Friday, July 23, 2010

Murphy Oil to exit refining businesses

EL DORADO (Arkansas):Murphy Oil Corporation, which is actively involved in oil exploration off Malaysia, has received its board's approval for its plans to exit the company's refining businesses as it focuses on upstream and US retail businesses.

The refineries at Superior, Wisconsin; Meraux, Louisiana and Milford Haven, Wales along with the retail system in the United Kingdom will be placed for sale. The Company anticipates a transaction being completed in the first quarter of 2011.

President and CEO David Wood said in a statement on Thursday, July 22 Murphy's upstream and US retail businesses have demonstrated marked growth and financial performance over the last several years.

"By exiting the refining business, we can fully focus our attention and resources on continuing that growth, developing a premier international upstream business and a top quartile U.S. retail franchise,' he said.

Goldman, Sachs & Co. is serving as exclusive financial advisor to Murphy during this process.

According to Murphy's websire, the most significant impact project Murphy has lies in deepwater Malaysia offshore Sabah.

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