Murphy split production sales as two companies

Murphy to split production and sales as two companies

6:06 AM, 19th October 2012
Murphy to split production and sales as two companies

ARKANSAS, US: Murphy Oil is splitting in two in order to better focus on the separate tasks of exploration and production, and the sale of gasoline and other goods through its retail locations. Murphy Oil will continue to explore for and produce oil in the US, Canada and Malaysia. The company will continue its exploration programme and offshore development projects, while also growing its North America onshore businesses.

Murphy USA will become a separate company focused on selling fuels. Murphy USA operates retail gasoline stations in 23 states. Murphy USA will also operate seven fuel distribution terminals and ethanol production facilities in North Dakota and Texas. Murphy is extending a trend in the US oil industry. Exploring for oil is a high-risk business that can also offer high rewards when companies succeed in finding oil and oil prices rise.

Refining oil into fuels and selling them does not usually carry the same risks or rewards. Murphy’s only refinery, located in the United Kingdom, will stay with Murphy Oil company, but the company is still trying to sell it so it can focus exclusively on exploration and production.

© Bloomberg News

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