Business Segments

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Business Segments

Note P – Business Segments

Information about business segments and geographic operations is reported in the following tables. For geographic purposes, revenues are attributed to the country in which the sale occurs. Corporate, including interest income, other gains and losses, interest expense and unallocated overhead, is shown in the table to reconcile the business segments to consolidated totals. The Company has accounted for its former United Kingdom (U.K.), Malaysia, and U.S. refining and marketing operations as discontinued operations for all periods presented.

Murphy’s President and Chief Executive Officer, Eric M. Hambly, acts as the Chief Operating Decision Maker (CODM).

“Other segment costs (income)” below are those items that are included in Segment income (loss) but are not regularly provided to the CODM, or are reported to the CODM but are not considered to be significant segment expenses. “Other segment costs (income)” for the periods presented included certain pension amortization costs allocated to the reportable segments, and dividend income from short-term investment accounts attributed to the Canada segment.

	Exploration and Production
(Millions of dollars)	United States 1		Canada		Other		Total E&P		Corporate, Other, and Discontinued Operations		Consolidated Total
Three Months Ended March 31, 2025
Revenue from production	$	507.4	$	165.3	$	—	$	672.7	$	—	$	672.7
Sales of purchased natural gas	—		—		—		—		—		—
Gain on sales of assets and other operating income	2.1		0.4		—		2.5		(9.5)		(7.0)
Revenues from external customers	509.5		165.7		—		675.2		(9.5)		665.7
Lease operating expenses
Lease operating expenses and taxes other than income	100.3		45.2		0.4		145.9		—		145.9
Repair and maintenance	10.2		1.6		—		11.8		—		11.8
Workovers	47.1		0.3		—		47.4		—		47.4
Total lease operating expenses	157.6		47.1		0.4		205.1		—		205.1
Severance and ad valorem taxes	8.4		0.3		—		8.7		—		8.7
Transportation, gathering and processing	28.7		20.2		—		48.9		—		48.9
Costs of purchased natural gas	—		—		—		—		—		—
Selling and general expenses	2.0		6.0		1.9		9.9		21.0		30.9
Exploration Expenses
Geological and geophysical	3.2		—		0.3		3.5		—		3.5
Dry holes and previously suspended exploration costs	0.2		—		—		0.2		—		0.2
Other exploratory costs, including undeveloped lease amortization and delay lease rentals	2.7		0.1		8.0		10.8		—		10.8
Total exploration expenses	6.1		0.1		8.3		14.5		—		14.5
Depreciation, depletion and amortization	159.4		32.4		0.1		191.9		2.3		194.2
Accretion of asset retirement obligations	11.3		2.5		0.2		14.0		—		14.0
Other operating expenses	2.6		0.9		0.1		3.6		2.0		5.6
Interest Income	(0.4)		—		—		(0.4)		(3.3)		(3.7)
Interest (expense), net of capitalization	—		—		—		—		23.5		23.5
Income tax expense
Current income tax expense	0.5		13.7		—		14.2		2.1		16.3
Deferred income tax expense (benefit)	24.5		0.6		—		25.1		(8.7)		16.4
Total income tax expense	25.0		14.3		—		39.3		(6.6)		32.7
Other segment costs (income)	0.9		0.4		0.2		1.5		0.4		1.9
Segment income (loss) - including NCI 1	$	107.9	$	41.5	$	(11.2)	$	138.2	$	(48.8)	$	89.4
Additions to property, plant, equipment	$	317.1	$	55.4	$	35.3	$	407.8	$	4.2	$	412.0
Total assets at quarter-end	7,046.3		1,963.4		345.7		9,355.4		464.9		9,820.3

1 Includes results attributable to a noncontrolling interest in MP GOM.

	Exploration and Production
(Millions of dollars)	United States 1		Canada		Other		Total E&P		Corporate, Other, and Discontinued Operations		Consolidated Total
Three Months Ended March 31, 2024
Revenue from production	$	658.4	$	136.3	$	(0.1)	$	794.6	$	—	$	794.6
Sales of purchased natural gas	—		0.2		—		0.2		—		0.2
Gain on sales of assets and other operating income	1.2		0.4		—		1.6		—		1.6
Revenues from external customers	659.6		136.9		(0.1)		796.4		—		796.4
Lease operating expenses
Lease operating expenses and taxes other than income	120.2		46.7		0.2		167.1		—		167.1
Repair and maintenance	11.0		0.6		—		11.6		—		11.6
Workovers	55.4		0.2		—		55.6		—		55.6
Total lease operating expenses	186.6		47.5		0.2		234.3		—		234.3
Severance and ad valorem taxes	9.8		0.3		—		10.1		—		10.1
Transportation, gathering and processing	36.6		19.9		—		56.5		0.1		56.6
Costs of purchased natural gas	—		0.2		—		0.2		—		0.2
Selling and general expenses	(0.2)		5.1		1.2		6.1		25.0		31.1
Exploration Expenses
Geological and geophysical	0.6		—		0.8		1.4		—		1.4
Dry holes and previously suspended exploration costs	31.2		—		1.2		32.4		—		32.4
Other exploratory costs, including undeveloped lease amortization and delay lease rentals	3.4		0.1		7.1		10.6		—		10.6
Total exploration expenses	35.2		0.1		9.1		44.4		—		44.4
Depreciation, depletion and amortization	174.0		34.3		—		208.3		2.8		211.1
Impairment of assets	34.5		—		—		34.5		—		34.5
Accretion of asset retirement obligations	10.4		2.1		0.3		12.8		—		12.8
Other operating expenses	6.3		0.9		0.1		7.3		—		7.3
Interest Income	(0.7)		—		—		(0.7)		(2.9)		(3.6)
Interest expense, net of capitalization	—		0.1		—		0.1		19.9		20.0
Income tax expense
Current income tax expense	1.0		5.8		—		6.8		3.9		10.7
Deferred income tax expense (benefit)	29.8		1.1		(0.3)		30.6		(11.2)		19.4
Total income tax expense (benefit)	30.8		6.9		(0.3)		37.4		(7.3)		30.1
Other segment costs (income)	1.8		0.1		0.1		2.0		(9.2)		(7.2)
Segment income (loss) - including NCI 1	$	134.5	$	19.4	$	(10.8)	$	143.1	$	(28.4)	$	114.7
Additions to property, plant, equipment	$	155.3	$	67.2	$	2.9	$	225.4	$	4.2	$	229.6
Total assets at quarter-end	7,030.7		2,059.1		210.2		9,300.0		368.7		9,668.7

1 Includes results attributable to a noncontrolling interest in MP GOM.