CEO Profiles: David Wood of Murphy Oil Corp.

by Luke Jones  on Monday, Mar. 26, 2012 12:00 am  

The facility went to Calumet Specialty Products Partners LP of Indianapolis for $434 million. Another, in Meraux, La., was sold to a subsidiary of San Antonio's Valero Energy Corp. for $585 million. The third refinery, located in Milford Haven, Wales, hasn't yet been sold, and Wood has said that's a major goal for 2012.

"It's likely to take a little longer than planned to divest," he said.

In selling the Meraux refinery, Wood distanced Murphy from a 2005 tragedy in which Hurricane Katrina ravaged the facility, loosing 1 million gallons of oil and damaging 10,000 homes in the process. The subsequent lawsuit cost Murphy $330 million.

"We are pleased to finalize the sale of both the Superior and Meraux refineries as those were important steps in our ongoing repositioning efforts," Wood said in October.

Wood said the "repositioning" refers to focusing on exploration, production and retail. Its retail arm teams up with Wal-Mart Stores Inc. of Bentonville and runs Murphy USA gas stations at more than 900 Wal-Mart stores.

Murphy is also making forays into electric transportation. In October, it installed its first electric vehicle charger at a Murphy USA station in Chattanooga, Tenn. More chargers will be installed in states with good access to EVs, like Tennessee, Texas, Arizona, California, Washington, Washington, D.C., and Oregon.

 

 

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