NERCO INC. closed its $475 million purchase of Union Texas Petroleum Holdings Inc. leases in the Gulf of Mexico (OGJ, Mar. 18, p. 44). Upon closing, the U.S. offshore division of Union Texas became a division of Nerco Oil & Gas Inc., Vancouver, Wash. Union Texas said about 200 of its employees accepted jobs with Nerco. MURPHY OIL CORP. began an exchange offer for all outstanding common shares of Ocean Drilling & Exploration Co. it doesn't own. The offer of one-half share of Murphy common

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