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Murphy Oil Corp. announced Wednesday that Claiborne P. Deming, president and chief executive officer since 1994, will retire effective Dec. 31, and will be succeeded by David M. Wood who currently serves as Murphy’s executive vice president, worldwide exploration and production operations.

Deming will continue as a member of Murphy’s board of directors, and will succeed William Nolan as chairman of the board’s executive committee. Nolan will remain chairman of the board of directors.

Wood joined the company in 1994 and has held several positions including vice presid...