Murphy Oil Corp.

Murphy Oil Corp. closed the sale to divest the fully issued share capital of the entities primarily conducting Murphy’s operations in Malaysia to a subsidiary of PTT Exploration and Production Public Company Ltd. The transaction was previously announced on March 21, 2019, with an effective economic valuation date of January 1, 2019. After closing adjustments, Murphy will receive proceeds of approximately $2.035 billion, and expects to report a gain on the sale of approximately $1 billion. Murphy does not anticipate tax liabilities related to the transaction.

Murphy also announced today that it has completed $300 million in share repurchases as of the end of the second quarter, which is part of a previously authorized and disclosed $500 million program. Murphy purchased 11.4 million shares outstanding, a 6.6% reduction from 173.6 million shares outstanding as of April 30, 2019, at an average price of $26.34 per share. The current share repurchase program expires year-end 2020.