v3.25.2
Business Segments
 6 Months Ended
Jun. 30, 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
CanadaOtherTotal
E&P
Corporate,
Other, and Discontinued Operations
Consolidated
Total
Three Months Ended June 30, 2025
Revenue from production
$552.2 $127.9 $2.9 $683.0 $— $683.0 
Gain on sales of assets and other operating income
1.3 0.4 — 1.7 13.1 14.8 
Revenues from external customers553.5 128.3 2.9 684.7 13.1 697.8 
Lease operating expenses
Lease operating expenses and taxes other than income
100.0 46.6 0.9 147.5 — 147.5 
Repair and maintenance
13.9 1.1 — 15.0 — 15.0 
Workovers52.6 0.5 — 53.1 — 53.1 
Total lease operating expenses
166.5 48.2 0.9 215.6 — 215.6 
Severance and ad valorem taxes10.5 0.3 — 10.8 — 10.8 
Transportation, gathering and processing30.3 23.8 — 54.1 — 54.1 
Costs of purchased natural gas
— — — — — — 
Selling and general expenses4.8 5.7 2.6 13.1 23.8 36.9 
Exploration Expenses
Geological and geophysical0.7 — 0.2 0.9 — 0.9 
Dry holes and previously suspended exploration costs
(1.0)— 0.1 (0.9)— (0.9)
Other exploratory costs, including undeveloped lease amortization and delay lease rentals
3.6 — 6.8 10.4 — 10.4 
Total exploration expenses3.3 — 7.1 10.4 — 10.4 
Depreciation, depletion and amortization218.3 38.1 1.2 257.6 1.7 259.3 
Accretion of asset retirement obligations11.6 2.6 0.2 14.4 — 14.4 
Other operating expenses
1.3 0.7 (1.4)0.6 1.2 1.8 
Interest Income(0.5)— — (0.5)(2.7)(3.2)
Interest expense, net of capitalization
— 0.2 — 0.2 24.9 25.1 
Income tax expense
Current income tax expense (benefit)
0.7 0.3 0.2 1.2 (5.0)(3.8)
Deferred income tax expense (benefit)
19.2 (2.2)(0.7)16.3 (11.5)4.8 
Total income tax expense (benefit)
19.9 (1.9)(0.5)17.5 (16.5)1.0 
Other segment costs (income)
1.0 0.1 0.1 1.2 35.3 36.5 
Segment income (loss) - including NCI 1
$86.5 $10.5 $(7.3)$89.7 $(54.6)$35.1 
Additions to property, plant, equipment$176.2 $45.7 $20.8 $242.7 $2.7 $245.4 
Total assets at quarter-end
6,984.9 2,038.6 364.4 9,387.9 451.69,839.5 
1 Includes results attributable to a noncontrolling interest in MP GOM.
Exploration and Production
(Millions of dollars)
United
States 1
CanadaOtherTotal
E&P		Corporate,
Other, and Discontinued Operations		Consolidated
Total
Three Months Ended June 30, 2024
Revenue from production
$678.1 $115.1 $4.3 $797.5 $— $797.5 
Sales of purchased natural gas
— 3.5 — 3.5 — 3.5 
Gain on sales of assets and other operating income
1.4 0.4 — 1.8 — 1.8 
Revenues from external customers679.5 119.0 4.3 802.8 — 802.8 
Lease operating expenses
Lease operating expenses and taxes other than income
120.4 43.7 0.5 164.6 — 164.6 
Repair and maintenance
15.7 0.9 — 16.6 — 16.6 
Workovers76.1 2.3 — 78.4 — 78.4 
Total lease operating expenses
212.2 46.9 0.5 259.6 — 259.6 
Severance and ad valorem taxes10.0 0.4 — 10.4 — 10.4 
Transportation, gathering and processing34.2 19.3 — 53.5 — 53.5 
Costs of purchased natural gas
— 3.0 — 3.0 — 3.0 
Selling and general expenses(3.4)4.5 1.8 2.9 20.0 22.9 
Exploration Expenses
Geological and geophysical3.0 0.1 5.0 8.1 — 8.1 
Dry holes and previously suspended exploration costs
25.8 — — 25.8 — 25.8 
Other exploratory costs, including undeveloped lease amortization and delay lease rentals
3.8 0.1 4.9 8.8 — 8.8 
Total exploration expenses32.6 0.2 9.9 42.7 — 42.7 
Depreciation, depletion and amortization175.0 37.0 0.9 212.9 2.6 215.5 
Impairment of assets— — — — — — 
Accretion of asset retirement obligations10.8 2.1 0.2 13.1 — 13.1 
Other operating expenses
(3.1)1.1 0.1 (1.9)(0.3)(2.2)
Interest Income(20.1)— — (20.1)(2.7)(22.8)
Interest expense, net of capitalization— 0.1 — 0.1 20.8 20.9 
Income tax expense
Current income tax expense (benefit)
1.1 (3.5)0.3 (2.1)0.3 (1.8)
Deferred income tax expense (benefit)
42.7 (0.7)0.6 42.6 (8.2)34.4 
Total income tax expense (benefit)
43.8 (4.2)0.9 40.5 (7.9)32.6 
Other segment costs (income)
1.8 (0.3)0.1 1.6 (4.2)(2.6)
Segment income (loss) - including NCI 1
$185.7 $8.9 $(10.1)$184.5 $(28.3)$156.2 
Additions to property, plant, equipment$195.2 $42.1 $12.1 $249.4 $4.3 $253.7 
Total assets at quarter-end
7,222.6 2,050.5 244.2 9,517.3 376.4 9,893.7 
1 Includes results attributable to a noncontrolling interest in MP GOM.
Exploration and Production
(Millions of dollars)
United
States 1
CanadaOtherTotal
E&P
Corporate,
Other, and Discontinued Operations
Consolidated
Total
Six Months Ended June 30, 2025
Revenue from production
$1,059.7 $293.2 $2.9 $1,355.8 $— $1,355.8 
Gain on sales of assets and other operating income
3.3 0.8 — 4.1 3.6 7.7 
Revenues from external customers1,063.0 294.0 2.9 1,359.9 3.6 1,363.5 
Lease operating expenses
Lease operating expenses and taxes other than income
200.3 91.9 1.2 293.4 — 293.4 
Repair and maintenance
24.1 2.6 — 26.7 — 26.7 
Workovers99.7 0.8 — 100.5 — 100.5 
Total lease operating expenses
324.1 95.3 1.2 420.6 — 420.6 
Severance and ad valorem taxes18.8 0.7 — 19.5 — 19.5 
Transportation, gathering and processing59.0 43.9 — 102.9 — 102.9 
Costs of purchased natural gas
— — — — — — 
Selling and general expenses6.8 11.7 4.5 23.0 44.8 67.8 
Exploration Expenses
Geological and geophysical3.9 — 0.5 4.4 — 4.4 
Dry holes and previously suspended exploration costs
(0.8)— 0.1 (0.7)— (0.7)
Other exploratory costs, including undeveloped lease amortization and delay lease rentals
6.3 0.1 14.8 21.2 — 21.2 
Total exploration expenses9.4 0.1 15.4 24.9 — 24.9 
Depreciation, depletion and amortization377.6 70.5 1.3 449.4 4.1 453.5 
Accretion of asset retirement obligations23.0 5.1 0.4 28.5 — 28.5 
Other operating expenses
4.0 1.7 (1.3)4.4 3.1 7.5 
Interest Income(0.9)— — (0.9)(6.0)(6.9)
Interest expense, net of capitalization
— — 0.1 0.1 48.5 48.6 
Income tax expense
Current income tax expense (benefit)
1.3 14.0 0.2 15.5 (2.9)12.6 
Deferred income tax expense (benefit)
43.7 (1.6)(0.7)41.4 (20.2)21.2 
Total income tax expense (benefit)
45.0 12.4 (0.5)56.9 (23.1)33.8 
Other segment cost
1.8 0.6 0.3 2.7 35.6 38.3 
Segment income (loss) - including NCI 1
$194.4 $52.0 $(18.5)$227.9 $(103.4)$124.5 
Additions to property, plant, equipment$493.2 $101.1 $56.1 $650.4 $7.0 $657.4 
Total assets at quarter-end
6,984.9 2,038.6 364.4 9,387.9 451.69,839.5 
1 Includes results attributable to a noncontrolling interest in MP GOM.
Exploration and Production
(Millions of dollars)
United
States 1
CanadaOtherTotal
E&P		Corporate,
Other, and Discontinued Operations		Consolidated
Total
Six Months Ended June 30, 2024
Revenue from production
$1,336.5 $251.5 $4.2 $1,592.2 $— $1,592.2 
Sales of purchased natural gas
— 3.7 — 3.7 — 3.7 
Gain on sales of assets and other operating income
2.6 0.7 — 3.3 — 3.3 
Revenues from external customers1,339.1 255.9 4.2 1,599.2 — 1,599.2 
Lease operating expenses
Lease operating expenses and taxes other than income
240.6 90.4 0.7 331.7 — 331.7 
Repair and maintenance
26.8 1.4 — 28.2 — 28.2 
Workovers131.5 2.5 — 134.0 — 134.0 
Total lease operating expenses
398.9 94.3 0.7 493.9 — 493.9 
Severance and ad valorem taxes19.8 0.7 — 20.5 — 20.5 
Transportation, gathering and processing70.8 39.2 — 110.0 — 110.0 
Costs of purchased natural gas
— 3.1 — 3.1 — 3.1 
Selling and general expenses(3.5)9.6 3.0 9.1 45.0 54.1 
Exploration Expenses
Geological and geophysical3.7 0.1 5.9 9.7 — 9.7 
Dry holes and previously suspended exploration costs
57.1 — 1.2 58.3 — 58.3 
Other exploratory costs, including undeveloped lease amortization and delay lease rentals
7.1 — 12.0 19.1 — 19.1 
Total exploration expenses67.9 0.1 19.1 87.1 — 87.1 
Depreciation, depletion and amortization349.0 71.3 0.9 421.2 5.5 426.7 
Impairment of assets34.5 — — 34.5 — 34.5 
Accretion of asset retirement obligations21.1 4.3 0.4 25.8 — 25.8 
Other operating expenses3.2 2.0 0.1 5.3 (0.3)5.0 
Interest Income(20.8)— — (20.8)(5.5)(26.3)
Interest expense, net of capitalization
— 0.2 0.1 0.3 40.7 41.0 
Income tax expense
Current income tax expense
2.0 2.2 0.3 4.5 4.2 8.7 
Deferred income tax expense (benefit)
72.5 0.5 0.3 73.3 (19.3)54.0 
Total income tax expense (benefit)
74.5 2.7 0.6 77.8 (15.1)62.7 
Other segment costs (income)
3.5 0.1 0.2 3.8 (13.6)(9.8)
Segment income (loss) - including NCI 1
$320.2 $28.3 $(20.9)$327.6 $(56.7)$270.9 
Additions to property, plant, equipment$350.5 $109.3 $15.0 $474.8 $8.4 $483.2 
Total assets at quarter-end
7,222.6 2,050.5 244.2 9,517.3 376.4 9,893.7 
1 Includes results attributable to a noncontrolling interest in MP GOM.