Oct 11 - Murphy Announces Completion of its US Refinery Sales

Source Press Release
Company Murphy Oil CorporationCalumet Specialty Products Partners, L.P.Valero Energy Corporation 
Tags Deals, Refining & Marketing Activities
Date October 03, 2011

Murphy Oil Corporation (NYSE: MUR) announced today that its wholly-owned subsidiary, Murphy Oil USA, Inc., has completed the sale of its two US refineries and related assets.

The Superior Refinery was acquired by a subsidiary of Calumet Specialty Products Partners, L.P. for a sales price of $214 million plus hydrocarbon inventories valued at approximately $220 million, subject to certain adjustments. The sale closed on September 30, 2011.

The Meraux Refinery was acquired by a subsidiary of Valero Energy Corporation for a sales price of $325 million plus hydrocarbon inventories valued at approximately $260 million, subject to certain adjustments. The sale closed on October 1, 2011.

David M. Wood, Murphy’s President and Chief Executive Officer, commented, “We are pleased to finalize the sale of both the Superior and Meraux refineries as these were important steps in our ongoing repositioning efforts.” Davis Polk & Wardwell LLP acted as legal counsel to Murphy. Goldman, Sachs & Co. acted as financial advisor to Murphy.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd