Murphy Oil to exit refining, focus on E&P

By OGJ editors
HOUSTON, July 23
– Murphy Oil Corp. plans to sell its three refineries to exit the refining business and concentrate on exploration and production and US retailing.

In a press statement announcing it would offer the refineries for sale, the company said it “anticipates a transaction being completed in the first quarter of 2011.”

Murphy’s refinery locations and capacities are Meraux, La, 125,000 b/cd; Superior, Wisc., 33,250 b/cd; and Milford Haven, Wales, 106,000 b/cd.

The company also plans to sell its UK retail system.

Murphy has exploration and production operations in the US, Canada, Congo, Malaysia, and the UK.

In the first quarter this year it produced 139,000 b/d of crude, condensate, and gas liquids and 343 MMcfd of natural gas.

Murphy reported first-quarter net income of $148.9 million, compared with $171 million in the first quarter of 2009.

To access this Article, go to: