Murphy Oil Corporation Announces $250 Million Accelerated Share Repurchase Transaction
Murphy Oil Corporation (NYSE:MUR) ('the Company?) announced today that
it has entered into a variable term, capped accelerated share repurchase
transaction (the 'ASR?) with J.P. Morgan Securities LLC to repurchase an
aggregate of $250 million of the Company′s common stock. The ASR is part
of the board authorized program to repurchase up to $1 billion of the
Company′s stock announced on October ?16, 2012. The total aggregate
number of shares of Company common stock to be repurchased pursuant to
the ASR will be determined by reference to the Rule 10b-18
volume-weighted price of the Company′s common stock, less a fixed
discount, over the term of the ASR, subject to a minimum number of
shares. The ASR is expected to be completed no later than approximately
five months following execution. All shares of the Company′s common
stock delivered under the ASR will be immediately retired.
This press release contains forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995. These statements,
which express management′s current views concerning future events or
results, including Murphy′s plans to separate its U.S. downstream
business, to pay a special dividend, to repurchase shares of its common
stock and to divest its U.K. downstream operations, are subject to
inherent risks and uncertainties.Factors that could cause one or
more of the events forecasted in this press release not to occur
include, but are not limited to, a failure to obtain necessary
regulatory approvals, a failure to obtain assurances of anticipated tax
treatment, a deterioration in the business or prospects of Murphy or
Murphy USA, adverse developments in Murphy or Murphy USA′s markets,
adverse developments in the U.S. or global capital markets, credit
markets or economies generally or a failure to execute a sale of the
U.K. downstream operations on acceptable terms.Factors that
could cause actual results to differ materially from those expressed or
implied in our forward-looking statements include, but are not limited
to, the volatility and level of crude oil and natural gas prices, the
level and success rate of our exploration programs, our ability to
maintain production rates and replace reserves, political and regulatory
instability, and uncontrollable natural hazards. For further discussion
of risk factors, see Murphy′s 2011 Annual Report on Form 10-K and the
September 30, 2012 Quarterly Report on Form 10-Q on file with the U.S.
Securities and Exchange Commission. Murphy undertakes no duty to
publicly update or revise any forward-looking statements.
Investor Contact:
Murphy Oil Corporation
Barry Jeffery,
870-864-6501
or
Media Contact:
Brunswick Group
Steve
Lipin/Michael France, 212-333-3810
