DBRS Assigns Rating of BBB (high), Negative to Murphy Oil’s New Issues

DBRS has today assigned a rating of BBB (high) with a Negative trend to Murphy Oil Corporation’s new senior unsecured debt issuances (the Notes):

(1) $550 million 2.500% senior unsecured notes, maturing on December 1, 2017.
(2) $600 million 3.700% senior unsecured notes, maturing on December 1, 2022.
(3) $350 million 5.125% senior unsecured notes, maturing on December 1, 2042.

The proceeds of the Notes are expected to be used to fund the previously announced special dividend (approximately $500 million) as well as share repurchases pursuant to its share buyback program (not to exceed $1 billion).

Notes:
All figures are in U.S. dollars unless otherwise noted.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The applicable methodology is Rating Oil and Gas Companies (April 2011), which can be found on our website under Methodologies.