Murphy Oil Corp. (MUR) said Monday that President and Chief Executive Officer Steve Cossé plans to step down after the completion of the spin off of the company's downstream operations. He will be succeeded by Roger Jenkins, currently the company's executive vice president and chief operating officer.
Claiborne Deming, Chairman of the Board of Directors of Murphy, said "We are grateful to Steve for guiding Murphy through this period of transition and are pleased to have Roger Jenkins on board to lead Murphy as it launches a new phase as an independent exploration and production company."
Steve Cossé was appointed president and CEO of Murphy Oil on June 20, 2012. He was elected to Murphy's board of directors on August 3, 2011, following his retirement from the management of Murphy on March 1, 2011 after over 40 years of service. He will continue to serve as a member of Murphy's board after stepping down as president and CEO.
The incoming CEO, Jenkins, joined Murphy in 2001. He was named executive vice president, exploration & production in 2009. He has played a critical leadership role in Murphy's worldwide exploration and production operations, including the development of the Kikeh field in Malaysia and the Eagle Ford Shale in South Texas. Prior to joining Murphy, Jenkins spent 17 years with a major oil company.
El Dorado, Arkansas-based Murphy Oil had earlier announced plans to spin off to its stockholders its U.S. downstream business, Murphy Oil USA, Inc., into an independent and separately traded company.
The spin-off will be effected through a distribution of Murphy USA shares pro rata to all Murphy stockholders as of a record date to be decided by the company's board of directors. The spin off is expected to be completed in the second half of 2013.
Murphy USA's business will consist of retail marketing of petroleum products and convenience merchandise through a large chain of retail gasoline stations. Its assets will include seven product distribution terminals and two ethanol production plants in North Dakota and Texas. Earlier in 2013, Murphy announced the appointment of Andrew Clyde as president and CEO of Murphy Oil USA.
Meanwhile, Murphy Oil will continue in the exploration and production business following the spin-off.
In Monday's regular session, MUR is trading at $62.38, up $0.94 or 1.53 percent on a volume of 248,257 shares.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.