16 October 2012 19:39 [Source: ICIS news]
HOUSTON (ICIS)--US Murphy Oil has decided to spin-off its downstream business as a separate company, the company said on Tuesday.
Murphy Oil will be an independent exploration and production company, focusing on the US, Canada and Malaysia.
Murphy USA, the downstream spin-off, will be focused on retail marketing of petroleum products and convenience merchandise through a large chain of retail gasoline stations.
Murphy USA will include seven distribution terminals and two ethanol plants, located in North Dakota and Texas.
The spin-off is expected to be complete in 2013, the company said.
Murphy has also authorised a special dividend of $2.50/share for a total dividend of approximately $500m (€385m) and a share buyback programme of up to $1bn of the company’s shares of common stock.
“Murphy also reaffirmed the plan to divest the UK downstream operations and stated that it is continuing to review possible options with respect to selected assets,” the company added.
($1 = €0.77)
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