View:
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
September 5, 1996
Date of Report (Date of earliest event reported)
Murphy Oil Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-8590 71-0361522
(State or other (Commission file number) (IRS employer
jurisdiction of identification no.)
incorporation)
200 Peach Street, P.O. Box 7000
El Dorado, Arkansas 71731-7000
(Address of principal executive offices) (Zip code)
(501) 862-6411
(Registrant's telephone number, including area code)
(Not Applicable)
(Former name or former address, if changed since last report)
Item 5. Other Events
See the attached press release dated September 5, 1996 included as a
part of this report as Exhibit No. 1 regarding the proposed spin-off by Murphy
Oil Corporation of its wholly owned farm, timber and real estate subsidiary
Deltic Farm & Timber Co., Inc. [which is effectively to be reincorporated in
Delaware (via merger with a newly formed company) as "Deltic Timber
Corporation"].
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/ W. Bayless Rowe
-------------------
W. Bayless Rowe
Secretary
Date: September 16, 1996
EXHIBIT NO. 1
MURPHY OIL CORPORATION
NEWS RELEASE
FOR RELEASE: SEPTEMBER 5, 1996
MURPHY OIL ANNOUNCES SPIN-OFF OF DELTIC TIMBER CORPORATION
EL DORADO, AR - Claiborne P. Deming, President and Chief Executive Officer of
Murphy Oil Corporation (NYSE "MUR") announced today that Murphy's Board of
Directors has approved a transaction to spin off to its stockholders the stock
of its wholly owned farm, timber and real estate subsidiary Deltic Farm &
Timber Co., Inc. (which is shortly to be reincorporated in Delaware as "Deltic
Timber Corporation"). As a result of the transaction Murphy Oil Corporation
and Deltic Timber Corporation will be two separately owned and managed
companies.
The spin-off will increase the ability of Deltic Timber Corporation to achieve
and finance accelerated growth, allow the management of each company to focus
on its respective core businesses and enable the financial markets to value
each of the companies more effectively. An important element of Deltic Timber
Corporation's plans is to acquire additional timberlands to supplement its
386,000 acres of land holdings, including 341,000 acres of timberlands.
Mr. Deming said, "This is an exciting opportunity for Deltic Timber
Corporation. In its forest products business, Deltic has the right assets
located in the right place at the right time. I'm confident Deltic's new
Chairman Robert C. Nolan and its President and CEO Ron L. Pearce will unleash
Deltic's value for all of its new stockholders." Mr. Deming added, "Deltic
Timber Corporation will be spun out with substantially all of the assets of
the former subsidiary and with no appreciable debt."
The distribution by Murphy is subject to confirmation of the tax free nature
of the transaction. Once conditions are satisfied, the distribution will be
pro rata to all Murphy stockholders as of a record date which will
subsequently be established by Murphy's Board. It is expected that the record
date will be set and the distribution will occur prior to year end. Murphy
will reflect its farm, timber and real estate segment as discontinued
operations in its third quarter 1996 financial statements.
####