Murphy Oil Corp. has approved the spin-off of its retail marketing business (OGJ Online, Oct. 16, 2012).
It will distribute 100% of the shares of Murphy USA Inc. to holders of Murphy Oil common stock.
When complete at the end of August, the distribution will make Murphy USA an independent, publicly traded company based in El Dorado, Ark., operating 1,179 retail fuel stations, most close to Walmart stores, in 23 states.
Murphy Oil, also in El Dorado, will be an independent exploration and production company with oil and gas production in the US, Canada, Malaysia, and Congo (Brazzaville).