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In 1Q19, Murphy Oil (MUR), American E&P company, made a few reasonable steps to recalibrate portfolio and maximize shareholder value. Though I do not consider all initiatives as the only best decisions, I appreciate that the firm will use proceeds from the divestiture of the Malaysian segment to optimize capital structure by repaying debt, while also generously rewarding shareowners with a $500-million buyback. I also appreciate that Murphy decided to expand the share of high-margin liquids in the portfolio, acquiring a few assets in the Gulf of Mexico for only 2.6x 2019 EBITDA.