Murphy Oil (MUR) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		155,452,838
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000717423
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 432,019	$ 521,184
Accounts receivable, net	522,023	258,150
Inventories	63,886	54,198
Prepaid expenses	33,392	31,925
Assets held for sale	15,561	15,453
Total current assets	1,066,881	880,910
Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization of $12,751,486 in 2022 and $12,457,851 in 2021	8,295,655	8,127,852
Operating lease assets	855,975	881,389
Deferred income taxes	326,706	385,516
Deferred charges and other assets	26,994	29,273
Total assets	10,572,211	10,304,940
Current liabilities
Current maturities of long-term debt, finance lease	670	654
Accounts payable	910,009	623,129
Income taxes payable	25,452	19,951
Other taxes payable	30,698	20,306
Operating lease liabilities	167,953	139,427
Other accrued liabilities	483,430	360,859
Total current liabilities	1,618,212	1,164,326
Long-term debt, including finance lease obligation	2,267,934	2,465,414
Asset retirement obligations	863,892	839,776
Deferred credits and other liabilities	439,404	570,574
Non-current operating lease liabilities	706,016	761,162
Deferred income taxes	188,523	182,892
Total liabilities	6,083,981	5,984,144
Equity
Cumulative Preferred Stock, par $100, authorized 400,000 shares, none issued	0	0
Common Stock, par , authorized shares, issued 195,100,628 shares in 2022 and shares in 2021	195,101	195,101
Capital in excess of par value	883,368	926,698
Retained earnings	5,405,400	5,218,670
Accumulated other comprehensive loss	(554,727)	(527,711)
Treasury stock	(1,616,340)	(1,655,447)
Murphy Shareholders' Equity	4,312,802	4,157,311
Noncontrolling interest	175,428	163,485
Total equity	4,488,230	4,320,796
Total liabilities and equity	$ 10,572,211	$ 10,304,940

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accumulated depreciation, depletion and amortization	$ 12,751,486	$ 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues and other income
Total revenue from sales to customers	$ 1,196,238	$ 758,829	$ 2,067,612	$ 1,351,356
Loss on crude contracts	(103,068)	(226,245)	(423,845)	(440,630)
Gain on sale of assets and other income	7,887	17,059	10,251	18,902
Total revenues and other income	1,101,057	549,643	1,654,018	929,628
Costs and expenses
Lease operating expenses	147,352	126,413	284,177	273,577
Severance and ad valorem taxes	17,565	11,314	32,200	20,545
Transportation, gathering and processing	49,948	49,696	96,871	92,608
Costs of purchased natural gas	47,971	0	81,636	0
Exploration expenses, including undeveloped lease amortization	15,151	13,543	62,717	25,323
Selling and general expenses	27,130	29,113	60,659	58,616
Depreciation, depletion and amortization	195,856	227,288	359,980	425,566
Accretion of asset retirement obligations	11,563	12,164	23,439	22,656
Impairment of assets	0	0	0	171,296
Other operating expense	36,913	70,328	142,855	91,407
Total costs and expenses	549,449	539,859	1,144,534	1,181,594
Operating income (loss) from continuing operations	551,608	9,784	509,484	(251,966)
Other income (loss)
Other income (expense)	5,308	(4,525)	2,813	(9,866)
Interest expense, net	(41,385)	(43,374)	(78,662)	(131,474)
Total other (loss)	(36,077)	(47,899)	(75,849)	(141,340)
Income (loss) from continuing operations before income taxes	515,531	(38,115)	433,635	(393,306)
Income tax (benefit) expense	105,084	(11,177)	88,123	(99,336)
Income (loss) from continuing operations	410,447	(26,938)	345,512	(293,970)
(Loss) income from discontinued operations, net of income taxes	(943)	(102)	(1,494)	106
Net income (loss) including noncontrolling interest	409,504	(27,040)	344,018	(293,864)
Less: Net income attributable to noncontrolling interest	58,947	36,042	106,797	56,656
NET INCOME (LOSS) ATTRIBUTABLE TO MURPHY	$ 350,557	$ (63,082)	$ 237,221	$ (350,520)
INCOME (LOSS) PER COMMON SHARE – BASIC
Continuing operations (in USD per share)	$ 2.27	$ (0.41)	$ 1.54	$ (2.27)
Discontinued operations (in USD per share)	(0.01)	0	(0.01)	0
Net income (loss) (in USD per share)	2.26	(0.41)	1.53	(2.27)
INCOME (LOSS) PER COMMON SHARE – DILUTED
Continuing operations (in USD per share)	2.24	(0.41)	1.51	(2.27)
Discontinued operations (in USD per share)	(0.01)	0	(0.01)	0
Net income (loss) (in USD per share)	2.23	(0.41)	1.50	(2.27)
Cash dividends per Common share (in USD per share)	$ 0.175	$ 0.125	$ 0.325	$ 0.250
Average Common shares outstanding (thousands)
Basic (in shares)	155,388,555	154,394,602	155,121,098	154,153,158
Diluted (in shares)	157,455,130	154,394,602	157,851,722	154,153,158
Revenue from production
Revenues and other income
Total revenue from sales to customers	$ 1,146,299	$ 758,829	$ 1,980,827	$ 1,351,356
Sales of purchased natural gas
Revenues and other income
Total revenue from sales to customers	$ 49,939	$ 0	$ 86,785	$ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss) including noncontrolling interest	$ 409,504	$ (27,040)	$ 344,018	$ (293,864)
Other comprehensive (loss) income, net of tax
Net (loss) gain from foreign currency translation	(51,545)	17,945	(33,525)	37,842
Retirement and postretirement benefit plans	3,173	4,146	6,509	8,282
Deferred loss on interest rate hedges reclassified to interest expense	0	0	0	1,690
Other comprehensive (loss) income	(48,372)	22,091	(27,016)	47,814
Comprehensive income (loss) including noncontrolling interest	361,132	(4,949)	317,002	(246,050)
Less: Net income attributable to noncontrolling interest	58,947	36,042	106,797	56,656
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO MURPHY	$ 302,185	$ (40,991)	$ 210,205	$ (302,706)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
Operating Activities
Net income (loss) including noncontrolling interest		$ 344,018	$ (293,864)
Adjustments to reconcile net income (loss) to net cash provided by continuing operations activities
Loss (income) from discontinued operations		1,494	(106)
Depreciation, depletion and amortization		359,980	425,566
Unsuccessful exploration well costs and previously suspended exploration costs		34,102	633
Amortization of undeveloped leases		7,980	8,882
Accretion of asset retirement obligations		23,439	22,656
Deferred income tax (benefit) expense		66,691	(101,195)
Mark to market loss on contingent consideration		129,818	76,677
Mark to market loss on crude contracts		100,343	284,360
Long-term non-cash compensation		40,467	25,318
Impairment of assets		0	171,296
(Gain) from sale of assets		(35)	0
Net (increase) decrease in noncash working capital		(121,598)	26,565
Other operating activities, net		(27,458)	39,494
Net cash provided by continuing operations activities		959,241	686,282
Investing Activities
Property additions and dry hole costs	[1]	(552,825)	(422,841)
Acquisition of oil and gas properties	[1]	(46,491)	(22,473)
Property additions for King's Quay FPS		0	(17,734)
Proceeds from sales of property, plant and equipment		47	269,363
Net cash (required) by investing activities		(599,269)	(193,685)
Financing Activities
Borrowings on revolving credit facility		100,000	165,000
Repayment of revolving credit facility		(100,000)	(365,000)
Retirement of debt		(200,000)	(576,358)
Debt issuance, net of cost		0	541,974
Early redemption of debt cost		(3,438)	(34,177)
Distributions to noncontrolling interest		(94,854)	(75,238)
Contingent consideration payment		(81,742)	0
Cash dividends paid		(50,491)	(38,590)
Withholding tax on stock-based incentive awards		(16,697)	(3,895)
Capital lease obligation payments		(320)	(371)
Net cash (required) by financing activities		(447,542)	(386,655)
Effect of exchange rate changes on cash and cash equivalents		(1,595)	1,552
Net (decrease) increase in cash and cash equivalents		(89,165)	107,494
Cash and cash equivalents at beginning of period		521,184	310,606
Cash and cash equivalents at end of period		$ 432,019	$ 418,100
[1]Certain prior-period amounts have been reclassified to conform to the current period presentation.

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					(626)			525
Restricted stock transactions and other					(38,347)
Share-based compensation					12,462
Net income (loss)	$ (350,520)					(350,520)			56,656
Cash dividends paid						(38,590)
Foreign currency translation (loss) gain, net of income taxes	37,842						37,842
Retirement and postretirement benefit plans, net of income taxes							8,282
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes	1,690						1,690
Awarded restricted stock, net of forfeitures								33,545
Distributions to noncontrolling interest owners									(75,238)
Balance at end of period at Jun. 30, 2021	4,041,828	$ 3,880,600	$ 0	195,101	915,181	4,980,428	(553,519)	(1,656,591)	161,228
Balance at beginning of period at Mar. 31, 2021				195,101	914,303	5,062,813	(575,610)	(1,661,416)	164,418
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options, including income tax benefits					(587)			486
Restricted stock transactions and other					(5,347)
Share-based compensation					6,812
Net income (loss)	(63,082)					(63,082)			36,042
Cash dividends paid						(19,303)
Foreign currency translation (loss) gain, net of income taxes	17,945						17,945
Retirement and postretirement benefit plans, net of income taxes							4,146
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes	0
Awarded restricted stock, net of forfeitures								4,339
Distributions to noncontrolling interest owners									(39,232)
Balance at end of period at Jun. 30, 2021	4,041,828	3,880,600	0	195,101	915,181	4,980,428	(553,519)	(1,656,591)	161,228
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					(10,635)			6,810
Restricted stock transactions and other					(45,169)
Share-based compensation					12,474
Net income (loss)	237,221					237,221			106,797
Cash dividends paid						(50,491)
Foreign currency translation (loss) gain, net of income taxes	(33,525)						(33,525)
Retirement and postretirement benefit plans, net of income taxes							6,509
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									(94,854)
Balance at end of period at Jun. 30, 2022	4,488,230	4,312,802	0	195,101	883,368	5,405,400	(554,727)	(1,616,340)	175,428
Balance at beginning of period at Mar. 31, 2022				195,101	880,537	5,082,034	(506,355)	(1,618,478)	171,451
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options, including income tax benefits					(3,415)			2,138
Share-based compensation					6,246
Net income (loss)	350,557					350,557			58,947
Cash dividends paid						(27,191)
Foreign currency translation (loss) gain, net of income taxes	(51,545)						(51,545)
Retirement and postretirement benefit plans, net of income taxes							3,173
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes	0
Distributions to noncontrolling interest owners									(54,970)
Balance at end of period at Jun. 30, 2022	$ 4,488,230	$ 4,312,802	$ 0	$ 195,101	$ 883,368	$ 5,405,400	$ (554,727)	$ (1,616,340)	$ 175,428

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Jun. 30, 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)	39,677,584	40,665,675

Nature of Business and Interim

Nature of Business and Interim Financial Statements	6 Months Ended
	Jun. 30, 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 June 30, 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 Murphy’s management, the unaudited financial statements presented herein include all accruals necessary to present fairly the Company’s financial position at June 30, 2022 and December 31, 2021, and the results of operations, cash flows and changes in stockholders’ equity for the interim periods ended June 30, 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 and six-month periods ended June 30, 2022, are not necessarily indicative of future results.

New Accounting Principles and R

New Accounting Principles and Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 period ended June 30, 2022, and 2021, the Company recognized $1,196 million and $758.8 million, respectively, from total revenue from sales to customers, from sales of oil, natural gas liquids and natural gas. For the six-month period ended June 30, 2022, and 2021, the Company recognized $2,067.6 million and $1,351.4 million, respectively, from total revenue from sales to customers, from sales of oil, natural gas liquids and natural gas. Three Months Ended Six Months Ended (Thousands of dollars) 2022 2021 2022 2021 Net crude oil and condensate revenue United States Onshore $ 264,841 183,267 $ 436,537 297,757 Offshore 612,526 411,076 1,078,147 739,417 Canada Onshore 40,417 30,695 77,114 60,598 Offshore 38,354 31,772 67,186 49,834 Other 13,636 — 13,636 — Total crude oil and condensate revenue 969,774 656,810 1,672,620 1,147,606 Net natural gas liquids revenue United States Onshore 18,062 9,596 34,747 17,124 Offshore 18,093 10,766 32,072 20,820 Canada Onshore 5,001 3,240 9,868 7,227 Total natural gas liquids revenue 41,156 23,602 76,687 45,171 Net natural gas revenue United States Onshore 19,034 6,872 30,403 13,315 Offshore 43,567 17,273 69,768 39,411 Canada Onshore 72,768 54,272 131,349 105,853 Total natural gas revenue 135,369 78,417 231,520 158,579 Revenue from production 1,146,299 758,829 1,980,827 1,351,356 Sales of purchased natural gas United States Offshore 181 — 181 — Canada Onshore 49,758 — 86,604 — Total sales of purchased natural gas 49,939 — 86,785 — Total revenue from sales to customers 1,196,238 758,829 2,067,612 1,351,356 Loss on crude contracts (103,068) (226,245) (423,845) (440,630) Gain on sale of assets and other income 7,887 17,059 10,251 18,902 Total revenues and other income $ 1,101,057 549,643 $ 1,654,018 929,628 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 June 30, 2022, and December 31, 2021, receivables from contracts with customers, net of royalties and associated payables, on the balance sheet from continuing operations, were $292.4 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 June 30, 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 June 30, 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 June 30, 2022 Location Commodity End Date Description Approximate Volumes U.S. Natural Gas and NGL Q2 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	6 Months Ended
	Jun. 30, 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 June 30, 2022, the Company had total capitalized exploratory well costs for continuing operations pending the determination of proved reserves of $178.4 million. The following table reflects the net changes in capitalized exploratory well costs during the six-month periods ended June 30, 2022 and 2021. (Thousands of dollars) 2022 2021 Beginning balance at January 1 $ 179,481 181,616 Additions pending the determination of proved reserves 9,412 15,921 Capitalized exploratory well costs charged to expense (10,472) — Balance at June 30 $ 178,421 197,537 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. June 30, 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 $ 4,268 2 2 13,881 3 3 One to two years 2,813 2 2 23,811 3 3 Two to three years 26,848 3 2 30,562 2 2 Three years or more 144,492 8 2 129,283 6 — $ 178,421 15 8 197,537 14 8 Of the $174.2 million of exploratory well costs capitalized more than one year at June 30, 2022, $94.7 million is in Vietnam, $48.5 million is in the U.S., $15.5 million is in Mexico, $10.6 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 six months 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 at end of the first quarter 2021. Later in 2021, the Company sanctioned an asset life extension project and acquired an additional 7.525% working interest at Terra Nova following a commercial agreement to extend the life of the field. Divestments There were no divestments in the first six months 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. Acquisitions In June 2022, the Company acquired an additional working interest of 11.0% in the Kodiak field for a purchase price of $46.5 million, net of post-closing adjustments. In the second quarter of 2021, the Company acquired an additional 3.5% working interest in the Lucius field for a purchase price of $22.5 million, net of post-closing adjustments.

Assets Held for Sale and Discon

Assets Held for Sale and Discontinued Operations	6 Months Ended
	Jun. 30, 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 and six-month periods ended June 30, 2022 and 2021 were as follows: Three Months Ended Six Months Ended (Thousands of dollars) 2022 2021 2022 2021 Revenues $ — 246 $ 10 658 Costs and expenses Other costs and expenses (benefits) 943 348 1,504 552 (Loss) income before taxes (943) (102) (1,494) 106 Income tax expense — — — — (Loss) income from discontinued operations $ (943) (102) $ (1,494) 106 As of June 30, 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 the CA-2 project in Brunei and the Company’s former headquarters office building in El Dorado, Arkansas. (Thousands of dollars) June 30, December 31, Current assets Property, plant, and equipment, net 15,561 15,453 Total current assets associated with assets held for sale $ 15,561 15,453

Financing Arrangements and Debt

Financing Arrangements and Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Financing Arrangements and Debt	Note F – Financing Arrangements and Debt As of June 30, 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 June 30, 2022, the Company had no outstanding borrowings under the RCF and $27.6 million of outstanding letters of credit, which reduce the borrowing capacity of the RCF. At June 30, 2022, the interest rate in effect on borrowings under the facility was 3.46%. At June 30, 2022 and 2021, the Company was in compliance with all covenants related to the RCF. On June 2, 2022, the Company redeemed $200.0 million aggregate principal amount of its 6.875% senior notes due 2024 (2024 Notes). The cost of the debt extinguishment of $4.3 million is included in Interest expense, net on the Consolidated Statement of Operations for the three months and six months ended June 30, 2022. The cash costs of $3.4 million are shown as a financing activity on the Consolidated Statement of Cash Flows for the six months ended June 30, 2022. 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 and six months ended June 30, 2021. The cash costs of $34.2 million are shown as a financing activity on the Consolidated Statement of Cash Flows for the six months ended June 30, 2021. The Company also has a shelf registration statement on file with the U.S. Securities and Exchange Commission that permits the offer and sale of debt and/or equity securities through October 15, 2024. On July 20, 2022, the Company issued a notice of redemption with respect to all of its outstanding, $42.4 million aggregate principal amount, 6.875% senior notes due 2024. The Company will redeem the 2024 Notes at the applicable redemption price set forth in the indenture governing the 2024 Notes, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. The redemption date of the 2024 Notes will be August 19, 2022. On August 1, 2022, the Company announced the commencement of cash tender offers (the “Tender Offers”) to purchase up to $200.0 million in aggregate purchase price of its outstanding 5.750% senior notes due 2025, 6.375% senior notes due 2028 and

Other Financial Information

Other Financial Information	6 Months Ended
	Jun. 30, 2022
Other Financial Information [Abstract]
Other Financial Information	Note G – Other Financial Information Additional disclosures regarding cash flow activities are provided below. Six Months Ended (Thousands of dollars) 2022 2021 Net decrease (increase) in operating working capital, excluding cash and cash equivalents: (Increase) in accounts receivable ¹ $ (263,104) (104,775) (Increase) decrease in inventories (10,092) 8,938 (Increase) in prepaid expenses (1,693) (1,945) Increase in accounts payable and accrued liabilities ¹ 147,790 124,699 Increase (decrease) in income taxes payable 5,501 (352) Net decrease (increase) in noncash operating working capital $ (121,598) 26,565 Supplementary disclosures: Cash income taxes paid, net of refunds $ 1,783 1,474 Interest paid, net of amounts capitalized of $10.4 million in 2022 and $7.4 million in 2021 78,747 80,546 Non-cash investing activities: Asset retirement costs capitalized 2 $ 9,007 6,669 (Increase) decrease in capital expenditure accrual (1,929) 20,614 1 Excludes receivable/payable balances relating to mark-to-market of derivative instruments and contingent consideration relating to acquisitions. 2 2021 Excludes non-cash capitalized cost offset by Terra Nova impairment of $74.4 million.

Employee and Retiree Benefit Pl

Employee and Retiree Benefit Plans	6 Months Ended
	Jun. 30, 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 and six-month periods ended June 30, 2022 and 2021. Three Months Ended June 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2022 2021 2022 2021 Service cost $ 2,129 1,768 292 327 Interest cost 5,139 4,300 574 521 Expected return on plan assets (7,954) (6,155) — — Amortization of prior service cost (credit) 579 156 (133) — Recognized actuarial loss (gain) 3,822 5,281 (78) (8) Net periodic benefit expense $ 3,715 5,350 655 840 Six Months Ended June 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2022 2021 2022 2021 Service cost $ 4,258 3,536 584 653 Interest cost 10,382 8,586 1,148 1,042 Expected return on plan assets (16,092) (12,288) — — Amortization of prior service cost (credit) 1,179 312 (266) — Recognized actuarial loss (gain) 7,644 10,560 (155) (15) Net periodic benefit expense $ 7,371 10,706 1,311 1,680 The components of net periodic benefit expense, other than the service cost, are recorded in Other income (expense) in the Consolidated Statements of Operations. During the six-month period ended June 30, 2022, the Company made contributions of $18.4 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 $24.4 million.

Incentive Plans

Incentive Plans	6 Months Ended
	Jun. 30, 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. The Annual Incentive Plan (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 six 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. The 2021 Stock Plan for Non-Employee Directors (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 Stock Plan for Non-Employee Directors. All awards on or after May 12, 2021, were made under the 2021 NED Plan. During the first six 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 six-month period ended June 30, 2022. Amounts recognized in the financial statements with respect to share-based plans are shown in the following table: Six Months Ended (Thousands of dollars) 2022 2021 Compensation charged against income before tax benefit $ 34,016 18,045 Related income tax benefit recognized in income 5,822 2,478

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 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 and six-month periods ended June 30, 2022 and 2021. The following table reports the weighted-average shares outstanding used for these computations. Three Months Ended June 30, Six Months Ended (Weighted-average shares) 2022 2021 2022 2021 Basic method 155,388,555 154,394,602 155,121,098 154,153,158 Dilutive stock options and restricted stock units 2,066,575 — 2,730,624 — Diluted method 157,455,130 154,394,602 157,851,722 154,153,158 The following table reflects certain options to purchase shares of common stock that were outstanding during the periods presented but were not included in the computation of diluted shares above because the incremental shares from the assumed conversion were antidilutive. Three Months Ended June 30, Six Months Ended 2022 2021 2022 2021 Antidilutive stock options excluded from diluted shares — 1,379,481 234,000 1,592,812 Weighted average price of these options $ — $ 33.79 $ 49.65 $ 35.07

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 and six-month periods ended June 30, 2022 and 2021, the Company’s effective income tax rates were as follows: 2022 2021 Three months ended June 30, 20.4% 29.3% Six months ended June 30, 20.3% 25.3% The effective tax rate for the three-month period ended June 30, 2022 was below the U.S. statutory tax rate of 21% primarily due to no tax applied to the pre-tax income of the noncontrolling interest in MP GOM. The effective tax rate for the three-month period ended June 30, 2021 was above the statutory tax rate of 21% primarily due to no tax applied to the pre-tax income of the noncontrolling interest in MP GOM, which has the impact of increasing the effective tax rate on an overall loss. The effective tax rate for the six-month period ended June 30, 2022 was below the U.S. statutory tax rate of 21% primarily due to no tax applied to the pre-tax income of the noncontrolling interest in MP GOM offset by exploration expenses in certain foreign jurisdictions in which no income tax benefit is currently available . The effective tax rate for the six-month period ended June 30, 2021 was above the statutory tax rate of 21% primarily due to loss generated in Canada, which has a higher tax rate, as well as no tax applied to the pre-tax income of the noncontrolling interest in MP GOM.

Financial Instruments and Risk

Financial Instruments and Risk Management	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2022 and 2021. At June 30, 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 June 30, 2022 December 31, 2021 Commodity swaps Accounts payable $ (239,382) (239,882) Commodity collars Accounts payable (146,780) (19,533) Commodity collars Accounts receivable — 4,280 For the three-month and six-month periods ended June 30, 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) Gain (Loss) (Thousands of dollars) Statement of Operations Location Three Months Ended June 30, Six months ended June 30, Type of Derivative Contract 2022 2021 2022 2021 Commodity swaps Loss on crude contracts $ (46,552) (226,245) $ (202,911) (440,630) Commodity collars Loss on crude contracts (56,516) — (220,934) — 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 June 30, 2022 and December 31, 2021, are presented in the following table. June 30, 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: Commodity swaps $ — 239,382 — 239,382 — 239,882 — 239,882 Commodity collars — 146,780 — 146,780 — 19,533 — 19,533 Contingent consideration — — 244,226 244,226 — — 196,151 196,151 Nonqualified employee savings plan 17,167 — — 17,167 16,962 — — 16,962 $ 17,167 386,162 244,226 647,555 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 contingent consideration, related to 2018 and 2019 U.S. Gulf of Mexico acquisitions, is valued using a Monte Carlo simulation model. For the six months ended June 30, 2022 and 2021, the pre-tax income effect of changes in the fair value of the contingent consideration was an expense of $129.8 million and $76.7 million respectively and is recorded in Other operating expense in the Consolidated Statements of Operations. In the six months ended June 30, 2022, the pre-tax income effect of changes in the fair value of the contingent consideration exclude cash payments of $81.7 million, which reduced the value of the contingent consideration liability. Contingent consideration is payable annually in years 2022 to 2026. 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 pre-tax income effect of changes in the fair value of the nonqualified employee savings plan is recorded in Selling and general expenses in the Consolidated Statements of Operations.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 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 June 30, 2022 and the changes during the six-month period ended June 30, 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 (33,525) — (33,525) Reclassifications to income — 6,509 ¹ 6,509 Net other comprehensive income (loss) (33,525) 6,509 (27,016) Balance at June 30, 2022 $ (345,420) (209,307) (554,727) 1 Reclassifications before taxes of $8,256 are included in the computation of net periodic benefit expense for the six-month period ended June 30, 2022. See Note H for additional information. Related income taxes of $1,747 are included in Income tax expense (benefit) for the six-month period ended June 30, 2022.

Environmental and Other Conting

Environmental and Other Contingencies	6 Months Ended
	Jun. 30, 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, under the Biden administration it rejoined 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	6 Months Ended
	Jun. 30, 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 June 30, 2022 Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 (Millions of dollars) External Income External Income Exploration and production ¹ United States $ 7,034.9 978.0 491.5 648.9 194.7 Canada 2,250.1 206.6 47.2 120.6 12.7 Other 244.9 13.7 (3.5) — (10.4) Total exploration and production 9,529.9 1,198.3 535.2 769.5 197.0 Corporate 1,041.3 (97.2) (124.8) (219.9) (223.9) Continuing operations 10,571.2 1,101.1 410.4 549.6 (26.9) Discontinued operations, net of tax 1.0 — (0.9) — (0.1) Total $ 10,572.2 1,101.1 409.5 549.6 (27.0) Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 (Millions of dollars) External Income External Income Exploration and production ¹ United States 1,685.4 744.4 1,139.2 313.7 Canada 372.7 69.9 224.6 (111.6) Other 13.7 (47.7) — (17.3) Total exploration and production 2,071.8 766.6 1,363.8 184.8 Corporate (417.8) (421.1) (434.2) (478.8) Continuing operations 1,654.0 345.5 929.6 (294.0) Discontinued operations, net of tax — (1.5) — 0.1 Total 1,654.0 344.0 929.6 (293.9) 1 Additional details about results of oil and natural gas operations are presented in the tables on page 25 and 26.

New Accounting Principles and_2

New Accounting Principles and Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Three Months Ended Six Months Ended (Thousands of dollars) 2022 2021 2022 2021 Net crude oil and condensate revenue United States Onshore $ 264,841 183,267 $ 436,537 297,757 Offshore 612,526 411,076 1,078,147 739,417 Canada Onshore 40,417 30,695 77,114 60,598 Offshore 38,354 31,772 67,186 49,834 Other 13,636 — 13,636 — Total crude oil and condensate revenue 969,774 656,810 1,672,620 1,147,606 Net natural gas liquids revenue United States Onshore 18,062 9,596 34,747 17,124 Offshore 18,093 10,766 32,072 20,820 Canada Onshore 5,001 3,240 9,868 7,227 Total natural gas liquids revenue 41,156 23,602 76,687 45,171 Net natural gas revenue United States Onshore 19,034 6,872 30,403 13,315 Offshore 43,567 17,273 69,768 39,411 Canada Onshore 72,768 54,272 131,349 105,853 Total natural gas revenue 135,369 78,417 231,520 158,579 Revenue from production 1,146,299 758,829 1,980,827 1,351,356 Sales of purchased natural gas United States Offshore 181 — 181 — Canada Onshore 49,758 — 86,604 — Total sales of purchased natural gas 49,939 — 86,785 — Total revenue from sales to customers 1,196,238 758,829 2,067,612 1,351,356 Loss on crude contracts (103,068) (226,245) (423,845) (440,630) Gain on sale of assets and other income 7,887 17,059 10,251 18,902 Total revenues and other income $ 1,101,057 549,643 $ 1,654,018 929,628
Current Long-Term Contracts Outstanding	As of June 30, 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 June 30, 2022 Location Commodity End Date Description Approximate Volumes U.S. Natural Gas and NGL Q2 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)	6 Months Ended
	Jun. 30, 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 six-month periods ended June 30, 2022 and 2021. (Thousands of dollars) 2022 2021 Beginning balance at January 1 $ 179,481 181,616 Additions pending the determination of proved reserves 9,412 15,921 Capitalized exploratory well costs charged to expense (10,472) — Balance at June 30 $ 178,421 197,537
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. June 30, 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 $ 4,268 2 2 13,881 3 3 One to two years 2,813 2 2 23,811 3 3 Two to three years 26,848 3 2 30,562 2 2 Three years or more 144,492 8 2 129,283 6 — $ 178,421 15 8 197,537 14 8

Assets Held for Sale and Disc_2

Assets Held for Sale and Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 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 and six-month periods ended June 30, 2022 and 2021 were as follows: Three Months Ended Six Months Ended (Thousands of dollars) 2022 2021 2022 2021 Revenues $ — 246 $ 10 658 Costs and expenses Other costs and expenses (benefits) 943 348 1,504 552 (Loss) income before taxes (943) (102) (1,494) 106 Income tax expense — — — — (Loss) income from discontinued operations $ (943) (102) $ (1,494) 106
Major Categories of Assets and Liabilities Reflected as Held for Sale	(Thousands of dollars) June 30, December 31, Current assets Property, plant, and equipment, net 15,561 15,453 Total current assets associated with assets held for sale $ 15,561 15,453

Other Financial Information (Ta

Other Financial Information (Tables)	6 Months Ended
	Jun. 30, 2022
Other Financial Information [Abstract]
Noncash Operating Working Capital (Increase) Decrease	Additional disclosures regarding cash flow activities are provided below. Six Months Ended (Thousands of dollars) 2022 2021 Net decrease (increase) in operating working capital, excluding cash and cash equivalents: (Increase) in accounts receivable ¹ $ (263,104) (104,775) (Increase) decrease in inventories (10,092) 8,938 (Increase) in prepaid expenses (1,693) (1,945) Increase in accounts payable and accrued liabilities ¹ 147,790 124,699 Increase (decrease) in income taxes payable 5,501 (352) Net decrease (increase) in noncash operating working capital $ (121,598) 26,565 Supplementary disclosures: Cash income taxes paid, net of refunds $ 1,783 1,474 Interest paid, net of amounts capitalized of $10.4 million in 2022 and $7.4 million in 2021 78,747 80,546 Non-cash investing activities: Asset retirement costs capitalized 2 $ 9,007 6,669 (Increase) decrease in capital expenditure accrual (1,929) 20,614 1 Excludes receivable/payable balances relating to mark-to-market of derivative instruments and contingent consideration relating to acquisitions. 2 2021 Excludes non-cash capitalized cost offset by Terra Nova impairment of $74.4 million.

Employee and Retiree Benefit _2

Employee and Retiree Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 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 and six-month periods ended June 30, 2022 and 2021. Three Months Ended June 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2022 2021 2022 2021 Service cost $ 2,129 1,768 292 327 Interest cost 5,139 4,300 574 521 Expected return on plan assets (7,954) (6,155) — — Amortization of prior service cost (credit) 579 156 (133) — Recognized actuarial loss (gain) 3,822 5,281 (78) (8) Net periodic benefit expense $ 3,715 5,350 655 840 Six Months Ended June 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2022 2021 2022 2021 Service cost $ 4,258 3,536 584 653 Interest cost 10,382 8,586 1,148 1,042 Expected return on plan assets (16,092) (12,288) — — Amortization of prior service cost (credit) 1,179 312 (266) — Recognized actuarial loss (gain) 7,644 10,560 (155) (15) Net periodic benefit expense $ 7,371 10,706 1,311 1,680

Incentive Plans (Tables)

Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Awards Granted	During the first six 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 six 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: Six Months Ended (Thousands of dollars) 2022 2021 Compensation charged against income before tax benefit $ 34,016 18,045 Related income tax benefit recognized in income 5,822 2,478

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended (Weighted-average shares) 2022 2021 2022 2021 Basic method 155,388,555 154,394,602 155,121,098 154,153,158 Dilutive stock options and restricted stock units 2,066,575 — 2,730,624 — Diluted method 157,455,130 154,394,602 157,851,722 154,153,158
Anti Dilutive Securities Not Included in Computation of Diluted EPS	The following table reflects certain options to purchase shares of common stock that were outstanding during the periods presented but were not included in the computation of diluted shares above because the incremental shares from the assumed conversion were antidilutive. Three Months Ended June 30, Six Months Ended 2022 2021 2022 2021 Antidilutive stock options excluded from diluted shares — 1,379,481 234,000 1,592,812 Weighted average price of these options $ — $ 33.79 $ 49.65 $ 35.07

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective Income Tax Rates	For the three-month and six-month periods ended June 30, 2022 and 2021, the Company’s effective income tax rates were as follows: 2022 2021 Three months ended June 30, 20.4% 29.3% Six months ended June 30, 20.3% 25.3%

Financial Instruments and Ris_2

Financial Instruments and Risk Management (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Crude Oil Derivative Contracts	At June 30, 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 June 30, 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 June 30, 2022 December 31, 2021 Commodity swaps Accounts payable $ (239,382) (239,882) Commodity collars Accounts payable (146,780) (19,533) Commodity collars Accounts receivable — 4,280
Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments	For the three-month and six-month periods ended June 30, 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) Gain (Loss) (Thousands of dollars) Statement of Operations Location Three Months Ended June 30, Six months ended June 30, Type of Derivative Contract 2022 2021 2022 2021 Commodity swaps Loss on crude contracts $ (46,552) (226,245) $ (202,911) (440,630) Commodity collars Loss on crude contracts (56,516) — (220,934) —
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 June 30, 2022 and December 31, 2021, are presented in the following table. June 30, 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: Commodity swaps $ — 239,382 — 239,382 — 239,882 — 239,882 Commodity collars — 146,780 — 146,780 — 19,533 — 19,533 Contingent consideration — — 244,226 244,226 — — 196,151 196,151 Nonqualified employee savings plan 17,167 — — 17,167 16,962 — — 16,962 $ 17,167 386,162 244,226 647,555 16,962 259,415 196,151 472,528

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2022 and the changes during the six-month period ended June 30, 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 (33,525) — (33,525) Reclassifications to income — 6,509 ¹ 6,509 Net other comprehensive income (loss) (33,525) 6,509 (27,016) Balance at June 30, 2022 $ (345,420) (209,307) (554,727) 1 Reclassifications before taxes of $8,256 are included in the computation of net periodic benefit expense for the six-month period ended June 30, 2022. See Note H for additional information. Related income taxes of $1,747 are included in Income tax expense (benefit) for the six-month period ended June 30, 2022.

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2022 Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 (Millions of dollars) External Income External Income Exploration and production ¹ United States $ 7,034.9 978.0 491.5 648.9 194.7 Canada 2,250.1 206.6 47.2 120.6 12.7 Other 244.9 13.7 (3.5) — (10.4) Total exploration and production 9,529.9 1,198.3 535.2 769.5 197.0 Corporate 1,041.3 (97.2) (124.8) (219.9) (223.9) Continuing operations 10,571.2 1,101.1 410.4 549.6 (26.9) Discontinued operations, net of tax 1.0 — (0.9) — (0.1) Total $ 10,572.2 1,101.1 409.5 549.6 (27.0) Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 (Millions of dollars) External Income External Income Exploration and production ¹ United States 1,685.4 744.4 1,139.2 313.7 Canada 372.7 69.9 224.6 (111.6) Other 13.7 (47.7) — (17.3) Total exploration and production 2,071.8 766.6 1,363.8 184.8 Corporate (417.8) (421.1) (434.2) (478.8) Continuing operations 1,654.0 345.5 929.6 (294.0) Discontinued operations, net of tax — (1.5) — 0.1 Total 1,654.0 344.0 929.6 (293.9) 1 Additional details about results of oil and natural gas operations are presented in the tables on page 25 and 26.

Nature of Business and Interi_2

Nature of Business and Interim Financial Statements - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) 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		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment revenueStream	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
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	$ 1,196,238	$ 758,829	$ 2,067,612	$ 1,351,356
Receivables from contracts with customers	$ 292,400		$ 292,400		$ 169,800

Revenue from Contracts with C_4

Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 1,196,238	$ 758,829	$ 2,067,612	$ 1,351,356
Loss on crude contracts	(103,068)	(226,245)	(423,845)	(440,630)
Gain on sale of assets and other income	7,887	17,059	10,251	18,902
Total revenues and other income	1,101,057	549,643	1,654,018	929,628
Revenue from production
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	1,146,299	758,829	1,980,827	1,351,356
Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	969,774	656,810	1,672,620	1,147,606
Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	41,156	23,602	76,687	45,171
Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	135,369	78,417	231,520	158,579
Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	49,939	0	86,785	0
United States | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	264,841	183,267	436,537	297,757
United States | Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	18,062	9,596	34,747	17,124
United States | Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	19,034	6,872	30,403	13,315
United States Offshore | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	612,526	411,076	1,078,147	739,417
United States Offshore | Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	18,093	10,766	32,072	20,820
United States Offshore | Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	43,567	17,273	69,768	39,411
United States Offshore | Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	181	0	181	0
Canada     | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	40,417	30,695	77,114	60,598
Canada     | Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	5,001	3,240	9,868	7,227
Canada     | Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	72,768	54,272	131,349	105,853
Canada     | Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	49,758	0	86,604	0
Canada Offshore | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	38,354	31,772	67,186	49,834
Other | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 13,636	$ 0	$ 13,636	$ 0

Revenue from Contracts with C_5

Revenue from Contracts with Customers (Current Long-Term Contracts Outstanding) (Details) - Canada	Jun. 30, 2022 Boe MMcf
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	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Movement in Property, Plant and Equipment [Roll Forward]
Beginning balance	$ 179,481	$ 181,616
Additions pending the determination of proved reserves	9,412	15,921
Capitalized exploratory well costs charged to expense	(10,472)	0
Ending balance	$ 178,421	$ 197,537

Property, Plant and Equipment_3

Property, Plant and Equipment (Narrative) (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) divestment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Property, Plant and Equipment [Line Items]
Well costs	$ 178,421,000	$ 197,537,000		$ 178,421,000	$ 179,481,000	$ 181,616,000
Exploratory well costs capitalized more than one year	$ 174,200,000			174,200,000
Impairment of oil and gas Properties			$ 171,300,000	$ 0
Number of divestments (in divestments) | divestment				0
Proceeds from sale of oil and gas property and equipment			$ 267,700,000
Kodak field
Property, Plant and Equipment [Line Items]
Percentage of field acquired	11%			11%
Consideration transferred	$ 46,500,000
Lucius field
Property, Plant and Equipment [Line Items]
Percentage of field acquired		3.50%
Consideration transferred		$ 22,500,000
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	94,700,000			$ 94,700,000
United States
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year	48,500,000			48,500,000
MEXICO
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year	15,500,000			15,500,000
Brunei
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year	10,600,000			10,600,000
Canada
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year	$ 4,800,000			$ 4,800,000

Property, Plant and Equipment_4

Property, Plant and Equipment (Aging of Capitalized Exploratory Well Costs) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) well project	Jun. 30, 2021 USD ($) well project	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 178,421	$ 197,537	$ 179,481	$ 181,616
No. of Wells (in wells) | well	15	14
No. of Projects (in projects) | project	8	8
Zero to one year
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 4,268	$ 13,881
No. of Wells (in wells) | well	2	3
No. of Projects (in projects) | project	2	3
One to two years
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 2,813	$ 23,811
No. of Wells (in wells) | well	2	3
No. of Projects (in projects) | project	2	3
Two to three years
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 26,848	$ 30,562
No. of Wells (in wells) | well	3	2
No. of Projects (in projects) | project	2	2
Three years or more
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 144,492	$ 129,283
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) income from discontinued operations	$ (943)	$ (102)	$ (1,494)	$ 106
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	0	246	10	658
Other costs and expenses (benefits)	943	348	1,504	552
(Loss) income before taxes	(943)	(102)	(1,494)	106
Income tax expense	0	0	0	0
(Loss) income from discontinued operations	$ (943)	$ (102)	$ (1,494)	$ 106

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	Jun. 30, 2022	Dec. 31, 2021
Current assets
Property, plant, and equipment, net	$ 15,561	$ 15,453
Total current assets associated with assets held for sale	$ 15,561	$ 15,453

Financing Arrangements and De_2

Financing Arrangements and Debt (Narrative) (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Aug. 01, 2022	Jul. 20, 2022	Jun. 02, 2022	May 02, 2022
Line of Credit Facility [Line Items]
Early redemption of debt cost				$ 3,438,000	$ 34,177,000
Subsequent event
Line of Credit Facility [Line Items]
Partial redemption						$ 200,000,000
6.875% notes due 2024
Line of Credit Facility [Line Items]
Partial redemption								$ 200,000,000
Stated interest rate									6.875%
Cost of debt extinguishment	$ 4,300,000			4,300,000
Early redemption of debt cost				$ 3,400,000
6.875% notes due 2024 | Subsequent event
Line of Credit Facility [Line Items]
Partial redemption							$ 42,400,000
6.375% notes due July 2028
Line of Credit Facility [Line Items]
Stated interest rate			6.375%
Debt instrument, face amount			$ 550,000,000
Transaction costs			$ 8,100,000
4.00% notes due June 2022
Line of Credit Facility [Line Items]
Stated interest rate			4%
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			36,900,000
Early redemption of debt cost					$ 34,200,000
5.75% notes due August 2025
Line of Credit Facility [Line Items]
Stated interest rate	5.75%			5.75%
5.875% notes due December 2027
Line of Credit Facility [Line Items]
Stated interest rate	5.875%			5.875%
2018 Revolving Credit Facility
Line of Credit Facility [Line Items]
Amount outstanding	$ 0			$ 0
Interest rate				3.46%
2018 Revolving Credit Facility | Letter of Credit
Line of Credit Facility [Line Items]
Credit facility maximum borrowing capacity	1,600,000,000			$ 1,600,000,000
Amount outstanding	$ 27,600,000			$ 27,600,000

Other Financial Information (No

Other Financial Information (Noncash Operating Working Capital (Increase) Decrease) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Net decrease (increase) in operating working capital, excluding cash and cash equivalents:
(Increase) in accounts receivable	$ (263,104)	$ (104,775)
(Increase) decrease in inventories	(10,092)	8,938
(Increase) in prepaid expenses	(1,693)	(1,945)
Increase in accounts payable and accrued liabilities	147,790	124,699
Increase (decrease) in income taxes payable	5,501	(352)
Net decrease (increase) in noncash operating working capital	(121,598)	26,565
Supplementary disclosures:
Cash income taxes paid, net of refunds	1,783	1,474
Interest paid, net of amounts capitalized of $10.4 million in 2022 and $7.4 million in 2021	78,747	80,546
Capitalized interest paid	10,400	7,400
Non-cash investing activities:
Asset retirement costs capitalized	9,007	6,669
(Increase) decrease in capital expenditure accrual	$ (1,929)	$ 20,614
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,129	$ 1,768	$ 4,258	$ 3,536
Interest cost	5,139	4,300	10,382	8,586
Expected return on plan assets	(7,954)	(6,155)	(16,092)	(12,288)
Amortization of prior service cost (credit)	579	156	1,179	312
Recognized actuarial loss (gain)	3,822	5,281	7,644	10,560
Net periodic benefit expense	3,715	5,350	7,371	10,706
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	292	327	584	653
Interest cost	574	521	1,148	1,042
Expected return on plan assets	0	0	0	0
Amortization of prior service cost (credit)	(133)	0	(266)	0
Recognized actuarial loss (gain)	(78)	(8)	(155)	(15)
Net periodic benefit expense	$ 655	$ 840	$ 1,311	$ 1,680

Employee and Retiree Benefit _4

Employee and Retiree Benefit Plans (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Retirement Benefits [Abstract]
Contributions to benefit plans	$ 18.4
Expected benefit plan contributions to be made during the year	$ 24.4

Incentive Plans (Summary of Awa

Incentive Plans (Summary of Awards Granted) (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
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	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement [Abstract]
Compensation charged against income before tax benefit	$ 34,016	$ 18,045
Related income tax benefit recognized in income	$ 5,822	$ 2,478

Earnings Per Share (Weighted-Av

Earnings Per Share (Weighted-Average Shares Outstanding for Computation of Basic and Diluted Income per Common Share) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Basic method (in shares)	155,388,555	154,394,602	155,121,098	154,153,158
Dilutive stock options and restricted stock units (in shares)	2,066,575	0	2,730,624	0
Diluted method (in shares)	157,455,130	154,394,602	157,851,722	154,153,158

Earnings Per Share (Antidilutiv

Earnings Per Share (Antidilutive Securities Not Included in Computation of Diluted EPS) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Antidilutive stock options excluded from diluted shares (in shares)	0	1,379,481	234,000	1,592,812
Weighted average price of these options (in USD per share)	$ 0	$ 33.79	$ 49.65	$ 35.07

Income Taxes (Effective Income

Income Taxes (Effective Income Tax Rates) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	20.40%	29.30%	20.30%	25.30%

Financial Instruments and Ris_3

Financial Instruments and Risk Management (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) contract OffsettingPosition	Jun. 30, 2021 USD ($) contract	Dec. 31, 2021 OffsettingPosition
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	$ 129,818	$ 76,677
Contingent consideration payment	$ 81,742	$ 0

Financial Instruments and Ris_4

Financial Instruments and Risk Management (Crude Oil Derivative Contracts) (Details) barrels_per_day in Thousands	6 Months Ended
	Jun. 30, 2022 barrels_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	Jun. 30, 2022	Dec. 31, 2021
Commodity derivative contracts | Accounts payable
Derivatives, Fair Value [Line Items]
Derivative liability	$ (239,382)	$ (239,882)
Commodity collars | Accounts payable
Derivatives, Fair Value [Line Items]
Derivative liability	(146,780)	(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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Commodity derivative contracts
Derivative Instruments, Gain (Loss) [Line Items]
Loss on crude contracts	$ (46,552)	$ (226,245)	$ (202,911)	$ (440,630)
Commodity collars
Derivative Instruments, Gain (Loss) [Line Items]
Loss on crude contracts	$ (56,516)	$ 0	$ (220,934)	$ 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	Jun. 30, 2022	Dec. 31, 2021
Assets:
Assets	$ 0	$ 4,280
Liabilities:
Liabilities	647,555	472,528
Commodity collars
Assets:
Derivative assets	0	4,280
Liabilities:
Derivative liability	146,780	19,533
Commodity swaps
Liabilities:
Derivative liability	239,382	239,882
Contingent consideration
Liabilities:
Contingent consideration	244,226	196,151
Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	17,167	16,962
Level 1
Assets:
Assets	0	0
Liabilities:
Liabilities	17,167	16,962
Level 1 | Commodity collars
Assets:
Derivative assets	0	0
Liabilities:
Derivative liability	0	0
Level 1 | Commodity swaps
Liabilities:
Derivative liability	0	0
Level 1 | Contingent consideration
Liabilities:
Contingent consideration	0	0
Level 1 | Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	17,167	16,962
Level 2
Assets:
Assets	0	4,280
Liabilities:
Liabilities	386,162	259,415
Level 2 | Commodity collars
Assets:
Derivative assets	0	4,280
Liabilities:
Derivative liability	146,780	19,533
Level 2 | Commodity swaps
Liabilities:
Derivative liability	239,382	239,882
Level 2 | Contingent consideration
Liabilities:
Contingent consideration	0	0
Level 2 | Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	0	0
Level 3
Assets:
Assets	0	0
Liabilities:
Liabilities	244,226	196,151
Level 3 | Commodity collars
Assets:
Derivative assets	0	0
Liabilities:
Derivative liability	0	0
Level 3 | Commodity swaps
Liabilities:
Derivative liability	0	0
Level 3 | Contingent consideration
Liabilities:
Contingent consideration	244,226	196,151
Level 3 | Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	$ 0	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 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			(33,525)
Reclassifications to income			6,509
Other comprehensive (loss) income	$ (48,372)	$ 22,091	(27,016)	$ 47,814
Balance at end of period	4,488,230	$ 4,041,828	4,488,230	$ 4,041,828
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			(33,525)
Reclassifications to income			0
Other comprehensive (loss) income			(33,525)
Balance at end of period	(345,420)		(345,420)
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			6,509
Other comprehensive (loss) income			6,509
Balance at end of period	(209,307)		(209,307)
Reclassifications before taxes, included in net periodic benefit expense			(8,256)
Deferred Loss on Interest Rate Derivative Hedges
Components of other comprehensive income (loss):
Reclassifications, income tax expense			1,747
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	$ (554,727)		$ (554,727)

Environmental and Other Conti_2

Environmental and Other Contingencies (Details) $ in Millions	Jun. 30, 2022 USD ($)
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total Assets	$ 10,572,211		$ 10,572,211		$ 10,304,940
External Revenues	1,101,057	$ 549,643	1,654,018	$ 929,628
Income (Loss)	409,504	(27,040)	344,018	(293,864)
Continuing operations
Segment Reporting Information [Line Items]
Total Assets	10,571,200		10,571,200
External Revenues	1,101,100	549,600	1,654,000	929,600
Income (Loss)	410,400	(26,900)	345,500	(294,000)
Discontinued operations, net of tax
Segment Reporting Information [Line Items]
Total Assets	1,000		1,000
External Revenues	0	0	0	0
Income (Loss)	(900)	(100)	(1,500)	100
Corporate
Segment Reporting Information [Line Items]
Total Assets	1,041,300		1,041,300
External Revenues	(97,200)	(219,900)	(417,800)	(434,200)
Income (Loss)	(124,800)	(223,900)	(421,100)	(478,800)
Exploration and production | Operating Segments
Segment Reporting Information [Line Items]
Total Assets	9,529,900		9,529,900
External Revenues	1,198,300	769,500	2,071,800	1,363,800
Income (Loss)	535,200	197,000	766,600	184,800
Exploration and production | Operating Segments | United States
Segment Reporting Information [Line Items]
Total Assets	7,034,900		7,034,900
External Revenues	978,000	648,900	1,685,400	1,139,200
Income (Loss)	491,500	194,700	744,400	313,700
Exploration and production | Operating Segments | Canada
Segment Reporting Information [Line Items]
Total Assets	2,250,100		2,250,100
External Revenues	206,600	120,600	372,700	224,600
Income (Loss)	47,200	12,700	69,900	(111,600)
Exploration and production | Operating Segments | Other
Segment Reporting Information [Line Items]
Total Assets	244,900		244,900
External Revenues	13,700	0	13,700	0
Income (Loss)	$ (3,500)	$ (10,400)	$ (47,700)	$ (17,300)