| Murphy Oil (MUR) Subsidiary Sells UK Assets to Puma Energy - Analyst Blog | |
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Murco Petroleum Limited, a unit of the U.S. oil and gas exploration and production (“E&P”) company Murphy Oil Corporation MUR, sold several of its UK-based assets to Puma Energy for an undisclosed transaction value.
Singapore-based Puma Energy, an integrated midstream and downstream oil firm, has regional hubs in Johannesburg, South Africa; San Juan, Puerto Rico; Brisbane, Australia; and Tallinn, Estonia covering a total of 45 countries.
Puma Energy acquired the Milford Haven facility in Wales, UK and three inland terminals in Westerleigh, Theale and Bedworth from Murco. In addition, Murco sold its wholesale and distribution business in the UK to Puma Energy. The divested assets have a total storage capacity of roughly 1.4Mm3.
Per the terms of the agreement, Puma Energy will modify the acquired assets into a state-of-the-art storage system.
Murphy Oil is currently streamlining its operations through asset divestments in order to focus on E&P ventures in the U.S. and preserving its mineral-rich sites outside the U.S.
The company has already sold its UK-based oil and gas, and the retail gasoline assets. It had previously failed to sell the Milford Haven refinery and terminal assets to Klesch Refining Limited.
In addition, in Jan 2015, Murphy Oil concluded the sale of 30% of its Malaysian oil and gas assets to PT Pertamina Malaysia Eksplorasi Produksi for $2.0 billion. In the fourth quarter of 2014, the company realized an after-tax gain of around $0.32 billion from the divestment of its Malaysian assets.
In Aug 2013, Murphy Oil had completed the spin-off of its U.S. downstream subsidiary, Murphy Oil USA, Inc., which is currently trading on the New York Stock Exchange as Murphy USA Inc. MUSA.
Currently, many upstream companies are selling non-core operations to enhance their E&P businesses. In Nov 2014, another American oil and gas major Occidental Petroleum Corporation OXY sold off its 50% interest in BridgeTex Pipeline Company LLC to Plains All American Pipeline, L.P. PAA for $1.075 billion.
A systematic asset divestment strategy will enable Murphy Oil to fund growth projects that support its long-term growth strategy.
Murphy Oil currently has a Zacks Rank #3 (Hold). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PLAINS ALL AMER (PAA): Free Stock Analysis Report OCCIDENTAL PET (OXY): Free Stock Analysis Report MURPHY OIL (MUR): Free Stock Analysis Report MURPHY USA INC (MUSA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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Occidental Petroleum is a oil producing company based in United states of america. Occidental Petroleum is listed in United States of America. Its market capitalisation is US$ 51.8 billions as of today (€ 48.4 billions). Its stock quote reached its highest recent level on March 16, 2012 at US$ 99.99, and its lowest recent point on October 16, 2020 at US$ 10.00. Occidental Petroleum has 764 580 032 shares outstanding. |