Murphy Oil to Buy Back $250 Million in Shares

Murphy Oil Corp. of El Dorado announced Thursday it would buy back $250 million of its common stock from Merrill Lynch International.

According to a news release, the buyback is the second part of Murphy's $1 billion repurchase program it announced Oct. 16.

Its first $250 million buyback was announced Dec. 10 and was completed Thursday. Under that transaction, Murphy bought about 4 million shares (NYSE: MUR).

All the shares will be retired or converted to treasury shares, the company said.