Why Murphy Oil (MUR) Is Up Today

NEW YORK (TheStreet) -- Murphy Oil (MUR) was gaining 4.8% to $59.97 on Friday following a report that it is looking to sell oil and gas assets in Asia.

According to Reuters report, Murphy Oil could receive up to $3 billion for its Asian assets as it tries to scale down operations in the region. The sale process is still in early stages, and the company may choose not to sell the assets in the end, according to Reuters.

Other oil producers such as Newfield Exploration (NFX) and Hess (HES) have recently sold their Southeast Asia operations. Those sales saw strong demand at auction last year.

Murphy Oil has not yet responded to a request for comment.

Must read: Bulls Clean Up Fast in Murphy Oil

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