Murphy Oil Corporation says that its President and Chief Executive Officer, Steve Cossé, has informed the Murphy Board of Directors that he intends to step down from that position following the completion of the previously announced plan to spin off to its stockholders its U.S. downstream operations into an independent and separately traded company.

The spin-off will be effected through a distribution of the shares of Murphy's subsidiary, Murphy USA Inc., pro rata to all Murphy stockholders as of a record date to be established by Murphy's Board of Directors. Murphy will continue in the exploration and production business following the spin-off, which is expected to be completed in the second half of this year.

The Murphy Board of Directors announced that it plans for Roger Jenkins to succeed Mr. Cossé as Murphy's President and Chief Executive Officer. Mr. Jenkins is currently Murphy's Executive Vice President and Chief Operating Officer. Mr. Jenkins joined Murphy in 2001.

Tags: Murphy Oil Corp.