by Luke Jones
Posted 5/24/2013 10:47 am
Updated 7 months ago
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.