EL DORADO, Ark. -- Murphy Oil Corp. said that Claiborne P. Deming, president and chief executive officer since 1994, will retire effective Dec. 31, 2008, and will be succeeded by David M. Wood, who currently serves as Murphy's executive vice president of worldwide exploration and production operations. Deming will continue as a member of Murphy's board and will succeed William Nolan as chairperson 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 president and senior vice [image-nocss] president of frontier exploration and production and president of Murphy Exploration & Production Co. In January 2007, Wood became executive vice president with responsibility for all of the company's exploration and production operations.
He will relocate to the company's corporate headquarters in El Dorado, Ark., become a member of the board of directors and assume his duties as president and CEO effective Jan. 1, 2009.
"David is an extremely talented and accomplished individual who has excelled in building an exploration and production program, recruiting exceptionally skilled professionals and executing world-class projects. He has the leadership ability and skill to grow the company's business well into the future, and I wholeheartedly commend him to shareholders," said Deming about his successor.
"As for me, I plan to continue following industry developments particularly at this pivotal time, and I will of course remain involved in the company but at the board and executive committee levels. I have no specific plans; however, I certainly intend to stay actively engaged in business affairs. Simply put, after what will have been nearly 15 years as CEO of Murphy Oil Corp., it is time to turn it over to someone of David's capabilities," Deming concluded.
Murphy Oil is a global oil and gas exploration and production company with refining and marketing operations in the United States and the United Kingdom. Murphy USA Marketing Co. (Murphy Oil USA Inc.) operates retail gas stations under the Murphy USA brand across 20 states. These are high-volume, low-cost retail gasoline stations, primarily in the parking areas of Wal-Mart Supercenters. Murphy Oil USA, Inc. also operates a network of 12 company-owned terminals. These terminals, along with numerous third-party terminals, provide fuel supply to retail and branded wholesale stations throughout 23 states.Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.