Murphy Oil says it will sell 30 percent of Malaysian assets to Petamina for $2B

MarketsAssociated Press

Energy exploration and production company Murphy Oil said Tuesday it will sell some of its oil and gas assets in Malaysia for $2 billion.

The company said PT Pertamina Malaysia Eksplorasi Produksi is buying 30 percent of those assets. Murphy Oil said the deal should close in the first quarter of 2015, but it will have an effective date of Jan. 1, 2014.

Continue Reading Below

The El Dorado, Arkansas, company said it wants to establish a long-term partnership with Pertamina.

Shares of Murphy Oil Corp. rose 53 cents to $57.53 in midday trading.