MURPHY OIL CORP 10-K

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Company is exposed to market risks associated with interest rates, prices of crude oil, natural gas and petroleum products, and foreign currency exchange rates. As described in Note L – Financial Instruments and Risk Management , Murphy makes use of derivative financial and commodity instruments to manage risks associated with existing or anticipated transactions. There were commodity transactions in place as of December 31, 2021, covering certain future U.S. crude oil sales volumes in 2022. A 10% increase in the respective benchmark price of these commodities would have increased the net payable associated with these derivative contracts by approximately $100.9 million, while a 10% decrease would have decreased the recorded payable by a similar amount, resulting in a receivable. There were no derivative foreign exchange contracts in place as of December 31, 2021. Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Information required by this item appears on pages 63 through 128 of this Form 10-K report. Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None 55 Table of Contents PART II