Murphy Oil Corporation and Petrobras established a strategic deep water Gulf of Mexico joint venture for net cash consideration of approximately $795m. Murphy holds 80% of the newly formed company, MP Gulf of Mexico. “We are excited to close this transformational joint venture and form a strategic partnership with Petrobras. Our newly expanded Gulf of Mexico portfolio is consistent with Murphy’s long-term vision of increasing profitable oil-weighted production in an area where we have a long history of success. We plan to allocate a portion of the cash flow generated by the joint venture to accelerate further high-value oil-weighted activity in our Eagle Ford Shale asset,” stated Roger W. Jenkins, Murphy Oil President and Chief Executive Officer.