Murphy Oil to split off its retail division
New York -- Murphy Oil is splitting in two in order to better focus on the separate tasks of exploration and production, and the sale of gasoline and other goods through its retail locations, the Associated Press reported.
Murphy USA will become a separate company focused on selling fuels. Murphy USA operates retail gasoline stations in 23 states. Murphy USA will also operate seven fuel distribution terminals and ethanol production facilities in North Dakota and Texas.
Murphy Oil will continue to explore for and produce oil in the United States, Canada and Malaysia. The company will continue its exploration program and offshore development projects, while also growing its North America onshore businesses.