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EL DORADO, Ark. – One week after announcing a favorable tax ruling from the Internal Revenue Service, Murphy Oil Corp.'s board of directors approved the spinoff of its Murphy USA Inc. (MUSA) retail division. The spinoff will be achieved on Aug. 30 through the distribution of 100 percent of MUSA shares to shareholders of Murphy Oil Corp. common stock as of Aug. 21.
On Aug. 30, MUSA will launch as an independent, publicly traded company and list its stock on the New York Stock Exchange under the symbol "MUSA."
The company also announced today that the board named Roger Jenkins as president and CEO of Murphy Oil Corp. effective Aug. 30, when Steve Cossé will step down. Jenkins was first named as Cossé's successor on May 6. MUSA previously announced that R. Andrew Clyde will serve as its president.
"Today's 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," said Cossé, current president and CEO of Murphy Oil Corp.
The company plans to mail an information statement to all shareholders who are entitled to receive MUSA shares prior to share distribution, according to the announcement.