Murphy Oil Corporation Announces Second $250 Million Accelerated Share Repurchase Transaction and Completion of Previous Accelerated Share Repurchase Transaction

Murphy Oil Corporation (NYSE:MUR) ('the Company?) announced today that
it has entered into a variable term, capped accelerated share repurchase
transaction (the 'ASR?) with Merrill Lynch International to repurchase
an aggregate of $250 million of the Company′s common stock. The ASR is
the second part of the board authorized program to repurchase up to $1
billion of the Company′s stock announced on October ?16, 2012. The total
aggregate number of shares of Company common stock to be repurchased
pursuant to the ASR will be determined by reference to the Rule 10b-18
volume-weighted price of the Company′s common stock, less a fixed
discount, over the term of the ASR, subject to a minimum number of
shares. The ASR is expected to be completed no later than approximately
three months following execution.

An earlier $250 million accelerated share repurchase transaction,
announced December 10, 2012, has been completed today with an additional
196,711 shares of the Company′s common stock being delivered to the
Company. Including shares received earlier, the aggregate total shares
of common stock received by the Company under the now finalized December
10, 2012 ASR transaction was 4,064,261.

All shares of the Company′s common stock delivered under the ASR
programs will be immediately retired or converted to treasury shares.

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 one or more of the events forecasted in this press
release not to occur include, but are not limited to, a deterioration in
the business or prospects of Murphy, adverse developments in Murphy′s
markets, or adverse developments in the U.S. or global capital markets,
credit markets or economies generally. 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, political and regulatory
instability, uncontrollable natural hazards and a failure to execute a
sale of the U.K. downstream operations on acceptable terms.For
further discussion of risk factors, see Murphy′s 2012 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.

Murphy Oil Corporation

Barry Jeffery, 870-864-6501