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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Murphy Oil Corp | NYSE:MUR | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.01 | 0.02% | 46.44 | 46.695 | 46.00 | 46.22 | 924,407 | 01:00:00 |
From Apr 2019 to Apr 2024
By Bowdeya Tweh
Murphy Oil Corp. (MUR) and Petroleo Brasileiro SA (PBR) plan to team up to conduct deepwater oil exploration in the Gulf of Mexico.
Murphy Exploration & Production Co. - USA and Petrobras subsidiary Petrobras America Inc. will contribute their current Gulf of Mexico assets to the joint venture, Murphy Oil said Wednesday in a statement.
Murphy will own about 80% of the venture while Petrobras America will own about 20%, with Murphy overseeing the venture. Murphy said it will pay $900 million in cash to Petrobras America in connection with the venture. Murphy said Petrobras can earn up to $150 million if certain price and production thresholds are exceeded between 2019 and 2025.
The deal excludes exploration blocks from both companies, with the exception of Petrobras America's blocks that hold deep exploration rights.
Write to Bowdeya Tweh at bowdeya.tweh@wsj.com
(END) Dow Jones Newswires
October 10, 2018 18:25 ET (22:25 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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