Murphy to Expand Gulf of Mexico Oil With $1.38 Billion Deal (1)

Murphy Oil Corp. agreed to acquire deepwater Gulf of Mexico assets from LLOG Exploration Offshore LLC and LLOG Bluewater Holdings LLC for about $1.38 billion as the U.S. company continues to refocus on production closer to home.

Key Takeaways

• The LLOG deal comes a month after Murphy reached an agreement to sell its primary assets in Malaysia for about $2.13 billion. In October, it agreed to acquire Gulf of Mexico oilfields from Brazil’s Petrobras for $1.05 billion.
• Murphy is expanding its footprint in the waters off the southern U.S. at a time when majors such as Exxon Mobil Corp. and ...