• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 2 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 2 hours Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 10 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 12 hours World oil demand will keep growing until 2030, climate-damaging emissions longer, says IEA
  • 12 mins EU has already lost the Trump vs. EU Trade War
  • 5 hours Iran Finds New Oil Field With Over 50 Billion Barrels: Rouhani
  • 3 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 2 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 2 hours Trump On Farage's Radio Show ...
  • 1 hour Does .001 of Atmosphere Control Earth's Climate?!
  • 7 hours Iran's Master Plan?
  • 13 mins China's Renewables Boom Hits the Wall
  • 5 hours Saudi Aramco IPO Will Not Save Kingdom

Breaking News:

Oil Rebounds On Surprise Crude Draw

The Most Important Data Point In U.S. Oil Markets

The Most Important Data Point In U.S. Oil Markets

Oil markets are always awash…

OPEC Is Desperate For A Trade War Resolution

OPEC Is Desperate For A Trade War Resolution

OPEC’s Secretary General is desperate…

Murphy Oil Is Latest Firm To Sell Assets Abroad In Focus On Shale

shale rig

Murphy Oil Corporation has signed a deal to sell its assets in Malaysia, becoming the latest U.S. company to exit projects abroad as it focuses on high-margin opportunities in U.S. shale.

Murphy Oil will exit Malaysia after 20 years after it signed a deal with a subsidiary of PTT Exploration and Production Public Company Limited to sell its two primary Malaysian subsidiaries for US$2.127 billion in cash, payable upon closing and subject to customary closing adjustments, the U.S. firm said on Thursday.

Murphy Oil will use the proceeds to return cash to shareholders through share buybacks and to cut debt, while it will be focusing primarily on the Eagle Ford shale play and on its operations in the U.S. Gulf of Mexico.

A total of US$750 million of the remaining proceeds will be “earmarked for U.S. oil-weighted opportunities through potential acquisitions and/or the funding of both deep water projects and U.S. onshore opportunities,” the company said.

“We will continue with our plans of investing in our high margin, oil-weighted Western Hemisphere opportunities, especially the Eagle Ford Shale and the Gulf of Mexico while maintaining our focused low-cost exploration program,” said Roger W. Jenkins, President and CEO.

Last month, Marathon Oil said that it would be exiting the UK North Sea as it continues to focus on high-return U.S. shale oil operations. Houston-based Marathon Oil has signed an agreement with independent UK company RockRose Energy to sell its UK businesses, which held interests in several fields in the UK part of the North Sea.

Related: U.S. On The Hunt For Iranian “Ghost Tankers”

“Today’s announcement to divest our U.K. business represents our continued commitment to portfolio management and further concentrates our portfolio on high margin, high return U.S. resource plays,” Marathon Oil chairman, president, and CEO Lee Tillman said in a statement in February.

In March last year, Marathon Oil sold its 16.33 percent non-operated interest in the Waha concessions in Libya to France’s Total for US$450 million, exiting Libya.

Last month, Marathon Oil said that it would be spending US$2.4 billion in 2019, with more than 95 percent of that capital budget being allocated to its four key U.S. resource plays—the Eagle Ford, the Bakken, STACK/SCOOP in Oklahoma, and Northern Delaware in the Permian.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Mitch Farney on March 21 2019 said:
    I dont see how US shale is high margin, or high returns. All it is, is a fast return of capital at a slim margin, with a fast decline, during a time some think crude is doomed to start declining in a few years... which it wont be. Big projects like Exxon's in Guyana are where it's at the next few years and will provide excellent consistent cash flow, and low cost sub sea expansions during the times of likely peaking oil. Shall focused companies will have to keep reinvesting in diminishing shale properties

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play