NEW YORK (TheStreet) -- Shares of Murphy Oil (MUR) - Get Report are higher by 2.32% to $58.32 in late morning trading Tuesday after the company announced that its subsidiaries Murphy Sabah Oil and Murphy Sarawak Oil have entered into an agreement to sell 30% of Murphy Oil's Malaysian oil and gas assets to PT Pertamina Malaysia Eksplorasi Produski for $2 billion.

The all-cash transaction is expected to close in two phases. The company expects the first to be completed in the 2014 fourth quarter and the second to be finished by the fiscal 2015 first quarter, Murphy Oil said.

"This transaction allows us to re-deploy the proceeds through an individual or combination of strategic and financial initiatives such as increased drilling capital in the Eagle Ford Shale, acquisition opportunities, debt reduction and share repurchases," Murphy Oil CEO Roger Jenkins said.

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