• NOV Downhole

 

Murphy Oil plans to exit refining business

Murphy Oil Corporation has announced 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 US 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 US retail franchise.’

Goldman, Sachs & Co. is serving as exclusive financial advisor to Murphy during this process.

Published on 27/07/2010


Oilfield Technology

Would you like a FREE issue of Oilfield Technology magazine?

With 12 issues per year containing strong technical editorial and exciting case studies, you’ll easily stay up-to-date on the technologies, solutions and services that see global upstream oil and gas operations flow smoothly and successfully.

Get your FREE magazine now »

No credit card required

 
 

Write your own comments

*
*
*

Recommend magazines

  Hydrocarbon Engineering  Oilfield Technology