by Luke Jones
Posted 6/12/2012 09:55 am
Updated 1 year ago
In its effort to divest its refinery business, Murphy Oil Corp. of El Dorado is having trouble selling its last refinery, located in Milford Haven, Wales.
According to a report, the refinery will possibly be closed as the hunt for a buyer continues.
"In the absence of an acceptable offer we are evaluating the potential conversion of the facility into a storage terminal," CEO David Wood told London's The Sunday Times.
The refinery has been on the market for two years. Wood told investors at the company's May 9 shareholder meeting that purchasers were "at the table." In previous announcements Wood has said he expected the sale to be completed by the end of 2012.
Throughout 2011, Murphy sold its other two refineries: Its facility in Meraux, La., sold to Valero Energy Corp. of San Antonio for $585 million, and its facility in Superior, Wis., sold to Calumet Specialty Partners LP of Indianapolis for $434 million.
Wood has stated the company's exit from refining oil is part of a move to define Murphy Oil as a retail and independent exploration and production business. Wood said Murphy's refinery business made up a small percentage of the company's total revenue.