Murphy Oil Corporation sells 30% of its Malaysian oil and gas assets

Overview:

• Murphy Oil Corporation and its subsidiaries, Murphy Sabah Oil and Murphy Sarawak Oil, closed the second phase of the sale of 30% of Murphy's Malaysian oil and gas assets to Pertamina.
• The second phase covered 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 December 18 2014.
• The total transaction of Murphy's Malaysian oil and gas assets had an aggregate sale price of $2 billion.
• Murphy Oil has interests in Malaysia, Vietnam, Indonesia, Brunei and Australia and is seeking to cut overseas holdings to focus on an improving home market.
• Tudor Pickering Holt & Co served as the exclusive financial advisor to Murphy Oil Corporation on the transaction.
• Gibson Dunn & Crutcher acted as legal counsel to Murphy Oil Corporation, with Skrine as Malaysian counsel.
• Ashurst acted for Pertamina, with Zaid Ibrahim & Co as local counsel.