Murphy Oil Responds to Third Point Investor Letter

Murphy Oil Corporation (NYSE: MUR) said today that it has an ongoing
dialogue with its shareholders and that the Company is focused on
maximizing long-term value for all shareholders.

As part of this dialogue, it recently met with a number of investors
including Third Point LLC. These and other investors have made a variety
of suggestions with regard to the Company′s portfolio and the Company
values their input.

'The Board and management have been working to evaluate opportunities to
illuminate the value in our stock price for the benefit of all of our
shareholders,? said Claiborne Deming, Chairman of the Board.

The Company will continue to keep all shareholders informed with respect
to this evaluation.

This press release contains forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995.These
statements, which express management′s current views concerning future
events or results, are subject to inherent risks and uncertainties.Factors
that could cause actual results to differ materially from those
expressed or implied in our forward-looking statements include, but are
not limited to, the volatility and level of crude oil and natural gas
prices, the level and success rate of our exploration programs, our
ability to maintain production rates and replace reserves, customer
demand for our products, political and regulatory instability, and
uncontrollable natural hazards.For further discussion of risk
factors, see Murphy′s 2011 Annual Report on Form 10-K on file with the
U.S. Securities and Exchange Commission.Murphy undertakes no
duty to publicly update or revise any forward-looking statements.

Investor Contact:

Murphy Oil Corporation

Barry Jeffery,
870-864-6501

or

Media Contact:

Brunswick Group

Steve
Lipin/Michael France, 212-333-3810

Internet:http://www.murphyoilcorp.com

Email:
murphyoil@murphyoilcorp.com