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Murphy Oil Clarifies Its CEO Structure Post-Spinoff

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Sometime in the second half of this year, Murphy Oil  (NYSE: MUR  ) will split in two. When that happens, the company announced today, its current president and CEO, Steve Cosse, will be leaving Murphy proper to join the spun-off business running the firm's current downstream operations, Murphy USA.

Murphy confirmed Monday also that its board of directors plans to promote COO Roger Jenkins to take Cosse's place as head of what's left of Murphy after the spinoff. Jenkins is a 12-year veteran of the firm, and as the company advises, "played a critical leadership role in Murphy's worldwide exploration and production operations, including the development of the Kikeh field in Malaysia and the Eagle Ford Shale in South Texas," making him ideal to run the firm's upstream operations going forward.

Investors seemed pleased at being given extra clarity as to who will be running what post-spinoff. Murphy shares gained 1.9% in Monday trading, to close at $62.60.

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Rich Smith

I love things that go "boom." Sonic or otherwise, that means I tend to gravitate towards defense and aerospace stocks. But to tell the truth, over the course of a dozen years writing for The Motley Fool, I have covered -- and continue to cover -- everything from retailers to consumer goods stocks, and from tech to banks to insurers as well. Follow me on Twitter or Facebook for the most important developments in defense & aerospace news, and other great stories besides.

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Related Tickers

11/30/2015 4:02 PM
MUR $28.58 Up +0.18 +0.63%
Murphy Oil Corp CAPS Rating: ***