MURPHY OIL ANNOUNCES PRELIMINARY QUARTERLY EARNINGS

EL DORADO, Arkansas, October 31, 2012 – Murphy Oil Corporation (NYSE: MUR)
announced today that income from continuing operations in the third quarter of 2012 was
$228.9 million ($1.17 per diluted share) compared to $347.3 million ($1.79 per diluted share) in
the third quarter of 2011. Net income, which includes the results of discontinued operations, was
$226.7 million ($1.16 per diluted share) in the third quarter 2012 compared to $406.1 million
($2.09 per diluted share) in the 2011 third quarter. Earnings in the 2012 quarter were below
prior year levels primarily due to the effects of lower North American natural gas sales prices,
weaker U.S. retail marketing margins, an income tax benefit in the 2011 quarter, and an
unfavorable variance from foreign exchange.

During the third quarter of 2012, the Company’s Board of Directors agreed to sell the
Company’s exploration and production operations in the United Kingdom. The sale of these
assets is expected to be completed near year-end 2012. The results of these operations in both
years, as well as the results of U.S. refining operations in 2011, are presented as discontinued
operations. The results of discontinued operations was a loss of $2.2 million ($0.01 per diluted
share) in the 2012 third quarter compared to income of $58.8 million ($0.30 per diluted share) in
the 2011 quarter.

For the first nine months of 2012, income from continuing operations was $801.7 million ($4.12 per diluted share) compared to $847.4 million ($4.36 per diluted share) in 2011. The decline in continuing operations income in 2012 was primarily attributable to weaker U.S. retail marketing margins and an unfavorable variance in the effects of foreign exchange in the current year. Net income in 2012 totaled $812.2 million ($4.17 per diluted share) compared to $986.6 million ($5.07 per diluted share) for the same period in 2011. Net income in the current year included discontinued operations income of $10.5 million ($0.05 per diluted share) compared to discontinued operations income of $139.2 million ($0.71 per diluted share) in 2011.

https://www.murphyoilcorp.com/ir/PDF/PDF10_31_2012/ThirdQuarter2012Earnings.pdf

MUR Chart
https://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Stock&symb=mur&time=6&startdate=1%2F4%2F1999&enddate=1%2F8%2F2012&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=&ma=4&maval=9+15+50&uf=7168&lf=1&lf2=4&lf3=2&type=4&style=320&size=3&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=0&y=0

Analyst Estimates
https://www.marketwatch.com/investing/stock/mur/analystestimates