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Murphy Oil Corp.'s president, CEO to step down

EL DORADO, Ark. (AP) -- Longtime Murphy Oil Corp. executive Steve Cosse plans to step down and will be replaced by Roger Jenkins, executive vice president and chief operating officer, the company announced Monday.

Cosse is to leave once El Dorado-based Murphy Oil finishes spinning off its retail gas stations into a separate, publicly traded business. The company announced the move earlier.

R. Andrew Clyde had been named in January as president and chief executive officer of the retail company, which will be known as Murphy Oil USA, Inc.

Murphy Oil said the spinoff is expected to be complete in the second half of the year.

Cosse was an executive in a number of capacities, including general counsel, for more than 40 years at Murphy Oil. He was named to the board in 2011 and was appointed president and CEO last June to see the company through the spinoff. He will remain on the company's board.

Jenkins has been a Murphy Oil executive since 2001 and has been executive vice president for exploration and production since 2009. The company says he has led Murphy Oil's worldwide exploration and production operations.

Jenkins oversaw developments of the Kikeh field in Malaysia and the Eagle Ford Shale in south Texas.

Board Chairman Claiborne Deming said in a news release that Murphy Oil will now solely focus on producing oil and finding new sources.

"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," Deming said.