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Murco UK network put up for sale

29 July, 2010

Murphy Oil has confirmed plans to put its UK network of sites up for sale as well as its Milford Haven

Murco refinery.

In a statement, the company said its Board of Directors had "approved plans for exiting the Company’s refining businesse. The refineries at Superior, Wisconsin; Meraux, Louisiana and Milford Haven, Wales along with the retail system in the United Kingdom will be placed for sale".

It added that it anticipated a transaction being completed in the first quarter of 2011.

President and CEO David Wood commented: "Murphy’s Upstream and US 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 US retail franchise."

Goldman, Sachs & Co is serving as exclusive financial advisor to the company during this process.

The Milford Haven refinery has been solely owned by Murco, a subsidiary of the Murphy Oil Corporation, since 2007.