Supplemental Oil and Gas Information (Unaudited)

12 Months Ended

Dec. 31, 2021

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Supplemental Oil and Gas Information

The following unaudited schedules are presented in accordance with required disclosures about Oil and Natural gas Producing Activities to provide users with a common base for preparing estimates of future cash flows and comparing reserves among companies.  Additional background information concerning some of the schedules follows:

SCHEDULE 1 – SUMMARY OF TOTAL PROVED EQUIVALENT RESERVES

SCHEDULE 2 – SUMMARY OF PROVED CRUDE OIL RESERVES

SCHEDULE 3 – SUMMARY OF PROVED NATURAL GAS LIQUIDS RESERVES

SCHEDULE 4 – SUMMARY OF PROVED NATURAL GAS RESERVES

Reserves of crude oil, condensate, natural gas liquids and natural gas are estimated by the Company’s or independent engineers and are adjusted to reflect contractual arrangements and royalty rates in effect at the end of each year. Many assumptions and judgmental decisions are required to estimate reserves. Reserve estimates and future cash flows are based on the average market prices for sales of oil and natural gas on the first calendar day of each month during the year. The average prices used for 2021 were $66.56 per barrel for NYMEX crude oil (WTI), and $3.60 per Mcf for natural gas (Henry Hub). The average prices used for 2020 were $39.57 per barrel for NYMEX crude oil (WTI), and $1.98 per Mcf for natural gas (Henry Hub). The average prices used for 2019 were $55.69 per barrel for NYMEX crude oil (WTI), and $2.57 per Mcf for natural gas (Henry Hub). Reported quantities are subject to future revisions, some of which may be substantial, as additional information becomes available from reservoir performance, new geological and geophysical data, additional drilling, technological advancements, price changes and other economic factors.

Murphy’s estimations for proved reserves were generated through the integration of available geoscience, engineering, and economic data and commercially available technologies to establish “reasonable certainty” of economic producibility. Estimates are presented in millions of barrels of oil equivalents and dollars and billions of cubic feet with one decimal; totals within the tables may not add as a result of rounding. As defined by the SEC, reasonable certainty of proved reserves describes a high degree of confidence that the quantities will be recovered. In estimating proved reserves, Murphy uses common industry-accepted methods for subsurface evaluations, including performance, volumetric and analog-based studies. Where appropriate, Murphy includes reliable geologic and engineering technology to estimate proved reserves. Reliable geologic and engineering technology is a method or combination of methods that are field tested and have been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation. This integrated approach increases the quality of and confidence in Murphy’s proved reserves estimates. The approach was utilized in certain undrilled acreage at distances greater than the directly offsetting development spacing areas and in certain reservoirs developed with the application of improved recovery techniques. Murphy utilized a combination of 3D seismic interpretation, core analysis, wellbore log measurements, well test data, historic production and pressure data and commercially available seismic processing and numerical reservoir simulation programs. Reservoir parameters from analogous reservoirs were used to strengthen the reserves estimates when available.

Production quantities shown are net volumes withdrawn from reservoirs. These may differ from sales quantities due to inventory changes, volumes consumed for fuel and/or shrinkage from the extraction of natural gas liquids.

All crude oil, natural gas liquid reserves and natural gas reserves are from consolidated subsidiaries (including noncontrolling interest) and proportionately consolidated joint ventures. The Company has no proved reserves attributable to investees accounted for by the equity method.

SCHEDULE 7 – STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED OIL AND NATURAL GAS RESERVES

GAAP requires calculation of future net cash flows using a 10% annual discount factor, an unweighted average of oil and natural gas prices in effect at the beginning of each month of the year, and year-end costs and statutory tax rates, except for known future changes such as contracted prices and legislated tax rates.  

The reported value of proved reserves is not necessarily indicative of either fair market value or present value of future cash flows because prices, costs and governmental policies do not remain static; appropriate discount rates may vary; and extensive judgment is required to estimate the timing of production. Other logical assumptions would likely have resulted in significantly different amounts.

Schedule 7 also presents the principal reasons for change in the standardized measure of discounted future net cash flows for each of the three years ended December 31, 2021.

	Equivalents
(Millions of barrels of oil equivalent)	Total	United States	Canada	Malaysia and Other
Proved developed and undeveloped reserves:
December 31, 2018	844.0	425.6	288.6	129.7
Revisions of previous estimates	28.4	(17.9)	46.1	0.3
Extensions and discoveries	73.3	62.2	11.1	—
Purchases of properties	76.2	76.2	—	—
Sales of properties	(121.5)	(0.1)	—	(121.4)
Production	(75.4)	(45.9)	(21.7)	(7.8)
December 31, 2019	825.0	500.1	324.1	0.8
Revisions of previous estimates	(194.7)	(146.6)	(47.3)	(0.8)
Extensions and discoveries	150.3	19.5	130.7	—
Sales of properties	(1.7)	(1.7)	—	—
Production	(63.9)	(42.8)	(21.1)	—
December 31, 2020	714.9	328.5	386.4	—
Revisions of previous estimates	(52.9)	35.6	(89.3)	0.8
Extensions and discoveries	109.4	18.2	91.3	—
Purchases of properties	7.4	1.6	5.8	—
Sales of properties	(0.7)	—	(0.7)	—
Production	(61.1)	(40.4)	(20.6)	(0.1)
December 31, 2021 ¹	716.9	343.4	372.8	0.7
Proved developed reserves:
December 31, 2018	430.2	247.0	124.2	59.1
December 31, 2019	472.3	273.4	198.1	0.8
December 31, 2020	410.8	230.3	180.5	—
December 31, 2021 ²	419.2	241.9	176.8	0.6
Proved undeveloped reserves:
December 31, 2018	413.8	178.7	164.5	70.7
December 31, 2019	352.7	226.7	126.0	—
December 31, 2020	304.1	98.2	205.9	—
December 31, 2021 ³	297.7	101.6	196.0	0.1

1 Includes proved reserves of 18.4 MMBOE, consisting of 16.6 MMBBL oil, 0.7 MMBBL NGLs, and 6.1 BCF natural gas attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 16.2 MMBOE, consisting of 14.6 MMBBL oil, 0.6 MMBBL NGLs, and 5.4 BCF natural gas attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 2.2 MMBOE, consisting of 2.0 MMBBL oil, 0.1 MMBBL NGLs, and 0.7 BCF natural gas attributable to the noncontrolling interest in MP GOM.

2021 Comments for Proved Equivalent Reserves Changes

Revisions of previous estimates - The equivalent reserves revisions in 2021 resulted predominantly from accelerated royalty incentive payouts due to higher commodity prices in Tupper Montney. These negative revisions were partially offset by positive revisions in the U.S. from higher commodity prices, which partially reversed the 2020 capital allocation reduction, and improved well performance in the U.S. Gulf of Mexico.

Extensions and discoveries - In 2021, proved equivalent reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney as well as in the U.S. at the Eagle Ford Shale and the Gulf of Mexico.

Purchases and sales of properties - In 2021, the Company acquired incremental working interest in Terra Nova offshore Canada and in the U.S. Gulf of Mexico.

2020 Comments for Proved Equivalent Reserves Changes

Revisions of previous estimates - The negative reserves revisions in 2020 resulted predominantly from lower crude oil prices and lower capital allocation to Onshore shale properties over the next 5 years causing the removal of numerous proved undeveloped locations, partially offset by improved well performance in the Gulf of Mexico. The 2020 negative equivalents revision in the U.S. was primarily attributable to lower capital allocation in the Eagle Ford Shale, and the negative revision in Canada was primarily attributable to the Kaybob Duvernay. Lower commodity prices also resulted in negative equivalents revisions in the U.S offshore and Canada offshore.

Extensions and discoveries - In 2020, proved equivalent reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney as well as in the U.S. at the Eagle Ford Shale. Proved equivalent reserves were also added for drilling activities in both the U.S. offshore and Canada offshore.

Purchases and sales of properties - In 2020, the Company divested partial working interest in an undeveloped well in the Gulf of Mexico.

2019 Comments for Proved Equivalent Reserves Changes

Revisions of previous estimates -  The positive Canadian equivalents reserves revisions in 2019 resulted from improved performance in the Tupper Montney asset which offset reserves reductions from deferrals of capital expenditures at Kaybob Duvernay. The 2019 negative equivalents revision in the U.S. was primarily attributable to changes in well performance in the Eagle Ford Shale, primarily the Tilden area.

Extensions and discoveries - In 2019, proved equivalent reserves were added in the U.S. for drilling activities in both the Eagle Ford Shale and in Canada at Kaybob Duvernay.  Proved equivalent reserves were also added for drilling activities in both the U.S. offshore and Canada offshore.

Purchases and sales of properties - In 2019, the Company acquired deepwater Gulf of Mexico producing assets from LLOG.  In addition, the Company acquired incremental ownership in the Chinook field in the Gulf of Mexico and partial ownership in the Jagus East field in Brunei (which is now held for sale). The Company’s Malaysia assets were divested in 2019.

(Millions of barrels)	Total	United States	Canada	Malaysia and Other
Proved developed and undeveloped crude oil reserves:
December 31, 2018	432.5	326.5	55.0	51.0
Revisions of previous estimates	(31.0)	(17.1)	(14.0)	0.1
Extensions and discoveries	58.2	49.2	9.0	—
Purchases of properties	56.3	56.3	—	—
Sales of properties	(45.8)	(0.1)	—	(45.7)
Production	(46.3)	(37.0)	(4.7)	(4.6)
December 31, 2019	423.9	377.8	45.3	0.8
Revisions of previous estimates	(137.4)	(116.8)	(19.8)	(0.8)
Extensions and discoveries	19.6	14.5	5.1	—
Production	(38.1)	(33.4)	(4.7)	—
December 31, 2020	266.5	240.6	25.9	—
Revisions of previous estimates	39.3	31.1	7.5	0.7
Extensions and discoveries	14.1	13.5	0.6	—
Purchases of properties	6.4	1.3	5.2	—
Production	(34.9)	(31.5)	(3.3)	(0.1)
December 31, 2021 ¹	291.5	255.0	35.9	0.6
Proved developed crude oil reserves:
December 31, 2018	249.3	189.0	23.3	37.0
December 31, 2019	230.9	205.0	25.1	0.8
December 31, 2020	179.8	161.4	18.4	—
December 31, 2021 ²	191.5	174.9	16.0	0.5
Proved undeveloped crude oil reserves:
December 31, 2018	183.2	137.5	31.7	14.0
December 31, 2019	193.0	172.8	20.2	—
December 31, 2020	86.7	79.2	7.5	—
December 31, 2021 ³	99.9	80.0	19.8	0.1

1 Includes total proved reserves of 16.6 MMBO for Total and United States attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 14.6 MMBO for Total and United States attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 2.0 MMBO for Total and United States attributable to the noncontrolling interest in MP GOM.

2021 Comments for Proved Crude Oil Reserves Changes

Revisions of previous estimates - The positive crude oil reserves revisions in 2021 resulted predominantly from impacts of higher commodity prices in the U.S., which partially reversed the 2020 capital allocation reductions, and improved well performance in the U.S. Gulf of Mexico.

Extensions and discoveries - In 2021, proved oil reserves were added for drilling and expansion activities predominantly in the U.S. at the Eagle Ford Shale and the Gulf of Mexico.

Purchases and sales of properties - In 2021, the Company acquired incremental working interest in Terra Nova offshore Canada and in the U.S. Gulf of Mexico.

2020 Comments for Proved Crude Oil Reserves Changes

Revisions of previous estimates - The negative crude oil reserves revisions in 2020 resulted predominantly from lower crude oil prices and lower capital allocation to Onshore shale properties over the next 5 years causing the removal of numerous proved undeveloped locations, partially offset by improved well performance in the Gulf of Mexico. The 2020 negative oil revision in the U.S. was primarily attributable to lower capital allocation in the Eagle Ford Shale, and the negative revision in Canada was primarily attributable to the Kaybob Duvernay. Lower commodity prices also resulted in negative oil reserves revisions in the U.S offshore and Canada offshore.

Extensions and discoveries - In 2020, proved oil reserves were added for drilling activities predominantly in the U.S. offshore and the Eagle Ford Shale. Proved oil reserves were also added for drilling activities in Canada offshore.

Purchases and sales of properties - In 2020, the Company divested partial working interest in an undeveloped well in the Gulf of Mexico.

2019 Comments for Proved Crude Oil Reserves Changes

Revisions of previous estimates – The 2019 negative crude oil revision in the U.S. was primarily attributable to changes in well performance in the Eagle Ford Shale, primarily in the Tilden area. The negative Canadian oil reserves revisions in 2019 resulted from deferrals of capital expenditures at Kaybob Duvernay.

Extensions and discoveries – In 2019, proved oil reserves were added in the U.S. for drilling activities both in the Eagle Ford Shale and in Canada at Kaybob Duvernay.  Proved oil reserves were also added for drilling activities in both the U.S. offshore and Canada offshore.

Purchases and sales of properties – In 2019, the Company acquired deepwater Gulf of Mexico producing assets from LLOG. In addition, the Company acquired incremental ownership in the Chinook field in the Gulf of Mexico. The Company’s Malaysia assets were divested in 2019.

(Millions of barrels)	Total	United States	Canada	Malaysia and Other
Proved developed and undeveloped NGL reserves:
December 31, 2018	54.2	47.6	5.9	0.7
Revisions of previous estimates	(5.0)	(2.5)	(2.5)	—
Extensions and discoveries	6.8	6.4	0.4	—
Purchase of properties	5.2	5.2	—	—
Production	(4.5)	(3.9)	(0.5)	(0.1)
December 31, 2019	56.1	52.8	3.3	—
Revisions of previous estimates	(16.4)	(17.1)	0.7	—
Extensions and discoveries	2.8	2.7	0.1	—
Production	(4.2)	(3.7)	(0.5)	—
December 31, 2020	38.2	34.6	3.6	—
Revisions of previous estimates	1.4	1.4	—	—
Extensions and discoveries	2.5	2.4	0.1	—
Purchases of properties	0.1	0.1	—	—
Production	(3.8)	(3.4)	(0.4)	—
December 31, 2021 ¹	38.4	35.1	3.3	—
Proved developed NGL reserves:
December 31, 2018	27.3	24.9	1.7	0.7
December 31, 2019	28.1	26.2	1.9	—
December 31, 2020	28.7	25.5	3.2	—
December 31, 2021 ²	28.4	25.6	2.8	—
Proved undeveloped NGL reserves:
December 31, 2018	26.9	22.7	4.2	—
December 31, 2019	28.0	26.6	1.4	—
December 31, 2020	9.5	9.1	0.4	—
December 31, 2021 ³	10.0	9.5	0.5	—

1 Includes total proved reserves of 0.7 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 0.6 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 0.1 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

2021 Comments for Proved Natural Gas Liquids Reserves Changes

Revisions of previous estimates - The positive NGL reserves revisions in 2021 resulted predominantly from impacts of higher commodity prices, which partially reversed the 2020 capital allocation reductions, and improved well performance in the U.S. Gulf of Mexico.

Extensions and discoveries - In 2021, proved NGL reserves were added for drilling and expansion activities predominantly in the U.S. Eagle Ford Shale.

Purchases and sales of properties - In 2021, the Company acquired incremental working interest in the U.S. Gulf of Mexico.

2020 Comments for Proved Natural Gas Liquids Reserves Changes

Revisions of previous estimates - The negative NGL reserves revisions in 2020 resulted predominantly from lower crude oil prices and lower capital allocation to Onshore shale properties over the next 5 years causing the removal of numerous proved undeveloped locations, partially offset by improved well performance in the Gulf of Mexico. The 2020 negative NGL revision in the U.S. was primarily attributable to lower capital allowance in the Eagle Ford Shale. The positive revision in Canada was primarily attributable to higher yields at the Kaybob Duvernay due to improved plant recoveries.

Extensions and discoveries - In 2020, proved NGL reserves were added for drilling activities predominantly in the U.S. at the Eagle Ford Shale.

Purchases and sales of properties - In 2020, the Company divested partial working interest in an undeveloped well in the Gulf of Mexico.

2019 Comments for Proved Natural Gas Liquids Reserves Changes

Revisions of previous estimates – The negative 2019 NGL proved reserves revision in the U.S. was primarily due to midstream elections in the Eagle Ford Shale resulting in lower NGL yields. The negative Canadian NGL reserves revisions in 2019 resulted from deferrals of capital expenditures at Kaybob Duvernay.  

Extensions and discoveries – In 2019, proved NGL reserves were added in the U.S. for drilling activities in both the Eagle Ford Shale and in Canada at Kaybob Duvernay area in onshore Canada. Proved NGL reserves were also added for drilling activities in the U.S. offshore.

Purchases and sales of properties – In 2019, the Company acquired deepwater Gulf of Mexico producing assets from LLOG. In addition, the Company acquired incremental ownership in the Chinook field in the Gulf of Mexico. The Company’s Malaysia assets were divested in 2019.

(Billions of cubic feet)	Total	United States	Canada	Malaysia and Other
Proved developed and undeveloped natural gas reserves:
December 31, 2018	2,143.6	309.0	1,366.4	468.2
Revisions of previous estimates	386.5	10.3	375.3	0.9
Extensions and discoveries	49.8	39.5	10.3	—
Purchases of properties	88.3	88.3	—	—
Sales of properties	(450.7)	(0.1)	—	(450.6)
Production	(147.8)	(30.2)	(99.1)	(18.5)
December 31, 2019	2,069.7	416.8	1,652.9	—
Revisions of previous estimates	(245.4)	(76.2)	(169.2)	—
Extensions and discoveries	767.2	14.0	753.2	—
Production	(129.8)	(34.4)	(95.4)	—
December 31, 2020	2,461.0	319.5	2,141.5	—
Revisions of previous estimates	(562.2)	18.7	(581.0)	0.2
Extensions and discoveries	556.7	13.5	543.2	—
Purchases of properties	5.4	1.5	3.9	—
Sales of properties	(4.4)	—	(4.4)	—
Production	(134.2)	(32.8)	(101.4)	—
December 31, 2021 1,4	2,322.3	320.3	2,001.8	0.2
Proved developed natural gas reserves:
December 31, 2018	921.6	198.3	595.0	128.3
December 31, 2019	1,279.8	253.1	1,026.7	—
December 31, 2020	1,213.8	260.2	953.6	—
December 31, 2021 ²	1,196.0	248.1	947.7	0.2
Proved undeveloped natural gas reserves:
December 31, 2018	1,222.0	110.7	771.4	339.9
December 31, 2019	789.9	163.7	626.2	—
December 31, 2020	1,247.2	59.3	1,187.9	—
December 31, 2021 ³	1,126.4	72.2	1,054.1	—

1 Includes total proved reserves of 6.1 BCF for Total and United States attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 5.4 BCF for Total and United States attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 0.7 BCF for Total and United States attributable to the noncontrolling interest in MP GOM.

4 Includes proved natural gas reserves to be consumed in operations as fuel of 78.7 BCF and 74.0 BCF for the U.S. and Canada, respectively, with 1.7 BCF attributable to the noncontrolling interest in MP GOM.

2021 Comments for Proved Natural Gas Reserves Changes

Revisions of previous estimates - The negative natural gas reserves revisions in 2021 resulted predominantly from accelerated royalty incentive payouts due to higher commodity prices at Tupper Montney.

Extensions and discoveries - In 2021, proved equivalent reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney as well as in the U.S. at the Eagle Ford Shale and the Gulf of Mexico.

Purchases and sales of properties - In 2021, the Company acquired incremental working interest at Terra Nova offshore Canada and in the U.S. Gulf of Mexico.

2020 Comments for Proved Natural Gas Reserves Changes

Revisions of previous estimates - The negative natural gas reserves revisions in 2020 resulted predominantly from lower crude oil prices and lower capital allocation to Onshore shale properties over the next 5 years causing the removal of numerous proved undeveloped locations, partially offset by improved well performance in the Gulf of Mexico. The 2020 negative natural gas revision in the U.S. was primarily attributable to lower capital allocation in the Eagle Ford Shale which offset positive natural gas revisions in the Gulf of Mexico. The negative revision in Canada was primarily attributable to the Kaybob Duvernay.

Extensions and discoveries - In 2020, proved natural gas reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney as well as in the U.S. at the Eagle Ford Shale.

Purchases and sales of properties - In 2020, the Company divested partial working interest in an undeveloped well in the Gulf of Mexico.

2019 Comments for Proved Natural Gas Reserves Changes

Revisions of previous estimates –  In 2019, the positive natural gas revisions in Canada resulted from improved performance in the Tupper Montney asset and adjustments relating to royalties. The positive revision for natural gas reserves in the Eagle Ford Shale was primarily attributable to producing well performance.

Extensions and discoveries – In 2019, proved natural gas reserves were added in the U.S. for development drilling activities in both the Eagle Ford Shale and in Canada at Tupper Montney and Kaybob Duvernay.  Proved natural gas reserves were also added for drilling activities in both the U.S. offshore and Canada offshore.

Purchases and sales of properties – In 2019, the Company acquired deepwater Gulf of Mexico producing assets from LLOG. In addition, the Company acquired incremental ownership in the Chinook field in the Gulf of Mexico. The Company’s Malaysia assets were divested in 2019.

(Millions of dollars)	United States		Canada 1	Other	Total
Year ended December 31, 2021
Property acquisition costs
Unproved	$	8.8	—	—	8.8
Proved	19.9		(20.4)	—	(0.5)
Total acquisition costs	28.7		(20.4)	—	8.3
Exploration costs 2	31.7		0.4	30.1	62.2
Development costs 2	513.2		102.4	3.7	619.3
Total costs incurred	573.6		82.4	33.8	689.8
Charged to expense
Dry hole expense	17.3		—	—	17.3
Geophysical and other costs	13.1		0.4	19.3	32.8
Total charged to expense	30.4		0.4	19.3	50.1
Property additions	$	543.2	82.0	14.5	639.7
Year ended December 31, 2020
Property acquisition costs
Unproved	$	6.5	0.5	7.3	14.3
Proved	0.2		—	—	0.2
Total acquisition costs	6.7		0.5	7.3	14.5
Exploration costs 2	34.3		(0.4)	24.7	58.6
Development costs 2	609.2		120.8	6.8	736.8
Total costs incurred	650.2		120.9	38.8	809.9
Charged to expense
Geophysical and other costs	14.3		0.7	23.6	38.6
Total charged to expense	14.3		0.7	23.6	38.6
Property additions	$	635.9	120.2	15.2	771.3
Year ended December 31, 2019
Property acquisition costs
Unproved	$	533.8	0.2	13.0	547.0
Proved	733.1		—	—	733.1
Total acquisition costs	1,266.9		0.2	13.0	1,280.1
Exploration costs 2	44.8		6.4	67.4	118.6
Development costs 2	979.0		281.8	21.6	1,282.4
Total costs incurred	2,290.7		288.4	102.0	2,681.1
Charged to expense
Geophysical and other costs	21.6		0.5	32.2	54.3
Total charged to expense	21.6		0.5	32.2	54.3
Property additions	$	2,269.1	287.9	69.8	2,626.8

Includes noncash asset retirement costs as follows:

2021
Exploration costs	$	—	—	—	—
Development costs	23.7		29.3	1.4	54.4
	$	23.7	29.3	1.4	54.4
2020
Exploration costs	$	—	—	—	—
Development costs	12.8		1.9	—	14.7
	$	12.8	1.9	—	14.7
2019
Exploration costs	$	—	—	—	—
Development costs	75.8		3.8	—	79.6
	$	75.8	3.8	—	79.6

Schedule 6 – Results of Operations for Oil and Natural Gas Producing Activities 1

(Millions of dollars)	United States		Canada	Other	Total
Year ended December 31, 2021
Revenues
Crude oil and natural gas liquids sales	$	2,199.7	228.9	4.9	2,433.5
Natural gas sales	121.8		245.9	—	367.7
Total oil and natural gas revenues	2,321.5		474.8	4.9	2,801.2
Other operating revenues	16.0		1.5	—	17.5
Total revenues	2,337.5		476.3	4.9	2,818.7
Costs and expenses
Lease operating expenses	406.4		136.3	(3.2)	539.5
Severance and ad valorem taxes	39.6		1.6	—	41.2
Transportation, gathering and processing	126.5		60.5	—	187.0
Exploration costs charged to expense	30.4		0.4	19.3	50.1
Undeveloped lease amortization	11.1		0.2	7.6	18.9
Depreciation, depletion and amortization	616.5		163.8	1.8	782.1
Accretion of asset retirement obligations	36.9		9.7	—	46.6
Impairment of assets	—		171.3	18.0	189.3
Selling and general expenses	20.5		16.5	6.6	43.6
Other expenses (benefits)	99.4		(66.2)	(2.2)	31.0
Total costs and expenses	1,387.3		494.1	47.9	1,929.3
Results of operations before taxes	950.2		(17.8)	(43.0)	889.4
Income tax expense (benefit)	183.9		(1.7)	(9.5)	172.7
Results of operations	$	766.3	(16.1)	(33.5)	716.7
Year ended December 31, 2020
Revenues
Crude oil and natural gas liquids sales	$	1,335.8	174.0	1.8	1,511.6
Natural gas sales	69.4		170.6	—	240.1
Total oil and natural gas revenues	1,405.3		344.6	1.8	1,751.7
Other operating revenues	6.5		1.2	—	7.7
Total revenues	1,411.8		345.8	1.8	1,759.4
Costs and expenses
Lease operating expenses	476.9		121.6	1.6	600.1
Severance and ad valorem taxes	27.2		1.3	—	28.5
Transportation, gathering and processing	127.7		44.7	—	172.4
Restructuring expenses	1.2		—	—	1.2
Exploration costs charged to expense	35.5		0.6	23.6	59.7
Undeveloped lease amortization	17.2		0.4	9.2	26.8
Depreciation, depletion and amortization	749.4		213.2	2.3	964.9
Accretion of asset retirement obligations	36.6		5.6	—	42.2
Impairment of assets	1,152.5		—	39.7	1,192.2
Selling and general expenses	24.6		17.1	7.1	48.8
Other expenses	21.5		(2.3)	1.8	21.0
Total costs and expenses	2,670.3		402.2	85.3	3,157.8
Results of operations before taxes	(1,258.5)		(56.4)	(83.5)	(1,398.4)
Income tax expense (benefit)	(244.2)		(21.4)	2.1	(263.5)
Results of operations	$	(1,014.3)	(35.0)	(85.6)	(1,134.9)

1 Results exclude corporate overhead, interest and discontinued operations. Results include noncontrolling interest in MP GOM.

(Millions of dollars)	United States		Canada	Other	Total
Year ended December 31, 2019
Revenues
Crude oil and natural gas liquids sales	$	2,285.8	287.4	11.6	2,584.8
Natural gas sales	73.9		158.4	—	232.3
Total oil and natural gas revenues	2,359.7		445.8	11.6	2,817.1
Other operating revenues	7.3		1.2	—	8.5
Total revenues	2,367.0		447.0	11.6	2,825.6
Costs and expenses
Lease operating expenses	461.5		142.4	1.3	605.2
Severance and ad valorem taxes	46.6		1.4	—	48.0
Transportation, gathering and processing	140.8		35.5	—	176.3
Exploration costs charged to expense	21.4		0.6	45.3	67.3
Undeveloped lease amortization	23.1		1.3	3.6	28.0
Depreciation, depletion and amortization	878.7		243.0	3.5	1,125.2
Accretion of asset retirement obligations	34.4		6.1	—	40.5
Selling and general expenses	74.3		30.0	22.5	126.8
Other expenses	52.2		(6.1)	1.3	47.4
Total costs and expenses	1,733.0		454.2	77.5	2,264.7
Results of operations before taxes	634.0		(7.2)	(65.9)	560.9
Income tax expense (benefit)	115.6		(2.9)	(12.4)	100.3
Results of operations	$	518.4	(4.3)	(53.5)	460.6

1 Results exclude corporate overhead, interest and discontinued operations. Results include noncontrolling interest in MP GOM.

Standardized Measure of Discounted Future Net Cash Flows Relating to

Proved Oil and Natural Gas Reserves 1

(Millions of dollars)	United States		Canada	Malaysia & Other	Total
December 31, 2021
Future cash inflows	$	18,449.1	7,203.5	44.0	25,696.7
Future development costs	(1,164.3)		(521.1)	(1.5)	(1,686.8)
Future production costs	(7,140.6)		(3,525.8)	(9.1)	(10,675.4)
Future income taxes	(1,024.4)		(565.4)	(3.0)	(1,592.8)
Future net cash flows	9,119.9		2,591.3	30.4	11,741.6
10% annual discount for estimated timing of cash flows	(3,264.9)		(1,169.3)	(8.5)	(4,442.7)
Standardized measure of discounted future net cash flows	$	5,855.1	1,422.0	21.9	7,299.0
December 31, 2020
Future cash inflows	$	9,976.7	4,617.5	—	14,594.2
Future development costs	(1,289.8)		(404.3)	—	(1,694.1)
Future production costs	(5,777.5)		(2,634.6)	—	(8,412.1)
Future income taxes	—		(166.8)	—	(166.8)
Future net cash flows	2,909.4		1,411.8	—	4,321.2
10% annual discount for estimated timing of cash flows	(1,079.2)		(623.4)	—	(1,702.6)
Standardized measure of discounted future net cash flows	$	1,830.2	788.4	—	2,618.6
December 31, 2019
Future cash inflows	$	23,565.6	4,912.1	55.7	28,533.4
Future development costs	(4,137.8)		(723.7)	(0.3)	(4,861.8)
Future production costs	(8,986.2)		(2,549.9)	(29.9)	(11,566.0)
Future income taxes	(1,709.3)		(414.5)	(14.1)	(2,137.9)
Future net cash flows	8,732.3		1,224.0	11.4	9,967.7
10% annual discount for estimated timing of cash flows	(3,633.1)		(504.0)	(3.0)	(4,140.1)
Standardized measure of discounted future net cash flows	$	5,099.2	720.0	8.4	5,827.6

1 Includes noncontrolling interest in MP GOM.

2 Totals within the table may not add as a result of rounding.

Following are the principal sources of change in the standardized measure of discounted future net cash flows for the years shown.

(Millions of dollars)	2021		2020	2019
Net changes in prices and production costs 2	$	5,962.1	(5,942.1)	(2,993.9)
Net changes in development costs	(503.6)		2,215.1	(675.7)
Sales and transfers of oil and natural gas produced, net of production costs	(2,220.5)		(1,123.1)	(2,163.8)
Net change due to extensions and discoveries	908.5		568.5	1,221.9
Net change due to purchases and sales of proved reserves	63.1		(14.6)	(628.1)
Development costs incurred	619.3		736.8	1,282.4
Accretion of discount	267.2		699.3	1,002.0
Revisions of previous quantity estimates	277.1		(1,461.3)	(71.2)
Net change in income taxes	(692.8)		1,112.4	574.1
Net increase (decrease)	4,680.4		(3,209.0)	(2,452.3)
Standardized measure at January 1	2,618.6		5,827.6	8,279.9
Standardized measure at December 31	$	7,299.0	2,618.6	5,827.6

1 Includes noncontrolling interest in MP GOM.

2 The average prices used for 2021 were $66.56 per barrel for NYMEX crude oil (WTI), and $3.60 per Mcf for natural gas (Henry Hub).The average prices used for 2020 were $39.57 per barrel for NYMEX crude oil (WTI), and $1.98 per Mcf for natural gas (Henry Hub). The average prices used for 2019 were $55.69 per barrel for NYMEX crude oil (WTI), and $2.57 per Mcf for natural gas (Henry Hub).

Capitalized Costs Relating to Oil and Natural Gas Producing Activities

(Millions of dollars)	United States		Canada	Other	Total
December 31, 2021
Unproved oil and natural gas properties	$	602.8	17.7	141.7	762.2
Proved oil and natural gas properties	14,690.7		4,865.1	100.0	19,655.8
Gross capitalized costs	15,293.5		4,882.8	241.7	20,418.0
Accumulated depreciation, depletion and amortization
Unproved oil and natural gas properties	(109.1)		—	(22.0)	(131.1)
Proved oil and natural gas properties	(8,821.5)		(3,320.5)	(69.0)	(12,211.0)
Net capitalized costs	$	6,362.9	1,562.3	150.7	8,075.9
December 31, 2020
Unproved oil and natural gas properties	$	646.0	22.2	137.5	805.7
Proved oil and natural gas properties	14,011.4		4,619.4	23.8	18,654.6
Gross capitalized costs	14,657.4		4,641.6	161.3	19,460.3
Accumulated depreciation, depletion and amortization
Unproved oil and natural gas properties	(105.0)		—	(14.5)	(119.5)
Proved oil and natural gas properties	(8,166.5)		(2,944.3)	(20.7)	(11,131.5)
Net capitalized costs	$	6,385.9	1,697.3	126.1	8,209.3

Note:    Unproved oil and natural gas properties above include costs and associated accumulated amortization of properties that do not have proved reserves; these costs include mineral interests, uncompleted exploratory wells, and exploratory wells capitalized pending further evaluation.