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Murphy Oil Announces Sell down of Malaysian Assets

Source: www.gulfoilandgas.com 9/30/2014, Location: Asia

Murphy Oil Corporation announced that its wholly owned subsidiaries, Murphy Sabah Oil Co., Ltd. and Murphy Sarawak Oil Co., Ltd. (collectively "Murphy"), have entered into an agreement with PT Pertamina Malaysia Eksplorasi Produksi ("Pertamina") to sell 30% of Murphy's Malaysian oil and gas assets for an aggregate sales price of $2.0 billion in an all cash transaction, subject to customary closing costs and adjustments for the period from effective date to closing.

The effective date of the transaction will be January 1, 2014 with closing expected to take place in two phases. The first phase is expected to be completed in the fourth quarter of 2014 and the second phase is expected to be completed by the first quarter of 2015. The transaction is subject to, among other things, the approval of Petroliam Nasional Berhad ("PETRONAS").

Murphy looks forward to establishing a long-term partnership with Pertamina. Murphy will remain operator and continue to execute its development plans as well as grow through future exploration in both deep-water and shallow-water Malaysia.

Roger W. Jenkins, President and Chief Executive Officer, commented, "This transaction marks the value of the high-margin, long-term assets in our Malaysian business. We are excited to strengthen our partnership with Pertamina and look forward to working with them and our other partners in Malaysia." Jenkins added, "We will continue to evaluate all aspects of our portfolio. This transaction allows us to re-deploy the proceeds through an individual or combination of strategic and financial initiatives such as increased drilling capital in the Eagle Ford Shale, acquisition opportunities, debt reduction and share repurchases."

Tudor, Pickering, Holt & Co. served as exclusive financial advisor to Murphy on the transaction. Gibson, Dunn & Crutcher LLP acted as legal counsel to Murphy.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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