Murphy Oil Corporation (NYSE:MUR) has announced that it has terminated the execution of the Exchange of Letters between Malaysia and the Sultanate of Brunei. As a result of the termination, the designated areas Block L and Block M are not part of Malaysia. The production sharing contracts covering the blocks were awarded to PETRONAS Carigali Sdn Bhd and Murphy in 2003. The contracts were formally terminated on April 7, 2010. The company’s participation in the replacement production sharing contracts in the areas are currently being discussed.
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Murphy Oil Corporation (Murphy) is an oil and gas exploration and production company with refining and marketing operations in the United States and the United Kingdom. Its operations are classified into two business activities: exploration and production, and refining and marketing. The exploration and production business explores for and produces crude oil, natural gas and natural gas liquids worldwide. Its refining and marketing businesses consist of operations that refine crude oil and other feedstocks into petroleum products, such as gasoline and distillates, buy and sell crude oil and refined products, and transport and market petroleum products. Murphy’s exploration and production activities are subdivided into six geographic segments, including the United States, Canada, Malaysia, the United Kingdom, Republic of the Congo and all other countries. Its refining and marketing activities are subdivided into geographic segments consisting of North America and the United Kingdom.
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