Murphy Oil Corporation announced that its wholly owned subsidiaries, Murphy Sabah Oil Co., Ltd. and Murphy Sarawak Oil Co., Ltd. (collectively Murphy), have closed on the second phase of the sale of 30 percent of Murphy's Malaysian oil and gas assets to PT Pertamina Malaysia Eksplorasi Produksi (Pertamina).
The second phase covers the remaining one-third of the transaction or 10 percent of Murphy's Malaysian oil and gas assets. The first phase for two-thirds of the transaction closed on Dec. 18, 2014.
The total transaction for 30 percent of Murphy's Malaysian oil and gas assets had an aggregate sale price of $2.0 billion, subject to normal closing adjustments, with an effective date of Jan. 1, 2014. Tudor, Pickering, Holt & Co. served as exclusive financial advisor to Murphy on the transaction. Gibson, Dunn & Crutcher LLP acted as legal counsel to Murphy.
