Murphy Oil (MUR) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		150,887,425
Amendment Flag	false
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 333,619	$ 317,074
Accounts receivable, net	336,965	343,992
Inventories	51,811	54,454
Prepaid expenses	35,053	36,674
Total current assets	757,448	752,194
Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization of $13,495,406 in 2024 and $13,135,385 in 2023	8,214,554	8,225,197
Operating lease assets	885,582	745,185
Deferred income taxes	0	435
Deferred charges and other assets	36,134	43,686
Total assets	9,893,718	9,766,697
Current liabilities
Current maturities of long-term debt, finance lease	739	723
Accounts payable	507,753	446,891
Income taxes payable	20,001	21,007
Other taxes payable	29,669	29,339
Operating lease liabilities	254,780	207,840
Other accrued liabilities	114,690	140,745
Total current liabilities	927,632	846,545
Long-term debt, including finance lease obligation	1,279,310	1,328,352
Asset retirement obligations	923,696	904,051
Deferred credits and other liabilities	291,110	309,605
Non-current operating lease liabilities	645,043	551,845
Deferred income taxes	324,379	276,646
Total liabilities	4,391,170	4,217,044
Equity
Cumulative Preferred Stock, par $100, authorized 400,000 shares, none issued	0	0
Common Stock, par $1.00, authorized 450,000,000 shares, issued 195,100,628 shares in 2024 and 195,100,628 shares in 2023	195,101	195,101
Capital in excess of par value	826,861	880,297
Retained earnings	6,672,275	6,546,079
Accumulated other comprehensive loss	(571,645)	(521,117)
Treasury stock	(1,798,872)	(1,737,566)
Murphy Shareholders' Equity	5,323,720	5,362,794
Noncontrolling interest	178,828	186,859
Total equity	5,502,548	5,549,653
Total liabilities and equity	$ 9,893,718	$ 9,766,697

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accumulated depreciation, depletion and amortization	$ 13,495,406	$ 13,135,385
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 ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues and other income
Total revenue from sales to customers	$ 801,007,000	$ 812,850,000	$ 1,595,855,000	$ 1,652,818,000
Gain on sale of assets and other income	1,764,000	1,738,000	3,328,000	3,486,000
Total revenues and other income	802,771,000	814,588,000	1,599,183,000	1,656,304,000
Costs and expenses
Lease operating expenses	259,628,000	194,292,000	493,892,000	394,276,000
Severance and ad valorem taxes	10,417,000	12,765,000	20,503,000	24,205,000
Transportation, gathering and processing	53,470,000	59,868,000	110,023,000	113,790,000
Costs of purchased natural gas	2,987,000	9,657,000	3,147,000	41,926,000
Exploration expenses, including undeveloped lease amortization	42,677,000	115,793,000	87,106,000	125,975,000
Selling and general expenses	22,893,000	25,345,000	54,054,000	43,653,000
Depreciation, depletion and amortization	215,543,000	215,667,000	426,677,000	411,337,000
Accretion of asset retirement obligations	13,053,000	11,364,000	25,827,000	22,521,000
Other operating (income) expense	(2,219,000)	4,960,000	5,047,000	16,948,000
Impairment of assets	0	0	34,528,000	0
Total costs and expenses	618,449,000	649,711,000	1,260,804,000	1,194,631,000
Operating income from continuing operations	184,322,000	164,877,000	338,379,000	461,673,000
Other income (loss)
Other income (loss)	26,245,000	(7,694,000)	37,796,000	(7,767,000)
Interest expense, net	(20,986,000)	(29,856,000)	(41,007,000)	(58,711,000)
Total other income (loss)	5,259,000	(37,550,000)	(3,211,000)	(66,478,000)
Income from continuing operations before income taxes	189,581,000	127,327,000	335,168,000	395,195,000
Income tax expense	32,676,000	34,870,000	62,733,000	88,703,000
Income from continuing operations	156,905,000	92,457,000	272,435,000	306,492,000
Loss from discontinued operations, net of income taxes	(643,000)	(602,000)	(1,515,000)	(323,000)
Net income including noncontrolling interest	156,262,000	91,855,000	270,920,000	306,169,000
Less: Net income (loss) attributable to noncontrolling interest	28,523,000	(6,431,000)	53,179,000	16,239,000
NET INCOME ATTRIBUTABLE TO MURPHY	$ 127,739,000	$ 98,286,000	$ 217,741,000	$ 289,930,000
INCOME (LOSS) PER COMMON SHARE – BASIC
Continuing operations (in USD per share)	$ 0.84	$ 0.63	$ 1.44	$ 1.86
Discontinued operations (in USD per share)	0	0	(0.01)	0
Net income (in USD per share)	0.84	0.63	1.43	1.86
INCOME (LOSS) PER COMMON SHARE – DILUTED
Continuing operations (in USD per share)	0.83	0.62	1.43	1.84
Discontinued operations (in USD per share)	0	0	(0.01)	0
Net income (in USD per share)	0.83	0.62	1.42	1.84
Cash dividends per common share (in USD per share)	$ 0.300	$ 0.275	$ 0.600	$ 0.550
Average common shares outstanding
Basic (in shares)	152,153,401	156,126,580	152,408,912	155,976,326
Diluted (in shares)	153,143,584	157,298,962	153,479,678	157,308,022
Revenue from production
Revenues and other income
Total revenue from sales to customers	$ 797,510,000	$ 799,836,000	$ 1,592,113,000	$ 1,596,067,000
Sales of purchased natural gas
Revenues and other income
Total revenue from sales to customers	$ 3,497,000	$ 13,014,000	$ 3,742,000	$ 56,751,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income including noncontrolling interest	$ 156,262	$ 91,855	$ 270,920	$ 306,169
Other comprehensive (loss) income, net of tax
Net (loss) gain from foreign currency translation	(16,824)	33,083	(52,352)	36,752
Retirement and postretirement benefit plans	914	1,053	1,824	2,151
Other comprehensive (loss) income	(15,910)	34,136	(50,528)	38,903
Comprehensive income including noncontrolling interest	140,352	125,991	220,392	345,072
Less: Comprehensive income (loss) attributable to noncontrolling interest	28,523	(6,431)	53,179	16,239
COMPREHENSIVE INCOME ATTRIBUTABLE TO MURPHY	$ 111,829	$ 132,422	$ 167,213	$ 328,833

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities
Net income including noncontrolling interest	$ 270,920	$ 306,169
Adjustments to reconcile net income to net cash provided by continuing operations activities
Depreciation, depletion and amortization	426,677	411,337
Impairment of assets	34,528	0
Unsuccessful exploration well costs and previously suspended exploration costs	58,280	96,533
Deferred income tax expense	53,928	92,557
Accretion of asset retirement obligations	25,827	22,521
Long-term non-cash compensation	21,823	22,076
Amortization of undeveloped leases	5,778	5,369
Loss from discontinued operations	1,515	323
Contingent consideration payment	0	(139,574)
Mark-to-market loss on contingent consideration	0	7,113
Other operating activities, net	(33,959)	(59,417)
Net decrease (increase) in noncash working capital	1,126	(15,340)
Net cash provided by continuing operations activities	866,443	749,667
Investing Activities
Property additions and dry hole costs	(516,876)	(694,753)
Net cash required by investing activities	(516,876)	(694,753)
Financing Activities
Borrowings on revolving credit facility	200,000	200,000
Repayment of revolving credit facility	(200,000)	(200,000)
Retirement of debt	(50,000)	0
Repurchase of common stock	(105,887)	0
Cash dividends paid	(91,545)	(85,867)
Withholding tax on stock-based incentive awards	(25,298)	(14,220)
Distributions to noncontrolling interest	(61,210)	(15,983)
Finance lease obligation payments	(331)	(296)
Contingent consideration payment	0	(60,243)
Issue costs of debt facility	0	(20)
Net cash required by financing activities	(334,271)	(176,629)
Effect of exchange rate changes on cash and cash equivalents	1,249	(893)
Net increase (decrease) in cash and cash equivalents	16,545	(122,608)
Cash and cash equivalents at beginning of period	317,074	491,963
Cash and cash equivalents at end of period	$ 333,619	$ 369,355

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Murphy Shareholders’ Equity	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, 2022				$ 893,578	$ 6,055,498	$ (534,686)	$ (1,614,717)	$ 154,119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock transactions and other				(42,415)
Share-based compensation				10,788
Net income attributable to Murphy and noncontrolling interest	$ 289,930				289,930			16,239
Cash dividends paid					(85,867)
Foreign currency translation (loss) gain, net of income taxes	36,752					36,752
Retirement and postretirement benefit plans, net of income taxes						2,151
Repurchase of common stock							0
Awarded restricted stock, net of forfeitures							28,195
Distributions to noncontrolling interest owners								(15,983)
Balance at end of period at Jun. 30, 2023	5,388,683	$ 5,234,308	$ 195,101	861,951	6,259,561	(495,783)	(1,586,522)	154,375
Balance at beginning of period at Mar. 31, 2023				857,000	6,204,217	(529,919)	(1,588,841)	167,110
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock transactions and other				(2,321)
Share-based compensation				7,272
Net income attributable to Murphy and noncontrolling interest	98,286				98,286			(6,431)
Cash dividends paid					(42,942)
Foreign currency translation (loss) gain, net of income taxes	33,083					33,083
Retirement and postretirement benefit plans, net of income taxes						1,053
Repurchase of common stock							0
Awarded restricted stock, net of forfeitures							2,319
Distributions to noncontrolling interest owners								(6,304)
Balance at end of period at Jun. 30, 2023	5,388,683	5,234,308	195,101	861,951	6,259,561	(495,783)	(1,586,522)	154,375
Balance at beginning of period at Dec. 31, 2023	5,549,653			880,297	6,546,079	(521,117)	(1,737,566)	186,859
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock transactions and other				(70,486)
Share-based compensation				17,050
Net income attributable to Murphy and noncontrolling interest	217,741				217,741			53,179
Cash dividends paid					(91,545)
Foreign currency translation (loss) gain, net of income taxes	(52,352)					(52,352)
Retirement and postretirement benefit plans, net of income taxes						1,824
Repurchase of common stock	(105,800)						(106,494)
Awarded restricted stock, net of forfeitures							45,188
Distributions to noncontrolling interest owners								(61,210)
Balance at end of period at Jun. 30, 2024	5,502,548	5,323,720	195,101	826,861	6,672,275	(571,645)	(1,798,872)	178,828
Balance at beginning of period at Mar. 31, 2024				816,815	6,590,308	(555,735)	(1,742,498)	188,514
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock transactions and other				(99)
Share-based compensation				10,145
Net income attributable to Murphy and noncontrolling interest	127,739				127,739			28,523
Cash dividends paid					(45,772)
Foreign currency translation (loss) gain, net of income taxes	(16,824)					(16,824)
Retirement and postretirement benefit plans, net of income taxes						914
Repurchase of common stock							(56,445)
Awarded restricted stock, net of forfeitures							71
Distributions to noncontrolling interest owners								(38,209)
Balance at end of period at Jun. 30, 2024	$ 5,502,548	$ 5,323,720	$ 195,101	$ 826,861	$ 6,672,275	$ (571,645)	$ (1,798,872)	$ 178,828

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cumulative preferred stock, par value (in USD per share)	$ 100
Cumulative preferred stock, authorized shares (in shares)	400,000
Cumulative preferred stock, shares issued (in shares)	0
Common stock, par value (in USD per share)	$ 1	$ 1
Common stock, authorized shares (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	195,100,628	195,100,628
Treasury stock, shares (in shares)	43,884,080	38,945,622

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note A – Basis of Presentation The unaudited financial statements presented herein, in the opinion of Murphy’s management, include all accruals necessary to present fairly the Company’s financial position as at June 30, 2024 and December 31, 2023, and the results of operations, statements of operations, cash flows and changes in stockholders’ equity for the interim periods ended June 30, 2024 and 2023, in conformity with U.S. generally accepted accounting principles (GAAP). In preparing the financial statements of the Company in conformity with GAAP, management has made a number of estimates and assumptions that affect 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 2023 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, 2024 are not necessarily indicative of future results.

New Accounting Principles and R

New Accounting Principles and Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2024
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 None affecting the Company. Recent Accounting Pronouncements Income Tax Disclosures . In December 2023 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard becomes effective for annual periods beginning after December 15, 2024. The update requires financial statements to include consistent categories and greater disaggregation of information in the rate reconciliation, as well as income taxes paid disaggregated by jurisdiction. Murphy is currently evaluating the impact of adopting this standard. Reportable Segment Disclosures. In November 2023 the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The standard becomes effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The standard requires additional disclosures about operating segments, including segment expense information provided to the chief operating decision maker, and extends certain disclosure requirements to interim periods. The standard does not affect our determination of significant segments. Murphy is currently evaluating the impact of adopting this standard.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2024
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 divided into two key geographic segments: the United States (U.S.) and Canada. Additionally, revenue from sales to customers is generated from three primary revenue streams: crude oil and condensate, natural gas liquids (NGL), 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 (NCI) in MP Gulf of Mexico, LLC (MP GOM) as prescribed by GAAP. U.S. - In the U.S., 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. The Company’s revenues and other income for the three-month and six-month periods ended June 30, 2024 and 2023 were as follows. Three Months Ended Six Months Ended (Thousands of dollars) 2024 2023 2024 2023 Net crude oil and condensate revenue United States - Onshore $ 145,955 $ 177,085 $ 288,498 $ 307,166 United States - Offshore 1 501,692 480,841 982,131 981,151 Canada - Onshore 19,580 19,306 33,453 41,258 Canada - Offshore 43,326 24,871 98,101 41,001 Other 4,307 – 4,209 3,644 Total crude oil and condensate revenue 714,860 702,103 1,406,392 1,374,220 Net natural gas liquids revenue United States - Onshore 7,311 6,540 15,147 14,810 United States - Offshore 1 9,337 11,541 19,711 26,170 Canada - Onshore 1,595 1,517 3,032 4,980 Total natural gas liquids revenue 18,243 19,598 37,890 45,960 Net natural gas revenue United States - Onshore 3,352 4,138 7,628 9,588 United States - Offshore 1 10,500 14,802 23,389 36,934 Canada - Onshore 50,555 59,195 116,814 129,365 Total natural gas revenue 64,407 78,135 147,831 175,887 Revenue from production 797,510 799,836 1,592,113 1,596,067 Sales of purchased natural gas Canada - Onshore 3,497 13,014 3,742 56,751 Total sales of purchased natural gas 3,497 13,014 3,742 56,751 Total revenue from sales to customers 801,007 812,850 1,595,855 1,652,818 Gain on sale of assets and other income 1,764 1,738 3,328 3,486 Total revenues and other income $ 802,771 $ 814,588 $ 1,599,183 $ 1,656,304 1 Includes revenue attributable to noncontrolling interest in MP GOM. Contract Balances and Asset Recognition As of June 30, 2024, and December 31, 2023, receivables from contracts with customers, net of royalties and associated payables, on the balance sheet from continuing operations, were $233.2 million and $193.7 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, 2024. 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, 2024, the Company had the following sales contracts in place which are expected to generate revenue from sales to customers for a period over 12 months starting at the inception of the contract: Long-Term Contracts Outstanding at June 30, 2024 Location Commodity End Date Description Approximate Volumes U.S. Natural Gas and NGL Q1 2030 Deliveries from dedicated acreage in Eagle Ford As produced 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 pricing 124 MMCFD Canada Natural Gas Q4 2024 Contracts to sell natural gas at USD fixed pricing 25 MMCFD Canada Natural Gas Q4 2024 Contracts to sell natural gas at CAD index pricing 28 MMCFD Canada Natural Gas Q4 2025 Contracts to sell natural gas at USD index pricing 25 MMCFD Canada Natural Gas Q4 2026 Contracts to sell natural gas at USD index pricing 49 MMCFD Canada Natural Gas Q4 2027 Contracts to sell natural gas at USD index pricing 30 MMCFD Canada Natural Gas Q4 2028 Contracts to sell natural gas at USD index pricing 10 MMCFD Canada NGL Q2 2025 Contracts to sell NGL at CAD index pricing As produced 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, 2024
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, 2024, the Company had total capitalized drilling costs pending the determination of proved reserves of $43.0 million. The following table reflects the net changes in capitalized exploratory well costs during the six-month periods ended June 30, 2024 and 2023. (Thousands of dollars) 2024 2023 Beginning balance at January 1 $ 49,118 $ 171,860 Additions pending the determination of proved reserves 20,391 47,733 Capitalized exploratory well costs charged to expense (26,471) (26,188) Balance at June 30 $ 43,038 $ 193,405 Capitalized well costs charged to dry hole expense of $26.5 million for the six months ended June 30, 2024 was related to the Hoffe Park #1 (Mississippi Canyon 166) exploratory well in the Gulf of Mexico. Capital additions are mainly for Ocotillo #1 (Mississippi Canyon 40) exploratory well in the Gulf of Mexico. The preceding table excludes well costs of $31.8 million and $70.3 million incurred and expensed directly to dry hole for the six months ended June 30, 2024 and 2023, respectively. In 2024 the amount includes $25.5 million for the Orange #1 (Mississippi Canyon 216) exploration well in the Gulf of Mexico and in 2023 the amount includes $69.2 million related to the Chinook #7 exploration well in the Gulf of Mexico. 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, 2024 2023 (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 $ 20,545 3 3 $ 8,494 1 1 One to two years – – – 38,497 1 1 Two to three years – – – 2,698 1 1 Three years or more 22,493 3 3 143,716 4 3 $ 43,038 6 6 $ 193,405 7 6 Of the $22.5 million of exploratory well costs capitalized more than one year at June 30, 2024, $15.1 million was in Vietnam, $4.7 million was in Canada, and $2.7 million was in Brunei. 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 three months ended June 30, 2024. There w ere pre-tax impairments of $34.5 million i n the six months ended June 30, 2024 r elated to Calliope field in Mississippi Canyon, in the Gulf of Mexico, where operational issues led to a reserve reduction. There were no impairments in the three and six months en ded June 30, 2023. Divestitures On September 15, 2023, the Company completed the divestment of certain non-core operated Kaybob Duvernay assets and all of our non-operated Placid Montney assets, located in Alberta, Canada for net cash proceeds of C$139.0 million. No gain or loss was recorded related to this transaction, and the effective date of the transaction was March 1, 2023.

Financing Arrangements and Debt

Financing Arrangements and Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Financing Arrangements and Debt	Note E – Financing Arrangements and Debt As of June 30, 2024, the Company had an $800 million revolving credit facility (RCF). The RCF is a senior unsecured guaranteed facility which expires on November 17, 2027. At June 30, 2024, the Company had no outstanding borrowings under the RCF and $3.7 million of outstanding letters of credit, which reduce the borrowing capacity of the RCF. At June 30, 2024, the interest rate in effect on borrowings under the RCF would have been 7.69%. At June 30, 2024, the Company was in compliance with all covenants related to the RCF. In May 2024, the Company paid a total of $50.5 million to complete the open market repurchases of $26.5 million aggregate principal of its 5.875% senior notes due 2027 (2027 Notes) and $23.5 million aggregate principal of its 6.375% senior notes due 2028 (2028 Notes). The cash costs of the debt extinguishment of $0.5 million is included in “Interest expense, net” on the Consolidated Statements of Operations for the six months ended June 30, 2024. The Company also has a shelf registration statement on file with the U.S. Securities and Exchange Commission (SEC) that permits the offer and sale of debt and/or equity securities through October 15, 2024.

Other Financial Information

Other Financial Information	6 Months Ended
	Jun. 30, 2024
Other Financial Information [Abstract]
Other Financial Information	Note F – Other Financial Information Additional disclosures regarding cash flow activities are provided below. Six Months Ended (Thousands of dollars) 2024 2023 Net (increase) decrease in operating working capital, excluding cash and cash equivalents: (Increase) decrease in accounts receivable $ 7,355 $ (18,915) (Increase) decrease in inventories 2,170 (8,353) Decrease in prepaid expenses 2,296 8,291 Increase (decrease) in accounts payable and accrued liabilities ¹ (9,689) 6,642 Increase (decrease) in income taxes payable (1,006) (3,005) Net decrease (increase) in noncash working capital $ 1,126 $ (15,340) Supplementary disclosures: Cash income taxes paid, net of refunds $ 3,236 $ 10,904 Interest paid, net of amounts capitalized of $7.8 million in 2024 and $6.8 million in 2023 38,262 54,305 Non-cash investing activities: Asset retirement costs capitalized $ 16,175 $ 2,742 (Increase) decrease in capital expenditure accrual (24,780) 20,522 1 Excludes payable balances relating to contingent consideration for prior acquisitions.

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Note G – Asset Retirement Obligations The asset retirement obligations liabilities (ARO) recognized by the Company are related to the estimated costs to dismantle and abandon its producing oil and natural gas properties and related equipment. A reconciliation of the beginning and ending aggregate carrying amount of the ARO for the six-month periods ended June 30, 2024 and 2023 are shown in the following table. (Thousands of dollars) June 30, 2024 June 30, 2023 Balance at beginning of year $ 914,763 $ 911,653 Accretion 25,827 22,521 Liabilities incurred 14,199 4,805 Revisions of previous estimates 1,995 (822) Liabilities settled (2,925) (64,978) Changes due to translation of foreign currencies (4,541) 2,920 Balance at end of period 949,318 876,099 Current portion of liability 1 (25,622) (32,771) Noncurrent portion of liability $ 923,696 $ 843,328 1 Included in “Other accrued liabilities” on the Consolidated Balance Sheets. The estimation of future ARO is based on a number of assumptions requiring professional judgment. The Company cannot predict the type of revisions to these assumptions that may be required in future periods due to the availability of additional information such as: prices for oil field services, technological changes, governmental requirements and other factors.

Employee and Retiree Benefit Pl

Employee and Retiree Benefit Plans	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Employee and Retiree Benefit Plans	Note H – Employee and Retiree Benefit Plans The Company has defined benefit pension plans that are 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 meet the requirements of 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, 2024 and 2023. Three Months Ended June 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2024 2023 2024 2023 Service cost $ 1,706 $ 1,650 $ 135 $ 132 Interest cost 8,393 8,564 782 874 Expected return on plan assets (8,359) (8,254) – – Estimated defined contribution provision 54 54 – – Amortization of prior service cost (credit) 579 155 (133) (133) Recognized actuarial loss (gain) 2,361 2,414 (812) (767) Total net periodic benefit expense $ 4,734 $ 4,583 $ (28) $ 106 Six Months Ended June 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2024 2023 2024 2023 Service cost $ 3,412 $ 3,300 $ 270 $ 264 Interest cost 16,784 17,071 1,564 1,748 Expected return on plan assets (16,716) (16,448) – – Estimated defined contribution provision 109 108 – – Amortization of prior service cost (credit) 1,158 310 (266) (266) Recognized actuarial loss (gain) 4,721 4,815 (1,624) (1,548) Total net periodic benefit expense $ 9,468 $ 9,156 $ (56) $ 198 The components of net periodic benefit expense, other than the service cost, are recorded in “Other income (loss)” in the Consolidated Statements of Operations. During the six-month period ended June 30, 2024, the Company made contributions of $18.9 million to its defined benefit pension and postretirement benefit plans. Remaining funding in 2024 for the Company’s defined benefit pension and postretirement plans is anticipated to be $22.3 million.

Incentive Plans

Incentive Plans	6 Months Ended
	Jun. 30, 2024
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 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 term of the 2020 Long-Term Plan. Shares issued pursuant to awards granted under the 2020 Long-Term Plan may be shares that are authorized and unissued or shares that were reacquired by the Company, including shares purchased in the open market. Shares underlying awards that have been canceled, expired, forfeited or otherwise not issued under an award shall not count as shares issued under the Plan. During the six months ended June 30, 2024, the Committee granted the following awards from the 2020 Long-Term Plan: Type of Award Number of Awards Granted Grant Date Grant Date Valuation Methodology Performance-based RSUs (TSR) 1 423,640 February 6, 2024 $ 41.95 Monte Carlo Performance-based RSUs (ROACE) 1 105,980 February 6, 2024 $ 38.08 Average Stock Price Time-based RSUs (Stock-Settled) 2 658,420 February 6, 2024 $ 38.08 Average Stock Price Time-based RSUs (Cash-Settled) 2 102,900 February 6, 2024 $ 38.08 Average Stock Price Performance-based RSUs (TSR) 1 5,830 April 1, 2024 $ 50.81 Monte Carlo Performance-based RSUs (ROACE) 1 1,450 April 1, 2024 $ 45.98 Average Stock Price Time-based RSUs (Stock-Settled) 2 4,840 April 1, 2024 $ 45.98 Average Stock Price Time-based RSUs (Cash-Settled) 2 460 April 1, 2024 $ 45.98 Average Stock Price 1 Performance-based RSUs are tied to the achievement of Total Shareholder Return (TSR) and Return on Average Capital Employed (ROACE) performance goals and are scheduled to vest three years from the date of grant if performance conditions are met. 2 Time-based RSUs generally vest on the third anniversary of 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 Company currently has outstanding incentive awards issued to Directors under the 2021 Stock Plan for Non-Employee Directors (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 six months ended June 30, 2024, the Committee granted the following awards to Non-Employee Directors under the 2021 NED Plan: Type of Award Number of Awards Granted Grant Date Grant Date Fair Value Valuation Methodology Time-Based RSUs 1 47,412 February 07, 2024 $ 37.97 Closing Stock Price Time-Based RSUs 2 1,230 March 28, 2024 $ 45.70 Closing Stock Price Time-Based RSUs 2 1,364 June 28, 2024 $ 41.24 Closing Stock Price 1 Non-employee directors time-based RSUs are scheduled to vest on the first anniversary of the date of grant. Non-employee directors may elect to defer settlement of their vested time-based RSUs until (1) termination of service from the Board or (2) a future date selected by the director at the time of their deferral election. These unvested time-based RSUs are included in the table above, will vest in one year, and become deferred RSUs. 2 Effective January 1, 2024, non-employee directors can elect to receive their annual cash retainers in the form of deferred RSUs. Director fees which are deferred into RSUs are calculated and expensed each quarter by taking fees earned in respect of the applicable quarter and dividing by the closing price of our common stock on the last trading day of the quarter. Each deferred RSU represents the right to receive one share of common stock following (1) termination of service from the Board or (2) a future date selected by the director at the time of their deferral election. In 2017, the Company ceased granting stock options and SARs as a part of the Company’s long-term incentive compensation program. As of June 30, 2024 there were no outstanding stock options or SARs remaining. Amounts recognized in the financial statements with respect to share-based plans are shown in the following table: Six Months Ended (Thousands of dollars) 2024 2023 Compensation charged against income before tax benefit $ 19,987 $ 23,684 Related income tax benefit recognized in income 2,067 3,444

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Note J – Earnings Per Share Net income 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, 2024 and 2023. The following table reports the weighted-average shares outstanding used for these computations. Three Months Ended Six Months Ended (Weighted-average shares) 2024 2023 2024 2023 Basic method 152,153,401 156,126,580 152,408,912 155,976,326 Dilutive stock options and restricted stock units 990,183 1,172,382 1,070,766 1,331,696 Diluted method 153,143,584 157,298,962 153,479,678 157,308,022

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023, the Company’s effective income tax rates were as follows: 2024 2023 Three months ended June 30, 17.2% 27.4% Six months ended June 30, 18.7% 22.4% The effective tax rate for the three-month period ended June 30, 2024, 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, and a Canada tax credit received. These impacts are partially offset by the effects of income generated in foreign tax jurisdictions, certain of which have income tax rates higher than the U.S. Federal rate, and certain expenses, including exploration and other expenses in certain foreign jurisdictions, for which no income tax benefits are currently available. The effective tax rate for the three-month period ended June 30, 2023, was above the U.S. statutory tax rate of 21% primarily due to several factors, including: no tax benefit applied to the pre-tax loss of the noncontrolling interest in MP GOM; U.S. state tax expense; stock-based compensation; and certain expenses, including exploration and other expenses in certain foreign jurisdictions, for which no income tax benefits are currently available. The effective tax rate for the six-month period ended June 30, 2024 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, and a Canada tax credit received. These impacts were partially offset by several factors including: the effects of income generated in foreign tax jurisdictions, certain of which have income tax rates higher than the U.S. Federal rate; U.S. state tax expense and certain expenses, including exploration and other expenses in certain foreign jurisdictions, for which no income tax benefits are currently available. The effective tax rate for the six-month period ended June 30, 2023 was above the U.S. statutory tax rate of 21% primarily due to several factors, including: the effects of income generated in foreign tax jurisdictions, certain of which have income tax rates higher than the U.S. Federal rate; U.S. state tax expense and certain expenses, including exploration and other expenses in certain foreign jurisdictions, for which no income tax benefits are currently available. These impacts were partially offset by no tax applied to the pre-tax income of the noncontrolling interest in MP GOM. The Company’s tax returns in multiple jurisdictions are subject to audit by taxing authorities. These audits often take years to complete and settle. Although the Company believes that recorded liabilities for unsettled issues are adequate, additional gains or losses could occur in future years from resolution of outstanding unsettled matters. Additionally, the Company could be required to pay amounts into an escrow account as any matters are identified and appealed with the relevant taxing authorities. As of June 30, 2024, the earliest years remaining open for audit and/or settlement in our major taxing jurisdictions are as follows: U.S. – 2016; Canada – 2016; and Malaysia – 2017. The Company has retained certain possible liabilities and rights to income tax receivables relating to Malaysia for the years prior to 2019.

Financial Instruments and Risk

Financial Instruments and Risk Management	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments and Risk Management	Note L – Financial Instruments and Risk Management Murphy, at times, uses derivative instruments to manage certain risks related to commodity prices, foreign currency exchange rates and interest rates. The use of derivative instruments for risk management is covered by operating policies and is closely monitored by the Company’s senior management. The Company does not hold any derivatives for speculative purposes, and it does not use derivatives with leveraged or complex features. Derivative instruments are traded with creditworthy major financial institutions or over national exchanges such as the New York Mercantile Exchange (NYMEX). The Company has a risk management control system to monitor commodity price risks and any derivatives obtained to manage a portion of such risks. For accounting purposes, the Company has not designated commodity and foreign currency derivative contracts as hedges, and therefore, it recognizes all gains and losses on these derivative contracts in its Consolidated Statements of Operations. Commodity Price Risks During the second quarter of 2024 and 2023, the Company did not have any crude oil derivative contracts. 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, 2024 and 2023. 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 fair value measurements for these assets and liabilities at June 30, 2024 and December 31, 2023, are shown in the following table. June 30, 2024 December 31, 2023 (Thousands of dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Liabilities: Nonqualified employee savings plan $ 18,365 $ – $ – $ 18,365 $ 17,785 $ – $ – $ 17,785 $ 18,365 $ – $ – $ 18,365 $ 17,785 $ – $ – $ 17,785 The nonqualified employee savings plan is an unfunded savings plan through which participants seek a return via phantom investments in equity securities and/or mutual funds. The fair value of this liability was based on quoted prices for these equity securities and mutual funds. The income effect of changes in the fair value of the nonqualified employee savings plan is recorded in “Selling and general expenses” in the Consolidated Statements of Operations. As of June 30, 2024 and December 31, 2023, there were no outstanding commodity WTI crude oil swaps and collars contracts subject to fair value measurement, nor were there any commodity swaps and collars liabilities. In 2019, the Company acquired strategic deepwater Gulf of Mexico assets from LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C. (LLOG). Under the terms of the transaction, in addition to the consideration paid, Murphy had an obligation to pay additional contingent consideration of up to $200 million in the event that certain revenue thresholds were exceeded between 2019 and 2022; and $50 million following first oil from certain development projects. The revenue threshold was not exceeded for 2019 or 2020; however, the threshold was met in 2021 and 2022. In 2018, the Company, through a subsidiary, acquired Gulf of Mexico producing assets from Petrobras America Inc. (PAI), a subsidiary of Petróleo Brasileiro S.A. Under the terms of the transaction, in addition to the consideration paid, Murphy had an obligation to pay additional contingent consideration of up to $150 million if certain price and production thresholds were exceeded beginning in 2019 through 2025; and $50 million carry for PAI development costs in the St. Malo field if certain enhanced oil recovery projects were undertaken. The price and production thresholds were not exceeded for 2019 and 2020; however, the thresholds were met in 2021 and 2022. As of December 31, 2021, Murphy had completely funded the carried interest. As of the end of the second quarter of 2023, the Company had no remaining liabilities relating to prior acquisitions from PAI and LLOG. During the six months ended June 30, 2023, the Company paid a total of $199.8 million in contingent consideration payments. In the Consolidated Statements of Cash Flows, $139.6 million is shown in “Operating Activities” and $60.2 million is shown in “Financing Activities”. The Company offsets certain assets and liabilities related to derivative contracts when the legal right of offset exists. There were no offsetting positions recorded at June 30, 2024 and December 31, 2023. The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at June 30, 2024 and December 31, 2023. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes cash and cash equivalents, trade accounts receivable, trade accounts payable and accrued expenses, all of which had fair values approximating carrying amounts. The fair value of current and long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. Substantially all of the Company’s long-term debt is actively traded in open markets, and accordingly, is classified as Level 1 in the fair value hierarchy. The Company has off-balance sheet exposures relating to certain letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, were minimal. June 30, December 31, 2024 2023 (Thousands of dollars) Carrying Fair Carrying Fair Financial liabilities: Current and long-term debt $ 1,280,049 $ 1,236,039 $ 1,329,075 $ 1,265,185

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2024
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, 2023 and June 30, 2024 and the changes during the six-month period ended June 30, 2024 are presented net of taxes in the following table. (Thousands of dollars) Foreign Retirement Total Balance at December 31, 2023 $ (381,632) $ (139,485) $ (521,117) Components of other comprehensive income (loss): Before reclassifications to income (52,352) – (52,352) Reclassifications to income ¹ – 1,824 1,824 Net other comprehensive income (loss) (52,352) 1,824 (50,528) Balance at June 30, 2024 $ (433,984) $ (137,661) $ (571,645) 1 Reclassifications before taxes of $2.5 million are included in the computation of net periodic benefit expense for the six-month period ended June 30, 2024. See Note H for additional information. Related income taxes of $0.7 million are included in "Income tax expense” on the Consolidated Statements of Operations for the six-month period ended June 30, 2024.

Environmental and Other Conting

Environmental and Other Contingencies	6 Months Ended
	Jun. 30, 2024
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 U.S. 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 gas or mineral leases; restrictions on drilling and/or production; laws, regulations and government action intended for the promotion of safety and the protection and/or remediation of the environment including in connection with the purported causes or potential impacts of climate change; governmental support for other forms of energy; and laws and regulations affecting the Company’s relationships with employees, suppliers, customers, stockholders and others. Given the factors involved in various government actions, including political considerations, it is difficult to predict their likelihood, the form they may take, or the effect they may have on the Company. ENVIRONMENTAL MATTERS – Murphy and other companies in the oil and gas industry are subject to numerous federal, state, local and foreign laws and regulations dealing with the environment 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 (GHG) 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 of facilities once production has ceased. Violation of federal or state 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 adequately insured, subject the Company to substantial expense, including both the cost to comply with applicable regulations and claims by neighboring landowners and other third parties for any personal injury and property damage that might result. In addition, 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 this item, the Company will be using a threshold of $1.0 million for such proceedings and the Company is not aware of environmental legal proceedings likely to exceed this $1.0 million threshold. There continues to be an increase in regulatory oversight of the oil and gas industry at the federal level, with a focus on climate change and GHG emissions (including methane emissions). For example, federal methane regulations are currently pending or enacted that would, among other things, require increased leak detection monitoring and repairs, stringent restrictions on venting and flaring, a new third-party monitoring program, and new fees on methane emissions from petroleum and natural gas facilities. In addition, there have been a number of executive orders issued 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. Executive orders have also been issued 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, the U.S. has since 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 (including litigation related to climate change), 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.

Common Stock Issued and Outstan

Common Stock Issued and Outstanding	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Common Stock Issued and Outstanding	Note O – Common Stock Issued and Outstanding Activity in the number of shares of common stock issued and outstanding for the six-month periods ended June 30, 2024 and 2023 is shown below. ( Number of shares outstanding ) June 30, 2024 June 30, 2023 Beginning of period 152,748,642 155,467,319 Restricted stock awards 1 1,102,501 687,687 Treasury shares purchased (2,634,595) – End of period 151,216,548 156,155,006 1 Shares issued upon exercise of stock options and award of restricted stock are less withholding for statutory income taxes owed upon issuance of shares. On August 4, 2022, the Company’s Board of Directors authorized a share repurchase program of up to $300 million of the Company’s common stock. On October 30, 2023, the Company authorized an increase to the share repurchase program of an additional $300 million, bringing the total amount allowed to be repurchased under the program to $600 million. This repurchase program has no time limit and may be suspended or discontinued completely at any time without prior notice as determined by the Company at its discretion and dependent upon a variety of factors. During the six months ended June 30, 2024, the Company repurchased 2.6 million shares of its common stock under the share repurchase program for $105.8 million ($106.5 million including excise taxes and fees). As of June 30, 2024, the Company had $344 million of its common stock remaining available to repurchase under the program. On August 7, 2024, the Company’s Board of Directors authorized an increase to the share repurchase program of an additional $500 million, bringing the total amount allowed to be repurchased under the program to $1.1 billion. Subsequent to the second quarter of 2024, the Company repurchased 1,142,867 shares of its common stock in open-market transactions for $44.1 million, excluding taxes and fees. As of August 7, 2024 the Company had $800 million of its common stock remaining available to repurchase under the program. The share repurchase program is a component of the Company’s capital allocation framework, the details of which can be found as part of the Company’s Form 8-K filed on August 4, 2022 and August 8, 2024.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Business Segments	Note P – 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, interest expense and unallocated overhead, is shown in the table to reconcile the business segments to consolidated totals. The Company has accounted for its former United Kingdom (U.K.), Malaysia, and U.S. refining and marketing operations as discontinued operations for all periods presented. Total Assets at June 30, 2024 Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 (Millions of dollars) External Income External Income Exploration and production ¹ United States 2 $ 7,222.6 $ 679.5 $ 185.7 $ 696.2 $ 168.9 Canada 2,050.5 119.0 8.9 118.3 2.5 Other 244.2 4.3 (10.1) – (32.3) Total exploration and production 9,517.3 802.8 184.5 814.5 139.1 Corporate 375.3 – (27.7) 0.1 (46.6) Continuing operations 9,892.6 802.8 156.8 814.6 92.5 Discontinued operations, net of tax 1.1 – (0.6) – (0.6) Total $ 9,893.7 $ 802.8 $ 156.2 $ 814.6 $ 91.9 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 (Millions of dollars) External Income External Income Exploration and production ¹ United States 2 $ 1,339.1 $ 320.2 $ 1,378.5 $ 394.9 Canada 255.9 28.3 274.1 24.4 Other 4.2 (20.9) 3.6 (37.6) Total exploration and production 1,599.2 327.6 1,656.2 381.7 Corporate – (55.2) 0.1 (75.2) Continuing operations 1,599.2 272.4 1,656.3 306.5 Discontinued operations, net of tax – (1.5) – (0.3) Total $ 1,599.2 $ 270.9 $ 1,656.3 $ 306.2 1 Additional detail about the results of oil and natural gas operations is presented in the Exploration and Production Continuing Operations table on page 26 . 2 Includes revenue and income attributable to noncontrolling interest in MP GOM.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases Nature of Leases The Company has entered into various operating leases such as a natural gas processing plant, floating production storage and off-take vessels, buildings, marine vessels, vehicles, drilling rigs, pipelines and other oil and gas field equipment. Options to extend lease terms are at the Company’s discretion. Early lease terminations are a combination of Company discretion and mutual agreement between the Company and lessor. Purchase options also exist for certain leases. During the second quarter of 2024, the Company exercised an option to extend and expand an operating lease pertaining to a drill ship used in our offshore business. This resulted in an increase of $254.1 million (discounted) to our right-of-use assets and operating lease liabilities at June 30, 2024. Maturity of Lease Liabilities (Thousands of dollars) Operating Leases Finance Leases Total 2024 $ 158,984 $ 534 $ 159,518 2025 266,213 1,069 267,282 2026 111,686 1,069 112,755 2027 61,053 1,069 62,122 2028 60,182 1,069 61,251 Remaining 484,971 267 485,238 Total future minimum lease payments 1,143,089 5,077 1,148,166 Less imputed interest (243,266) (1,137) (244,403) Present value of lease liabilities 1 $ 899,823 $ 3,940 $ 903,763 1 Includes both the current and long-term portion of the lease liabilities. Lease Term and Discount Rate June 30, 2024 December 31, 2023 Weighted average remaining lease term: Operating leases 8 years 10 years Finance leases 5 years 5 years Weighted average discount rate: Operating leases 5.7 % 5.9 % Finance leases 4.7 % 4.7 %
Leases	Leases Nature of Leases The Company has entered into various operating leases such as a natural gas processing plant, floating production storage and off-take vessels, buildings, marine vessels, vehicles, drilling rigs, pipelines and other oil and gas field equipment. Options to extend lease terms are at the Company’s discretion. Early lease terminations are a combination of Company discretion and mutual agreement between the Company and lessor. Purchase options also exist for certain leases. During the second quarter of 2024, the Company exercised an option to extend and expand an operating lease pertaining to a drill ship used in our offshore business. This resulted in an increase of $254.1 million (discounted) to our right-of-use assets and operating lease liabilities at June 30, 2024. Maturity of Lease Liabilities (Thousands of dollars) Operating Leases Finance Leases Total 2024 $ 158,984 $ 534 $ 159,518 2025 266,213 1,069 267,282 2026 111,686 1,069 112,755 2027 61,053 1,069 62,122 2028 60,182 1,069 61,251 Remaining 484,971 267 485,238 Total future minimum lease payments 1,143,089 5,077 1,148,166 Less imputed interest (243,266) (1,137) (244,403) Present value of lease liabilities 1 $ 899,823 $ 3,940 $ 903,763 1 Includes both the current and long-term portion of the lease liabilities. Lease Term and Discount Rate June 30, 2024 December 31, 2023 Weighted average remaining lease term: Operating leases 8 years 10 years Finance leases 5 years 5 years Weighted average discount rate: Operating leases 5.7 % 5.9 % Finance leases 4.7 % 4.7 %

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income attributable to Murphy and noncontrolling interest	$ 127,739	$ 98,286	$ 217,741	$ 289,930

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

New Accounting Principles and_2

New Accounting Principles and Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Accounting Principles Adopted and Recent Accounting Pronouncements	Accounting Principles Adopted None affecting the Company. Recent Accounting Pronouncements Income Tax Disclosures . In December 2023 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard becomes effective for annual periods beginning after December 15, 2024. The update requires financial statements to include consistent categories and greater disaggregation of information in the rate reconciliation, as well as income taxes paid disaggregated by jurisdiction. Murphy is currently evaluating the impact of adopting this standard. Reportable Segment Disclosures. In November 2023 the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The standard becomes effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The standard requires additional disclosures about operating segments, including segment expense information provided to the chief operating decision maker, and extends certain disclosure requirements to interim periods. The standard does not affect our determination of significant segments. Murphy is currently evaluating the impact of adopting this standard.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The Company’s revenues and other income for the three-month and six-month periods ended June 30, 2024 and 2023 were as follows. Three Months Ended Six Months Ended (Thousands of dollars) 2024 2023 2024 2023 Net crude oil and condensate revenue United States - Onshore $ 145,955 $ 177,085 $ 288,498 $ 307,166 United States - Offshore 1 501,692 480,841 982,131 981,151 Canada - Onshore 19,580 19,306 33,453 41,258 Canada - Offshore 43,326 24,871 98,101 41,001 Other 4,307 – 4,209 3,644 Total crude oil and condensate revenue 714,860 702,103 1,406,392 1,374,220 Net natural gas liquids revenue United States - Onshore 7,311 6,540 15,147 14,810 United States - Offshore 1 9,337 11,541 19,711 26,170 Canada - Onshore 1,595 1,517 3,032 4,980 Total natural gas liquids revenue 18,243 19,598 37,890 45,960 Net natural gas revenue United States - Onshore 3,352 4,138 7,628 9,588 United States - Offshore 1 10,500 14,802 23,389 36,934 Canada - Onshore 50,555 59,195 116,814 129,365 Total natural gas revenue 64,407 78,135 147,831 175,887 Revenue from production 797,510 799,836 1,592,113 1,596,067 Sales of purchased natural gas Canada - Onshore 3,497 13,014 3,742 56,751 Total sales of purchased natural gas 3,497 13,014 3,742 56,751 Total revenue from sales to customers 801,007 812,850 1,595,855 1,652,818 Gain on sale of assets and other income 1,764 1,738 3,328 3,486 Total revenues and other income $ 802,771 $ 814,588 $ 1,599,183 $ 1,656,304 1 Includes revenue attributable to noncontrolling interest in MP GOM.
Current Long-Term Contracts Outstanding	As of June 30, 2024, the Company had the following sales contracts in place which are expected to generate revenue from sales to customers for a period over 12 months starting at the inception of the contract: Long-Term Contracts Outstanding at June 30, 2024 Location Commodity End Date Description Approximate Volumes U.S. Natural Gas and NGL Q1 2030 Deliveries from dedicated acreage in Eagle Ford As produced 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 pricing 124 MMCFD Canada Natural Gas Q4 2024 Contracts to sell natural gas at USD fixed pricing 25 MMCFD Canada Natural Gas Q4 2024 Contracts to sell natural gas at CAD index pricing 28 MMCFD Canada Natural Gas Q4 2025 Contracts to sell natural gas at USD index pricing 25 MMCFD Canada Natural Gas Q4 2026 Contracts to sell natural gas at USD index pricing 49 MMCFD Canada Natural Gas Q4 2027 Contracts to sell natural gas at USD index pricing 30 MMCFD Canada Natural Gas Q4 2028 Contracts to sell natural gas at USD index pricing 10 MMCFD Canada NGL Q2 2025 Contracts to sell NGL at CAD index pricing As produced

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023. (Thousands of dollars) 2024 2023 Beginning balance at January 1 $ 49,118 $ 171,860 Additions pending the determination of proved reserves 20,391 47,733 Capitalized exploratory well costs charged to expense (26,471) (26,188) Balance at June 30 $ 43,038 $ 193,405
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, 2024 2023 (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 $ 20,545 3 3 $ 8,494 1 1 One to two years – – – 38,497 1 1 Two to three years – – – 2,698 1 1 Three years or more 22,493 3 3 143,716 4 3 $ 43,038 6 6 $ 193,405 7 6

Other Financial Information (Ta

Other Financial Information (Tables)	6 Months Ended
	Jun. 30, 2024
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) 2024 2023 Net (increase) decrease in operating working capital, excluding cash and cash equivalents: (Increase) decrease in accounts receivable $ 7,355 $ (18,915) (Increase) decrease in inventories 2,170 (8,353) Decrease in prepaid expenses 2,296 8,291 Increase (decrease) in accounts payable and accrued liabilities ¹ (9,689) 6,642 Increase (decrease) in income taxes payable (1,006) (3,005) Net decrease (increase) in noncash working capital $ 1,126 $ (15,340) Supplementary disclosures: Cash income taxes paid, net of refunds $ 3,236 $ 10,904 Interest paid, net of amounts capitalized of $7.8 million in 2024 and $6.8 million in 2023 38,262 54,305 Non-cash investing activities: Asset retirement costs capitalized $ 16,175 $ 2,742 (Increase) decrease in capital expenditure accrual (24,780) 20,522 1 Excludes payable balances relating to contingent consideration for prior acquisitions.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Reconciliation of Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligations	A reconciliation of the beginning and ending aggregate carrying amount of the ARO for the six-month periods ended June 30, 2024 and 2023 are shown in the following table. (Thousands of dollars) June 30, 2024 June 30, 2023 Balance at beginning of year $ 914,763 $ 911,653 Accretion 25,827 22,521 Liabilities incurred 14,199 4,805 Revisions of previous estimates 1,995 (822) Liabilities settled (2,925) (64,978) Changes due to translation of foreign currencies (4,541) 2,920 Balance at end of period 949,318 876,099 Current portion of liability 1 (25,622) (32,771) Noncurrent portion of liability $ 923,696 $ 843,328 1 Included in “Other accrued liabilities” on the Consolidated Balance Sheets.

Employee and Retiree Benefit _2

Employee and Retiree Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023. Three Months Ended June 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2024 2023 2024 2023 Service cost $ 1,706 $ 1,650 $ 135 $ 132 Interest cost 8,393 8,564 782 874 Expected return on plan assets (8,359) (8,254) – – Estimated defined contribution provision 54 54 – – Amortization of prior service cost (credit) 579 155 (133) (133) Recognized actuarial loss (gain) 2,361 2,414 (812) (767) Total net periodic benefit expense $ 4,734 $ 4,583 $ (28) $ 106 Six Months Ended June 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2024 2023 2024 2023 Service cost $ 3,412 $ 3,300 $ 270 $ 264 Interest cost 16,784 17,071 1,564 1,748 Expected return on plan assets (16,716) (16,448) – – Estimated defined contribution provision 109 108 – – Amortization of prior service cost (credit) 1,158 310 (266) (266) Recognized actuarial loss (gain) 4,721 4,815 (1,624) (1,548) Total net periodic benefit expense $ 9,468 $ 9,156 $ (56) $ 198

Incentive Plans (Tables)

Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Awards Granted	During the six months ended June 30, 2024, the Committee granted the following awards from the 2020 Long-Term Plan: Type of Award Number of Awards Granted Grant Date Grant Date Valuation Methodology Performance-based RSUs (TSR) 1 423,640 February 6, 2024 $ 41.95 Monte Carlo Performance-based RSUs (ROACE) 1 105,980 February 6, 2024 $ 38.08 Average Stock Price Time-based RSUs (Stock-Settled) 2 658,420 February 6, 2024 $ 38.08 Average Stock Price Time-based RSUs (Cash-Settled) 2 102,900 February 6, 2024 $ 38.08 Average Stock Price Performance-based RSUs (TSR) 1 5,830 April 1, 2024 $ 50.81 Monte Carlo Performance-based RSUs (ROACE) 1 1,450 April 1, 2024 $ 45.98 Average Stock Price Time-based RSUs (Stock-Settled) 2 4,840 April 1, 2024 $ 45.98 Average Stock Price Time-based RSUs (Cash-Settled) 2 460 April 1, 2024 $ 45.98 Average Stock Price 1 Performance-based RSUs are tied to the achievement of Total Shareholder Return (TSR) and Return on Average Capital Employed (ROACE) performance goals and are scheduled to vest three years from the date of grant if performance conditions are met. 2 Time-based RSUs generally vest on the third anniversary of the date of grant. During the six months ended June 30, 2024, the Committee granted the following awards to Non-Employee Directors under the 2021 NED Plan: Type of Award Number of Awards Granted Grant Date Grant Date Fair Value Valuation Methodology Time-Based RSUs 1 47,412 February 07, 2024 $ 37.97 Closing Stock Price Time-Based RSUs 2 1,230 March 28, 2024 $ 45.70 Closing Stock Price Time-Based RSUs 2 1,364 June 28, 2024 $ 41.24 Closing Stock Price 1 Non-employee directors time-based RSUs are scheduled to vest on the first anniversary of the date of grant. Non-employee directors may elect to defer settlement of their vested time-based RSUs until (1) termination of service from the Board or (2) a future date selected by the director at the time of their deferral election. These unvested time-based RSUs are included in the table above, will vest in one year, and become deferred RSUs. 2
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) 2024 2023 Compensation charged against income before tax benefit $ 19,987 $ 23,684 Related income tax benefit recognized in income 2,067 3,444

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
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 Six Months Ended (Weighted-average shares) 2024 2023 2024 2023 Basic method 152,153,401 156,126,580 152,408,912 155,976,326 Dilutive stock options and restricted stock units 990,183 1,172,382 1,070,766 1,331,696 Diluted method 153,143,584 157,298,962 153,479,678 157,308,022

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Effective Income Tax Rates	For the three-month and six-month periods ended June 30, 2024 and 2023, the Company’s effective income tax rates were as follows: 2024 2023 Three months ended June 30, 17.2% 27.4% Six months ended June 30, 18.7% 22.4%

Financial Instruments and Ris_2

Financial Instruments and Risk Management (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis	The fair value measurements for these assets and liabilities at June 30, 2024 and December 31, 2023, are shown in the following table. June 30, 2024 December 31, 2023 (Thousands of dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Liabilities: Nonqualified employee savings plan $ 18,365 $ – $ – $ 18,365 $ 17,785 $ – $ – $ 17,785 $ 18,365 $ – $ – $ 18,365 $ 17,785 $ – $ – $ 17,785
Carrying Amounts and Estimated Fair Values of Financial Instruments	The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at June 30, 2024 and December 31, 2023. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes cash and cash equivalents, trade accounts receivable, trade accounts payable and accrued expenses, all of which had fair values approximating carrying amounts. The fair value of current and long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. Substantially all of the Company’s long-term debt is actively traded in open markets, and accordingly, is classified as Level 1 in the fair value hierarchy. The Company has off-balance sheet exposures relating to certain letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, were minimal. June 30, December 31, 2024 2023 (Thousands of dollars) Carrying Fair Carrying Fair Financial liabilities: Current and long-term debt $ 1,280,049 $ 1,236,039 $ 1,329,075 $ 1,265,185

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2023 and June 30, 2024 and the changes during the six-month period ended June 30, 2024 are presented net of taxes in the following table. (Thousands of dollars) Foreign Retirement Total Balance at December 31, 2023 $ (381,632) $ (139,485) $ (521,117) Components of other comprehensive income (loss): Before reclassifications to income (52,352) – (52,352) Reclassifications to income ¹ – 1,824 1,824 Net other comprehensive income (loss) (52,352) 1,824 (50,528) Balance at June 30, 2024 $ (433,984) $ (137,661) $ (571,645) 1 Reclassifications before taxes of $2.5 million are included in the computation of net periodic benefit expense for the six-month period ended June 30, 2024. See Note H for additional information. Related income taxes of $0.7 million are included in "Income tax expense” on the Consolidated Statements of Operations for the six-month period ended June 30, 2024.

Common Stock Issued and Outst_2

Common Stock Issued and Outstanding (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Activity in Number of Shares of Common Stock Issued and Outstanding	Activity in the number of shares of common stock issued and outstanding for the six-month periods ended June 30, 2024 and 2023 is shown below. ( Number of shares outstanding ) June 30, 2024 June 30, 2023 Beginning of period 152,748,642 155,467,319 Restricted stock awards 1 1,102,501 687,687 Treasury shares purchased (2,634,595) – End of period 151,216,548 156,155,006 1 Shares issued upon exercise of stock options and award of restricted stock are less withholding for statutory income taxes owed upon issuance of shares.

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2024
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, interest expense and unallocated overhead, is shown in the table to reconcile the business segments to consolidated totals. The Company has accounted for its former United Kingdom (U.K.), Malaysia, and U.S. refining and marketing operations as discontinued operations for all periods presented. Total Assets at June 30, 2024 Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 (Millions of dollars) External Income External Income Exploration and production ¹ United States 2 $ 7,222.6 $ 679.5 $ 185.7 $ 696.2 $ 168.9 Canada 2,050.5 119.0 8.9 118.3 2.5 Other 244.2 4.3 (10.1) – (32.3) Total exploration and production 9,517.3 802.8 184.5 814.5 139.1 Corporate 375.3 – (27.7) 0.1 (46.6) Continuing operations 9,892.6 802.8 156.8 814.6 92.5 Discontinued operations, net of tax 1.1 – (0.6) – (0.6) Total $ 9,893.7 $ 802.8 $ 156.2 $ 814.6 $ 91.9 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 (Millions of dollars) External Income External Income Exploration and production ¹ United States 2 $ 1,339.1 $ 320.2 $ 1,378.5 $ 394.9 Canada 255.9 28.3 274.1 24.4 Other 4.2 (20.9) 3.6 (37.6) Total exploration and production 1,599.2 327.6 1,656.2 381.7 Corporate – (55.2) 0.1 (75.2) Continuing operations 1,599.2 272.4 1,656.3 306.5 Discontinued operations, net of tax – (1.5) – (0.3) Total $ 1,599.2 $ 270.9 $ 1,656.3 $ 306.2 1 Additional detail about the results of oil and natural gas operations is presented in the Exploration and Production Continuing Operations table on page 26 . 2 Includes revenue and income attributable to noncontrolling interest in MP GOM.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Maturity of Operating Lease Liabilities	During the second quarter of 2024, the Company exercised an option to extend and expand an operating lease pertaining to a drill ship used in our offshore business. This resulted in an increase of $254.1 million (discounted) to our right-of-use assets and operating lease liabilities at June 30, 2024. Maturity of Lease Liabilities (Thousands of dollars) Operating Leases Finance Leases Total 2024 $ 158,984 $ 534 $ 159,518 2025 266,213 1,069 267,282 2026 111,686 1,069 112,755 2027 61,053 1,069 62,122 2028 60,182 1,069 61,251 Remaining 484,971 267 485,238 Total future minimum lease payments 1,143,089 5,077 1,148,166 Less imputed interest (243,266) (1,137) (244,403) Present value of lease liabilities 1 $ 899,823 $ 3,940 $ 903,763 1 Includes both the current and long-term portion of the lease liabilities.
Schedule of Maturity of Finance Lease Liabilities	During the second quarter of 2024, the Company exercised an option to extend and expand an operating lease pertaining to a drill ship used in our offshore business. This resulted in an increase of $254.1 million (discounted) to our right-of-use assets and operating lease liabilities at June 30, 2024. Maturity of Lease Liabilities (Thousands of dollars) Operating Leases Finance Leases Total 2024 $ 158,984 $ 534 $ 159,518 2025 266,213 1,069 267,282 2026 111,686 1,069 112,755 2027 61,053 1,069 62,122 2028 60,182 1,069 61,251 Remaining 484,971 267 485,238 Total future minimum lease payments 1,143,089 5,077 1,148,166 Less imputed interest (243,266) (1,137) (244,403) Present value of lease liabilities 1 $ 899,823 $ 3,940 $ 903,763 1 Includes both the current and long-term portion of the lease liabilities.
Summary of Other Lease Information	Lease Term and Discount Rate June 30, 2024 December 31, 2023 Weighted average remaining lease term: Operating leases 8 years 10 years Finance leases 5 years 5 years Weighted average discount rate: Operating leases 5.7 % 5.9 % Finance leases 4.7 % 4.7 %

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) revenueStream segment	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Number of geographic segments (in segments) | segment	2
Number of revenue streams (in revenue streams) | revenueStream	3
Receivables from contracts with customers | $	$ 233.2	$ 193.7

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	$ 801,007	$ 812,850	$ 1,595,855	$ 1,652,818
Gain on sale of assets and other income	1,764	1,738	3,328	3,486
Total revenues and other income	802,771	814,588	1,599,183	1,656,304
Revenue from production
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	797,510	799,836	1,592,113	1,596,067
Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	714,860	702,103	1,406,392	1,374,220
Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	18,243	19,598	37,890	45,960
Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	64,407	78,135	147,831	175,887
Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	3,497	13,014	3,742	56,751
United States Onshore | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	145,955	177,085	288,498	307,166
United States Onshore | Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	7,311	6,540	15,147	14,810
United States Onshore | Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	3,352	4,138	7,628	9,588
United States Offshore | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	501,692	480,841	982,131	981,151
United States Offshore | Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	9,337	11,541	19,711	26,170
United States Offshore | Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	10,500	14,802	23,389	36,934
Canada Onshore | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	19,580	19,306	33,453	41,258
Canada Onshore | Net natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	1,595	1,517	3,032	4,980
Canada Onshore | Net natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	50,555	59,195	116,814	129,365
Canada Onshore | Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	3,497	13,014	3,742	56,751
Canada Offshore | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	43,326	24,871	98,101	41,001
Other | Net crude oil and condensate revenue
Disaggregation of Revenue [Line Items]
Total revenue from sales to customers	$ 4,307	$ 0	$ 4,209	$ 3,644

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Current Long-Term Contracts Outstanding (Details) - Canada	Jun. 30, 2024 MMcf
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 CAD fixed pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	124
Q4 2024 | Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	25
Q4 2024 | Contracts to sell natural gas at CAD fixed pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	28
Q4 2025 | Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	25
Q4 2026 | Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	49
Q4 2027 | Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	30
Q4 2028 | Contracts to sell natural gas at USD index pricing
Disaggregation of Revenue [Line Items]
Remaining performance obligation	10

Property, Plant and Equipment -

Property, Plant and Equipment - Narrative (Details) $ in Millions			3 Months Ended		6 Months Ended
	Sep. 15, 2023 USD ($)	Sep. 15, 2023 CAD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Well costs			$ 43,038,000	$ 193,405,000	$ 43,038,000	$ 193,405,000	$ 49,118,000	$ 171,860,000
Capitalized exploratory well costs charged to expense					26,471,000	26,188,000
Well costs incurred and expensed					31,800,000	70,300,000
Exploratory well costs capitalized more than one year			22,500,000		22,500,000
Impairment of oil and gas properties			0	$ 0	34,528,000	0
Mexico
Property, Plant and Equipment [Line Items]
Well costs incurred and expensed					25,500,000	$ 69,200,000
Vietnam
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year			15,100,000		15,100,000
Canada
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year			4,700,000		4,700,000
Proceeds from sales of property, plant and equipment		$ 139
Gain (loss) on sale of property plant equipment	$ 0
Brunei
Property, Plant and Equipment [Line Items]
Exploratory well costs capitalized more than one year			$ 2,700,000		$ 2,700,000

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, 2024	Jun. 30, 2023
Movement in Property, Plant and Equipment [Roll Forward]
Beginning balance	$ 49,118	$ 171,860
Additions pending the determination of proved reserves	20,391	47,733
Capitalized exploratory well costs charged to expense	(26,471)	(26,188)
Ending balance	$ 43,038	$ 193,405

Property, Plant and Equipment_3

Property, Plant and Equipment - Aging of Capitalized Exploratory Well Costs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) well project	Jun. 30, 2023 USD ($) project well	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 43,038	$ 193,405	$ 49,118	$ 171,860
No. of Wells (in wells) | well	6	7
No. of Projects (in projects) | project	6	6
Zero to one year
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 20,545	$ 8,494
No. of Wells (in wells) | well	3	1
No. of Projects (in projects) | project	3	1
One to two years
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 0	$ 38,497
No. of Wells (in wells) | well	0	1
No. of Projects (in projects) | project	0	1
Two to three years
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 0	$ 2,698
No. of Wells (in wells) | well	0	1
No. of Projects (in projects) | project	0	1
Three years or more
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 22,493	$ 143,716
No. of Wells (in wells) | well	3	4
No. of Projects (in projects) | project	3	3

Financing Arrangements and De_2

Financing Arrangements and Debt (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	May 31, 2024
Senior Notes
Line of Credit Facility [Line Items]
Partial redemption		$ 50,500,000
Senior Notes | 5.875 Notes Due 2027
Line of Credit Facility [Line Items]
Partial redemption		$ 26,500,000
Stated interest rate		5.875%
Senior Notes | 6.375 Notes Due 2028
Line of Credit Facility [Line Items]
Partial redemption		$ 23,500,000
Stated interest rate		6.375%
Cost of debt extinguishment, cash	$ 500,000
Revolving Credit Facility | Unsecured Debt
Line of Credit Facility [Line Items]
Credit facility maximum borrowing capacity	800,000,000
2018 Revolving Credit Facility
Line of Credit Facility [Line Items]
Amount outstanding	$ 0
Interest rate	7.69%
2018 Revolving Credit Facility | Letter of Credit
Line of Credit Facility [Line Items]
Amount outstanding	$ 3,700,000

Other Financial Information (De

Other Financial Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net (increase) decrease in operating working capital, excluding cash and cash equivalents:
(Increase) decrease in accounts receivable	$ 7,355	$ (18,915)
(Increase) decrease in inventories	2,170	(8,353)
Decrease in prepaid expenses	2,296	8,291
Increase (decrease) in accounts payable and accrued liabilities	(9,689)	6,642
Increase (decrease) in income taxes payable	(1,006)	(3,005)
Net decrease (increase) in noncash working capital	1,126	(15,340)
Supplementary disclosures:
Cash income taxes paid, net of refunds	3,236	10,904
Interest paid, net of amounts capitalized of $7.8 million in 2024 and $6.8 million in 2023	38,262	54,305
Non-cash investing activities:
Asset retirement costs capitalized	16,175	2,742
(Increase) decrease in capital expenditure accrual	(24,780)	20,522
Interest paid, amount capitalized	$ 7,800	$ 6,800

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of Reconciliation of Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of year			$ 914,763	$ 911,653
Accretion	$ 13,053	$ 11,364	25,827	22,521
Liabilities incurred			14,199	4,805
Revisions of previous estimates			1,995	(822)
Liabilities settled			(2,925)	(64,978)
Changes due to translation of foreign currencies			(4,541)	2,920
Balance at end of period	$ 949,318	$ 876,099	$ 949,318	$ 876,099

Asset Retirement Obligations _2

Asset Retirement Obligations - Classification of Asset of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Balance at end of period	$ 949,318	$ 914,763	$ 876,099	$ 911,653
Current portion of liability	(25,622)		(32,771)
Noncurrent portion of liability	$ 923,696	$ 904,051	$ 843,328

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,706	$ 1,650	$ 3,412	$ 3,300
Interest cost	8,393	8,564	16,784	17,071
Expected return on plan assets	(8,359)	(8,254)	(16,716)	(16,448)
Estimated defined contribution provision	54	54	109	108
Amortization of prior service cost (credit)	579	155	1,158	310
Recognized actuarial loss (gain)	2,361	2,414	4,721	4,815
Total net periodic benefit expense	4,734	4,583	9,468	9,156
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	135	132	270	264
Interest cost	782	874	1,564	1,748
Expected return on plan assets	0	0	0	0
Estimated defined contribution provision	0	0	0	0
Amortization of prior service cost (credit)	(133)	(133)	(266)	(266)
Recognized actuarial loss (gain)	(812)	(767)	(1,624)	(1,548)
Total net periodic benefit expense	$ (28)	$ 106	$ (56)	$ 198

Employee and Retiree Benefit _4

Employee and Retiree Benefit Plans - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Retirement Benefits [Abstract]
Contributions to benefit plans	$ 18.9
Expected benefit plan contributions to be made during the year	$ 22.3

Incentive Plans - Summary of Aw

Incentive Plans - Summary of Awards Granted (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024 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
Performance-based RSUs (TSR) | 2020 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Performance-based RSUs (TSR) | 2020 Long-Term Plan | February 6, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	423,640
Fair value per share at grant date (in USD per share) | $ / shares	$ 41.95
Performance-based RSUs (TSR) | 2020 Long-Term Plan | April 1, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	5,830
Fair value per share at grant date (in USD per share) | $ / shares	$ 50.81
Performance-based RSUs (ROACE) | 2020 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Performance-based RSUs (ROACE) | 2020 Long-Term Plan | February 6, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	105,980
Fair value per share at grant date (in USD per share) | $ / shares	$ 38.08
Performance-based RSUs (ROACE) | 2020 Long-Term Plan | April 1, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	1,450
Fair value per share at grant date (in USD per share) | $ / shares	$ 45.98
Time-based RSUs (Stock-Settled) | 2020 Long-Term Plan | February 6, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	658,420
Fair value per share at grant date (in USD per share) | $ / shares	$ 38.08
Time-based RSUs (Stock-Settled) | 2020 Long-Term Plan | April 1, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	4,840
Fair value per share at grant date (in USD per share) | $ / shares	$ 45.98
Time-based RSUs (Stock-Settled) | 2021 NED Plan | February 7, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	47,412
Fair value per share at grant date (in USD per share) | $ / shares	$ 37.97
Time-based RSUs (Stock-Settled) | 2021 NED Plan | March 28, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	1,230
Fair value per share at grant date (in USD per share) | $ / shares	$ 45.70
Time-based RSUs (Stock-Settled) | 2021 NED Plan | June 28, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	1,364
Fair value per share at grant date (in USD per share) | $ / shares	$ 41.24
Time-based RSUs (Cash-Settled) | 2020 Long-Term Plan | February 6, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	102,900
Fair value per share at grant date (in USD per share) | $ / shares	$ 38.08
Time-based RSUs (Cash-Settled) | 2020 Long-Term Plan | April 1, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	460
Fair value per share at grant date (in USD per share) | $ / shares	$ 45.98
RSUs | 2020 Long-Term Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

Incentive Plans - Share-Based P

Incentive Plans - Share-Based Plans, Amounts Recognized (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Compensation charged against income before tax benefit	$ 19,987	$ 23,684
Related income tax benefit recognized in income	$ 2,067	$ 3,444

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Basic method (in shares)	152,153,401	156,126,580	152,408,912	155,976,326
Dilutive stock options and restricted stock units (in shares)	990,183	1,172,382	1,070,766	1,331,696
Diluted method (in shares)	153,143,584	157,298,962	153,479,678	157,308,022

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	17.20%	27.40%	18.70%	22.40%

Financial Instruments and Ris_3

Financial Instruments and Risk Management - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 USD ($) OffsettingPosition contract derivative_instrument	Jun. 30, 2023 USD ($) derivative_instrument contract	Dec. 31, 2023 USD ($) OffsettingPosition	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of foreign currency derivatives (in contracts) | contract	0	0
Contingent consideration payment, operating activities	$ 0	$ 139,574,000
Contingent consideration payment, financing activities	$ 0	$ 60,243,000
Number of offsetting positions (in offsetting positions) | OffsettingPosition	0		0
LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C. | Sales Thresholds 2019 to 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration, maximum				$ 200,000,000
LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C. | Net crude oil and condensate revenue
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration, maximum				$ 50,000,000
Petrobas America Inc | Sales Thresholds 2019 to 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration, maximum					$ 150,000,000
Petrobas America Inc | Enhanced Oil Recovery Projects
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration, maximum					$ 50,000,000
Commodity Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative instruments held (in derivatives) | derivative_instrument	0	0
Derivative, fair value	$ 0		$ 0
Commodity collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative instruments held (in derivatives) | derivative_instrument	0	0
Derivative, fair value	$ 0		$ 0
PAI and LLOG
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability		$ 0
Contingent consideration payment		$ 199,800,000

Financial Instruments and Ris_4

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, 2024	Dec. 31, 2023
Liabilities:
Liabilities	$ 18,365	$ 17,785
Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	18,365	17,785
Level 1
Liabilities:
Liabilities	18,365	17,785
Level 1 | Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	18,365	17,785
Level 2
Liabilities:
Liabilities	0	0
Level 2 | Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	0	0
Level 3
Liabilities:
Liabilities	0	0
Level 3 | Nonqualified employee savings plan
Liabilities:
Nonqualified employee savings plan	$ 0	$ 0

Financial Instruments and Ris_5

Financial Instruments and Risk Management - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - Level 1 - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current and long-term debt	$ 1,280,049	$ 1,329,075
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current and long-term debt	$ 1,236,039	$ 1,265,185

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			$ 5,549,653
Components of other comprehensive income (loss):
Before reclassifications to income			(52,352)
Reclassifications to income			1,824
Other comprehensive (loss) income	$ (15,910)	$ 34,136	(50,528)	$ 38,903
Balance at end of period	5,502,548	5,388,683	5,502,548	5,388,683
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(555,735)	(529,919)	(521,117)	(534,686)
Components of other comprehensive income (loss):
Balance at end of period	(571,645)	$ (495,783)	(571,645)	$ (495,783)
Foreign Currency Translation Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			(381,632)
Components of other comprehensive income (loss):
Before reclassifications to income			(52,352)
Reclassifications to income			0
Other comprehensive (loss) income			(52,352)
Balance at end of period	(433,984)		(433,984)
Retirement and Postretirement Benefit Plan Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			(139,485)
Components of other comprehensive income (loss):
Before reclassifications to income			0
Reclassifications to income			1,824
Other comprehensive (loss) income			1,824
Balance at end of period	$ (137,661)		(137,661)
Reclassifications before taxes, included in net periodic benefit expense			2,500
Deferred Loss on Interest Rate Derivative Hedges
Components of other comprehensive income (loss):
Reclassifications, income tax expense			$ 700

Environmental and Other Conti_2

Environmental and Other Contingencies (Details) $ in Millions	Jun. 30, 2024 USD ($)
Environmental Remediation Obligations [Abstract]
Threshold for disclosure of monetary sanctions, environmental proceedings	$ 1

Common Stock Issued and Outst_3

Common Stock Issued and Outstanding - Activity (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning of year (in shares)	152,748,642	155,467,319
Restricted stock awards (in shares)	1,102,501	687,687
Treasury shares purchased (in shares)	(2,634,595)	0
End of year (in shares)	151,216,548	156,155,006

Common Stock Issued and Outst_4

Common Stock Issued and Outstanding - Narrative (Details) - USD ($)			1 Months Ended	6 Months Ended
	Aug. 07, 2024	Oct. 30, 2023	Aug. 07, 2024	Jun. 30, 2024	Aug. 04, 2022
Subsequent Event [Line Items]
Share repurchase program, authorized amount		$ 600,000,000			$ 300,000,000
Increase in authorized amount		$ 300,000,000
Treasury shares purchased (in shares)				2,600,000
Repurchase of common stock				$ 105,800,000
Repurchase of common stock, gross				106,500,000
Remaining available to repurchase				$ 344,000,000
Subsequent Event
Subsequent Event [Line Items]
Share repurchase program, authorized amount	$ 1,100,000,000		$ 1,100,000,000
Increase in authorized amount	500,000,000
Treasury shares purchased (in shares)			1,142,867
Repurchase of common stock			$ 44,100,000
Remaining available to repurchase	$ 800,000,000		$ 800,000,000

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total Assets	$ 9,893,718		$ 9,893,718		$ 9,766,697
External Revenues	802,771	$ 814,588	1,599,183	$ 1,656,304
Income (Loss)	156,262	91,855	270,920	306,169
Minimum
Segment Reporting Information [Line Items]
Income (Loss)	156,200
Continuing operations
Segment Reporting Information [Line Items]
Total Assets	9,892,600		9,892,600
External Revenues	802,800	814,600	1,599,200	1,656,300
Income (Loss)	156,800	92,500	272,400	306,500
Discontinued operations, net of tax
Segment Reporting Information [Line Items]
Total Assets	1,100		1,100
External Revenues	0	0	0	0
Income (Loss)	(600)	(600)	(1,500)	(300)
Corporate
Segment Reporting Information [Line Items]
Total Assets	375,300		375,300
External Revenues	0	100	0	100
Income (Loss)	(27,700)	(46,600)	(55,200)	(75,200)
Exploration and Production | Operating Segments
Segment Reporting Information [Line Items]
Total Assets	9,517,300		9,517,300
External Revenues	802,800	814,500	1,599,200	1,656,200
Income (Loss)	184,500	139,100	327,600	381,700
Exploration and Production | Operating Segments | United States
Segment Reporting Information [Line Items]
Total Assets	7,222,600		7,222,600
External Revenues	679,500	696,200	1,339,100	1,378,500
Income (Loss)	185,700	168,900	320,200	394,900
Exploration and Production | Operating Segments | Canada
Segment Reporting Information [Line Items]
Total Assets	2,050,500		2,050,500
External Revenues	119,000	118,300	255,900	274,100
Income (Loss)	8,900	2,500	28,300	24,400
Exploration and Production | Operating Segments | Other
Segment Reporting Information [Line Items]
Total Assets	244,200		244,200
External Revenues	4,300	0	4,200	3,600
Income (Loss)	$ (10,100)	$ (32,300)	$ (20,900)	$ (37,600)

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use assets	$ 885,582	$ 745,185
Operating lease liabilities	899,823
Offshore
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use assets	254,100
Operating lease liabilities	$ 254,100

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Operating Leases
2024	$ 158,984
2025	266,213
2026	111,686
2027	61,053
2028	60,182
Remaining	484,971
Total future minimum lease payments	1,143,089
Less imputed interest	(243,266)
Present value of lease liabilities	899,823
Finance Leases
2024	534
2025	1,069
2026	1,069
2027	1,069
2028	1,069
Remaining	267
Total future minimum lease payments	5,077
Less imputed interest	(1,137)
Present value of lease liabilities	3,940
Total
2024	159,518
2025	267,282
2026	112,755
2027	62,122
2028	61,251
Remaining	485,238
Total future minimum lease payments	1,148,166
Less imputed interest	(244,403)
Present value of lease liabilities	$ 903,763

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Jun. 30, 2024	Dec. 31, 2023
Weighted average remaining lease term:
Operating leases	8 years	10 years
Finance leases	5 years	5 years
Weighted average discount rate:
Operating leases	5.70%	5.90%
Finance leases	4.70%	4.70%