LawFuel.com – Law Firm Newswire – Davis Polk is advising Murphy Oil Corporation in connection with the spinoff of its U.S. retail marketing business, which will be achieved through the distribution of 100% of the shares of Murphy USA Inc. The distribution of Murphy USA shares is expected to be completed after the market close on August 30, 2013, with Murphy Oil shareholders receiving one share of Murphy USA common stock for every four shares of Murphy Oil common stock.
Murphy USA, to be based in El Dorado, Arkansas, will be a retail marketer of fuel products and convenience merchandise, operating a network of retail fuel stations. Murphy Oil, which will also remain headquartered in El Dorado, Arkansas, will be an independent exploration and production company with a strong portfolio of global offshore and onshore assets delivering oil-weighted growth.
The Davis Polk corporate team includes partners William L. Taylor and Joseph A. Hall and associates Christopher R. Bornhorst, Kristen L. Haase and Ankang Li, and law clerk Kevin Zhang. Partner Kathleen L. Ferrell and associate Avinash Venkatesh are providing tax advice. Counsel John T. Wright and associate Abigail Becraft are providing executive compensation advice. All members of the Davis Polk team are based in the New York office.