Murphy Oil Corporation (NYSE:MUR) announced today that its Board of Directors approved plans for exiting the Company’s refining 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 commented, “Murphy’s Upstream and U.S. 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.”
Goldman, Sachs & Co. is serving as exclusive financial advisor to Murphy during this process.