Item 3. Quantitative and Qualitative Disclosures About Market Risk
ITEM 3. 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 L , 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-based derivative contracts in place as of March 31, 2026.
Foreign Exchange Risk
There were no derivative foreign exchange contracts in place at March 31, 2026.
Interest Rate Risk
The Company’s senior unsecured Amended RCF provides for variable interest rate borrowings. As of March 31, 2026, we had no outstanding borrowings under the Amended RCF, and therefore, no related exposure to interest rate risk.
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