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Murphy Oil Corporation
MUR (“Murphy”) announced that its Board of
Directors has approved a plan to spin off to its stockholders its U.S.
downstream subsidiary, Murphy Oil USA, Inc. (“Murphy USA”), into an
independent and separately traded company, and has also authorized a special
dividend of $2.50 per share for a total dividend of approximately $500 million
and a share buyback program of up to $1 billion of the company's shares of
common stock. Murphy also reaffirmed the plan to divest the U.K. downstream
operations and stated that it is continuing to review possible options with
respect to selected assets.
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