Murphy Oil Corp.’s wholly owned subsidiaries, Murphy Sabah Oil Co. Ltd. and Murphy Sarawak Oil Co. Ltd., have closed on the second phase of the sale of 30% of Murphy's Malaysian oil and gas assets to PT Pertamina Malaysia Eksplorasi Produksi (Pertamina).
The second phase covers the remaining one-third of the transaction or 10% of Murphy's Malaysian oil and gas assets. The first phase for two-thirds of the transaction closed on Dec. 18, 2014. The total transaction for 30% of Murphy's Malaysian oil and gas assets had an aggregate sale price of $2 billion, subject to normal closing adjustments, with an effective date of Jan. 1, 2014.
Tudor, Pickering, Holt & Co. served as exclusive financial advisor to Murphy on the transaction. Gibson, Dunn & Crutcher LLP acted as legal counsel to Murphy.