Murphy Oil (MUR) to Sell its Refinery in Meraux, Louisiana and Related Assets
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Murphy Oil Corporation (NYSE: MUR) has entered into an asset purchase agreement pursuant to which its wholly-owned subsidiary, Murphy Oil USA, Inc., will sell its refinery in Meraux, Louisiana and related assets.
The Meraux Refinery is being acquired by a subsidiary of Valero Energy Corporation (NYSE: VLO) for a sales price of $325 million plus the value of hydrocarbon inventory, and subject to certain other adjustments. The hydrocarbon inventory will be valued based on market prices at closing (the inventory is currently valued at approximately $300 million). The sale is subject to customary regulatory approvals and conditions and is expected to close in the fourth quarter of 2011
The Meraux Refinery is being acquired by a subsidiary of Valero Energy Corporation (NYSE: VLO) for a sales price of $325 million plus the value of hydrocarbon inventory, and subject to certain other adjustments. The hydrocarbon inventory will be valued based on market prices at closing (the inventory is currently valued at approximately $300 million). The sale is subject to customary regulatory approvals and conditions and is expected to close in the fourth quarter of 2011
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