by Luke Jones
Posted 11/12/2013 11:35 am
Updated 8 months ago
Murphy Oil Corp. of El Dorado this week announced it would repurchase $250 million of common stock from Wells Fargo Bank of Sioux Falls, S.D.
According to a news release, the transaction is part of a repurchase program the company announced on Oct. 16, 2012, and allows for up to $1 billion of stock to be repurchased. The program was recently extended to April 15.
To date, Murphy has repurchased about 8 million shares for $500 million.
The transaction is expected to be completed no later than three months after it is executed; all shares of Murphy stock delivered under the transaction will be retired or converted to treasury shares.
Shares of Murphy (NYSE: MUR) were trading up less than 1 percent on Tuesday to about $62.22 per share.
On Oct. 30, Murphy posted third-quarter net income of $284.8 million, up 26 percent from the same time last year.