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The board of directors of Murphy Oil Corp. on Wedbesday declared a quarterly dividend on the common stock of Murphy Oil of 25 cents per share, or $1 per share on an annualized basis.

The previous annualized dividend level was 75 cents per share.

The dividend is payable Sept. 2 to holders of record Aug.18.

In commenting on the 33 percent dividend increase, Claiborne P. Deming, president and chief executive officer, said, “We are very pleased to announce to our shareholders that we will increase the dividend by 25 cents per share, following two consecutive...