Oil and natural gas company Murphy Oil Corp. (MUR) Thursday said it has acquired a $92 million, corn-based ethanol plant in North Dakota.
Located in Hankinson, North Dakota, the plant initially began operating in July 2008 before being idled in October 2008. The plant has an annual production capacity of 110 million gallons.
Murphy Oil's president and chief executive officer, David Wood, said, "We are adding this capability to supplement our growing North American fuels business. It also marks our initial entry into the manufacture of bio-fuels. Given the current ethanol mandates and our subsequent blending needs, having more of a presence in the supply chain better balances our business."
Murphy Oil said that it will finance the acquisition through non-recourse debt offered via the sellers.
The company noted that the plant is favorably located near the feedstock supply and has accessible rail service for carrying the finished product. The company expects to start first production shortly.
The El Dorado, Arkansas-based company plans to invest an estimated $15 million in working capital into the facility.
MUR closed Thursday's regular trading session at $55.90, down $1.67 or 2.90%.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.