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Murphy unit completes acquisition of Gulf of Mexico assets from LLOG

Murphy Oil Corp. said June 3 that subsidiary Murphy Exploration & Production Co. completed the acquisition of deepwater Gulf of Mexico assets from LLOG Exploration Offshore LLC and LLOG Bluewater Holdings LLC.

The transaction was announced April 23 and has an effective date of Jan. 1.

Murphy paid $1.23 billion in cash for the transaction, which was funded through its $1.6 billion revolver and other sources of liquidity.

The company said it expects average net production for June to reach about 22,000 barrels of oil equivalent per day to 24,000 boe/d. It expects output to reach 31,000 boe/d to 33,000 boe/d during the second half.

Through the transaction, the oil and gas producer increased its proved reserve volumes by 13% to 73 million barrels of oil equivalent, President and CEO Roger Jenkins said.