MURPHY OIL CORP 10-Q

ITEM 3. 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 to this Form 10-Q report, Murphy makes use of derivative financial and commodity instruments to manage risks associated with existing or anticipated transactions. There were commodity transactions in place at June 30, 2022, covering certain future U.S. crude oil sales volumes for the remainder of 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 $78.5 million, while a 10% decrease would have decreased the recorded net payable by a similar amount. There were no derivative foreign exchange contracts in place at June 30, 2022.