Murphy Oil Sells Malaysia Stake to PETRONAS

Ticker: MUR · Form: 8-K · Filed: May 20, 2024 · CIK: 717423

Sentiment: neutral

Topics: divestiture, asset-sale, malaysia, petronas

Related Tickers: MRO

TL;DR

Murphy Oil selling Malaysia ops to PETRONAS, focusing on core assets.

AI Summary

Murphy Oil Corporation announced on May 20, 2024, that it has entered into a definitive agreement to sell its entire stake in the Malaysia Production Sharing Contract (PSC) to PETRONAS Carigali Sdn Bhd. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions. This sale is part of Murphy Oil's strategy to focus on its core assets and reduce its carbon intensity.

Why It Matters

This divestiture allows Murphy Oil to streamline its operations and concentrate on higher-return assets, potentially improving its financial performance and reducing its environmental footprint.

Risk Assessment

Risk Level: medium — The transaction is subject to customary closing conditions, and the actual financial impact will depend on the final terms and market conditions.

Key Players & Entities

FAQ

What is Murphy Oil Corporation selling?

Murphy Oil Corporation is selling its entire stake in the Malaysia Production Sharing Contract (PSC).

Who is the buyer of Murphy Oil's Malaysia assets?

The buyer is PETRONAS Carigali Sdn Bhd.

When was this sale announced?

The definitive agreement was announced on May 20, 2024.

When is the transaction expected to close?

The transaction is expected to close in the third quarter of 2024.

What is the strategic rationale behind this sale for Murphy Oil?

The sale is part of Murphy Oil's strategy to focus on its core assets and reduce its carbon intensity.

Filing Stats: 1,138 words · 5 min read · ~4 pages · Grade level 14.6 · Accepted 2024-05-20 16:41:34

Key Financial Figures

Filing Documents

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On May 21, 2024, members of management of Murphy Oil Corporation (the "Company"), including Eric M. Hambly, President and Chief Operating Officer, will host investor meetings in connection with the Company's attendance at the UBS Austin Energy Conference. In addition, on June 6, 2024, Roger W. Jenkins, Chief Executive Officer, and Kelly L. Whitley, Vice President, Investor Relations and Communications, will host investor meetings in connection with the Company's attendance at the Jefferies Energy Conference. Attached hereto as Exhibit 99.1 is a copy of the presentation prepared by the Company in connection therewith. The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing. This Current Report on Form 8-K, including the information furnished pursuant to Item 7.01 and the related Item 9.01 hereto, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as "aim", "anticipate", "believe", "drive", "estimate", "expect", "expressed confidence", "forecast", "future", "goal", "guidance", "intend", "may", "objective", "outlook", "plan", "position", "potential", "project", "seek", "should", "strategy", "target", "will" or variations of such words and other similar expressions. These statements, which express management's current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our contr

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits 99.1 Murphy Oil Corporation Presentation dated May 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: May 20, 2024 MURPHY OIL CORPORATION By: /s/ Paul D. Vaughan Name: Paul D. Vaughan Title: Vice President and Controller

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