Murphy Oil Corp. (NYSE:MUR) reports that its wholly owned subsidiaries, Murphy Sabah Oil Co. Ltd. and Murphy Sarawak Oil Co. Ltd., have entered into an agreement with PT Pertamina Malaysia Eksplorasi Produksi to sell 30% of Murphy's Malaysian oil and gas assets for an aggregate sales price of $2 billion in an all cash transaction.
The effective date of the transaction will be Jan. 1, 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 will remain operator, and will continue to execute its development plans and to grow through future exploration in both deepwater and shallow-water Malaysia.
Tudor, Pickering, Holt & Co. served as exclusive financial advisor to Murphy on the transaction. Gibson, Dunn & Crutcher LLP acted as legal counsel to Murphy.