Murphy Oil Corporation (NYSE:MUR) Q1 2022 Earnings Conference Call May 4, 2022 9:00 AM ET

Company Participants

Kelly Whitley – Vice President, Investor Relations and Communications

Roger Jenkins – President and Chief Executive Officer

David Looney – Executive Vice President and Chief Financial Officer

Molly Smith – Vice President, Drilling and Completions

Conference Call Participants

Arun Jayaram – JPMorgan

Paul Cheng – Scotia Bank

Neal Dingmann – Truist Securities

Neil Mehta – Goldman Sachs

Charles Meade – Johnson Rice

Roger Read – Wells Fargo

Leo Mariani – KeyBanc

Kelly Whitley

Good morning, everyone, and thank you for joining us on our First Quarter Earnings Call today. Joining us is Roger Jenkins, President and Chief Executive Officer; along with David Looney, Executive Vice President and Chief Financial Officer; and Tom Mireles, Senior Vice President, Technical Services. Eric Hambly, our Executive Vice President of Operations is currently attending a Harvard University executive program. In the interim Molly Smith, Vice President, Drilling and Completions has temporarily assumed his responsibilities.

Please refer to the informational slides we have placed on the Investor Relations section of our website as you follow along with our webcast today. Throughout today’s call, production numbers, reserves and financial amounts are adjusted to exclude non-controlling interest in the Gulf of Mexico.

Slide 1, please keep in mind that some of the comments made during this call will be considered forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. As such, no assurance can be given that these events will occur or that the projections will be attained. A variety of factors exist that may cause actual results to differ. For further discussion of risk factors, see Murphy’s 2021 Annual Report on Form 10-K on file with the SEC. Murphy takes no duty to publicly update or revise any forward-looking statement.

I will now turn the call over to Roger Jenkins.

Roger Jenkins

Thank you, Kelly. Good morning, everyone, and thanks for listening to our call today. Turning to Slide 2, Murphy continues to deliver a strong value proposition. Our ongoing execution excellence from our three producing areas proves that we are a long-term sustainable company. Our competitive advantage is continually reinforced most recently with the achievement of first oil ahead of schedule from the Khaleesi, Mormont, Samurai and King’s Quay floating production system in April.

We continue to generate strong cash flow with higher oil prices realized this year, we’ve been able to increase our shareholder returns through quarterly dividend raises as well as accelerate our debt reduction goals. Lastly, our meaningful level of Board, management ownership highlights our personal interests in the company’s long-term success.