Murphy Oil completes spinoff of downstream unit

Murphy Oil Corp. has completed the spinoff of its US downstream subsidiary, Murphy USA Inc., into an independent and separately traded company.

Murphy Oil Corp. has completed the spinoff of its US downstream subsidiary, Murphy USA Inc., into an independent and separately traded company (OGJ Online, Oct. 16, 2012).

In 2011, Murphy completed the sale of its refineries as the company shifted its focus to concentrate on exploration and production and US retailing. The company first outlined its downstream exit strategy in 2010 (OGJ Online, July 23, 2010).

“Following the spinoff,” said Steve Cosse, Murphy Oil president and chief executive officer, “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.”

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