U.S. Murphy Exploration & Production Co., a crude oil and natural gas producer, has agreed to purchase deepwater Gulf of Mexico assets for $1.4 billion.
Murphy Exploration, a wholly owned subsidiary of Murphy Oil Corp., will buy the assets from LLOG Exploration Offshore, L.L.C. and LLOG Bluewater Holdings, L.L.C.
The acquisition will be funded by a combination of cash on hand and availability under Murphy Exploration’s $1.6 billion revolving credit facility.
Subject to normal closing adjustments, the transaction is expected to close in the second quarter.