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Walmart, PayPal to team on service

Walmart Inc. is teaming with online financial services firm PayPal to allow store customers to move cash in or out of their PayPal accounts, the two companies said in a news release Thursday.

For a $3 fee per transaction, Walmart customers using PayPal's mobile app or its Cash Mastercard will be able to withdraw cash from their accounts or load cash into them at Walmart service desks, cash registers and ATMs. The "cash in" feature is available now, the release stated, and "cash out" will be available at all U.S. Walmart stores by early November.

Dan Schulman, PayPal's president and chief executive officer, called the venture "a key collaboration for both PayPal and Walmart."

"Today's news is the first time our two companies are working together to build products for our shared customers, Schulman said in the release. "We look forward to working hand-in-hand to help people and families with their financial services needs."

-- Serenah McKay

Petrobras, Murphy to partner in Gulf

Murphy Exploration & Production Co., a subsidiary of El Dorado-based Murphy Oil Corp., has agreed to form a joint venture with Petrobras America Inc., Murphy Oil said.

The joint venture company will be comprised of Gulf of Mexico producing assets from Murphy and Petrobras, with Murphy overseeing the operations.

Murphy will pay Petrobas $900 million and could pay up to another $150 million if goals are exceeded in 2019 through 2025.

The joint venture will be 80 percent owned by Murphy and 20 percent by Petrobras.

The deal should add about 41,000 barrels of oil equivalent per day to Murphy's Gulf of Mexico production. After the deal closes, it is anticipated that Murphy's Gulf of Mexico production will be about 60,000 barrels of oil a day.

The transaction is expected to close by the end of the year.

-- David Smith

Index drops 5.89; Murphy oil gains

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, continued falling, losing 5.89 to 428.94 Thursday.

Only Murphy Oil shares rose Thursday, climbing 11.6 percent.

"Equities continued their sharp decline although closing above their worst levels as the energy and financials sectors led stocks lower despite a benign consumer price index release early in the day as several large banks report third-quarter earnings [this] morning," said Leon Lants, managing director at Stephens Inc. in Little Rock.

Total volume for the index was 32.4 million shares.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Business on 10/12/2018

Print Headline: Walmart, PayPal announce venture Mexico, Murphy to partner in Gulf Index drops 5.89; Murphy oil gains

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