Murphy Oil Corp. be getting out of the refining business by early next year after the company's board of directors approved plans to put up for sale several refineries to focus on U.S. retail growth.
In a news release, Murphy Oil said that refineries in Superior, Wis.; Meraux, La., and Milford Haven, Wales, and the entire retail system in the United Kingdom will be placed for sale.
“Murphy’s Upstream and U.S. retail businesses have demonstrated marked growth and financial performance over the last several years," said President and CEO David Wood. "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 U.S. retail franchise.”
Goldman, Sachs & Co. is serving as exclusive financial advisor to Murphy during this process.
Murphy Oil is based in El Dorado.