Murphy Oil Corporation (NYSE:MUR) said on Thursday that their Board of Directors has given the go ahead to sell off all their refining units, as they exit the business entirely.
Included in the sale will be refineries located in Milford Haven, Wales; Meraux, Louisiana; and Superior, Wisconsin. Also being sold off will be a retail system located in the UK.
CEO and President David Wood said, “Murphy’s Upstream and U.S. Retail businesses have demonstrated marked growth and financial performance over the last several years. By exiting the refining business, we can fully focus our attention and resources on continuing that growth, developing a premier international upstream business and a top quartile U.S. retail franchise.”
Murphy, which is being advised by Goldman Sachs (NYSE:GS), expects the units to be sold in the first quarter of 2011.
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