Murphy Oil's (MUR) subsidiary enters into an agreement to sell Malaysian assets. “Like many Asian national companies, PTTEP suffers from a maturing domestic portfolio. EL DORADO, Ark.--(BUSINESS WIRE)--Jun. Murphy Oil Corporation is an independent exploration and production company with a strong, oil-weighted portfolio of global offshore and onshore assets with upside to our exploration program. Murphy Oil Corp. announced today that a subsidiary has signed a sale and purchase agreement to divest the fully issued share capital of its two primary Malaysian subsidiaries, Murphy Sabah Oil Co., Ltd. and Murphy Sarawak Oil Co., Ltd., to a subsidiary of PTT Exploration and Production Public Company Ltd (PTTEP). “This is the biggest oil and gas deal in Southeast Asia for over five years, and supports our view that 2019 is set to be a big year for M&A activity in the region,” he said. (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. Murphy Oil Corporation is an independent exploration and production company with a strong oil-weighted portfolio of global offshore and onshore assets with upside to our exploration program. Reuters reported that Murphy was nearing a deal to sell its Malaysian assets to PTTEP earlier on Thursday. Jefferies Group LLC was the financial advisor to PTTEP. During a presentation the following month at the 2019 Offshore Technology Conference (OTC) in Houston, Jenkins expressed optimism about Murphy’s offshore position. Murphy also announced a $500 million share buyback as well as debt reduction of about $750 million. In April Murphy underscored its appetite for a larger GOM presence, announcing a $1.6 billion deal to acquire deepwater acreage that would raise the company’s GOM operated production from 49 to 66 percent of daily production. As of 1:40 p.m. EST, shares of oil giant ConocoPhillips are down 5.4%, while smaller oil and gas producers Devon Energy and Murphy Oil are down … Murphy Oil said the year-end 2018 proved reserves (1P) net to Murphy were 816 million barrels of oil equivalent (Mmboe) of which 16 percent or 129 Mmboe were attributable to Malaysia. Murphy Oil's (MUR) subsidiary enters into an agreement to sell Malaysian assets. Murphy Oil Corp is exiting Malaysia after two decades of operations, with the divestment of its Malaysian oil and gas assets in an all-cash transaction worth US$2.127 billion (RM8.62 billion). Bangkok, March 21, 2019 – PTT Exploration and Production Public Company Limited (PTTEP), makes a success acquisition in Murphy Oil Corporation’s business in Malaysia worth USD 2,127 million which is expected to promptly add sales volumes by 15% and operating cash flow right after the deal is completed.Furthermore, the company also announces the success in winning two exploration blocks … In Wednesday’s company statement, Jenkins commented that the company “remains committed to spending within cash flow while investing” in its additional GOM assets. All rights reserved. Hdfc Careers 2011. The deal follows moves by other U.S. oil majors to turn investment to high-yielding shale fields at home, where output has soared to more than 12 million barrels per day (bpd), rising over 2 million bpd since early 2018. Murphy Oil vice-president for Malaysia John James speaks to TOGW about the current dynamics in Malaysia’s exploration and production sector, including the challenges posed by deepwater development, the upstream gas market and the impact of global oil prices. The company had about $3 billion in debts as of December 2018. In September, Austrian oil and gas company OMV agreed on a joint venture with Sapura Energy Bhd, paying $540 million for a 50 percent stake in the exploration assets of the Malaysian firm. Reporting by Nivedita Bhattacharjee and Shradha Singh in BENGALURU; Kane Wu in HONG KONG and Anshuman Daga in SINGAPORE; Editing by Arun Koyyur and Tom Hogue. 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. The transaction was announced in March 2019, with an effective economic valuation date of January 1, 2019. 'content_type' : 'About the Industry', Corporate headquarters are in El Dorado, Arkansas. KUALA LUMPUR: Murphy Oil Corp is exiting Malaysia with a US$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. PTTEP said the deal is expected to promptly raise sales volumes by 15 percent and operating cash flow upon completion. Malaysian state-owned Petronas partners Murphy in Malaysia, which has seen M&A pick-up in the energy sector. Those assets produced over 48,000 barrel of oil equivalent per day for Murphy. All comments are subject to editorial review. “This diversified self-funded portfolio will add a mix of production, development and exploration assets that will provide immediate revenue stream, production and reserves for both short and long term,” PTTEP said in a statement. Deoiling Hydrocyclone – Sepat FPSO – CETCO – Malaysia Murphy Oil Malaysia Career. Underlying everything we do are our core values: Do Right Always We respect people, safety, the environment and the law. Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. Those assets produced over 48,000 boe per day for Murphy last year. Those assets produced … Hess later said it had no plans to sell its Southeast Asian assets. Murphy Oil Corp. reported Wednesday that it has completed the sale of its Malaysia portfolio to a unit of PTT Exploration and Production Public Co. Ltd. (PTTEP). When it unveiled plans in March to divest its Murphy Sabah Oil Co., Ltd. and Murphy Sarawak Oil Co. Ltd. units, Murphy expressed its desire to make a “strategic exit from Malaysia” after operating in the country for two decades. Murphy had proven reserves of 816 million barrels of oil equivalent (boe) in 2018, of which 129 million boe were from Malaysia. 6 salaries for 6 jobs at Murphy Oil in Malaysia. See here for a complete list of exchanges and delays. Murphy Oil Corp said on Thursday it is exiting Malaysia with the $2.13 billion sale of its oil and gas assets to a Thai company and will use the deal proceeds to pay down debt, buy back shares and fund potential deals in the United States. We follow through on all commitments. 9805 Katy Freeway Suite G-200 Houston, Texas 77024 +1.281.675.9000 View Map Moreover, the company noted the transaction would enable it to focus on assets in the Western Hemisphere – particularly in Texas’ Eagle Ford Shale and the Gulf of Mexico (GOM). Those assets produced over 48,000 boe per day for Murphy last year. They too have diligently worked to ensure our long-term success in the region.”. It is the biggest oil and gas deal in Southeast Asia for over five years and indicates that there is consolidation underway among maturing portfolios. Murphy, which also has operations in Canada, Brazil and other regions, said it will focus on the Western Hemisphere - mostly on the Eagle Ford basin in Texas and the U.S. Gulf of Mexico - for future exploration and production deals. The first discovery in this area, the West Patricia prospect, was announced in 2001 and followed by a significant discovery in the Kikeh in 2002 (later went into production by 2007). Reuters reported in November, citing sources, that Murphy was in talks to sell its Malaysian assets after an unsolicited bid. Futures for light crude were trading at around $60 per barrel on Friday. 'tag' : 'Property_Acquisitions_Divestitures,Offshore', 'industry_sector' : 'Upstream', Murphy had proven reserves of 816 million barrels of oil equivalent (Mmboe) in 2018, of which 129 Mmboe were from Malaysia. According to a written statement on PTTEP’s website, the deal gives the company five deep- and shallow-water projects offshore Malaysia: Sabah K, SK309 and SK311, Sabah H, SK314A and SK405B. Murphy shares rose as much as 1.8 percent before closing at $30.97 on Thursday. 12, 2009-- Murphy Oil Corporation (NYSE:MUR) has made two additional discoveries on its acreage offshore Malaysia.The first discovery was made at the Siakap North prospect located in Block K, offshore Sabah, Malaysia.The Siakap North discovery is located 6 miles from Murphy’s Kikeh field in approximately 4,300 feet of water. US-based independent Murphy Oil said it has completed the sale of its oil and gas assets in Malaysia to a subsidiary of Thai company PTT Exploration and Production (PTTEP). 'author' : 'Matthew V Veazey', 'content_origin' : 'Rigzone Staff', Our global offshore operations are complimentary to our North American onshore business. 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Sand Cleaning – Kikeh Field – Murphy Oil – Malaysia; Well Test Desander – Tarim Field – CCDC – China; Well Test Desander – Caspian Sea – Dragon Oil – Turkmenistan; Produced Sand Control – Kikeh Field – Murphy Oil – Malaysia; Produced Water Treatment. 'Region' : 'Far_East', 'longevity' : 'News', Also, I would like to thank our long-term partners PETRONAS, PETRONAS Carigali and Pertamina. “Murphy’s recent transactions further align our high-margin and oil-weighted production, with approximately 90 percent of oil volumes expected to receive premium realizations to WTI,” he said. At its offshore locations, Murphy Oil drills for hydrocarbons in deepwater with drillships or semisubmersible rigs, and then pumps oil and natural gas up through pipes on production platforms. Murphy had proven reserves of 816 million barrels of oil equivalent (boe) in 2018, of which 129 million boe were from Malaysia. ssdl.editorialMetaData = { 'Country' : 'Malaysia', In 2009, it was ranked as the 92nd largest company in America on the Fortune 500. © Murphy Oil Corporation. Murphy USA is a national gas station and convenience store chain dedicated to helping customers buy smarter and drive farther. The transaction value has yet to include an up to US$100 million (RM405.32 million) bonus payment contingent upon certain future exploratory drilling results prior to October 2020, the group said in a statement. The oil and natural gas is transported to shore through a pipeline or to a sailing vessel known as a floating production system (FPS), which delivers the oil and natural gas to onshore facilities for processing and … This well was drilled in 4,478 feet of water in Block K offshore Sabah Malaysia, on a fault separated structure down dip to the west of the previously announced Kikeh Kecil oil discovery. Murphy Oil said the year-end 2018 proved reserves (1P) net to Murphy were 816 million barrels of oil equivalent (Mmboe) of which 16 percent or 129 Mmboe were attributable to Malaysia. Murphy entered the Malaysia market in 1999 after a purchase of three offshore blocks, solidifying its position as a player in the offshore development space. EL DORADO, Ark., Jan 20, 2004 (BUSINESS WIRE) -- Murphy Oil Corporation (NYSE:MUR) announces that its Aya #1 exploration well encountered wet reservoir sands and will be plugged and abandoned. Murphy Oil Salaries trends. Murphy Oil Corporation is an independent energy company committed to oil and natural gas production and exploration. var ssdl = ssdl || {} Powered By Q4 Inc. 5.49.0.3 (opens in new window) 5.49.0.3 (opens in new window) 'audience' : 'News', In September 2014, Murphy announced the sale of a 30 percent stake in its Malaysian assets to Indonesian state oil company Pertamina for $2 billion as it cut its overseas holdings. Laurentian Bank Careers Murphy Oil Malaysia Career. Murphy expressed its desire to make a “strategic exit from Malaysia”, $1.6 billion deal to acquire deepwater acreage, Repsol Selects Drilling Contractor for Mexico Campaign, Why Some Asian NOCs are Sticking to Spending Plans, PTTEP, Partners Hit Oil Pay Offshore Mexico, Murphy Contracts Drillship for 10 GOM Wells, Murphy Oil Closing Legacy Arkansas, Calgary Offices, Murphy and Petrobras Award Five-year FPSO Contract, Motiva Plans Uber-like Digital Ordering for Wholesalers, TechnipFMC Wins Egypt Subsea Tieback Contract. Off-topic, inappropriate or insulting comments will be removed. The company also announced a $500 million share … The year-end 2018 proved reserves (1P) net to Murphy were 816 million barrels of oil equivalent (Mmboe) of which 16 percent or 129 Mmboe were attributable to Malaysia. It intends to utilize the proceeds to develop domestic oil assets, strengthen its balance sheet and buy back shares. Our Standards: The Thomson Reuters Trust Principles. At Murphy Oil Corporation, we see a future where we are an industry leader who is positively impacting lives for the next 100 years and beyond. 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. Murphy Oil Corp. reported Wednesday that it has completed the sale of its Malaysia portfolio to a unit of PTT Exploration and Production Public Co. Ltd. (PTTEP). EL DORADO, Ark., Feb 26, 2002 (BUSINESS WIRE) -- Murphy Oil Corporation (NYSE: MUR) is pleased to announce it has completed a three well exploration and appraisal drilling program offshore Sarawak, Malaysia, which has confirmed the commercial viability of this 85%-owned shallow-water acreage. Which Major OFS Player Seems Most Bullish About 2021? 'published_date' : '2019-07-10', All quotes delayed a minimum of 15 minutes. But it also means providing career opportunities that enable talented individuals to learn and grow. “We expect to generate approximately $1.2 billion of free cash flow at a flat $55 West Texas Intermediate price,” CEO Roger Jenkins said on a call with analysts. Murphy first announced its Malaysia exit plan in March. 'company_sentiment' : 'Neutral', The deal on the Malaysian assets is expected to close by the end of the second quarter. To improve its production outlook the company has been on the hunt for license extensions and counter-cyclical M&A opportunities, with a focus on Southeast Asia,” said Alex Siow, a research analyst at energy research firm Wood Mackenzie, in an email. [O/R]. Salaries posted anonymously by Murphy Oil employees in Malaysia. In August, citing sources, Reuters reported that U.S. company Hess Corp’s Southeast Asian offshore natural gas assets had attracted bid interest from PTTEP and OMV. “As our talented and committed Malaysia team transitions to their new owner, I am confident they will diligently work to ensure continued success in the country. Murphy will receive approximately US$2.035 billion in proceeds from the transaction, and the company stated that it expects to report a roughly $1 billion gain on the sale with no related tax liabilities. “There’s a lack of competition among companies our size in this business,” Jenkins said during OTC. Sources had said Spanish oil major Repsol, whose presence in Malaysia is focused on the upstream sector, or other global majors could be potential buyers for Murphy’s assets. murphy oil Murphy Oil Corporation is a petroleum corporation. }. 'sector' : 'Company_Operations', If you’re looking to optimize your professional potential and make a positive impact on the world, you’ll enjoy life at Murphy. “We would like to congratulate PTTEP on the purchase of their new asset,” Murphy’s president and CEO, Roger W. Jenkins, said in a written statement. Bank of America Merrill Lynch served as advisor to Murphy on the sale, while Tudor, Pickering, Holt & Co was the financial advisor. 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