Murphy Oil draws down revolver to pay for Gulf deep water acquisition

By Rebecca Melvin

New York, June 3 – Murphy Oil Corp. subsidiary Murphy Exploration & Production Co. has paid $1.23 billion to close its previously announced strategic deep water Gulf of Mexico acquisition, according to a company news release.

The purchase was funded primarily through the company’s $1.6 billion revolver and other sources of liquidity, the company said.

The acquisition was purchased from LLOG Exploration Offshore LLC and LLOG Bluewater Holdings LLC. The transaction was announced on April 23, with an effective date of Jan. 1, 2019.

The oil and gas exploration and production company is based in El Dorado, Ark.

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