MURPHY OIL CORP

Murphy expanded its revolving credit facility from $1.35 billion to $2.00 billion and extended its maturity to January 2031; separately, it announced a successful appraisal well (Hai Su Vang-2X) offshore Vietnam in the Cuu Long Basin, a new area of exploration interest for the company.

debt financing

Murphy raised its quarterly dividend again, to $0.25/share ($1.00 annualized) - a 43% increase from the prior quarter and double what it paid a year earlier, reflecting sustained high commodity prices.

dividend declaration

Murphy raised its quarterly dividend 17% to $0.175/share ($0.70 annualized), a 40% increase from a year earlier, as high oil and gas prices drove strong cash flow.

dividend declaration

As oil and gas prices collapsed amid the COVID-19 demand shock, Murphy cut its 2020 capital spending plans, reduced executive and director pay, but kept its quarterly dividend in place at $0.125 per share.

dividend declaration

Murphy completed its exit from Malaysia, selling its Sabah and Sarawak subsidiaries to PTTEP for about $2.035 billion and booking roughly a $1.0 billion gain - completing a full pivot of the company's portfolio toward the U.S. Gulf of Mexico.

asset acquisition disposition

Murphy closed its acquisition of 26 deepwater Gulf of Mexico blocks from LLOG for $1.227 billion cash (after closing adjustments), funded partly through a new $500 million term loan; up to $250 million more may be owed based on future results.

asset acquisition disposition

Weeks after agreeing to exit Malaysia, Murphy agreed to acquire deepwater Gulf of Mexico assets from LLOG Exploration for $1.375 billion cash plus up to $250 million contingent consideration - redeploying the Malaysia proceeds into more U.S. Gulf of Mexico scale.

material agreement

Murphy agreed to sell its entire Malaysia business (its Sabah and Sarawak subsidiaries) to Thailand's PTTEP for US$2.127 billion cash plus up to $100 million contingent on future drilling results - a full exit from the country, expected to close mid-2019.

material agreement

Murphy closed its Gulf of Mexico joint venture with Petrobras America: Murphy contributed its Dalmatian, Clipper, Front Runner, Habanero, Kodiak, Tahoe and Thunder Hawk fields while Petrobras contributed higher-profile fields including Lucius, St. Malo, Cascade and Chinook, with Murphy paying $900 million cash to balance the exchange. Murphy ended up operating the combined venture with an 80% interest (Petrobras 20%), funded partly by a new $1.6 billion revolving credit facility that replaced its prior one.

asset acquisition disposition

Murphy agreed to combine its Gulf of Mexico producing assets with Petrobras America's in a new joint venture, with Murphy operating; it also amended its credit facility to accommodate the deal (loosening collateral and liquidity requirements). Expected to close by year-end 2018.

joint venture update