Murphy Oil Corporation announced today its intention to separate itself into two distinct companies which will allow Murphy Oil to focus primarily on independent exploration and production and Murphy USA to work exclusively on the retail side.
According to a Murphy Oil release, the board of directors has opted to spin-off Murphy USA to its stockholders as an independent and separately traded company. The authorization includes a special dividend of $2.50 per share for a total dividend of approximately $500 million, or a buyback program of up to $1 billion of the company’s shares of common stock.
The spin-off is expected to be finalized in 2013.
More in tomorrow’s News-Times.
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