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Acquisitions | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Acquisitions | Note D – Acquisitions LLOG Transaction: In June 2019, the Company announced the completion of a transaction with LLOG Exploration Offshore L.L.C. and LLOG Bluewater Holdings, L.L.C., (LLOG) which was effective January 1, 2019. Through this transaction, Murphy acquired strategic deepwater Gulf of Mexico assets which added approximately 67 MMBOE of proven reserves at May 31, 2019. Under the terms of the transaction, Murphy paid cash consideration of $1,236.2 million and has an obligation to pay additional contingent consideration of up to $200.0 million in the event that certain revenue thresholds are exceeded between 2019 and 2022, and $50.0 million following first oil from certain development projects. The revenue threshold was not exceeded for the 2020 period.
(Thousands of dollars) | LLOG (Final)
Cash consideration paid | $ | 1,236,165 |
Contingent consideration | 89,444 |
Total purchase consideration | 1,325,609 |
(Thousands of dollars) |
Fair value of Property, plant and equipment | 1,356,185 |
Other assets | 6,697 |
Less: Asset retirement obligations | (37,273) |
Total net assets | $ | 1,325,609 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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