Murphy Oil (MUR) risk factors, FY2025 10-K

Murphy Oil's FY2025 10-K, filed Feb 25, 2026, lists 28 risk factors. Against the prior year's 29: 3 new, 4 dropped, 12 substantially reworded.

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Risk factors listed
280 groups
New this year
3vs 29 last year
Dropped
4since the prior 10-K
Substantially reworded
12of those kept
Section length
9k wordsItem 1A

What the changes say

  • Murphy Oil added climate litigation and government market intervention risks while updating its capital allocation and exploration results.
  • Price volatility discussions were expanded to detail specific impairment, reserve reduction, and dividend risks.

What changed since the prior 10-K

New

  • New

    divergence in stakeholder expectations could expose us to reputational risks and potentially disrupt relationships with certain stakeholders

    Divergence in stakeholder expectations and climate change lawsuits could negatively impact our operations and financial condition.

  • New

    that we will seek to do any of the foregoing or that we will be able to do any of the foregoing on terms acceptable to us or at all

    We cannot guarantee that we will execute share repurchases or pay dividends according to our capital allocation plan or at all.

  • New

    From time to time, some governments intervene in the market for crude oil and natural gas produced in their countries through such actions as setting prices, determining rates of production, and controlling who may buy and sell the production

    Foreign governments may intervene in crude oil and natural gas markets by setting prices, production rates, or buyer controls.

Dropped

  • Dropped

    Volatility in the global prices of crude oil, natural gas and NGLs can significantly affect the Company’s operating results, cash flows and financial condition

    Volatility in global prices of crude oil, natural gas and NGLs.

  • Dropped

    We are incorporating artificial intelligence technologies into our processes and these technologies may present business, compliance, and reputational risks

  • Dropped

    Murphy’s operations and earnings have been and will continue to be affected by domestic and worldwide political developments

  • Dropped

    Murphy could face long-term challenges to the fossil fuels business model reducing demand and price for hydrocarbon fuels

Reworded

  • 85% rewritten

    We may be unable to meet our capital allocation plan of returning a percentage of adjusted free cash flow (FCF) to shareholders through share repurchases and potential dividend increases, which could decrease expected returns on an investment in our common stock

    Updated references from capital allocation framework to capital allocation plan regarding adjusted FCF and share repurchases.

    Was: We may be unable to meet our capital allocation framework of returning a percentage of adjusted free cash flow to shareholders through share repurchases and potential dividend increases, which could decrease expected returns on an investment in our common stock

  • 83% rewritten

    Exploration drilling results can significantly affect the Company’s operating results

    Updated exploration well results from 2024 to 2025, detailing specific wells in Vietnam, Côte d'Ivoire, and the Gulf of America.

  • 79% rewritten

    Item 1A. Risk Factors - Continued

    Expanded price volatility risks to specifically warn about future impairment charges, proved reserve reductions, credit access, and dividend cuts.

  • 74% rewritten

    Murphy’s insurance may not be adequate to offset costs associated with certain events, and there can be no assurance that insurance coverage will continue to be available in the future on terms that justify its purchase

    Retained insurance coverage limits of $500 million for general liability and $450 million to $850 million for property damage and well control.

  • 66% rewritten

    Murphy’s sensitive information, operational technology systems and critical data may be exposed to cyber threats

    Removed specific mentions of customer information and employee PII protection from the description of digital technology dependence.

  • 54% rewritten

    Changes in U.S. and international tax rules and regulations, or interpretations thereof, may materially and adversely affect our cash flows, results of operations and financial condition

    Maintained identical wording regarding changes in U.S. and international tax rules and regulations.

  • 41% rewritten

    Murphy has limited control over supply chain costs

    Added exposure to higher prices from entering new commitments, extending contracts, and retendering rig and service contracts.

  • 36% rewritten

    We face various risks associated with increased activism against, or change in public sentiment for, oil and natural gas exploration, development, and production activities and sustainability considerations, including climate change and the transition to a lower carbon economy

    Added pipeline construction to the list of operations targeted for delay or cancellation by anti-development activists.

  • 31% rewritten

    We face various risks related to health epidemics, pandemics and similar outbreaks, which may have material adverse effects on our business, financial position, results of operations and/or cash flows

  • 26% rewritten

    Capital financing may not always be available to fund Murphy’s activities; and interest rates could impact cash flows

  • 23% rewritten

    Murphy’s proved reserves are based on the professional judgment of its engineers and may be subject to revision

  • 22% rewritten

    If Murphy cannot replace its oil and natural gas reserves, it may not be able to sustain or grow its business

All 28 risk factors

Headings as the filing states them, in filing order.

Other

  1. 01Item 1A. Risk Factors - Continued79% rewritten
  2. 02Murphy’s commodity price risk management may limit the Company’s ability to fully benefit from potential future price increases for oil and natural gas
  3. 03Murphy operates in highly competitive environments which could adversely affect it in many ways, including its profitability, cash flows and its ability to grow
  4. 04Exploration drilling results can significantly affect the Company’s operating results83% rewritten
  5. 05If Murphy cannot replace its oil and natural gas reserves, it may not be able to sustain or grow its business22% rewritten
  6. 06Murphy’s proved reserves are based on the professional judgment of its engineers and may be subject to revision23% rewritten
  7. 07Murphy is reliant on certain third party infrastructure to develop projects and operations
  8. 08Murphy is sometimes reliant on joint venture partners for operating assets, and/or funding development projects and operations
  9. 09Murphy’s business is subject to operational hazards, severe weather events, physical security risks and risks normally associated with the E&P of oil and natural gas, which could become more significant as a result of climate change
  10. 10Hydraulic fracturing operations subject the Company to operational risks inherent in the drilling and production of oil and natural gas
  11. 11Murphy is subject to numerous environmental, health and safety laws and regulations, and such existing and any potential future laws and regulations may result in material liabilities and costs
  12. 12We face various risks associated with increased activism against, or change in public sentiment for, oil and natural gas exploration, development, and production activities and sustainability considerations, including climate change and the transition to a lower carbon economy36% rewritten
  13. 13divergence in stakeholder expectations could expose us to reputational risks and potentially disrupt relationships with certain stakeholdersNew
  14. 14Capital financing may not always be available to fund Murphy’s activities; and interest rates could impact cash flows26% rewritten
  15. 15We may be unable to meet our capital allocation plan of returning a percentage of adjusted free cash flow (FCF) to shareholders through share repurchases and potential dividend increases, which could decrease expected returns on an investment in our common stock85% rewritten
  16. 16that we will seek to do any of the foregoing or that we will be able to do any of the foregoing on terms acceptable to us or at allNew
  17. 17Murphy’s operations could be adversely affected by changes in foreign exchange rates
  18. 18The costs and funding requirements related to the Company’s retirement plans are affected by several factors
  19. 19Murphy has limited control over supply chain costs41% rewritten
  20. 20The Company is exposed to credit risks associated with (i) sales of certain of its products to customers, (ii) joint venture partners and (iii) other counterparties
  21. 21We face various risks related to health epidemics, pandemics and similar outbreaks, which may have material adverse effects on our business, financial position, results of operations and/or cash flows31% rewritten
  22. 22In addition, an epidemic, pandemic or similar outbreak could also cause disruption in our supply chain; cause delay or limit the ability of vendors and customers to perform, including in making timely payments to us; and cause other unpredictable events
  23. 23Changes in U.S. and international tax rules and regulations, or interpretations thereof, may materially and adversely affect our cash flows, results of operations and financial condition54% rewritten
  24. 24We face continued competition for talent to support our operations
  25. 25Murphy’s sensitive information, operational technology systems and critical data may be exposed to cyber threats66% rewritten
  26. 26From time to time, some governments intervene in the market for crude oil and natural gas produced in their countries through such actions as setting prices, determining rates of production, and controlling who may buy and sell the productionNew
  27. 27Murphy’s insurance may not be adequate to offset costs associated with certain events, and there can be no assurance that insurance coverage will continue to be available in the future on terms that justify its purchase74% rewritten
  28. 28Lawsuits against Murphy and its subsidiaries could adversely affect its operating results

Other Murphy Oil 10-Ks

  • FY2024 10-K risk factors
    29 risks

    Murphy Oil relies heavily on commodity prices for crude oil, natural gas, and NGLs. Operations face severe weather hazards, third-party infrastructure dependencies, joint venture risks, and strict environmental regulations.

    Filed Feb 27, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.