Murphy Oil Corporation Announces Close of Non-Core Canadian Asset Sale, Advances Capital Allocation Framework With Redemption of 5.750% Senior Notes Due 2025
15 Setembro 2023 - 7:30AM
Business Wire
Murphy Oil Corporation (NYSE: MUR) today announced that its
subsidiary closed the previously announced divestment of certain
non-core operated Kaybob Duvernay assets and all of its
non-operated Placid Montney assets. The transaction was announced
on August 3, 2023, and has an effective date of March 1, 2023.
After closing adjustments, Murphy received cash proceeds of
approximately C$141 million, or US$104 million1. There is no cash
tax liability expected with this transaction.
Murphy also announced today that it will redeem all of its
outstanding 5.750% Senior Notes due 2025 (the “Notes”) on October
15, 2023, the redemption date for the Notes.
The redemption price for the Notes will be equal to 100.000% of
the principal amount, plus accrued and unpaid interest, if any, to,
but excluding, the redemption date in accordance with the terms of
the Notes and the indenture under which the Notes were issued.
Interest on the Notes will cease to accrue on and after the
redemption date.
Additional information concerning the terms of the redemption is
contained in the notice distributed to holders of the Notes.
Beneficial holders with any questions about the redemption should
contact their respective brokerage firm or financial institution.
This news release does not constitute a notice of redemption of the
Notes.
“We are pleased to unlock the value of this non-core portion of
our Kaybob Duvernay and Placid Montney assets. We look forward to
progressing our capital allocation framework, as well as allocating
proceeds towards our new business in Côte d’Ivoire and development
in Vietnam,” said Roger W. Jenkins, President and Chief Executive
Officer.
1 Assumes a 0.74 exchange rate from Canadian dollar to US
dollar.
ABOUT MURPHY OIL CORPORATION
As an independent oil and natural gas exploration and production
company, Murphy Oil Corporation believes in providing energy that
empowers people by doing right always, staying with it and thinking
beyond possible. Murphy challenges the norm, taps into its strong
legacy and uses its foresight and financial discipline to deliver
inspired energy solutions. Murphy sees a future where it is an
industry leader who is positively impacting lives for the next 100
years and beyond. Additional information can be found on the
company’s website at www.murphyoilcorp.com.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are generally identified through the
inclusion of words such as “aim”, “anticipate”, “believe”, “drive”,
“estimate”, “expect”, “expressed confidence”, “forecast”, “future”,
“goal”, “guidance”, “intend”, “may”, “objective”, “outlook”,
“plan”, “position”, “potential”, “project”, “seek”, “should”,
“strategy”, “target”, “will” or variations of such words and other
similar expressions. These statements, which express management’s
current views concerning future events, results and plans, are
subject to inherent risks, uncertainties and assumptions (many of
which are beyond our control) and are not guarantees of
performance. In particular, statements, express or implied,
concerning the company’s future operating results or activities and
returns or the company's ability and decisions to replace or
increase reserves, increase production, generate returns and rates
of return, replace or increase drilling locations, reduce or
otherwise control operating costs and expenditures, generate cash
flows, pay down or refinance indebtedness, achieve, reach or
otherwise meet initiatives, plans, goals, ambitions or targets with
respect to emissions, safety matters or other ESG
(environmental/social/governance) matters, make capital
expenditures or pay and/or increase dividends or make share
repurchases and other capital allocation decisions are
forward-looking statements. Factors that could cause one or more of
these future events, results or plans not to occur as implied by
any forward-looking statement, which consequently could cause
actual results or activities to differ materially from the
expectations expressed or implied by such forward-looking
statements, include, but are not limited to: macro conditions in
the oil and gas industry, including supply/demand levels, actions
taken by major oil exporters and the resulting impacts on commodity
prices; increased volatility or deterioration in the success rate
of our exploration programs or in our ability to maintain
production rates and replace reserves; reduced customer demand for
our products due to environmental, regulatory, technological or
other reasons; adverse foreign exchange movements; political and
regulatory instability in the markets where we do business; the
impact on our operations or market of health pandemics such as
COVID-19 and related government responses; other natural hazards
impacting our operations or markets; any other deterioration in our
business, markets or prospects; any failure to obtain necessary
regulatory approvals; any inability to service or refinance our
outstanding debt or to access debt markets at acceptable prices; or
adverse developments in the U.S. or global capital markets, credit
markets, banking system or economies in general. For further
discussion of factors that could cause one or more of these future
events or results not to occur as implied by any forward-looking
statement, see “Risk Factors” in our most recent Annual Report on
Form 10-K filed with the U.S. Securities and Exchange Commission
(“SEC”) and any subsequent Quarterly Report on Form 10-Q or Current
Report on Form 8-K that we file, available from the SEC’s website
and from Murphy Oil Corporation’s website at
http://ir.murphyoilcorp.com. Investors and others should note that
we may announce material information using SEC filings, press
releases, public conference calls, webcasts and the investors page
of our website. We may use these channels to distribute material
information about the company; therefore, we encourage investors,
the media, business partners and others interested in the company
to review the information we post on our website. The information
on our website is not part of, and is not incorporated into, this
report. Murphy Oil Corporation undertakes no duty to publicly
update or revise any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230914112900/en/
InvestorRelations@murphyoilcorp.com Kelly Whitley, 281-675-9107
Megan Larson, 281-675-9470 Nathan Shanor, 713-941-9576
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