Divestiture of Malaysia Assets Buoys Our FVE for Murphy
On March 21, Murphy announced plans to sell its Malaysia subsidiaries, which amounts to a total exit from the region. The transaction will raise $2.1 billion in cash when it closes during the second quarter (with the potential for a further bonus of $100 million contingent on future exploration results in the region). This compares favorably with our previous valuation of $1.7 billion for the assets being divested. Accordingly, we are raising our fair value estimate to $23 per share from $20. Th...Murphy Oil is a holding company. Through its subsidiaries, the company is an oil and natural gas exploration and production company. The company explores for and produces crude oil, natural gas and natural gas liquids worldwide. The company's principal exploration and production activities are conducted in United States by wholly owned Murphy Exploration & Production Company - USA and its subsidiaries, in Canada by wholly-owned Murphy Oil Company Ltd. and its subsidiaries, and in Australia, Brazil, Brunei, Mexico and Vietnam by wholly-owned Murphy Exploration & Production Company - International and its subsidiaries. The company's hydrocarbon production is in United States, Canada and Brunei.
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