[Editor's note: This story was updated at 9:50 a.m. CST March 22.]

Murphy Oil Corp. is exiting Malaysia in an all-cash transaction valued at over $2 billion as the El Dorado, Ark.-based producer turns its focus on “low-cost exploration” in the U.S., including its roughly 135,000-acre position in the Eagle Ford Shale.

Thai energy company PTT Exploration and Production Public Co. Ltd. (PTTEP) agreed to pay Murphy $2.127 billion in cash plus a bonus payment for up to $100 million for Murphy’s Malaysian subsidiaries, Murphy Sabah Oil Co. Ltd. and Murphy Sarawak Oil Co. Ltd.

Wood Mackenzie research analyst Alex Siow said the multibillion-dollar deal underscores Murphy’s strategic pivot to the U.S. Gulf of Mexico, U.S. unconventionals and Latin America exploration.

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