WASHINGTON (dpa-AFX) - Murphy Oil Corp. (MUR) said Friday it has completed the spin-off of its U.S. retail marketing business into an independent public company called Murphy USA Inc.
The spin-off was achieved 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 August 21.
Steve Cossé, chief executive of Murphy Oil Corporation, said, 'Today's announcement demonstrates Murphy Oil's commitment to provide long-term value to our shareholders. Murphy USA is well-positioned with a strong management team and business plan to be a successful independent company.'
Murphy USA common stock will begin regular-way trading on the New York Stock Exchange under the ticker symbol 'MUSA' on September 3.
Shares of Murphy Oil closed Friday at $67.42, up $1.61 or 2.45%, on a volume of 2.3 million shares on the NYSE. In after hours, the stock dropped $0.28 or 0.42%.
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