UK To Allow Cnooc/Nexen Deal, Murphy Oil Repurchases Common Stock: Energy Business Review

In Tuesday’s Cnooc Limited (NYSE:CEO) / Nexen (NYSE:NXY) episode, Mike Hawkins, chief of the oil and gas licence administration at the United Kingdom’s Department of Energy and Climate Change, said that, “We will not stand in the way. The license does not change, no formal approval is needed.”  Hawkins added that his department has had talks with both parties. This means that the famous proposed acquisition has cleared British government regulators. Canada approved on Monday, but the United States is next and that process will be no cakewalk.

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In a Tuesday press release, Murphy Oil Corporation (NYSE:MUR) said that it has entered into a variable term, capped accelerated share repurchase transaction with J.P. Morgan Securities (NYSE:JPM) to buy back a total of $250 million worth of its common stock. The transaction is part of the board-authorized program to repurchase as much as $1 billion of the firm’s stock as announced on October 16th. The buyback should be finalized no later than around five months subsequent to execution. All shares of Murphy Oil’s common stock delivered under the transaction will be immediately retired.

Exxon Mobil Corporation (NYSE:XOM) projects in its most recent long-term energy outlook to be released Tuesday that North America will be a net energy exporter by 2025 because of a surge in oil and gas output and fast improvements in energy efficiency, according to the Wall Street Journal.

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