1. Annual Meeting of
Shareholders
El Dorado, Arkansas
May 9, 2012
M U R P H Y O I L C O R P O R AT I O N

2. A Growing Value Business
David M. Wood
President and Chief Executive Officer
May 9, 2012
MURPHY OIL CORPORATION 2

3. Agenda
 External Environment
 Murphy Portfolio
 Upstream
 Downstream
 Conclusions
MURPHY OIL CORPORATION 3

4. Growing Population Needs Energy
World Population World Gross Domestic Product
Millions Billions 2005 US $
10,000 180,000
Annual Percentage Change 2010-2035
9,000 OECD: 0.42%
Non-OECD: 0.91%
160,000
8,000 140,000
7,000
120,000
6,000
100,000
5,000 Growth: 4.6%
80,000
4,000
60,000
3,000
2,000 40,000
Growth: 2.3%
1,000 20,000
0 0
2010 2015 2020 2025 2030 2035 2010 2015 2020 2025 2030 2035
OECD Non-OECD OECD Non-OECD
Source: EIA – International Energy Outlook 2011
MURPHY OIL CORPORATION 4

5. World Energy Use by Fuel Type
Quadrillion btu
900
History Projection
800 Renewables
700 Nuclear
600
500 27%
Coal
400 28%
300
Natural Gas
200 52%
55%
100 Liquids
0
1990 1995 2000 2005 2010 2015 2020 2025 2030 2035
Source: EIA – International Energy Outlook 2011
MURPHY OIL CORPORATION 5

6. Global Crude Oil Supply/Demand
World Liquids Consumption World Liquids Production
MMBOEPD Oil Price ($/bbl) MMBOEPD
120 240 120
100 200 100
80 160 80 Non-OPEC
60 120 60
40 80 40
OPEC
20 40 20
0 0 0
2010 2015 2020 2025 2030 2035 2010 2015 2020 2025 2030 2035
Transportation OECD China
OPEC Non-OPEC
India Other Non-OECD Oil Price
Source: EIA – Annual Energy Outlook 2012 Early Release
MURPHY OIL CORPORATION 6

7. Global LNG Outlook
BCFPD Global LNG Supply/Demand BCFPD LNG Demand in Asia
60 60
50 50
Probable
40 40
Under Construction
30 30
S. Korea
20 20
Operational Capacity Japan
10 10
India
China
- -
2011 2013 2015 2017 2019 2021 2023 2025 2011 2013 2015 2017 2019 2021 2023 2025
Source: Wood Mackenzie
MURPHY OIL CORPORATION 7

8. Historical Prices
 Global demand continues to drives oil prices
 Gas remains a regional game
$/bbl  US over-supplied with gas price de-linked to oil $/mmbtu
150 25.00
Brent Brent
WTI
120 20.00
HH
Asian LNG
90 WTI 15.00
60 10.00
Asian LNG
30 5.00
Henry Hub
0 -
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
MURPHY OIL CORPORATION 8

9. Historical Commodity Prices
WTI Oil Prices & Gold Prices U.S. Dollar Index
$/bbl or $/10oz
200 150
WTI, $/bbl
Gold, $/10oz
120
150 USD Index (Jan 1997 = 100)
90
100
60
50
30
0 0
1985 1990 1995 2000 2005 2010
Source: EIA, Federal Reserve
MURPHY OIL CORPORATION 9

10. US Transportation
 VMT have declined 140 billion miles from 2007 to 2011
 Gasoline consumption declined 6% over same period
 Fleet efficiency improving
Billion miles mmbpd
2,800 10
Light Duty Vehicle Miles Travelled
2,750
9.5
2,700
9
2,650
8.5
2,600
Motor Gasoline Consumed 8
2,550
2,500 7.5
2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: AEO 2012 ; STEO 2012 - EIA
MURPHY OIL CORPORATION 10

11. US Retail Prices v. WTI
$/barrel $/gallon
4.50
180
4.00
160
3.50
140
3.00
120
2.50
100
80 2.00
60 1.50
40 1.00
20 0.50
0 0.00
WTI US Retail Gasoline
Sources: EIA
MURPHY OIL CORPORATION 11

12. Global Retail Prices
UK $/gal
Gasoline Cost $3.71
Fuel Taxes $5.00
US $/gal Retail Price $8.71
China $/gal
Gasoline Cost $3.29 Gasoline Cost $5.39
Fuel Taxes $0.50 Fuel Taxes $0.60
Retail Price $3.79 Retail Price $5.99
$/gal Gasoline Prices US v. China
8.00
China US
6.00
4.00
2.00
0.00
Sources: EIA, Reuters
MURPHY OIL CORPORATION 12

13. Observations for 2012
 What has not changed:
 Oil, Natural Gas and Coal – the key energy supplies
 OPEC role
 Non OECD demand key driver
 Climate debate
 US $ as world currency
 Europe
 What has changed:
 Global LNG
 N America gas
 US Energy Policy
MURPHY OIL CORPORATION 13

14. UPSTREAM
MURPHY OIL CORPORATION 14

15. Upstream
 Global Footprint
 Produce in 5 countries; explore in 10 countries
 Oil weighted production (73 %); exploration focus (75%)
 Value gas – sought
 Making the hard call on N Am dry gas – choke back
 Expansion in Malaysia gas
300 Capital 2012 – 2015
Production - MBOEPD
250 37%
US Ongoing
200 Projects
Canada 26%
150
New
100 Projects
Base
M’sia
50 17%
- Exploration
Oil & 2012 2013 2014 2015 20%
Oil Indexed: 73% 77% 81% 80%
MURPHY OIL CORPORATION 15

16. Oil Weighted Long Range Plan
300
260
250
250
193 200
200
Oil-Indexed SK Gas
NA Dry Gas
MBOEPD
150
80% Oil-Weighted
100 73% Oil-Weighted
50 Oil
-
2012 2013 2014 2015
MURPHY OIL CORPORATION 16

17. Montney – Quality Gas Resource
 Facilities- On Time- On
Budget
R21 R20 R19 R18 R17 R16 R15 R14 R13
T79
 First Quartile Well Costs
British Columbia
Alberta
T78
Groundbirch
Tupper West  Opex = $ 0.65/MCF
T77
 DD&A = $2.50/MCF
T76
Brassey Tupper
T75
 EUR = 4.0 BCF/ Well
Murphy Acreage
T74
– 156,000 Acres Sundown
 Total Resource =
T73
0 Miles 6
1,700 - 3,500 Bcf
X AECO Price
MURPHY OIL CORPORATION 17

18. Eagle Ford – Premier Resource
KARNES
 216,000 Net Acres N TILDEN
 60 % Oil
 61 Producing Wells
 10 Drilling Rigs
 13 Facilities
 2 Dedicated Frac Crews
 42 MMBOE Booked
TILDEN
NUECES
CATARINA
Murphy Acreage
Murphy Gas Well
Oil
Murphy Oil Well
Oil Condensate 0 10 mi
Drilled
Gas
MURPHY OIL CORPORATION 18

19. EFS Production
12
2012 Production Mix
11 Production
50
6%
Net MBOEPD
10 40
30 13%
9 20
10
8
Net MBOEPD
0
7 2011 2012 2013 2014 2015 81%
6
5 Oil Associated Gas Dry Gas
4
3  2012 Guidance:
2 15,450 BOEPD
1
0  December Rate:
25,275 BOEPD
MURPHY OIL CORPORATION 19

20. EFS Oil & Gas Marketing
Current EFS Net Back Prices (4/27/12)
KARNES
Oil $/Bbl Rich Gas $/Mcf
Karnes 113.49 5.55
Tilden 115.33 5.55
Catarina 116.04 5.25
CATARINA
TILDEN Valero
Energy Transfer Pipeline
Harbor Island
Crude Oil Pipeline Barge Terminal
Crude Oil Trucks
Crude Oil Truck Station NUECES
Gas Pipeline
Refinery
Flint Hills
Murphy Acreage 0 10 mi
MURPHY OIL CORPORATION 20

21. Eagle Ford Summary
 $2.0 Billion Business, High Production – MBOEPD
Returns 50
Other
40
 EURs Increasing Catarina
30
 D&C Costs Improving 20
Tilden
10
 Moving from 10 to 12 Rigs Karnes
-
 Early Days for Technology 2012 2013 2014 2015
Oil: 81% 86% 86% 86%
 275 MMBOE Resource
 Significant Downspacing
Potential
MURPHY OIL CORPORATION 21

22. Canada Seal Lake
Murphy 100% Lands Polymer
Murphy 50% W.I. Lands Thermal  70 HZ Wells in 2012
Successful Strat Wells CSS Pilot
VSD Pilot
 Increase Production by 20%
CADOTTE NORTH
to 8,500 BOPD
 Successful Polymer Pilot
CLIFFDALE  Successful 16 Well Strat
EAST
WEST CENTRAL Program
SOUTH  Cyclic Steam Pilot- Q4 2012
 Vertical Steam Pilot – Q3
SOUTH 2013
HARMON
MURPHY OIL CORPORATION 22

23. Well Pad
Producer
Seal
Polymer Update
Injector
 Injection Started Oct 2010
 Response July 2011
600
Start of Polymer
Injection
 Incremental Production -
500
400
Targeted range of response 380 BOPD from 4 Wells
300
200
 Commercial Polymer
100
Project
0
 Phase 1: Q2 2012
Mar-11
Apr-11
Mar-12
Sep-11
Jan-11
Feb-11
Jun-11
Jul-11
Aug-11
Jan-12
Feb-12
Oct-10
Nov-10
Dec-10
May-11
Oct-11
Nov-11
Dec-11
 Phase 2: Q4 2012
Pilot Oil Production - BOPD
MURPHY OIL CORPORATION 23

24. Seal Resources
5,850
STOIIP MMSTB
Polymer /
Thermal
Type of Recovery Primary Polymer Thermal Total
TBD
2,555 500-700 1,000-1300 1,295 – 1,795 5,850
Identified STOIIP MMSTB MMSTB MMSTB MMSTB MMSTB
200-300 45-75 190-370 50-450 485-1195
EUR Range MMSTB MMSTB MMSTB MMSTB MMSTB
210 45 110 365
YE11 Resource MMSTB MMSTB MMSTB MMSTB
 Reserve Group Focus- Resource Increased by 105%
 Current Proven Reserves: 20 MMBOE
 Focus on Polymer and Thermal EOR
MURPHY OIL CORPORATION 24

25. Southern Alberta - New Play
 150,000 Acres
 Low Entry Costs
Testing
 Current Focus Kanai -
3 Forks
350 BOPD IP
Cum Prod:
 2012 Plan
24,000 BBLs  Lower Costs
 Enhanced Fracs
 Longer Laterals
MURPHY OIL CORPORATION 25

26. Muskwa - New Area
Murphy Lands
Murphy Well
 Targeting the Muskwa
Competitor Well
Shale
 Equivalent to Duvernay Fm
 Total Acres to Date:
168,000
 Low Entry Cost
 Murphy 4-1-109 Well
 IP = 150 BOPD
 Put Well on Pump
 Evaluation
4 - 1 – 109 Well
0 Miles 6
MURPHY OIL CORPORATION 26

27. International and Offshore
MURPHY OIL CORPORATION 27

28. International/Offshore – Pillar for Growth
Production – MBOEPD
175
 $1.7 Billion Spend Per 150 Other
Year 125 GoM
100
Srwk
 Malaysia – Attractive for 75
Continued Investment 50
Sabah
25
-
 Back to Work in GOM 2012 2013 2014 2015
Oil &
Oil Indexed: 89% 90 % 92% 90%
 Malaysia FLNG – Capital 2012 – 2015
Significant New Project
33%
40% Exploration
New
Projects
Base
27%
MURPHY OIL CORPORATION 28

29. Sarawak Oil Projects
Moving Forward
30
Future Fields
25 Existing
 Utilizes Existing
Infrastructure
Net MBOPD
20
15
10  Progressing on
5
Schedule
0
2003 2006 2009 2012 2015 2018 2021 2024 2027
Sanctioned Oil Projects Resource Levels Net First Oil Status
MMBOE
Serendah & Patricia 25 Q2 2013 Construction and
Drilling
South Acis 23 Q3 2013 Construction
Permas & Endau 12 Q4 2013 FEED Work
MURPHY OIL CORPORATION 29

30. Long Term Oil Indexed Growth
Malaysia FLNG Block H
Gross Risked Resources: ~2,200 BCF
300
250 Discovered Drill Ready Prospects Leads Discovered
910 BCF 635 BCF 260 BCF 425 BCF
200
MMCFD
150
100
Murphy Net Entitlement = ~1,150 BCF
50
0
2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040
 De-Risked by Recent Exploration Success  Sanction 2013
 Award FEED Q3 2012  First Gas Planned 2016/17
MURPHY OIL CORPORATION 30

31. Dalmatian Development
 3 Well Subsea Development to
Petronius
Dalmatian Gross, MBOEPD  55 MMBOE Recoverable Resource
20
15
 40% Oil Mix
10
5  Robust Economics
0
2015 2017 2019 2021 2023 2025 2027 2029
 Path Forward
 DOCD Approval June 2012
 Project Sanction June 2012
 Completions Mid 2013
 First Oil Q1 2015
MURPHY OIL CORPORATION 31

32. Medusa Subsea Development
 Murphy 60% W.I.
 Existing Completions Exceeding
Expectations
 3 Well Subsea Development
 16-27 MMBOE Recoverable
 Spud 1st Well Q2 2013
Net MBOEPD
 1st Oil Q2 2015
18
16
14
12
10
8
6
4
2
0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
MURPHY OIL CORPORATION 32

33. 2012-13 Exploration Program
Iraq
2-4 Wells
GOM
2-4 Wells
Malaysia
5-7 Wells
Cameroon Brunei
1-2 Wells 2-5 Wells
Congo
1-3 Wells
 Technically Grounded, Value Driven Indonesia
2 Wells
 Up to 30 Wells; Oil / LNG-Scale Gas Focus
Australia
 Leveraging Operational Expertise – Partner of Choice 1-3 Wells
 Balance - Frontier & Lower Risk Proven Plays
 5 Billion BOE Gross; 500 Million BOE Risked Net 2012-
2013 Portfolio
MURPHY OIL CORPORATION 33

34. Exploration Program
2012 2013
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Block H
Buluh-1
MALAYSIA Block H/P Bunga Lili-1
Block H
Block P
Julong
BRUNEI CA-1 East-1
Jagus
East-1
CA-2
C. Dohuk & Linnava-1 Gali
IRAQ Baranan Baranan-1
CAMEROON Ntem
MPN
CONGO MPN/MPS MPN
MPS
WA-423-P Eupheme-1
AUSTRALIA ACP/36 NTP/80
Bassett Deep
INDONESIA Semai II Semai II
Dalmatian
GOM Multiple South
Exact Timing
Discovery Rig Contracted
Wells Shown by Spud Date TBD
MURPHY OIL CORPORATION 34

35. Reserves – Continue to Grow & Replace
Total Proved – 534 MMBOE
 65% Oil
 65% North America
Resource Play
Deepwater
 67% Developed 28%
27%
 220% Replacement Conventional
Syncrude
24% 17%
3.4 BBOE
3.3 BBOE
2.8 BBOE
Heavy Oil
Contingent (Unconventional) 4%
Contingent (Conventional)
Possible
Probable
Proved Reserves
YE 2009 YE 2010 YE 2011
MURPHY OIL CORPORATION 35

36. Low Risk Non-Proved Resource
Total Non-Proved – 2.9 BBOE
 75% Oil Weighted
Seal Syncrude
 54% Low Risk – Existing EFS Oil 12% 11%
Development Areas & Assoc Gas Msia Oil
11%
15%
 38% NA Onshore Oil North America
Msia Gas
10%
Dry Gas
Other Oil
25%
3.4 BBOE Projects
3.3 BBOE 16%
2.8 BBOE
Contingent (Unconventional)
Contingent (Conventional)
Possible
Probable
Proved Reserves
YE 2009 YE 2010 YE 2011
MURPHY OIL CORPORATION 36

37. DOWNSTREAM
MURPHY OIL CORPORATION 37

38. Refining
MURPHY OIL CORPORATION 38

39. Ethanol Plants
HANKINSON, ND
 Running at 120+ mmgpy Rates
 Best-in-Class Production
 Increasing to 135+ mmgpy
 Co-product Development
 Advantaged by Corn Supply
HEREFORD, TX
 Running at 104+ mmgpy Rates
 115+ mmgpy Target in 2013
 Full 12 Months Operations
 Advantaged by Local Demand
MURPHY OIL CORPORATION 39

40. US Marketing
MURPHY OIL CORPORATION 40

41. Murphy USA Overview
 Opened First Retail Store in 1996 Operating Sites
1,400
 Operate 1,137 sites in 23 states 1,175*
1,200
 998 Murphy USAs on Walmart Lots
 139 Murphy Express Stores 1,000
 Provide 3% of Total US Retail 800
Gasoline (5% in Mkt Area) 600
 We serve ~1.6 Million Customers 400
Every Day
200
 Historically Strong Growth Model 0
 91% Fee-owned Real Estate
 100% Company Operated
*By End 2012
MURPHY OIL CORPORATION 41

42. Murphy USA
 Low Price, High Volume Fuel Seller
 Low Cost Fuel Supplier
 Low Cost Operator
 Low Price Niche Merchandising
 Relationship with #1 Retailer Walmart
 Attractive Business
MURPHY OIL CORPORATION 42

43. Murphy USA’s Model
Crude Refineries/ Product Supply
Oil Fields Marketing Secondary
Pipeline/ Commodity & Primary Customer
Vessel Terminal Distribution
Markets Distribution / Trucking Wholesale
MURPHY OIL CORPORATION Booz & Company March 2011 43

44. 2011 Gasoline Market Share
0% - 2%
US Market Share ~3% 3% - 6%
(5% Mkt Area) 7% - 14%
TN
OK
MURPHY OIL CORPORATION Source: EIA, Internal Calculations 44

45. High Revenue Business
$ Billion
18
16
14
12
10
8
6
4
2
0
Barnes & Nordstrom Starbucks Murphy USA Southwest
Noble
2011
MURPHY OIL CORPORATION Source: Company Reports 45

46. Fuel Volume vs. Publicly-Traded Peers
2011 Fuel Sales/Store/Month
(000 Gallons)
300
250
200
150
100
50
0
Murphy Casey's Delek Couche Pantry Susser Sunoco Valero Tesoro Marathon
USA Tard
MURPHY OIL CORPORATION Source: Company Reports 46

47. Low Operating Expenses
2011 Murphy USA vs. NACS Top Quartile Operating Expenses
Per Store Month ($000)
$60
$51.8
$50
$40
$30.2
$30 $26.7
$20
$12.6
$8.6 $8.5 $7.5
$10
$3.7 $3.6 $4.8
$2.0 $1.0 $1.0 $1.8
$0
Wages Maintenance Supplies Total
Murphy USA NACs
MURPHY OIL CORPORATION Source: NACs and Internal Data 47

48. 2011 Competitor Comps
Operating statistics (LTM)
# of Retail Locations 1,128 5,715 1,677 1,649 541
Fuel Volumes (MM Gallons) 3,715 3,672 1,416 1,889 768
Retail Fuel Volume/Store
3,333 894 858 1,157 1,430
(000 Gallons)
Average Fuel Margin (¢/Gallon) 15.6¢ 15.9¢ 15.9¢ 17.5¢ 16.5¢
Merchandise Sales ($MM) $2,115 $6,343 $1,779 $1,779 $863
Merchandise Sales/Store/Week ($000) $36 $21 $20 $21 $31
EBITDA per Store ($000) $326 $131 $164 $133 $263
Total EBITDA $363 $747 $275 $275 $142
EBITDA Multiple (TEV/EBITDA) ?? 10.8x 8.9x 5.4x 5.5x
Real Estate % Ownership 91% 30% 99% 26% 45%
ROIC 13% 17% 10% 1% 6%
Fuel
68% 26% 24% 30% 38%
74% 76% 70%
Merchandise 32% 62%
MURPHY OIL CORPORATION Source: Company Reports, Capital IQ 48

49. US Retail Merchandise Contribution
Merchandise Sales Merchandise Margin
Billion Per Year Million Per Year
$2.2 $2.2
$300
$2.0
$270
$2.0 $259
$1.8 $1.8 $250
$1.6 $214
$1.3 $200
$1.4 $178
$1.2
$1.2 $152
$150
$1.0 $0.9 $120
$0.8
$100
$0.6
$0.4
$50
$0.2
$0.0 $0
2006 2007 2008 2009 2010 2011
2006 2007 2008 2009 2010 2011
2011 included nonrecurring adjustment of $(8.4)MM
MURPHY OIL CORPORATION 49

50. Connecting with our Customers
 Murphy USA Mobile App
 Re-launched in March – Expecting 250,000+
Downloads This Year
 Provides Real-time Pricing and Location Information
for Murphy USA & Competitors
 Innovative GPS Technology to Match to In-station
Merchandise & Fuel Discounts
MURPHY OIL CORPORATION 50

51. US Retail Financial Performance
2006-2011 Key Financial Indicators ($Millions)
2006 2007 2008 2009 2010 2011
Total Margin 454 511 812 535 707 849
Operating Expense 270 306 339 340 384 404
Admin and G&A 27 30 54 61 66 76
Total Operating Cost 297 336 393 401 450 480
Operating Income (Loss) 157 175 419 134 257 369
EBITDA 156 164 408 130 255 363
EBITDA per Site 0.17 0.17 0.41 0.13 0.24 0.33
After-tax Cash Flow 124 128 278 111 186 273
MURPHY OIL CORPORATION 51

52. Growth Avenues
 Walmart Cross
Promotion & New Site
Growth
 Opportunities with Third
parties
 Growth Outside the
Walmart Pad
MURPHY OIL CORPORATION 52

53. Murphy Value Platform
 Global Upstream business
 Operator – organization skills and excellence
 Solid existing projects with new growth opportunities
 Exploration – 12 +/- wells per year program
 Oil weighting
 Repositioning in Downstream
 Sale of refineries
 US Retail
 Premium business – critical mass achieved
Value created – more to come
MURPHY OIL CORPORATION 53

54. Annual Meeting of
Shareholders
El Dorado, Arkansas
May 9, 2012
M U R P H Y O I L C O R P O R AT I O N