Murphy Oil (MUR) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		155,372,135
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000717423
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 480,587	$ 521,184
Accounts receivable, less allowance for doubtful accounts	371,838	258,150
Inventories	59,339	54,198
Prepaid expenses	32,585	31,925
Assets held for sale	15,701	15,453
Total current assets	960,050	880,910
Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization of $12,660,784 in 2022 and $12,457,851 in 2021	8,237,743	8,127,852
Operating lease assets	907,504	881,389
Deferred income taxes	408,346	385,516
Deferred charges and other assets	28,094	29,273
Total assets	10,541,737	10,304,940
Current liabilities
Current maturities of long-term debt, finance lease	662	654
Accounts payable	939,941	623,129
Income taxes payable	21,587	19,951
Other taxes payable	21,415	20,306
Operating lease liabilities	173,892	139,427
Other accrued liabilities	441,382	360,859
Total current liabilities	1,598,879	1,164,326
Long-term debt, including finance lease obligation	2,466,114	2,465,414
Asset retirement obligations	859,335	839,776
Deferred credits and other liabilities	472,708	570,574
Non-current operating lease liabilities	752,364	761,162
Deferred income taxes	188,047	182,892
Total liabilities	6,337,447	5,984,144
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 2022 and 195,100,628 shares in 2021	195,101	195,101
Capital in excess of par value	880,537	926,698
Retained earnings	5,082,034	5,218,670
Accumulated other comprehensive loss	(506,355)	(527,711)
Treasury stock	(1,618,478)	(1,655,447)
Murphy Shareholders' Equity	4,032,839	4,157,311
Noncontrolling interest	171,451	163,485
Total equity	4,204,290	4,320,796
Total liabilities and equity	$ 10,541,737	$ 10,304,940

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accumulated depreciation, depletion and amortization	$ 12,660,784	$ 12,457,851
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
	Mar. 31, 2022	Mar. 31, 2021
Revenues and other income
Total revenue from sales to customers	$ 871,374	$ 592,527
Loss on crude contracts	(320,777)	(214,385)
Gain on sale of assets and other income	2,364	1,843
Total revenues and other income	552,961	379,985
Costs and expenses
Lease operating expenses	136,825	147,164
Severance and ad valorem taxes	14,635	9,231
Transportation, gathering and processing	46,923	42,912
Costs of purchased natural gas	33,665	0
Exploration expenses, including undeveloped lease amortization	47,566	11,780
Selling and general expenses	33,529	29,503
Depreciation, depletion and amortization	164,124	198,278
Accretion of asset retirement obligations	11,876	10,492
Impairment of assets	0	171,296
Other operating expense	105,942	21,079
Total costs and expenses	595,085	641,735
Operating loss from continuing operations	(42,124)	(261,750)
Other income (loss)
Other expense	(2,495)	(5,341)
Interest expense, net	(37,277)	(88,100)
Total other loss	(39,772)	(93,441)
Loss from continuing operations before income taxes	(81,896)	(355,191)
Income tax benefit	(16,961)	(88,159)
Loss from continuing operations	(64,935)	(267,032)
(Loss) income from discontinued operations, net of income taxes	(551)	208
Net loss including noncontrolling interest	(65,486)	(266,824)
Less: Net income attributable to noncontrolling interest	47,850	20,614
NET LOSS ATTRIBUTABLE TO MURPHY	$ (113,336)	$ (287,438)
LOSS PER COMMON SHARE – BASIC
Continuing operations (in USD per share)	$ (0.73)	$ (1.87)
Discontinued operations (in USD per share)	0	0
Net loss (in USD per share)	(0.73)	(1.87)
LOSS PER COMMON SHARE – DILUTED
Continuing operations (in USD per share)	(0.73)	(1.87)
Discontinued operations (in USD per share)	0	0
Net loss (in USD per share)	(0.73)	(1.87)
Cash dividends per Common share (in USD per share)	$ 0.15	$ 0.125
Average Common shares outstanding (thousands)
Basic (in shares)	154,916,004	153,952,552
Diluted (in shares)	154,916,004	153,952,552
Revenue from production
Revenues and other income
Total revenue from sales to customers	$ 834,528	$ 592,527
Sales of purchased natural gas
Revenues and other income
Total revenue from sales to customers	$ 36,846	$ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss including noncontrolling interest	$ (65,486)	$ (266,824)
Other comprehensive income, net of tax
Net gain from foreign currency translation	18,020	19,897
Retirement and postretirement benefit plans	3,336	4,136
Deferred loss on interest rate hedges reclassified to interest expense	0	1,690
Other comprehensive income	21,356	25,723
Comprehensive loss including noncontrolling interest	(44,130)	(241,101)
Less: Net income attributable to noncontrolling interest	47,850	20,614
COMPREHENSIVE LOSS ATTRIBUTABLE TO MURPHY	$ (91,980)	$ (261,715)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net loss including noncontrolling interest	$ (65,486)	$ (266,824)
Adjustments to reconcile net loss to net cash provided by continuing operations activities
Loss (income) from discontinued operations	551	(208)
Depreciation, depletion and amortization	164,124	198,278
Unsuccessful exploration well costs and previously suspended exploration costs	32,831	717
Amortization of undeveloped leases	4,198	4,602
Accretion of asset retirement obligations	11,876	10,492
Deferred income tax benefit	(20,253)	(88,867)
Mark to market loss on contingent consideration	98,126	14,923
Mark to market loss on crude contracts	188,509	153,505
Long-term non-cash compensation	17,288	12,124
Impairment of assets	0	171,296
Net (increase) in noncash working capital	(80,922)	(9,052)
Other operating activities, net	(12,512)	36,780
Net cash provided by continuing operations activities	338,330	237,766
Investing Activities
Property additions and dry hole costs	(244,908)	(240,545)
Property additions for King's Quay FPS	0	(17,734)
Proceeds from sales of property, plant and equipment	0	268,023
Net cash (required) provided by investing activities	(244,908)	9,744
Financing Activities
Borrowings on revolving credit facility	0	140,000
Repayment of revolving credit facility	0	(340,000)
Retirement of debt	0	(576,358)
Debt issuance, net of cost	0	541,980
Early redemption of debt cost	0	(34,177)
Distributions to noncontrolling interest	(39,884)	(36,006)
Contingent consideration payment	(55,169)	0
Cash dividends paid	(23,300)	(19,287)
Withholding tax on stock-based incentive awards	(15,421)	(3,794)
Capital lease obligation payments	(158)	(178)
Net cash (required) by financing activities	(133,932)	(327,820)
Effect of exchange rate changes on cash and cash equivalents	(87)	574
Net (decrease) in cash and cash equivalents	(40,597)	(79,736)
Cash and cash equivalents at beginning of period	521,184	310,606
Cash and cash equivalents at end of period	$ 480,587	$ 230,870

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, 2020				$ 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					(39)			39
Restricted stock transactions and other					(33,000)
Share-based compensation					5,650
Net income (loss)	$ (287,438)					(287,438)			20,614
Cash dividends						(19,287)
Foreign currency translation gain, net of income taxes	19,897						19,897
Retirement and postretirement benefit plans, net of income taxes							4,136
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes	1,690						1,690
Awarded restricted stock, net of forfeitures								29,206
Distributions to noncontrolling interest owners									(36,006)
Balance at end of period at Mar. 31, 2021	4,099,609	$ 3,935,191	$ 0	195,101	914,303	5,062,813	(575,610)	(1,661,416)	164,418
Balance at beginning of period at Dec. 31, 2021	4,320,796			195,101	926,698	5,218,670	(527,711)	(1,655,447)	163,485
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options, including income tax benefits					(7,220)			4,672
Restricted stock transactions and other					(45,169)
Share-based compensation					6,228
Net income (loss)	(113,336)					(113,336)			47,850
Cash dividends						(23,300)
Foreign currency translation gain, net of income taxes	18,020						18,020
Retirement and postretirement benefit plans, net of income taxes							3,336
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes	0
Awarded restricted stock, net of forfeitures								32,297
Distributions to noncontrolling interest owners									(39,884)
Balance at end of period at Mar. 31, 2022	$ 4,204,290	$ 4,032,839	$ 0	$ 195,101	$ 880,537	$ 5,082,034	$ (506,355)	$ (1,618,478)	$ 171,451

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Mar. 31, 2021
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)	39,730,079	40,784,118

Nature of Business and Interim

Nature of Business and Interim Financial Statements	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, our maximum exposure to loss was $3.2 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 the Murphy’s management, the unaudited financial statements presented herein include all accruals necessary to present fairly the Company’s financial position at March 31, 2022 and December 31, 2021, and the results of operations, cash flows and changes in stockholders’ equity for the interim periods ended March 31, 2022 and 2021, 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 2021 Form 10-K report, as certain notes and other pertinent information have been abbreviated or omitted in this report. Financial results for the three-month period ended March 31, 2022 are not necessarily indicative of future results.

New Accounting Principles and R

New Accounting Principles and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
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	3 Months Ended
	Mar. 31, 2022
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. The Company also purchases natural gas in Canada to meet certain sales commitments. 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 periods ended March 31, 2022, and 2021, the Company recognized $871.4 million and $592.5 million, respectively, from total revenue from sales to customers, from sales of oil, natural gas liquids and natural gas. For the three-month periods ended March 31, 2022, and 2021, the Company recognized $834.5 million and $592.5 million, respectively, from sales of oil, natural gas liquids and natural gas from production. Three Months Ended (Thousands of dollars) 2022 2021 Net crude oil and condensate revenue United States Onshore $ 171,696 114,490 Offshore 465,621 328,341 Canada Onshore 36,697 29,903 Offshore 28,832 18,062 Total crude oil and condensate revenue 702,846 490,796 Net natural gas liquids revenue United States Onshore 16,685 7,528 Offshore 13,979 10,054 Canada Onshore 4,867 3,987 Total natural gas liquids revenue 35,531 21,569 Net natural gas revenue United States Onshore 11,369 6,443 Offshore 26,201 22,138 Canada Onshore 58,581 51,581 Total natural gas revenue 96,151 80,162 Revenue from production 834,528 592,527 Sales of purchased natural gas 1 36,846 — Total revenue from sales to customers 871,374 592,527 Loss on crude contracts (320,777) (214,385) Gain on sale of assets and other income 2,364 1,843 Total revenues and other income $ 552,961 379,985 1 Sales of purchase natural gas are associated with Canada Onshore. In 2022, the Company included additional line items on the face of the Consolidated Statements of Operations to report Sales of purchased natural gas and Costs of purchased natural gas. Sales and purchases of natural gas are reported on a gross basis when Murphy takes control of the products and has risks and rewards of ownership. Contract Balances and Asset Recognition As of March 31, 2022, and December 31, 2021, receivables from contracts with customers, net of royalties and associated payables, on the balance sheet from continuing operations, were $258.6 million and $169.8 million, respectively. Payment terms for the Company’s sales vary across contracts and geographical regions, with the majority of the cash receipts required within 30 days of billing. Based on a forward-looking expected loss model in accordance with ASU 2016-13, 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 of March 31, 2022. 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 March 31, 2022, 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 March 31, 2022 Location Commodity End Date Description Approximate Volumes U.S. Natural Gas and NGL Q1 2023 Deliveries from dedicated acreage in Eagle Ford As produced 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 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 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 Contracts to sell natural gas at USD index pricing 49 MMCFD Canada NGL Q3 2023 Contracts to sell natural gas liquids at CAD pricing 952 BOED Fixed price contracts are accounted for as normal sales and purchases for accounting purposes.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, the Company had total capitalized exploratory well costs for continuing operations pending the determination of proved reserves of $172.7 million. The following table reflects the net changes in capitalized exploratory well costs during the three-month periods ended March 31, 2022 and 2021. (Thousands of dollars) 2022 2021 Beginning balance at January 1 $ 179,481 181,616 Additions pending the determination of proved reserves 3,698 785 Capitalized exploratory well costs charged to expense (10,473) — Balance at March 31 $ 172,706 182,401 The capitalized well costs charged to expense during 2022 represent expenditures related to the Cutthroat-1 exploration well in block SEAL-M-428 in the Sergipe-Alagoas Basin offshore Brazil. There were no hydrocarbons found in this well. The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed for each individual well and the number of projects for which exploratory well costs have been capitalized. The projects are aged based on the last well drilled in the project. March 31, 2022 2021 (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 $ 2,810 2 2 — — — One to two years — — — 23,514 3 3 Two to three years 23,667 3 3 30,562 2 2 Three years or more 146,229 8 2 128,325 6 — $ 172,706 13 7 182,401 11 5 Of the $169.9 million of exploratory well costs capitalized more than one year at March 31, 2022, $94.0 million is in Vietnam, $47.6 million is in the U.S., $15.3 million is in Mexico, $8.2 million is in Brunei, 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 There were no impairments in the first quarter of 2022. In 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 partners, of operating and production plans. Later in 2021, the Company acquired an additional 7.525% working interest at Terra Nova following a commercial agreement to sanction an asset life extension project. Divestments There were no divestments in the first quarter of 2022. 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 reimbursed the Company for previously incurred capital expenditures.

Assets Held for Sale and Discon

Assets Held for Sale and Discontinued Operations	3 Months Ended
	Mar. 31, 2022
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 periods ended March 31, 2022 and 2021 were as follows: Three Months Ended (Thousands of dollars) 2022 2021 Revenues $ 10 44 Costs and expenses Other costs and expenses (benefits) 561 (164) (Loss) income before taxes (551) 208 Income tax expense — — (Loss) income from discontinued operations $ (551) 208 As of March 31, 2022 and December 31, 2021, assets held for sale on the Consolidated Balance Sheet include the carrying value of the net property, plant and equipment of CA-2 project in Brunei and the Company’s former headquarters office building in El Dorado, Arkansas. (Thousands of dollars) March 31, December 31, Current assets Property, plant, and equipment, net 15,701 15,453 Total current assets associated with assets held for sale $ 15,701 15,453

Financing Arrangements and Debt

Financing Arrangements and Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Financing Arrangements and Debt	Note F – Financing Arrangements and Debt As of March 31, 2022, 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 March 31, 2022, 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 March 31, 2022, the interest rate in effect on borrowings under the facility was 2.15%. At March 31, 2022 and 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 three months ended March 31, 2021. The cash costs of $34.2 million are shown as a financing activity on the Consolidated Statement of Cash Flows for the three months ended March 31, 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. On May 2, 2022, the Company issued a notice of partial redemption with respect to $200.0 million aggregate principal amount of its 6.875% senior notes due 2024 (the Notes). The Company will redeem the Notes at the applicable redemption price set forth in the indenture governing the Notes, plus accrued and unpaid interest, if any, to but, not including, the date of redemption. The redemption date of the Notes will be June 2, 2022.

Other Financial Information

Other Financial Information	3 Months Ended
	Mar. 31, 2022
Other Financial Information [Abstract]
Other Financial Information	Note G – Other Financial Information Additional disclosures regarding cash flow activities are provided below. Three Months Ended (Thousands of dollars) 2022 2021 Net decrease (increase) in operating working capital, excluding cash and cash equivalents: (Increase) in accounts receivable ¹ $ (117,928) (16,954) (Increase) decrease in inventories (4,541) 392 (Increase) in prepaid expenses (515) (3,652) Increase in accounts payable and accrued liabilities ¹ 40,426 11,810 Increase (decrease) in income taxes payable 1,636 (648) Net (increase) in noncash operating working capital $ (80,922) (9,052) Supplementary disclosures: Cash income taxes paid, net of refunds $ 103 720 Interest paid, net of amounts capitalized of $5.3 million in 2022 and $3.3 million in 2021 40,181 44,577 Non-cash investing activities: Asset retirement costs capitalized 2 $ 3,889 6,390 (Increase) decrease in capital expenditure accrual (49,352) 13,617 1 Excludes receivable/payable balances relating to mark-to-market of derivative instruments and contingent consideration relating to acquisitions. 2 Excludes non-cash capitalized cost offset by Terra Nova impairment of $74.4 million in the first quarter of 2021.

Employee and Retiree Benefit Pl

Employee and Retiree Benefit Plans	3 Months Ended
	Mar. 31, 2022
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 periods ended March 31, 2022 and 2021. Three Months Ended March 31, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2022 2021 2022 2021 Service cost $ 2,129 1,768 292 326 Interest cost 5,243 4,286 574 521 Expected return on plan assets (8,138) (6,133) — — Amortization of prior service cost (credit) 600 156 (133) — Recognized actuarial loss 3,822 5,279 (77) (7) Net periodic benefit expense $ 3,656 5,356 656 840 The components of net periodic benefit expense, other than the service cost, are recorded in Other expense in the Consolidated Statements of Operations. During the three-month period ended March 31, 2022, the Company made contributions of $8.7 million to its defined benefit pension and postretirement benefit plans. Remaining funding in 2022 for the Company’s defined benefit pension and postretirement plans is anticipated to be $34.4 million.

Incentive Plans

Incentive Plans	3 Months Ended
	Mar. 31, 2022
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. On December 7, 2021, the Board approved the replacement of the 2017 Annual Incentive Plan (2017 Annual Plan) with the Murphy Oil Corporation Annual Incentive Plan (AIP) effective as of January 1, 2022. The new AIP can be found as an exhibit to the Company’s 2021 Form 10-K filed on February 25, 2022 and will remain in effect until such time as the Plan is terminated by the Board. The AIP 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 AIP 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 three months of 2022, 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 1 580,600 February 1, 2022 $ 47.37 Monte Carlo Time Based RSUs 2 273,400 February 1, 2022 $ 32.12 Average Stock Price Cash Settled RSUs 3 674,300 February 1, 2022 $ 32.12 Average Stock Price 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 generally 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, were made under the 2021 NED Plan. During the first three months of 2022, the Committee granted the following awards to Non-Employee Directors: 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 73,092 February 2, 2022 $ 32.84 Closing Stock Price 1 Non-employee directors time-based RSUs are scheduled to vest in February 2023. 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 three-month period ended March 31, 2022. Amounts recognized in the financial statements with respect to share-based plans are shown in the following table: Three Months Ended (Thousands of dollars) 2022 2021 Compensation charged against income before tax benefit $ 13,962 8,196 Related income tax benefit recognized in income 2,272 1,165

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Note J – Earnings Per Share Net loss attributable to Murphy was used as the numerator in computing both basic and diluted income per Common share for the three-month periods ended March 31, 2022 and 2021. The following table reports the weighted-average shares outstanding used for these computations. Three Months Ended (Weighted-average shares) 2022 2021 Basic method 154,916,004 153,952,552 Dilutive stock options and restricted stock units ¹ — — Diluted method 154,916,004 153,952,552 1 Due to a net loss recognized by the Company for the three-month periods ended March 31, 2022 and 2021, no unvested stock awards were included in the computation of diluted earnings per share because the effect would have been antidilutive.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
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 periods ended March 31, 2022 and 2021, the Company’s effective income tax rates were as follows: 2022 2021 Three months ended March 31, 20.7% 24.8% The effective tax rate for the three-month period ended March 31, 2022 was below the U.S. statutory tax rate of 21% primarily due to exploration expenses in certain foreign jurisdictions in which no income tax benefit is currently available, offset by no tax applied to the pre-tax income of the noncontrolling interest in MP GOM. The effective tax rate for the three-month period ended March 31, 2021 was above the statutory tax rate of 21% primarily due to losses recorded in Canada which have a higher tax rate, no tax applied to the pre-tax income of the noncontrolling interest in MP GOM, offset by exploration expenses in certain foreign jurisdictions in which no income tax benefit is currently available.

Financial Instruments and Risk

Financial Instruments and Risk Management	3 Months Ended
	Mar. 31, 2022
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. 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 March 31, 2022, volumes per day associated with outstanding crude oil derivative contracts and the weighted average prices for these contracts are as follows: 2022 NYMEX WTI swap contracts: Volume per day (Bbl): 20,000 Price per Bbl: $ 44.88 NYMEX WTI collar contracts: Volume per day (Bbl): 25,000 Price per Bbl: Average Ceiling: $ 75.20 Average Floor: $ 63.24 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 March 31, 2022 and 2021. At March 31, 2022 and December 31, 2021, the fair value of derivative instruments not designated as hedging instruments are presented in the following table. (Thousands of dollars) Asset (Liability) Derivatives Fair Value Type of Derivative Contract Balance Sheet Location March 31, 2022 December 31, 2021 Commodity swaps Accounts payable $ (306,095) (239,882) Commodity collars Accounts receivable — 4,280 Accounts payable (162,123) (19,533) For the three-month periods ended March 31, 2022 and 2021, the gains and losses recognized in the Consolidated Statements of Operations for derivative instruments not designated as hedging instruments are presented in the following table. Gain (Loss) (Thousands of dollars) Statement of Operations Location Three months ended March 31, Type of Derivative Contract 2022 2021 Commodity swaps Loss on crude contracts $ (156,359) (214,385) Commodity collars Loss on crude contracts (164,418) — Fair Values – Recurring The Company carries certain assets and liabilities at fair value in its Consolidated Balance Sheets. The fair value hierarchy is based on the quality of inputs used to measure fair value, with Level 1 being the highest quality and Level 3 being the lowest quality. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants. The carrying value of assets and liabilities recorded at fair value on a recurring basis at March 31, 2022 and December 31, 2021, are presented in the following table. March 31, 2022 December 31, 2021 (Thousands of dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Commodity collars $ — — — — — 4,280 — 4,280 $ — — — — — 4,280 — 4,280 Liabilities: Nonqualified employee savings plan $ 17,038 — — 17,038 16,962 — — 16,962 Commodity collars — 162,123 — 162,123 — 19,533 — 19,533 Contingent consideration — — 239,108 239,108 — — 196,151 196,151 Commodity swaps — 306,095 — 306,095 — 239,882 — 239,882 $ 17,038 468,218 239,108 724,364 16,962 259,415 196,151 472,528 The fair value of commodity (WTI crude oil) swaps was based on active market quotes for WTI crude oil. The fair value of commodity (WTI crude oil) collars was determined using an option pricing model. The before tax income effect of changes in the fair value of crude oil derivative contracts is recorded in Loss on crude contracts in the Consolidated Statements of Operations. The nonqualified employee savings plan is an unfunded savings plan through which participants seek a return via phantom investments in equity securities and/or mutual funds. The fair value of this liability was based on quoted prices for these equity securities and mutual funds. The income effect of changes in the fair value of the nonqualified employee savings plan is recorded in Selling and general expenses in the Consolidated Statements of Operations. The contingent consideration, related to 2018 and 2019 U.S. Gulf of Mexico acquisitions, is valued using a Monte Carlo simulation model. For the three months ended March 31, 2022 and 2021, the pre-tax income effect of changes in the fair value of the contingent consideration was an expense of $98.1 million and $14.9 million respectively and is recorded in Other operating expense in the Consolidated Statements of Operations. In the three months ended March 31, 2022, the pre-tax income effect of changes in the fair value of the contingent consideration exclude cash payments of $55.2 million, which reduced the value of the contingent consideration liability. Contingent consideration is payable annually in years 2022 to 2026.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2022
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, 2021 and March 31, 2022 and the changes during the three-month period ended March 31, 2022, are presented net of taxes in the following table. (Thousands of dollars) Foreign Retirement Total Balance at December 31, 2021 $ (311,895) (215,816) (527,711) Components of other comprehensive income (loss): Before reclassifications to income and retained earnings 18,020 — 18,020 Reclassifications to income — 3,336 ¹ 3,336 Net other comprehensive income (loss) 18,020 3,336 21,356 Balance at March 31, 2022 $ (293,875) (212,480) (506,355) 1 Reclassifications before taxes of $4,210 are included in the computation of net periodic benefit expense for the three-month period ended March 31, 2022. See Note H for additional information. Related income taxes of $874 are included in Income tax expense (benefit) for the three-month period ended March 31, 2022.

Environmental and Other Conting

Environmental and Other Contingencies	3 Months Ended
	Mar. 31, 2022
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	3 Months Ended
	Mar. 31, 2022
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 commodity price derivatives), interest expense and unallocated overhead, is shown in the table to reconcile the business segments to consolidated totals. Total Assets at March 31, 2022 Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (Millions of dollars) External Income External Income Exploration and production ¹ United States $ 6,832.0 707.4 252.9 490.3 119.0 Canada 2,309.8 166.1 22.7 104.0 (124.3) Other 242.1 — (44.2) — (6.9) Total exploration and production 9,383.9 873.5 231.4 594.3 (12.2) Corporate 1,157.1 (320.5) (296.3) (214.3) (254.8) Continuing operations 10,541.0 553.0 (64.9) 380.0 (267.0) Discontinued operations, net of tax 0.7 — (0.6) — 0.2 Total $ 10,541.7 553.0 (65.5) 380.0 (266.8) 1 Additional details about results of oil and natural gas operations are presented in the table on page 24.

New Accounting Principles and_2

New Accounting Principles and Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2022
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)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Three Months Ended (Thousands of dollars) 2022 2021 Net crude oil and condensate revenue United States Onshore $ 171,696 114,490 Offshore 465,621 328,341 Canada Onshore 36,697 29,903 Offshore 28,832 18,062 Total crude oil and condensate revenue 702,846 490,796 Net natural gas liquids revenue United States Onshore 16,685 7,528 Offshore 13,979 10,054 Canada Onshore 4,867 3,987 Total natural gas liquids revenue 35,531 21,569 Net natural gas revenue United States Onshore 11,369 6,443 Offshore 26,201 22,138 Canada Onshore 58,581 51,581 Total natural gas revenue 96,151 80,162 Revenue from production 834,528 592,527 Sales of purchased natural gas 1 36,846 — Total revenue from sales to customers 871,374 592,527 Loss on crude contracts (320,777) (214,385) Gain on sale of assets and other income 2,364 1,843 Total revenues and other income $ 552,961 379,985 1 Sales of purchase natural gas are associated with Canada Onshore.
Current Long-Term Contracts Outstanding	As of March 31, 2022, 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 March 31, 2022 Location Commodity End Date Description Approximate Volumes U.S. Natural Gas and NGL Q1 2023 Deliveries from dedicated acreage in Eagle Ford As produced 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 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 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 Contracts to sell natural gas at USD index pricing 49 MMCFD Canada NGL Q3 2023 Contracts to sell natural gas liquids at CAD pricing 952 BOED

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Net Changes in Capitalized Exploratory Well Costs	The following table reflects the net changes in capitalized exploratory well costs during the three-month periods ended March 31, 2022 and 2021. (Thousands of dollars) 2022 2021 Beginning balance at January 1 $ 179,481 181,616 Additions pending the determination of proved reserves 3,698 785 Capitalized exploratory well costs charged to expense (10,473) — Balance at March 31 $ 172,706 182,401
Aging of Capitalized Exploratory Well Costs	The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed for each individual well and the number of projects for which exploratory well costs have been capitalized. The projects are aged based on the last well drilled in the project. March 31, 2022 2021 (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 $ 2,810 2 2 — — — One to two years — — — 23,514 3 3 Two to three years 23,667 3 3 30,562 2 2 Three years or more 146,229 8 2 128,325 6 — $ 172,706 13 7 182,401 11 5

Assets Held for Sale and Disc_2

Assets Held for Sale and Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Results of Operations Associated with Discontinued Operations	The results of operations associated with discontinued operations for the three-month periods ended March 31, 2022 and 2021 were as follows: Three Months Ended (Thousands of dollars) 2022 2021 Revenues $ 10 44 Costs and expenses Other costs and expenses (benefits) 561 (164) (Loss) income before taxes (551) 208 Income tax expense — — (Loss) income from discontinued operations $ (551) 208
Major Categories of Assets and Liabilities Reflected as Held for Sale	(Thousands of dollars) March 31, December 31, Current assets Property, plant, and equipment, net 15,701 15,453 Total current assets associated with assets held for sale $ 15,701 15,453

Other Financial Information (Ta

Other Financial Information (Tables)	3 Months Ended
	Mar. 31, 2022
Other Financial Information [Abstract]
Noncash Operating Working Capital (Increase) Decrease	Additional disclosures regarding cash flow activities are provided below. Three Months Ended (Thousands of dollars) 2022 2021 Net decrease (increase) in operating working capital, excluding cash and cash equivalents: (Increase) in accounts receivable ¹ $ (117,928) (16,954) (Increase) decrease in inventories (4,541) 392 (Increase) in prepaid expenses (515) (3,652) Increase in accounts payable and accrued liabilities ¹ 40,426 11,810 Increase (decrease) in income taxes payable 1,636 (648) Net (increase) in noncash operating working capital $ (80,922) (9,052) Supplementary disclosures: Cash income taxes paid, net of refunds $ 103 720 Interest paid, net of amounts capitalized of $5.3 million in 2022 and $3.3 million in 2021 40,181 44,577 Non-cash investing activities: Asset retirement costs capitalized 2 $ 3,889 6,390 (Increase) decrease in capital expenditure accrual (49,352) 13,617 1 Excludes receivable/payable balances relating to mark-to-market of derivative instruments and contingent consideration relating to acquisitions. 2 Excludes non-cash capitalized cost offset by Terra Nova impairment of $74.4 million in the first quarter of 2021.

Employee and Retiree Benefit _2

Employee and Retiree Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Expense	The table that follows provides the components of net periodic benefit expense for the three-month periods ended March 31, 2022 and 2021. Three Months Ended March 31, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2022 2021 2022 2021 Service cost $ 2,129 1,768 292 326 Interest cost 5,243 4,286 574 521 Expected return on plan assets (8,138) (6,133) — — Amortization of prior service cost (credit) 600 156 (133) — Recognized actuarial loss 3,822 5,279 (77) (7) Net periodic benefit expense $ 3,656 5,356 656 840

Incentive Plans (Tables)

Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of Awards Granted	During the first three months of 2022, 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 1 580,600 February 1, 2022 $ 47.37 Monte Carlo Time Based RSUs 2 273,400 February 1, 2022 $ 32.12 Average Stock Price Cash Settled RSUs 3 674,300 February 1, 2022 $ 32.12 Average Stock Price 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 generally scheduled to vest over three years from the date of grant. During the first three months of 2022, the Committee granted the following awards to Non-Employee Directors: 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 73,092 February 2, 2022 $ 32.84 Closing Stock Price 1 Non-employee directors time-based RSUs are scheduled to vest in February 2023.
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: Three Months Ended (Thousands of dollars) 2022 2021 Compensation charged against income before tax benefit $ 13,962 8,196 Related income tax benefit recognized in income 2,272 1,165

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Weighted-Average Shares Outstanding for Computation of Basic and Diluted Income per Common Share	The following table reports the weighted-average shares outstanding used for these computations. Three Months Ended (Weighted-average shares) 2022 2021 Basic method 154,916,004 153,952,552 Dilutive stock options and restricted stock units ¹ — — Diluted method 154,916,004 153,952,552 1 Due to a net loss recognized by the Company for the three-month periods ended March 31, 2022 and 2021, no unvested stock awards were included in the computation of diluted earnings per share because the effect would have been antidilutive.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective Income Tax Rates	For the three-month periods ended March 31, 2022 and 2021, the Company’s effective income tax rates were as follows: 2022 2021 Three months ended March 31, 20.7% 24.8%

Financial Instruments and Ris_2

Financial Instruments and Risk Management (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Crude Oil Derivative Contracts	At March 31, 2022, volumes per day associated with outstanding crude oil derivative contracts and the weighted average prices for these contracts are as follows: 2022 NYMEX WTI swap contracts: Volume per day (Bbl): 20,000 Price per Bbl: $ 44.88 NYMEX WTI collar contracts: Volume per day (Bbl): 25,000 Price per Bbl: Average Ceiling: $ 75.20 Average Floor: $ 63.24
Fair Value of Derivative Instruments Not Designated as Hedging Instruments	At March 31, 2022 and December 31, 2021, the fair value of derivative instruments not designated as hedging instruments are presented in the following table. (Thousands of dollars) Asset (Liability) Derivatives Fair Value Type of Derivative Contract Balance Sheet Location March 31, 2022 December 31, 2021 Commodity swaps Accounts payable $ (306,095) (239,882) Commodity collars Accounts receivable — 4,280 Accounts payable (162,123) (19,533)
Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments	For the three-month periods ended March 31, 2022 and 2021, the gains and losses recognized in the Consolidated Statements of Operations for derivative instruments not designated as hedging instruments are presented in the following table. Gain (Loss) (Thousands of dollars) Statement of Operations Location Three months ended March 31, Type of Derivative Contract 2022 2021 Commodity swaps Loss on crude contracts $ (156,359) (214,385) Commodity collars Loss on crude contracts (164,418) —
Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis	The carrying value of assets and liabilities recorded at fair value on a recurring basis at March 31, 2022 and December 31, 2021, are presented in the following table. March 31, 2022 December 31, 2021 (Thousands of dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Commodity collars $ — — — — — 4,280 — 4,280 $ — — — — — 4,280 — 4,280 Liabilities: Nonqualified employee savings plan $ 17,038 — — 17,038 16,962 — — 16,962 Commodity collars — 162,123 — 162,123 — 19,533 — 19,533 Contingent consideration — — 239,108 239,108 — — 196,151 196,151 Commodity swaps — 306,095 — 306,095 — 239,882 — 239,882 $ 17,038 468,218 239,108 724,364 16,962 259,415 196,151 472,528

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2021 and March 31, 2022 and the changes during the three-month period ended March 31, 2022, are presented net of taxes in the following table. (Thousands of dollars) Foreign Retirement Total Balance at December 31, 2021 $ (311,895) (215,816) (527,711) Components of other comprehensive income (loss): Before reclassifications to income and retained earnings 18,020 — 18,020 Reclassifications to income — 3,336 ¹ 3,336 Net other comprehensive income (loss) 18,020 3,336 21,356 Balance at March 31, 2022 $ (293,875) (212,480) (506,355) 1 Reclassifications before taxes of $4,210 are included in the computation of net periodic benefit expense for the three-month period ended March 31, 2022. See Note H for additional information. Related income taxes of $874 are included in Income tax expense (benefit) for the three-month period ended March 31, 2022.

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2022
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 commodity price derivatives), interest expense and unallocated overhead, is shown in the table to reconcile the business segments to consolidated totals. Total Assets at March 31, 2022 Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (Millions of dollars) External Income External Income Exploration and production ¹ United States $ 6,832.0 707.4 252.9 490.3 119.0 Canada 2,309.8 166.1 22.7 104.0 (124.3) Other 242.1 — (44.2) — (6.9) Total exploration and production 9,383.9 873.5 231.4 594.3 (12.2) Corporate 1,157.1 (320.5) (296.3) (214.3) (254.8) Continuing operations 10,541.0 553.0 (64.9) 380.0 (267.0) Discontinued operations, net of tax 0.7 — (0.6) — 0.2 Total $ 10,541.7 553.0 (65.5) 380.0 (266.8) 1 Additional details about results of oil and natural gas operations are presented in the table on page 24.

Nature of Business and Interi_2

Nature of Business and Interim Financial Statements - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)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 | $	$ 3.2

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segmentrevenueStream	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Number of geographic segments (in segments) | segment	2
Number of revenue streams (in revenue streams) | revenueStream	3
Total revenue from sales to customers	$ 871,374	$ 592,527
Receivables from contracts with customers	$ 258,600		$ 169,800

Revenue from Contracts with C_4

Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 871,374	$ 592,527
Loss on crude contracts	(320,777)	(214,385)
Gain on sale of assets and other income	2,364	1,843
Total revenues and other income	552,961	379,985
Revenue from production
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	834,528	592,527
Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	702,846	490,796
Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	35,531	21,569
Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	96,151	80,162
Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	36,846	0
United States | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	171,696	114,490
United States | Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	16,685	7,528
United States | Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	11,369	6,443
United States Offshore | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	465,621	328,341
United States Offshore | Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	13,979	10,054
United States Offshore | Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	26,201	22,138
Canada     | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	36,697	29,903
Canada     | Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	4,867	3,987
Canada     | Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	58,581	51,581
Canada Offshore | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 28,832	$ 18,062

Revenue from Contracts with C_5

Revenue from Contracts with Customers (Current Long-Term Contracts Outstanding) (Details) - Canada	Mar. 31, 2022BoeMMcf
Q4 2022 | Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	8
Q4 2022 | Contracts to sell natural gas at CAD fixed prices
Disaggregation of Revenue [Line Items]
Remaining performance obligation	5
Q4 2022 | Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	20
Q4 2023 | Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	25
Q4 2023 | Contracts to sell natural gas at CAD fixed prices
Disaggregation of Revenue [Line Items]
Remaining performance obligation	38
Q4 2024 | Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	31
Q4 2024 | Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	15
Q4 2024 | Contracts to sell natural gas at CAD fixed prices
Disaggregation of Revenue [Line Items]
Remaining performance obligation	100
Q4 2024 | Contracts to sell natural gas at CAD fixed prices
Disaggregation of Revenue [Line Items]
Remaining performance obligation	34
Q4 2026 | Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	49
Q3 2023 | Contracts to sell natural gas liquids at CAD pricing
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, oil quantity per day | Boe	952

Property, Plant and Equipment_2

Property, Plant and Equipment (Net Changes in Capitalized Exploratory Well Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Movement in Property, Plant and Equipment [Roll Forward]
Beginning balance	$ 179,481	$ 181,616
Additions pending the determination of proved reserves	3,698	785
Capitalized exploratory well costs charged to expense	(10,473)	0
Ending balance	$ 172,706	$ 182,401

Property, Plant and Equipment_3

Property, Plant and Equipment (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Well costs	$ 172,706,000	$ 182,401,000	$ 179,481,000		$ 181,616,000
Exploratory well costs capitalized more than one year	169,900,000
Impairment of oil and gas Properties	0	171,300,000
Proceeds from sale of oil and gas property and equipment		$ 267,700,000
Terra Nova
Property, Plant and Equipment [Line Items]
Additional percentage acquired through commercial settlement				7.525%
Vietnam
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year	94,000,000
United States
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year	47,600,000
Brunei
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year	8,200,000
MEXICO
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year	15,300,000
Canada
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year	$ 4,800,000

Property, Plant and Equipment_4

Property, Plant and Equipment (Aging of Capitalized Exploratory Well Costs) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)projectwell	Mar. 31, 2021USD ($)projectwell	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 172,706	$ 182,401	$ 179,481	$ 181,616
No. of Wells (in wells) | well	13	11
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 | $	$ 2,810	$ 0
No. of Wells (in wells) | well	2	0
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	$ 23,514
No. of Wells (in wells) | well	0	3
No. of Projects (in projects) | project	0	3
Two to three years
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 23,667	$ 30,562
No. of Wells (in wells) | well	3	2
No. of Projects (in projects) | project	3	2
Three years or more
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 146,229	$ 128,325
No. of Wells (in wells) | well	8	6
No. of Projects (in projects) | project	2	0

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
	Mar. 31, 2022	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) income from discontinued operations	$ (551)	$ 208
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	10	44
Other costs and expenses (benefits)	561	(164)
(Loss) income before taxes	(551)	208
Income tax expense	0	0
(Loss) income from discontinued operations	$ (551)	$ 208

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) - Discontinued operations, held-for-sale or disposed of by sale - Brunei Exploration And Production Operations - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Property, plant, and equipment, net	$ 15,701	$ 15,453
Total current assets associated with assets held for sale	$ 15,701	$ 15,453

Financing Arrangements and De_2

Financing Arrangements and Debt (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	May 02, 2022
Line of Credit Facility [Line Items]
Early redemption of debt cost	$ 0	$ 34,177,000
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 | Subsequent event
Line of Credit Facility [Line Items]
Stated interest rate			6.875%
Partial redemption			$ 200,000,000
2018 Revolving Credit Facility
Line of Credit Facility [Line Items]
Amount outstanding	$ 0
Interest rate	2.15%
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
	Mar. 31, 2022	Mar. 31, 2021
Net decrease (increase) in operating working capital, excluding cash and cash equivalents:
(Increase) in accounts receivable	$ (117,928)	$ (16,954)
(Increase) decrease in inventories	(4,541)	392
(Increase) in prepaid expenses	(515)	(3,652)
Increase in accounts payable and accrued liabilities	40,426	11,810
Increase (decrease) in income taxes payable	1,636	(648)
Net (increase) in noncash operating working capital	(80,922)	(9,052)
Supplementary disclosures:
Cash income taxes paid, net of refunds	103	720
Interest paid, net of amounts capitalized of $5.3 million in 2022 and $3.3 million in 2021	40,181	44,577
Capitalized interest paid	5,300	3,300
Non-cash investing activities:
Asset retirement costs capitalized	3,889	6,390
(Increase) decrease in capital expenditure accrual	$ (49,352)	13,617
Impairment of asset retirement obligation		$ 74,400

Employee and Retiree Benefit _3

Employee and Retiree Benefit Plans (Components of Net Periodic Benefit Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,129	$ 1,768
Interest cost	5,243	4,286
Expected return on plan assets	(8,138)	(6,133)
Amortization of prior service cost (credit)	600	156
Recognized actuarial loss	3,822	5,279
Net periodic benefit expense	3,656	5,356
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	292	326
Interest cost	574	521
Expected return on plan assets	0	0
Amortization of prior service cost (credit)	(133)	0
Recognized actuarial loss	(77)	(7)
Net periodic benefit expense	$ 656	$ 840

Employee and Retiree Benefit _4

Employee and Retiree Benefit Plans (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Retirement Benefits [Abstract]
Contributions to benefit plans	$ 8.7
Expected benefit plan contributions to be made during the year	$ 34.4

Incentive Plans (Summary of Awa

Incentive Plans (Summary of Awards Granted) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)$ / 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
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)	580,600
Fair value per share at grant date (in USD per share) | $ / shares	$ 47.37
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)	273,400
Fair value per share at grant date (in USD per share) | $ / shares	$ 32.12
Award vesting period	3 years
Time-Based RSUs | 2021 NED Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	73,092
Fair value per share at grant date (in USD per share) | $ / shares	$ 32.84
Cash Settled RSUs | 2020 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	674,300
Fair value per share at grant date (in USD per share) | $ / shares	$ 32.12
Award vesting period	3 years

Incentive Plans (Share-Based Pl

Incentive Plans (Share-Based Plans, Amounts Recognized) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Compensation charged against income before tax benefit	$ 13,962	$ 8,196
Related income tax benefit recognized in income	$ 2,272	$ 1,165

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
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Basic method (in shares)	154,916,004	153,952,552
Dilutive stock options and restricted stock units (in shares)	0	0
Diluted method (in shares)	154,916,004	153,952,552
Unvested stock awards	$ 0	$ 0

Income Taxes (Effective Income

Income Taxes (Effective Income Tax Rates) (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	20.70%	24.80%

Financial Instruments and Ris_3

Financial Instruments and Risk Management (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)contractOffsettingPosition	Mar. 31, 2021USD ($)contract	Dec. 31, 2021OffsettingPosition
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of foreign currency derivatives (in contracts) | contract	0	0
Number of offsetting positions (in offsetting positions) | OffsettingPosition	0		0
Mark to market loss on contingent consideration	$ 98,126	$ 14,923
Contingent consideration payment	$ 55,169	$ 0

Financial Instruments and Ris_4

Financial Instruments and Risk Management (Crude Oil Derivative Contracts) (Details) barrels_per_day in Thousands	3 Months Ended
	Mar. 31, 2022barrels_per_day$ / bbl
Commodity derivative contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Daily production (in barrels per day) | barrels_per_day	20
Average forward price (in dollars per barrel)	44.88
Commodity collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Daily production (in barrels per day) | barrels_per_day	25
Commodity collars | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average forward price (in dollars per barrel)	75.20
Commodity collars | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average forward price (in dollars per barrel)	63.24

Financial Instruments and Ris_5

Financial Instruments and Risk Management (Fair Value of Derivative Instruments Not Designated as Hedging Instruments) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commodity derivative contracts | Accounts payable
Derivatives, Fair Value [Line Items]
Derivative liability	$ (306,095)	$ (239,882)
Commodity collars | Accounts payable
Derivatives, Fair Value [Line Items]
Derivative liability	(162,123)	(19,533)
Commodity collars | Accounts receivable
Derivatives, Fair Value [Line Items]
Derivative asset	$ 0	$ 4,280

Financial Instruments and Ris_6

Financial Instruments and Risk Management (Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments) (Details) - Not Designated as Hedging Instrument - Loss on crude contracts - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commodity derivative contracts
Derivative Instruments, Gain (Loss) [Line Items]
Loss on crude contracts	$ (156,359)	$ (214,385)
Commodity collars
Derivative Instruments, Gain (Loss) [Line Items]
Loss on crude contracts	$ (164,418)	$ 0

Financial Instruments and Ris_7

Financial Instruments and Risk Management (Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis) (Details) - Fair Value - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Assets	$ 0	$ 4,280
Liabilities:
Liabilities	724,364	472,528
Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	17,038	16,962
Commodity collars
Assets:
Derivative assets	0	4,280
Liabilities:
Derivative liability	162,123	19,533
Contingent consideration
Liabilities:
Contingent consideration	239,108	196,151
Commodity swaps
Liabilities:
Derivative liability	306,095	239,882
Level 1
Assets:
Assets	0	0
Liabilities:
Liabilities	17,038	16,962
Level 1 | Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	17,038	16,962
Level 1 | Commodity collars
Assets:
Derivative assets	0	0
Liabilities:
Derivative liability	0	0
Level 1 | Contingent consideration
Liabilities:
Contingent consideration	0	0
Level 1 | Commodity swaps
Liabilities:
Derivative liability	0	0
Level 2
Assets:
Assets	0	4,280
Liabilities:
Liabilities	468,218	259,415
Level 2 | Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	0	0
Level 2 | Commodity collars
Assets:
Derivative assets	0	4,280
Liabilities:
Derivative liability	162,123	19,533
Level 2 | Contingent consideration
Liabilities:
Contingent consideration	0	0
Level 2 | Commodity swaps
Liabilities:
Derivative liability	306,095	239,882
Level 3
Assets:
Assets	0	0
Liabilities:
Liabilities	239,108	196,151
Level 3 | Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	0	0
Level 3 | Commodity collars
Assets:
Derivative assets	0	0
Liabilities:
Derivative liability	0	0
Level 3 | Contingent consideration
Liabilities:
Contingent consideration	239,108	196,151
Level 3 | Commodity swaps
Liabilities:
Derivative liability	$ 0	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 4,320,796
Components of other comprehensive income (loss):
Before reclassifications to income and retained earnings	18,020
Reclassifications to income	3,336
Other comprehensive income	21,356	$ 25,723
Balance at end of period	4,204,290	$ 4,099,609
Foreign Currency Translation Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(311,895)
Components of other comprehensive income (loss):
Before reclassifications to income and retained earnings	18,020
Reclassifications to income	0
Other comprehensive income	18,020
Balance at end of period	(293,875)
Retirement and Postretirement Benefit Plan Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(215,816)
Components of other comprehensive income (loss):
Before reclassifications to income and retained earnings	0
Reclassifications to income	3,336
Other comprehensive income	3,336
Balance at end of period	(212,480)
Reclassifications before taxes, included in net periodic benefit expense	(4,210)
Deferred Loss on Interest Rate Derivative Hedges
Components of other comprehensive income (loss):
Reclassifications, income tax expense	874
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(527,711)
Components of other comprehensive income (loss):
Balance at end of period	$ (506,355)

Environmental and Other Conti_2

Environmental and Other Contingencies (Details) $ in Millions	Mar. 31, 2022USD ($)
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
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total Assets	$ 10,541,737		$ 10,304,940
External Revenues	552,961	$ 379,985
Income (Loss)	(65,486)	(266,824)
Continuing operations
Segment Reporting Information [Line Items]
Total Assets	10,541,000
External Revenues	553,000	380,000
Income (Loss)	(64,900)	(267,000)
Discontinued operations, net of tax
Segment Reporting Information [Line Items]
Total Assets	700
External Revenues	0	0
Income (Loss)	(600)	200
Corporate
Segment Reporting Information [Line Items]
Total Assets	1,157,100
External Revenues	(320,500)	(214,300)
Income (Loss)	(296,300)	(254,800)
Exploration and production | Operating Segments
Segment Reporting Information [Line Items]
Total Assets	9,383,900
External Revenues	873,500	594,300
Income (Loss)	231,400	(12,200)
Exploration and production | Operating Segments | United States
Segment Reporting Information [Line Items]
Total Assets	6,832,000
External Revenues	707,400	490,300
Income (Loss)	252,900	119,000
Exploration and production | Operating Segments | Canada
Segment Reporting Information [Line Items]
Total Assets	2,309,800
External Revenues	166,100	104,000
Income (Loss)	22,700	(124,300)
Exploration and production | Operating Segments | Other
Segment Reporting Information [Line Items]
Total Assets	242,100
External Revenues	0	0
Income (Loss)	$ (44,200)	$ (6,900)