Comprehensive Energy Data Intelligence
Information About Energy Companies, Their Assets, Market Deals, Industry Documents and More...
Non-Core Canadian Assets of Murphy Oil Successfully Divested for $104M
10/13/2023
Houston-based Murphy Oil Corp. has successfully concluded the divestiture of its non-core operated assets located across its Western Canadian terrain, including the assets in the Kaybob Duvernay region and the complete non-operated Placid Montney position through a subsidiary.
The divestiture was initially made public in August and was concluded. The transaction yielded cash proceeds of around US$104 million (CA$141 million), slightly lower than the originally anticipated US$112 million.
Assets Included
The divested assets encompass the Saxon and Simonette areas of Kaybob Duvernay, wherein Murphy maintains a 70% working interest as the operator.
Murphy's 30% working interest in the Placid Montney assets, operated by Athabasca Oil Corp., was also included, along with accompanying pipelines, batteries, and associated processing and marketing contracts.
In total, the transaction enveloped 138 net drilling locations across 42,000 net acres in Kaybob Duvernay and 26,000 net acres in Placid Montney.
Current Production and Reserves
The amalgamated assets are yielding approximately 1,700 barrels of oil equivalent per day (boe/d) net, with oil constituting 39% of the production. The net proved reserves were recorded at 5.3 million barrels of oil equivalent (MMboe) as of December 31, 2022.
Allocation of Proceeds
A segment of the proceeds is earmarked for investments in West Africa and Asia, aligning with Murphy’s strategic capital allocation framework. The focus will be on new business ventures in Côte d'Ivoire and developmental projects in Vietnam.
Murphy President and CEO, Roger W. Jenkins expressed satisfaction in actualizing the value from the non-core portion of their assets and emphasized the company’s anticipation in channeling the proceeds towards evolving ventures.
In related developments, Murphy has also unveiled plans to redeem its outstanding 5.750% senior notes due in 2025. The payment of the redemption price, including the accrued and unpaid interest, is slated to be executed on October 16, following the redemption date on October 15, as stated in a regulatory filing.
About Murphy Oil
Murphy Oil Corp. operates as a holding entity, focusing on the discovery and extraction of oil and natural gas. It conducts its business through two main segments: Exploration and Production, and Corporate and Other. The Exploration and Production segment has operations in the United States, Canada, and various other international regions.
If you are looking for more information about energy companies, their assets, and energy deals, please, contact our sales office mapping@hartenergy.com, Tel. 619-349-4970 or SCHEDULE A DEMO to learn how Rextag can help you leverage energy data for your business.
Murphy Oil Plans to Sell Less Essential Canadian Assets for $112 Million
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/168Blog_Murphy Oil Plans to Sell Less Essential Canadian Assets for $112 Million.png)
Murphy Oil has entered into a purchase and sale agreement to sell a section of its Kaybob Duvernay assets and entire Placid Montney assets. A subsidiary of Murphy Oil Corp. has entered into an agreement to sell a "non-core segment" of its operated Kaybob Duvernay assets and its entire non-operated Placid Montney assets to a private company, as stated in the company's earnings report released on August 3rd. The transaction is set to take effect from March 1, 2023, and the closing is expected to be finalized in the third quarter of the same year.
Occidental's Asset Cuts After CrownRock's $12 Billion Deal
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/210Blog_Occidental's $12 billion acquisition of CrownRock.png)
Occidental Petroleum is expanding its reach in the Midland Basin and targeting deeper drilling in the Barnett area through its significant $12 billion purchase of CrownRock LP. CrownRock, a collaboration between CrownQuest Operating LLC and Lime Rock Partners, is recognized for its prime land holdings in the Permian Basin. This acquisition brings over 94,000 net acres and 1,700 undeveloped drilling spots in the Midland Basin to Occidental's portfolio.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/328_Blog_Why Are Oil Giants Backing Away from Green Energy Exxon Mobil, BP, Shell and more .jpg)
As world leaders gather at the COP29 climate summit, a surprising trend is emerging: some of the biggest oil companies are scaling back their renewable energy efforts. Why? The answer is simple—profits. Fossil fuels deliver higher returns than renewables, reshaping priorities across the energy industry.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/327_Blog_Oil Market Outlook A Year of Growth but Slower Than Before.jpg)
The global oil market is full of potential but also fraught with challenges. Demand and production are climbing to impressive levels, yet prices remain surprisingly low. What’s driving these mixed signals, and what role does the U.S. play?
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/326_Blog_USA Estimated Annual Rail CO2 Emissions 2035.jpg)
Shell overturned a landmark court order demanding it cut emissions by nearly half. Is this a victory for Big Oil or just a delay in the climate accountability movement?