MURPHY OIL CORP 10-K

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Company is exposed to market risks associated with prices of crude oil, natural gas and petroleum products, foreign currency exchange rates and interest rates. As described in Note K , Murphy periodically makes use of derivative financial and commodity instruments to manage risks associated with existing or anticipated transactions. Commodity Price Risk There were no commodity transactions in place as of December 31, 2025, covering certain future U.S. oil and natural gas sales. Foreign Exchange Risk There were no derivative foreign exchange contracts in place as of December 31, 2025. Interest Rate Risk At December 31, 2025, long-term debt was $1,382.6 million. The fixed-rate notes have a weighted average coupon of 6.1%. The Company’s previous and Amended RCF agreements provide for variable interest rate borrowings. As of December 31, 2025, we had $100.0 million outstanding under the previous RCF, and a 10% increase in the average interest rate would have increased our quarterly interest expense by approximately $0.3 million. Actual results may vary due to changes in the amount of variable rate debt outstanding. Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Information required by this item appears on pages 68 through 127 of this Form 10-K report. Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None.