Murphy Oil (MUR) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 31, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024
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		154,459,128
Amendment Flag	false
Document Fiscal Year Focus	2021
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, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 505,067	$ 310,606
Accounts receivable, less allowance for doubtful accounts	186,683	262,014
Inventories	57,411	66,076
Prepaid expenses	40,583	33,860
Assets held for sale	40,987	327,736
Total current assets	830,731	1,000,292
Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization of $12,268,101 in 2021 and $11,455,305 in 2020	8,112,093	8,269,038
Operating lease assets	918,719	927,658
Deferred income taxes	442,212	395,253
Deferred charges and other assets	27,101	28,611
Total assets	10,330,856	10,620,852
Current liabilities
Current maturities of long-term debt, finance lease	646	0
Accounts payable	615,436	407,097
Income taxes payable	18,035	18,018
Other taxes payable	26,997	22,498
Operating lease liabilities	157,294	103,758
Other accrued liabilities	316,205	150,578
Liabilities associated with assets held for sale	0	14,372
Total current liabilities	1,134,613	716,321
Long-term debt, including finance lease obligation	2,613,703	2,988,067
Asset retirement obligations	797,627	816,308
Deferred credits and other liabilities	723,732	680,580
Non-current operating lease liabilities	781,114	845,088
Deferred income taxes	166,120	180,341
Total liabilities	6,216,909	6,226,705
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 2021 and 195,100,628 shares in 2020	195,101	195,101
Capital in excess of par value	921,227	941,692
Retained earnings	5,069,578	5,369,538
Accumulated other comprehensive loss	(580,174)	(601,333)
Treasury stock	(1,656,224)	(1,690,661)
Murphy Shareholders' Equity	3,949,508	4,214,337
Noncontrolling interest	164,439	179,810
Total equity	4,113,947	4,394,147
Total liabilities and equity	$ 10,330,856	$ 10,620,852

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,605	$ 1,605
Accumulated depreciation, depletion and amortization	$ 12,268,101	$ 11,455,305
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	195,100,628

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues and other income
Revenue from sales to customers	$ 687,549	$ 425,324	$ 2,038,905	$ 1,311,627
(Loss) gain on derivative instruments	(59,164)	(5,290)	(499,794)	319,502
Gain on sale of assets and other income	2,315	1,831	21,217	6,006
Total revenues and other income	630,700	421,865	1,560,328	1,637,135
Costs and expenses
Lease operating expenses	130,131	124,491	403,708	478,283
Severance and ad valorem taxes	11,670	6,781	32,215	22,645
Transportation, gathering and processing	44,588	41,322	137,196	126,779
Exploration expenses, including undeveloped lease amortization	24,517	12,092	49,840	61,686
Selling and general expenses	27,210	28,509	85,826	104,381
Restructuring expenses	0	4,982	0	46,379
Depreciation, depletion and amortization	189,806	231,603	615,372	769,151
Accretion of asset retirement obligations	12,198	10,778	34,854	31,213
Impairment of assets	0	219,138	171,296	1,206,284
Other (benefit) expense	(32,791)	20,224	58,616	(2,957)
Total costs and expenses	407,329	699,920	1,588,923	2,843,844
Operating income (loss) from continuing operations	223,371	(278,055)	(28,595)	(1,206,709)
Other income (loss)
Interest income and other (loss)	(1,593)	(5,177)	(11,459)	(10,107)
Interest expense, net	(46,925)	(45,182)	(178,399)	(124,877)
Total other loss	(48,518)	(50,359)	(189,858)	(134,984)
Income (loss) from continuing operations before income taxes	174,853	(328,414)	(218,453)	(1,341,693)
Income tax expense (benefit)	36,838	(62,584)	(62,498)	(248,890)
Income (loss) from continuing operations	138,015	(265,830)	(155,955)	(1,092,803)
(Loss) from discontinued operations, net of income taxes	(706)	(778)	(600)	(6,907)
Net income (loss) including noncontrolling interest	137,309	(266,608)	(156,555)	(1,099,710)
Less: Net income (loss) attributable to noncontrolling interest	28,853	(23,055)	85,509	(122,869)
NET INCOME (LOSS) ATTRIBUTABLE TO MURPHY	$ 108,456	$ (243,553)	$ (242,064)	$ (976,841)
INCOME (LOSS) PER COMMON SHARE – BASIC
Continuing operations (in USD per share)	$ 0.70	$ (1.58)	$ (1.57)	$ (6.31)
Discontinued operations (in USD per share)	0	(0.01)	0	(0.05)
Net income (loss) (in USD per share)	0.70	(1.59)	(1.57)	(6.36)
INCOME (LOSS) PER COMMON SHARE – DILUTED
Continuing operations (in USD per share)	0.70	(1.58)	(1.57)	(6.31)
Discontinued operations (in USD per share)	0	(0.01)	0	(0.05)
Net income (loss) (in USD per share)	0.70	(1.59)	(1.57)	(6.36)
Cash dividends per Common share (in USD per share)	$ 0.125	$ 0.125	$ 0.375	$ 0.500
Average Common shares outstanding (thousands)
Basic (in shares)	154,439,313	153,596,109	154,239,440	153,479,654
Diluted (in shares)	155,932,262	153,596,109	154,239,440	153,479,654

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss) including noncontrolling interest	$ 137,309	$ (266,608)	$ (156,555)	$ (1,099,710)
Other comprehensive (loss) income, net of tax
Net (loss) gain from foreign currency translation	(31,308)	28,323	6,534	(39,520)
Retirement and postretirement benefit plans	4,653	3,726	12,935	(45,219)
Deferred loss on interest rate hedges reclassified to interest expense	0	297	1,690	905
Other comprehensive (loss) income	(26,655)	32,346	21,159	(83,834)
COMPREHENSIVE INCOME (LOSS)	$ 110,654	$ (234,262)	$ (135,396)	$ (1,183,544)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
Operating Activities
Net income (loss) including noncontrolling interest		$ (156,555)	$ (1,099,710)
Adjustments to reconcile net income (loss) to net cash provided by continuing operations activities
Loss from discontinued operations		600	6,907
Depreciation, depletion and amortization		615,372	769,151
Dry hole and previously suspended exploration costs		17,899	8,255
Amortization of undeveloped leases		13,872	21,951
Accretion of asset retirement obligations		34,854	31,213
Impairment of assets		171,296	1,206,284
Noncash restructuring expense		0	17,565
Deferred income tax (benefit) expense		(65,149)	(231,748)
Mark to market loss (gain) on contingent consideration		105,111	(29,476)
Mark to market loss (gain) on derivative instruments		228,497	(104,463)
Long-term non-cash compensation		42,080	35,200
Net decrease (increase) in noncash working capital		117,330	(26,261)
Other operating activities, net		(33,924)	(26,837)
Net cash provided by continuing operations activities		1,091,283	578,031
Investing Activities
Property additions and dry hole costs		(564,230)	(648,725)
Property additions for King's Quay FPS		(17,734)	(74,936)
Proceeds from sales of property, plant and equipment		270,038	0
Net cash required by investing activities		(311,926)	(723,661)
Financing Activities
Borrowings on revolving credit facility		165,000	450,000
Repayment of revolving credit facility		(365,000)	(250,000)
Retirement of debt		(726,358)	(12,225)
Debt issuance, net of cost		541,913	(613)
Early redemption of debt cost		(36,756)	0
Distributions to noncontrolling interest		(100,880)	(43,673)
Cash dividends paid		(57,896)	(76,790)
Withholding tax on stock-based incentive awards		(4,973)	(7,094)
Capital lease obligation payments		(643)	(514)
Net cash (required) provided by financing activities		(585,593)	59,091
Cash Flows from Discontinued Operations
Operating activities	[1]	0	(1,202)
Investing activities	[1]	0	4,494
Financing activities	[1]	0	0
Net cash provided by discontinued operations	[1]	0	3,292
Effect of exchange rate changes on cash and cash equivalents		697	(585)
Net increase (decrease) in cash and cash equivalents		194,461	(87,124)
Cash and cash equivalents at beginning of period		310,606	306,760
Cash and cash equivalents at end of period		$ 505,067	$ 219,636
[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	Accumulated Other Comprehensive Loss	Treasury Stock	Noncontrolling Interest
Balance at beginning of period at Dec. 31, 2019				$ 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 income (loss)	$ (976,841)					(976,841)			(122,869)
Cash dividends						(76,790)
Foreign currency translation gain (loss), 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 income (loss)	(243,553)					(243,553)			(23,055)
Cash dividends						(19,200)
Foreign currency translation gain (loss), 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
Balance at beginning of period at Dec. 31, 2020	4,394,147			195,101	941,692	5,369,538	(601,333)	(1,690,661)	179,810
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options, including income tax benefits					(661)			549
Restricted stock transactions and other					(38,749)
Share-based compensation					18,945
Net income (loss)	(242,064)					(242,064)			85,509
Cash dividends						(57,896)
Foreign currency translation gain (loss), net of income taxes	6,534						6,534
Retirement and postretirement benefit plans, net of income taxes							12,935
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes	1,690						1,690
Awarded restricted stock, net of forfeitures								33,888
Distributions to noncontrolling interest owners									(100,880)
Balance at end of period at Sep. 30, 2021	4,113,947	3,949,508	0	195,101	921,227	5,069,578	(580,174)	(1,656,224)	164,439
Balance at beginning of period at Jun. 30, 2021				195,101	915,181	4,980,428	(553,519)	(1,656,591)	161,228
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options, including income tax benefits					(35)			24
Restricted stock transactions and other					(402)
Share-based compensation					6,483
Net income (loss)	108,456					108,456			28,853
Cash dividends						(19,306)
Foreign currency translation gain (loss), net of income taxes	(31,308)						(31,308)
Retirement and postretirement benefit plans, net of income taxes							4,653
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes	0
Awarded restricted stock, net of forfeitures								343
Distributions to noncontrolling interest owners									(25,642)
Balance at end of period at Sep. 30, 2021	$ 4,113,947	$ 3,949,508	$ 0	$ 195,101	$ 921,227	$ 5,069,578	$ (580,174)	$ (1,656,224)	$ 164,439

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
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	195,100,628
Treasury stock, shares (in shares)	40,656,661	41,502,003

Nature of Business and Interim

Nature of Business and Interim Financial Statements	9 Months Ended
	Sep. 30, 2021
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 natural gas exploration and production 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 Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C., (LLOG) acquisition, 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, 2021, our maximum exposure to loss was $3.4 million (excluding operational impacts), 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, 2021 and December 31, 2020, and the results of operations, cash flows and changes in stockholders’ equity for the interim periods ended September 30, 2021 and 2020, 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. Consolidated financial statements and notes to consolidated financial statements included in this Form 10-Q report should be read in conjunction with the Company’s 2020 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, 2021 are not necessarily indicative of future results.

New Accounting Principles and R

New Accounting Principles and Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2021
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 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. The Company adopted this guidance in the first quarter of 2021 and it did not have a material impact on its consolidated financial statements. Recent Accounting Pronouncements None affecting the Company.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2021
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 natural gas) in select basins around the globe. The Company’s revenue from sales of oil and natural 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 natural 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 natural 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 natural 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 include long-term floating commodity index priced and 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, 2021, the Company recognized $687.5 million and $2,038.9 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, 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. Three Months Ended Nine Months Ended (Thousands of dollars) 2021 2020 2021 2020 Net crude oil and condensate revenue United States Onshore $ 167,010 86,498 464,767 272,284 Offshore 340,001 216,918 1,079,418 714,143 Canada Onshore 29,110 32,358 89,708 67,268 Offshore 20,499 19,173 70,333 54,864 Other — — — 1,806 Total crude oil and condensate revenue 556,620 354,947 1,704,226 1,110,365 Net natural gas liquids revenue United States Onshore 16,356 6,766 33,480 16,145 Offshore 11,046 4,765 31,866 13,255 Canada Onshore 4,501 2,780 11,728 6,090 Total natural gas liquids revenue 31,903 14,311 77,074 35,490 Net natural gas revenue United States Onshore 11,127 4,529 24,442 14,177 Offshore 17,444 9,827 56,855 35,487 Canada Onshore 70,455 41,710 176,308 116,108 Total natural gas revenue 99,026 56,066 257,605 165,772 Total revenue from contracts with customers 687,549 425,324 2,038,905 1,311,627 (Loss) gain on derivative instruments (59,164) (5,290) (499,794) 319,502 Gain on sale of assets and other income 2,315 1,831 21,217 6,006 Total revenue and other income $ 630,700 421,865 1,560,328 1,637,135 Contract Balances and Asset Recognition As of September 30, 2021, and December 31, 2020, receivables from contracts with customers, net of royalties and associated payables, on the balance sheet from continuing operations, were $144.0 million and $135.2 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, 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 revenue contracts that have financing components as at September 30, 2021. 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 natural 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, 2021, 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, 2021 Location Commodity End Date Description Approximate Volumes 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 2021 Contracts to sell natural gas at USD index pricing 10 MMCFD Canada Natural Gas Q4 2022 Contracts to sell natural gas at USD index pricing 8 MMCFD Canada Natural Gas Q4 2022 Contracts to sell natural gas at CAD fixed prices 5 MMCFD Canada Natural Gas Q4 2022 Contracts to sell natural gas at USD fixed pricing 20 MMCFD Canada Natural Gas Q4 2023 1 Contracts to sell natural gas at USD index pricing 25 MMCFD Canada Natural Gas Q4 2023 Contracts to sell natural gas at CAD fixed prices 38 MMCFD Canada Natural Gas Q4 2024 Contracts to sell natural gas at USD index pricing 31 MMCFD Canada Natural Gas Q4 2024 Contracts to sell natural gas at CAD fixed prices 100 MMCFD Canada Natural Gas Q4 2024 1 Contracts to sell natural gas at CAD fixed prices 34 MMCFD Canada Natural Gas Q4 2024 Contracts to sell natural gas at USD fixed pricing 15 MMCFD Canada Natural Gas Q4 2026 1 Contracts to sell natural gas at USD index pricing 49 MMCFD 1 These contracts are scheduled to commence after the balance sheet date, at various dates between Q4 2021 and Q1 2022. 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, 2021
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. As of September 30, 2021, the Company had total capitalized exploratory well costs for continuing operations pending the determination of proved reserves of $186.6 million. The following table reflects the net changes in capitalized exploratory well costs during the nine-month periods ended September 30, 2021 and 2020. (Thousands of dollars) 2021 2020 Beginning balance at January 1 $ 181,616 217,326 Additions pending the determination of proved reserves 5,007 9,941 Capitalized exploratory well costs charged to expense — (39,408) Balance at September 30 $ 186,623 187,859 The capitalized well costs charged to expense during 2020 represent a charge for asset impairments (see below). 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, 2021 2020 (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 $ 3,297 2 2 8,000 1 — One to two years — — — 54,334 5 5 Two to three years 53,078 5 5 — — — Three years or more 130,248 6 — 125,525 6 — $ 186,623 13 7 187,859 12 5 Of the $183.3 million of exploratory well costs capitalized more than one year at September 30, 2021, $92.3 million is in Vietnam, $45.0 million is in the U.S., $25.9 million is in Brunei, $15.3 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 During the first quarter of 2021, the Company recorded an impairment charge of $171.3 million for Terra Nova due to the status, including agreements with the partners, of operating and production plans. In 2020, declines in future oil and natural gas prices (principally driven by reduced demand from the COVID-19 pandemic) 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, 2021 and 2020. Nine Months Ended (Thousands of dollars) 2021 2020 U.S. $ — 1,152,515 Canada 171,296 — Other Foreign — 39,709 Corporate — 14,060 $ 171,296 1,206,284 Divestments During the first quarter of 2021, the King’s Quay FPS was sold to ArcLight Capital Partners, LLC (ArcLight) for proceeds of $267.7 million, which reimburses the Company for previously incurred capital expenditures.

Assets Held for Sale and Discon

Assets Held for Sale and Discontinued Operations	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale and Discontinued Operations	Note E – Assets Held for Sale and Discontinued Operations The Company has accounted for its former U.K. and U.S. refining and marketing and Malaysian exploration and production 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, 2021 and 2020 were as follows: Three Months Ended Nine Months Ended (Thousands of dollars) 2021 2020 2021 2020 Revenues $ 144 — $ 801 4,074 Costs and expenses Other costs and expenses (benefits) 850 778 1,401 10,981 (Loss) income before taxes (706) (778) (600) (6,907) Income tax expense — — — — (Loss) income from discontinued operations $ (706) (778) $ (600) (6,907) As of September 30, 2021, assets held for sale on the Consolidated Balance Sheet include the carrying value of the net property, plant equipment of CA-2 project in Brunei and the Company’s office building in El Dorado, Arkansas. As of June 30, 2021, the CA-1 asset in Brunei is no longer being marketed for sale. As of December 31, 2020, assets held for sale included the King’s Quay Floating Production System (FPS) of $250.1 million (sold in March 2021), the Brunei exploration and production properties, and the Company’s office building in El Dorado, Arkansas. (Thousands of dollars) September 30, December 31, Current assets Cash $ — 10,185 Inventories — 406 Property, plant, and equipment, net 40,987 307,704 Deferred income taxes and other assets — 9,441 Total current assets associated with assets held for sale $ 40,987 327,736 Current liabilities Accounts payable $ — 5,306 Other accrued liabilities — 45 Current maturities of long-term debt (finance lease) — 737 Taxes payable — 1,510 Long-term debt (finance lease) — 6,513 Asset retirement obligation — 261 Total current liabilities associated with assets held for sale $ — 14,372

Financing Arrangements and Debt

Financing Arrangements and Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Financing Arrangements and Debt	Note F – Financing Arrangements and Debt As of September 30, 2021, 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, 2021, the Company had no outstanding borrowings under the RCF and $31.4 million of outstanding letters of credit, which reduce the borrowing capacity of the RCF. At September 30, 2021, the interest rate in effect on borrowings under the facility was 1.78%. At September 30, 2021, the Company was in compliance with all covenants related to the RCF. In March 2021, the Company issued $550.0 million of new notes that bear interest at a rate of 6.375% and mature on July 15, 2028. The Company incurred transaction costs of $8.1 million on the issuance of these new notes and the Company will pay interest semi-annually on January 15 and July 15 of each year, beginning July 15, 2021. The proceeds of the $550.0 million notes, along with cash on hand, were used to redeem and cancel $259.3 million of the Company’s 4.00% notes due June 2022 and $317.1 million of the Company’s 4.95% notes due December 2022 (originally issued as 3.70% notes due 2022; collectively the 2022 Notes). The cost of the debt extinguishment of $36.9 million is included in Interest expense, net on the Consolidated Statement of Operations for the nine months ended September 30, 2021. The cash costs of $34.2 million are shown as a financing activity on the Consolidated Statement of Cash Flows for the nine months ended September 30, 2021. In August 2021, the Company redeemed $150.0 million aggregate principal amount of its 6.875% senior notes due 2024 (2024 Notes). The cost of the debt extinguishment of $3.5 million is included in Interest expense, net on the Consolidated Statement of Operations for the nine months ended September 30, 2021. The cash costs of $2.6 million are shown as a financing activity on the Consolidated Statement of Cash Flows for the nine months ended September 30, 2021. 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 15, 2024. Subsequent to quarter end, the Company issued a notice of partial redemption with respect to $150.0 million aggregate principal amount of its 6.875% senior notes due 2024 (2024 Notes). The Company will redeem the 2024 Notes at the applicable redemption price set forth in the indenture governing the 2024 Notes, plus accrued and unpaid interest, if any, to the date of redemption. The redemption date of the 2024 Notes will be December 2, 2021.

Other Financial Information

Other Financial Information	9 Months Ended
	Sep. 30, 2021
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) 2021 2020 Net (increase) decrease in operating working capital, excluding cash and cash equivalents: Decrease in accounts receivable ¹ $ 75,100 251,706 Decrease in inventories 9,718 4,747 (Increase) in prepaid expenses (6,682) (17,400) Increase (decrease) in accounts payable and accrued liabilities ¹ 40,687 (264,078) (Decrease) in income taxes payable (1,493) (1,236) Net (increase) decrease in noncash operating working capital $ 117,330 (26,261) Supplementary disclosures: Cash income taxes paid, net of refunds $ 1,685 (12,559) Interest paid, net of amounts capitalized of $11.6 million in 2021 and $5.9 million in 2020 127,793 139,651 Non-cash investing activities: Asset retirement costs capitalized ² $ 36,300 6,342 Decrease in capital expenditure accrual 31,301 74,742 1 Excludes receivable/payable balances relating to mark-to-market of derivative instruments and contingent consideration relating to acquisitions.

Employee and Retiree Benefit Pl

Employee and Retiree Benefit Plans	9 Months Ended
	Sep. 30, 2021
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. The table that follows provides the components of net periodic benefit expense for the three-month and nine-month periods ended September 30, 2021 and 2020. Three Months Ended September 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2021 2020 2021 2020 Service cost $ 1,770 1,664 328 342 Interest cost 4,258 4,827 521 612 Expected return on plan assets (6,038) (5,773) — — Amortization of prior service cost (credit) 155 149 — — Recognized actuarial loss 5,269 5,690 (8) (24) Net periodic benefit expense $ 5,414 6,557 841 930 Nine Months Ended September 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2021 2020 2021 2020 Service cost $ 5,306 5,996 981 1,235 Interest cost 12,844 16,381 1,563 2,200 Expected return on plan assets (18,326) (18,414) — — Amortization of prior service cost (credit) 467 515 — — Recognized actuarial loss 15,829 14,223 (23) (24) Net periodic benefit expense $ 16,120 18,701 2,521 3,411 Other - curtailment — 586 — (1,825) Other - special termination benefits — 8,435 — — Total net periodic benefit expense $ 16,120 27,722 2,521 1,586 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. During the nine-month period ended September 30, 2021, the Company made contributions of $31.0 million to its defined benefit pension and postretirement benefit plans. Remaining funding in 2021 for the Company’s defined benefit pension and postretirement plans is anticipated to be $10.9 million.

Incentive Plans

Incentive Plans	9 Months Ended
	Sep. 30, 2021
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. The 2020 Long-Term Incentive Plan (2020 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 five million 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. During the first nine months of 2021, the Committee granted the following awards from the 2020 Long-Term Plan: 2020 Long-Term Incentive Plan Type of Award Number of Awards Granted Grant Date Grant Date Fair Value Valuation Methodology Performance Based RSUs 1 1,156,800 February 2, 2021 $ 16.03 Monte Carlo at Grant Date Time Based RSUs 2 385,600 February 2, 2021 $ 12.30 Average Stock Price at Grant Date Cash Settled RSUs 3 1,022,700 February 2, 2021 $ 12.30 Average Stock Price at Grant Date 1 Performance based RSUs are scheduled to vest over a three year performance period. 2 Time based RSUs are generally scheduled to vest over three years from the date of grant. 3 Cash settled RSUs are scheduled to vest over three years from the date of grant. The Company also has a Stock Plan for Non-Employee Directors that permits the issuance of restricted stock, restricted stock units and stock options or a combination thereof to the Company’s Non-Employee Directors. At the Company’s annual stockholders’ meeting held on May 12, 2021, shareholders approved the replacement of the 2018 Stock Plan for Non-Employee Directors (2018 NED Plan) with the 2021 Stock Plan for Non-Employee Directors (2021 NED Plan). The 2021 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. The Company currently has outstanding incentive awards issued to Directors under the 2021 NED Plan and the 2018 NED Plan. All awards on or after May 12, 2021, will be made under the 2021 NED Plan. During the first nine months of 2021, the Committee granted the following awards to Non-Employee Directors: 2018 Stock Plan for Non-Employee Directors Type of Award Number of Awards Granted Grant Date Grant Date Fair Value Valuation Methodology Time Based RSUs 1 182,652 February 3, 2021 $ 13.14 Closing Stock Price at Grant Date 1 Non-employee directors time-based RSUs are scheduled to vest in February 2022. 2021 Stock Plan for Non-Employee Directors Type of Award Number of Awards Granted Grant Date Grant Date Fair Value Valuation Methodology Time Based RSUs 1 5,655 June 10, 2021 $ 23.58 Closing Stock Price at Grant Date 1 Non-employee directors time-based RSUs are scheduled to vest in February 2022. 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, 2021. Amounts recognized in the financial statements with respect to share-based plans are shown in the following table: Nine Months Ended (Thousands of dollars) 2021 2020 Compensation charged against income before tax benefit $ 29,145 17,542 Related income tax benefit recognized in income 4,120 2,278

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020. The following table reports the weighted-average shares outstanding used for these computations. Three Months Ended September 30, Nine Months Ended (Weighted-average shares) 2021 2020 2021 2020 Basic method 154,439,313 153,596,109 154,239,440 153,479,654 Dilutive stock options and restricted stock units ¹ 1,492,949 — — — Diluted method 155,932,262 153,596,109 154,239,440 153,479,654 1 Due to a net loss recognized by the Company for the nine-month period ended September 30, 2021 and 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 2021 2020 2021 2020 Antidilutive stock options excluded from diluted shares 1,316,222 2,111,068 1,502,758 2,305,973 Weighted average price of these options $ 34.42 $ 38.54 $ 34.97 $ 40.15

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
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 (loss) from continuing operations before income taxes. For the three-month and nine-month periods ended September 30, 2021 and 2020, the Company’s effective income tax rates were as follows: 2021 2020 Three months ended September 30, 21.1% 19.1% Nine months ended September 30, 28.6% 18.6% The effective tax rate for the three-month period ended September 30, 2021 was above the U.S. statutory tax rate of 21% primarily due to income generated in Canada, which has a higher tax rate, offset by no tax applied to the pre-tax income of the noncontrolling interest in MP GOM, which has the impact of decreasing the effective tax rate on income. The effective tax rate for the three-month period ended September 30, 2020 was below the 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 nine-month period ended September 30, 2021 was above the U.S. statutory tax rate of 21% primarily due to no tax applied to the pre-tax income of the noncontrolling interest in MP GOM, which has the impact of increasing the effective tax rate on an overall loss. The effective tax rate for the nine-month period ended September 30, 2020 was below the 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 Company’s tax returns in multiple jurisdictions are subject to audit by taxing authorities, and currently the Company is under audit in several of these jurisdictions. 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, 2021, the earliest years remaining open for audit and/or settlement in our major taxing jurisdictions are as follows: United States – 2016; Canada – 2016; Malaysia – 2014; and

Financial Instruments and Risk

Financial Instruments and Risk Management	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments and Risk Management	Note L – Financial Instruments and Risk Management Murphy uses derivative instruments, such as swaps and zero-cost commodity price collar contracts, 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 previously 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 and amortized to the income statement over time. During the nine-month period ended September 30, 2021, the Company redeemed all of the remaining notes due 2022 and expensed the remainder of the previously deferred loss on the interest rate swap of $2.1 million to Interest expense in the Consolidated Statement of Operations. Commodity Price Risks The Company has entered into crude oil swaps and collar contracts. Under the swaps contracts, which mature monthly, the Company pays the average monthly price in effect and receives the fixed contract price on a notional amount of sales volume, thereby fixing the price for the commodity sold. Under the collar contracts, which also mature monthly, the Company purchased a put option and sold a call option with no net premiums paid to or received from counterparties. Upon maturity, collar contracts require payments by the Company if the NYMEX average closing price is above the ceiling price or payments to the Company if the NYMEX average closing price is below the floor price. At September 30, 2021, volumes per day associated with outstanding crude oil derivative contracts and the weighted average prices for these contracts are as follows: September 30, 2021 2021 2022 NYMEX WTI swap contracts: Volume per day (Bbl): 45,000 20,000 Price per Bbl: $ 42.77 $ 44.88 NYMEX WTI collar contracts: Volume per day (Bbl): — 16,000 Price per Bbl: Ceiling: $ — $ 71.83 Floor: — 60.38 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 derivatives outstanding at September 30, 2021 and 2020. At September 30, 2021 and December 31, 2020, the fair value of derivative instruments not designated as hedging instruments are presented in the following table. September 30, 2021 December 31, 2020 (Thousands of dollars) Asset (Liability) Derivatives Asset (Liability) Derivatives Type of Derivative Contract Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity swaps Accounts receivable $ — Accounts receivable 13,050 Accounts payable (312,448) Accounts payable (89,842) Deferred credits and other liabilities (41,645) Deferred credits and other liabilities (12,833) Commodity collars Accounts receivable — Accounts receivable — Accounts payable (15,929) Accounts payable — For the three-month and nine-month periods ended September 30, 2021 and 2020, 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 2021 2020 2021 2020 Commodity swaps (Loss) gain on derivative instruments $ (43,235) (5,290) (483,865) 319,502 Commodity collars (Loss) gain on derivative instruments (15,929) — (15,929) — 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, 2021 and December 31, 2020, are presented in the following table. September 30, 2021 December 31, 2020 (Thousands of dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Commodity swaps $ — — — — — 13,050 — 13,050 $ — — — — — 13,050 — 13,050 Liabilities: Commodity collars $ — 15,929 — 15,929 — — — — Nonqualified employee savings plan 17,180 — — 17,180 14,988 — — 14,988 Commodity swaps — 354,093 — 354,093 — 102,675 — 102,675 Contingent consideration — — 238,115 238,115 — — 133,004 133,004 $ 17,180 370,022 238,115 625,317 14,988 102,675 133,004 250,667 The fair value of commodity (WTI crude oil) derivative contracts in 2021 and 2020 were based on active market quotes for WTI crude oil. The before tax income effect of changes in the fair value of crude oil derivative contracts is recorded in Gain (loss) on derivative instruments 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.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2021
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, 2020 and September 30, 2021 and the changes during the nine-month period ended September 30, 2021, are presented net of taxes in the following table. (Thousands of dollars) Foreign Retirement Deferred Total Balance at December 31, 2020 $ (324,011) (275,632) (1,690) (601,333) Components of other comprehensive income (loss): Before reclassifications to income and retained earnings 6,534 — — 6,534 Reclassifications to income — 12,935 ¹ 1,690 ² 14,625 Net other comprehensive income (loss) 6,534 12,935 1,690 21,159 Balance at September 30, 2021 $ (317,477) (262,697) — (580,174) 1 Reclassifications before taxes of $16,282 are included in the computation of net periodic benefit expense for the nine-month period ended September 30, 2021. See Note H for additional information. Related income taxes of $3,347 are included in Income tax expense (benefit) for the nine-month period ended September 30, 2021. 2 Reclassifications before taxes of $2,140 are included in Interest expense, net, for the nine-month period ended September 30, 2021. Related income taxes of $450 are included in Income tax expense (benefit) for the nine-month period ended September 30, 2021. See Note L for additional information.

Environmental and Other Conting

Environmental and Other Contingencies	9 Months Ended
	Sep. 30, 2021
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 increases; import and export controls; 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 natural 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. ENVIRONMENTAL, HEALTH AND SAFETY MATTERS – Murphy and other companies in the oil and natural gas industry are subject to numerous federal, state, local and foreign laws and regulations dealing with the environment and protection of health and safety. The principal environmental, health and safety laws and regulations to which Murphy is subject address such matters as the generation, storage, handling, use, disposal and remediation of petroleum products, wastewater and hazardous materials; the emission and discharge of such materials to the environment, including greenhouse gas emissions; wildlife, habitat and water protection; the placement, operation and decommissioning of production equipment; and the health and safety of our employees, contractors and communities where our operations are located. These laws and regulations also generally require permits for existing operations, as well as the construction or development of new operations and the decommissioning facilities once production has ceased. Violation of environmental, health and safety 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 laws and regulations and claims by neighboring landowners and other third parties for any personal injury and property damage that might result. Item 103 of SEC Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that the Company reasonably believes will exceed a specified threshold. Pursuant to recent SEC amendments to this item, the Company will be using a threshold of $1.0 million for such proceedings. The Biden administration has indicated that it intends to increase regulatory oversight of the oil and gas industry, with a focus on climate change and greenhouse gas emissions (including methane emissions). The Biden administration has issued a number of executive orders that address climate change, including creation of climate-related task forces, directives to federal agencies to procure carbon-free electricity, and a goal of a carbon pollution-free power sector by 2035 and a net-zero emissions U.S. economy by 2050. The Biden administration has also issued orders related to oil and gas activities on federal lands, infrastructure and environmental justice. In addition, an international climate agreement (the Paris Agreement) was agreed to at the 2015 United Nations Framework Convention on Climate Change in Paris, France. The Paris Agreement entered into force in November 2016. Although the U.S. officially withdrew from the Paris Agreement on November 4, 2020, on January 20, 2021, President Biden began the 30-day process of rejoining the Paris Agreement, which became effective for the U.S. on February 19, 2021. 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. 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 investigate, remove or remediate previously disposed wastes (including wastes disposed of or released by prior owners or operators), to investigate and 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 matters at formerly owned U.S. refineries that were sold in 2011. The Company also obtained insurance covering certain levels of environmental exposures related to past operations of these refineries. Murphy USA Inc. has retained any environmental exposure associated with Murphy’s former U.S. marketing operations that were spun-off in August 2013. The Company believes costs related to these sites will not have a material adverse effect on Murphy’s net income, financial condition or liquidity in a future period. There is the possibility that environmental expenditures could be required at currently unidentified sites, and additional expenditures could be required at known sites. However, based on information currently available to the Company, the amount of future investigation and remediation costs incurred at known or currently unidentified sites is not expected to have a material adverse effect on the Company’s future net income, cash flows or liquidity. LEGAL MATTERS – Murphy and its subsidiaries are engaged in a number of other legal proceedings, all of which Murphy considers routine and incidental to its business. Based on information currently available to the Company, the ultimate resolution of environmental and legal matters referred to in this note is not expected to have a material adverse effect on the Company’s net income, financial condition or liquidity in a future period.

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2021
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, 2021 Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 (Millions of dollars) External Income External Income Exploration and production ¹ United States $ 6,586.3 565.2 168.1 330.8 (172.6) Canada 2,241.2 124.6 73.9 96.3 (8.6) Other 264.6 — (5.2) — (11.7) Total exploration and production 9,092.1 689.8 236.8 427.1 (192.9) Corporate 1,237.8 (59.1) (98.8) (5.2) (72.9) Continuing operations 10,329.9 630.7 138.0 421.9 (265.8) Discontinued operations, net of tax 1.0 — (0.7) — (0.8) Total $ 10,330.9 630.7 137.3 421.9 (266.6) Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 (Millions of dollars) External Income External Income Exploration and production ¹ United States 1,704.4 481.8 1,070.6 (1,011.7) Canada 349.2 (37.7) 245.2 (35.0) Other — (22.5) 1.8 (73.0) Total exploration and production 2,053.6 421.6 1,317.6 (1,119.7) Corporate (493.3) (577.6) 319.5 26.9 Continuing operations 1,560.3 (156.0) 1,637.1 (1,092.8) Discontinued operations, net of tax — (0.6) — (6.9) Total 1,560.3 (156.6) 1,637.1 (1,099.7) 1 Additional details about results of oil and natural gas operations are presented in the table on pages 25 and 26.

New Accounting Principles and_2

New Accounting Principles and Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Nature of Business	NATURE OF BUSINESS – Murphy Oil Corporation is an international oil and natural gas exploration and production 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 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. The Company adopted this guidance in the first quarter of 2021 and it did not have a material impact on its consolidated financial statements. Recent Accounting Pronouncements None affecting the Company.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	For the three-month and nine-month periods ended September 30, 2021, the Company recognized $687.5 million and $2,038.9 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, 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. Three Months Ended Nine Months Ended (Thousands of dollars) 2021 2020 2021 2020 Net crude oil and condensate revenue United States Onshore $ 167,010 86,498 464,767 272,284 Offshore 340,001 216,918 1,079,418 714,143 Canada Onshore 29,110 32,358 89,708 67,268 Offshore 20,499 19,173 70,333 54,864 Other — — — 1,806 Total crude oil and condensate revenue 556,620 354,947 1,704,226 1,110,365 Net natural gas liquids revenue United States Onshore 16,356 6,766 33,480 16,145 Offshore 11,046 4,765 31,866 13,255 Canada Onshore 4,501 2,780 11,728 6,090 Total natural gas liquids revenue 31,903 14,311 77,074 35,490 Net natural gas revenue United States Onshore 11,127 4,529 24,442 14,177 Offshore 17,444 9,827 56,855 35,487 Canada Onshore 70,455 41,710 176,308 116,108 Total natural gas revenue 99,026 56,066 257,605 165,772 Total revenue from contracts with customers 687,549 425,324 2,038,905 1,311,627 (Loss) gain on derivative instruments (59,164) (5,290) (499,794) 319,502 Gain on sale of assets and other income 2,315 1,831 21,217 6,006 Total revenue and other income $ 630,700 421,865 1,560,328 1,637,135
Current Long-Term Contracts Outstanding	As of September 30, 2021, 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, 2021 Location Commodity End Date Description Approximate Volumes 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 2021 Contracts to sell natural gas at USD index pricing 10 MMCFD Canada Natural Gas Q4 2022 Contracts to sell natural gas at USD index pricing 8 MMCFD Canada Natural Gas Q4 2022 Contracts to sell natural gas at CAD fixed prices 5 MMCFD Canada Natural Gas Q4 2022 Contracts to sell natural gas at USD fixed pricing 20 MMCFD Canada Natural Gas Q4 2023 1 Contracts to sell natural gas at USD index pricing 25 MMCFD Canada Natural Gas Q4 2023 Contracts to sell natural gas at CAD fixed prices 38 MMCFD Canada Natural Gas Q4 2024 Contracts to sell natural gas at USD index pricing 31 MMCFD Canada Natural Gas Q4 2024 Contracts to sell natural gas at CAD fixed prices 100 MMCFD Canada Natural Gas Q4 2024 1 Contracts to sell natural gas at CAD fixed prices 34 MMCFD Canada Natural Gas Q4 2024 Contracts to sell natural gas at USD fixed pricing 15 MMCFD Canada Natural Gas Q4 2026 1 Contracts to sell natural gas at USD index pricing 49 MMCFD 1 These contracts are scheduled to commence after the balance sheet date, at various dates between Q4 2021 and Q1 2022.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020. (Thousands of dollars) 2021 2020 Beginning balance at January 1 $ 181,616 217,326 Additions pending the determination of proved reserves 5,007 9,941 Capitalized exploratory well costs charged to expense — (39,408) Balance at September 30 $ 186,623 187,859
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, 2021 2020 (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 $ 3,297 2 2 8,000 1 — One to two years — — — 54,334 5 5 Two to three years 53,078 5 5 — — — Three years or more 130,248 6 — 125,525 6 — $ 186,623 13 7 187,859 12 5
Schedule of Recognized Impairments	The following table reflects the recognized impairments for the nine months ended September 30, 2021 and 2020. Nine Months Ended (Thousands of dollars) 2021 2020 U.S. $ — 1,152,515 Canada 171,296 — Other Foreign — 39,709 Corporate — 14,060 $ 171,296 1,206,284

Assets Held for Sale and Disc_2

Assets Held for Sale and Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020 were as follows: Three Months Ended Nine Months Ended (Thousands of dollars) 2021 2020 2021 2020 Revenues $ 144 — $ 801 4,074 Costs and expenses Other costs and expenses (benefits) 850 778 1,401 10,981 (Loss) income before taxes (706) (778) (600) (6,907) Income tax expense — — — — (Loss) income from discontinued operations $ (706) (778) $ (600) (6,907)
Major Categories of Assets and Liabilities Reflected as Held for Sale	(Thousands of dollars) September 30, December 31, Current assets Cash $ — 10,185 Inventories — 406 Property, plant, and equipment, net 40,987 307,704 Deferred income taxes and other assets — 9,441 Total current assets associated with assets held for sale $ 40,987 327,736 Current liabilities Accounts payable $ — 5,306 Other accrued liabilities — 45 Current maturities of long-term debt (finance lease) — 737 Taxes payable — 1,510 Long-term debt (finance lease) — 6,513 Asset retirement obligation — 261 Total current liabilities associated with assets held for sale $ — 14,372

Other Financial Information (Ta

Other Financial Information (Tables)	9 Months Ended
	Sep. 30, 2021
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) 2021 2020 Net (increase) decrease in operating working capital, excluding cash and cash equivalents: Decrease in accounts receivable ¹ $ 75,100 251,706 Decrease in inventories 9,718 4,747 (Increase) in prepaid expenses (6,682) (17,400) Increase (decrease) in accounts payable and accrued liabilities ¹ 40,687 (264,078) (Decrease) in income taxes payable (1,493) (1,236) Net (increase) decrease in noncash operating working capital $ 117,330 (26,261) Supplementary disclosures: Cash income taxes paid, net of refunds $ 1,685 (12,559) Interest paid, net of amounts capitalized of $11.6 million in 2021 and $5.9 million in 2020 127,793 139,651 Non-cash investing activities: Asset retirement costs capitalized ² $ 36,300 6,342 Decrease in capital expenditure accrual 31,301 74,742 1 Excludes receivable/payable balances relating to mark-to-market of derivative instruments and contingent consideration relating to acquisitions.

Employee and Retiree Benefit _2

Employee and Retiree Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020. Three Months Ended September 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2021 2020 2021 2020 Service cost $ 1,770 1,664 328 342 Interest cost 4,258 4,827 521 612 Expected return on plan assets (6,038) (5,773) — — Amortization of prior service cost (credit) 155 149 — — Recognized actuarial loss 5,269 5,690 (8) (24) Net periodic benefit expense $ 5,414 6,557 841 930 Nine Months Ended September 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2021 2020 2021 2020 Service cost $ 5,306 5,996 981 1,235 Interest cost 12,844 16,381 1,563 2,200 Expected return on plan assets (18,326) (18,414) — — Amortization of prior service cost (credit) 467 515 — — Recognized actuarial loss 15,829 14,223 (23) (24) Net periodic benefit expense $ 16,120 18,701 2,521 3,411 Other - curtailment — 586 — (1,825) Other - special termination benefits — 8,435 — — Total net periodic benefit expense $ 16,120 27,722 2,521 1,586

Incentive Plans (Tables)

Incentive Plans (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of Awards Granted	During the first nine months of 2021, the Committee granted the following awards from the 2020 Long-Term Plan: 2020 Long-Term Incentive Plan Type of Award Number of Awards Granted Grant Date Grant Date Fair Value Valuation Methodology Performance Based RSUs 1 1,156,800 February 2, 2021 $ 16.03 Monte Carlo at Grant Date Time Based RSUs 2 385,600 February 2, 2021 $ 12.30 Average Stock Price at Grant Date Cash Settled RSUs 3 1,022,700 February 2, 2021 $ 12.30 Average Stock Price at Grant Date 1 Performance based RSUs are scheduled to vest over a three year performance period. 2 Time based RSUs are generally scheduled to vest over three years from the date of grant. 3 Cash settled RSUs are scheduled to vest over three years from the date of grant. During the first nine months of 2021, the Committee granted the following awards to Non-Employee Directors: 2018 Stock Plan for Non-Employee Directors Type of Award Number of Awards Granted Grant Date Grant Date Fair Value Valuation Methodology Time Based RSUs 1 182,652 February 3, 2021 $ 13.14 Closing Stock Price at Grant Date 1 Non-employee directors time-based RSUs are scheduled to vest in February 2022. 2021 Stock Plan for Non-Employee Directors Type of Award Number of Awards Granted Grant Date Grant Date Fair Value Valuation Methodology Time Based RSUs 1 5,655 June 10, 2021 $ 23.58 Closing Stock Price at Grant Date 1 Non-employee directors time-based RSUs are scheduled to vest in February 2022.
Share-Based Plans, Amounts Recognized in the Financial Statements	Amounts recognized in the financial statements with respect to share-based plans are shown in the following table: Nine Months Ended (Thousands of dollars) 2021 2020 Compensation charged against income before tax benefit $ 29,145 17,542 Related income tax benefit recognized in income 4,120 2,278

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
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) 2021 2020 2021 2020 Basic method 154,439,313 153,596,109 154,239,440 153,479,654 Dilutive stock options and restricted stock units ¹ 1,492,949 — — — Diluted method 155,932,262 153,596,109 154,239,440 153,479,654 1 Due to a net loss recognized by the Company for the nine-month period ended September 30, 2021 and 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 2021 2020 2021 2020 Antidilutive stock options excluded from diluted shares 1,316,222 2,111,068 1,502,758 2,305,973 Weighted average price of these options $ 34.42 $ 38.54 $ 34.97 $ 40.15

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective Income Tax Rates	For the three-month and nine-month periods ended September 30, 2021 and 2020, the Company’s effective income tax rates were as follows: 2021 2020 Three months ended September 30, 21.1% 19.1% Nine months ended September 30, 28.6% 18.6%

Financial Instruments and Ris_2

Financial Instruments and Risk Management (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Crude Oil Derivative Contracts	At September 30, 2021, volumes per day associated with outstanding crude oil derivative contracts and the weighted average prices for these contracts are as follows: September 30, 2021 2021 2022 NYMEX WTI swap contracts: Volume per day (Bbl): 45,000 20,000 Price per Bbl: $ 42.77 $ 44.88 NYMEX WTI collar contracts: Volume per day (Bbl): — 16,000 Price per Bbl: Ceiling: $ — $ 71.83 Floor: — 60.38
Fair Value of Derivative Instruments Not Designated as Hedging Instruments	At September 30, 2021 and December 31, 2020, the fair value of derivative instruments not designated as hedging instruments are presented in the following table. September 30, 2021 December 31, 2020 (Thousands of dollars) Asset (Liability) Derivatives Asset (Liability) Derivatives Type of Derivative Contract Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity swaps Accounts receivable $ — Accounts receivable 13,050 Accounts payable (312,448) Accounts payable (89,842) Deferred credits and other liabilities (41,645) Deferred credits and other liabilities (12,833) Commodity collars Accounts receivable — Accounts receivable — Accounts payable (15,929) Accounts payable —
Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments	For the three-month and nine-month periods ended September 30, 2021 and 2020, 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 2021 2020 2021 2020 Commodity swaps (Loss) gain on derivative instruments $ (43,235) (5,290) (483,865) 319,502 Commodity collars (Loss) gain on derivative instruments (15,929) — (15,929) —
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, 2021 and December 31, 2020, are presented in the following table. September 30, 2021 December 31, 2020 (Thousands of dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Commodity swaps $ — — — — — 13,050 — 13,050 $ — — — — — 13,050 — 13,050 Liabilities: Commodity collars $ — 15,929 — 15,929 — — — — Nonqualified employee savings plan 17,180 — — 17,180 14,988 — — 14,988 Commodity swaps — 354,093 — 354,093 — 102,675 — 102,675 Contingent consideration — — 238,115 238,115 — — 133,004 133,004 $ 17,180 370,022 238,115 625,317 14,988 102,675 133,004 250,667

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2020 and September 30, 2021 and the changes during the nine-month period ended September 30, 2021, are presented net of taxes in the following table. (Thousands of dollars) Foreign Retirement Deferred Total Balance at December 31, 2020 $ (324,011) (275,632) (1,690) (601,333) Components of other comprehensive income (loss): Before reclassifications to income and retained earnings 6,534 — — 6,534 Reclassifications to income — 12,935 ¹ 1,690 ² 14,625 Net other comprehensive income (loss) 6,534 12,935 1,690 21,159 Balance at September 30, 2021 $ (317,477) (262,697) — (580,174) 1 Reclassifications before taxes of $16,282 are included in the computation of net periodic benefit expense for the nine-month period ended September 30, 2021. See Note H for additional information. Related income taxes of $3,347 are included in Income tax expense (benefit) for the nine-month period ended September 30, 2021. 2 Reclassifications before taxes of $2,140 are included in Interest expense, net, for the nine-month period ended September 30, 2021. Related income taxes of $450 are included in Income tax expense (benefit) for the nine-month period ended September 30, 2021. See Note L for additional information.

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 (Millions of dollars) External Income External Income Exploration and production ¹ United States $ 6,586.3 565.2 168.1 330.8 (172.6) Canada 2,241.2 124.6 73.9 96.3 (8.6) Other 264.6 — (5.2) — (11.7) Total exploration and production 9,092.1 689.8 236.8 427.1 (192.9) Corporate 1,237.8 (59.1) (98.8) (5.2) (72.9) Continuing operations 10,329.9 630.7 138.0 421.9 (265.8) Discontinued operations, net of tax 1.0 — (0.7) — (0.8) Total $ 10,330.9 630.7 137.3 421.9 (266.6) Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 (Millions of dollars) External Income External Income Exploration and production ¹ United States 1,704.4 481.8 1,070.6 (1,011.7) Canada 349.2 (37.7) 245.2 (35.0) Other — (22.5) 1.8 (73.0) Total exploration and production 2,053.6 421.6 1,317.6 (1,119.7) Corporate (493.3) (577.6) 319.5 26.9 Continuing operations 1,560.3 (156.0) 1,637.1 (1,092.8) Discontinued operations, net of tax — (0.6) — (6.9) Total 1,560.3 (156.6) 1,637.1 (1,099.7) 1 Additional details about results of oil and natural gas operations are presented in the table on pages 25 and 26.

Nature of Business and Interi_2

Nature of Business and Interim Financial Statements - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)entity
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership percentage in variable interest entity	0.50%
Number of variable interest entities (in entities) | entity	2
Maximum exposure to loss | $	$ 3.4

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)revenueStreamsegment	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Number of geographic segments (in segments) | segment			2
Number of revenue streams (in revenue streams) | revenueStream			3
Revenue from sales to customers	$ 687,549	$ 425,324	$ 2,038,905	$ 1,311,627
Receivables from contracts with customers	$ 144,000		$ 144,000		$ 135,200

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 687,549	$ 425,324	$ 2,038,905	$ 1,311,627
(Loss) gain on derivative instruments	(59,164)	(5,290)	(499,794)	319,502
Gain on sale of assets and other income	2,315	1,831	21,217	6,006
Total revenues and other income	630,700	421,865	1,560,328	1,637,135
Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	556,620	354,947	1,704,226	1,110,365
Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	31,903	14,311	77,074	35,490
Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	99,026	56,066	257,605	165,772
United States | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	167,010	86,498	464,767	272,284
United States | Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	16,356	6,766	33,480	16,145
United States | Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	11,127	4,529	24,442	14,177
United States Offshore | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	340,001	216,918	1,079,418	714,143
United States Offshore | Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	11,046	4,765	31,866	13,255
United States Offshore | Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	17,444	9,827	56,855	35,487
Canada     | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	29,110	32,358	89,708	67,268
Canada     | Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	4,501	2,780	11,728	6,090
Canada     | Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	70,455	41,710	176,308	116,108
Canada Offshore | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	20,499	19,173	70,333	54,864
Other | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 0	$ 0	$ 0	$ 1,806

Revenue from Contracts with C_5

Revenue from Contracts with Customers (Current Long-Term Contracts Outstanding) (Details) Boe in Thousands	Sep. 30, 2021BoeMMcf
Q4 2021 | United States
Disaggregation of Revenue [Line Items]
Revenue, 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 2022 | Canada | Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	8
Q4 2022 | Canada | Contracts to sell natural gas at CAD fixed prices
Disaggregation of Revenue [Line Items]
Remaining performance obligation	5
Q4 2022 | Canada | Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	20
Q4 2023 | Canada | Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	25
Q4 2023 | Canada | Contracts to sell natural gas at CAD fixed prices
Disaggregation of Revenue [Line Items]
Remaining performance obligation	38
Q4 2024 | Canada | Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	31
Q4 2024 | Canada | Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	15
Q4 2024 | Canada | Contracts to sell natural gas at CAD fixed prices
Disaggregation of Revenue [Line Items]
Remaining performance obligation	100
Q4 2024 | Canada | Contracts to sell natural gas at CAD fixed prices
Disaggregation of Revenue [Line Items]
Remaining performance obligation	34
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 (Net Changes in Capitalized Exploratory Well Costs) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Movement in Property, Plant and Equipment [Roll Forward]
Beginning balance	$ 181,616	$ 217,326
Additions pending the determination of proved reserves	5,007	9,941
Capitalized exploratory well costs charged to expense	0	(39,408)
Ending balance	$ 186,623	$ 187,859

Property, Plant and Equipment_3

Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Well costs		$ 186,623	$ 187,859	$ 181,616	$ 217,326
Exploratory well costs capitalized more than one year		183,300
Impairment of oil and gas Properties	$ 171,300	171,296	1,206,284	$ 1,206,300
Proceeds from sale of oil and gas property and equipment	$ 267,700
Vietnam
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year		92,300
United States
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year		45,000
Impairment of oil and gas Properties		0	1,152,515
Brunei
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year		25,900
MEXICO
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year		15,300
Canada
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year		4,800
Impairment of oil and gas Properties		$ 171,296	$ 0

Property, Plant and Equipment_4

Property, Plant and Equipment (Aging of Capitalized Exploratory Well Costs) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)wellproject	Sep. 30, 2020USD ($)wellproject	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 186,623	$ 187,859	$ 181,616	$ 217,326
No. of Wells (in wells) | well	13	12
No. of Projects (in projects) | project	7	5
Zero to one year
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 3,297	$ 8,000
No. of Wells (in wells) | well	2	1
No. of Projects (in projects) | project	2	0
One to two years
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 0	$ 54,334
No. of Wells (in wells) | well	0	5
No. of Projects (in projects) | project	0	5
Two to three years
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 53,078	$ 0
No. of Wells (in wells) | well	5	0
No. of Projects (in projects) | project	5	0
Three years or more
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 130,248	$ 125,525
No. of Wells (in wells) | well	6	6
No. of Projects (in projects) | project	0	0

Property, Plant and Equipment_5

Property, Plant and Equipment (Schedule of Recognized Impairments) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Impairment of oil and gas Properties	$ 171,300	$ 171,296	$ 1,206,284	$ 1,206,300
Corporate
Property, Plant and Equipment [Line Items]
Impairment of oil and gas Properties		0	14,060
United States
Property, Plant and Equipment [Line Items]
Impairment of oil and gas Properties		0	1,152,515
Canada
Property, Plant and Equipment [Line Items]
Impairment of oil and gas Properties		171,296	0
Other Foreign
Property, Plant and Equipment [Line Items]
Impairment of oil and gas Properties		$ 0	$ 39,709

Assets Held for Sale and Disc_3

Assets Held for Sale and Discontinued Operations (Results of Operations Associated with Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) income from discontinued operations	$ (706)	$ (778)	$ (600)	$ (6,907)
Discontinued Operation | U.K. and U.S. Refining And Marketing Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	144	0	801	4,074
Other costs and expenses (benefits)	850	778	1,401	10,981
(Loss) income before taxes	(706)	(778)	(600)	(6,907)
Income tax expense	0	0	0	0
(Loss) income from discontinued operations	$ (706)	$ (778)	$ (600)	$ (6,907)
Discontinued operations, held-for-sale or disposed of by sale | King's Quay Floating Production System
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total current assets associated with assets held for sale					$ 250,100

Assets Held for Sale and Disc_4

Assets Held for Sale and Discontinued Operations (Major Categories of Assets and Liabilities Reflected as Held for Sale) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current liabilities
Total current liabilities associated with assets held for sale	$ 0	$ 14,372
Discontinued operations, held-for-sale or disposed of by sale | Brunei Exploration And Production Operations
Current assets
Cash	0	10,185
Inventories	0	406
Property, plant, and equipment, net	40,987	307,704
Deferred income taxes and other assets	0	9,441
Total current assets associated with assets held for sale	40,987	327,736
Current liabilities
Accounts payable	0	5,306
Other accrued liabilities	0	45
Current maturities of long-term debt (finance lease)	0	737
Taxes payable	0	1,510
Long-term debt (finance lease)	0	6,513
Asset retirement obligation	0	261
Total current liabilities associated with assets held for sale	$ 0	$ 14,372

Financing Arrangements and De_2

Financing Arrangements and Debt (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Aug. 31, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Nov. 04, 2021	Aug. 05, 2021
Line of Credit Facility [Line Items]
Early redemption of debt cost			$ 36,756,000	$ 0
6.375% notes due July 2028
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 550,000,000
Stated interest rate		6.375%
Transaction costs		$ 8,100,000
4.00% notes due June 2022
Line of Credit Facility [Line Items]
Stated interest rate		4.00%
Repayments of debt		$ 259,300,000
4.95% notes due December 2022
Line of Credit Facility [Line Items]
Stated interest rate		4.95%
Repayments of debt		$ 317,100,000
3.70% notes due 2022
Line of Credit Facility [Line Items]
Stated interest rate		3.70%
4.00%, and 4.95% Notes due 2022
Line of Credit Facility [Line Items]
Cost of debt extinguishment			36,900,000
Early redemption of debt cost			34,200,000
6.875% notes due 2024
Line of Credit Facility [Line Items]
Stated interest rate						6.875%
Loss on extinguishment of debt	$ (3,500,000)
Early redemption of debt cost	$ 2,600,000
Partial redemption						$ 150,000,000
6.875% notes due 2024 | Subsequent Event
Line of Credit Facility [Line Items]
Stated interest rate					6.875%
Partial redemption					$ 150,000,000
2018 Revolving Credit Facility
Line of Credit Facility [Line Items]
Amount outstanding			$ 0
Interest rate			1.78%
2018 Revolving Credit Facility | Letter of Credit
Line of Credit Facility [Line Items]
Credit facility maximum borrowing capacity			$ 1,600,000,000
Amount outstanding			$ 31,400,000

Other Financial Information (No

Other Financial Information (Noncash Operating Working Capital (Increase) Decrease) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020
Net (increase) decrease in operating working capital, excluding cash and cash equivalents:
Decrease in accounts receivable			$ 75,100	$ 251,706
Decrease in inventories			9,718	4,747
(Increase) in prepaid expenses			(6,682)	(17,400)
Increase (decrease) in accounts payable and accrued liabilities			40,687	(264,078)
(Decrease) in income taxes payable			(1,493)	(1,236)
Net (increase) decrease in noncash operating working capital			117,330	(26,261)
Supplementary disclosures:
Cash income taxes paid, net of refunds			1,685	(12,559)
Interest paid, net of amounts capitalized of $11.6 million in 2021 and $5.9 million in 2020			127,793	139,651
Capitalized interest paid			11,600	5,900
Non-cash investing activities:
Asset retirement costs capitalized			36,300	6,342
Decrease in capital expenditure accrual			$ 31,301	$ 74,742
Impairment of asset retirement obligation		$ 74,400
Other operating income	$ 71,800
Asset life extension period			10 years

Employee and Retiree Benefit _3

Employee and Retiree Benefit Plans (Components of Net Periodic Benefit Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,770	$ 1,664	$ 5,306	$ 5,996
Interest cost	4,258	4,827	12,844	16,381
Expected return on plan assets	(6,038)	(5,773)	(18,326)	(18,414)
Amortization of prior service cost (credit)	155	149	467	515
Recognized actuarial loss	5,269	5,690	15,829	14,223
Net periodic benefit expense	5,414	6,557	16,120	18,701
Other - curtailment			0	586
Other - special termination benefits			0	8,435
Net periodic benefit expense			16,120	27,722
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	328	342	981	1,235
Interest cost	521	612	1,563	2,200
Expected return on plan assets	0	0	0	0
Amortization of prior service cost (credit)	0	0	0	0
Recognized actuarial loss	(8)	(24)	(23)	(24)
Net periodic benefit expense	$ 841	$ 930	2,521	3,411
Other - curtailment			0	(1,825)
Other - special termination benefits			0	0
Net periodic benefit expense			$ 2,521	$ 1,586

Employee and Retiree Benefit _4

Employee and Retiree Benefit Plans (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Retirement Benefits [Abstract]
Contributions to benefit plans	$ 31
Expected benefit plan contributions to be made during the year	$ 10.9

Incentive Plans (Summary of Awa

Incentive Plans (Summary of Awards Granted) (Details)	9 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares
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)	5,000,000,000,000
Performance-Based RSUs | 2020 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	1,156,800
Fair value per share at grant date (in USD per share) | $ / shares	$ 16.03
Award vesting period	3 years
Time-Based RSUs | 2020 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	385,600
Fair value per share at grant date (in USD per share) | $ / shares	$ 12.30
Award vesting period	3 years
Time-Based RSUs | 2018 NED Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	182,652
Fair value per share at grant date (in USD per share) | $ / shares	$ 13.14
Time-Based RSUs | 2021 NED Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	5,655
Fair value per share at grant date (in USD per share) | $ / shares	$ 23.58
Cash Settled RSUs | 2020 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	1,022,700
Fair value per share at grant date (in USD per share) | $ / shares	$ 12.30
Award vesting period	3 years

Incentive Plans (Share-Based Pl

Incentive Plans (Share-Based Plans, Amounts Recognized) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Compensation charged against income before tax benefit	$ 29,145	$ 17,542
Related income tax benefit recognized in income	$ 4,120	$ 2,278

Earnings Per Share (Weighted-Av

Earnings Per Share (Weighted-Average Shares Outstanding for Computation of Basic and Diluted Income per Common Share) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Basic method (in shares)	154,439,313	153,596,109	154,239,440	153,479,654
Dilutive stock options and restricted stock units (in shares)	1,492,949	0	0	0
Diluted method (in shares)	155,932,262	153,596,109	154,239,440	153,479,654
Unvested stock awards	$ 0	$ 0	$ 0	$ 0

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Antidilutive stock options excluded from diluted shares (in shares)	1,316,222	2,111,068	1,502,758	2,305,973
Weighted average price of these options (in USD per share)	$ 34.42	$ 38.54	$ 34.97	$ 40.15

Income Taxes (Effective Income

Income Taxes (Effective Income Tax Rates) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	21.10%	19.10%	28.60%	18.60%

Financial Instruments and Ris_3

Financial Instruments and Risk Management (Narrative) (Details) barrels_per_day in Thousands, $ in Millions	9 Months Ended	12 Months Ended	24 Months Ended
	Sep. 30, 2021USD ($)barrels_per_daycontractOffsettingPosition$ / bbl	Dec. 31, 2021barrels_per_day$ / bbl	Dec. 31, 2019Acquisition	Dec. 31, 2020OffsettingPosition	Sep. 30, 2020contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of loss reclassified to interest expense | $	$ (2.1)
Number of foreign currency derivatives (in contracts) | contract	0				0
Number of businesses acquired (in acquisitions) | Acquisition			2
Number of offsetting positions (in offsetting positions) | OffsettingPosition	0			0
Commodity derivative contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Daily production commitment (barrels per day) | barrels_per_day	45
Average forward price (in dollars per barrel) | $ / bbl	42.77
Forecast | Commodity derivative contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Daily production commitment (barrels per day) | barrels_per_day		20
Average forward price (in dollars per barrel) | $ / bbl		44.88

Financial Instruments and Hedgi

Financial Instruments and Hedging Activities - Crude Oil Derivative Contracts (Details) barrels_per_day in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021barrels_per_day$ / bbl	Dec. 31, 2021barrels_per_day$ / bbl
Commodity derivative contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Oil and Gas Delivery Commitments and Contracts, Daily Production | barrels_per_day	45
Average forward price (in dollars per barrel)	42.77
Commodity derivative contracts | Forecast
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Oil and Gas Delivery Commitments and Contracts, Daily Production | barrels_per_day		20
Average forward price (in dollars per barrel)		44.88
Commodity collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Oil and Gas Delivery Commitments and Contracts, Daily Production | barrels_per_day	0
Commodity collars | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average forward price (in dollars per barrel)	0
Commodity collars | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average forward price (in dollars per barrel)	0
Commodity collars | Forecast
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Oil and Gas Delivery Commitments and Contracts, Daily Production | barrels_per_day		16
Commodity collars | Forecast | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average forward price (in dollars per barrel)		60.38
Commodity collars | Forecast | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average forward price (in dollars per barrel)		71.83

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 - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Commodity derivative contracts | Obligations
Derivatives, Fair Value [Line Items]
Derivative liability	$ (41,645)	$ (12,833)
Commodity derivative contracts | Accounts receivable
Derivatives, Fair Value [Line Items]
Derivative asset	0	13,050
Commodity derivative contracts | Accounts payable
Derivatives, Fair Value [Line Items]
Derivative liability	(312,448)	(89,842)
Commodity collars | Accounts receivable
Derivatives, Fair Value [Line Items]
Derivative asset	0	0
Commodity collars | Accounts payable
Derivatives, Fair Value [Line Items]
Derivative liability	$ (15,929)	$ 0

Financial Instruments and Ris_5

Financial Instruments and Risk Management (Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments) (Details) - Not Designated as Hedging Instrument - (Loss) gain on derivative instruments - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Commodity derivative contracts
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain on derivative instruments	$ (43,235)	$ (5,290)	$ (483,865)	$ 319,502
Commodity collars
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain on derivative instruments	$ (15,929)	$ 0	$ (15,929)	$ 0

Financial Instruments and Ris_6

Financial Instruments and Risk Management (Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis) (Details) - Fair Value - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 0	$ 13,050
Liabilities	625,317	250,667
Commodity swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	13,050
Commodity swaps	354,093	102,675
Commodity collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonqualified employee savings plan	15,929	0
Nonqualified employee savings plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonqualified employee savings plan	17,180	14,988
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	238,115	133,004
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	17,180	14,988
Level 1 | Commodity swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Commodity swaps	0	0
Level 1 | Commodity collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonqualified employee savings plan	0	0
Level 1 | Nonqualified employee savings plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonqualified employee savings plan	17,180	14,988
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	0	13,050
Liabilities	370,022	102,675
Level 2 | Commodity swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	13,050
Commodity swaps	354,093	102,675
Level 2 | Commodity collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonqualified employee savings plan	15,929	0
Level 2 | Nonqualified employee savings plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonqualified employee savings plan	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	238,115	133,004
Level 3 | Commodity swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Commodity swaps	0	0
Level 3 | Commodity collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonqualified employee savings plan	0	0
Level 3 | Nonqualified employee savings plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonqualified employee savings plan	0	0
Level 3 | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 238,115	$ 133,004

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			$ 4,394,147
Components of other comprehensive income (loss):
Before reclassifications to income and retained earnings			6,534
Reclassifications to income			14,625
Other comprehensive (loss) income	$ (26,655)	$ 32,346	21,159	$ (83,834)
Balance at end of period	4,113,947	$ 4,514,045	4,113,947	$ 4,514,045
Reclassifications before taxes, included in net periodic benefit expense			2,140
Reclassifications, income tax expense			450
Foreign Currency Translation Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			(324,011)
Components of other comprehensive income (loss):
Before reclassifications to income and retained earnings			6,534
Reclassifications to income			0
Other comprehensive (loss) income			6,534
Balance at end of period	(317,477)		(317,477)
Retirement and Postretirement Benefit Plan Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			(275,632)
Components of other comprehensive income (loss):
Before reclassifications to income and retained earnings			0
Reclassifications to income			12,935
Other comprehensive (loss) income			12,935
Balance at end of period	(262,697)		(262,697)
Reclassifications before taxes, included in net periodic benefit expense			16,282
Deferred Loss on Interest Rate Derivative Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			(1,690)
Components of other comprehensive income (loss):
Before reclassifications to income and retained earnings			0
Reclassifications to income			1,690
Other comprehensive (loss) income			1,690
Balance at end of period	0		0
Reclassifications, income tax expense			3,347
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			(601,333)
Components of other comprehensive income (loss):
Balance at end of period	$ (580,174)		$ (580,174)

Environmental and Other Conti_2

Environmental and Other Contingencies (Details) $ in Millions	Sep. 30, 2021USD ($)
Environmental Remediation Obligations [Abstract]
Threshold for disclosure of monetary sanctions, environmental proceedings	$ 1

Business Segments (Segment Info

Business Segments (Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total Assets	$ 10,330,856		$ 10,330,856		$ 10,620,852
External Revenues	630,700	$ 421,865	1,560,328	$ 1,637,135
Income (Loss)	137,309	(266,608)	(156,555)	(1,099,710)
Continuing operations
Segment Reporting Information [Line Items]
Total Assets	10,329,900		10,329,900
External Revenues	630,700	421,900	1,560,300	1,637,100
Income (Loss)	138,000	(265,800)	(156,000)	(1,092,800)
Discontinued operations, net of tax
Segment Reporting Information [Line Items]
Total Assets	1,000		1,000
External Revenues	0	0	0	0
Income (Loss)	(700)	(800)	(600)	(6,900)
Corporate
Segment Reporting Information [Line Items]
Total Assets	1,237,800		1,237,800
External Revenues	(59,100)	(5,200)	(493,300)	319,500
Income (Loss)	(98,800)	(72,900)	(577,600)	26,900
Exploration and production | Operating Segments
Segment Reporting Information [Line Items]
Total Assets	9,092,100		9,092,100
External Revenues	689,800	427,100	2,053,600	1,317,600
Income (Loss)	236,800	(192,900)	421,600	(1,119,700)
Exploration and production | Operating Segments | United States
Segment Reporting Information [Line Items]
Total Assets	6,586,300		6,586,300
External Revenues	565,200	330,800	1,704,400	1,070,600
Income (Loss)	168,100	(172,600)	481,800	(1,011,700)
Exploration and production | Operating Segments | Canada
Segment Reporting Information [Line Items]
Total Assets	2,241,200		2,241,200
External Revenues	124,600	96,300	349,200	245,200
Income (Loss)	73,900	(8,600)	(37,700)	(35,000)
Exploration and production | Operating Segments | Other
Segment Reporting Information [Line Items]
Total Assets	264,600		264,600
External Revenues	0	0	0	1,800
Income (Loss)	$ (5,200)	$ (11,700)	$ (22,500)	$ (73,000)