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Murphy Oil Corporation (MUR)

  • Oct. 30, 2012, 10:43 AM
    Murphy Oil (MUR) is optimistic it could finalize an offshore production sharing contract with Equatorial Guinea by early 2013. MUR, which already produces African oil from its offshore Azurite field in the Republic of Congo, is waiting for resolution to a maritime border dispute between Cameroon and Equatorial Guinea over its Ntem field.
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  • Oct. 17, 2012, 5:59 PM
    Moody's is placing Murphy Oil's (MUR) Baa3 senior unsecured ratings on review for a potential downgrade on the back of its announcement of a $1B share buyback program, $500M special dividend and the spin-off of its downstream assets in the U.S. The agency calls it a "notable shift" in financial policy following a long track record of conservative financial leverage.
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  • Oct. 17, 2012, 5:18 PM
    With Third Point successfully convincing Murphy Oil (MUR) to spin off its U.S. retail business, Deutsche Bank analyst Paul Sankey thinks Occidental Petroleum (OXY) and Hess (HES) likely will be next, since "in both cases, investors have major questions over strategy and execution, and both are trading below NAV.” ConocoPhillips (COP) is viewed as a sleeper pick. (also)
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  • Oct. 17, 2012, 9:02 AM
    Murphy Oil (MUR) begins to get a few downgrades based on valuation after yesterday's 8% bump and 26% rise in the past three months. Barclays reduces shares to Equal Weight, believing an outright sale is unlikely until the retail spin is complete, which is six to nine months away. The firm expects the rally to cool until more clarity arrives on management's strategy on asset divestitures.
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  • Oct. 16, 2012, 2:14 PM
    Hess (HES +3.8%) shares are strong on Murphy Oil's (MUR +8.8%) move to spin off its U.S. fuel-making business into a new company. Conoco used a similar strategy earlier this year when it spun off its fuels, petrochemicals and pipeline businesses into Phillips 66. HES operates in two segments - exploration and production, and marketing and refining - making it a potential candidate for a spinoff.
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  • Oct. 16, 2012, 11:58 AM
    Murphy Oil's (MUR +7.8%) move to spin off its U.S. fuel-making and distribution business into a new company could unlock up $5/share in trapped enterprise value, Simmons analysts say, and “could be a sign for more aggressive moves to continue to improve the valuation in shares (more aggressive divestments, for example)." Chalk up at least one item, and maybe two, on Dan Loeb's wish list.
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  • Oct. 16, 2012, 9:10 AM
    Premarket gainers: NOOF +54%. THLD +12%. MUR +8%. AEGR +7%. JOEZ +7%. CUR +7%. DPZ +6%.
    Losers: RATE -26%. ISIS -20%. CLWR -19%. CMRE -10%. WAC -5%. GWW -5%.
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  • Oct. 16, 2012, 8:41 AM
    Murphy Oil (MUR) declares special dividend of $2.50/share. For shareholders of record Nov 16. Payable Dec 03. Ex-div date Nov 14. The company has approved to repurchase upto $1B shares. Shares +6.9% premarket. (PR)
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  • Oct. 16, 2012, 8:24 AM
    Murphy Oil (MUR) +7.3% premarket after announcing it will spin off its U.S. downstream business into an independent company. MUR also authorizes a $2.50/share special dividend and $1B share buyback program, and says it’s still working to divest its U.K. downstream operations and continuing to review options with respect to "selected assets."
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  • Oct. 11, 2012, 12:57 PM
    Murphy Oil (MUR +2.7%) moves higher after activist hedge fund Third Point wins U.S. antitrust approval to buy an unspecified stake in the company. MUR has climbed 5% since Third Point's Dan Loeb told the fund's investors that shares could be 60% higher if the company would take steps such as selling fuel stations and other downstream operations.
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  • Oct. 5, 2012, 10:21 AM
    Deutsche Bank hikes its price target on Murphy Oil (MUR +1%) to $62 from $56 after hedge fund Third Point revealed a stake in the company. "Third Point has challenged the management directly," DB analyst Paul Sankey writes. "The improved management focus can and has generated improved valuation."
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  • Oct. 4, 2012, 9:41 AM
    Responding to Third Point appearing to take a more active role in the company, Murphy Oil (MUR +1.8%) says the hedge fund "made a variety of suggestions with regard to the company's portfolio and the company values their input... the Board and management have been working to evaluate opportunities."
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  • Oct. 3, 2012, 3:41 PM
    Murphy Oil (MUR +4.3%) shares spike following a CNBC report that Dan Loeb's Third Point hedge fund may take an activist role in the company and has now accumulated a stake of at least 5%. CNBC says Loeb wants MUR to spin off its retail business, sell its Canadian assets, sell its 5% stake in Syncrude and complete its U.K. refinery business exit. (earlier)
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  • Oct. 3, 2012, 10:39 AM
    Murphy Oil (MUR) declares $0.3125/share quarterly dividend, in line with previous. Forward yield 2.24%. For shareholders of record Nov 16. Payable Dec 03. Ex-div date Nov 14. (PR)
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  • Oct. 3, 2012, 9:51 AM
    Dan Loeb's Third Point hedge fund discloses holding 1.5M shares of Murphy Oil (MUR +0.2%) as of June 30. MUR is now the fund's fifth largest position behind YHOO, GLD, AAPL and AIG.
  • Sep. 25, 2012, 4:25 AM
    International regulators have withdrawn proposals for tougher oversight of the physical oil market after opposition from the IEA, OPEC and major oil companies, the FT reports. Regulators had wanted to use only completed deals to set benchmarks and enforce mandatory reporting of transaction data, but will settle for the current system of bids and offers despite acknowledging the potential for manipulation.
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Company Description
Murphy Oil Corp is an oil & gas exploration and production company with operations in theUnited States, Canada, Malaysia and all other countries.