Murphy Oil Shifts Toward Exploration In US Unit Spinoff

Law360, New York (October 16, 2012, 4:16 PM EDT) -- International oil giant Murphy Oil Corp. will spin off its U.S. subsidiary into a retail operation and transform the parent company into an independent exploration and production company, launching an effort to diversify and strengthen its business, the company said Tuesday.

The announcement comes as Murphy Oil attempts to increase its share value, according to a company statement, which also announced a special shareholder dividend and common stock buyback program that collectively, could return over $1 billion to Murphy Oil shareholders.

“Today’s announcements are consistent with...
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