UPDATE: Murphy USA Exec Rings NYSE Closing Bell
Murphy Oil completes spinoff of Murphy USA with start of NYSE trading on Sept. 3
UPDATE: On Sept. 4, executives and guests of Murphy USA (MUSA) visited the New York Stock Exchange (NYSE) to highlight the company's Sept. 3 spinoff from Murphy Oil Corp. (MUR). In honor of the occasion, chairman Madison Murphy, along with members of Murphy USA's leadership team, ring the NYSE Closing Bell. (Watch the video embedded below.)
EL DORADO, Ark. -- Murphy Oil Corp. has completed the spinoff of its U.S. retail marketing business into an independent public company called Murphy USA Inc. Murphy USA common stock will begin regular-way trading on the New York Stock Exchange (NYSE) under the ticker symbol "MUSA" on Sept. 3, 2013.
On Sept. 4, executives and guests of Murphy USA will visit NYSE to highlight the company's spinoff from Murphy Oil. In honor of the occasion, chairman Madison Murphy, along with members of Murphy USA's leadership team, will ring the NYSE Closing Bell.
El Dorado, Ark.-based Murphy Oil achieved the spinoff through the distribution to Murphy Oil's shareholders of one share of Murphy USA common stock for every four shares of Murphy Oil stock held at the close of business on the record date of Aug. 21, 2013.
"[The] announcement demonstrates Murphy Oil's commitment to provide long-term value to our shareholders," said Steve Cosse, president and CEO of Murphy Oil. "Murphy USA is well-positioned with a strong management team and business plan to be a successful independent company."
Cosee is stepping down after the separation. " Following the spinoff, Murphy Oil will move forward, under the leadership of Roger Jenkins, as a focused exploration and production company with a strong portfolio of global assets."
In January, Murphy Oil appointed R. Andrew Clyde as president and CEO of Murphy Oil USA Inc. in anticipation of the spinoff.
In February, Murphy Oil announced additional members of the executive team for the new company. John Rudolfs, executive vice president marketing for Murphy Oil USA, will lead the marketing operations including fuel, merchandise and asset development. Mindy West, vice president and treasurer for Murphy Oil, will be responsible for finance and accounting. Jeff Goodwin, senior vice president field operations for Murphy Oil USA, will be responsible for all field operations. Previously, he was a district manager with The Pantry and Hess Corp. Marn Cheng, senior vice president field operations for Murphy Oil USA, will be responsible for retail operations support. Previously, he was with Love's Country Stores. Steve Hunkus, senior vice president worldwide refining and renewable energy for Murphy Oil USA, will be responsible for ethanol manufacturing operations and terminal operations. John Moore, manager of law and corporate secretary for Murphy Oil, will have responsibility for legal, insurance and human resources functions.
And in June, Murphy Oil named the Murphy USA board. It includes Murphy Oil director R. Madison Murphy as chairman, as well as Murphy Oil chairman Claiborne P. Deming, former Giant Industries chairman and CEO Fred Holliger and former 7-Eleven and Blockbuster CEO and current chairman and CEO of Wild Oats James W. Keyes, among others.
Murphy USA Inc., which will still be based in El Dorado, is focused primarily on the marketing of retail fuel products and convenience merchandise. It operates through a chain of 1,179 retail fuel stations in 23 states throughout the Southern and Midwestern United States, as of June 30, 2013. It owns the majority of the sites, and most are adjacent to Walmart stores. The business will also include certain midstream assets, including product distribution terminals and pipeline positions.