UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 13, 2006
MURPHY OIL CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 1-8590 | 71-0361522 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
| 200 Peach Street P.O. Box 7000, El Dorado, Arkansas |
71731-7000 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code 870-862-6411
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.05. Costs Associated with Exit or Disposal Activities
On November 15, 2006, the Company announced its intention to centralize its worldwide exploration and production offices in Houston, Texas. As part of this realignment, the Company’s office in New Orleans, Louisiana will be closed and certain employees will receive one-time termination benefits. The projected range of costs associated with these actions is $10 million to $15 million, of which all are expected to be cash costs except for approximately $3 million to $5 million related to retirement plan enhancements.
Item 5.02. Appointment and Departure of Principal Officers
On November 13, 2006, the Board of Directors elected Kevin G. Fitzgerald, currently Treasurer of the Company, to the newly created position of Senior Vice President and Chief Financial Officer, effective January 1, 2007. In this position Mr. Fitzgerald will be designated the Company’s Principal Financial Officer. Mr. Fitzgerald’s compensatory arrangement, set by the Executive Compensation Committee of the Board of Directors of the Company, includes an annual salary of $425,000 and a 65% of salary target for the Company’s Annual Incentive Compensation Plan. Steven A. Cosse’, the currently designated Principal Financial Officer, will continue to serve as the Company’s Executive Vice President and General Counsel.
W. Michael Hulse, Executive Vice President - Worldwide Downstream Operations, retired on November 15, 2006.
Item 9.01. Financial Statements and Exhibits
| (c) | Exhibits |
| 99.1 | A news release dated November 15, 2006 announcing the appointment and retirement of certain executive officers and organizational realignment is attached hereto as Exhibit 99.1. |
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MURPHY OIL CORPORATION | ||
| By: | /s/ John W. Eckart | |
| John W. Eckart | ||
| Controller | ||
Date: November 17, 2006
Exhibit Index
| 99.1 | Press release dated November 15, 2006, as issued by Murphy Oil Corporation. |
Exhibit 99.1
MURPHY OIL ANNOUNCES MANAGEMENT CHANGES
EL DORADO, Arkansas, November 15, 2006 – Murphy Oil Corporation (NYSE: MUR) announced today the following management changes effective January 1, 2007.
David Wood, currently in charge of international exploration and production operations, will become Executive Vice President with responsibility for worldwide exploration and production operations. Mr. Wood will report to Murphy President and CEO Claiborne P. Deming. Murphy’s exploration and production offices will be centralized in Houston, Texas, and the New Orleans office will be closed. John Higgins who has been in charge of exploration and production operations in the Gulf of Mexico will retire.
Harvey Doerr, currently in charge of Canadian operations, will become Executive Vice President with responsibility for worldwide refining and marketing operations and all strategic planning activities. Mr. Doerr will be based at the corporate headquarters in El Dorado, Arkansas and will report to Murphy President and CEO Claiborne P. Deming. Bill Stobaugh, Sr. Vice President – Planning, will report to Mr. Doerr. W. Mike Hulse, currently Executive Vice President – Downstream Operations, will retire from the Company.
Kevin G. Fitzgerald, currently Murphy’s Treasurer will become Senior Vice President and Chief Financial Officer with responsibility for all financial and accounting activities of Murphy. Mr. Fitzgerald will report to Murphy President and CEO Claiborne P. Deming.
John Eckart, currently Murphy’s Controller will become Vice President and Controller with responsibility for all accounting operations. He will report to Mr. Fitzgerald.
Mindy West, currently Murphy’s Director of Investor Relations will become Vice President and Treasurer with responsibility for all of Murphy’s treasury functions and investor relations. Ms. West will report to Mr. Fitzgerald.
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