Murphy Oil Corp. of El Dorado said Tuesday that its board of directors has approved a plan to spin off its U.S. downstream subsidiary, Murphy Oil USA Inc., into an independent and separately traded company.
As Arkansas Business has reported, Murphy Oil has been considering spinning off the unit since at least late last year.
In a news release, the company also said its board had authorized a special dividend of $2.50 per share for a total dividend of about $500 million and a share buyback program of up to $1 billion of the company’s shares of common stock.
Murphy Oil also reaffirmed plans to divest downstream operations it owns in the United Kingdom and stated that it is “continuing to review possible options with respect to selected assets.” Click here to read the full story from our partners at ArkansasBusiness.com.
