EL DORADO, Ark. (AP) -- Murphy Oil Corp. said Wednesday that it will open 200 new locations at Wal-Mart stores in the Midwest and Southeast.
Financial terms were not disclosed. Under terms of the deal, Murphy USA, the arm of Murphy Oil which is being spun off to focus on selling fuel, will build about 200 new fuel stations at existing Wal-Mart stores over the next three years.
CEO Steven Cosse said the deal is a "significant step forward in our long-term relationship with Wal-Mart as we pursue our business plan to separate the U.S. retail business into a stand-alone entity."
In October, Murphy Oil said it will split into two: Murphy Oil will continue to explore for and produce oil in the U.S., Canada and Malaysia, while Murphy USA, which currently operates retail gasoline stations in 23 states, will be its fuel selling arm.
Murphy USA also operates seven fuel distribution terminals and ethanol production facilities in North Dakota and Texas.
Shares of Murphy Oil rose 6 cents to $59.99 in morning trading.
- Investment & Company Information
- Murphy Oil