SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): June 23, 2016
MURPHY OIL CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
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1-8590 |
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71-0361522 |
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(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
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300 Peach Street |
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P.O. Box 7000, El Dorado, Arkansas |
71730-7000 |
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(Address of principal executive offices) |
(Zip Code) |
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Registrant’s telephone number, including area code 870-862-6411 |
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Not applicable |
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(Former Name or Former Address, if Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. Other Events
On June 23, 2016, Murphy Oil Corporation (“The Company”) announced that its Canadian subsidiary, Murphy Oil Company Ltd. (“MOCL”), closed the sale of its five percent non-operated working interest in Syncrude Canada Ltd. (“Syncrude”) to Suncor Energy Inc. (“Suncor”) that was previously announced on April 27, 2016.
Item 9.01. Financial Statements and Exhibits
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(d) |
Exhibits |
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99.1 |
A news release issued by Murphy Oil Corporation, dated June 23, 2016, announcing closing of the sale of the Company’s five percent non-operated working interest in Syncrude Canada Ltd. |
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MURPHY OIL CORPORATION |
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By: |
/s/ Keith Caldwell |
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Keith Caldwell |
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Senior Vice President and Controller |
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Date: June 27, 2016
Exhibit Index
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99.1 |
News release dated June 23, 2016, as issued by Murphy Oil Corporation. |
MURPHY OIL CORPORATION CLOSES SYNCRUDE DIVESTITURE
EL DORADO, Arkansas, June 23, 2016 – Murphy Oil Corporation (NYSE: MUR) today announced its Canadian subsidiary, Murphy Oil Company Ltd. (“MOCL”), closed the sale of its five percent non-operated working interest in Syncrude Canada Ltd. (“Syncrude”) to Suncor Energy Inc. (“Suncor”). The transaction was previously announced on April 27, 2016, with an effective date of April 1, 2016. This non-core asset divestiture will positively impact corporate liquidity by increasing net cash on the balance sheet before closing adjustments by C$937 million before-tax. As a result of this sale and recent wildfires in the Syncrude region, Murphy’s second quarter production guidance will be reduced by 8,400 barrels oil equivalent per day.
ABOUT MURPHY OIL CORPORATION
Murphy Oil Corporation is a global independent oil and natural gas exploration and production company. The Company's diverse resource base includes offshore production in Malaysia, Canada and Gulf of Mexico, as well as, North American onshore plays in the Eagle Ford Shale, Kaybob Duvernay and Montney.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “targets”, “expectations”, “plans”, “forecasts”, “projections” and other comparable terminology often identify forward-looking statements. These statements, which express management’s current views concerning future events or results, are subject to inherent risks and uncertainties. Factors that could cause one or more of these forecasted events not to occur include, but are not limited to, a failure to obtain necessary regulatory approvals, a deterioration in the business or prospects of Murphy, adverse developments in Murphy business’ markets, and adverse developments in the U.S. or global capital markets, credit markets or economies in general. Factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements include, but are not limited to, the volatility and level of crude oil and natural gas prices, the level and success rate of our exploration programs, our ability to maintain production rates and replace reserves, customer demand for our products, adverse foreign exchange movements, political and regulatory instability, and uncontrollable natural hazards. For further discussion of risk factors, see Murphy’s 2015 Annual Report on Form 10-K on file with the U.S. Securities and Exchange Commission. Murphy undertakes no duty to publicly update or revise any forward-looking statements.
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