Murphy Energy wins court approval of bid procedures; auction Dec. 12

By Caroline Salls

Pittsburgh, Oct. 31 – Murphy Energy Corp. obtained court approval of the bid procedures for the proposed sale of its business, according to an order filed Monday with the U.S. Bankruptcy Court for the Northern District of Texas.

As previously reported, Murphy Energy nearly closed on a transaction in September 2015 that would have paid all creditors in full with a meaningful recovery for equity interests, but that deal fell through.

The company said it received interest in its businesses from various parties in the weeks leading up to its bankruptcy filing.

Bids are due on Dec. 7. Qualified bidders will be invited to participate in a Dec. 12 auction by Dec. 9.

Bids at auction must be made in minimum increments of $100,000.

The sale hearing is scheduled for Dec. 16.

Murphy Energy is a Tulsa, Okla.-based privately owned integrated midstream provider of transportation, storage and marketing services for crude oil, natural gas liquids and condensates. The company filed bankruptcy on Oct. 5 under Chapter 11 case number 16-33971.

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