Murphy Oil sells Malaysia assets to PTTEP for $2.1 billion, turns toward home


Dateline 2019-03-21, Reuters:

Murphy Oil Corp is exiting Malaysia with a $2.13 billion sale of its oil and gas assets there to Thailand’s PTTEP and said it will use the proceeds to pay down debt, buy back shares and fund potential deals in the United States.

Besides the enterprise value of the sale, PTT Exploration and Production Public Co Ltd (PTTEP), a unit of state-owned PTT PCL, will also pay Murphy Oil up to $100 million as a bonus if certain exploration projects show results before October 2020, the companies said on Thursday.

The deal between Murphy and PTTEP comes as M&A activity is heating up in Malaysia’s oil and gas sector, where global companies pursuing expansion plans are spotting opportunities.

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This entry was posted on Wednesday, May 1st, 2019 at 6:37 am and is filed under oil and gas. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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