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Murphy Oil to Exit Malaysia With $2.13 Billion Asset Sale (1)

March 21, 2019, 2:45 PM

Murphy Oil Corp. agreed to sell its primary Malaysia assets to PTT Exploration & Production Pcl for $2.13 billion in order to focus on North American onshore operations and in the Gulf of Mexico.

Key Takeaways

The deal confirms that, increasingly for U.S. oil companies, home is where the action is. Murphy is leaving Malaysia after two decades. Back in October, the company agreed to pay about $1 billion for U.S. Gulf of Mexico oil fields from Brazil’s Petrobras.

Watch out for potential acquisitions: Murphy said Thursday it will use about $750 million of the proceeds from the Malaysian exit ...