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Murphy Oil Corp. (MUR) decided to exit Malaysia by selling its assets to PTT Exploration and Production (PEXNY) for $2.13B, which represents a full monetization of its 2P (Proved and Probable) reserves. Although the deal is positive because it materializes the firm’s geographic strategy to focus on US opportunities, we believe the true impact of the transaction in the long term will be determined by the way management will reinvest the money.
At stake are $750M, which MUR determined to be destined to fund potential acquisitions and fund both