EL DORADO, Ark., Jul 22, 2010 (BUSINESS WIRE) --
Murphy Oil Corporation (NYSE:MUR) announced today that its Board of
Directors approved plans for exiting the Company's refining businesses.
The refineries at Superior, Wisconsin; Meraux, Louisiana and Milford
Haven, Wales along with the retail system in the United Kingdom will be
placed for sale. The Company anticipates a transaction being completed
in the first quarter of 2011.
President and CEO David Wood commented, "Murphy's Upstream and
U.S. Retail businesses have demonstrated marked growth and financial
performance over the last several years. By exiting the refining
business, we can fully focus our attention and resources on continuing
that growth, developing a premier international upstream business and a
top quartile U.S. retail franchise."
Goldman, Sachs & Co. is serving as exclusive financial advisor to Murphy
during this process.
The Company will be hosting a conference call to discuss the planned
transaction Friday, July 23 at 8:00 a.m. Central Time. The public is
invited to access the call via the Internet through the Investor
Relations section of Murphy's website at http://www.murphyoilcorp.com/ir
or via the telephone by dialing 888-634-7543. The reservation number for
the call is 2002734. Replays of the call will be available through the
same location on the Murphy website, and a recording of the call will be
available through July 30, 2010 by dialing 888-203-1112.
This press release contains forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995.These
statements, which express management's current views concerning future
events or results, are subject to inherent risks and uncertainties.Factors
which could cause actual results to differ materially from those
expressed or implied in our forward-looking statements are discussed in
Murphy's 2009 Annual Report on Form 10-K on file with the U.S.
Securities and Exchange Commission.Murphy undertakes no duty to
publicly update or revise any forward-looking statements.
SOURCE: Murphy Oil Corporation
Murphy Oil Corporation
Investor/Media Contact:
Craig Bonsall, 870-881-6853