Murphy Oil Corp.’s new chief executive received a 60 percent boost in total compensation from 2012 to 2013, according to the publicly traded oil company’s annual proxy statement, filed Friday with the U.S. Securities and Exchange Commission.
R. Andrew Clyde will be president and CEO of the new publicly traded company, which will include the Murphy USA retail outlets, seven product distribution terminals and two ethanol production facilities in North Dakota and Texas. The spinoff also marks the second retirement of Murphy Oil CEO Steven Cossé. He will be succeeded Friday by Roger Jenkins, who has been Murphy Oil's executive vice president and chief operating officer.
The incoming CEO of Murphy Oil Corp. spin-off Murphy Oil USA Inc. says that the new retail gas station company is poised for growth, having inked a deal with Wal-Mart Stores Inc. in December and eyeing new markets in Virigina.
Murphy Oil Corp. of El Dorado announced Wednesday that first-quarter net income climbed 24 percent to $360 million, compared with $290 million in the same quarter of 2012. About 42 percent of income, however, came from discontinued operations.
Murphy Oil is spinning off its subsidiary, Murphy Oil USA Inc. — which includes 1,154 gasoline stations, two ethanol plants and seven product distribution terminals — into its own publicly traded company.