by Lance Turner
Posted 12/26/2012 11:32 am
Updated 1 year ago
Murphy Oil Corp. of El Dorado announced Wednesday that its wholly-owned subsidiary, Murphy Oil USA Inc., will add more than 200 new fueling stations at Wal-Mart stores in the Midwest and Southeast United States.
Under the terms of the agreement Murphy USA reached with Wal-Mart Stores Inc. of Bentonville, the company will have the opportunity to build the new stations at existing Wal-Mart Supercenters over the next three years.
"This agreement represents a significant step forward in our long-term relationship with Wal-Mart as we pursue our business plan to separate the U.S. retail business into a stand-alone entity," Steven A. Cossé, Murphy Oil Corp.'s (NYSE: MUR) president and CEO, said in a news release.
Murphy Oil announced in October that would spin off its subsidiary, which includes 1,154 gasoline stations mainly in the parking lots of Wal-Mart Supercenters, two ethanol plants and seven product distribution terminals.
Other companies have already completed similar transactions. In January 2011, Marathon Oil Corp. of Houston announced that it was going to spin off its refinery and marketing business, which included 1,350 convenience stores in seven states.
And in July 2011, ConocoPhillips of Houston announced it would spin off its gas station division into a new company called Phillips 66, also of Houston. That deal was completed in April.