Murphy Oil (MUR) Approves $250M Buyback
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Overall Analyst Rating:
NEUTRAL ( Up)
Dividend Yield: 3.1%
EPS Growth %: -31.5%
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Murphy Oil (NYSE: MUR) announced that the Board of Directors has authorized a share repurchase program up to $250 million of the Company's common stock.
The timing and number of shares repurchased under the program will be determined by management at its discretion, and will depend on a number of factors, including compliance with the terms of our outstanding indebtedness, general market and business conditions and applicable legal requirements. The share repurchase program is expected to be completed by December 31, 2015. Murphy USA Inc. expects to use existing cash balances to fund the repurchase program.
"We are proud to make this announcement. It is our second time to reward shareholders this calendar year and comes on the heels of our first anniversary as a standalone company," said Andrew Clyde, President and CEO. "We believe that with continued execution of our strategy we will be well positioned with strong cash flow providing future opportunities for investing in our organic growth plans and rewarding long-term investors in Murphy USA."
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