Murphy Oil Corporation
Murphy Oil is a global exploration and production company, with many offshore and onshore operations. The company is divided into two companies: Murphy Exploration & Production Company and Murphy Oil Company Ltd. Murphy Exploration & Production engages in production and exploration activities of natural gas and crude oil around the world. Murphy Oil Company engages largely in operations in Western and offshore Eastern Canada, through the exploration of natural gas and crude and the extraction of synthetic crude oil from oil sands in Canada.
History and Company Operations
The history of the company dates back to 1907, when oil was discovered on a tract of land which Charles Haywood Murphy had a 22 percent interest in near El Dorado, Arkansas. Murphy’s grandson was part of a later oil field discoveries in the Schuler Field and the Delhi field which boosted the company’s revenue and name in the oil and gas industry. The company was officially incorporated as Murphy Corporation in Louisiana in 1950. At this time, the company expanded its efforts throughout the company and began exploration and production operations in western Canada. The company became one of the investors of a new submersible drilling barge which would take offshore rigs out into deep waters in 1953, offering operations for Shell Oil Company.
The company was listed on the American Stock Exchange in 1956 and entered the retail gasoline industry shortly thereafter. In 1961, the company was listed in the New York Stock Exchange under the symbol MUR, with 3.8 million shares. The company began operations in the Gulf of Mexico in 1962, and began to shift its operations into deepwater exploration in the 1990s.
Aside from its offshore operations, Murphy partnered with Walmart in 1996 to develop Murphy USA retail gas stations in the parking lots of Walmart supercenter stores. Over the last twenty years, the company has expanded their global operations, with discoveries in Malaysia and operations throughout the UK and Canada. However, in 2015, Murphy Oil began to sell a fraction of its Malaysian Oil assets to Pertamina.
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