EL DORADO, Ark., Oct 03, 2011 (BUSINESS WIRE) --
Murphy Oil Corporation (NYSE: MUR) announced today that its wholly-owned
subsidiary, Murphy Oil USA, Inc., has completed the sale of its two US
refineries and related assets.
The Superior Refinery was acquired by a subsidiary of Calumet Specialty
Products Partners, L.P. for a sales price of $214 million plus
hydrocarbon inventories valued at approximately $220 million, subject to
certain adjustments. The sale closed on September 30, 2011.
The Meraux Refinery was acquired by a subsidiary of Valero Energy
Corporation for a sales price of $325 million plus hydrocarbon
inventories valued at approximately $260 million, subject to certain
adjustments. The sale closed on October 1, 2011.
David M. Wood, Murphy's President and Chief Executive Officer,
commented, "We are pleased to finalize the sale of both the Superior and
Meraux refineries as these were important steps in our ongoing
repositioning efforts."
Davis Polk & Wardwell LLP acted as legal counsel to Murphy. Goldman,
Sachs & Co. acted as financial advisor to Murphy.
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
that could cause actual results to differ materially from those
expressed or implied in our forward-looking statements include, but are
not limited to, the volatility and level of crude oil and natural gas
prices, the level and success rate of our exploration programs, our
ability to maintain production rates and replace reserves, political and
regulatory instability, and uncontrollable natural hazards.For
further discussion of risk factors, see Murphy's 2010 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
Investor/Media Contact:
Murphy Oil Corporation
Barry Jeffery, 870-864-6501