Murphy Oil (MUR) 10-K 2010 FY Annual report

Exhibit 13

Financial and Operating Highlights

(Thousands of dollars except per share data)	2010		2009		% Change 2010–2009			2008		% Change 2009–2008
For the Year
Revenues	$	23,345,071	$	19,012,392		23	%	$	27,432,331		-31	%
Income from continuing operations		798,081		740,517		8	%		1,744,749		-58	%
Net income		798,081		837,621		-5	%		1,739,986		-52	%
Cash dividends paid		201,405		190,788		6	%		166,501		15	%
Capital expenditures		2,448,140		2,207,269		11	%		2,364,686		-7	%
Net cash provided by operating activities		3,128,558		1,864,633		68	%		3,039,912		-39	%
Average common shares outstanding – diluted (thousands)		193,158		192,468		0	%		192,134		0	%
At End of Year
Working capital	$	619,783	$	1,194,087		-48	%	$	958,818		25	%
Net property, plant and equipment		10,367,847		9,065,088		14	%		7,727,718		17	%
Total assets		14,233,243		12,756,359		12	%		11,149,098		14	%
Long-term debt		939,350		1,353,183		-31	%		1,026,222		32	%
Stockholders’ equity		8,199,550		7,346,026		12	%		6,278,945		17	%
Per Share of Common Stock
Income from continuing operations – diluted	$	4.13	$	3.85		7	%	$	9.08		-58	%
Net income – diluted		4.13		4.35		-5	%		9.06		-52	%
Cash dividends paid		1.05		1.00		5	%		.875		14	%
Stockholders’ equity		42.52		38.44		11	%		32.92		17	%
Net Crude Oil and Gas Liquids Produced – barrels per day		126,927		131,839		-4	%		118,254		11	%
United States		20,114		17,053		18	%		10,668		60	%
Canada		30,801		32,043		-4	%		37,902		-15	%
Malaysia		66,897		76,322		-12	%		57,403		33	%
Other International		9,115		6,421		42	%		12,281		-48	%
Net Natural Gas Sold – thousands of cubic feet per day		356,801		187,266		91	%		55,518		237	%
United States		53,037		54,255		-2	%		45,785		18	%
Canada		85,563		54,857		56	%		1,910		2,772	%
Malaysia		212,692		74,653		185	%		1,399		5,236	%
United Kingdom		5,509		3,501		57	%		6,424		-46	%
Crude Oil Refined – barrels per day		219,864		230,647		-5	%		219,227		5	%
United States		141,023		134,022		5	%		121,706		10	%
United Kingdom		78,841		96,625		-18	%		97,521		-1	%
Petroleum Products Sold – barrels per day		536,757		536,474		0	%		539,000		0	%
United States		450,100		432,700		4	%		427,490		1	%
United Kingdom		86,657		103,774		-16	%		111,510		-7	%
Stockholder and Employee Data
Common shares outstanding (thousands)*		192,836		191,115		1	%		190,714		0	%
Number of stockholders of record*		2,363		2,490		-5	%		2,564		-3	%
Number of employees*		8,994		8,369		7	%		8,277		1	%
Average number of employees		8,673		8,157		6	%		7,890		3	%

* At December 31.

Murphy Oil at a Glance

Murphy Oil Corporation (“Murphy” or “the Company”) is an international oil and gas company that conducts business through various operating subsidiaries. The Company produces oil and/or natural gas in the United States, Canada, Malaysia, the United Kingdom and Republic of the Congo and conducts exploration activities worldwide. Murphy also has an interest in a Canadian synthetic oil operation, owns two petroleum refineries and two ethanol production facilities in the United States and one petroleum refinery in the United Kingdom. The Company operates a growing retail marketing gasoline station chain on the parking lots of Walmart Supercenters and at stand-alone locations in the United States, and also markets petroleum products under various brand names and to unbranded wholesale customers in the United States and the United Kingdom. The Company has announced its intention to sell its three oil refineries and the U.K. marketing assets during 2011. Murphy is headquartered in El Dorado, Arkansas, and has over 8,000 employees worldwide. The Company’s common stock is traded on the New York Stock Exchange under the ticker symbol “MUR”.

MAJOR SUBSIDIARIESOF MURPHY OIL CORPORATION

Murphy Exploration & Production Company, through various operating subsidiaries and affiliates, is engaged in crude oil and natural gas production activities in the United States, Malaysia, the U.K. sector of the North Sea and Republic of the Congo, and explores for oil and natural gas worldwide. The subsidiary has its headquarters in Houston, Texas, and conducts business from offices in Kuala Lumpur, Malaysia; St. Albans, England; Pointe-Noire, Republic of the Congo; Jakarta, Indonesia; Perth, Western Australia; and Erbil in the Kurdistan region of Iraq.

Murphy Oil Company Ltd. is engaged in crude oil and natural gas exploration and production in Western Canada and offshore Eastern Canada as well as the extraction and sale of synthetic crude oil from oil sands. The subsidiary’s office is located in Calgary, Alberta, and is operated as a component of the Company’s worldwide exploration and production operation directed from Houston.

Murphy Oil USA, Inc. is engaged in refining and marketing of petroleum products in the United States. It is headquartered in El Dorado, Arkansas. Refineries in Meraux, Louisiana, and Superior, Wisconsin, provide petroleum products to high-volume, low-cost Murphy USA^® branded gasoline stations located on-site at Walmart Supercenters and at stand-alone Murphy Express^® locations in 22 states, primarily in the South and Midwest. Murphy Oil USA also operates a network of 12 Company-owned terminals and two leased terminals. These terminals, along with a number of third-party terminals, supply fuel to retail and wholesale stations in 26 states and to various asphalt and marine fuel customers. A subsidiary acquired an ethanol production facility in Hankinson, North Dakota, in October 2009. In 2010, the Company purchased an ethanol production facility in Hereford, Texas, that will be completed and operating in early 2011. The Company has announced its intention to sell the two refineries and certain associated marketing terminals in 2011.

Murco Petroleum Limited is engaged in refining and marketing of petroleum products in the United Kingdom. Headquartered near London, England, Murco owns a refinery in Milford Haven, Wales, and operates a network of fueling stations in the United Kingdom. The Company has announced its intention to sell these U.K. operations in 2011.

OFFICES
El Dorado, Arkansas	St. Albans, Hertfordshire, England	Jakarta, Indonesia
Houston, Texas	Kuala Lumpur, Malaysia	Perth, Western Australia, Australia
Washington, D.C.	Pointe-Noire, Republic of the Congo	Erbil, Iraq (Kurdistan region)
Calgary, Alberta, Canada

1

Dear Fellow Shareholders

The year of 2010 was one of contrasts: economic recovery, yet lingering high unemployment in the U.S.; and a rebound in global oil demand and prices, offset by North American natural gas oversupply and resulting price declines. Increased industry activity was overtaken by the tragic events of the BP Macondo incident in April. Since then, business in the Gulf of Mexico (GOM) has been at a standstill absent a clear regulatory way to proceed. We reacted quickly and moved our contracted deepwater rig to Africa soon after the incident. With the preponderance of our upstream investments outside the U.S., we have fared well and continue to drive our growth profile forward. Whether it is economic uncertainty or political ambiguity, our Company is resilient, fiscally disciplined and well positioned to survive and prosper in these times. Our diversified global portfolio, weighted to oil production, provided solid returns in light of the strong oil price environment. Production for 2010 was 14% over the prior year and reserve replacement was a healthy 124%. Net income for 2010 totaled $798.1 million ($4.13 per share), down slightly from 2009 as a nonrecurring gain on disposal of Ecuador operations in the prior year more than offset improvements in both our upstream and downstream business segments. We continued our tradition of financial discipline and ended the year with a debt-to-capital-employed ratio of 10.3%. Our strong balance sheet provides the flexibility necessary to act on value-added opportunities or manage a significant development project.

EXPLORATIONAND PRODUCTION Annual production for 2010 averaged 186,400 barrels of oil equivalent per day with a 68% oil weighting. New contributions for the year came from initial phase development of our North American resource plays at Tupper (100%) in British Columbia and from the Eagle Ford Shale (EFS) area (95%) of South Texas, plus ramp-up of the Azurite field (50%), offshore Republic of the Congo, and Malaysia projects in Sarawak (85%) and at Kikeh (80%).

The growth profile will continue in 2011. In December, our Board sanctioned the first phase of oil development in the EFS, and start-up of the Tupper West gas plant, with a capacity of 180 mmcfd, occurs this month. Resumption of activity in the GOM remains a question mark and has an impact on our production profile in that area.

Sanction of a number of development projects is expected throughout the year. In Malaysia, this includes oil developments at Patricia, South Acis and Serendah in the Sarawak blocks (85%) along with Siakap North (40%) in Block K. A floating LNG development at Rotan (80%) in Block H is also under consideration. In the U.S., we will see sanction of the second oil development area in the EFS. At the Seal heavy oil project (100%) in northern Alberta, we continue an active primary development drilling program and are encouraged with production rates from recent wells. An Enhanced Oil Recovery (EOR) pilot kicked off in late 2010 at Seal. We are evaluating the effectiveness of both polymer flooding and steam stimulation to unlock the massive heavy oil resource in place on our acreage. Results of the pilot work are expected in 2011 and we will be submitting applications for field development plans.

2

A fourth play was added to our North American resource portfolio with new acreage in southern Alberta targeting the oil prospective Exshaw/ Bakken formation. This will be actively appraised in 2011. Three of our four resource plays are oil focused, which is in line with our targeted portfolio balance and provides flexibility to our program as we are able to shift our focus between oil and gas as value points open.

We saw a meaningful resumption of our exploration program in 2010, with a focus on testing a dozen or more exploratory prospects per year. We ended up the year drilling 13 wildcat wells in six countries and started with some early successes with an oil discovery in DeSoto Canyon Block 4 (64.17%) in the GOM and two gas discoveries in Malaysia at Patricia and Dolfin. Our non-operated Deep Blue prospect (9.38%) in the GOM was suspended due to the moratorium. In Republic of the Congo, we failed to find the volumes sought in three wells and are now looking at tie-back options for those reserves found. Our first well, Caracara (100%), in the untested play offshore Suriname, failed to find pay and we plan to drill a second prospect to test further targets. We are currently drilling the Lengkuas well (28.33%) on the Semai II block in Indonesia.

The current year will include an active drilling program with exploration wells planned for Indonesia, Suriname, Congo, Brunei, and depending on rig availability, Kurdistan and Australia.

REFININGAND MARKETING In July of last year, our Board approved a plan to offer for sale the U.S. refining and U.K. downstream businesses. We simply lack the competitive size and scale to grow this capital intensive business and can redeploy those funds where we have strong growth opportunities. The divestiture process is ongoing and remains on track to exit those businesses this year.

3

Strong U.S. retail margins in the middle part of 2010 helped deliver the second best annual income for that business. During the year, 51 new stations were built bringing the total number of retail outlets to 1,099 at year-end. Expansion of this network will continue with 55 stations budgeted for construction in 2011. This top quartile business will continue on course this year while exploring ways to significantly grow and lead the competition.   In the biofuels business, we fully integrated the Hankinson ethanol plant into our operation and averaged more than 115 million gallons per year of ethanol production—5% over nameplate capacity— in its first full year of operation. The plant contributed solid financial returns to the downstream business. In September, we concluded the acquisition of the partially completed Hereford ethanol facility and plan to complete construction, and initiate start-up by the end of the first quarter 2011. We welcome a new community of dedicated and enthusiastic employees to the fold.   IN CLOSING The vision for our Company remains clear. Exit of the U.S. refining and U.K. downstream businesses will realign the Company as an oil-weighted growth E&P entity with a best in class U.S. retail network. As the economic recovery matures and global energy demand rebounds, we are well positioned to grow and prosper. The combination of an active exploration program, which finds more hydrocarbons than produced each year and exposes the company to step-change growth, is matched with a meaningful North American oil-weighted resource program.

Ours is a “can do” Company that identifies, captures and operates the majority of our assets. We have a strong and very capable team working to make us better every day.

I would like to recognize one of our employees who is retiring after 41 years of service. Steve Cossé has been our General Counsel since 1991 and he provided an invaluable contribution to our success; we all wish him well in his retirement.

I appreciate the support you have shown us over the past year and with your continued backing, we look toward the promise of 2011 and moving our Company forward to new heights.

David M. Wood

President and Chief Executive Officer

February 17, 2011

El Dorado, Arkansas

4

Exploration and Production Statistical Summary

	2010		2009		2008		2007		2006		2005		2004
Net crude oil, condensate and natural gas liquids production – barrels per day
United States		20,114		17,053		10,668		12,989		21,112		25,897		19,314
Canada – light		43		18		46		596		443		563		650
heavy		5,988		6,813		8,484		11,524		12,613		11,806		5,838
offshore		11,497		12,357		16,826		18,871		14,896		23,124		25,407
synthetic		13,273		12,855		12,546		12,948		11,701		10,593		11,794
Malaysia		66,897		76,322		57,403		20,367		11,298		13,503		11,885
United Kingdom		3,295		3,361		4,869		5,281		7,146		7,992		11,011
Republic of the Congo		5,820		1,743		—		—		—		—		—
Continuing operations		126,927		130,522		110,842		82,576		79,209		93,478		85,899
Discontinued operations		—		1,317		7,412		8,946		8,608		7,871		10,841
Total liquids produced		126,927		131,839		118,254		91,522		87,817		101,349		96,740
Net crude oil, condensate and natural gas liquids sold – barrels per day
United States		20,114		17,053		10,668		12,989		21,112		25,897		19,314
Canada – light		43		18		46		596		443		563		650
heavy		5,988		6,813		8,484		11,524		12,613		11,806		5,838
offshore		11,343		12,455		16,690		18,839		15,360		22,443		26,306
synthetic		13,273		12,855		12,546		12,948		11,701		10,593		11,794
Malaysia		68,975		72,575		61,907		16,018		11,986		13,818		11,020
United Kingdom		4,177		2,445		5,739		5,218		6,678		8,303		10,924
Republic of the Congo		5,428		973		—		—		—		—		—
Continuing operations		129,341		125,187		116,080		78,132		79,893		93,423		85,846
Discontinued operations		—		1,162		7,774		9,470		10,349		9,821		6,520
Total liquids sold		129,341		126,349		123,854		87,602		90,242		103,244		92,366
Net natural gas sold – thousands of cubic feet per day
United States		53,037		54,255		45,785		45,139		56,810		70,452		88,621
Canada		85,563		54,857		1,910		9,922		9,752		10,323		13,972
Malaysia – Sarawak		154,535		28,070		—		—		—		—		—
– Kikeh		58,157		46,583		1,399		—		—		—		—	��
United Kingdom		5,509		3,501		6,424		6,021		8,700		9,423		6,859
Continuing operations		356,801		187,266		55,518		61,082		75,262		90,198		109,452
Discontinued operations		—		—		—		—		—		—		30,760
Total natural gas sold		356,801		187,266		55,518		61,082		75,262		90,198		140,212
Net hydrocarbons produced – equivalent barrels1 per day		186,394		163,050		127,507		101,702		100,361		116,382		120,109
Estimated net hydrocarbon reserves – million equivalent barrels1,2		455.2		439.2		402.8		405.1		388.3		353.6		385.6
Weighted average sales prices3
Crude oil, condensate and natural gas liquids – dollars per barrel
United States	$	76.31		60.08		95.74		65.57		57.30		47.48		35.35
Canada4– light		75.48		64.24		70.37		50.98		50.45		44.27		32.96
heavy		49.89		40.45		59.05		32.84		25.87		21.30		20.26
offshore		76.87		58.19		96.69		69.83		62.55		51.37		36.60
synthetic		77.90		61.49		100.10		74.35		63.23		58.12		40.35
Malaysia5		60.97		55.51		87.83		74.58		51.78		46.16		41.35
United Kingdom		77.95		61.31		90.16		68.38		64.30		52.83		36.82
Republic of the Congo		74.87		69.04		—		—		—		—		—
Natural gas – dollars per thousand cubic feet
United States		4.52		4.05		9.67		7.38		7.76		8.52		6.45
Canada4		4.23		3.09		6.40		6.34		6.49		7.88		5.64
Malaysia – Sarawak		5.31		4.05		—		—		—		—		—
– Kikeh		0.23		0.23		0.23		—		—		—		—
United Kingdom4		7.01		5.04		10.98		7.54		7.34		5.80		4.52

¹ Natural gas converted at a 6:1 ratio.

² At December 31.

³ Includes intracompany transfers at market prices.

⁴ U.S. dollar equivalent.

⁵ Prices are net of payments under the terms of the production sharing contracts for Blocks K and SK 309.

5

Refining and Marketing Statistical Summary

	2010			2009			2008			2007			2006			2005			2004
Crude capacity* of refineries – barrels per stream day		295,000			268,000			268,000			268,000			192,400			192,400			192,400
Refinery inputs – barrels per day
Crude – Meraux, Louisiana		106,482			101,864			95,126			106,446			55,129			73,371			101,644
Superior, Wisconsin		34,541			32,158			26,580			32,737			34,066			34,768			31,598
Milford Haven, Wales		78,841			96,625			97,521			36,000			30,036			26,983			31,033
Other feedstocks		11,518			14,317			23,300			10,805			6,423			9,131			12,170
Total refinery inputs		231,382			244,964			242,527			185,988			125,654			144,253			176,445
Refinery yields – barrels per day
United States – Gasoline		61,128			62,534			54,020			61,998			37,690			45,287			58,899
Kerosine		11,068			10,670			8,759			871			812			5,001			4,678
Diesel and home heating oils		41,305			40,761			41,658			52,893			30,829			34,561			51,775
Residuals		18,082			15,786			14,585			15,269			11,414			15,019			13,633
Asphalt, LPG and other		14,802			10,845			9,065			13,202			9,893			10,406			10,191
Fuel and loss		834			1,409			1,852			1,999			1,260			722			614
Total United States		147,219			142,005			129,939			146,232			91,898			110,996			139,790
United Kingdom – Gasoline		20,889			26,902			32,290			12,397			10,624			9,582			9,764
Kerosine		11,374			13,789			15,065			4,500			4,255			2,804			3,056
Diesel and home heating oils		25,995			34,619			33,868			14,218			11,308			13,974			14,450
Residuals		8,296			10,388			12,585			3,641			3,830			3,212			3,812
Asphalt, LPG and other		14,799			13,735			15,750			4,344			2,962			2,862			4,502
Fuel and loss		2,810			3,526			3,030			656			777			823			1,071
Total United Kingdom		84,163			102,959			112,588			39,756			33,756			33,257			36,655
Total refinery yields		231,382			244,964			242,527			185,988			125,654			144,253			176,445
Average cost of crude inputs to refineries – dollars per barrel
United States	$	77.51			59.71			96.46			69.40			59.54			49.73			40.00
United Kingdom		75.10			62.90			100.61			81.53			66.66			56.15			39.60
Petroleum products sold – barrels per day
U.S. Manufacturing – Gasoline		68,627			64,128			54,020			61,998			37,690			45,287			58,899
Kerosine		11,068			10,670			8,759			871			812			5,001			4,678
Diesel and home heating oils		41,305			41,019			41,658			52,893			30,829			34,561			51,775
Residuals		18,015			15,501			14,834			15,463			11,697			15,330			13,699
Asphalt, LPG and other		9,655			9,124			7,161			9,672			8,631			8,946			9,471
		148,670			140,442			126,432			140,897			89,659			109,125			138,522
U.S. Marketing – Gasoline		333,182			319,551			314,244			299,355			265,809			232,534			207,169
Kerosine		11,449			11,918			4,721			2,065			1,836			5,669			4,811
Diesel and other		77,799			76,606			86,530			90,113			62,628			60,235			66,651
		422,430			408,075			405,495			391,533			330,273			298,438			278,631
U.S. intracompany elimination – Gasoline		(68,627	)		(64,128	)		(54,020	)		(61,998	)		(37,690	)		(45,287	)		(58,899	)
Kerosine		(11,068	)		(10,670	)		(8,759	)		(871	)		(812	)		(5,001	)		(4,678	)
Diesel and other		(41,305	)		(41,019	)		(41,658	)		(52,893	)		(30,829	)		(34,561	)		(51,775	)
		(121,000	)		(115,817	)		(104,437	)		(115,762	)		(69,331	)		(84,849	)		(115,352	)
Total United States		450,100			432,700			427,490			416,668			350,601			322,714			301,801
United Kingdom – Gasoline		23,085			30,007			34,125			14,356			12,425			12,739			11,435
Kerosine		11,387			12,954			14,835			4,020			3,619			2,410			2,756
Diesel and home heating oils		29,710			35,721			34,560			14,785			11,803			14,910			14,649
Residuals		7,885			10,560			12,744			3,728			3,825			3,242			4,062
LPG and other		14,590			14,532			15,246			4,213			2,998			2,240			4,205
Total United Kingdom		86,657			103,774			111,510			41,102			34,670			35,541			37,107
Total petroleum products sold		536,757			536,474			539,000			457,770			385,271			358,255			338,908
Branded retail outlets1
United States – Murphy USA®		1,001			996			992			971			987			864			752
Murphy Express®		98			52			33			2			—			—			—
Other		116			121			129			153			177			337			375
Total United States		1,215			1,169			1,154			1,126			1,164			1,201			1,127
United Kingdom		451			453			454			389			402			412			358
Unit margins per barrel:
United States refining2	$	0.23			0.75			(1.48	)		5.11			(0.24	)		1.02			0.12
United Kingdom refining and marketing		(1.47	)		(0.28	)		3.41			(1.48	)		4.43			4.81			3.51
United States retail marketing:
Fuel margin per gallon3	$	0.114			0.083			0.165			0.103			0.104			0.115			0.102
Gallons sold per store month		306,646			312,493			324,223			294,784			285,665			268,277			245,245
Merchandise sales revenue per store month	$	153,530			137,623			110,943			97,523			80,598			66,516			56,368
Merchandise margin as a percentage of merchandise sales		13.1	%		12.5	%		13.5	%		13.2	%		13.3	%		12.8	%		12.1	%

¹ At December 31.

² Represents refinery sales realizations less cost of crude and other feedstocks and refinery operating and depreciation expenses.

³ Represents net sales prices for fuel less purchased cost of fuel.

6

Board of Directors

	William C. Nolan, Jr. Partner, Nolan & Alderson, Attorneys, El Dorado, Arkansas. Director since 1977. Chairman of the Board, ex-officio member of all other committees		James V. Kelley President and Chief Operating Officer, BancorpSouth, Inc., Tupelo, Mississippi. Director since 2006. Committees: Audit; Executive Compensation
	David M. Wood President and Chief Executive Officer, Murphy Oil Corporation, El Dorado, Arkansas. Director since January 2009. Committees: Executive		R. Madison Murphy Managing Member, Murphy Family Management, LLC, El Dorado, Arkansas. Director since 1993; Chairman from 1994–2002. Committees: Executive; Audit (Chairman)
	Frank W. Blue International Legal Advisor/Arbitrator, Santa Barbara, California. Director since 2003. Committees: Audit; Nominating & Governance		Neal E. Schmale President and Chief Operating Officer, Sempra Energy, San Diego, California. Director since 2004. Committees: Audit; Executive Compensation
	Claiborne P. Deming President and Chief Executive Officer, Retired, Murphy Oil Corporation, El Dorado, Arkansas. Director since 1993. Committees: Executive (Chairman); Environmental, Health & Safety		David J. H. Smith Chief Executive Officer, Retired, Whatman plc, Maidstone, Kent, England. Director since 2001. Committees: Executive Compensation (Chairman); Nominating & Governance
	Robert A. Hermes Chairman of the Board, Retired, Purvin & Gertz, Inc., Houston, Texas. Director since 1999. Committees: Executive; Nominating & Governance (Chairman); Environmental, Health & Safety		Caroline G. Theus President, Inglewood Land & Development Co., Alexandria, Louisiana. Director since 1985. Committees: Executive; Environmental, Health & Safety (Chairman)

7

Principal Subsidiaries

Murphy Exploration &	Roger W. Jenkins	Dave B. Perkins
Production Company	President	Vice President, Health, Safety,
Engages in worldwide crude oil and natural gas exploration and production.	Eugene T. Coleman	Environment & Security
	Senior Vice President, South East Asia	Walter K. Compton
16290 Katy Freeway		Vice President and General Counsel
Suite 600 Houston, Texas 77094 (281) 675-9000	Derek M. Stewart Senior Vice President, U.S., Latin America, West Africa and Europe Operations	Kevin G. Fitzgerald
		Vice President
		Mindy K. West
		Vice President and Treasurer
	Sam Algar Vice President, Worldwide Exploration	John W. Eckart
		Vice President
	Keith S. Caldwell	John A. Moore
	Vice President, Finance and Administration	Secretary
Murphy Oil Company Ltd.	Michael McFadyen	Mindy K. West
Engages in crude oil and natural gas exploration and production, and extraction and sale of synthetic crude oil in Canada.	President	Vice President and Treasurer
	Cal Buchanan	Paul Christensen
	Vice President, Joint Ventures and Business Development	Controller
4000, 520-3 Avenue SW Calgary, Alberta T2P 0R3 (403) 294-8000	Dennis Ward	Georg R. McKay Secretary
	Vice President, Finance
Mailing Address:
P.O. Box 2721, Station M
Calgary, Alberta T2P 3Y3
Canada
Murphy Oil USA, Inc.	Thomas McKinlay	Walter K. Compton
Engages in manufacturing and marketing of petroleum and ethanol products in the United States.	President	Vice President and General Counsel
	Stephen F. Hunkus	Mindy K. West
	Vice President, World Wide Refining	Vice President and Treasurer
200 Peach Street El Dorado, Arkansas 71730 (870) 862-6411	Ernest C. Cagle	John W. Eckart
	Vice President, Refining Support	Vice President and Controller
	Marn Cheng	John A. Moore
	Vice President, Renewable Fuels	Secretary
Mailing Address:
P.O. Box 7000
El Dorado, Arkansas 71731-7000
Murco Petroleum Limited	Bryan Kelly	Simon V. Rhodes
Engages in refining and marketing of petroleum products in the United Kingdom.	Managing Director	Financial Director
	Jeremy Clarke	Patricia E. Haylock
	Marketing Director	Secretary
4 Beaconsfield Road St. Albans, Hertfordshire AL1 3RH, England 44-1727-892-400	Bernard Pouille
	Supply Director

8

Corporate Information

Corporate Office

200 Peach Street

P.O. Box 7000

El Dorado, Arkansas 71731-7000

(870) 862-6411

Stock Exchange Listings

Trading Symbol: MUR

New York Stock Exchange

Transfer Agent and Registrar

Computershare Trust Company, N.A.

Toll-free (888) 239-5303

Local Chicago (312) 360-5303

(Address for overnight delivery)

250 Royall Street

Mail Stop 1A

Canton, MA 02021

(Address for first class mail,

registered mail and certified mail)

P.O. Box 43036

Providence, RI 02940

Electronic Payment of Dividends

Shareholders may have dividends deposited directly into their bank accounts by electronic funds transfer. Authorization forms may be obtained by contacting Computershare as described in Transfer Agent and Registrar at left.

E-mail Address

murphyoil@murphyoilcorp.com

Web Site

www.murphyoilcorp.com

Murphy Oil’s Web site provides frequently updated information about the Company and its operations, including:

• News releases

• Annual report

• Quarterly reports

• Live webcasts of quarterly conference calls

• Links to the Company’s SEC filings

• Stock quotes

• Profiles of the Company’s operations

• Murphy’s U.S. retail gasoline station locator

Annual Meeting

The annual meeting of the Company’s shareholders will be held at 10:00 a.m. on May 11, 2011, at the South Arkansas Arts Center, 110 East 5^th Street, El Dorado, Arkansas. A formal notice of the meeting, together with a proxy statement and proxy form, will be provided to all shareholders.

Inquiries

Inquiries regarding shareholder account matters should be addressed to:

John A. Moore

Secretary

Murphy Oil Corporation

P.O. Box 7000

El Dorado, Arkansas 71731-7000

jmoore@murphyoilcorp.com

Members of the financial community should direct their inquiries to:

Barry Jeffery

Director, Investor Relations

Murphy Oil Corporation

P.O. Box 7000

El Dorado, Arkansas 71731-7000

(870) 864-6501

bjeffery@murphyoilcorp.com

Executive Officers

David M. Wood

President and Chief Executive Officer and Director and Member of the Executive Committee since January 2009. Mr. Wood served as Executive Vice President and President of Murphy Exploration & Production Company from January 2007 until December 2008, and President of Murphy Exploration & Production Company- International from March 2003 through December 2006.

Roger W. Jenkins

Executive Vice President since August 2009. Mr. Jenkins has served as President of Murphy Exploration & Production Company since January 2009, and prior to that was Senior Vice President, North America for this subsidiary from September 2007 to December 2008.

Thomas McKinlay

Executive Vice President, World Wide Downstream operations and President of Murphy Oil USA, Inc. since January 2011. Mr. McKinlay was Vice President, U.S. Manufacturing from August 2009 to January 2011.

Kevin G. Fitzgerald

Senior Vice President and Chief Financial Officer since January 2007. Mr. Fitzgerald was Treasurer from July 2001 through December 2006.

Walter K. Compton

Senior Vice President and General Counsel since March 2011. Mr. Compton was Vice President, Law from February 2009 to February 2011, and Manager, Law from 1996 to January 2009.

Bill H. Stobaugh

Senior Vice President since February 2005. Mr. Stobaugh joined the Company as Vice President in 1995.

Mindy K. West

Vice President and Treasurer since January 2007. Ms. West was Director of Investor Relations from July 2001 through December 2006.

John W. Eckart

Vice President and Controller since January 2007. Mr. Eckart has been Controller since March 2000.

Kelli M. Hammock

Vice President, Administration since December 2009. Ms. Hammock was General Manager, Administration from June 2006 to November 2009.

John A. Moore

Secretary, since March 2011. Mr. Moore was Senior Attorney from 2005 to February 2011.