Murphy Oil Corporation (NYSE:MUR) (“Murphy Oil”) announced today that it
has completed the spin-off of its U.S. retail marketing business into an
independent public company called Murphy USA Inc. (“Murphy USA”). The
spin-off was achieved through the distribution to Murphy Oil’s
shareholders of one share of Murphy USA common stock for every four
shares of Murphy Oil stock held at the close of business on the record
date of August 21, 2013.
Steve Cossé, President and Chief Executive Officer of Murphy Oil
Corporation, said, “Today’s announcement demonstrates Murphy Oil’s
commitment to provide long-term value to our shareholders. Murphy USA is
well-positioned with a strong management team and business plan to be a
successful independent company.” Cossé added, “Following the spin-off,
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.”
Murphy USA common stock will begin regular-way trading on the New York
Stock Exchange under the ticker symbol “MUSA” on September 3, 2013.
For more information, go to the website for Murphy Oil Corporation at www.murphyoilcorporation.com
and for Murphy USA Inc. at www.murphyusa.com.
This press release contains forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995. These statements,
which express management’s current views concerning future events or
results, are subject to inherent risks and uncertainties. Factors
that could cause one or more of the events forecasted in this press
release not to occur include, but are not limited to, a deterioration in
the business or prospects of Murphy Oil or Murphy USA, adverse
developments in Murphy Oil’s or Murphy USA’s markets, or adverse
developments in the U.S. or global capital markets, credit markets or
economies generally. Factors that could cause actual results to differ
materially from those expressed or implied in our forward-looking
statements include, but are not limited to, the volatility and level of
crude oil and natural gas prices, the level and success rate of our
exploration programs, our ability to maintain production rates and
replace reserves, political and regulatory instability, uncontrollable
natural hazards and a failure to execute a sale of the U.K. downstream
operations on acceptable terms. For further discussion of risk
factors, see Murphy Oil’s Annual Report on Form 10-K for the year ended
December 31, 2012 and subsequent Forms 10-Q, Murphy USA’s Registration
Statement on Form 10 and subsequent Forms 8-K of each on file with the
U.S. Securities and Exchange Commission. Neither Murphy Oil nor Murphy
USA undertake any duty to publicly update or revise any forward-looking
statements.
Copyright Business Wire 2013