Murphy Oil Corporation

first quarter 2025 earnings conference call and webcast. If at any time during this call we need assistance, please press star zero for the operator. This call is being recorded on Thursday, May 8th of 2025. I would now like to turn the conference over to Kelly Withley, Vice President, Investor Relations and Communications. Please go ahead.

Thank you, operator. Good morning, everyone, and thank you for joining us on our first quarter earnings call today. With me are Eric Hambly, President and Chief Executive Officer, Tom Morales, Executive Vice President and Chief Financial Officer, and Chris Louino, Senior Vice President, Operations. 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 America. Slide two. Please keep in mind that some of the comments made during this call will be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. As such, no assurances 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 2024 annual report on Form 10-K on file with the SEC. Murphy takes no duty to publicly update or revise any forward-looking statements. I will now turn the call over to Eric Hambly.

Eric? Thank you, Kelly. Good morning, everyone, and thank you for joining us on our call today. Looking back on the first quarter, I'd like to thank our employees for staying with it as we continue executing our plans. I believe we've turned a corner with our operations, and I'm pleased at our recent success. Turning to slide three, Murphy remains focused on our operational excellence, multi-basin portfolio expansion, and capital returns to shareholders. Murphy drilled our longest laterals in company history in the Eagleford Shale and Tupper Montney as we advanced our onshore program in the first quarter. Keeping our team safe while we execute our operations is extremely important. And I'm excited that early in the second quarter, we achieved 1 million work hours with no lost time injuries on the platform construction for our Loc Da Vong or Golden Camel field development project. We also announced today further success in building our Vietnam business and expanding Murphy's multi-basin portfolio. During the first quarter, we drilled our second oil discovery in Vietnam at the Loc Da Hong 1X or Pink Camel exploration well. where we encountered 106 net feet of oil pay from one reservoir. The company also acquired the pioneer floating production storage and offloading vessel in the Gulf of America for $104 million net purchase price. Murphy upholds our commitment of returning cash to our valuable shareholders. And in the first quarter, shareholder returns totaled $147 million through $100 million of share repurchases and $47 million of dividends. Murphy has an exciting year ahead, and we'll execute our plans through the lens of our strategic priorities. Slide four. Murphy has successfully achieved the core objectives of our capital allocation framework since we first announced it nearly three years ago. Looking ahead, we will continue to focus on rewarding shareholders for their support and remain committed to our strong balance sheet and discipline strategy. Murphy will continue to allocate a minimum of 50% of adjusted free cash flow to shareholder returns, primarily through buybacks. We will assess the appropriate shareholder return allocation, including dividend increases under this modified plan, and any remaining adjusted free cash flow will be allocated to the balance sheet as we continue to target a long-term debt goal of $1 billion. Murphy has a long history of returning cash to shareholders, and we look forward to continuing this with $550 million remaining under our share repurchase authorization. Including our first quarter 2025 buybacks, I'm pleased to share we have repurchased 22% of our total shares outstanding since 2013. During the same period, Murphy has returned more than $4 billion of cash to shareholders through buybacks and dividends. Slide five. Murphy produced 157,000 barrels of oil equivalent per day in the first quarter with 78,500 barrels of oil per day. We experienced approximately 6,000 barrels of oil equivalent per day of production impacts in the quarter due to non-operated unplanned downtime in the Gulf of America, production curtailments in non-operated offshore Canada due to temporary logistics challenges, and winter storm activity delaying first production at the new Mormont number four well and the Samurai three well work over. Overall, we generated $636 million of revenue for the quarter with an average realized oil price of $72 per barrel, natural gas liquids price of nearly $26 per barrel, and a natural gas price of $2.67 per thousand cubic feet. I will now turn the call over to our Chief Financial Officer, Tom Morales, to share our financial highlights.