Murphy Oil Corporation (NYSE: MUR) today announced that its subsidiary closed the previously announced divestment of certain non-core operated Kaybob Duvernay assets and all of its non-operated Placid Montney assets. The transaction was announced on August 3, 2023, and has an effective date of March 1, 2023.
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After closing adjustments, Murphy received cash proceeds of approximately C$141 million, or US$104 million1. There is no cash tax liability expected with this transaction.
Murphy also announced today that it will redeem all of its outstanding 5.750% Senior Notes due 2025 (the “Notes”) on October 15, 2023, the redemption date for the Notes.
The redemption price for the Notes will be equal to 100.000% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date in accordance with the terms of the Notes and the indenture under which the Notes were issued. Interest on the Notes will cease to accrue on and after the redemption date.
Additional information concerning the terms of the redemption is contained in the notice distributed to holders of the Notes. Beneficial holders with any questions about the redemption should contact their respective brokerage firm or financial institution. This news release does not constitute a notice of redemption of the Notes.
“We are pleased to unlock the value of this non-core portion of our Kaybob Duvernay and Placid Montney assets. We look forward to progressing our capital allocation framework, as well as allocating proceeds towards our new business in Côte d’Ivoire and development in Vietnam,” said Roger W. Jenkins, President and Chief Executive Officer.
1 Assumes a 0.74 exchange rate from Canadian dollar to US dollar.29dk2902l
ABOUT MURPHY OIL CORPORATION
As an independent oil and natural gas exploration and production company, Murphy Oil Corporation believes in providing energy that empowers people by doing right always, staying with it and thinking beyond possible. Murphy challenges the norm, taps into its strong legacy and uses its foresight and financial discipline to deliver inspired energy solutions. Murphy sees a future where it is an industry leader who is positively impacting lives for the next 100 years and beyond. Additional information can be found on the company’s website at www.murphyoilcorp.com.
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