EL DORADO, Ark. -- Murphy Oil USA, a subsidiary of Murphy Oil Corp., on Wednesday announced an agreement with Wal-Mart Stores Inc. that will put more Murphy fuel sites onto Walmart lots.
As reported in a Raymond James/CSP Daily News Flash on Wednesday, Murphy Oil USA will have the opportunity to build more than 200 new fuel stations at existing Walmart Supercenters.
(See Related Content below for previous CSP Daily News coverage.)
The oil company said that it expects construction of the sites to be completed over the next three years.
According to an industry source, a little less than half the sites will run approximately 1,200 square feet, large enough to feature fountain, coffee and other foodservice offerings. The rest of the sites will compare to the size of Murphy's current sites, which are 200-to-800-square-foot kiosks.
The announcement comes a few months after Murphy Oil Corp. announced its intention to spin off its retail business from its downstream assets (see Related Content below for previous coverage). The spinoff likely will happen by the end of the first half of 2013. The company sold its U.S. refineries last year and still is trying to sell off its U.K. downstream business.
"This agreement represents a significant step forward in our long-term relationship with Wal-Mart as we pursue our business plan to separate the U.S. retail business into a standalone entity," Steven A. Cosse, Murphy Oil Corp.'s president and CEO, said on Wednesday.
The new retail business will include all of El Dorado, Ark.-based Murphy USA's 1,152 retail outlets (most located at Walmart) in 23 states, two ethanol plants and seven product distribution terminals. The addition of the 200 sites will increase Murphy's store count by about 17%.
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