Murphy Oil Announces Strategic Deep Water Gulf of Mexico Joint Venture with Petrobras

EL DORADO, Ark.–(BUSINESS WIRE)–Oct. 10, 2018–
Murphy Oil Corporation (NYSE: MUR) announced today that its wholly owned
subsidiary, Murphy Exploration & Production Company – USA, has entered
into a definitive agreement to form a new joint venture company with
Petrobras America Inc. (“PAI”), a subsidiary of Petrobras (NYSE: PBR).
The joint venture company will be comprised of Gulf of Mexico producing
assets from Murphy and PAI with Murphy overseeing the operations. The
transaction will have an effective date of October 1, 2018 and is
expected to close by year-end 2018.

Both companies will contribute all their curren…

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