Murphy Oil Spins Off Downstrem Unit. Puts Focus on Upstream
Murphy Oil Corporation announced Friday that it has completed the spin-off of its U.S. retail marketing business into an independent public company called Murphy USA Inc. . The spin-off was achieved through the distribution to Murphy Oil’s shareholders of one share of Murphy USA common stock for every four shares of Murphy Oil stock held at the close of business on the record date of August 21, 2013.
Steve Cossé, President and Chief Executive Officer of Murphy Oil Corporation, said, “Today’s announcement demonstrates Murphy Oil’s commitment to provide long-term value to our shareholders. Murphy USA is well-positioned with a strong management team and business plan to be a successful independent company.” Cossé added, “Following the spin-off, Murphy Oil will move forward, under the leadership of Roger Jenkins, as a focused exploration and production company with a strong portfolio of global assets.”
Murphy USA common stock will begin regular-way trading on the New York Stock Exchange under the ticker symbol “MUSA” on September 3, 2013.
Press Release, September 1, 2013