Murphy Oil Speeds $250M Share Repurchase Program

Murphy Oil Corp. of El Dorado said Monday that it was entering into a share repurchase transaction with J.P. Morgan Securities LLC to repurchase an aggregate of $250 million of Murphy stock.

According to a news release, the transaction is part of a program Murphy announced in October which would let it buy back up to $1 billion of its own stock.

The transaction is expected to be completed in about five months, the release said, and all shares delivered under the transaction will be immediately retired.