Murphy Oil has sold its Malaysian assets after two decades in a shift of focus towards US shale instead. The US company will use $2.127bn proceeds from the sale of two Malaysian subsidiaries to fund share buybacks, to pay off debt and to increase its presence in the Eagle Ford and North Sea of Mexico. The move follows an announcement by Marathon Oil in February that it will exit the UK the US Gulf to focus on US shale operations.
Murphy Oil has sold its Malaysian assets after two decades in a shift of focus towards US shale instead. The US company will use $2.127bn proceeds from the sale of two Malaysian subsidiaries to fund share buybacks, to pay off debt and to increase its presence in the Eagle Ford and the US Gulf of Mexico. The move follows an announcement by Marathon Oil in February that it will exit the UK North Sea to focus on US shale operations.