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Thursday, February 13, 2014

Murphy Oil eyes sale of $2-$3bln worth of Asia assets- sources, (NYSE: MUR)

Murphy Oil Corp is considering the sale of some of its Asian oil and gas assets, in a deal that could fetch more than $2 billion, people familiar with the matter told Reuters. Murphy, which has a $10.7 billion market value, is working with a U.S.-based consultant to test appetite for the sale, one of the people said. While the company is yet to formally launch any sale process, the consultant has reached out to some potential Asian energy companies, and sovereign wealth funds in the Middle East, the people added.

Murphy Oil Corporation is a worldwide oil and gas exploration and production company with retail and wholesale gasoline marketing operations in the United States and refining and marketing operations in the United Kingdom. Shares of MUR traded higher by 2.24% or $1.2525/share to $57.22. In the past year, the shares have traded as low as $50.92 and as high as $66.20. On average, 1589400 shares of MUR exchange hands on a given day and today's volume is recorded at 2986261.