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EL DORADO, Ark. – Murphy USA Inc. is expected to begin trading Tuesday on the New York Stock Exchange under the ticker symbol MUSA. The retail pure-play company, which operates 1,179 convenience stores and gas stations, is being officially spun off today from former parent Murphy Oil Corp.
El Dorado, Ark.-based Murphy USA has recently been trading on a "when-issued" basis, which reflects the expected stock price once the spinoff is complete. When-issued shares were trading at $36.52 per share in morning trade.
Shareholders who held stock in Murphy Oil Corp. on Aug. 21 will receive shares of Murphy USA today. In addition, as Convenience Store News, previously reported, Murphy USA will join the Standard & Poor’s MidCap Index after the conclusion of trading today.
The spinoff also marks the start of R. Andrew Clyde's tenure as president and CEO of Murphy USA. Clyde was appointed to his position on Jan. 8.
"[The spinoff] announcement signals an exciting new beginning for both Murphy Oil Corp. and Murphy USA Inc., as separating these two businesses will allow each to unlock its own potential for growth," Steven A. Cossé, president and CEO of Murphy Oil Corp., said earlier this month.
Also, in correlation to today’s spinoff, Cossé is expected to step down from Murphy Oil Corp.Chief Operating Officer Roger Jenkins was named as Cossé’s replacement.