M U R P H Y O I L C O R P O R AT I O N

Annual Meeting of

Shareholders

El Dorado, Arkansas

May 9, 2012

2M U R P H Y O I L C O R P O R A T I O N

A Growing Value Business

David M. Wood

President and Chief Executive Officer

May 9, 2012

3M U R P H Y O I L C O R P O R A T I O N

Agenda

External Environment

Murphy Portfolio Upstream

Downstream

Conclusions

4M U R P H Y O I L C O R P O R A T I O N

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2010 2015 2020 2025 2030 2035

World Population

OECD Non-OECD

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2010 2015 2020 2025 2030 2035

World Gross Domestic Product

OECD Non-OECD

Billions 2005 US $

Growing Population Needs Energy

Source: EIA – International Energy Outlook 2011

Annual Percentage Change 2010-2035OECD: 0.42%Non-OECD: 0.91%

Growth: 2.3%

Growth: 4.6%

Millions

5M U R P H Y O I L C O R P O R A T I O N

World Energy Use by Fuel Type

Source: EIA – International Energy Outlook 2011

0

100

200

300

400

500

600

700

800

900

1990 1995 2000 2005 2010 2015 2020 2025 2030 2035

Renewables

Quadrillion btu

Coal

Natural Gas

Liquids

Nuclear

ProjectionHistory

28%

55%

27%

52%

6M U R P H Y O I L C O R P O R A T I O N

Global Crude Oil Supply/Demand

Source: EIA – Annual Energy Outlook 2012 Early Release

0

40

80

120

160

200

240

0

20

40

60

80

100

120

2010 2015 2020 2025 2030 2035

World Liquids Consumption

Transportation OECD China

India Other Non-OECD Oil Price

0

20

40

60

80

100

120

2010 2015 2020 2025 2030 2035

World Liquids Production

OPEC Non-OPEC

OPEC

Non-OPEC

Oil Price ($/bbl) MMBOEPDMMBOEPD

7M U R P H Y O I L C O R P O R A T I O N

Global LNG Outlook

Source: Wood Mackenzie

-

10

20

30

40

50

60

2011 2013 2015 2017 2019 2021 2023 2025

LNG Demand in Asia

China

India

Japan

S. Korea

BCFPD

-

10

20

30

40

50

60

2011 2013 2015 2017 2019 2021 2023 2025

Global LNG Supply/DemandBCFPD

Probable

Under Construction

Operational Capacity

8M U R P H Y O I L C O R P O R A T I O N

Historical Prices

Global demand continues to drives oil prices

Gas remains a regional game

US over-supplied with gas price de-linked to oil

-

5.00

10.00

15.00

20.00

25.00

0

30

60

90

120

150

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Brent

WTI

HH

Asian LNG

WTI

Brent

Asian LNG

Henry Hub

$/bbl $/mmbtu

9M U R P H Y O I L C O R P O R A T I O N

Historical Commodity Prices

0

30

60

90

120

150

0

50

100

150

200

1985 1990 1995 2000 2005 2010

WTI, $/bbl

Gold, $/10oz

USD Index (Jan 1997 = 100)

U.S. Dollar IndexWTI Oil Prices & Gold Prices$/bbl or $/10oz

Source: EIA, Federal Reserve

10M U R P H Y O I L C O R P O R A T I O N

US Transportation

Source: AEO 2012 ; STEO 2012 - EIA

VMT have declined 140 billion miles from 2007 to 2011

Gasoline consumption declined 6% over same period

Fleet efficiency improving

7.5

8

8.5

9

9.5

10

2,500

2,550

2,600

2,650

2,700

2,750

2,800

2005 2006 2007 2008 2009 2010 2011 2012 2013

Light Duty Vehicle Miles Travelled

Motor Gasoline Consumed

Billion miles mmbpd

11M U R P H Y O I L C O R P O R A T I O N

US Retail Prices v. WTI

Microsoft Office PowerPoint 2007.lnk

Sources: EIA

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

0

20

40

60

80

100

120

140

160

180

WTI US Retail Gasoline

$/barrel $/gallon

12M U R P H Y O I L C O R P O R A T I O N

Microsoft Office PowerPoint 2007.lnk

US $/galGasoline Cost $3.29

Fuel Taxes $0.50Retail Price $3.79

Sources: EIA, Reuters

0.00

2.00

4.00

6.00

8.00$/gal Gasoline Prices US v. China

China US

Global Retail Prices

UK $/galGasoline Cost $3.71

Fuel Taxes $5.00Retail Price $8.71

China $/galGasoline Cost $5.39

Fuel Taxes $0.60Retail Price $5.99

13M U R P H Y O I L C O R P O R A T I O N

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

14M U R P H Y O I L C O R P O R A T I O N

UPSTREAM

15M U R P H Y O I L C O R P O R A T I O N

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

-

50

100

150

200

250

300

2012 2013 2014 2015

Production - MBOEPD

Oil &

Oil Indexed: 73% 77% 81% 80%20%

17%

37%

26%

Ongoing Projects

New Projects

Exploration

Base

Capital 2012 – 2015

M’sia

US

Canada

16M U R P H Y O I L C O R P O R A T I O N

Oil Weighted Long Range Plan

-

50

100

150

200

250

300

2012 2013 2014 2015

MB

OEP

D

193 200

250260

Oil

NA Dry GasOil-Indexed SK Gas

73% Oil-Weighted

80% Oil-Weighted

17M U R P H Y O I L C O R P O R A T I O N

Montney – Quality Gas Resource

Facilities- On Time- On Budget

First Quartile Well Costs

Opex = $ 0.65/MCF

DD&A = $2.50/MCF

EUR = 4.0 BCF/ Well

Total Resource = 1,700 - 3,500 Bcf

X AECO Price

T77

T78

T79

T76

T75

T74

T73

R19 R18 R17 R16 R15 R14 R13R20R21

0 6Miles

Tupper

Groundbirch

Alb

erta

Bri

tish

Co

lum

bia

Brassey

Murphy Acreage

– 156,000 Acres

Tupper West

Sundown

18M U R P H Y O I L C O R P O R A T I O N

0 10 mi

NUECES

CATARINA

TILDEN

KARNES

N TILDEN

Eagle Ford – Premier Resource

Murphy Oil Well

Murphy Gas Well

Drilled

216,000 Net Acres 60 % Oil

61 Producing Wells

10 Drilling Rigs

13 Facilities

2 Dedicated Frac Crews

42 MMBOE Booked

Murphy Acreage

Oil

Oil Condensate

Gas

19M U R P H Y O I L C O R P O R A T I O N

EFS Production

2012 Guidance:

15,450 BOEPD

December Rate:

25,275 BOEPD0

1

2

3

4

5

6

7

8

9

10

11

12

Net

MB

OEP

D

81%

13%

6%

2012 Production Mix

Oil Associated Gas Dry Gas

0

10

20

30

40

50

2011 2012 2013 2014 2015

Net

MB

OEP

DProduction

20M U R P H Y O I L C O R P O R A T I O N

CATARINA

NUECES

KARNES

Flint Hills

Crude Oil Pipeline

Crude Oil Trucks

Gas Pipeline

Refinery

Crude Oil Truck Station

Murphy Acreage

Energy Transfer Pipeline

Current EFS Net Back Prices (4/27/12)

Oil $/Bbl Rich Gas $/McfKarnes 113.49 5.55Tilden 115.33 5.55Catarina 116.04 5.25

Harbor Island Barge Terminal

EFS Oil & Gas Marketing

ValeroTILDEN

0 10 mi

21M U R P H Y O I L C O R P O R A T I O N

Eagle Ford Summary

-

10

20

30

40

50

2012 2013 2014 2015

Production – MBOEPD

81% 86% 86% 86%

Karnes

Other

Tilden

Catarina

Oil:

$2.0 Billion Business, High Returns

EURs Increasing

D&C Costs Improving

Moving from 10 to 12 Rigs

Early Days for Technology

275 MMBOE Resource

Significant DownspacingPotential

22M U R P H Y O I L C O R P O R A T I O N

CADOTTE NORTH

WESTEAST

SOUTH

SOUTH

HARMON

CLIFFDALE

CENTRAL

Murphy 100% Lands

Murphy 50% W.I. Lands

Canada Seal Lake

Polymer

Thermal 70 HZ Wells in 2012

Increase Production by 20%

to 8,500 BOPD

Successful Polymer Pilot

Successful 16 Well Strat

Program

Cyclic Steam Pilot- Q4 2012

Vertical Steam Pilot – Q3

2013

Successful Strat Wells CSS Pilot

VSD Pilot

23M U R P H Y O I L C O R P O R A T I O N

0

100

200

300

400

500

600

Oct

-10

No

v-1

0

Dec

-10

Jan

-11

Feb

-11

Mar

-11

Ap

r-1

1

May

-11

Jun

-11

Jul-

11

Au

g-1

1

Sep

-11

Oct

-11

No

v-1

1

Dec

-11

Jan

-12

Feb

-12

Mar

-12

Pilot Oil Production - BOPD

Start of PolymerInjection

Targeted range of response

Seal

Polymer Update

Well PadProducerInjector

Injection Started Oct 2010

Response July 2011

Incremental Production -380 BOPD from 4 Wells

Commercial Polymer Project Phase 1: Q2 2012

Phase 2: Q4 2012

24M U R P H Y O I L C O R P O R A T I O N

Seal Resources

YE11 Resource

EUR Range

Identified STOIIP

Type of Recovery

STOIIP 5,850 MMSTB

Primary

2,555

MMSTB

200-300

MMSTB

210

MMSTB

Polymer

500-700

MMSTB

45-75

MMSTB

45

MMSTB

Thermal

1,000-1300

MMSTB

190-370

MMSTB

110

MMSTB

Polymer / Thermal

TBD

1,295 – 1,795

MMSTB

Total

5,850

MMSTB

485-1195

MMSTB

365

MMSTB

50-450

MMSTB

Reserve Group Focus- Resource Increased by 105%

Current Proven Reserves: 20 MMBOE

Focus on Polymer and Thermal EOR

25M U R P H Y O I L C O R P O R A T I O N

Southern Alberta - New Play

150,000 Acres

Low Entry Costs

Current Focus Kanai -3 Forks

2012 Plan Lower Costs

Enhanced Fracs

Longer Laterals

Testing

350 BOPD IPCum Prod:

24,000 BBLs

26M U R P H Y O I L C O R P O R A T I O N

0 6Miles

Muskwa - New Area

Targeting the Muskwa

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

Murphy Well

Murphy Lands

Competitor Well

4 - 1 – 109 Well

27M U R P H Y O I L C O R P O R A T I O N

International and Offshore

28M U R P H Y O I L C O R P O R A T I O N

International/Offshore – Pillar for Growth

$1.7 Billion Spend Per Year

Malaysia – Attractive for Continued Investment

Back to Work in GOM

Malaysia FLNG –Significant New Project

-

25

50

75

100

125

150

175

2012 2013 2014 2015

Production – MBOEPD

33%

27%

40%

New

Projects

Exploration

Base

Capital 2012 – 2015

Sabah

Other

GoM

Srwk

89% 90 % 92% 90%

Oil &Oil Indexed:

29M U R P H Y O I L C O R P O R A T I O N

Sarawak Oil Projects

Moving Forward

Sanctioned Oil Projects Resource Levels Net MMBOE

First Oil Status

Serendah & Patricia 25 Q2 2013 Construction and Drilling

South Acis 23 Q3 2013 Construction

Permas & Endau 12 Q4 2013 FEED Work

Utilizes Existing Infrastructure

Progressing on Schedule

0

5

10

15

20

25

30

2003 2006 2009 2012 2015 2018 2021 2024 2027

Net

MB

OP

D

Future Fields

Existing

30M U R P H Y O I L C O R P O R A T I O N

Long Term Oil Indexed Growth

Malaysia FLNG Block H

De-Risked by Recent Exploration Success

Award FEED Q3 2012

Sanction 2013

First Gas Planned 2016/17

0

50

100

150

200

250

300

2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040

MM

CFD

Murphy Net Entitlement = ~1,150 BCF

Gross Risked Resources: ~2,200 BCF

Discovered

910 BCF

Drill Ready Prospects

635 BCF

Discovered

425 BCF

Leads

260 BCF

31M U R P H Y O I L C O R P O R A T I O N

Dalmatian Development

3 Well Subsea Development to Petronius

55 MMBOE Recoverable Resource

40% Oil Mix

Robust Economics

Path Forward DOCD Approval June 2012

Project Sanction June 2012

Completions Mid 2013

First Oil Q1 2015

0

5

10

15

20

2015 2017 2019 2021 2023 2025 2027 2029

Dalmatian Gross, MBOEPD

32M U R P H Y O I L C O R P O R A T I O N

Murphy 60% W.I.

Existing Completions Exceeding Expectations

3 Well Subsea Development 16-27 MMBOE Recoverable Spud 1st Well Q2 2013 1st Oil Q2 2015

Medusa Subsea Development

0

2

4

6

8

10

12

14

16

18

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Net MBOEPD

33M U R P H Y O I L C O R P O R A T I O N

2012-13 Exploration Program

Technically Grounded, Value Driven

Up to 30 Wells; Oil / LNG-Scale Gas Focus

Leveraging Operational Expertise – Partner of Choice

Balance - Frontier & Lower Risk Proven Plays

5 Billion BOE Gross; 500 Million BOE Risked Net 2012-2013 Portfolio

GOM2-4 Wells

Iraq2-4 Wells

Brunei2-5 Wells

Australia1-3 Wells

Malaysia5-7 Wells

Cameroon1-2 Wells

Indonesia2 Wells

Congo1-3 Wells

34M U R P H Y O I L C O R P O R A T I O N

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

MALAYSIA Block H/P

BRUNEI CA-1

CA-2

IRAQC. Dohuk &

Baranan

CAMEROON Ntem

CONGO MPN/MPS

AUSTRALIAWA-423-P

ACP/36

INDONESIA Semai II

GOM Multiple

Discovery

Exploration Program

Eupheme-1

Rig ContractedExact Timing

TBD

Block H

Gali

MPS

MPN

NTP/80

Block H

Wells Shown by Spud Date

Jagus

East-1

Julong

East-1

Dalmatian

South

Linnava-1

Bassett Deep

Buluh-1

Bunga Lili-1

MPN

Block P

Semai II

Baranan-1

2012 2013

35M U R P H Y O I L C O R P O R A T I O N

Reserves – Continue to Grow & Replace

YE 2009 YE 2010 YE 2011

Contingent (Unconventional)

Contingent (Conventional)

Possible

Probable

Proved Reserves

3.4 BBOE

Deepwater27%

Conventional17%

Syncrude24%

Resource Play28%

Heavy Oil4%

Total Proved – 534 MMBOE

65% Oil

65% North America

67% Developed

220% Replacement

3.3 BBOE

2.8 BBOE

36M U R P H Y O I L C O R P O R A T I O N

Low Risk Non-Proved Resource

YE 2009 YE 2010 YE 2011

Contingent (Unconventional)

Contingent (Conventional)

Possible

Probable

Proved Reserves

3.4 BBOE

Msia Oil11%

Msia Gas10%North America

Dry Gas25%

EFS Oil& Assoc Gas

15%

Total Non-Proved – 2.9 BBOE

3.3 BBOE

2.8 BBOE

Seal12%

Syncrude11%

Other Oil Projects

16%

75% Oil Weighted

54% Low Risk – Existing Development Areas

38% NA Onshore Oil

37M U R P H Y O I L C O R P O R A T I O N

DOWNSTREAM

38M U R P H Y O I L C O R P O R A T I O N

Refining

39M U R P H Y O I L C O R P O R A T I O N

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

40M U R P H Y O I L C O R P O R A T I O N

US Marketing

41M U R P H Y O I L C O R P O R A T I O N

Murphy USA Overview

Opened First Retail Store in 1996

Operate 1,137 sites in 23 states 998 Murphy USAs on Walmart Lots

139 Murphy Express Stores

Provide 3% of Total US Retail Gasoline (5% in Mkt Area)

We serve ~1.6 Million Customers Every Day

Historically Strong Growth Model 91% Fee-owned Real Estate

100% Company Operated

1,175*

0

200

400

600

800

1,000

1,200

1,400

Operating Sites

*By End 2012

42M U R P H Y O I L C O R P O R A T I O N

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

43M U R P H Y O I L C O R P O R A T I O N

Murphy USA’s Model

Booz & Company March 2011

Oil FieldsRefineries/ Commodity

MarketsCustomer

Wholesale

Marketing Terminal

Product Supply & Primary

Distribution

Crude Pipeline/

Vessel

Secondary Distribution/ Trucking

44M U R P H Y O I L C O R P O R A T I O N

OKTN

0% - 2%

3% - 6%

7% - 14%

US Market Share ~3%(5% Mkt Area)

2011 Gasoline Market Share

Source: EIA, Internal Calculations

45M U R P H Y O I L C O R P O R A T I O N Source: Company Reports

$ Billion

High Revenue Business

2011

0

2

4

6

8

10

12

14

16

18

Barnes & Noble

Nordstrom Starbucks Murphy USA Southwest

46M U R P H Y O I L C O R P O R A T I O N

Fuel Volume vs. Publicly-Traded Peers

Source: Company Reports

0

50

100

150

200

250

300

Murphy USA

Casey's Delek Couche Tard

Pantry Susser Sunoco Valero Tesoro Marathon

2011 Fuel Sales/Store/Month (000 Gallons)

47M U R P H Y O I L C O R P O R A T I O N

Low Operating Expenses

Source: NACs and Internal Data

$12.6$8.6

$2.0 $1.0 $1.0$4.8

$30.2

$26.7

$8.5

$3.7 $3.6$1.8

$7.5

$51.8

$0

$10

$20

$30

$40

$50

$60

Wages Maintenance Supplies Total

2011 Murphy USA vs. NACS Top Quartile Operating Expenses Per Store Month ($000)

Murphy USA NACs

48M U R P H Y O I L C O R P O R A T I O N

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

(000 Gallons)3,333 894 858 1,157 1,430

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

Merchandise

2011 Competitor Comps

26%74%

24%

76%

30%70%

62%

38%68%

32%

Source: Company Reports, Capital IQ

49M U R P H Y O I L C O R P O R A T I O N

US Retail Merchandise Contribution

Merchandise SalesBillion Per Year

$0.9

$1.2

$1.3

$1.8

$2.0

$2.2

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

$2.0

$2.2

2006 2007 2008 2009 2010 2011

Merchandise MarginMillion Per Year

2011 included nonrecurring adjustment of $(8.4)MM

$120

$152

$178

$214

$259$270

$0

$50

$100

$150

$200

$250

$300

2006 2007 2008 2009 2010 2011

50M U R P H Y O I L C O R P O R A T I O N

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

51M U R P H Y O I L C O R P O R A T I O N

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

52M U R P H Y O I L C O R P O R A T I O N

Growth Avenues

Walmart Cross Promotion & New Site Growth

Opportunities with Third parties

Growth Outside the Walmart Pad

53M U R P H Y O I L C O R P O R A T I O N

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

M U R P H Y O I L C O R P O R AT I O N

Annual Meeting of

Shareholders

El Dorado, Arkansas

May 9, 2012