Murphy Oil Corporation on Monday closed on a key $1.2 billion Gulf of Mexico acquisition amid the El Dorado oil and gas giant’s strategic turn to broaden its North American operations as benchmark crude prices continue their steady rise.

Ahead of Monday’s opening bell, Murphy Exploration & Production Co., USA announced that it had closed on the company’s previously announced agreement on April 23 to acquire deep water premium Gulf of Mexico assets from LLOG Exploration Offshore LLC and LLOG Bluewater Holdings LLC. Those two privately held partnerships are part of Covington, La.-based LLOG Exploration Company LLC, one of the nation’s largest exploration and production companies with a long history in the Gulf of Mexico.      MORE