MURPHY OIL CORPMUR
MURPHY OIL CORP Segments Disclosure
Note S – Business Segments
Murphy’s reportable segments are organized into geographic areas of operations. The Company’s E&P activity is subdivided into segments for the U.S., Canada and all other countries. Each of these segments derive revenues primarily from the sale of crude oil, NGLs and/or natural gas. The Company’s management team and Chief Operating Decision Maker (CODM) evaluates segment performance based on income (loss) from operations, excluding interest income and interest expense, and allocates financial and capital resources for each segment predominantly in the annual budget and forecasting process. The CODM also considers budget-to-actual variances on a monthly basis for the performance measure when making decisions about allocating capital and personnel to the segments. Murphy’s President and Chief Executive Officer, Eric M. Hambly, acts as the CODM.
Customers that accounted for 10% or more of the Company’s sales revenue for each of the below three years ended December 31, are shown below.
| 2025 | 2024 | 2023 | |||||||||||||||
| Chevron Corporation | 19 | % | 13 | % | 16 | % | |||||||||||
| ExxonMobil Corporation | 12 | % | 20 | % | 27 | % | |||||||||||
| Phillips 66 | N/A | 10 | % | N/A | |||||||||||||
Due to the quantity of active oil and natural gas purchasers in the markets where it produces hydrocarbons, the Company does not foresee any difficulty with selling its hydrocarbon production at fair market prices.
No assets were held for sale as of December 31, 2025 and 2024. The Company has accounted for its former U.K., Malaysia and U.S. refining and marketing operations as discontinued operations for all periods presented.
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 includes interest income, other gains and losses, interest expense and unallocated overhead and is shown in the tables to reconcile the business segments to consolidated totals.
“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 years 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, and Discontinued Operations | Consolidated Total | |||||||||||||||||||||||||||||
| Year ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
Revenue from production | $ | 2,153.9 | $ | 530.2 | $ | 5.7 | $ | 2,689.8 | $ | — | $ | 2,689.8 | |||||||||||||||||||||||
Gain on sales of assets and other operating income | 5.9 | 1.7 | 10.0 | 17.6 | 13.8 | 31.4 | |||||||||||||||||||||||||||||
Total revenues and other income | 2,159.8 | 531.9 | 15.7 | 2,707.4 | 13.8 | 2,721.2 | |||||||||||||||||||||||||||||
Lease operating expenses | |||||||||||||||||||||||||||||||||||
Lease operating expenses and taxes other than income | 391.4 | 178.9 | 2.5 | 572.8 | — | 572.8 | |||||||||||||||||||||||||||||
Repair and maintenance | 60.8 | 5.1 | — | 65.9 | — | 65.9 | |||||||||||||||||||||||||||||
| Workovers | 124.9 | 1.6 | — | 126.5 | — | 126.5 | |||||||||||||||||||||||||||||
Total lease operating expenses | 577.1 | 185.6 | 2.5 | 765.2 | — | 765.2 | |||||||||||||||||||||||||||||
| Severance and ad valorem taxes | 37.7 | 1.5 | — | 39.2 | — | 39.2 | |||||||||||||||||||||||||||||
| Transportation, gathering and processing | 107.0 | 92.7 | — | 199.7 | — | 199.7 | |||||||||||||||||||||||||||||
| Selling and general expenses | 13.7 | 23.7 | 8.8 | 46.2 | 91.1 | 137.3 | |||||||||||||||||||||||||||||
Exploration expenses | |||||||||||||||||||||||||||||||||||
| Geological and geophysical | 27.2 | 0.1 | 8.7 | 36.0 | — | 36.0 | |||||||||||||||||||||||||||||
Dry holes and previously suspended exploration costs | (0.9) | — | 31.0 | 30.1 | — | 30.1 | |||||||||||||||||||||||||||||
Other exploratory costs, including undeveloped lease amortization and delay lease rentals | 14.7 | 0.3 | 30.6 | 45.6 | — | 45.6 | |||||||||||||||||||||||||||||
| Total exploration expenses | 41.0 | 0.4 | 70.3 | 111.7 | — | 111.7 | |||||||||||||||||||||||||||||
| Depreciation, depletion and amortization | 822.1 | 144.8 | 2.5 | 969.4 | 8.4 | 977.8 | |||||||||||||||||||||||||||||
| Impairment of assets | 115.0 | — | — | 115.0 | — | 115.0 | |||||||||||||||||||||||||||||
| Accretion of asset retirement obligations | 46.6 | 10.3 | 0.7 | 57.6 | 0.1 | 57.7 | |||||||||||||||||||||||||||||
Other operating expenses (income) | 10.8 | 1.8 | (0.9) | 11.7 | 2.2 | 13.9 | |||||||||||||||||||||||||||||
Interest income | (1.7) | — | — | (1.7) | (11.8) | (13.5) | |||||||||||||||||||||||||||||
Interest expense, net of capitalization | 0.1 | 0.1 | 0.2 | 0.4 | 95.7 | 96.1 | |||||||||||||||||||||||||||||
Income tax expense (benefit) | |||||||||||||||||||||||||||||||||||
Current income tax expense (benefit) | 0.8 | 10.6 | 0.3 | 11.7 | (1.8) | 9.9 | |||||||||||||||||||||||||||||
Deferred income tax expense (benefit) | 76.9 | 4.0 | (2.4) | 78.5 | (43.8) | 34.7 | |||||||||||||||||||||||||||||
Total income tax expense (benefit) | 77.7 | 14.6 | (2.1) | 90.2 | (45.6) | 44.6 | |||||||||||||||||||||||||||||
Other segment costs | 4.2 | 1.6 | 0.3 | 6.1 | 31.6 | 37.7 | |||||||||||||||||||||||||||||
Segment income (loss) - including NCI 1 | $ | 308.5 | $ | 54.8 | $ | (66.6) | $ | 296.7 | $ | (157.9) | $ | 138.8 | |||||||||||||||||||||||
| Additions to property, plant, equipment | $ | 763.5 | $ | 152.5 | $ | 180.9 | $ | 1,096.9 | $ | 21.2 | $ | 1,118.1 | |||||||||||||||||||||||
| Total assets at year-end | 6,771.3 | 2,000.0 | 598.1 | 9,369.4 | 463.2 | 9,832.6 | |||||||||||||||||||||||||||||
1 Includes results attributable to the noncontrolling interest in MP GOM.
| Exploration and Production | |||||||||||||||||||||||||||||||||||
(Millions of dollars) | United States 1 | Canada | Other | Total E&P | Corporate, and Discontinued Operations | Consolidated Total | |||||||||||||||||||||||||||||
| Year ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
Revenue from production | $ | 2,503.8 | $ | 504.5 | $ | 6.6 | $ | 3,014.9 | $ | — | $ | 3,014.9 | |||||||||||||||||||||||
Sales of purchased natural gas | — | 3.7 | — | 3.7 | — | 3.7 | |||||||||||||||||||||||||||||
Gain on sales of assets and other operating income | 4.5 | 1.5 | — | 6.0 | 3.9 | 9.9 | |||||||||||||||||||||||||||||
Total revenues and other income | 2,508.3 | 509.7 | 6.6 | 3,024.6 | 3.9 | 3,028.5 | |||||||||||||||||||||||||||||
Lease operating expenses | |||||||||||||||||||||||||||||||||||
Lease operating expenses and taxes other than income | 471.3 | 176.8 | 1.6 | 649.7 | — | 649.7 | |||||||||||||||||||||||||||||
Repair and maintenance | 63.7 | 4.8 | — | 68.5 | — | 68.5 | |||||||||||||||||||||||||||||
| Workovers | 214.9 | 3.9 | — | 218.8 | — | 218.8 | |||||||||||||||||||||||||||||
Total lease operating expenses | 749.9 | 185.5 | 1.6 | 937.0 | — | 937.0 | |||||||||||||||||||||||||||||
| Severance and ad valorem taxes | 37.8 | 1.4 | — | 39.2 | — | 39.2 | |||||||||||||||||||||||||||||
| Transportation, gathering and processing | 130.9 | 79.9 | — | 210.8 | — | 210.8 | |||||||||||||||||||||||||||||
Costs of purchased natural gas | — | 3.1 | — | 3.1 | — | 3.1 | |||||||||||||||||||||||||||||
| Selling and general expenses | (3.3) | 20.4 | 6.7 | 23.8 | 89.1 | 112.9 | |||||||||||||||||||||||||||||
Exploration expenses | — | ||||||||||||||||||||||||||||||||||
| Geological and geophysical | 14.4 | 0.2 | 12.6 | 27.2 | — | 27.2 | |||||||||||||||||||||||||||||
Dry holes and previously suspended exploration costs | 70.9 | — | 2.3 | 73.2 | — | 73.2 | |||||||||||||||||||||||||||||
Other exploratory costs, including undeveloped lease amortization and delay lease rentals | 10.9 | 0.3 | 21.9 | 33.1 | — | 33.1 | |||||||||||||||||||||||||||||
| Total exploration expenses | 96.2 | 0.5 | 36.8 | 133.5 | — | 133.5 | |||||||||||||||||||||||||||||
| Depreciation, depletion and amortization | 709.2 | 146.0 | 1.7 | 856.9 | 8.9 | 865.8 | |||||||||||||||||||||||||||||
| Impairment of assets | 62.9 | — | — | 62.9 | — | 62.9 | |||||||||||||||||||||||||||||
| Accretion of asset retirement obligations | 43.1 | 8.6 | 0.7 | 52.4 | 0.1 | 52.5 | |||||||||||||||||||||||||||||
Other operating expenses (income) | 9.3 | 2.8 | 2.1 | 14.2 | (3.2) | 11.0 | |||||||||||||||||||||||||||||
Interest income | (22.0) | — | — | (22.0) | (12.2) | (34.2) | |||||||||||||||||||||||||||||
Interest expense, net of capitalization | 0.2 | 0.4 | 0.2 | 0.8 | 105.1 | 105.9 | |||||||||||||||||||||||||||||
Income tax expense (benefit) | |||||||||||||||||||||||||||||||||||
Current income tax expense (benefit) | 1.5 | 3.2 | 0.2 | 4.9 | 0.9 | 5.8 | |||||||||||||||||||||||||||||
Deferred income tax expense (benefit) | 123.8 | 8.8 | (31.2) | 101.4 | (28.9) | 72.5 | |||||||||||||||||||||||||||||
Total income tax expense (benefit) | 125.3 | 12.0 | (31.0) | 106.3 | (28.0) | 78.3 | |||||||||||||||||||||||||||||
Other segment costs (income) | 6.9 | 0.1 | 0.3 | 7.3 | (44.0) | (36.7) | |||||||||||||||||||||||||||||
Segment income (loss) - including NCI 1 | $ | 561.9 | $ | 49.0 | $ | (12.5) | $ | 598.4 | $ | (111.9) | $ | 486.5 | |||||||||||||||||||||||
| Additions to property, plant, equipment | $ | 601.7 | $ | 137.9 | $ | 71.8 | $ | 811.4 | $ | 29.2 | $ | 840.6 | |||||||||||||||||||||||
| Total assets at year-end | 6,953.8 | 1,919.8 | 302.0 | 9,175.6 | 491.9 | 9,667.5 | |||||||||||||||||||||||||||||
1 Includes results attributable to the noncontrolling interest in MP GOM.
| Exploration and Production | |||||||||||||||||||||||||||||||||||
(Millions of dollars) | United States 1 | Canada | Other | Total E&P | Corporate, and Discontinued Operations | Consolidated Total | |||||||||||||||||||||||||||||
| Year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
Revenue from production | $ | 2,921.8 | $ | 443.8 | $ | 11.0 | $ | 3,376.6 | $ | — | $ | 3,376.6 | |||||||||||||||||||||||
Sales of purchased natural gas | — | 72.2 | — | 72.2 | — | 72.2 | |||||||||||||||||||||||||||||
Gain on sales of assets and other operating income | 6.5 | 1.5 | — | 8.0 | 3.3 | 11.3 | |||||||||||||||||||||||||||||
Total revenues and other income | 2,928.3 | 517.5 | 11.0 | 3,456.8 | 3.3 | 3,460.1 | |||||||||||||||||||||||||||||
Lease operating expenses | |||||||||||||||||||||||||||||||||||
Lease operating expenses and taxes other than income | 532.3 | 144.7 | 1.9 | 678.9 | — | 678.9 | |||||||||||||||||||||||||||||
Repair and maintenance | 53.2 | 5.0 | — | 58.2 | — | 58.2 | |||||||||||||||||||||||||||||
| Workovers | 45.2 | 2.1 | — | 47.3 | — | 47.3 | |||||||||||||||||||||||||||||
Total lease operating expenses | 630.7 | 151.8 | 1.9 | 784.4 | — | 784.4 | |||||||||||||||||||||||||||||
| Severance and ad valorem taxes | 41.4 | 1.4 | — | 42.8 | — | 42.8 | |||||||||||||||||||||||||||||
| Transportation, gathering and processing | 157.0 | 76.0 | — | 233.0 | — | 233.0 | |||||||||||||||||||||||||||||
Costs of purchased natural gas | — | 51.7 | — | 51.7 | — | 51.7 | |||||||||||||||||||||||||||||
| Selling and general expenses | 11.8 | 16.5 | 9.4 | 37.7 | 81.2 | 118.9 | |||||||||||||||||||||||||||||
Exploration expenses | — | ||||||||||||||||||||||||||||||||||
| Geological and geophysical | 6.6 | 0.1 | 19.4 | 26.1 | — | 26.1 | |||||||||||||||||||||||||||||
Dry holes and previously suspended exploration costs | 153.1 | — | 16.7 | 169.8 | — | 169.8 | |||||||||||||||||||||||||||||
Other exploratory costs, including undeveloped lease amortization and delay lease rentals | 14.9 | 0.4 | 23.6 | 38.9 | — | 38.9 | |||||||||||||||||||||||||||||
| Total exploration expenses | 174.6 | 0.5 | 59.7 | 234.8 | — | 234.8 | |||||||||||||||||||||||||||||
| Depreciation, depletion and amortization | 706.0 | 142.2 | 2.3 | 850.5 | 11.0 | 861.5 | |||||||||||||||||||||||||||||
| Accretion of asset retirement obligations | 37.8 | 7.8 | 0.4 | 46.0 | 0.1 | 46.1 | |||||||||||||||||||||||||||||
Other operating expenses (income) | 27.2 | 15.5 | 8.1 | 50.8 | (4.4) | 46.4 | |||||||||||||||||||||||||||||
Interest income | (3.3) | — | — | (3.3) | (9.3) | (12.6) | |||||||||||||||||||||||||||||
Interest expense, net of capitalization | 0.1 | 0.2 | 0.2 | 0.5 | 111.9 | 112.4 | |||||||||||||||||||||||||||||
Income tax expense (benefit) | |||||||||||||||||||||||||||||||||||
Current income tax expense (benefit) | 3.1 | 3.7 | 0.6 | 7.4 | 8.8 | 16.2 | |||||||||||||||||||||||||||||
Deferred income tax expense (benefit) | 229.6 | 7.5 | (6.7) | 230.4 | (50.6) | 179.8 | |||||||||||||||||||||||||||||
Total income tax expense (benefit) | 232.7 | 11.2 | (6.1) | 237.8 | (41.8) | 196.0 | |||||||||||||||||||||||||||||
Other segment costs | 7.2 | 1.1 | 0.6 | 8.9 | 12.1 | 21.0 | |||||||||||||||||||||||||||||
Segment income (loss) - including NCI 1 | $ | 905.1 | $ | 41.6 | $ | (65.5) | $ | 881.2 | $ | (157.5) | $ | 723.7 | |||||||||||||||||||||||
| Additions to property, plant, equipment | $ | 671.3 | $ | 206.2 | $ | 13.1 | $ | 890.6 | $ | 24.2 | $ | 914.8 | |||||||||||||||||||||||
| Total assets at year-end | 7,107.0 | 2,080.0 | 213.3 | 9,400.2 | 366.5 | 9,766.7 | |||||||||||||||||||||||||||||
1 Includes results attributable to the noncontrolling interest in MP GOM.
| Geographic Information | Certain long-lived assets at December 31 1 | ||||||||||||||||||||||
(Millions of dollars) | United States | Canada | Other | Total | |||||||||||||||||||
| 2025 | $ | 6,236.8 | $ | 1,460.6 | $ | 438.9 | $ | 8,136.3 | |||||||||||||||
| 2024 | 6,415.9 | 1,389.5 | 249.2 | 8,054.6 | |||||||||||||||||||
| 2023 | 6,555.0 | 1,497.3 | 172.8 | 8,225.1 | |||||||||||||||||||
1 Certain long-lived assets at December 31 represent total non-current assets, excluding investments, right-of-use operating lease assets, non-current receivables, deferred tax assets and other intangible assets.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.