss on contingent consideration		(29,476)	512
Mark to market (gain) loss on crude contracts		(104,463)	(100,076)
Long-term non-cash compensation		35,200	60,567
Net decrease (increase) in noncash operating working capital		(26,261)	40,257
Other operating activities, net		(26,837)	(62,386)
Net cash provided by continuing operations activities		578,031	1,153,227
Investing Activities
Property additions and dry hole costs		(648,725)	(995,509)
Property additions for King's Quay FPS		(74,936)	(13,637)
Acquisition of oil and gas properties		0	(1,212,949)
Proceeds from sales of property, plant and equipment		0	19,072
Net cash required by investing activities		(723,661)	(2,203,023)
Financing Activities
Borrowings on revolving credit facility		450,000	1,575,000
Repayment of revolving credit facility		(250,000)	(1,900,000)
Cash dividends paid		(76,790)	(125,437)
Distributions to noncontrolling interest		(43,673)	(97,510)
Early retirement of debt		(12,225)	0
Withholding tax on stock-based incentive awards		(7,094)	(6,991)
Debt issuance, net of cost		(613)	0
Capital lease obligation payments		(514)	(510)
Repurchase of common stock		0	(405,938)
Net cash (required) provided by financing activities		59,091	(961,386)
Cash Flows from Discontinued Operations
Operating activities	[1]	(1,202)	74,361
Investing activities	[1]	4,494	1,985,202
Financing activities	[1]	0	(4,914)
Net cash provided by discontinued operations	[1]	3,292	2,054,649
Cash transferred from discontinued operations to continuing operations		0	2,083,565
Effect of Exchange Rate on Cash and Cash Equivalents [Abstract]
Effect of exchange rate changes on cash and cash equivalents		(585)	2,593
Net increase (decrease) in cash and cash equivalents		(87,124)	74,976
Cash and cash equivalents at beginning of period		306,760	359,923
Cash and cash equivalents at end of period		$ 219,636	$ 434,899
[1]	Net cash provided by discontinued operations is not part of the cash flow reconciliation. See Notes to Consolidated Financial Statements, page 7.

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	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Treasury Stock	Noncontrolling Interest
Balance at beginning of period at Dec. 31, 2018				$ 195,077	$ 979,642	$ 5,513,529	$ 116,768	$ (609,787)	$ (1,249,162)	$ 368,343
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options, including income tax benefits				6	(123)
Restricted stock transactions and other					(38,732)
Share-based compensation					25,041
Adjustments to acquisition valuation					(24,519)
Net (loss) income for the period	$ 1,307,713					1,221,456				86,257
Cash dividends						(125,437)
Foreign currency translation (loss) gain, net of income taxes	36,927							36,927
Retirement and postretirement benefit plans, net of income taxes								8,277
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes	1,756							1,756
Purchase of treasury shares									(405,938)
Awarded restricted stock, net of forfeitures									31,869
Acquisition closing adjustments										(7,920)
Distributions to noncontrolling interest owners										(97,510)
Balance at end of period at Sep. 30, 2019	6,025,820	$ 5,676,650	$ 0	195,083	941,309	6,726,316		(562,827)	(1,623,231)	349,170
Balance at beginning of period at Jun. 30, 2019				195,083	933,944	5,677,248		(549,045)	(1,517,217)	358,532
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation					7,365
Net (loss) income for the period	1,111,702					1,089,002				22,700
Cash dividends						(39,934)
Foreign currency translation (loss) gain, net of income taxes	(17,128)							(17,128)
Retirement and postretirement benefit plans, net of income taxes								2,761
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes	585							585
Purchase of treasury shares									(106,014)
Acquisition closing adjustments										(3,328)
Distributions to noncontrolling interest owners										(28,734)
Balance at end of period at Sep. 30, 2019	6,025,820	5,676,650	0	195,083	941,309	6,726,316		(562,827)	(1,623,231)	349,170
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options, including income tax benefits				12	(156)
Restricted stock transactions and other					(33,649)
Share-based compensation					20,678
Net (loss) income for the period	(1,099,710)					(976,841)				(122,869)
Cash dividends						(76,790)
Foreign currency translation (loss) gain, net of income taxes	(39,520)							(39,520)
Retirement and postretirement benefit plans, net of income taxes								(45,219)
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes	905							905
Awarded restricted stock, net of forfeitures									26,556
Distributions to noncontrolling interest owners										(43,673)
Balance at end of period at Sep. 30, 2020	4,514,045	4,343,436	0	195,101	936,318	5,560,673		(657,995)	(1,690,661)	170,609
Balance at beginning of period at Jun. 30, 2020				195,101	931,429	5,823,426		(690,341)	(1,691,070)	204,937
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock transactions and other					(409)
Share-based compensation					5,298
Net (loss) income for the period	(266,608)					(243,553)				(23,055)
Cash dividends						(19,200)
Foreign currency translation (loss) gain, net of income taxes	28,323							28,323
Retirement and postretirement benefit plans, net of income taxes								3,726
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes	297							297
Awarded restricted stock, net of forfeitures									409
Distributions to noncontrolling interest owners										(11,273)
Balance at end of period at Sep. 30, 2020	$ 4,514,045	$ 4,343,436	$ 0	$ 195,101	$ 936,318	$ 5,560,673		$ (657,995)	$ (1,690,661)	$ 170,609

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Cumulative preferred stock, par value (in USD per share)	$ 100
Cumulative preferred stock, authorized shares (in shares)	400,000
Cumulative preferred stock, shares issued (in shares)	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	195,083,364
Treasury stock, shares (in shares)	41,502,003	37,853,330

Nature of Business and Interim

Nature of Business and Interim Financial Statements	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Interim Financial Statements	Note A – 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 P – Acquisitions, we hold a 0.5% interest in two variable interest entities (VIEs), Delta House Oil and Gas Lateral LLC and Delta House Floating Production System (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 September 30, 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 September 30, 2020 and December 31, 2019, and the results of operations, cash flows and changes in stockholders’ equity for the interim periods ended September 30, 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 and nine-month periods ended September 30, 2020 are not necessarily indicative of future results.

New Accounting Principles and R

New Accounting Principles and Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract]
New Accounting Principles and Recent Accounting Pronouncements	Note B – 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.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Note C – 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. 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-month and nine-month periods ended September 30, 2020, the Company recognized $425.3 million and $1,311.6 million, respectively, from contracts with customers for the sales of oil, natural gas liquids and natural gas. For the three-month and nine-month periods ended September 30, 2019, the Company recognized $750.3 million and $2,060.1 million respectively, from contracts with customers for the sales of oil, natural gas liquids and natural gas. Three Months Ended Nine Months Ended (Thousands of dollars) 2020 2019 2020 2019 Net crude oil and condensate revenue United States Onshore $ 86,498 219,515 272,284 547,756 Offshore 216,918 398,518 714,143 1,090,462 Canada Onshore 32,358 31,758 67,268 88,730 Offshore 19,173 28,407 54,864 115,686 Other — 1,933 1,806 7,908 Total crude oil and condensate revenue 354,947 680,131 1,110,365 1,850,542 Net natural gas liquids revenue United States Onshore 6,766 5,557 16,145 22,497 Offshore 4,765 8,414 13,255 18,184 Canada Onshore 2,780 2,751 6,090 8,987 Total natural gas liquids revenue 14,311 16,722 35,490 49,668 Net natural gas revenue United States Onshore 4,529 5,848 14,177 20,762 Offshore 9,827 15,879 35,487 29,575 Canada Onshore 41,710 31,757 116,108 109,580 Total natural gas revenue 56,066 53,484 165,772 159,917 Total revenue from contracts with customers 425,324 750,337 1,311,627 2,060,127 (Loss) gain on crude contracts (5,290) 63,247 319,502 121,163 Gain on sale of assets and other income 1,831 3,493 6,006 10,283 Total revenue and other income $ 421,865 817,077 1,637,135 2,191,573 Contract Balances and Asset Recognition As of September 30, 2020, and December 31, 2019, receivables from contracts with customers, net of royalties and associated payables, on the balance sheet from continuing operations, were $70.8 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 of September 30, 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 September 30, 2020, the Company had the following sales contracts in place which are expected to generate revenue from sales to customers for a period of more than 12 months starting at the inception of the contract: ໿ Current Long-Term Contracts Outstanding at September 30, 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 Q1 2023 Deliveries from dedicated acreage in Eagle Ford 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 2022 Contracts to sell natural gas at Malin USD fixed prices 20 MMCFD Canada Natural Gas Q4 2022 Contracts to sell natural gas at USD Index pricing 35 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 49 MMCFD Fixed price contracts are accounted for as normal sales and purchases for accounting purposes.

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Note D – 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 September 30, 2020, the Company had total capitalized exploratory well costs for continuing operations pending the determination of proved reserves of $187.9 million. The following table reflects the net changes in capitalized exploratory well costs during the nine-month periods ended September 30, 2020 and 2019. (Thousands of dollars) 2020 2019 Beginning balance at January 1 $ 217,326 207,855 Additions pending the determination of proved reserves 9,941 86,025 Capitalized exploratory well costs charged to expense (39,408) (13,145) Balance at September 30 $ 187,859 280,735 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. September 30, 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 $ 8,000 1 — 64,711 5 5 One to two years 54,334 5 5 63,615 1 1 Two to three years — — — 27,500 1 — Three years or more 125,525 6 — 124,909 5 — $ 187,859 12 5 280,735 12 6 Of the $179.9 million of exploratory well costs capitalized more than one year at September 30, 2020, $88.2 million is in Vietnam, $46.0 million is in the U.S., $25.3 million is in Brunei, $15.6 million is in Mexico, and $4.8 million is in Canada. In all geographical areas, either further appraisal or development drilling is planned and/or development studies/plans are in various stages of completion. Impairments In 2020, declines in future oil and natural gas prices (principally driven by reduced demand in response to the COVID-19 pandemic and increased supply in the first quarter of 2020 from foreign oil producers and - see Risk Factors on page 38) led to impairments in certain of the Company’s U.S. Offshore and Other Foreign properties. The Company recorded pretax noncash impairment charges of $1,206.3 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 nine months ended September 30, 2020. Nine Months Ended (Thousands of dollars) September 30, 2020 U.S. $ 1,152,515 Other Foreign 39,709 Corporate 14,060 $ 1,206,284 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 was entitled to receive a $100.0 million bonus payment contingent upon certain future exploratory drilling results prior to October 2020, however the results were not achieved by PTTEP.

Discontinued Operations and Ass

Discontinued Operations and Assets Held for Sale	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations and Assets Held for Sale	Note E – 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 and nine-month periods ended September 30, 2020 and 2019 were as follows: Three Months Ended Nine Months Ended (Thousands of dollars) 2020 2019 2020 2019 Revenues $ — 972,737 4,074 1,328,110 Costs and expenses Lease operating expenses — 6,262 — 127,138 Depreciation, depletion and amortization — (1) — 33,697 Other costs and expenses 778 11,079 10,981 81,560 (Loss) income before taxes (778) 955,397 (6,907) 1,085,715 Income tax expense — 2,029 — 58,083 (Loss) income from discontinued operations $ (778) 953,368 (6,907) 1,027,632 The following table presents the carrying value of the major categories of assets and liabilities of the Brunei exploration and production operations, the U.K. refining and marketing operations and the Company’s office building in El Dorado, Arkansas and two airplanes that are reflected as held for sale on the Company’s Consolidated Balance Sheets. Subsequent to period end, one of the planes has been sold. (Thousands of dollars) September 30, December 31, Current assets Cash $ 29,420 25,185 Accounts receivable 425 4,834 Inventories 406 406 Prepaid expenses and other 831 1,882 Property, plant, and equipment, net 68,393 82,116 Deferred income taxes and other assets 9,441 9,441 Total current assets associated with assets held for sale $ 108,916 123,864 Current liabilities Accounts payable $ 5,481 3,702 Current maturities of long-term debt (finance lease) 728 705 Taxes payable 1,510 1,411 Long-term debt (finance lease) 6,702 7,240 Asset retirement obligation 256 240 Total current liabilities associated with assets held for sale $ 14,677 13,298

Financing Arrangements and Debt

Financing Arrangements and Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Financing Arrangements and Debt	Note F – Financing Arrangements and Debt As of September 30, 2020, the Company had a $1.6 billion revolving credit facility (RCF). The RCF is a senior unsecured guaranteed facility which expires in November 2023. At September 30, 2020, the Company had $200.0 million outstanding borrowings under the RCF and $3.7 million of outstanding letters of credit, which reduce the borrowing capacity of the RCF. At September 30, 2020, the interest rate in effect on borrowings under the facility was 1.84%. At September 30, 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	9 Months Ended
	Sep. 30, 2020
Other Financial Information [Abstract]
Other Financial Information	Note G – Other Financial Information Additional disclosures regarding cash flow activities are provided below. ໿ Nine 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 $ 251,706 (128,698) Decrease in inventories 4,747 4,398 (Increase) in prepaid expenses (17,400) (3,745) Increase (decrease) in accounts payable and accrued liabilities ¹ (264,078) 165,224 Increase (decrease) in income taxes payable (1,236) 3,078 Net (increase) decrease in noncash operating working capital $ (26,261) 40,257 Supplementary disclosures: Cash income taxes paid, net of refunds $ (12,559) (4,563) Interest paid, net of amounts capitalized of $5.9 million in 2020 and $0.2 million in 2019 139,651 137,116 Non-cash investing activities: Asset retirement costs capitalized ² $ 6,342 48,203 (Increase) decrease in capital expenditure accrual 74,742 (52,659) 1 Excludes receivable/payable balances relating to mark-to-market of crude contracts and contingent consideration relating to acquisitions. 2 2019 includes asset retirement obligations assumed as part of the LLOG acquisition of $37.3 million . See Note P.

Employee and Retiree Benefit Pl

Employee and Retiree Benefit Plans	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Employee and Retiree Benefit Plans	Note H – 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. On May 6, 2020, the Company announced that it was closing its headquarter office in El Dorado, Arkansas, its office in Calgary, Alberta, and consolidating all worldwide staff activities to its existing office location in Houston, Texas. As a result of this decision and the subsequent restructuring activities, a pension remeasurement was triggered and the Company incurred pension curtailment and special termination benefit charges as a result of the associated reduction of force. The Company elected the use of a practical expedient to perform the pension remeasurement as of May 31, 2020, which resulted in an increase in our pension and other postretirement benefit liabilities of $63.0 million due to a lower discount rate and lower plan assets compared to December 31, 2019. The table that follows provides the components of net periodic benefit expense for the three-month and nine-month periods ended September 30, 2020 and 2019. Three Months Ended September 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2020 2019 2020 2019 Service cost $ 1,664 2,064 342 421 Interest cost 4,827 7,151 612 945 Expected return on plan assets (5,773) (6,455) — — Amortization of prior service cost (credit) 149 248 — (98) Recognized actuarial loss 5,690 3,516 (24) — Net periodic benefit expense $ 6,557 6,524 930 1,268 Nine Months Ended September 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2020 2019 2020 2019 Service cost $ 5,996 6,188 1,235 1,261 Interest cost 16,381 21,402 2,200 2,833 Expected return on plan assets (18,414) (19,285) — — Amortization of prior service cost (credit) 515 741 — (293) Recognized actuarial loss 14,223 10,538 (24) — Net periodic benefit expense 18,701 19,584 3,411 3,801 Other - curtailment 586 — (1,825) — Other - special termination benefits 8,435 — — — Total net periodic benefit expense $ 27,722 19,584 1,586 3,801 The components of net periodic benefit expense, other than the service cost, curtailment and special termination benefits components, are included in the line item “Interest and other income (loss)” in Consolidated Statements of Operations. The curtailment and special termination benefits components are included in the line item “Restructuring expenses” in Consolidated Statement of Operations. During the nine-month period ended September 30, 2020, the Company made contributions of $27.4 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 $10.3 million.

Incentive Plans

Incentive Plans	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Incentive Plans	Note I – 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. In May 2020, the Company’s shareholders approved replacement of the 2018 Long-Term Incentive Plan (2018 Long-Term Plan) with the 2020 Long-Term Incentive Plan (2020 Long-Term Plan). All awards on or after May 13, 2020, will be made under the 2020 Long-Term Plan. The 2020 Long-Term Plan and the 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 2020 Long-Term Plan expires in 2030. A total of 5,000,000 shares are issuable during the life of the 2020 Long-Term Plan. 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 Stock Plan for Non-Employee Directors (2018 NED Plan) permits the issuance of restricted stock, restricted stock units and stock options or a combination thereof to the Company’s Non-Employee Directors. During the first nine months of 2020, the Committee granted 999,700 performance-based RSUs and 340,600 time-based RSUs to certain employees under the 2018 Long-Term Plan. 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 NED Plan. 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 obligations, 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 nine-month period ended September 30, 2020. Amounts recognized in the financial statements with respect to share-based plans are shown in the following table: Nine Months Ended (Thousands of dollars) 2020 2019 Compensation charged against income before tax benefit $ 17,542 39,884 Related income tax benefit recognized in income 2,278 6,204 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	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings per Share	Note J – 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 and nine-month periods ended September 30, 2020 and 2019. The following table reports the weighted-average shares outstanding used for these computations. Three Months Ended September 30, Nine Months Ended (Weighted-average shares) 2020 2019 2020 2019 Basic method 153,596,109 160,365,705 153,479,654 167,310,202 Dilutive stock options and restricted stock units ¹ — 614,333 — 795,025 Diluted method 153,596,109 160,980,038 153,479,654 168,105,227 1 Due to a net loss recognized by the Company for the three-month and nine-month periods ended September 30, 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 September 30, Nine Months Ended 2020 2019 2020 2019 Antidilutive stock options excluded from diluted shares 2,111,068 2,903,768 2,305,973 3,016,361 Weighted average price of these options $ 38.54 $ 44.65 $ 40.15 $ 45.38

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note K – 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 and nine-month periods ended September 30, 2020 and 2019, the Company’s effective income tax rates were as follows: 2020 2019 Three months ended September 30, 19.1% 10.6% Nine months ended September 30, 18.6% 12.1% The effective tax rate for the three-month period ended September 30, 2020 was below the U.S. statutory tax rate of 21% due to 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 September 30, 2019 was below the U.S. statutory tax rate of 21% due to an income tax deduction for prior years Vietnam exploration spend which resulted in an income tax benefit of $15 million. The effective tax rate for the nine-month period ended September 30, 2020 was below the U.S. statutory tax rate of 21% due to 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. These items reduced the tax credit on a reported pre-tax net loss. The effective tax rate for the nine-month period ended September 30, 2019 was below the statutory tax rate of 21% due to an income tax deduction for prior years Vietnam exploration spend which resulted in an income tax benefit of $15 million, a reduction of the Alberta provincial corporate income tax rate that reduced the future deferred tax liability by $13 million, and no tax applied to the pre-tax income of the noncontrolling interest in MP GOM. 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 September 30, 2020, the earliest years remaining open for audit and/or settlement in our major taxing jurisdictions are as follows: United States – 2016; Canada – 2016; Malaysia – 2013; and United Kingdom – 2018. Following the divestment of Malaysia in the

Financial Instruments and Risk

Financial Instruments and Risk Management	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments and Risk Management	Note L – 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 September 30, 2020, the Company had 45,000 barrels per day in WTI crude oil swap financial contracts maturing through December 2020 at an average price of $56.42, and 18,000 barrels per day in WTI crude oil swap financial contracts maturing from January to December of 2021 at an average price of $43.31. Under these contracts, which mature monthly, the Company pays the average monthly price in effect and receives the fixed contract price. At September 30, 2019, the Company had 35,000 barrels per day in WTI crude oil swap financial contracts maturing through December 2019 at an average price of $60.51 and 35,000 barrels per day in WTI crude oil swap financial contracts maturing through December 2020 at an average price of $57.59. 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 September 30, 2020 and 2019. At September 30, 2020 and December 31, 2019, the fair value of derivative instruments not designated as hedging instruments are presented in the following table. September 30, 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 $ 93,774 Accounts payable $ (33,364) For the three-month and nine-month periods ended September 30, 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) Gain (Loss) (Thousands of dollars) Statement of Operations Location Three Months Ended September 30, Nine months ended September 30, Type of Derivative Contract 2020 2019 2020 2019 Commodity (Loss) gain on crude contracts $ (5,290) 63,247 $ 319,502 121,163 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 nine-month periods ended September 30, 2020 and 2019, $1.1 million and $2.2 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 September 30, 2020 was $2.0 million and is recorded, net of income taxes of $0.5 million, in Accumulated other comprehensive loss in the Consolidated Balance Sheet. The Company expects to charge approximately $0.4 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 September 30, 2020 and December 31, 2019, are presented in the following table. September 30, 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 $ — 93,774 — 93,774 — — — — $ — 93,774 — 93,774 — — — — Liabilities: Commodity derivative contracts $ — — — — — 33,364 — 33,364 Nonqualified employee savings plans 16,169 — — 16,169 17,035 — — 17,035 Contingent consideration — — 117,311 117,311 — — 146,787 146,787 $ 16,169 — 117,311 133,480 17,035 33,364 146,787 197,186 The fair value of WTI crude oil derivative contracts in 2020 and 2019 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 2019 and 2018, 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 (benefit) expense in the Consolidated Statements of Operations. Any remaining contingent consideration payable will be due annually in years 2021 to 2026.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Note M – Accumulated Other Comprehensive Loss The components of Accumulated other comprehensive loss on the Consolidated Balance Sheets at December 31, 2019 and September 30, 2020 and the changes during the nine-month period ended September 30, 2020, are presented net of taxes in the following table. (Thousands of dollars) Foreign Retirement Deferred 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 (39,520) (55,707) — (95,227) Reclassifications to income — 10,488 ¹ 905 ² 11,393 Net other comprehensive income (loss) (39,520) (45,219) 905 (83,834) Balance at September 30, 2020 $ (392,772) (263,234) (1,989) (657,995) 1 Reclassifications before taxes of $13,720 are included in the computation of net periodic benefit expense for the nine-month period ended September 30, 2020. See Note H for additional information. Related income taxes of $3,232 are included in Income tax expense (benefit) for the nine-month period ended September 30, 2020. 2 Reclassifications before taxes of $1,147 are included in Interest expense, net, for the nine-month period ended September 30, 2020. Related income taxes of $242 are included in Income tax expense (benefit) for the nine-month period ended September 30, 2020. See Note L for additional information.

Environmental and Other Conting

Environmental and Other Contingencies	9 Months Ended
	Sep. 30, 2020
Environmental Remediation Obligations [Abstract]
Environmental and Other Contingencies	Note N – 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/(loss), 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/(loss), 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/ (loss), financial condition or liquidity in a future period.

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Business Segments	Note O – 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 at September 30, 2020 Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 (Millions of dollars) External Income External Income Exploration and production ¹ United States $ 7,028.0 330.8 (172.6) 656.8 170.8 Canada 2,155.5 96.3 (8.6) 95.0 (9.1) Other 264.1 — (11.7) 1.9 (3.7) Total exploration and production 9,447.6 427.1 (192.9) 753.7 158.0 Corporate 1,002.1 (5.2) (72.9) 63.4 0.3 Assets/revenue/income (loss) from continuing operations 10,449.7 421.9 (265.8) 817.1 158.3 Discontinued operations, net of tax 19.7 — (0.8) — 953.4 Total $ 10,469.4 421.9 (266.6) 817.1 1,111.7 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 External Income External Income Exploration and production ¹ United States $ 1,070.6 (1,011.7) 1,734.3 420.0 Canada 245.2 (35.0) 323.8 (7.5) Other 1.8 (73.0) 7.9 (35.4) Total exploration and production 1,317.6 (1,119.7) 2,066.0 377.1 Corporate 319.5 26.9 125.6 (97.0) Assets/revenue/income (loss) from continuing operations 1,637.1 (1,092.8) 2,191.6 280.1 Discontinued operations, net of tax — (6.9) — 1,027.6 Total $ 1,637.1 (1,099.7) 2,191.6 1,307.7 1 Additional details about results of oil and gas operations are presented in the table on pages 26 and 27.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Acquisitions	Note P – 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 revenue threshold was not exceeded for the 2019 period.

Restructuring Charges

Restructuring Charges	9 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring Charges	Note Q – Restructuring Charges On May 6, 2020, the Company announced that it was closing its headquarter office in El Dorado, Arkansas, its office in Calgary, Alberta, and consolidating all worldwide staff activities to its existing office location in Houston, Texas. As a result of this decision, certain directly attributable costs and charges have been recognized and reported as Restructuring charges as part of net income during the three and nine months ended September 30, 2020. These costs include severance, relocation, IT costs, pension curtailment charges and a write-off of the right of use asset lease associated with the Canada office. Further, the office building in El Dorado and two airplanes are classified as held for sale as of September 30, 2020. Subsequent to period end, one of the planes has been sold. All Restructuring charges have been recorded in the Corporate segment. The following table presents a summary of the restructuring charges included in Operating (loss) income from continuing operations for the three and nine months ended September 30, 2020: (Thousands of dollars) Three Months Ended Nine Months Ended Severance $ 2,635 22,502 Pension and termination benefit charges — 10,913 Contract exit costs and other 2,347 12,964 Restructuring charges $ 4,982 46,379 The following table represents a reconciliation of the liability associated with the Company’s restructuring activities at September 30, 2020, which is reflected in Other accrued liabilities on the Consolidated Balance Sheet: (Thousands of dollars) Restructuring accruals $ 28,814 Utilizations (19,635) Liability at September 30, 2020 $ 9,179

New Accounting Principles and_2

New Accounting Principles and Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 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 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.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	For the three-month and nine-month periods ended September 30, 2020, the Company recognized $425.3 million and $1,311.6 million, respectively, from contracts with customers for the sales of oil, natural gas liquids and natural gas. For the three-month and nine-month periods ended September 30, 2019, the Company recognized $750.3 million and $2,060.1 million respectively, from contracts with customers for the sales of oil, natural gas liquids and natural gas. Three Months Ended Nine Months Ended (Thousands of dollars) 2020 2019 2020 2019 Net crude oil and condensate revenue United States Onshore $ 86,498 219,515 272,284 547,756 Offshore 216,918 398,518 714,143 1,090,462 Canada Onshore 32,358 31,758 67,268 88,730 Offshore 19,173 28,407 54,864 115,686 Other — 1,933 1,806 7,908 Total crude oil and condensate revenue 354,947 680,131 1,110,365 1,850,542 Net natural gas liquids revenue United States Onshore 6,766 5,557 16,145 22,497 Offshore 4,765 8,414 13,255 18,184 Canada Onshore 2,780 2,751 6,090 8,987 Total natural gas liquids revenue 14,311 16,722 35,490 49,668 Net natural gas revenue United States Onshore 4,529 5,848 14,177 20,762 Offshore 9,827 15,879 35,487 29,575 Canada Onshore 41,710 31,757 116,108 109,580 Total natural gas revenue 56,066 53,484 165,772 159,917 Total revenue from contracts with customers 425,324 750,337 1,311,627 2,060,127 (Loss) gain on crude contracts (5,290) 63,247 319,502 121,163 Gain on sale of assets and other income 1,831 3,493 6,006 10,283 Total revenue and other income $ 421,865 817,077 1,637,135 2,191,573
Current Long-Term Contracts Outstanding	As of September 30, 2020, the Company had the following sales contracts in place which are expected to generate revenue from sales to customers for a period of more than 12 months starting at the inception of the contract: ໿ Current Long-Term Contracts Outstanding at September 30, 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 Q1 2023 Deliveries from dedicated acreage in Eagle Ford 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 2022 Contracts to sell natural gas at Malin USD fixed prices 20 MMCFD Canada Natural Gas Q4 2022 Contracts to sell natural gas at USD Index pricing 35 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 49 MMCFD

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 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 nine-month periods ended September 30, 2020 and 2019. (Thousands of dollars) 2020 2019 Beginning balance at January 1 $ 217,326 207,855 Additions pending the determination of proved reserves 9,941 86,025 Capitalized exploratory well costs charged to expense (39,408) (13,145) Balance at September 30 $ 187,859 280,735
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. September 30, 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 $ 8,000 1 — 64,711 5 5 One to two years 54,334 5 5 63,615 1 1 Two to three years — — — 27,500 1 — Three years or more 125,525 6 — 124,909 5 — $ 187,859 12 5 280,735 12 6
Schedule of Recognized Impairments	The following table reflects the recognized impairments for the nine months ended September 30, 2020. Nine Months Ended (Thousands of dollars) September 30, 2020 U.S. $ 1,152,515 Other Foreign 39,709 Corporate 14,060 $ 1,206,284

Discontinued Operations and A_2

Discontinued Operations and Assets Held for Sale (Tables)	9 Months Ended
	Sep. 30, 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 and nine-month periods ended September 30, 2020 and 2019 were as follows: Three Months Ended Nine Months Ended (Thousands of dollars) 2020 2019 2020 2019 Revenues $ — 972,737 4,074 1,328,110 Costs and expenses Lease operating expenses — 6,262 — 127,138 Depreciation, depletion and amortization — (1) — 33,697 Other costs and expenses 778 11,079 10,981 81,560 (Loss) income before taxes (778) 955,397 (6,907) 1,085,715 Income tax expense — 2,029 — 58,083 (Loss) income from discontinued operations $ (778) 953,368 (6,907) 1,027,632
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 operations, the U.K. refining and marketing operations and the Company’s office building in El Dorado, Arkansas and two airplanes that are reflected as held for sale on the Company’s Consolidated Balance Sheets. Subsequent to period end, one of the planes has been sold. (Thousands of dollars) September 30, December 31, Current assets Cash $ 29,420 25,185 Accounts receivable 425 4,834 Inventories 406 406 Prepaid expenses and other 831 1,882 Property, plant, and equipment, net 68,393 82,116 Deferred income taxes and other assets 9,441 9,441 Total current assets associated with assets held for sale $ 108,916 123,864 Current liabilities Accounts payable $ 5,481 3,702 Current maturities of long-term debt (finance lease) 728 705 Taxes payable 1,510 1,411 Long-term debt (finance lease) 6,702 7,240 Asset retirement obligation 256 240 Total current liabilities associated with assets held for sale $ 14,677 13,298

Other Financial Information (Ta

Other Financial Information (Tables)	9 Months Ended
	Sep. 30, 2020
Other Financial Information [Abstract]
Noncash Operating Working Capital (Increase) Decrease	Additional disclosures regarding cash flow activities are provided below. ໿ Nine 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 $ 251,706 (128,698) Decrease in inventories 4,747 4,398 (Increase) in prepaid expenses (17,400) (3,745) Increase (decrease) in accounts payable and accrued liabilities ¹ (264,078) 165,224 Increase (decrease) in income taxes payable (1,236) 3,078 Net (increase) decrease in noncash operating working capital $ (26,261) 40,257 Supplementary disclosures: Cash income taxes paid, net of refunds $ (12,559) (4,563) Interest paid, net of amounts capitalized of $5.9 million in 2020 and $0.2 million in 2019 139,651 137,116 Non-cash investing activities: Asset retirement costs capitalized ² $ 6,342 48,203 (Increase) decrease in capital expenditure accrual 74,742 (52,659) 1 Excludes receivable/payable balances relating to mark-to-market of crude contracts and contingent consideration relating to acquisitions. 2 2019 includes asset retirement obligations assumed as part of the LLOG acquisition of $37.3 million . See Note P.

Employee and Retiree Benefit _2

Employee and Retiree Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 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 and nine-month periods ended September 30, 2020 and 2019. Three Months Ended September 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2020 2019 2020 2019 Service cost $ 1,664 2,064 342 421 Interest cost 4,827 7,151 612 945 Expected return on plan assets (5,773) (6,455) — — Amortization of prior service cost (credit) 149 248 — (98) Recognized actuarial loss 5,690 3,516 (24) — Net periodic benefit expense $ 6,557 6,524 930 1,268 Nine Months Ended September 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2020 2019 2020 2019 Service cost $ 5,996 6,188 1,235 1,261 Interest cost 16,381 21,402 2,200 2,833 Expected return on plan assets (18,414) (19,285) — — Amortization of prior service cost (credit) 515 741 — (293) Recognized actuarial loss 14,223 10,538 (24) — Net periodic benefit expense 18,701 19,584 3,411 3,801 Other - curtailment 586 — (1,825) — Other - special termination benefits 8,435 — — — Total net periodic benefit expense $ 27,722 19,584 1,586 3,801

Incentive Plans (Tables)

Incentive Plans (Tables)	9 Months Ended
	Sep. 30, 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: Nine Months Ended (Thousands of dollars) 2020 2019 Compensation charged against income before tax benefit $ 17,542 39,884 Related income tax benefit recognized in income 2,278 6,204

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended (Weighted-average shares) 2020 2019 2020 2019 Basic method 153,596,109 160,365,705 153,479,654 167,310,202 Dilutive stock options and restricted stock units ¹ — 614,333 — 795,025 Diluted method 153,596,109 160,980,038 153,479,654 168,105,227 1 Due to a net loss recognized by the Company for the three-month and nine-month periods ended September 30, 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 September 30, Nine Months Ended 2020 2019 2020 2019 Antidilutive stock options excluded from diluted shares 2,111,068 2,903,768 2,305,973 3,016,361 Weighted average price of these options $ 38.54 $ 44.65 $ 40.15 $ 45.38

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective Income Tax Rates	For the three-month and nine-month periods ended September 30, 2020 and 2019, the Company’s effective income tax rates were as follows: 2020 2019 Three months ended September 30, 19.1% 10.6% Nine months ended September 30, 18.6% 12.1%

Financial Instruments and Ris_2

Financial Instruments and Risk Management (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Instruments Not Designated as Hedging Instruments	At September 30, 2020 and December 31, 2019, the fair value of derivative instruments not designated as hedging instruments are presented in the following table. September 30, 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 $ 93,774 Accounts payable $ (33,364)
Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments	For the three-month and nine-month periods ended September 30, 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) Gain (Loss) (Thousands of dollars) Statement of Operations Location Three Months Ended September 30, Nine months ended September 30, Type of Derivative Contract 2020 2019 2020 2019 Commodity (Loss) gain on crude contracts $ (5,290) 63,247 $ 319,502 121,163
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 September 30, 2020 and December 31, 2019, are presented in the following table. September 30, 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 $ — 93,774 — 93,774 — — — — $ — 93,774 — 93,774 — — — — Liabilities: Commodity derivative contracts $ — — — — — 33,364 — 33,364 Nonqualified employee savings plans 16,169 — — 16,169 17,035 — — 17,035 Contingent consideration — — 117,311 117,311 — — 146,787 146,787 $ 16,169 — 117,311 133,480 17,035 33,364 146,787 197,186

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 and the changes during the nine-month period ended September 30, 2020, are presented net of taxes in the following table. (Thousands of dollars) Foreign Retirement Deferred 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 (39,520) (55,707) — (95,227) Reclassifications to income — 10,488 ¹ 905 ² 11,393 Net other comprehensive income (loss) (39,520) (45,219) 905 (83,834) Balance at September 30, 2020 $ (392,772) (263,234) (1,989) (657,995) 1 Reclassifications before taxes of $13,720 are included in the computation of net periodic benefit expense for the nine-month period ended September 30, 2020. See Note H for additional information. Related income taxes of $3,232 are included in Income tax expense (benefit) for the nine-month period ended September 30, 2020. 2 Reclassifications before taxes of $1,147 are included in Interest expense, net, for the nine-month period ended September 30, 2020. Related income taxes of $242 are included in Income tax expense (benefit) for the nine-month period ended September 30, 2020. See Note L for additional information.

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 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 at September 30, 2020 Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 (Millions of dollars) External Income External Income Exploration and production ¹ United States $ 7,028.0 330.8 (172.6) 656.8 170.8 Canada 2,155.5 96.3 (8.6) 95.0 (9.1) Other 264.1 — (11.7) 1.9 (3.7) Total exploration and production 9,447.6 427.1 (192.9) 753.7 158.0 Corporate 1,002.1 (5.2) (72.9) 63.4 0.3 Assets/revenue/income (loss) from continuing operations 10,449.7 421.9 (265.8) 817.1 158.3 Discontinued operations, net of tax 19.7 — (0.8) — 953.4 Total $ 10,469.4 421.9 (266.6) 817.1 1,111.7 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 External Income External Income Exploration and production ¹ United States $ 1,070.6 (1,011.7) 1,734.3 420.0 Canada 245.2 (35.0) 323.8 (7.5) Other 1.8 (73.0) 7.9 (35.4) Total exploration and production 1,317.6 (1,119.7) 2,066.0 377.1 Corporate 319.5 26.9 125.6 (97.0) Assets/revenue/income (loss) from continuing operations 1,637.1 (1,092.8) 2,191.6 280.1 Discontinued operations, net of tax — (6.9) — 1,027.6 Total $ 1,637.1 (1,099.7) 2,191.6 1,307.7 1 Additional details about results of oil and gas operations are presented in the table on pages 26 and 27.

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Summary of Restructuring Charges	The following table presents a summary of the restructuring charges included in Operating (loss) income from continuing operations for the three and nine months ended September 30, 2020: (Thousands of dollars) Three Months Ended Nine Months Ended Severance $ 2,635 22,502 Pension and termination benefit charges — 10,913 Contract exit costs and other 2,347 12,964 Restructuring charges $ 4,982 46,379
Reconciliation of Restructuring Liability	The following table represents a reconciliation of the liability associated with the Company’s restructuring activities at September 30, 2020, which is reflected in Other accrued liabilities on the Consolidated Balance Sheet: (Thousands of dollars) Restructuring accruals $ 28,814 Utilizations (19,635) Liability at September 30, 2020 $ 9,179

Nature of Business and Interi_2

Nature of Business and Interim Financial Statements (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)business
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership percentage in variable interest entity	0.50%
Number of variable interest entities (in entities) | business	2
Maximum exposure to loss | $	$ 3.5

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)revenueStreamsegment	Dec. 31, 2019USD ($)
Revenue from Contract with Customer [Abstract]
Number of geographic segments (in segments) | segment	2
Number of revenue streams (in revenue streams) | revenueStream	3
Receivables from contracts with customers | $	$ 70.8	$ 186.8

Revenue from Contracts with C_4

Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 425,324	$ 750,337	$ 1,311,627	$ 2,060,127
(Loss) gain on crude contracts	(5,290)	63,247	319,502	121,163
Gain on sale of assets and other income	1,831	3,493	6,006	10,283
Total revenues and other income	421,865	817,077	1,637,135	2,191,573
Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	354,947	680,131	1,110,365	1,850,542
Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	14,311	16,722	35,490	49,668
Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	56,066	53,484	165,772	159,917
United States | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	86,498	219,515	272,284	547,756
United States | Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	6,766	5,557	16,145	22,497
United States | Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	4,529	5,848	14,177	20,762
United States Offshore | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	216,918	398,518	714,143	1,090,462
United States Offshore | Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	4,765	8,414	13,255	18,184
United States Offshore | Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	9,827	15,879	35,487	29,575
Canada     | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	32,358	31,758	67,268	88,730
Canada     | Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	2,780	2,751	6,090	8,987
Canada     | Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	41,710	31,757	116,108	109,580
Canada Offshore | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	19,173	28,407	54,864	115,686
Other | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 0	$ 1,933	$ 1,806	$ 7,908

Revenue from Contracts with C_5

Revenue from Contracts with Customers (Current Long-Term Contracts Outstanding) (Details) Boe in Thousands	Sep. 30, 2020BoeMMcf
Q4 2021 | United States
Disaggregation of Revenue [Line Items]
Remaining performance obligation, oil quantity per day | Boe	17
Q4 2021 | Canada | Contracts to sell natural gas at USD Index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	10
Q4 2020 | Canada | Contracts to sell natural gas at Alberta AECO fixed prices
Disaggregation of Revenue [Line Items]
Remaining performance obligation	59
Q4 2020 | Canada | Contracts to sell natural gas at USD Index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	60
Q4 2022 | Canada | Contracts to sell natural gas at USD Index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	35
Q4 2022 | Canada | Contracts to sell natural gas at Malin USD fixed prices
Disaggregation of Revenue [Line Items]
Remaining performance obligation	20
Q4 2024 | Canada | Contracts to sell natural gas at USD Index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	30
Q4 2026 | Canada | Contracts to sell natural gas at USD Index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	49

Property, Plant and Equipment_2

Property, Plant and Equipment (Narrative) (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Jul. 31, 2019USD ($)business	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Property, Plant and Equipment [Line Items]
Well costs		$ 187,859	$ 217,326	$ 280,735	$ 207,855
Exploratory well costs capitalized more than one year		179,900
Impairment of oil and gas Properties		1,206,284
Malaysia Subsidiaries
Property, Plant and Equipment [Line Items]
Number of businesses divested (in businesses) | business	2
Cash received from divestiture	$ 2,000,000
Gain (loss) on disposition of business	960,000
Contingent bonus payment	$ 100,000
Vietnam
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year		88,200
United States
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year		46,000
Impairment of oil and gas Properties		1,152,515
Brunei
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year		25,300
MEXICO
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year		15,600
Canada
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year		$ 4,800

Property, Plant and Equipment_3

Property, Plant and Equipment (Net Changes in Capitalized Exploratory Well Costs) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Movement in Property, Plant and Equipment [Roll Forward]
Beginning balance at January 1	$ 217,326	$ 207,855
Additions pending the determination of proved reserves	9,941	86,025
Capitalized exploratory well costs charged to expense	(39,408)	(13,145)
Balance at September 30	$ 187,859	$ 280,735

Property, Plant and Equipment_4

Property, Plant and Equipment (Aging of Capitalized Exploratory Well Costs) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)wellproject	Sep. 30, 2019USD ($)wellproject	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 187,859	$ 280,735	$ 217,326	$ 207,855
No. of Wells (in wells) | well	12	12
No. of Projects (in projects) | project	5	6
Zero to one year
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 8,000	$ 64,711
No. of Wells (in wells) | well	1	5
No. of Projects (in projects) | project	0	5
One to two years
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 54,334	$ 63,615
No. of Wells (in wells) | well	5	1
No. of Projects (in projects) | project	5	1
Two to three years
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 0	$ 27,500
No. of Wells (in wells) | well	0	1
No. of Projects (in projects) | project	0	0
Three years or more
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 125,525	$ 124,909
No. of Wells (in wells) | well	6	5
No. of Projects (in projects) | project	0	0

Property, Plant and Equipment_5

Property, Plant and Equipment (Schedule of Recognized Impairments) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Property, Plant and Equipment [Line Items]
Impairment of oil and gas Properties	$ 1,206,284
Corporate
Property, Plant and Equipment [Line Items]
Impairment of oil and gas Properties	14,060
United States
Property, Plant and Equipment [Line Items]
Impairment of oil and gas Properties	1,152,515
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) income from discontinued operations	$ (778)	$ 953,368	$ (6,907)	$ 1,027,632
Discontinued Operation | Malaysian Exploration And Production Operations And U.K., U.S. Refining And Marketing Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	0	972,737	4,074	1,328,110
Lease operating expenses	0	6,262	0	127,138
Depreciation, depletion and amortization	0	(1)	0	33,697
Other costs and expenses	778	11,079	10,981	81,560
(Loss) income before taxes	(778)	955,397	(6,907)	1,085,715
Income tax expense	0	2,029	0	58,083
(Loss) income from discontinued operations	$ (778)	$ 953,368	$ (6,907)	$ 1,027,632

Discontinued Operations and A_4

Discontinued Operations and Assets Held for Sale (Major Categories of Assets and Liabilities Reflected as Held for Sale) (Details) $ in Thousands	1 Months Ended
	Nov. 05, 2020airplane	Sep. 30, 2020USD ($)airplane	Jun. 30, 2020airplane	Dec. 31, 2019USD ($)
Current liabilities
Total current liabilities associated with assets held for sale		$ 14,677		$ 13,298
Number of airplanes held for sale (in airplanes) | airplane		2	2
Subsequent Event
Current liabilities
Number of airplanes sold (in airplanes) | airplane	1
Discontinued Operations, Held-for-sale or Disposed of by Sale | Brunei Exploration And Production Operations
Current assets
Cash		$ 29,420		25,185
Accounts receivable		425		4,834
Inventories		406		406
Prepaid expenses and other		831		1,882
Property, plant, and equipment, net		68,393		82,116
Deferred income taxes and other assets		9,441		9,441
Total current assets associated with assets held for sale		108,916		123,864
Current liabilities
Accounts payable		5,481		3,702
Current maturities of long-term debt (finance lease)		728		705
Taxes payable		1,510		1,411
Long-term debt (finance lease)		6,702		7,240
Asset retirement obligation		256		240
Total current liabilities associated with assets held for sale		$ 14,677		$ 13,298

Financing Arrangements and De_2

Financing Arrangements and Debt (Narrative) (Details) - 2018 Revolving Credit Facility	9 Months Ended
	Sep. 30, 2020USD ($)
Line of Credit Facility [Line Items]
Credit facility maximum borrowing capacity	$ 1,600,000,000
Amount outstanding	$ 200,000,000
Interest rate	1.84%
Letter of Credit
Line of Credit Facility [Line Items]
Amount outstanding	$ 3,700,000

Other Financial Information (No

Other Financial Information (Noncash Operating Working Capital (Increase) Decrease) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Net (increase) decrease in operating working capital, excluding cash and cash equivalents:
(Increase) decrease in accounts receivable	$ 251,706	$ (128,698)
Decrease in inventories	4,747	4,398
(Increase) in prepaid expenses	(17,400)	(3,745)
Increase (decrease) in accounts payable and accrued liabilities	(264,078)	165,224
Increase (decrease) in income taxes payable	(1,236)	3,078
Net (increase) decrease in noncash operating working capital	(26,261)	40,257
Supplementary disclosures:
Cash income taxes paid, net of refunds	(12,559)	(4,563)
Interest paid, net of amounts capitalized of $5.9 million in 2020 and $0.2 million in 2019	139,651	137,116
Capitalized interest paid	5,900	200
Non-cash investing activities:
Asset retirement costs capitalized	6,342	48,203
(Increase) decrease in capital expenditure accrual	$ 74,742	(52,659)
Asset retirement obligations assumed		$ (37,300)

Employee and Retiree Benefit _3

Employee and Retiree Benefit Plans (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Retirement Benefits [Abstract]
Increase in pension liabilities	$ 63
Contributions to benefit plans	27.4
Expected benefit plan contributions to be made during the year	$ 10.3

Employee and Retiree Benefit _4

Employee and Retiree Benefit Plans (Components of Net Periodic Benefit Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,664	$ 2,064	$ 5,996	$ 6,188
Interest cost	4,827	7,151	16,381	21,402
Expected return on plan assets	(5,773)	(6,455)	(18,414)	(19,285)
Amortization of prior service cost (credit)	149	248	515	741
Recognized actuarial loss	5,690	3,516	14,223	10,538
Net periodic benefit expense	6,557	6,524	18,701	19,584
Other - curtailment			586	0
Other - special termination benefits			8,435	0
Total net periodic benefit expense			27,722	19,584
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	342	421	1,235	1,261
Interest cost	612	945	2,200	2,833
Expected return on plan assets	0	0	0	0
Amortization of prior service cost (credit)	0	(98)	0	(293)
Recognized actuarial loss	(24)	0	(24)	0
Net periodic benefit expense	$ 930	$ 1,268	3,411	3,801
Other - curtailment			(1,825)	0
Other - special termination benefits			0	0
Total net periodic benefit expense			$ 1,586	$ 3,801

Incentive Plans (Narrative) (De

Incentive Plans (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 29, 2020	Mar. 31, 2020	Sep. 30, 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
2020 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for issuance (in shares)			5,000,000
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)			999,700
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)	$ 22.59		$ 21.68
Cash Settled RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	1,152,500
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	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Compensation charged against income before tax benefit	$ 17,542	$ 39,884
Related income tax benefit recognized in income	$ 2,278	$ 6,204

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Basic method (in shares)	153,596,109	160,365,705	153,479,654	167,310,202
Dilutive stock options and restricted stock units (in shares)	0	614,333	0	795,025
Diluted method (in shares)	153,596,109	160,980,038	153,479,654	168,105,227

Earnings per Share (Antidilutiv

Earnings per Share (Antidilutive Securities Not Included in Computation of Diluted EPS) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Antidilutive stock options excluded from diluted shares (in shares)	2,111,068	2,903,768	2,305,973	3,016,361
Weighted average price of these options (in USD per share)	$ 38.54	$ 44.65	$ 40.15	$ 45.38

Income Taxes (Effective Income

Income Taxes (Effective Income Tax Rates) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	19.10%	10.60%	18.60%	12.10%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Income Tax Contingency [Line Items]
Reduction in tax liability due to change in tax rate		$ 13
Canada Revenue Agency
Income Tax Contingency [Line Items]
Vietnam tax deduction	$ 15

Financial Instruments and Ris_3

Financial Instruments and Risk Management (Narrative) (Details) barrels_per_day in Thousands, $ in Millions	3 Months Ended		9 Months Ended		24 Months Ended
	Dec. 31, 2020barrels_per_day$ / bbl	Dec. 31, 2019barrels_per_dayOffsettingPosition	Sep. 30, 2020USD ($)barrels_per_dayOffsettingPositioncontract$ / bbl	Sep. 30, 2019USD ($)barrels_per_daycontract$ / bbl	Dec. 31, 2019AcquisitionOffsettingPosition	Dec. 31, 2021$ / bbl
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of foreign currency derivatives (in contracts) | contract			0	0
Amount of loss reclassified to interest expense			$ 1.1	$ 2.2
Income taxes on deferred loss on fair value of interest rate derivative contracts			2
Derivative loss			$ 0.4
Number of businesses acquired (in acquisitions) | Acquisition					2
Number of offsetting positions (in offsetting positions) | OffsettingPosition		0	0		0
Commodity derivative contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Daily production commitment (barrels per day) | barrels_per_day		35	45	35
Average forward price (in dollars per barrel) | $ / bbl			56.42	60.51
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Income taxes on deferred loss on fair value of interest rate derivative contracts			$ 0.5
Notes Due 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument term			10 years
Forecast | Commodity derivative contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average forward price (in dollars per barrel) | $ / bbl	57.59					43.31
Forecast | Commodity derivative contracts | Subsequent Event
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Daily production commitment (barrels per day) | barrels_per_day	18

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 - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accounts receivable
Derivatives, Fair Value [Line Items]
Asset (Liability) Derivatives	$ 93,774
Accounts payable
Derivatives, Fair Value [Line Items]
Asset (Liability) Derivatives		$ (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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Not Designated as Hedging Instrument | Commodity derivative contracts | (Loss) gain on crude contracts
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain on crude contracts	$ (5,290)	$ 63,247	$ 319,502	$ 121,163

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	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 93,774	$ 0
Liabilities	133,480	197,186
Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	93,774	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	16,169	17,035
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	117,311	146,787
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	16,169	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	16,169	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	93,774	0
Liabilities	0	33,364
Level 2 | Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	93,774	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	117,311	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	$ 117,311	$ 146,787

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 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):
Before reclassifications to income and retained earnings			(95,227)
Reclassifications to income			11,393
Other comprehensive (loss) income	$ 32,346	$ (13,782)	(83,834)	$ 46,960
Balance at end of period	4,514,045	$ 6,025,820	4,514,045	$ 6,025,820
Reclassifications before taxes, included in net periodic benefit expense			1,147
Reclassifications, income tax expense			242
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			(39,520)
Reclassifications to income			0
Other comprehensive (loss) income			(39,520)
Balance at end of period	(392,772)		(392,772)
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			(55,707)
Reclassifications to income			10,488
Other comprehensive (loss) income			(45,219)
Balance at end of period	(263,234)		(263,234)
Reclassifications before taxes, included in net periodic benefit expense			13,720
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			905
Other comprehensive (loss) income			905
Balance at end of period	(1,989)		(1,989)
Reclassifications, income tax expense			3,232
Total
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):
Balance at end of period	$ (657,995)		$ (657,995)

Business Segments (Segment Info

Business Segments (Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total Assets	$ 10,469,351		$ 10,469,351		$ 11,718,504
External Revenues	421,865	$ 817,077	1,637,135	$ 2,191,573
Income (Loss)	(266,608)	1,111,702	(1,099,710)	1,307,713
Assets/revenue/income (loss) from continuing operations
Segment Reporting Information [Line Items]
Total Assets	10,449,700		10,449,700
External Revenues	421,900	817,100	1,637,100	2,191,600
Income (Loss)	(265,800)	158,300	(1,092,800)	280,100
Discontinued operations, net of tax
Segment Reporting Information [Line Items]
Total Assets	19,700		19,700
External Revenues	0	0	0	0
Income (Loss)	(800)	953,400	(6,900)	1,027,600
Corporate
Segment Reporting Information [Line Items]
Total Assets	1,002,100		1,002,100
External Revenues	(5,200)	63,400	319,500	125,600
Income (Loss)	(72,900)	300	26,900	(97,000)
Exploration and production | Operating Segments
Segment Reporting Information [Line Items]
Total Assets	9,447,600		9,447,600
External Revenues	427,100	753,700	1,317,600	2,066,000
Income (Loss)	(192,900)	158,000	(1,119,700)	377,100
Exploration and production | Operating Segments | United States
Segment Reporting Information [Line Items]
Total Assets	7,028,000		7,028,000
External Revenues	330,800	656,800	1,070,600	1,734,300
Income (Loss)	(172,600)	170,800	(1,011,700)	420,000
Exploration and production | Operating Segments | Canada
Segment Reporting Information [Line Items]
Total Assets	2,155,500		2,155,500
External Revenues	96,300	95,000	245,200	323,800
Income (Loss)	(8,600)	(9,100)	(35,000)	(7,500)
Exploration and production | Operating Segments | Other
Segment Reporting Information [Line Items]
Total Assets	264,100		264,100
External Revenues	0	1,900	1,800	7,900
Income (Loss)	$ (11,700)	$ (3,700)	$ (73,000)	$ (35,400)

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C. $ in Millions	1 Months Ended
	Jun. 30, 2019USD ($)	May 31, 2019MMBoe
Business Acquisition [Line Items]
Proved reserves | MMBoe		67
Cash consideration paid to LLOG	$ 1,236.2
Sales Thresholds 2019 to 2022
Business Acquisition [Line Items]
Contingent consideration, maximum	200
First Oil from Development Projects
Business Acquisition [Line Items]
Contingent consideration, maximum	$ 50

Restructuring Charges (Summary

Restructuring Charges (Summary of Restructuring Charges) (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 05, 2020airplane	Sep. 30, 2020USD ($)airplane	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)airplane	Sep. 30, 2019USD ($)	Jun. 30, 2020airplane
Restructuring Cost and Reserve [Line Items]
Number of airplanes held for sale (in airplanes) | airplane		2		2		2
Restructuring expenses		$ 4,982	$ 0	$ 46,379	$ 0
Subsequent Event
Restructuring Cost and Reserve [Line Items]
Number of airplanes sold (in airplanes) | airplane	1
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring expenses		2,635		22,502
Pension and termination benefit charges
Restructuring Cost and Reserve [Line Items]
Restructuring expenses		0		10,913
Contract exit costs and other
Restructuring Cost and Reserve [Line Items]
Restructuring expenses		$ 2,347		$ 12,964

Restructuring Charges (Reconcil

Restructuring Charges (Reconciliation of Restructuring Liability) (Details) $ in Thousands	5 Months Ended
	Sep. 30, 2020USD ($)
Restructuring Reserve [Roll Forward]
Restructuring accruals	$ 28,814
Utilizations	(19,635)
Liability at September 30, 2020	$ 9,179