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. Recent under-performance with high-impact exploration and low oil prices have triggered Murphy to review its exploration strategy. Addressing its depleted hopper of opportunities, the company has competed in bid rounds to enter new countries, notably Mexico and Brazil. Near-field exploration will continue in its current areas of operation while it works up high-impact prospects in its newer acreage. 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 2008-2017, including investment, well activity, volume discovered, discovery cost, reserve replacement ratio, value creation and rates of return. The report includes a detailed data download.