Murphy Oil (MUR) Declares $0.35 Quarterly Dividend; Updats on Operations; Announces Exec Changes

Murphy Oil (NYSE: MUR) declared a quarterly dividend of $0.35 per share, or $1.4 annualized.

The dividend will be payable on December 1, 2014, to stockholders of record on November 14, 2014, with an ex-dividend date of November 12, 2014.

The annual yield on the dividend is 2.5 percent.

n an operational update, the Company confirmed the successful closing on the sale of the U.K. retail gasoline network on September 30, 2014 to Motor Fuel Group. The sale of the Milford Haven refinery remains on track to close on October 31, 2014.

With the completed disposition of the U.K. retail system and the pending close of the Milford Haven refinery sale, Tom McKinlay, Executive Vice President - U.K. Downstream, will be leaving the Company, effective November 1, 2014, to pursue other opportunities. McKinlay joined Murphy in 1991 and has held several positions within the Company`s downstream business.

Bill H. Stobaugh, Executive Vice President Corporate Planning and Business Development, who has stewarded the sales process of the U.K. downstream business at the corporate level, will retire from the Company effective March 1, 2015, after nearly 20 years of service. Stobaugh joined Murphy Oil Corporation in May 1995 as Vice President, Corporate Planning in El Dorado, Arkansas. He was promoted to Senior Vice President, Corporate Planning in May 2005 and was named to his current position in 2012.

Roger Jenkins, President and Chief Executive Officer commented, "We are pleased to conclude the sale of the U.K. retail business and expect to complete the Milford Haven refinery divestiture in the near term." Jenkins added, "We appreciate Tom`s contributions over his many years with the Company and wish him well in his future endeavors. Bill has served the Company well leading our planning initiatives for many years and most recently managed the U.K. sales process for us. I wish him well in his well-deserved retirement."

In other operations, the sidetrack of the Titan-1 well has been plugged and abandoned after failing to encounter hydrocarbons. The sidetrack, along with the original Titan-1 well, will incur a pretax dry hole expense of approximately $66 million in the third quarter of this year. Murphy also reiterates our third quarter production guidance of 225,000 barrels of oil equivalent per day and our previously disclosed annual guidance.

In other business, the Board of Directors approved the following executive management succession:

Kevin G. Fitzgerald, Executive Vice President and Chief Financial Officer, will retire effective March 1, 2015, after nearly 33 years of service. Mr. Fitzgerald joined the Murphy enterprise in 1982 as Assistant Treasurer of the Company`s contract drilling subsidiary in New Orleans. In 1996, he was named Director, Investor Relations, then promoted to Treasurer in 2001. Mr. Fitzgerald was promoted to Senior Vice President and Chief Financial Officer in 2007. He was named to his current position in 2011.

John W. Eckart, currently Senior Vice President and Controller, will succeed Mr. Fitzgerald as Executive Vice President and Chief Financial Officer effective March 1, 2015. Eckart joined Murphy in 1990 as Auditing Manager and was promoted to Assistant Controller in 1995. He was named Controller in 2000 and was promoted to Vice President and Controller in 2007. He was promoted to his current role in 2011. He holds a bachelor`s degree in Accounting from the University of Arkansas and is a Certified Public Accountant.

Roger Jenkins said, "On behalf of the Company, I want to thank Kevin for his many years of service and wish him well in retirement. Kevin has provided sound advice and guidance to managing the financial affairs and investor relations of the Company, and his contributions will be greatly missed." Jenkins continued, "We welcome John to his new role as Executive Vice President and Chief Financial Officer. John has been with the Company for many years and the transition will be seamless."

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