Murphy Oil Board Approves Spin-Off Of Murphy USA

(RTTNews) - Murphy Oil Corp. (MUR) said Wednesday that its Board of Directors has approved both the spin-off of its U.S. retail marketing business and the regular quarterly dividend.

The spin-off of the U.S. retail marketing business will be achieved through the distribution of 100% of the shares of Murphy USA Inc. to holders of Murphy Oil common stock.

The distribution of Murphy USA shares is expected to be completed after the market close on August 30, with Murphy Oil shareholders receiving one share of Murphy USA common stock for every four shares of Murphy Oil common stock held at the close of business on the record date of August 21.

Following the distribution of Murphy USA common stock on August 30, Murphy USA will be an independent, publicly traded company. Murphy USA has received approval for the listing of its common stock on the New York Stock Exchange under the symbol "MUSA." Murphy Oil anticipates that "regular way" trading of MUSA common stock will begin on September 3, the first trading day following the distribution date. Murphy USA, to be based in El Dorado, Arkansas, will be a retail marketer of fuel products and convenience merchandise operating a network of 1,179 retail fuel stations, as of June 30, almost all of which are in close proximity to Walmart stores, in 23 states, primarily in the Southern and Midwestern United States. Murphy Oil, which will also remain headquartered in El Dorado, Arkansas, will be an independent exploration and production company with a strong portfolio of global offshore and onshore assets delivering oil-weighted growth with upside to our exploration program. Murphy Oil today also declared a quarterly cash dividend on its common stock of $0.3125 per share, payable August 30 to holders of record on August 21.

Separately, Murphy Oil said that its Board of Directors, consistent with the previous announcement on May 6, has named Roger Jenkins to the position of President and Chief Executive Officer, effective August 30.

Jenkins will succeed Steven Cossé who is stepping down effective the same date. Jenkins has also been elected to the Board of Directors and the Executive Committee effective August 30. Cossé will remain a member of both the Board of Directors and the Executive Committee.

Murphy also announced the election of T. Jay Collins to its Board of Directors effective August 7.