Murphy Oil to exit the refining business
Murphy Oil Corp. plans to exit the refining businesses. The refineries at Superior, Wisconsin; Meraux, Louisiana; and Milford Haven, Wales, UK; along with the retail system in the UK will be placed for sale. The company anticipates a transaction being completed in the first quarter of 2011.
President and CEO David Wood commented, "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 US retail franchise."
Goldman, Sachs & Co. is serving as exclusive financial advisor to Murphy during this process.
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