Murphy s exploration strategy has traditionally focused on high impact deepwater. Complementing this it has built an attractive portfolio of unconventional assets in North America. Murphy s initial success in the last decade was driven by exploration in deepwater oil plays offshore Sabah (Malaysia). Recent under performance with high impact exploration and low oil prices have triggered Murphy to review its exploration strategy. Its near term focus is now on lower cost lower risk near field opportunities. Unconventional exploration will be centred on the Eagle Ford with the Canadian assets on pause. Here we analyse Murphy s conventional and unconventional exploration strategy and its exploration performance over the period 2006 2015 including investment well activity volume discovered discovery cost reserve replacement ratio value creation and rates of return. The report includes a detailed data download.