Supplemental Oil and Gas Information (Unaudited)

12 Months Ended

Dec. 31, 2023

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 2023 were $78.22 per barrel for NYMEX crude oil (WTI) and $2.64 per MCF for natural gas (Henry Hub). The average prices used for 2022 were $93.67 per barrel for NYMEX crude oil (WTI) and $6.36 per MCF for natural gas (Henry Hub). 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). 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 (including hydrocarbon prices, operating costs, and development costs) 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, 2023.

	Equivalents
(Millions of barrels of oil equivalent)	Total	United States	Canada	Other
Proved developed and undeveloped reserves:
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	716.9	343.4	372.8	0.7
Revisions of previous estimates	(23.6)	29.0	(52.8)	0.2
Improved recovery	5.3	5.3	–	–
Extensions and discoveries	80.1	20.6	59.5	–
Purchases of properties	5.0	5.0	–	–
Sales of properties	(4.4)	(4.4)	–	–
Production	(63.9)	(41.9)	(21.7)	(0.3)
December 31, 2022	715.4	357.0	357.8	0.6
Revisions of previous estimates	(13.3)	(13.3)	0.2	(0.2)
Improved recovery	0.4	–	0.4	–
Extensions and discoveries	112.6	12.7	87.3	12.6
Sales of properties	(5.2)	–	(5.2)	–
Production	(70.4)	(45.3)	(25.0)	(0.1)
December 31, 2023 ¹	739.5	311.1	415.5	12.9
Proved developed reserves:
December 31, 2020	410.8	230.3	180.5	–
December 31, 2021	419.2	241.9	176.8	0.6
December 31, 2022	436.0	264.2	171.3	0.5
December 31, 2023 ²	425.5	223.2	202.0	0.3
Proved undeveloped reserves:
December 31, 2020	304.1	98.2	205.9	–
December 31, 2021	297.7	101.6	196.0	0.1
December 31, 2022	279.4	92.8	186.5	0.1
December 31, 2023 ³	314.0	87.9	213.5	12.6

1  Includes proved reserves of 15.5 MMBOE, consisting of 14.0 MMBBL oil, 0.6 MMBBL NGLs and 5.3 BCF natural gas attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 12.8 MMBOE, consisting of 11.7 MMBBL oil, 0.5 MMBBL NGLs and 3.8 BCF natural gas attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 2.7 MMBOE, consisting of 2.3 MMBBL oil, 0.1 MMBBL NGLs and 1.5 BCF natural gas attributable to the noncontrolling interest in MP GOM.

4 Totals within the tables may not add as a result of rounding.

2023 Comments for Proved Equivalent Reserves Changes

Revisions of previous estimates - The equivalent reserves revisions in 2023 resulted predominantly from lower commodity prices in the U.S. and performance adjustments in Tupper Montney and the Eagle Ford Shale. These negative revisions were partially offset by positive revisions due to reduced royalty rates and delayed royalty incentive payouts resulting from lower commodity prices in Tupper Montney.

Extensions and discoveries - In 2023, proved equivalent reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney, the Eagle Ford Shale in the U.S., and Other international.

Purchases and sales of properties - In 2023, the Company divested a portion of its working interest in the Kaybob Duvernay and all of its Placid Montney assets in Canada.

2022 Comments for Proved Equivalent Reserves Changes

Revisions of previous estimates - The equivalent reserves revisions in 2022 resulted predominantly from increased royalty rates and accelerated royalty incentive payouts due to higher commodity prices in Tupper Montney. These negative revisions were partially offset by positive well performance in the U.S. Gulf of Mexico.

Extensions and discoveries - In 2022, proved equivalent reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney and Kaybob Duvernay as well as in the U.S. at the Gulf of Mexico and Eagle Ford Shale.

Purchases and sales of properties - In 2022, the Company acquired incremental working interests in two producing fields in the U.S. Gulf of Mexico and divested working interests in one field in the U.S. Gulf of Mexico and a portion of Eagle Ford Shale.

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 expenditure 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 interests in Terra Nova offshore Canada and in the U.S. Gulf of Mexico.

(Millions of barrels)	Total	United States	Canada	Other
Proved developed and undeveloped crude oil reserves:
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	291.5	255.0	35.9	0.6
Revisions of previous estimates	23.4	19.9	3.3	0.2
Improved recovery	4.7	4.7	–	–
Extensions and discoveries	18.9	16.1	2.8	–
Purchases of properties	4.2	4.2	–	–
Sales of properties	(3.6)	(3.6)	–	–
Production	(35.5)	(32.7)	(2.5)	(0.3)
December 31, 2022	303.6	263.6	39.5	0.5
Revisions of previous estimates	(10.8)	(8.9)	(1.8)	(0.1)
Improved recovery	0.4	–	0.4	–
Extensions and discoveries	22.5	8.9	1.5	12.1
Sales of properties	(2.0)	–	(2.0)	–
Production	(37.9)	(35.6)	(2.2)	(0.1)
December 31, 2023 ¹	275.8	228.0	35.4	12.4
Proved developed crude oil reserves:
December 31, 2020	179.8	161.4	18.4	–
December 31, 2021	191.5	174.9	16.0	0.5
December 31, 2022	209.0	194.4	14.2	0.4
December 31, 2023 ²	186.3	163.7	22.3	0.3
Proved undeveloped crude oil reserves:
December 31, 2020	86.7	79.2	7.5	–
December 31, 2021	99.9	80.0	19.8	0.1
December 31, 2022	94.6	69.2	25.3	0.1
December 31, 2023 ³	89.5	64.3	13.1	12.1

1 Includes total proved reserves of 14.0 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 11.7 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 2.3 MMBBL for Total and United States attributable to the noncontrolling interest in MP GOM.

4 Totals within the tables may not add as a result of rounding.

2023 Comments for Proved Crude Oil Reserves Changes

Revisions of previous estimates - The negative crude oil reserves revisions in 2023 resulted predominantly from impacts of lower commodity prices in the U.S. and performance adjustments in the Eagle Ford Shale and the U.S. Gulf of Mexico.

Extensions and discoveries - In 2023, proved oil reserves were added for drilling and expansion activities predominantly in the Eagle Ford Shale and Other international.

Purchases and sales of properties - In 2023, the Company divested a portion of its working interest in the Kaybob Duvernay and all of its Placid Montney assets in Canada.

2022 Comments for Proved Crude Oil Reserves Changes

Revisions of previous estimates - The positive crude oil reserves revisions in 2022 resulted predominantly from improved well performance in the U.S. Gulf of Mexico and impacts of higher commodity prices in the U.S.

Extensions and discoveries - In 2022, proved oil reserves were added for drilling and expansion activities predominantly in the U.S. Gulf of Mexico and the Eagle Ford Shale.

Purchases and sales of properties - In 2022, the Company acquired incremental working interests in two producing fields in the U.S. Gulf of Mexico and divested working interests in one field in the U.S. Gulf of Mexico and a portion of the Eagle Ford Shale.

2021 Comments for Proved Crude Oil Reserves Changes

(Millions of barrels)	Total	United States	Canada	Other
Proved developed and undeveloped NGL reserves:
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	–
Purchase of properties	0.1	0.1	–	–
Production	(3.8)	(3.4)	(0.4)	–
December 31, 2021	38.4	35.1	3.3	–
Revisions of previous estimates	4.4	3.9	0.5	–
Improved recovery	0.2	0.2	–	–
Extensions and discoveries	2.5	1.9	0.6	–
Purchases of properties	0.3	0.3	–	–
Sales of properties	(0.2)	(0.2)	–	–
Production	(3.9)	(3.6)	(0.3)	–
December 31, 2022	41.7	37.6	4.1	–
Revisions of previous estimates	(1.4)	(1.2)	(0.2)	–
Extensions and discoveries	2.0	1.7	0.3	–
Sales of properties	(0.6)	–	(0.6)	–
Production	(4.1)	(3.8)	(0.3)	–
December 31, 2023 ¹	37.6	34.3	3.3	–
Proved developed NGL reserves:
December 31, 2020	28.7	25.5	3.2	–
December 31, 2021	28.4	25.6	2.8	–
December 31, 2022	29.7	27.4	2.3	–
December 31, 2023 ²	25.9	24.1	1.8	–
Proved undeveloped NGL reserves:
December 31, 2020	9.5	9.1	0.4	–
December 31, 2021	10.0	9.5	0.5	–
December 31, 2022	12.0	10.2	1.8	–
December 31, 2023 ³	11.7	10.2	1.5	–

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

2 Includes proved developed reserves of 0.5 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.

2023 Comments for Proved Natural Gas Liquids Reserves Changes

Revisions of previous estimates - The negative NGL reserves revisions in 2023 resulted predominantly from impacts of lower commodity prices in the U.S. and performance adjustments in the Eagle Ford Shale. These revisions were partially offset by improvements in the U.S. Gulf of Mexico.

Extensions and discoveries - In 2023, proved NGL reserves were added for drilling and expansion activities predominantly in the U.S. at the Eagle Ford Shale.

Purchases and sales of properties - In 2023, the Company divested a portion of its working interest in the Kaybob Duvernay and all of its Placid Montney assets in Canada.

2022 Comments for Proved Natural Gas Liquids Reserves Changes

Revisions of previous estimates - The positive NGL reserves revisions in 2022 resulted predominantly from improved well performance in the U.S. Gulf of Mexico and the Eagle Ford Shale, as well as in Canada at Kaybob Duvernay.

Extensions and discoveries - In 2022, proved NGL reserves were added for drilling and expansion activities predominantly in the U.S. Gulf of Mexico and the Eagle Ford Shale, as well as in Canada at Tupper Montney and Kaybob Duvernay.

Purchases and sales of properties - In 2022, the Company acquired incremental working interests in two producing fields in the U.S. Gulf of Mexico and divested working interests in one field in the U.S. Gulf of Mexico and a portion of the Eagle Ford Shale.

2021 Comments for Proved Natural Gas Liquids Reserves Changes

(Billions of cubic feet)	Total	United States	Canada	Other
Proved developed and undeveloped natural gas reserves:
December 31, 2020	2,461.0	319.5	2,141.5	–
Revisions of previous estimates	(562.1)	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	2,322.3	320.3	2,001.8	0.2
Revisions of previous estimates	(309.8)	30.7	(340.5)	–
Improved recovery	2.6	2.6	–	–
Extensions and discoveries	352.4	15.7	336.7	–
Purchases of properties	2.9	2.9	–	–
Sale of properties	(3.6)	(3.6)	–	–
Production	(146.9)	(33.7)	(113.2)	–
December 31, 2022	2,219.9	334.9	1,884.8	0.2
Revisions of previous estimates	(6.9)	(19.0)	12.1	–
Extensions and discoveries	528.9	12.3	513.8	2.8
Sales of properties	(15.6)	–	(15.6)	–
Production	(170.1)	(35.1)	(135.0)	–
December 31, 2023 1,4	2,556.2	293.1	2,260.1	3.0
Proved developed natural gas reserves:
December 31, 2020	1,213.8	260.2	953.6	–
December 31, 2021	1,196.0	248.1	947.7	0.2
December 31, 2022	1,183.1	254.1	928.8	0.2
December 31, 2023 2,4	1,279.3	212.4	1,066.7	0.2
Proved undeveloped natural gas reserves:
December 31, 2020	1,247.2	59.3	1,187.9	–
December 31, 2021	1,126.4	72.2	1,054.1	–
December 31, 2022	1,036.8	80.8	956.0	–
December 31, 2023 ³	1,276.9	80.7	1,193.4	2.8

1 Includes total proved reserves of 5.3 BCF for Total and United States attributable to the noncontrolling interest in MP GOM.

2 Includes proved developed reserves of 3.8 BCF for Total and United States attributable to the noncontrolling interest in MP GOM.

3 Includes proved undeveloped reserves of 1.5 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 71.3 BCF, 41.9 BCF and 2.8 BCF for the U.S. Canada and Other, respectively, with 1.2 BCF attributable to the noncontrolling interest in MP GOM.

5 Totals within the tables may not add as a result of rounding.

2023 Comments for Proved Natural Gas Reserves Changes

Revisions of previous estimates - The negative natural gas reserves revisions in 2023 resulted predominantly from lower commodity prices in the U.S. and performance adjustments in Tupper Montney and the Eagle Ford Shale. These negative revisions were partially offset by positive revisions in the U.S. Gulf of Mexico, as well as reduced royalty rates and delayed royalty incentive payouts resulting from lower commodity prices in Canada at Tupper Montney.

Extensions and discoveries - In 2023, proved natural gas reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney.

Purchases and sales of properties - In 2023, the Company divested a portion of its working interest in the Kaybob Duvernay and all of its Placid Montney assets in Canada.

2022 Comments for Proved Natural Gas Reserves Changes

Revisions of previous estimates - The negative natural gas reserves revisions in 2022 resulted predominantly from increased royalty rates and accelerated royalty incentive payouts due to higher commodity prices in Canada at Tupper Montney.

Extensions and discoveries - In 2022, proved natural gas reserves were added for drilling and expansion activities predominantly in Canada at Tupper Montney, as well as in the U.S. Gulf of Mexico and Eagle Ford Shale.

Purchases and sales of properties - In 2022, the Company acquired incremental working interests in two producing fields in the U.S. Gulf of Mexico and divested working interests in one field in the U.S. Gulf of Mexico and a portion of Eagle Ford Shale.

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 interests at Terra Nova offshore Canada and in the U.S. Gulf of Mexico.

(Millions of dollars)	United States		Canada 1		Other		Total
Year ended December 31, 2023
Property acquisition costs
Unproved	$	–	$	–	$	8.5	$	8.5
Proved	12.8		–		14.3		27.1
Total acquisition costs	12.8		–		22.8		35.6
Exploration costs	157.8		0.4		39.9		198.1
Development costs	667.2		206.2		7.4		880.8
Total costs incurred	837.8		206.6		70.1		1,114.5
Charged to expense
Dry hole expense	153.1		–		16.7		169.8
Geophysical and other costs	13.4		0.4		40.3		54.1
Total charged to expense	166.5		0.4		57.0		223.9
Property additions	$	671.3	$	206.2	$	13.1	$	890.6
Year ended December 31, 2022
Property acquisition costs
Unproved	$	1.8	$	–	$	–	$	1.8
Proved	128.5		–		–		128.5
Total acquisition costs	130.3		–		–		130.3
Exploration costs	42.2		0.8		70.3		113.3
Development costs	704.9		208.5		4.3		917.7
Total costs incurred	877.4		209.3		74.6		1,161.3
Charged to expense
Dry hole expense	23.0		–		59.1		82.1
Geophysical and other costs	15.8		0.8		21.1		37.7
Total charged to expense	38.8		0.8		80.2		119.8
Property additions	$	838.6	$	208.5	$	(5.6)	$	1,041.5
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	31.7		0.4		30.1		62.2
Development costs	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

(Millions of dollars)	United States		Canada		Other		Total
Year ended December 31, 2023
Revenues
Crude oil and natural gas liquids sales	$	2,829.1	$	165.7	$	11.0	$	3,005.8
Natural gas sales	92.7		278.2		–		370.9
Sales of purchased natural gas	–		72.2		–		72.2
Total oil and natural gas revenues	2,921.8		516.1		11.0		3,448.9
Other operating revenues	6.5		1.4		–		7.9
Total revenues	2,928.3		517.5		11.0		3,456.8
Costs and expenses
Lease operating expenses	630.7		151.8		1.9		784.4
Severance and ad valorem taxes	41.4		1.4		–		42.8
Transportation, gathering and processing	157.0		76.0		–		233.0
Costs of purchased natural gas	–		51.7		–		51.7
Exploration costs charged to expense	166.5		0.4		57.0		223.9
Undeveloped lease amortization	8.1		0.1		2.7		10.9
Depreciation, depletion and amortization	706.0		142.2		2.3		850.5
Accretion of asset retirement obligations	37.8		7.8		0.4		46.0
Selling and general expenses	11.8		16.5		9.4		37.7
Other expenses (benefits)	31.2		16.8		8.9		56.9
Total costs and expenses	1,790.5		464.7		82.6		2,337.8
Results of operations before taxes	1,137.8		52.8		(71.6)		1,119.0
Income tax expense (benefit)	232.7		11.2		(6.1)		237.8
Results of operations	$	905.1	$	41.6	$	(65.5)	$	881.2
Year ended December 31, 2022
Revenues
Crude oil and natural gas liquids sales	$	3,210.3	$	267.5	$	22.8	$	3,500.6
Natural gas sales	225.3		312.6		–		537.9
Sales of purchased natural gas	0.2		181.5		–		181.7
Total oil and natural gas revenues	3,435.8		761.6		22.8		4,220.2
Other operating revenues	25.4		1.3		–		26.7
Total revenues	3,461.2		762.9		22.8		4,246.9
Costs and expenses
Lease operating expenses	522.7		155.1		1.5		679.3
Severance and ad valorem taxes	55.7		1.3		–		57.0
Transportation, gathering and processing	142.2		70.5		–		212.7
Costs of purchased natural gas	0.2		171.8		–		172.0
Exploration costs charged to expense	38.8		0.8		80.2		119.8
Undeveloped lease amortization	8.7		0.2		4.4		13.3
Depreciation, depletion and amortization	617.0		141.5		5.4		763.9
Accretion of asset retirement obligations	36.5		9.6		0.1		46.2
Selling and general expenses	20.4		21.9		2.2		44.5
Other expenses	126.3		12.4		3.1		141.8
Total costs and expenses	1,568.5		585.1		96.9		2,250.5
Results of operations before taxes	1,892.7		177.8		(74.1)		1,996.4
Income tax expense (benefit)	370.8		43.6		2.9		417.3
Results of operations	$	1,521.9	$	134.2	$	(77.0)	$	1,579.1

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, 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	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

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

(Millions of dollars)	United States		Canada		Other		Total
December 31, 2023
Future cash inflows	$	18,927.6	$	8,012.7	$	1,004.2	$	27,944.5
Future development costs	(1,685.3)		(769.6)		(304.3)		(2,759.2)
Future production costs	(7,856.2)		(4,223.6)		(288.7)		(12,368.5)
Future income taxes	(1,057.5)		(634.6)		(121.3)		(1,813.4)
Future net cash flows	8,328.6		2,384.9		289.9		11,003.4
10% annual discount for estimated timing of cash flows	(2,840.6)		(1,056.9)		(252.5)		(4,150.0)
Standardized measure of discounted future net cash flows	$	5,488.0	$	1,328.0	$	37.4	$	6,853.4
December 31, 2022
Future cash inflows	$	27,277.9	$	12,360.2	$	59.2	$	39,697.3
Future development costs	(1,594.5)		(642.4)		(1.4)		(2,238.3)
Future production costs	(8,297.4)		(4,199.0)		(12.1)		(12,508.5)
Future income taxes	(2,606.8)		(1,788.7)		(5.4)		(4,400.9)
Future net cash flows	14,779.2		5,730.1		40.3		20,549.6
10% annual discount for estimated timing of cash flows	(5,709.8)		(3,015.6)		(11.0)		(8,736.4)
Standardized measure of discounted future net cash flows	$	9,069.4	$	2,714.5	$	29.3	$	11,813.2
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

1 Includes noncontrolling interest in MP GOM.

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

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

(Millions of dollars)	2023		2022		2021
Net changes in prices and production costs 2	$	(5,845.6)	$	4,812.2	$	5,962.1
Net changes in development costs	(78.8)		(531.1)		(503.6)
Sales and transfers of oil and natural gas produced, net of production costs	(2,264.8)		(2,917.4)		(2,220.5)
Net change due to extensions and discoveries	770.4		1,223.5		908.5
Net change due to purchases and sales of proved reserves	(96.1)		102.1		63.1
Development costs incurred	703.7		769.3		619.3
Accretion of discount	1,393.3		802.6		267.2
Revisions of previous quantity estimates	(771.5)		1,652.9		277.1
Net change in income taxes	1,229.6		(1,399.9)		(692.8)
Net increase (decrease)	(4,959.8)		4,514.2		4,680.4
Standardized measure at January 1	11,813.2		7,299.0		2,618.6
Standardized measure at December 31	$	6,853.4	$	11,813.2	$	7,299.0

1  Includes noncontrolling interest in MP GOM.

2 The average prices used for 2023 were $78.22 per barrel for NYMEX crude oil (WTI) and $2.64 per MCF for natural gas (Henry Hub). The average prices used for 2022 were $93.67 per barrel for NYMEX crude oil (WTI) and $6.36 per MCF for natural gas (Henry Hub). 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).

(Millions of dollars)	United States		Canada		Other		Total
December 31, 2023
Unproved oil and natural gas properties	$	337.3	$	13.1	$	49.7	$	400.1
Proved oil and natural gas properties	15,868.4		4,716.0		153.7		20,738.1
Gross capitalized costs	16,205.7		4,729.1		203.4		21,138.2
Accumulated depreciation, depletion and amortization
Unproved oil and natural gas properties	(105.3)		–		(17.4)		(122.7)
Proved oil and natural gas properties	(9,552.9)		(3,233.7)		(42.8)		(12,829.4)
Net capitalized costs	$	6,547.5	$	1,495.4	$	143.2	$	8,186.1
December 31, 2022
Unproved oil and natural gas properties	$	494.6	$	19.2	$	135.1	$	648.9
Proved oil and natural gas properties	15,051.9		4,684.8		55.9		19,792.6
Gross capitalized costs	15,546.5		4,704.0		191.0		20,441.5
Accumulated depreciation, depletion and amortization
Unproved oil and natural gas properties	(117.8)		–		(14.7)		(132.5)
Proved oil and natural gas properties	(8,873.6)		(3,208.0)		(41.3)		(12,122.9)
Net capitalized costs	$	6,555.1	$	1,496.0	$	135.0	$	8,186.1

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.