Murphy Oil announces first phase of Malaysia asset sale

Source:Murphy Oil Corporation

The first phase covers two-thirds of the transaction or 20% of Murphy's Malaysian oil and gas assets with the remaining portion scheduled to close in the first quarter of 2015.

Murphy Oil Corporation (NYSE:MUR) announced today that its wholly owned subsidiaries, Murphy Sabah Oil Co., Ltd. and Murphy Sarawak Oil Co., Ltd. (collectively "Murphy"), have closed on the first phase of the sale of 30% of Murphy's Malaysian oil and gas assets to PT Pertamina Malaysia Eksplorasi Produksi ("Pertamina") that was originally announced on September 30, 2014. The first phase covers two-thirds of the transaction or 20% of Murphy's Malaysian oil and gas assets with the remaining portion scheduled to close in the first quarter of 2015. The transaction has an aggregate purchase price of $2.0 billion and an effective date of January 1, 2014.

Roger W. Jenkins, President and Chief Executive Officer, commented, "I am pleased to close on the first phase of this important transaction with Pertamina that marks the value of our long term Malaysian business. Obtaining the required approvals on schedule illustrates our long history and close working relationship with PETRONAS. We look forward to working with Pertamina and all of our partners in Malaysia as we move forward with our exploration and development plans in the region."

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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