EL DORADO, Ark. -- Murphy Oil Corp. has announced that Steve Cosse, its president and CEO, has informed the Murphy board of directors that he intends to step down from that position following the completion of the previously announced plan to spin off to its stockholders its U.S. downstream operations into an independent and separately traded company. The board said that it plans for Roger Jenkins to succeed Cosse.
Cosse confirmed last week during the company's first-quarter 2013 earnings call that it expects to complete the spinoff in the second half of the year. "Andrew Clyde, who … is president and CEO of the retail business, and his team are focused on efforts on all aspects of establishing a separate company to be prepared to move forward, pending confirmation of the transaction's tax-free status and the receipt of customary approvals. We expect to file the SEC Form 10-10 next week, which represents another significant step in the process. Our full effort is set on completing this spin in the second half of the year and the sooner the better."
Murphy chairman Claiborne Deming said, "We are grateful to Steve for guiding Murphy through this period of transition and are pleased to have Roger Jenkins on board to lead Murphy as it launches a new phase as an independent exploration and production company."
Cosse was appointed president and CEO on June 20, 2012, succeeding the retiring David Wood. Cosse was elected to Murphy's board on Aug. 3, 2011, following his retirement from the management of Murphy on March 1, 2011, after more than 40 years of service. Cosse previously served as executive vice president and general counsel. During his tenure at Murphy, Cosse also held positions as senior vice president, vice president and principal financial officer. Prior to joining Murphy in 1991, Cosse served as general counsel for Ocean Drilling & Exploration Co., New Orleans, Louisiana, a majority-owned subsidiary of Murphy at that time. He will continue to serve as a member of Murphy's board after stepping down as president and CEO.
Jenkins is currently Murphy's executive vice president and COO. He joined Murphy in 2001. The company named Jenkins executive vice president of exploration and production in 2009, and he has played a critical leadership role in Murphy's worldwide exploration and production operations. Prior to joining Murphy, he spent 17 years with a major oil company.
The company will accomplish the spinoff through a distribution of the shares of Murphy's subsidiary, Murphy USA Inc., pro rata to all Murphy stockholders as of a record date to be established by Murphy's board. Murphy will continue in the exploration and production business following the spinoff.
Murphy announced earlier this year the appointment of R. Andrew Clyde as president and CEO of Murphy Oil USA Inc., Murphy's principal operating subsidiary for its U.S. downstream business. Upon completion of the spinoff, Murphy Oil USA Inc. will be a wholly owned subsidiary of Murphy USA Inc.
El Dorado, Ark.-based Murphy Oil USA operates retail gasoline stations under the Murphy USA and Murphy Express brands in 23 states across the country. These are high-volume, low-cost retail gasoline stations, primarily in the parking areas of Walmart Supercenters. It currently has more than 1,150 U.S. retail locations, and it recently announced an agreement with Wal-Mart Stores Inc. to provide access to more than 200 new locations in the Midwest and southeastern United States. It is a wholly owned subsidiary of Murphy Oil Corp., a worldwide oil and gas exploration and production company.
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