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As global oil prices surge to ~$107/barrel amid geopolitical unrest, Murphy Oil employees planning their retirement income should consider how the current inflationary environment affects the real value of Social Security benefits over a multi-decade retirement horizon.
The Q1 2026 oil price surge, pushing Brent to ~$107/barrel and WTI to ~$94/barrel, reflects the severity of supply disruptions stemming from U.S.-Israel military operations targeting Iran's energy infrastructure.
The disruption extends beyond crude: Henry Hub natural gas is near ~$2.94/MMBtu and European TTF is near ~$16.90/MMBtu as the conflict has effectively shut down a major LNG export hub in the Persian Gulf.
The 2026 energy price shock has reinforced the value of Social Security's inflation-adjusted benefits for Murphy Oil professionals, as the guaranteed, COLA-adjusted income stream may serve as a critical hedge against energy-driven price increases.
Social Security’s been a fact of retirement life ever since it was established in 1935. We all think we know how it works, but how much do you really know? If you work for Murphy Oil, here are nine things that might surprise you.
- The Social Security trust fund is huge. At approximately $2.7 trillion in combined reserves, it exceeds the gross domestic product (GDP) of every economy in the world except the ten largest, though the fund balance has been declining in recent years as benefit payments have grown.
- Most workers including those at Murphy Oil are eligible for Social Security benefits, but not all. For example, until 1984, federal government employees were part of the Civil Service Retirement System and were not covered by Social Security.
- As an employee of Murphy Oilk, you don’t have to work long to be eligible. If you were born in 1929 or later, you need to work for 10 or more years to be eligible for benefits.
- Benefits are based on an individual’s average earnings during a lifetime of work under the Social Security system. The calculation is based on the 35 highest years of earnings. If an individual has years of low earnings or no earnings, Social Security may count those years to bring the total years to 35.
- Those at Murphy Oil may also want to consider how there hasn't always been cost-of-living adjustments (COLA) in Social Security benefits. Before 1975, increasing benefits required an act of Congress; now increases happen automatically, based on the Consumer Price Index. The 2025 COLA increase was 2.5%, following a 3.2% increase in 2024 and an 8.7% increase in 2023 - one of the largest in decades.
- Social Security is a major source of retirement income for 67% of current retirees, including those at Murphy Oil.
- Social Security benefits are subject to federal income taxes — but it wasn’t always that way. In 1983, Amendments to the Social Security Act made benefits taxable, starting with the 1984 tax year.
- Social Security recipients received a single lump-sum payment from 1937 until 1940. One-time payments were considered “payback” to those people who contributed to the program. Social Security administrators believed these people would not participate long enough to be vested for monthly benefits.
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- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
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- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- In January 1937, Earnest Ackerman became the first person in the U.S. to receive a Social Security benefit—a lump sum of 17 cents.
Featured Video
Articles you may find interesting:
1. Social Security Administration, 2025; CIA World Factbook, 2025
2-5, 7-9. Social Security Administration, 2025
6. Employee Benefit Research Institute, 2024
What type of retirement plan does Murphy Oil offer to its employees?
Murphy Oil offers a 401(k) retirement savings plan to its employees.
How can employees of Murphy Oil enroll in the 401(k) plan?
Employees of Murphy Oil can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
Does Murphy Oil match employee contributions to the 401(k) plan?
Yes, Murphy Oil provides a matching contribution to employee contributions, subject to specific terms and conditions.
What is the maximum employee contribution limit for Murphy Oil’s 401(k) plan?
The maximum employee contribution limit for Murphy Oil’s 401(k) plan follows the IRS guidelines, which may change annually.
Can employees of Murphy Oil take loans against their 401(k) savings?
Yes, employees of Murphy Oil may have the option to take loans against their 401(k) savings, subject to plan rules.
What investment options are available in Murphy Oil's 401(k) plan?
Murphy Oil’s 401(k) plan typically offers a variety of investment options, including mutual funds, stocks, and bonds.
Is there a vesting schedule for the employer match in Murphy Oil’s 401(k) plan?
Yes, Murphy Oil has a vesting schedule for the employer match, which determines when employees fully own the matched contributions.
How often can employees change their contribution amounts in Murphy Oil's 401(k) plan?
Employees of Murphy Oil can change their contribution amounts during designated enrollment periods or as specified in the plan documents.
What happens to my 401(k) if I leave Murphy Oil?
If you leave Murphy Oil, you can roll over your 401(k) balance to another retirement account, cash out, or leave it in the plan, depending on the plan’s rules.
Are there any fees associated with Murphy Oil's 401(k) plan?
Yes, there may be fees associated with Murphy Oil's 401(k) plan, which are outlined in the plan documents provided to employees.
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